# EDGAR Filing Document

**Accession Number:** 0001504079
**File Stem:** 0001133228-25-006229
**Filing Date:** 2025-6
**Character Count:** 725304
**Document Hash:** 1aa9f1f85ed5af5140700300d396fa37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006229.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006229

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GPS Funds II
- **CENTRAL INDEX KEY:** 0001504079

**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:** 811-22486
- **FILM NUMBER:** 251033409

**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 II
- **DATE OF NAME CHANGE:** 20101021

## Series and Classes Contracts Data

### GuidePath(R) Growth Allocation Fund (Series ID: S000030981)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000096029 | Service Shares | GPSTX           |

### GuidePath(R) Conservative Allocation Fund (Series ID: S000030982)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000096031 | Service Shares | GPTCX           |

### GuidePath(R) Tactical Allocation Fund (Series ID: S000030983)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000096033 | Service Shares | GPTUX           |

### GuidePath(R) Absolute Return Allocation Fund (Series ID: S000030984)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000096035 | Service Shares | GPARX           |

### GuidePath(R) Multi-Asset Income Allocation Fund (Series ID: S000037698)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000116240 | Service Shares | GPMIX           |

### GuidePath(R) Flexible Income Allocation Fund (Series ID: S000037700)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000116244 | Service Shares | GPIFX           |

### GuidePath(R) Managed Futures Strategy Fund (Series ID: S000052240)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000164318 | Service Shares | GPMFX           |

### GuidePath(R) Conservative Income Fund (Series ID: S000061596)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000199540 | GuidePath(R) Conservative Income Fund | GPICX           |

### GuidePath(R) Income Fund (Series ID: S000061597)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000199541 | GuidePath(R) Income Fund | GPINX           |

### GuidePath(R) Growth and Income Fund (Series ID: S000061598)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000199542 | GuidePath(R) Growth and Income Fund | GPIGX           |

?xml version='1.0' encoding='ASCII'? 2025-04-09190470_GuidePathGrowthAllocationFund_ServiceShares_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>811-22486</u>**

**<u>GPS Funds II</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, 2025</u>**

Date of reporting period: **<u>April 1, 2024 through March 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Growth Allocation Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPSTX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Growth Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $66 | 0.64% |

---

\* Reflects 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, 2025, the Fund returned 5.04%, underperforming the S&P Target Risk Aggressive Index at 6.92%. Exposure to global small cap equities, international equities and international real estate investment trusts (REITs) detracted from returns. Allocations to U.S. large cap equities, including growth equities, Canadian equities, and U.S. REITs contributed to Fund returns, as the Federal Reserve lowered interest rates in the second half of the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Large Cap Equities |
| ↑ | REITs |
| ↑ | Canadian Equities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | U.S. and International Small Cap Equities |
| ↓ | International Equities |
| ↓ | International REITs |

---

**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](ts3921img003.jpg)

GuidePath Growth Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E102

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Growth Allocation Fund Service Shares**  | 5.04 | 14.48 | 7.75 |
| **MSCI All Country World Index** **\*\*** | 7.63 | 15.71 | 9.39 |
| **S&P Target Risk Aggressive Index**  | 6.92 | 12.66 | 7.90 |

---

The Fund changed its investment strategy on January 19, 2016. The performance information for the Fund set forth above prior to January 19, 2016 is attributable to the previous investment strategies.

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1334010905 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $3395022 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard S&P 500 ETF  | 15.4% |
|  Schwab U.S. Large-Cap ETF  | 11.5% |
|  Vanguard FTSE Developed Markets ETF  | 10.7% |
|  iShares Core MSCI Emerging Markets ETF  | 6.5% |
|  iShares Core S&P Small-Cap ETF  | 6.2% |
|  American Funds - The Growth Fund of America  | 6.0% |
|  Schwab U.S. Large-Cap Growth ETF  | 5.7% |
|  iShares MSCI ACWI ETF  | 4.2% |
|  American Funds - New Perspective Fund  | 3.8% |
|  Smallcap World Fund, Inc.  | 3.6% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Equity Funds  | 71.1% |
|  International Equity Funds  | 18.9% |
|  Emerging Market Equity Funds  | 6.5% |
|  Real Estate Funds  | 2.5% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Growth Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E102

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Conservative Allocation Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPTCX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Conservative Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $58 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, 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, 2025, the Fund returned 6.78%, outperforming the S&P Target Risk Conservative Index at 5.96%. Exposure to U.S. large cap equities, gold and U.S. real estate investment trusts (REITs) benefited performance. Within fixed income, exposure to high yield bonds, emerging markets bonds, mortgage backed securities and floating rate bonds also contributed to returns. The Fund's allocations to international developed markets equities, U.S. small cap equities and international REITs detracted from the Fund's returns. Positions in long-term Treasuries and sovereign debt also detracted from performance.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Exposure to U.S. large cap equities |
| ↑ | Exposure to gold |
| ↑ | U.S. REITS |
| ↑ | Exposure to high yield bonds, emerging markets bonds and floating rate bonds |
| ↑ | Mortgage Backed Securities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Allocations to international developed markets equities and U.S. small cap equities |
| ↓ | International REITS |
| ↓ | Positions in long-term Treasuries and sovereign debt |

---

**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.

GuidePath Conservative Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E300

------

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

![image](ts3918img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Conservative Allocation Fund Service** **Shares**  | 6.78 | 7.19 | 3.98 |
| **Bloomberg U.S. Aggregate Bond Index** **\*\*** | 4.88 | -0.40 | 1.46 |
| **S&P Target Risk Conservative Index**  | 5.96 | 5.09 | 4.28 |

---

The Fund changed its investment strategy on January 19, 2016. The performance information for the Fund set forth above prior to January 19, 2016 is attributable to the previous investment strategies.

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $559316232 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $1067669 |
| **Portfolio Turnover** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  WisdomTree Floating Rate Treasury Fund  | 8.3% |
|  Vanguard High-Yield Corporate Fund  | 7.4% |
|  Vanguard S&P 500 ETF  | 6.7% |
|  American Funds - The Income Fund of America  | 3.9% |
|  American Funds - Capital Income Builder, Inc.  | 3.9% |
|  American Funds Multi-Sector Income Fund  | 3.8% |
|  American Funds - The Bond Fund of America  | 3.7% |
|  iShares Core Aggressive Allocation ETF  | 3.7% |
|  iShares Core U.S. Aggregate Bond ETF  | 3.6% |
|  iShares 7-10 Year Treasury Bond  | 3.6% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 44.7% |
|  Domestic Equity Funds  | 25.3% |
|  Hybrid Funds  | 14.6% |
|  International Equity Funds  | 7.2% |
|  Alternative Funds  | 2.1% |
|  Emerging Markets Fixed Income Funds  | 2.0% |
|  Emerging Market Equity Funds  | 1.5% |
|  Real Estate Funds  | 1.0% |
|  International Fixed Income Funds  | 0.6% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Conservative Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E300

------

**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.

GuidePath Conservative Allocation Fund©2025 AssetMark, Inc. PAGE 3 TSR-AR-36191E300

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Tactical Allocation Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPTUX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Tactical Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $78 | 0.76% |

---

\* Reflects 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, 2025, the Fund returned 4.59%, underperforming the S&P 500 Daily Risk Control 10% Index at 5.23%. Equity markets saw positive returns over the period even though they were negatively impacted in February with tariff announcements on Canada, Mexico and China. Defensive sectors tended to perform better with Utilities, Communications Services and Consumer Staples leading the way. During the period, the bond markets underwent substantial volatility from monetary, fiscal and geo-political events experiencing a sharp decline in the 4th quarter, though eventually rallying in the 1st quarter to end with positive returns. Inflation pressures continued, even as the Federal Reserve modestly reduced interest rates. Short-term Treasuries performed better than long-term Treasuries, while high yield led all sectors. Security selection within the Consumer Staples, Utilities and Communication Services sectors helped contribute to returns. Security selection within the Consumer Discretionary, Industrials and Energy sectors detracted from returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Security selection within Consumer Staples, Utilities and Communication Services sectors |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Security selection within Consumer Discretionary, Industrials and Energy sectors |

---

**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](ts3926img003.jpg)

GuidePath Tactical Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E508

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Tactical Allocation Fund Service Shares**  | 4.59 | 11.02 | 6.52 |
| **S&P 500 Index**  | 8.25 | 18.59 | 12.50 |
| **FTSE 3-Month Treasury Bill Index** **\*\*** | 5.21 | 2.69 | 1.90 |
| **S&P 500 Daily Risk Control 10% Index**  | 5.23 | 10.09 | 8.61 |

---

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $644564055 |
| **Number of Holdings** | 32 |
| **Net Advisory Fee** | $2252451 |
| **Portfolio Turnover** | 274% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  JPMorgan U.S. Government Money Market Fund  | 30.3% |
|  Apple, Inc.  | 4.3% |
|  Microsoft Corp.  | 4.1% |
|  Sprouts Farmers Market, Inc.  | 3.6% |
|  NVIDIA Corp.  | 3.6% |
|  Hartford Financial Services Group, Inc.  | 3.5% |
|  Aflac, Inc.  | 3.5% |
|  Meta Platforms, Inc.  | 3.4% |
|  United Therapeutics Corp.  | 3.4% |
|  Vistra Corp.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 14.6% |
|  Financials  | 13.0% |
|  Consumer Staples  | 10.5% |
|  Communication Services  | 8.1% |
|  Utilities  | 6.4% |
|  Consumer Discretionary  | 6.0% |
|  Health Care  | 5.3% |
|  Industrials  | 3.5% |
|  Materials  | 1.8% |
|  Cash & Other  | 30.8% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Tactical Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E508

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Absolute Return Allocation** **Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPARX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Absolute Return Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $67 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, 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, 2025, the Fund returned 5.45%, outperforming the FTSE 3-Month Treasury Bill Index at 5.21%. Equity markets saw positive returns over the period even though they were negatively impacted in February with tariff announcements on Canada, Mexico and China. Defensive sectors tended to perform better with Utilities, Communications Services and Consumer Staples leading the way. During the period, the bond markets underwent substantial volatility from monetary, fiscal and geo-political events experiencing a sharp decline in the 4th quarter, though eventually rallying in the 1st quarter to end with positive returns. Inflation pressures continued, even as the Federal Reserve modestly reduced interest rates. Short-term Treasuries performed better than long-term Treasuries, while high yield led all sectors. Exposure to U.S. equities, high yield bonds, mortgage backed securities and floating rate bonds benefited returns. Long-term Treasuries and long-term investment grade corporate bonds exposure detracted from returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Equities |
| ↑ | High Yield Bonds |
| ↑ | Mortgage Backed Securities |
| ↑ | Floating Rate Bonds |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long-Term Treasuries |
| ↓ | Long-Term Investment Grade Corporate Bonds |

---

**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.

GuidePath Absolute Return Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E706

------

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

![image](ts3917img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Absolute Return Allocation Fund Service** **Shares**  | 5.45 | 2.10 | 2.22 |
| **Bloomberg Global Aggregate Bond Index** **\*\*** | 3.05 | -1.38 | 0.61 |
| **FTSE 3-Month Treasury Bill Index**  | 5.21 | 2.69 | 1.90 |

---

The Fund changed its investment strategy on January 19, 2016. The performance information for the Fund set forth above prior to January 19, 2016 is attributable to the previous investment strategies.

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $208238064 |
| **Number of Holdings** | 22 |
| **Net Advisory Fee** | $502204 |
| **Portfolio Turnover** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  DoubleLine Total Return Bond Fund  | 10.0% |
|  Vanguard Mortgage-Backed Securities ETF  | 9.0% |
|  Vanguard High-Yield Corporate Fund  | 9.0% |
|  Schwab Short-Term U.S. Treasury ETF  | 7.5% |
|  BlackRock Low Duration Bond Portfolio  | 7.3% |
|  DoubleLine Low Duration Bond Fund  | 7.3% |
|  ProShares Investment Grade-Interest Rate Hedged ETF  | 5.7% |
|  Vanguard Long-Term Corporate Bond ETF  | 5.4% |
|  iShares High Yield Systematic Bond ETF  | 5.0% |
|  iShares 7-10 Year Treasury Bond  | 4.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 84.7% |
|  Alternative Funds  | 5.7% |
|  Opportunistic Fixed Income Funds  | 3.6% |
|  Emerging Markets Fixed Income Funds  | 2.5% |
|  Domestic Equity  | 2.4% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Absolute Return Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E706

------

**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.

GuidePath Absolute Return Allocation Fund©2025 AssetMark, Inc. PAGE 3 TSR-AR-36191E706

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Multi-Asset Income Allocation** **Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPMIX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Multi-Asset Income Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $74 | 0.71% |

---

\* Reflects 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, 2025, the Fund returned 7.64%, outperforming the Morningstar Multi-Asset High Income Index at 6.05%. The Fund's allocation to global dividend equities was the top contributor to performance. High yield bonds, floating rate bonds, convertible bonds, and emerging markets government bonds also contributed to returns during the period. Exposure to preferred equities detracted from performance. Long-term Treasuries and long-term investment grade corporate bonds exposure also detracted from returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Allocation to global dividend equities |
| ↑ | High Yield Bonds |
| ↑ | Floating Rate Bonds |
| ↑ | Convertible Bonds |
| ↑ | Emerging Markets Government Bonds |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Preferred Equities |
| ↓ | Long-Term Treasuries |
| ↓ | Long-Term Investment Grade Corporate Bonds |

---

**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.

GuidePath Multi-Asset Income Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E847

------

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

![image](ts3925img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Multi-Asset Income Allocation Fund Service** **Shares**  | 7.64 | 7.88 | 3.87 |
| **Morningstar Multi-Asset High Income Index**  | 6.05 | 5.11 | 2.54 |
| **Bloomberg Global Aggregate Bond Index** **\*\*** | 3.05 | -1.38 | 0.61 |
| **MSCI All Country World Index**  | 7.63 | 15.71 | 9.39 |

---

The Fund changed its investment strategy on January 19, 2016. The performance information for the Fund set forth above prior to January 19, 2016 is attributable to the previous investment strategies.

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $106816270 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $365560 |
| **Portfolio Turnover** | 47% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Schwab U.S. Dividend Equity ETF  | 9.8% |
|  iShares International Select Dividend ETF  | 6.9% |
|  WisdomTree Floating Rate Treasury Fund  | 6.3% |
|  Vanguard High-Yield Corporate Fund  | 5.9% |
|  iShares 0-5 Year High Yield Corporate Bond ETF  | 5.9% |
|  iShares Emerging Markets Dividend ETF  | 4.7% |
|  Loomis Sayles Global Allocation Fund  | 4.7% |
|  Vanguard High Dividend Yield ETF  | 4.5% |
|  Vanguard International High Dividend Yield ETF  | 3.9% |
|  WisdomTree U.S. LargeCap Dividend Fund  | 3.4% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 36.9% |
|  Domestic Equity Funds  | 32.7% |
|  International Equity Funds  | 15.1% |
|  Emerging Market Equity Funds  | 4.7% |
|  Multi-Asset Funds  | 4.7% |
|  Real Estate Funds  | 2.7% |
|  Emerging Markets Fixed Income Funds  | 1.5% |
|  International Fixed Income Funds  | 0.7% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| 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. |

---

GuidePath Multi-Asset Income Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E847

------

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.

GuidePath Multi-Asset Income Allocation Fund©2025 AssetMark, Inc. PAGE 3 TSR-AR-36191E847

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Flexible Income Allocation Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPIFX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Flexible Income Allocation Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $57 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, 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, 2025, the Fund returned 5.02%, outperforming the Bloomberg U.S. Aggregate Bond Index at 4.88%. Allocations to diversified alternatives benefited performance. Fixed income positions in high yield bonds, Treasury Inflation Protected Securities (TIPS) and emerging market government bonds also contributed to returns. A small allocation to hedged equity detracted from returns. Exposure to long-term Treasuries hurt performance relative to the benchmark

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Allocations to diversified alternatives |
| ↑ | Fixed income positions in high yield bonds |
| ↑ | TIPS |
| ↑ | Emerging Market Government Bonds |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Allocation to hedged equity |
| ↓ | Long-Term Treasuries |

---

**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](ts3920img003.jpg)

GuidePath Flexible Income Allocation Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E821

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **GuidePath Flexible Income Allocation Fund Service** **Shares**  | 5.02 | 2.72 | 2.36 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

\* *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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $262582773 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $579004 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard High-Yield Corporate Fund  | 15.1% |
|  Stone Ridge Diversified Alternatives Fund  | 10.0% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 7.8% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 7.8% |
|  SPDR Bloomberg High Yield Bond ETF  | 6.7% |
|  Vanguard Long-Term Treasury ETF  | 6.5% |
|  Schwab U.S. TIPS ETF  | 6.2% |
|  SPDR Portfolio Short Term Treasury ETF  | 4.8% |
|  Vanguard Emerging Markets Government Bond ETF  | 4.8% |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF  | 4.8% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 66.2% |
|  Alternative Funds  | 15.8% |
|  Opportunistic Fixed Income Funds  | 9.2% |
|  Emerging Markets Fixed Income Funds  | 4.8% |
|  Domestic Equity Funds  | 1.3% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Flexible Income Allocation Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E821

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Managed Futures Strategy** **Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Service Shares \| GPMFX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Managed Futures Strategy Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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 | $139 | 1.52% |

---

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

For the 12 months ended March 31, 2025, the Fund returned -16.97%, underperforming the SG Trend Index at -12.86%. Long positions to precious metals and equities contributed to performance during the period. Long positions to the U.S. dollar and short positions to global bonds were detracted from returns as international currencies strengthened as interest rates declined. Long positions to equities also detracted from returns for the period as concerns of a slowdown in economic growth intensified.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Long position to precious metals |
| ↑ | Long position to equities in May-June and September-November 2024 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Long position to U.S. dollar |
| ↓ | Short position to global bonds |
| ↓ | Long position to equities in July-August 2024 and February-March 2025 |

---

**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](ts3924img003.jpg)

GuidePath Managed Futures Strategy Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E771

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/19/2016)** |
| **GuidePath Managed Futures Strategy Fund Service** **Shares**  | -16.97 | 3.93 | 1.18 |
| **FT Wilshire 5000 Index** **\*\*** | 7.11 | 18.34 | 14.31 |
| **FTSE 3-Month Treasury Bill Index**  | 5.21 | 2.69 | 2.07 |
| **SG Trend Index**  | -12.86 | 6.26 | 2.59 |

---

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $246896741 |
| **Number of Holdings** | 146 |
| **Net Advisory Fee** | $2813723 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  United States Treasury Bill  | 33.7% |
|  JPMorgan U.S. Government Money Market Fund  | 5.9% |
|  Bank of Nova Scotia  | 4.3% |
|  Cooperatieve Rabobank UA  | 4.1% |
|  Westpac Banking Corp.  | 4.1% |
|  Mizuho Bank Ltd.  | 4.1% |
|  DNB Bank ASA/New York  | 4.1% |
|  Canadian Imperial Bank of Commerce  | 4.1% |
|  Royal Bank of Canada  | 4.0% |
|  Commonwealth Bank of Australia  | 3.6% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Certificates of Deposit  | 47.6% |
|  U.S. Treasury Bills  | 33.6% |
|  Forwards  | 0.0%<sup>3</sup> |
|  Futures Contracts  | -1.4% |
|  Cash & Other  | 20.2% |

---

---

| | |
|:---|:---|
| 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 | Amount calculated is less than 0.01%. |

---

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.

GuidePath Managed Futures Strategy Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E771

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Conservative Income Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | GPICX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Conservative Income Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| GuidePath Conservative Income Fund | $65 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, 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, 2025, the Fund returned 4.50% underperforming the Bloomberg U.S. Treasury 1-3 Year Bond Index at 5.42%. During the period, the bond markets underwent substantial volatility from monetary, fiscal and geo-political events experiencing a sharp decline in the 4th quarter, though eventually rallying in the 1st quarter to end with positive returns. Inflation pressures continued, even as the Federal Reserve modestly reduced interest rates. Short-term Treasuries performed better than long-term Treasuries, while high yield led all sectors. The Fund's allocations to high yield bonds and investment grade corporate bonds contributed to returns. A target allocation of 50% to cash equivalents and exposure to floating rate notes during market volatility detracted from the Fund's performance relative to the benchmark.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High Yield Bonds |
| ↑ | Investment Grade Corporate Bonds |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Floating Rate Notes |
| ↓ | Target allocation to cash equivalents |

---

**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](ts3919img003.jpg)

GuidePath Conservative Income Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E755

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2018)** |
| **GuidePath Conservative Income Fund**  | 4.50 | 1.90 | 1.69 |
| **Bloomberg U.S. Aggregate Bond Index** **\*\*** | 4.88 | -0.40 | 1.71 |
| **Bloomberg U.S. Treasury 1-3 Years Bond Index**  | 5.42 | 1.14 | 2.01 |

---

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15743822 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $22035 |
| **Portfolio Turnover** | 216% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  JPMorgan U.S. Government Money Market Fund  | 46.1% |
|  SPDR Bloomberg Investment Grade Floating Rate ETF  | 20.7% |
|  United States Treasury Notes  | 12.5% |
|  iShares 0-5 Year TIPS Bond ETF  | 8.3% |
|  iShares 0-5 Year High Yield Corporate Bond ETF  | 6.2% |
|  Invesco Senior Loan ETF  | 5.2% |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF  | 1.0% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 41.4% |
|  U.S. Treasury Notes  | 12.5% |
|  Cash & Other  | 46.1% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Conservative Income Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E755

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Income Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | GPINX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Income Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| GuidePath Income Fund | $64 | 0.62% |

---

\* Reflects 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, 2025, the Fund returned 6.14%, outperforming the Bloomberg U.S. Aggregate Bond Index at 4.88%. Exposure to high yield bonds, emerging markets bonds and investment grade corporate bonds were top contributors to performance during the period. Exposure to intermediate-term U.S. Treasuries detracted from returns relative to the benchmark as interest rates remained elevated.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | High Yield Bonds |
| ↑ | Emerging Markets Bonds |
| ↑ | Investment Grade Corporate Bonds |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Exposure to intermediate-term U.S. Treasuries |

---

**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](ts3923img003.jpg)

GuidePath Income Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E748

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2018)** |
| **GuidePath Income Fund**  | 6.14 | 0.07 | 0.53 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.71 |

---

\* *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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $96844720 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $415503 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Schwab Intermediate-Term U.S. Treasury ETF  | 39.1% |
|  Schwab U.S. TIPS ETF  | 19.1% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 14.9% |
|  VanEck Emerging Markets High Yield Bond ETF  | 14.9% |
|  iShares Core U.S. Aggregate Bond ETF  | 10.0% |
|  JPMorgan U.S. Government Money Market Fund  | 2.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Domestic Fixed Income Funds  | 83.2% |
|  Emerging Markets Fixed Income Funds  | 14.9% |
|  Cash & Other  | 1.9% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Income Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E748

------

---

| | | |
|:---|:---|:---|
| ![image](220355_202411071319166.jpg) | **GuidePath Growth and Income Fund**  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | GPIGX  | ![image](220353_202411071318165.jpg) |
| ![image](220355_202411071319166.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](220353_202411071318165.jpg) |

---

This annual shareholder report contains important information about the GuidePath Growth and Income Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| GuidePath Growth and Income Fund | $85 | 0.81% |

---

\* Reflects fee waivers and/or expense reimbursements, 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, 2025, the Fund returned 9.14%, outperforming the MSCI USA High Dividend Yield Index at 7.93%. Exposure to U.S. large-cap equities contributed to returns on the sustained strength of equity markets throughout a majority of the period. Positioning in global dividend equities detracted from returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Large-Cap Equities |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Global Dividend Equities |

---

**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](ts3922img003.jpg)

GuidePath Growth and Income Fund©2025 AssetMark, Inc. PAGE 1 TSR-AR-36191E730

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2018)** |
| **GuidePath Growth and Income Fund**  | 9.14 | 13.03 | 7.72 |
| **S&P 500 Index** **\*\***  | 8.25 | 18.59 | 13.35 |
| **MSCI USA High Dividend Yield Index**  | 7.93 | 13.58 | 9.10 |

---

\* *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.*

\*\* Effective July 31, 2024, the Fund added this broad-based securities market index intended to reflect the overall applicable securities market.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $104834115 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $405663 |
| **Portfolio Turnover** | 87% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard High Dividend Yield ETF  | 28.8% |
|  Vanguard International High Dividend Yield ETF  | 9.8% |
|  Global X MLP ETF  | 5.0% |
|  iShares Emerging Markets Dividend ETF  | 4.9% |
|  Exxon Mobil Corp.  | 1.7% |
|  Procter & Gamble Co.  | 1.7% |
|  Chevron Corp.  | 1.7% |
|  Home Depot, Inc.  | 1.7% |
|  JPMorgan U.S. Government Money Market Fund  | 1.7% |
|  Coca-Cola Co.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Consumer Staples  | 10.1% |
|  Industrials  | 8.0% |
|  Health Care  | 7.0% |
|  Information Technology  | 5.6% |
|  Energy  | 4.9% |
|  Financials  | 4.8% |
|  Consumer Discretionary  | 4.6% |
|  Utilities  | 2.0% |
|  Communication Services  | 1.7% |
|  Cash & Other  | 51.3% |

---

---

| | |
|:---|:---|
| 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.

GuidePath Growth and Income Fund©2025 AssetMark, Inc. PAGE 2 TSR-AR-36191E730

------

&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, 2025, the registrant's principal accountant billed the registrant $145,500 for professional services rendered for the audit of the registrant's annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

For the fiscal year ended March 31, 2024, the registrant's principal accountant billed the registrant $145,500 for professional services rendered for the audit of the registrant's annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

(b) <u>Audit-Related Fees</u>

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.

For the fiscal year ended March 31, 2024, 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, 2025, the registrant's principal accountant billed the registrant $39,000 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, 2024, the registrant's principal accountant billed the registrant $39,000 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 year ended March 31, 2025 and March 31, 2024 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) Schedule 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 Investment Companies.</u>**

(a) ![](assetmark_logo.jpg)

**GuideMark<sup>®</sup> Funds** 

**GuidePath<sup>®</sup> Funds** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Core Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [GuideMark Large Cap Core Fund](#soi111) | [1](#soi111) |
| &nbsp;&nbsp;&nbsp; [GuideMark Emerging Markets Fund](#soi22) | [9](#soi22) |
| &nbsp;&nbsp;&nbsp; [GuideMark Small/Mid Cap Core Fund](#soi3) | [17](#soi3) |
| &nbsp;&nbsp;&nbsp; [GuideMark World ex-US Fund](#soi4) | [33](#soi4) |
| &nbsp;&nbsp;&nbsp; [GuideMark Core Fixed Income Fund](#soi5) | [41](#soi5) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth Allocation Fund](#soi6) | [64](#soi6) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Allocation Fund](#soi7) | [65](#soi7) |
| &nbsp;&nbsp;&nbsp; [GuidePath Tactical Allocation Fund](#soi8) | [67](#soi8) |
| &nbsp;&nbsp;&nbsp; [GuidePath Absolute Return Allocation Fund](#soi9) | [69](#soi9) |
| &nbsp;&nbsp;&nbsp; [GuidePath Multi-Asset Income Allocation Fund](#soi10) | [70](#soi10) |
| &nbsp;&nbsp;&nbsp; [GuidePath Flexible Income Allocation Fund](#soi11) | [72](#soi11) |
| &nbsp;&nbsp;&nbsp; [GuidePath Managed Futures Strategy Fund](#soi12) | [73](#soi12) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Income Fund](#soi13) | [77](#soi13) |
| &nbsp;&nbsp;&nbsp; [GuidePath Income Fund](#soi14) | [78](#soi14) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth and Income Fund](#soi15) | [79](#soi15) |
| [Statements of Assets and Liabilities](#sal) | [82](#sal) |
| [Statements of Operations](#sop) | [87](#sop) |
| [Statements of Changes in Net Assets](#scna) | [94](#scna) |
| [Financial Highlights](#fihi) | [103](#fihi) |
| [Notes to Financial Statements](#notes) | [118](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [148](#report) |
| [Additional Information](#add) | [150](#add) |

---

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.0%** | **COMMON STOCKS - 95.0%** | **COMMON STOCKS - 95.0%** |
| **Aerospace & Defense - 1.1%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1246 | $655334  |
| BWX Technologies, Inc. | 1877 | 185166  |
| Curtiss-Wright Corp. | 2687 | 852504  |
| General Dynamics Corp. | 2393 | 652284  |
| HEICO Corp. | 1051 | 280817  |
| HEICO Corp. - Class A | 1348 | 284388  |
| Howmet Aerospace, Inc. | 8125 | 1054056  |
| L3Harris Technologies, Inc. | 914 | 191309  |
| Lockheed Martin Corp. | 1357 | 606185  |
| Northrop Grumman Corp. | 670 | 343047  |
| RTX Corp. | 11785 | 1561041  |
| Textron, Inc. | 9618 | 694901  |
| TransDigm Group, Inc. | 328 | 453719  |
|  |  | 7814751  |
| **Air Freight & Logistics - 0.2%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 5598 | 573235  |
| FedEx Corp. | 2496 | 608475  |
| GXO Logistics, Inc.<sup>(a)(b)</sup> | 7630 | 298180  |
|  |  | 1479890  |
| **Airlines - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 18629 | 812224  |
| **Automobile Components - 0.3%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 9552 | 568344  |
| BorgWarner, Inc. | 24471 | 701094  |
| Lear Corp. | 7195 | 634743  |
|  |  | 1904181  |
| **Automobiles - 1.1%**<br>|  |  |
| Ford Motor Co. | 79730 | 799692  |
| Harley-Davidson, Inc. | 38536 | 973034  |
| Lucid Group, Inc.<sup>(a)(b)</sup> | 106624 | 258030  |
| Rivian Automotive, Inc. - Class A<sup>(a)(b)</sup> | 20015 | 249187  |
| Tesla, Inc.<sup>(a)</sup> | 20093 | 5207302  |
| Thor Industries, Inc.<sup>(b)</sup> | 10177 | 771518  |
|  |  | 8258763  |
| **Banks - 3.0%**<br>|  |  |
| Bank of America Corp. | 53448 | 2230385  |
| Bank OZK<sup>(b)</sup> | 13737 | 596873  |
| Citigroup, Inc. | 30702 | 2179535  |
| Citizens Financial Group, Inc. | 14643 | 599924  |
| Columbia Banking System, Inc. | 18535 | 462263  |
| Comerica, Inc.<sup>(b)</sup> | 11731 | 692833  |
| East West Bancorp, Inc.<sup>(b)</sup> | 1893 | 169916  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. - <br>Class A | 297 | 550674  |
| First Horizon Corp. | 17390 | 337714  |
| FNB Corp. | 22529 | 303015  |
| JPMorgan Chase & Co. | 32123 | 7879772  |
| M&T Bank Corp. | 2171 | 388066  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 38047 | 389601  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Popular, Inc. | 5790 | $534822  |
| Regions Financial Corp. | 13484 | 293007  |
| Synovus Financial Corp. | 4217 | 197103  |
| &nbsp;&nbsp;&nbsp; The PNC Financial Services Group, <br>Inc. | 1407 | 247308  |
| Webster Financial Corp. | 6289 | 324198  |
| Wells Fargo & Co. | 31374 | 2252339  |
| Western Alliance Bancorp | 5938 | 456216  |
| Wintrust Financial Corp. | 2597 | 292059  |
| Zions Bancorp NA | 9831 | 490174  |
|  |  | 21867797  |
| **Beverages - 0.9%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 1634 | 390265  |
| Coca-Cola Co. | 24026 | 1720742  |
| Coca-Cola Consolidated, Inc. | 115 | 155250  |
| Keurig Dr. Pepper, Inc. | 4299 | 147112  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. - <br>Class B<sup>(b)</sup> | 25905 | 1576837  |
| Monster Beverage Corp.<sup>(a)</sup> | 6063 | 354807  |
| PepsiCo, Inc. | 13745 | 2060925  |
|  |  | 6405938  |
| **Biotechnology - 2.1%**<br>|  |  |
| AbbVie, Inc. | 24662 | 5167182  |
| Amgen, Inc. | 1867 | 581664  |
| Biogen, Inc.<sup>(a)</sup> | 7383 | 1010290  |
| Exelixis, Inc.<sup>(a)</sup> | 37670 | 1390777  |
| Gilead Sciences, Inc. | 16868 | 1890059  |
| Incyte Corp.<sup>(a)</sup> | 10362 | 627419  |
| Natera, Inc.<sup>(a)</sup> | 2221 | 314072  |
| Regeneron Pharmaceuticals, Inc. | 1545 | 979885  |
| United Therapeutics Corp.<sup>(a)</sup> | 3702 | 1141216  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3959 | 1919402  |
|  |  | 15021966  |
| **Broadline Retail - 3.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 120907 | 23003766  |
| Coupang, Inc.<sup>(a)</sup> | 7884 | 172896  |
| eBay, Inc.<sup>(b)</sup> | 5477 | 370957  |
| Etsy, Inc.<sup>(a)</sup> | 6469 | 305207  |
| Kohl's Corp.<sup>(b)</sup> | 98811 | 808274  |
| Macy's, Inc. | 154247 | 1937342  |
| Nordstrom, Inc.<sup>(b)</sup> | 53969 | 1319542  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 1057 | 122993  |
|  |  | 28040977  |
| **Building Products - 0.9%**<br>|  |  |
| A O Smith Corp. | 4380 | 286277  |
| Advanced Drainage Systems, Inc. | 1769 | 192202  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 12074 | 1508526  |
| Carlisle Cos., Inc. | 1405 | 478402  |
| Carrier Global Corp. | 1302 | 82547  |
| Johnson Controls International PLC | 5410 | 433395  |
| Lennox International, Inc.<sup>(b)</sup> | 1844 | 1034171  |
| Masco Corp. | 9739 | 677250  |

---

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

1<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Building Products - (Continued)** | **Building Products - (Continued)** | **Building Products - (Continued)** |
| Owens Corning, Inc. | 5895 | $841924  |
| Trane Technologies PLC | 2209 | 744256  |
| Trex Co., Inc.<sup>(a)(b)</sup> | 4112 | 238907  |
|  |  | 6517857  |
| **Capital Markets - 2.6%**<br>|  |  |
| Affiliated Managers Group, Inc. | 3934 | 661030  |
| Ameriprise Financial, Inc. | 3553 | 1720043  |
| Ares Management Corp. - Class A<sup>(b)</sup> | 4504 | 660331  |
| Bank of New York Mellon Corp. | 13551 | 1136522  |
| Blackrock, Inc. | 349 | 330322  |
| Blackstone, Inc. | 2599 | 363288  |
| Cboe Global Markets, Inc. | 2316 | 524088  |
| Charles Schwab Corp. | 3392 | 265526  |
| CME Group, Inc. | 2134 | 566129  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 1506 | 259378  |
| Evercore, Inc. - Class A | 3305 | 660075  |
| FactSet Research Systems, Inc. | 611 | 277785  |
| Franklin Resources, Inc.<sup>(b)</sup> | 7907 | 152210  |
| Houlihan Lokey, Inc. | 1853 | 299260  |
| Intercontinental Exchange, Inc. | 3773 | 650842  |
| Invesco Ltd. | 81068 | 1229802  |
| Janus Henderson Group PLC | 10102 | 365187  |
| Jefferies Financial Group, Inc. | 6602 | 353669  |
| KKR & Co., Inc. | 2735 | 316193  |
| LPL Financial Holdings, Inc. | 3658 | 1196678  |
| Moody's Corp. | 2657 | 1237338  |
| Morgan Stanley | 8059 | 940244  |
| Northern Trust Corp. | 8300 | 818795  |
| Raymond James Financial, Inc.<sup>(b)</sup> | 3530 | 490352  |
| S&P Global, Inc. | 1188 | 603623  |
| State Street Corp. | 13185 | 1180453  |
| Stifel Financial Corp. | 4365 | 411445  |
| Tradeweb Markets, Inc. - Class A | 3439 | 510554  |
| Virtu Financial, Inc. - Class A | 9944 | 379065  |
|  |  | 18560227  |
| **Chemicals - 0.7%**<br>|  |  |
| Air Products & Chemicals, Inc. | 781 | 230333  |
| Celanese Corp. - Series A<sup>(b)</sup> | 9878 | 560774  |
| CF Industries Holdings, Inc. | 4468 | 349174  |
| Ecolab, Inc. | 991 | 251238  |
| FMC Corp.<sup>(b)</sup> | 10969 | 462782  |
| Linde PLC | 1321 | 615110  |
| NewMarket Corp. | 961 | 544358  |
| Olin Corp. | 45036 | 1091673  |
| RPM International, Inc. | 3861 | 446641  |
| Sherwin-Williams Co. | 2169 | 757393  |
|  |  | 5309476  |
| **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** |  |
| Cintas Corp. | 10440 | 2145733  |
| MSA Safety, Inc. | 755 | 110751  |
| Republic Services, Inc. | 2072 | 501756  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Rollins, Inc. | 18949 | $1023814  |
| Vestis Corp. | 104218 | 1031758  |
| Waste Management, Inc. | 2915 | 674852  |
|  |  | 5488664  |
| **Communications Equipment - 0.8%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 12333 | 955561  |
| Cisco Systems, Inc. | 24713 | 1525039  |
| F5, Inc.<sup>(a)</sup> | 1629 | 433754  |
| Juniper Networks, Inc. | 6819 | 246780  |
| Motorola Solutions, Inc. | 2603 | 1139619  |
| Ubiquiti, Inc. | 3562 | 1104719  |
|  |  | 5405472  |
| **Construction & Engineering - 0.5%**<br>|  |  |
| AECOM | 5969 | 553505  |
| EMCOR Group, Inc. | 2140 | 791008  |
| MasTec, Inc.<sup>(a)</sup> | 9542 | 1113647  |
| Quanta Services, Inc.<sup>(b)</sup> | 1592 | 404655  |
| Valmont Industries, Inc. | 1832 | 522798  |
|  |  | 3385613  |
| **Consumer Finance - 1.5%**<br>|  |  |
| Ally Financial, Inc. | 28378 | 1034946  |
| American Express Co. | 6850 | 1842993  |
| Capital One Financial Corp. | 11198 | 2007801  |
| Discover Financial Services | 7853 | 1340507  |
| OneMain Holdings, Inc.<sup>(b)</sup> | 19552 | 955702  |
| SLM Corp. | 29662 | 871173  |
| Synchrony Financial | 47912 | 2536461  |
|  |  | 10589583  |
| **Consumer Staples Distribution & Retail - 3.2%** | **Consumer Staples Distribution & Retail - 3.2%** | **Consumer Staples Distribution & Retail - 3.2%** |
| Albertsons Cos., Inc. - Class A | 40250 | 885097  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc.<sup>(a)(b)</sup> | 6956 | 793680  |
| Casey's General Stores, Inc.<sup>(b)</sup> | 4010 | 1740500  |
| Costco Wholesale Corp. | 5759 | 5446747  |
| Dollar General Corp. | 8578 | 754264  |
| Dollar Tree, Inc.<sup>(a)</sup> | 7466 | 560473  |
| Grocery Outlet Holding Corp.<sup>(a)(b)</sup> | 6003 | 83922  |
| Kroger Co. | 29574 | 2001864  |
| Performance Food Group Co.<sup>(a)</sup> | 14476 | 1138248  |
| SYSCO Corp.<sup>(b)</sup> | 11473 | 860934  |
| Target Corp. | 6457 | 673852  |
| US Foods Holding Corp.<sup>(a)</sup> | 32902 | 2153765  |
| Walmart, Inc. | 64473 | 5660085  |
|  |  | 22753431  |
| **Containers & Packaging - 0.3%**<br>|  |  |
| Ardagh Group SA<sup>(a)(c)</sup> | 8343 | 0  |
| Berry Global Group, Inc.<sup>(b)</sup> | 18762 | 1309775  |
| Crown Holdings, Inc. | 3741 | 333922  |
| Packaging Corp. of America | 1054 | 208713  |
| Silgan Holdings, Inc. | 8524 | 435747  |
| Sonoco Products Co. | 2497 | 117958  |
|  |  | 2406115  |

---

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

2<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Distributors - 0.2%**<br>|  |  |
| Genuine Parts Co. | 2246 | $267588  |
| LKQ Corp. | 16411 | 698124  |
| Pool Corp.<sup>(b)</sup> | 951 | 302751  |
|  |  | 1268463  |
| **Diversified Consumer Services - 0.5%**<br>|  |  |
| ADT, Inc. | 204598 | 1665428  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 6445 | 1115114  |
| H&R Block, Inc. | 19539 | 1072886  |
|  |  | 3853428  |
| **Diversified Financial Services - 0.0%<sup>(d)</sup>** | **Diversified Financial Services - 0.0%<sup>(d)</sup>** |  |
| GCI Liberty Inc SR Escrow<sup>(a)(c)</sup> | 3912 | 3538  |
| **Diversified Telecommunication Services - 0.8%** | **Diversified Telecommunication Services - 0.8%** | **Diversified Telecommunication Services - 0.8%** |
| AT&T, Inc. | 105186 | 2974660  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 87781 | 1010359  |
| Liberty Global Ltd. - Class C<sup>(a)(b)</sup> | 83119 | 994935  |
| Verizon Communications, Inc. | 25013 | 1134590  |
|  |  | 6114544  |
| **Electric Utilities - 0.7%**<br>|  |  |
| American Electric Power Co., Inc. | 1468 | 160408  |
| Constellation Energy Corp. | 2052 | 413745  |
| Duke Energy Corp. | 3823 | 466291  |
| Edison International | 3233 | 190488  |
| Entergy Corp. | 3488 | 298189  |
| Evergy, Inc. | 2205 | 152035  |
| Exelon Corp. | 5123 | 236068  |
| FirstEnergy Corp. | 7108 | 287305  |
| NextEra Energy, Inc. | 7839 | 555707  |
| NRG Energy, Inc. | 12823 | 1224084  |
| OGE Energy Corp. | 3300 | 151668  |
| PPL Corp.<sup>(b)</sup> | 6728 | 242948  |
| The Southern Co. | 5466 | 502599  |
| Xcel Energy, Inc. | 4396 | 311193  |
|  |  | 5192728  |
| **Electrical Equipment - 0.6%**<br>|  |  |
| Acuity Brands, Inc. | 4333 | 1141096  |
| AMETEK, Inc. | 659 | 113440  |
| Eaton Corp. PLC | 628 | 170709  |
| GE Vernova, Inc. | 2432 | 742441  |
| Hubbell, Inc. | 555 | 183655  |
| nVent Electric PLC | 5016 | 262939  |
| Regal Rexnord Corp.<sup>(b)</sup> | 1387 | 157910  |
| Sensata Technologies Holding PLC | 46197 | 1121201  |
| Vertiv Holdings Co. - Class A | 5791 | 418110  |
|  |  | 4311501  |
| **Electronic Equipment, Instruments & Components - 0.9%** | **Electronic Equipment, Instruments & Components - 0.9%** | **Electronic Equipment, Instruments & Components - 0.9%** |
| Amphenol Corp. - Class A | 8640 | 566698  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 14217 | 1476151  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Avnet, Inc. | 31811 | $1529791  |
| CDW Corp. | 955 | 153048  |
| Corning, Inc. | 4475 | 204865  |
| Jabil, Inc. | 2393 | 325616  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 729 | 109182  |
| TD SYNNEX Corp.<sup>(b)</sup> | 15037 | 1563247  |
| Vontier Corp. | 9272 | 304585  |
|  |  | 6233183  |
| **Energy Equipment & Services - 0.2%**<br>|  |  |
| Halliburton Co. | 10334 | 262174  |
| NOV, Inc. | 83278 | 1267491  |
|  |  | 1529665  |
| **Entertainment - 1.2%**<br>|  |  |
| Electronic Arts, Inc. | 3690 | 533279  |
| Netflix, Inc.<sup>(a)</sup> | 2889 | 2694079  |
| Playtika Holding Corp. | 40582 | 209809  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 2433 | 141820  |
| Spotify Technology SA<sup>(a)(b)</sup> | 2454 | 1349774  |
| TKO Group Holdings, Inc. | 3592 | 548893  |
| Walt Disney Co. | 7276 | 718141  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 208447 | 2236636  |
|  |  | 8432431  |
| **Financial Services - 4.2%**<br>|  |  |
| Apollo Global Management, Inc. | 7004 | 959128  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 24342 | 12964062  |
| Corebridge Financial, Inc. | 35297 | 1114326  |
| Corpay, Inc.<sup>(a)</sup> | 487 | 169827  |
| Equitable Holdings, Inc. | 11798 | 614558  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 1132 | 120954  |
| Fiserv, Inc.<sup>(a)</sup> | 3436 | 758772  |
|  Interactive Brokers Group, Inc. - Class A | 1344 | 222553  |
| Jack Henry & Associates, Inc. | 987 | 180226  |
| Mastercard, Inc. - Class A | 8972 | 4917733  |
| MGIC Investment Corp. | 32134 | 796280  |
| Visa, Inc. - Class A | 16468 | 5771375  |
| Voya Financial, Inc. | 20076 | 1360350  |
| Western Union Co.<sup>(b)</sup> | 36755 | 388868  |
|  |  | 30339012  |
| **Food Products - 0.9%**<br>|  |  |
| ConAgra Brands, Inc. | 22436 | 598368  |
| Darling International, Inc.<sup>(a)(b)</sup> | 42322 | 1322139  |
| Flowers Foods, Inc.<sup>(b)</sup> | 31288 | 594785  |
| General Mills, Inc. | 2028 | 121254  |
| Hershey Co.<sup>(b)</sup> | 2248 | 384475  |
| Ingredion, Inc. | 6550 | 885626  |
| Kellogg Co. | 1867 | 154009  |
| Pilgrim's Pride Corp.<sup>(a)(b)</sup> | 22879 | 1247134  |
| Post Holdings, Inc.<sup>(a)</sup> | 12414 | 1444493  |
|  |  | 6752283  |

---

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

3<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Gas Utilities - 0.3%**<br>|  |  |
| Atmos Energy Corp.<sup>(b)</sup> | 2561 | $395879  |
| National Fuel Gas Co. | 1901 | 150540  |
| UGI Corp. | 41863 | 1384410  |
|  |  | 1930829  |
| **Ground Transportation - 0.3%**<br>|  |  |
| Landstar System, Inc. | 5141 | 772178  |
| Old Dominion Freight Line, Inc. | 1170 | 193576  |
| Uber Technologies, Inc.<sup>(a)</sup> | 12196 | 888601  |
|  |  | 1854355  |
| **Health Care Equipment & Supplies - 1.2%** | **Health Care Equipment & Supplies - 1.2%** |  |
| Abbott Laboratories | 11044 | 1464987  |
| Align Technology, Inc.<sup>(a)</sup> | 1319 | 209536  |
| Boston Scientific Corp.<sup>(a)</sup> | 12810 | 1292273  |
| Dentsply Sirona, Inc. | 38842 | 580300  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 6463 | 468438  |
| Envista Holdings Corp.<sup>(a)</sup> | 88572 | 1528753  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1751 | 735332  |
| Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 1123 | 178871  |
| Insulet Corp.<sup>(a)</sup> | 1605 | 421489  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1435 | 710712  |
| Medtronic PLC | 2845 | 255652  |
| Penumbra, Inc.<sup>(a)</sup> | 1138 | 304313  |
| Stryker Corp. | 2163 | 805177  |
|  |  | 8955833  |
| **Health Care Providers & Services - 2.5%** | **Health Care Providers & Services - 2.5%** |  |
| Amedisys, Inc.<sup>(a)</sup> | 4223 | 391176  |
| Cardinal Health, Inc. | 5941 | 818492  |
| Cencora, Inc. | 1630 | 453287  |
| Chemed Corp. | 798 | 491025  |
| Cigna Group | 6741 | 2217789  |
| CVS Health Corp. | 4490 | 304197  |
| DaVita, Inc.<sup>(a)</sup> | 2461 | 376459  |
| Elevance Health, Inc. | 328 | 142667  |
| Encompass Health Corp. | 4927 | 499007  |
| HCA Healthcare, Inc. | 1315 | 454398  |
| Henry Schein, Inc.<sup>(a)</sup> | 7263 | 497443  |
| Humana, Inc. | 1913 | 506180  |
| McKesson Corp. | 1863 | 1253780  |
| Premier, Inc. - Class A<sup>(b)</sup> | 58414 | 1126222  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 8722 | 1173109  |
| UnitedHealth Group, Inc. | 11890 | 6227388  |
|  Universal Health Services, Inc. - Class B | 4797 | 901356  |
|  |  | 17833975  |
| **Hotels, Restaurants & Leisure - 1.4%**<br>|  |  |
| Booking Holdings, Inc. | 512 | 2358738  |
| Boyd Gaming Corp. | 4598 | 302686  |
| Carnival Corp.<sup>(a)</sup> | 9540 | 186316  |
| Cava Group, Inc.<sup>(a)(b)</sup> | 1173 | 101359  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 9098 | 456811  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Domino's Pizza, Inc. | 1420 | $652419  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 2650 | 484341  |
| Expedia Group, Inc. | 2939 | 494046  |
| Hilton Worldwide Holdings, Inc. | 1934 | 440082  |
| McDonald's Corp. | 4071 | 1271658  |
| MGM Resorts International<sup>(a)</sup> | 34149 | 1012176  |
| Royal Caribbean Cruises Ltd. | 2605 | 535171  |
| Starbucks Corp. | 1555 | 152530  |
| Texas Roadhouse, Inc. | 764 | 127305  |
| Wingstop, Inc. | 2291 | 516804  |
| Yum! Brands, Inc. | 5948 | 935977  |
|  |  | 10028419  |
| **Household Durables - 0.6%**<br>|  |  |
| Garmin Ltd. | 901 | 195634  |
| Leggett & Platt, Inc. | 23156 | 183164  |
| Lennar Corp. - Class A | 4582 | 525922  |
| Lennar Corp. - Class B | 3785 | 412830  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 7056 | 805654  |
| Newell Rubbermaid, Inc. | 60978 | 378064  |
| NVR, Inc.<sup>(a)</sup> | 66 | 478130  |
| PulteGroup, Inc. | 4373 | 449544  |
| Tempur Sealy International, Inc.<sup>(b)</sup> | 9721 | 582093  |
| Toll Brothers, Inc. | 3281 | 346441  |
|  |  | 4357476  |
| **Household Products - 1.1%**<br>|  |  |
| Church & Dwight Co., Inc. | 3911 | 430562  |
| Clorox Co. | 2917 | 429528  |
| Colgate-Palmolive Co. | 15784 | 1478961  |
| Kimberly-Clark Corp. | 3915 | 556791  |
| Procter & Gamble Co. | 27789 | 4735802  |
|  |  | 7631644  |
|  **Independent Power and Renewable Electricity Producers - 0.4%**<br>|  |  |
| Brookfield Renewable Corp. | 5515 | 153979  |
| Clearway Energy, Inc. - Class A | 13333 | 379457  |
| Clearway Energy, Inc. - Class C<sup>(b)</sup> | 12529 | 379253  |
| Vistra Corp. | 16037 | 1883385  |
|  |  | 2796074  |
| **Industrial Conglomerates - 0.4%**<br>|  |  |
| 3M Co. | 4204 | 617400  |
| General Electric Co. | 11415 | 2284712  |
| Honeywell International, Inc. | 703 | 148860  |
|  |  | 3050972  |
| **Insurance - 3.2%**<br>|  |  |
| Aflac, Inc. | 7361 | 818470  |
| Allstate Corp. | 2583 | 534862  |
| Aon PLC - Class A | 1016 | 405475  |
| Arch Capital Group, Ltd. | 8628 | 829841  |
| Arthur J. Gallagher & Co. | 3483 | 1202471  |
| Assurant, Inc. | 1517 | 318191  |
| Axis Capital Holdings Ltd. | 8136 | 815553  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 11688 | 677787  |

---

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

4<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Insurance - (Continued)** | **Insurance - (Continued)** | **Insurance - (Continued)** |
| Brown & Brown, Inc. | 1929 | $239968  |
| Chubb, Ltd. | 2542 | 767659  |
| Cincinnati Financial Corp. | 2839 | 419377  |
| CNA Financial Corp. | 14410 | 731884  |
| Everest Group Ltd. | 2764 | 1004244  |
| Globe Life, Inc. | 4290 | 565079  |
| Hartford Financial Services Group, Inc. | 3490 | 431818  |
| Kemper Corp. | 4326 | 289193  |
| Lincoln National Corp. | 22563 | 810237  |
| Loews Corp. | 8255 | 758717  |
| Markel Group, Inc.<sup>(a)</sup> | 404 | 755322  |
| Marsh & McLennan Cos., Inc. | 8724 | 2128918  |
| Old Republic International Corp. | 27895 | 1094042  |
| Primerica, Inc. | 1968 | 559955  |
| Progressive Corp. | 6633 | 1877205  |
| Prudential Financial, Inc. | 3593 | 401266  |
| Reinsurance Group of America, Inc. | 962 | 189418  |
| RenaissanceRe Holdings Ltd. | 3590 | 861600  |
| The Travelers Cos., Inc. | 1842 | 487135  |
| Unum Group | 30546 | 2488277  |
| W.R. Berkley Corp. | 4446 | 316377  |
|  |  | 22780341  |
| **Interactive Media & Services - 5.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 78835 | 12191044  |
| Alphabet, Inc. - Class C | 66024 | 10314930  |
| IAC, Inc.<sup>(a)</sup> | 21787 | 1000895  |
| Match Group, Inc. | 11622 | 362606  |
| Meta Platforms, Inc. - Class A | 30091 | 17343249  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 24494 | 759314  |
| TripAdvisor, Inc.<sup>(a)</sup> | 15540 | 220202  |
|  |  | 42192240  |
| **IT Services - 2.1%**<br>|  |  |
| Accenture PLC - Class A | 7973 | 2487895  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 6984 | 562212  |
| Amdocs Ltd. | 7417 | 678655  |
| Automatic Data Processing, Inc. | 2008 | 613504  |
|  Cognizant Technology Solutions Corp. - Class A | 14162 | 1083393  |
| DXC Technology Co.<sup>(a)</sup> | 142421 | 2428278  |
| EPAM Systems, Inc.<sup>(a)</sup> | 2293 | 387150  |
| Gartner, Inc.<sup>(a)</sup> | 2363 | 991846  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 3806 | 685613  |
| International Business Machines Corp. | 11395 | 2833481  |
| Okta, Inc. - Class A<sup>(a)</sup> | 4783 | 503267  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 11827 | 1157982  |
| VeriSign, Inc.<sup>(a)</sup> | 3385 | 859350  |
|  |  | 15272626  |
| **Leisure Products - 0.1%**<br>|  |  |
| Mattel, Inc.<sup>(a)</sup> | 13597 | 264190  |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 17721 | 586565  |
|  |  | 850755  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Life Sciences Tools & Services - 0.6%**<br>|  |  |
| Agilent Technologies, Inc. | 1080 | $126338  |
| Avantor, Inc.<sup>(a)</sup> | 19745 | 320066  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1061 | 159702  |
| Danaher Corp. | 1746 | 357930  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 210265 | 1587501  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 985 | 173656  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 581 | 686109  |
| Thermo Fisher Scientific, Inc. | 1618 | 805117  |
| Waters Corp.<sup>(a)</sup> | 957 | 352721  |
|  |  | 4569140  |
| **Machinery - 1.5%**<br>|  |  |
| AGCO Corp. | 1676 | 155147  |
| Allison Transmission Holdings, Inc. | 12055 | 1153302  |
| Caterpillar, Inc. | 2937 | 968623  |
| Crane Co. | 482 | 73833  |
| Cummins, Inc. | 1664 | 521564  |
| Deere & Co. | 1294 | 607339  |
| Donaldson Co., Inc. | 8226 | 551636  |
| Esab Corp. | 3484 | 405886  |
| Fortive Corp. | 1778 | 130114  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 52945 | 974717  |
| Illinois Tool Works, Inc. | 2632 | 652762  |
| Ingersoll Rand, Inc. | 5222 | 417917  |
| Lincoln Electric Holdings, Inc.<sup>(b)</sup> | 2736 | 517542  |
| Middleby Corp.<sup>(a)</sup> | 2589 | 393476  |
| Otis Worldwide Corp. | 3745 | 386484  |
| Parker-Hannifin Corp. | 416 | 252866  |
| Pentair PLC | 2628 | 229897  |
| Snap-on, Inc. | 2044 | 688848  |
| Timken Co.<sup>(b)</sup> | 3656 | 262757  |
| Toro Co.<sup>(b)</sup> | 3534 | 257098  |
|  Westinghouse Air Brake Technologies Corp. | 6174 | 1119655  |
|  |  | 10721463  |
| **Marine Transportation - 0.0%<sup>(d)</sup>**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 3493 | 352828  |
| **Media - 1.3%**<br>|  |  |
| Comcast Corp. - Class A | 37405 | 1380244  |
| Fox Corp. - Class A | 20176 | 1141962  |
| Fox Corp. - Class B | 21075 | 1110863  |
| New York Times Co. - Class A | 8350 | 414160  |
| News Corp. - Class A | 12572 | 342210  |
| News Corp. - Class B<sup>(b)</sup> | 19176 | 582375  |
| Nexstar Media Group, Inc. | 6816 | 1221564  |
| Omnicom Group, Inc. | 1947 | 161426  |
| Paramount Global - Class B | 121675 | 1455233  |
| Sirius XM Holdings, Inc.<sup>(b)</sup> | 59799 | 1348168  |
| ViacomCBS, Inc. - Class A | 6107 | 138934  |
|  |  | 9297139  |

---

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

5<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Metals & Mining - 0.1%**<br>|  |  |
| Reliance, Inc. | 1551 | $447851  |
| **Multi-Utilities - 0.3%**<br>|  |  |
| Alliant Energy Corp. | 2363 | 152059  |
| Ameren Corp. | 2545 | 255518  |
| CenterPoint Energy, Inc. | 4167 | 150970  |
| CMS Energy Corp. | 2035 | 152849  |
| Consolidated Edison, Inc. | 1393 | 154052  |
| Dominion Energy, Inc. | 2959 | 165911  |
| DTE Energy Co. | 1303 | 180166  |
| NiSource, Inc. | 8901 | 356841  |
| Public Service Enterprise Group, Inc. | 3589 | 295375  |
| Sempra Energy | 2855 | 203733  |
| WEC Energy Group, Inc. | 2376 | 258936  |
|  |  | 2326410  |
| **Oil, Gas & Consumable Fuels - 2.6%**<br>|  |  |
| Antero Midstream Corp. | 18767 | 337806  |
| APA Corp.<sup>(b)</sup> | 19315 | 406001  |
| Cheniere Energy, Inc. | 2554 | 590996  |
| Chevron Corp. | 7530 | 1259694  |
| Civitas Resources, Inc. | 33892 | 1182492  |
| ConocoPhillips | 3421 | 359273  |
| DT Midstream, Inc. | 1898 | 183119  |
| EOG Resources, Inc. | 7672 | 983857  |
| Exxon Mobil Corp. | 39852 | 4739598  |
| HF Sinclair Corp. | 34577 | 1136892  |
| Kinder Morgan, Inc. | 16257 | 463812  |
| Marathon Petroleum Corp. | 11836 | 1724387  |
| Occidental Petroleum Corp.<sup>(b)</sup> | 4548 | 224489  |
| ONEOK, Inc. | 7838 | 777686  |
| Ovintiv, Inc. | 18597 | 795952  |
| Targa Resources Corp. | 4989 | 1000145  |
| Texas Pacific Land Corp.<sup>(b)</sup> | 210 | 278248  |
| The Williams Companies, Inc. | 8071 | 482323  |
| Valero Energy Corp. | 12955 | 1710967  |
| Viper Energy, Inc. | 5673 | 256136  |
|  |  | 18893873  |
| **Personal Care Products - 0.1%**<br>|  |  |
| Coty, Inc. - Class A<sup>(a)</sup> | 83713 | 457910  |
| Estee Lauder Cos., Inc. - Class A | 3254 | 214764  |
|  |  | 672674  |
| **Pharmaceuticals - 3.5%**<br>|  |  |
| Bristol-Myers Squibb Co. | 34417 | 2099093  |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 123150 | 1293075  |
| Eli Lilly & Co. | 10880 | 8985901  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 12067 | 1498118  |
| Johnson & Johnson | 29095 | 4825115  |
| Merck & Co., Inc. | 35269 | 3165745  |
| Perrigo Co. PLC | 9990 | 280120  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Pfizer, Inc. | 7189 | $182169  |
| Royalty Pharma PLC - Class A | 8236 | 256387  |
| Viatris, Inc. | 219264 | 1909789  |
| Zoetis, Inc. | 3718 | 612169  |
|  |  | 25107681  |
| **Professional Services - 1.1%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 4319 | 451681  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 1072 | 393338  |
| Clarivate PLC<sup>(a)(b)</sup> | 240603 | 945570  |
| Concentrix Corp. | 38587 | 2146981  |
| Dun & Bradstreet Holdings, Inc.<sup>(b)</sup> | 43203 | 386235  |
| FTI Consulting, Inc.<sup>(a)</sup> | 882 | 144718  |
| Leidos Holdings, Inc. | 2407 | 324800  |
| ManpowerGroup, Inc. | 10880 | 629734  |
| Parsons Corp.<sup>(a)</sup> | 1625 | 96216  |
| Paychex, Inc. | 2326 | 358855  |
| Robert Half, Inc.<sup>(b)</sup> | 10463 | 570757  |
|  Science Applications International Corp. | 3843 | 431454  |
| SS&C Technologies Holdings, Inc. | 5577 | 465847  |
| Verisk Analytics, Inc. | 1401 | 416966  |
|  |  | 7763152  |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 2453 | 608123  |
| **Semiconductors & Semiconductor Equipment - 8.2%** | **Semiconductors & Semiconductor Equipment - 8.2%** | **Semiconductors & Semiconductor Equipment - 8.2%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1904 | 195617  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 3974 | 99867  |
| Amkor Technology, Inc. | 40618 | 733561  |
| Applied Materials, Inc. | 13516 | 1961442  |
| Broadcom, Inc. | 52646 | 8814520  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 11566 | 1152610  |
| Intel Corp. | 21080 | 478727  |
| KLA Corp. | 2169 | 1474486  |
| Lam Research Corp. | 22020 | 1600854  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 6009 | 315172  |
| Micron Technology, Inc. | 1084 | 94189  |
| MKS Instruments, Inc.<sup>(b)</sup> | 5884 | 471602  |
| Monolithic Power Systems, Inc.<sup>(b)</sup> | 703 | 407726  |
| NVIDIA Corp. | 322634 | 34967073  |
| ON Semiconductor Corp.<sup>(a)</sup> | 10615 | 431924  |
| Qorvo, Inc.<sup>(a)</sup> | 17998 | 1303235  |
| QUALCOMM, Inc. | 14898 | 2288482  |
| Skyworks Solutions, Inc. | 7732 | 499719  |
| Teradyne, Inc. | 4662 | 385081  |
| Texas Instruments, Inc. | 5304 | 953129  |
|  |  | 58629016  |
| **Software - 9.7%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 5763 | 2210283  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 9383 | 2486214  |

---

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

6<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| Atlassian Corp. - Class A<sup>(a)</sup> | 4202 | $891706  |
| Autodesk, Inc.<sup>(a)</sup> | 2848 | 745606  |
| BILL Holdings, Inc.<sup>(a)(b)</sup> | 8306 | 381162  |
| Cadence Design System, Inc.<sup>(a)</sup> | 4244 | 1079377  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1078 | 380081  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 2645 | 262411  |
| DocuSign, Inc.<sup>(a)</sup> | 11768 | 957915  |
| Dolby Laboratories, Inc. - Class A | 3043 | 244383  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 34397 | 918744  |
| Elastic NV<sup>(a)</sup> | 3759 | 334927  |
| Fair Isaac Corp.<sup>(a)</sup> | 1074 | 1980628  |
| Fortinet, Inc.<sup>(a)</sup> | 16251 | 1564321  |
| Gen Digital, Inc. | 13958 | 370445  |
| Guidewire Software, Inc.<sup>(a)</sup> | 2560 | 479642  |
| HubSpot, Inc.<sup>(a)</sup> | 1334 | 762101  |
| Informatica, Inc. - Class A<sup>(a)(b)</sup> | 15025 | 262186  |
| Intuit, Inc. | 2156 | 1323762  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 4253 | 735939  |
| Microsoft Corp. | 96577 | 36254040  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | 1003 | 289135  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 19370 | 1352220  |
| Oracle Corp. | 10139 | 1417534  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 14172 | 1196117  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7230 | 1233727  |
| Pegasystems, Inc. | 17369 | 1207493  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 21692 | 537094  |
| Roper Industries, Inc. | 683 | 402683  |
| Salesforce, Inc. | 10145 | 2722512  |
| ServiceNow, Inc.<sup>(a)</sup> | 2164 | 1722847  |
| Synopsys, Inc.<sup>(a)</sup> | 2358 | 1011228  |
| Teradata Corp.<sup>(a)</sup> | 29616 | 665768  |
| Workday, Inc. - Class A<sup>(a)</sup> | 1466 | 342355  |
|  Zoom Video Communications, Inc. - Class A<sup>(a)</sup> | 9849 | 726561  |
|  |  | 69453147  |
| **Specialty Retail - 3.2%**<br>|  |  |
| Advance Auto Parts, Inc.<sup>(b)</sup> | 20755 | 813803  |
| AutoNation, Inc.<sup>(a)</sup> | 3454 | 559272  |
| AutoZone, Inc.<sup>(a)</sup> | 429 | 1635683  |
| Bath & Body Works, Inc. | 16766 | 508345  |
| Best Buy Co., Inc. | 7733 | 569226  |
| Burlington Stores, Inc.<sup>(a)</sup> | 2491 | 593680  |
| Dick's Sporting Goods, Inc. | 5411 | 1090641  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 2505 | 201577  |
| Gap, Inc. | 120512 | 2483752  |
| Home Depot, Inc. | 12073 | 4424634  |
| Lowe's Cos., Inc. | 8055 | 1878668  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1470 | 2105893  |
| Penske Automotive Group, Inc. | 3198 | 460448  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ross Stores, Inc. | 3083 | $393977  |
| TJX Cos., Inc. | 17885 | 2178393  |
| Tractor Supply Co.<sup>(b)</sup> | 14420 | 794542  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 2280 | 835711  |
| Wayfair, Inc. - Class A<sup>(a)(b)</sup> | 12445 | 398613  |
| Williams Sonoma, Inc. | 8733 | 1380687  |
|  |  | 23307545  |
| **Technology Hardware, Storage & Peripherals - 6.5%** | **Technology Hardware, Storage & Peripherals - 6.5%** | **Technology Hardware, Storage & Peripherals - 6.5%** |
| Apple, Inc. | 197230 | 43810700  |
| Hewlett Packard Enterprise Co. | 71696 | 1106269  |
| HP, Inc. | 8397 | 232513  |
| NetApp, Inc. | 5237 | 460018  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 16245 | 719166  |
|  |  | 46328666  |
| **Textiles, Apparel & Luxury Goods - 1.1%** | **Textiles, Apparel & Luxury Goods - 1.1%** |  |
| Capri Holdings Ltd.<sup>(a)</sup> | 21615 | 426464  |
| Carter's, Inc. | 7250 | 296525  |
| Columbia Sportswear Co.<sup>(b)</sup> | 4901 | 370957  |
| Crocs, Inc.<sup>(a)</sup> | 1814 | 192647  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 7254 | 811070  |
| lululemon athletica, Inc.<sup>(a)</sup> | 2891 | 818327  |
| NIKE, Inc. - Class B | 12032 | 763791  |
| PVH Corp. | 9796 | 633213  |
| Ralph Lauren Corp. | 5968 | 1317376  |
| Skechers USA, Inc. - Class A<sup>(a)</sup> | 10763 | 611123  |
| Tapestry, Inc. | 10984 | 773383  |
| Under Armour, Inc. - Class A<sup>(a)(b)</sup> | 74915 | 468219  |
| Under Armour, Inc. - Class C<sup>(a)(b)</sup> | 65171 | 387768  |
| VF Corp.<sup>(b)</sup> | 10118 | 157031  |
|  |  | 8027894  |
| **Tobacco - 0.4%**<br>|  |  |
| Altria Group, Inc. | 15254 | 915545  |
| Philip Morris International, Inc. | 11993 | 1903649  |
|  |  | 2819194  |
| **Trading Companies & Distributors - 0.9%** | **Trading Companies & Distributors - 0.9%** | **Trading Companies & Distributors - 0.9%** |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 9682 | 467738  |
| Fastenal Co. | 13380 | 1037619  |
| Ferguson Enterprises, Inc. | 2943 | 471557  |
|  MSC Industrial Direct Co., Inc. - Class A<sup>(b)</sup> | 8002 | 621515  |
| SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup> | 3415 | 414718  |
| W.W. Grainger, Inc. | 1547 | 1528173  |
| Watsco, Inc.<sup>(b)</sup> | 898 | 456453  |
| WESCO International, Inc. | 10744 | 1668543  |
|  |  | 6666316  |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |  |
| T-Mobile USA, Inc. | 3369 | 898546  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $342,064,951)** |  | 682479898  |

---

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

7<br>

------

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

**GuideMark Large Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 3.0%**<br>|  |  |
| Vanguard S&P 500 ETF | 42279 | $21727601  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $14,846,453)** |  | 21727601  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - 1.3%** |  |
| **Real Estate Investment Trusts - 1.3%**<br>|  |  |
| AGNC Investment Corp.<sup>(b)</sup> | 16928 | 162170  |
| Agree Realty Corp. | 3604 | 278193  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, <br>Inc.<sup>(b)</sup> | 1232 | 113972  |
| American Tower Corp. | 1984 | 431718  |
| Americold Realty Trust, Inc. | 19993 | 429050  |
| BXP, Inc.<sup>(b)</sup> | 3358 | 225624  |
| Cousins Properties, Inc. | 12373 | 365004  |
| CubeSmart | 2944 | 125738  |
| EPR Properties<sup>(b)</sup> | 6626 | 348594  |
| Essex Property Trust, Inc. | 516 | 158190  |
| Highwoods Properties, Inc. | 15408 | 456693  |
| Host Hotels & Resorts, Inc.<sup>(b)</sup> | 51283 | 728731  |
| Iron Mountain, Inc. | 5568 | 479071  |
| Kilroy Realty Corp.<sup>(b)</sup> | 14018 | 459230  |
| Millrose Properties, Inc.<sup>(a)</sup> | 5517 | 146256  |
| Omega Healthcare Investors, Inc.<sup>(b)</sup> | 6837 | 260353  |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 13377 | 142866  |
| Rithm Capital Corp. | 134527 | 1540334  |
| Simon Property Group, Inc. | 2040 | 338803  |
| Sun Communities, Inc. | 1610 | 207110  |
| Ventas, Inc. | 3273 | 225052  |
| Vornado Realty Trust | 17200 | 636228  |
| Welltower, Inc. | 3769 | 577449  |
| WP Carey, Inc. | 5330 | 336376  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $8,275,967)** |  | 9172805  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 5.5%** | **SHORT-TERM INVESTMENTS - 5.5%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 5.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(e)</sup> | 36843475 | 36843475  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(e)</sup> | 2410517 | $2410517  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $39,253,992)** |  | 39253992  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.8%** <br>**(Cost $404,441,363)** |  | $752634296  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.8)% |  | (34727623)  |
| **TOTAL NET ASSETS - 100.0%** |  | $717906673 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $35,928,252 which represented 5.0% of net assets.

<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 $3,538 or 0.0% of net assets as of March 31, 2025.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

8<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.1%**<br>|  |  |
| **Australia - 0.0%<sup>(a)</sup>**<br>|  |  |
| MMG Ltd.<sup>(b)</sup> | 63052 | $21757  |
| **Brazil - 3.3%**<br>|  |  |
| Ambev SA | 18564 | 44113  |
| B3 SA - Brasil Bolsa Balcao | 8712 | 18610  |
| Banco Bradesco SA | 21699 | 43349  |
| Banco do Brasil SA | 28615 | 141509  |
| BB Seguridade Participacoes SA | 18680 | 132085  |
| BRF SA | 4882 | 16939  |
| Caixa Seguridade Participacoes SA | 25215 | 66236  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3711 | 66436  |
| Embraer SA<sup>(b)</sup> | 8478 | 97818  |
| JBS SA | 13819 | 99651  |
| Natura & Co. Holding SA | 16747 | 29553  |
| NU Holdings Ltd. - Class A<sup>(b)</sup> | 12076 | 123658  |
| Petroleo Brasileiro SA | 34877 | 250342  |
| PRIO SA<sup>(b)</sup> | 2718 | 19028  |
| Raia Drogasil SA | 18813 | 63101  |
| Telefonica Brasil SA | 3044 | 26682  |
| TIM SA | 9792 | 30836  |
| TOTVS SA | 3115 | 18309  |
| Vale SA | 5863 | 58482  |
| Vibra Energia SA | 9134 | 28587  |
| WEG SA | 10967 | 87022  |
|  |  | 1462346  |
| **Chile - 1.2%**<br>|  |  |
| Banco de Credito e Inversiones SA | 1774 | 65587  |
| Cencosud SA | 48550 | 148277  |
| Empresas Copec SA | 7852 | 54161  |
| Falabella SA | 41259 | 172068  |
| Latam Airlines Group SA | 5213707 | 81664  |
|  |  | 521757  |
| **China - 30.4%<sup>(c)</sup>**<br>|  |  |
|  37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | 29400 | 60444  |
| AAC Technologies Holdings, Inc. | 9222 | 56265  |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. - <br>Class A | 133300 | 95285  |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. - <br>Class H | 260606 | 156944  |
| Alibaba Group Holding Ltd. | 81757 | 1352750  |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. - <br>Class A | 35800 | 36945  |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. - <br>Class H | 72294 | 45349  |
|  Anhui Jianghuai Automobile Group Corp. Ltd. - Class A | 3800 | 18958  |
|  Anhui Yingjia Distillery Co. Ltd. - Class A | 2799 | 20917  |
|  Anker Innovations Technology Co. Ltd. - Class A | 5100 | 72607  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ANTA Sports Products Ltd. | 9743 | $107124  |
|  Avary Holding Shenzhen Co. Ltd. - Class A | 3100 | 15588  |
| Baidu, Inc. - Class A<sup>(b)</sup> | 8038 | 92776  |
| Bank of Beijing Co. Ltd. | 58800 | 48993  |
| Bank of Changsha Co. Ltd. - Class A | 28900 | 36646  |
| Bank of Chengdu Co. Ltd. - Class A | 11300 | 26821  |
| Bank of China Ltd. - Class A | 58600 | 45266  |
| Bank of China Ltd. - Class H | 470571 | 284203  |
|  Bank of Communications Co. Ltd. - Class A | 90100 | 92635  |
|  Bank of Communications Co. Ltd. - Class H | 134298 | 120011  |
| Bank of Hangzhou Co. Ltd. - Class A | 12500 | 24915  |
| Bank of Nanjing Co. Ltd. - Class A | 56900 | 81095  |
| Bank of Shanghai Co. Ltd. | 66300 | 90157  |
| BeiGene Ltd.<sup>(b)</sup> | 2905 | 61444  |
|  Beijing Kingsoft Office Software, Inc. - Class A | 680 | 28244  |
|  Beijing Roborock Technology Co. Ltd. - Class A | 1120 | 37635  |
| &nbsp;&nbsp;&nbsp; Bestechnic Shanghai Co. Ltd. - <br>Class A | 700 | 39333  |
|  BOE Technology Group Co. Ltd. - Class A | 60100 | 34410  |
| BYD Co. Ltd. - Class H | 732 | 37066  |
|  Cambricon Technologies Corp. Ltd. - Class A<sup>(b)</sup> | 200 | 17309  |
|  Changchun High-Tech Industry Group Co. Ltd. - Class A | 1500 | 20257  |
| China CITIC Bank Corp. Ltd. - Class H | 187452 | 147038  |
| China Coal Energy Co. Ltd. - Class H | 86031 | 87821  |
|  China Communications Services Corp. Ltd. - Class H | 199967 | 109446  |
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp. - <br>Class A | 35800 | 43590  |
| &nbsp;&nbsp;&nbsp; China Construction Bank Corp. - <br>Class H | 549881 | 487285  |
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd. - <br>Class A | 100600 | 52505  |
| &nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd. - <br>Class H | 301145 | 122747  |
| China Feihe Ltd.<sup>(d)</sup> | 84652 | 63875  |
| China Hongqiao Group Ltd. | 51252 | 106021  |
| China Mengniu Dairy Co. Ltd. | 17164 | 42394  |
| &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd. - <br>Class H | 10938 | 64851  |
|  China Minsheng Banking Corp. Ltd. - Class H | 90090 | 40623  |
|  China National Chemical Engineering Co. Ltd. - Class A | 42900 | 42547  |
|  China Pacific Insurance Group Co. Ltd. - Class A | 6000 | 26633  |
|  China Pacific Insurance Group Co. Ltd. - Class H | 18086 | 56980  |

---

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

9<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **China - (Continued)**<br>|  |  |
|  China Petroleum & Chemical Corp. - Class H | 27943 | $14743  |
|  China Railway Signal & Communication Corp. Ltd. - Class A | 35600 | 27638  |
|  China Resources Pharmaceutical Group Ltd. – Class A<sup>(d)</sup> | 205984 | 133914  |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - Class A | 4275 | 24822  |
| &nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd. - <br>Class H | 4746 | 19253  |
| China Tower Corp. Ltd. - Class H | 16556 | 22255  |
|  China United Network Communications Ltd. - Class A | 26802 | 20577  |
| &nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd. - <br>Class A | 15900 | 60976  |
| Chongqing Brewery Co. Ltd. - Class A | 4700 | 37952  |
|  Chongqing Rural Commercial Bank Co. Ltd. - Class A | 65300 | 54767  |
| CITIC Ltd. | 74083 | 91437  |
|  CNOOC Energy Technology & Services Ltd. - Class A | 34400 | 19087  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class A | 16800 | 33764  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 31279 | 49353  |
| CRRC Corp. Ltd. - Class A | 21500 | 20947  |
| CSPC Pharmaceutical Group Ltd. | 109684 | 69710  |
| Dong-E-E-Jiao Co. Ltd. - Class A | 1836 | 15304  |
|  Eastroc Beverage Group Co. Ltd. – Class A | 1200 | 41228  |
| Ecovacs Robotics Co. Ltd. - Class A | 6700 | 56893  |
| &nbsp;&nbsp;&nbsp; Eoptolink Technology, Inc. Ltd. – <br>Class A | 2590 | 35859  |
|  Fuyao Glass Industry Group Co. Ltd. - Class A<sup>(b)</sup> | 8300 | 66986  |
| Giant Biogene Holding Co. Ltd<sup>(d)</sup> | 7331 | 66662  |
|  Gree Electric Appliances, Inc. of Zhuhai - Class A | 3477 | 21789  |
|  Guangzhou Automobile Group Co. Ltd. - Class A<sup>(b)</sup> | 19700 | 23121  |
| Haidilao International Holding Ltd.<sup>(d)</sup> | 46955 | 105900  |
|  Hangzhou First Applied Material Co. Ltd. - Class A | 34500 | 66989  |
| &nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. - <br>Class A | 7455 | 19335  |
|  Hisense Home Appliances Group Co. Ltd. | 4662 | 15640  |
|  Hithink RoyalFlush Information Network Co. Ltd. - Class A | 855 | 33645  |
| HLA Group Corp. Ltd. - Class A | 29794 | 32525  |
| Huadong Medicine Co. Ltd. - Class A | 4212 | 21296  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Huaibei Mining Holdings Co. Ltd. - Class A | 17700 | $31875  |
| Huaxia Bank Co. Ltd. - Class A | 63100 | 68200  |
|  Hubei Jumpcan Pharmaceutical Co. Ltd. - Class A | 8100 | 31079  |
| Hundsun Technologies, Inc. - Class A | 5200 | 20197  |
|  Industrial & Commercial Bank of China Ltd. - Class A | 71100 | 67589  |
|  Industrial & Commercial Bank of China Ltd. - Class H | 251099 | 179179  |
| Industrial Bank Co. Ltd. - Class A | 9800 | 29244  |
|  Inner Mongolia Dian Tou Energy Corp. Ltd. - Class A | 9300 | 24706  |
| JD Logistics, Inc.<sup>(b)(d)</sup> | 35609 | 57544  |
| JD.com, Inc. - Class A | 10155 | 208904  |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 9700 | 65678  |
| Kingsoft Corp. Ltd. | 3317 | 16154  |
| Kuaishou Technology<sup>(b)(d)</sup> | 16059 | 112615  |
|  Kuang-Chi Technologies Co. Ltd. - Class A | 11800 | 61753  |
| Kweichow Moutai Co. Ltd. - Class A | 300 | 64617  |
| Lenovo Group Ltd. | 70632 | 95986  |
| Li Auto, Inc. - Class A<sup>(b)</sup> | 2374 | 29918  |
| Li Ning Co. Ltd. | 12460 | 25574  |
| Longfor Group Holdings Ltd.<sup>(d)</sup> | 64215 | 81250  |
| Luzhou Laojiao Co. Ltd. - Class A | 1019 | 18248  |
| Meituan - Class B<sup>(b)(d)</sup> | 22494 | 452635  |
| Midea Group Co. Ltd. - Class A | 3900 | 42234  |
| MINISO Group Holding Ltd. | 8916 | 41097  |
| NetEase, Inc. | 8914 | 183117  |
|  New Oriental Education & Technology Group, Inc. | 13493 | 64183  |
| Nongfu Spring Co. Ltd. - Class H<sup>(d)</sup> | 19382 | 84081  |
|  People's Insurance Co. Group of China Ltd. - Class A | 43100 | 40553  |
|  People's Insurance Co. Group of China Ltd. - Class H | 120428 | 62382  |
| PetroChina Co. Ltd. - Class A | 61600 | 69957  |
| PetroChina Co. Ltd. - Class H | 217704 | 176505  |
|  PICC Property & Casualty Co. Ltd. - Class H | 61568 | 114006  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 27447 | 163830  |
| Pop Mart International Group Ltd.<sup>(d)</sup> | 9943 | 200955  |
| Qifu Technology, Inc. - ADR<sup>(e)</sup> | 3365 | 151122  |
| &nbsp;&nbsp;&nbsp; Rockchip Electronics Co. Ltd. - <br>Class A | 1800 | 43372  |
| SAIC Motor Corp. Ltd. - Class A | 17100 | 37371  |
| Seres Group Co. Ltd. - Class A | 1744 | 30424  |
| &nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd. - <br>Class A | 3949 | 10796  |
|  Shandong Himile Mechanical Science & Technology Co. Ltd. - Class A<sup>(b)</sup> | 4000 | 32672  |

---

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

10<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **China - (Continued)** <br>|  |  |
|  Shandong Nanshan Aluminum Co. Ltd. - Class A | 44000 | $23165  |
|  Shanghai Pudong Development Bank Co. Ltd. - Class A | 53300 | 76624  |
|  Shanghai Rural Commercial Bank Co. Ltd. - Class A | 38700 | 44532  |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A | 1100 | 32511  |
| Shenergy Co. Ltd. - Class A | 17900 | 22001  |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | 600 | 19363  |
|  Sichuan Kelun Pharmaceutical Co. Ltd. - Class A | 6551 | 29091  |
| Sieyuan Electric Co. Ltd. - Class A | 2100 | 22059  |
| Sinopharm Group Co. Ltd. - Class H | 17239 | 40005  |
| Sinotruk Hong Kong Ltd. | 21626 | 58739  |
| Smoore International Holdings Ltd.<sup>(d)</sup> | 12355 | 21109  |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd. - Class A | 3900 | 17688  |
|  Suzhou TFC Optical Communication Co. Ltd. – Class A | 5040 | 60082  |
| Tencent Holdings Ltd. | 37144 | 2373351  |
| Tianqi Lithium Corp. - Class A | 4820 | 20152  |
| Tingyi Cayman Islands Holding Corp. | 55234 | 92730  |
|  Universal Scientific Industrial Shanghai Co. Ltd. - Class A | 8700 | 21000  |
| Vipshop Holdings Ltd. - ADR<sup>(b)</sup> | 8169 | 128090  |
| Western Mining Co. Ltd. - Class A | 9500 | 22381  |
| &nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd. - <br>Class A | 226357 | 45025  |
| WUS Printed Circuit Kunshan Co. Ltd. | 5900 | 27126  |
| Xiaomi Corp. - Class B<sup>(b)(d)</sup> | 72871 | 461108  |
|  Yifeng Pharmacy Chain Co. Ltd. - Class A | 5632 | 19333  |
| Yum China Holdings, Inc. | 2665 | 138740  |
| Yunnan Yuntianhua Co. Ltd. - Class A<sup>(b)</sup> | 8000 | 25225  |
| Yunnan Yuntianhua Co. Ltd. - Class A<sup>(b)</sup> | 4700 | 14820  |
| Yutong Bus Co. Ltd. - Class A | 24027 | 88008  |
|  Zhejiang Chint Electrics Co. Ltd. - Class A | 5700 | 18547  |
|  Zhejiang Dahua Technology Co. Ltd. - Class A<sup>(b)</sup> | 8000 | 18830  |
| &nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd. - <br>Class H | 48758 | 39800  |
| Zhejiang NHU Co. Ltd. - Class A | 6400 | 19760  |
| Zhejiang Supor Co. Ltd. - Class A | 8212 | 66148  |
|  Zhejiang Wanfeng Auto Wheel Co. Ltd. - Class A | 21200 | 51583  |
| Zhongji Innolight Co. Ltd. - Class A | 1190 | 16561  |
| Zhongji Innolight Co. Ltd. - Class A | 347 | 4829  |
| ZTE Corp. - Class A | 2115 | 10021  |
| ZTE Corp. - Class H | 6301 | 19442  |
|  |  | 13578296  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Colombia - 0.2%**<br>|  |  |
| Bancolombia SA | 7734 | $86809  |
| **Czech Republic - 0.5%**<br>|  |  |
| CEZ AS | 491 | 24313  |
| Komercni Banka AS | 1557 | 75484  |
| Moneta Money Bank AS<sup>(d)</sup> | 16481 | 104766  |
|  |  | 204563  |
| **Egypt - 0.4%**<br>|  |  |
|  Commercial International Bank - Egypt (CIB) | 67113 | 109422  |
| Eastern Co. SAE | 109973 | 72308  |
|  |  | 181730  |
| **Hong Kong - 1.4%**<br>|  |  |
| Bosideng International Holdings Ltd. | 184874 | 94859  |
|  C&D International Investment Group Ltd. | 25940 | 54227  |
|  China Taiping Insurance Holdings Co. Ltd. | 95404 | 145247  |
| Far East Horizon Ltd. | 62841 | 51443  |
| Geely Automobile Holdings Ltd. | 53600 | 115058  |
| Kunlun Energy Co. Ltd. | 78712 | 76915  |
| Sino Biopharmaceutical Ltd. | 125608 | 60734  |
| Want Want China Holdings, Ltd. | 57190 | 36016  |
|  |  | 634499  |
| **Hungary - 0.3%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC | 3115 | 24564  |
| OTP Bank Nyrt | 1819 | 122386  |
|  |  | 146950  |
| **India - 16.1%**<br>|  |  |
| Adani Power Ltd.<sup>(b)</sup> | 8094 | 47838  |
| Apollo Hospitals Enterprise Ltd. | 252 | 19463  |
| Asian Paints Ltd. | 704 | 19235  |
| Axis Bank Ltd. | 6751 | 86598  |
| Bajaj Auto Ltd. | 367 | 33690  |
| Bajaj Finance Ltd. | 302 | 31465  |
| Bank of Baroda | 44389 | 118095  |
| Bharat Electronics Ltd. | 28001 | 97946  |
| Bharat Petroleum Corp. Ltd. | 6565 | 21261  |
| Bharti Airtel Ltd. | 8938 | 180693  |
| Britannia Industries Ltd. | 1108 | 63839  |
| BSE Ltd. | 1042 | 66344  |
| Canara Bank | 76165 | 78808  |
| CG Power & Industrial Solutions Ltd. | 10597 | 78717  |
| Cipla Ltd. | 3286 | 55221  |
| Colgate-Palmolive India Ltd. | 3763 | 105055  |
| Cummins India Ltd. | 1379 | 48949  |
| Divi's Laboratories Ltd. | 1376 | 92720  |
| Dixon Technologies India Ltd. | 653 | 100155  |
| Dr Reddy's Laboratories Ltd. | 5011 | 66955  |
| Eternal Ltd.<sup>(b)</sup> | 25394 | 59653  |
| Godrej Consumer Products Ltd. | 1012 | 13686  |

---

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

11<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **India - (Continued)** <br>|  |  |
| HCL Technologies Ltd. | 11573 | $214394  |
| HDFC Asset Management Co. Ltd.<sup>(d)</sup> | 1107 | 51792  |
| HDFC Bank Ltd. | 18284 | 389746  |
| Hindalco Industries Ltd. | 19633 | 155791  |
| Hindustan Aeronautics Ltd. | 1709 | 83041  |
| Hindustan Petroleum Corp. Ltd. | 3023 | 12654  |
| Hindustan Unilever Ltd. | 1646 | 43466  |
| ICICI Bank Ltd. | 25648 | 403136  |
| IDFC First Bank Ltd.<sup>(b)</sup> | 28379 | 18157  |
| Indian Hotels Co. Ltd. | 7027 | 64391  |
| Indus Towers Ltd.<sup>(b)</sup> | 15415 | 59942  |
| Info Edge India Ltd. | 263 | 21958  |
| Infosys Ltd. | 16596 | 304098  |
| InterGlobe Aviation Ltd.<sup>(b)(d)</sup> | 1090 | 64963  |
| ITC Ltd. | 15401 | 73589  |
| Jindal Stainless Ltd. | 3937 | 26635  |
| Kalyan Jewellers India Ltd. | 3460 | 18803  |
| Larsen & Toubro Ltd. | 3216 | 130783  |
| LTIMindtree Ltd.<sup>(d)</sup> | 1341 | 70054  |
| Lupin Ltd. | 3120 | 73876  |
| Mahindra & Mahindra Ltd. | 2917 | 90541  |
| Marico Ltd. | 9039 | 68761  |
| Maruti Suzuki India Ltd. | 194 | 26061  |
| Max Healthcare Institute Ltd. | 2743 | 35085  |
| Mphasis Ltd. | 2739 | 79775  |
| MRF Ltd. | 17 | 22346  |
| Muthoot Finance Ltd. | 3268 | 90859  |
| Nestle India Ltd. | 4344 | 114144  |
| NMDC Ltd. | 21540 | 17221  |
| Oil & Natural Gas Corp. Ltd. | 63341 | 182031  |
| Oracle Financial Services Software Ltd. | 602 | 54859  |
| Page Industries Ltd. | 185 | 92200  |
| PB Fintech Ltd.<sup>(b)</sup> | 1200 | 22160  |
| Persistent Systems Ltd. | 1696 | 108842  |
| Petronet LNG Ltd. | 22077 | 75618  |
| Pidilite Industries Ltd. | 418 | 13910  |
| Polycab India Ltd. | 662 | 39684  |
| Power Finance Corp. Ltd. | 40696 | 195812  |
| Punjab National Bank | 48820 | 54583  |
| REC Ltd. | 29194 | 145528  |
| Reliance Industries Ltd. | 17205 | 255792  |
|  Samvardhana Motherson International Ltd. | 50394 | 76518  |
| Shriram Finance Ltd. | 7405 | 56551  |
| Siemens Ltd. | 902 | 55353  |
| State Bank of India | 16763 | 150711  |
| Sun Pharmaceutical Industries Ltd. | 4468 | 90543  |
| Suzlon Energy Ltd.<sup>(b)</sup> | 46482 | 30572  |
| Tata Consultancy Services Ltd. | 5564 | 234058  |
| Tata Elxsi Ltd. | 668 | 40586  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Tata Motors Ltd. | 28224 | $221295  |
| Tech Mahindra Ltd. | 6385 | 105317  |
| Torrent Pharmaceuticals Ltd. | 1599 | 60185  |
| Torrent Power Ltd. | 1026 | 17729  |
| Trent Ltd. | 1663 | 103088  |
| UltraTech Cement Ltd. | 301 | 40374  |
| Union Bank of India Ltd. | 56931 | 83411  |
| Varun Beverages Ltd. | 8937 | 56235  |
| Vedanta Ltd. | 15614 | 84140  |
| Voltas Ltd. | 2063 | 35097  |
| Wipro Ltd. | 14506 | 44244  |
| Zydus Lifesciences Ltd. | 3830 | 39615  |
|  |  | 7179089  |
| **Indonesia - 0.9%**<br>|  |  |
| Alamtri Resources Indonesia Tbk PT | 458468 | 50932  |
| Bank Central Asia Tbk PT | 99281 | 50724  |
| Bank Mandiri Persero Tbk PT | 188894 | 58640  |
| Bank Rakyat Indonesia Persero Tbk PT | 179369 | 43359  |
| Chandra Asri Pacific Tbk PT | 28442 | 12366  |
| Indofood Sukses Makmur Tbk PT | 213509 | 91479  |
| Kalbe Farma Tbk PT | 364996 | 25025  |
| Sumber Alfaria Trijaya Tbk PT | 436922 | 54081  |
| Telkom Indonesia Persero Tbk PT | 164206 | 23847  |
|  |  | 410453  |
| **Ireland - 0.8%**<br>|  |  |
| PDD Holdings, Inc. - ADR<sup>(b)</sup> | 3024 | 357890  |
| **Luxembourg - 0.1%**<br>|  |  |
| Reinet Investments SCA | 1203 | 29211  |
| **Mexico - 1.8%**<br>|  |  |
| Alfa SAB de CV - Class A | 64725 | 50415  |
| Arca Continental SAB de CV | 5466 | 57156  |
| Cemex SAB de CV<sup>(b)</sup> | 185780 | 104308  |
| Coca-Cola Femsa SAB de CV | 6128 | 56236  |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br>SAB de CV | 8812 | 85762  |
| Gruma SAB de CV - Class B | 2407 | 43272  |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br>SAB de CV - Class B | 2260 | 41750  |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste <br>SAB de CV - Class B | 966 | 26394  |
| Grupo Bimbo SAB de CV - Class A | 22325 | 60535  |
| Grupo Financiero Banorte SAB de CV | 10427 | 72392  |
| Grupo Financiero Inbursa SAB de CV<sup>(b)</sup> | 6795 | 15277  |
| Grupo Mexico SAB de CV - Class B | 10922 | 54566  |
|  Kimberly-Clark de Mexico SAB de CV - Class A | 10386 | 17017  |
| Wal-Mart de Mexico SAB de CV | 34632 | 95733  |
|  |  | 780813  |
| **Netherlands - 0.1%**<br>|  |  |
| NEPI Rockcastle NV | 5764 | 41660  |

---

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

12<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Peru - 0.2%**<br>|  |  |
| Credicorp Ltd. | 343 | $63853  |
| Southern Copper Corp.<sup>(e)</sup> | 219 | 20429  |
|  |  | 84282  |
| **Philippines - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Container Terminal <br>Services, Inc. | 8994 | 55891  |
| Metropolitan Bank & Trust Co. | 18718 | 23917  |
|  |  | 79808  |
| **Poland - 1.2%**<br>|  |  |
| Bank Polska Kasa Opieki SA | 1261 | 57647  |
| CD Projekt SA | 1486 | 81661  |
| Dino Polska SA<sup>(b)(d)</sup> | 992 | 115788  |
| LPP SA | 21 | 95821  |
| ORLEN SA | 1650 | 29063  |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 5269 | 102880  |
| Powszechny Zaklad Ubezpieczen SA | 1928 | 28011  |
| Santander Bank Polska SA | 221 | 31823  |
|  |  | 542694  |
| **Qatar - 0.8%**<br>|  |  |
| Commercial Bank PSQC | 38147 | 43719  |
| Ooredoo QPSC | 43064 | 139565  |
| Qatar Islamic Bank QPSC | 3203 | 18068  |
| Qatar National Bank QPSC | 30367 | 133839  |
|  |  | 335191  |
| **Russia - 0.0%<sup>(a)</sup>**<br>|  |  |
| Magnit PJSC<sup>(b)(f)</sup> | 1813 | 0  |
| PhosAgro PJSC - GDR<sup>(b)(f)</sup> | 5197 | 0  |
| PhosAgro PJSC - GDR<sup>(f)</sup> | 33 | 0  |
| Polyus PJSC - GDR<sup>(b)(f)</sup> | 994 | 0  |
| Rosneft Oil Co. PJSC<sup>(b)(f)</sup> | 13382 | 0  |
| Sberbank of Russia PJSC<sup>(b)(f)</sup> | 120116 | 0  |
| VTB Bank PJSC<sup>(b)(f)</sup> | 25684 | 0  |
|  |  | 0  |
| **Singapore - 0.1%**<br>|  |  |
| Trip.com Group Ltd. | 858 | 54540  |
| **South Africa - 3.6%**<br>|  |  |
| Absa Group Ltd. | 7060 | 68413  |
| Aspen Pharmacare Holdings Ltd. | 1868 | 16681  |
| Bid Corp. Ltd. | 3924 | 94102  |
| Bidvest Group Ltd. | 2662 | 34192  |
| Capitec Bank Holdings Ltd. | 481 | 81809  |
| Clicks Group Ltd. | 3652 | 67469  |
| FirstRand Ltd. | 25514 | 100265  |
| Harmony Gold Mining Co. Ltd. | 2259 | 33082  |
| Kumba Iron Ore Ltd. | 2710 | 46122  |
| MTN Group Ltd. | 17514 | 117813  |
| Naspers Ltd. | 466 | 115564  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Nedbank Group Ltd. | 7077 | $99294  |
| Old Mutual Ltd. | 135406 | 87883  |
| OUTsurance Group Ltd. | 34684 | 131850  |
| Pepkor Holdings Ltd.<sup>(d)</sup> | 38575 | 53713  |
| Sanlam Ltd. | 14286 | 64476  |
| Sasol Ltd.<sup>(b)</sup> | 23525 | 98571  |
| Shoprite Holdings Ltd. | 4548 | 67827  |
| Standard Bank Group Ltd. | 9042 | 118146  |
| Woolworths Holdings Ltd. | 33147 | 92159  |
|  |  | 1589431  |
| **South Korea - 10.6%**<br>|  |  |
| Alteogen, Inc.<sup>(b)</sup> | 348 | 85066  |
| Amorepacific Corp. | 732 | 50712  |
| CJ CheilJedang Corp. | 516 | 86694  |
| Coway Co. Ltd. | 2559 | 140971  |
| DB Insurance Co. Ltd. | 2290 | 138333  |
| Hana Financial Group, Inc. | 2659 | 108568  |
| Hankook Tire & Technology Co. Ltd. | 2286 | 61551  |
| Hanmi Semiconductor Co. Ltd. | 626 | 29931  |
| Hanwha Aerospace Co. Ltd. | 296 | 127187  |
| HD Hyundai Co. Ltd. | 1891 | 93509  |
| HD Hyundai Electric Co. Ltd. | 386 | 78775  |
| HD Hyundai Heavy Industries Co. Ltd. | 266 | 50870  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 882 | 121455  |
| HLB, Inc.<sup>(b)</sup> | 190 | 7142  |
| Hyundai Glovis Co. Ltd. | 1372 | 105486  |
| Hyundai Mobis Co. Ltd. | 649 | 115492  |
| Hyundai Rotem Co. Ltd. | 1193 | 85800  |
| Industrial Bank of Korea | 12350 | 119836  |
| KB Financial Group, Inc. | 3072 | 166514  |
| Kia Corp. | 2153 | 136174  |
| Korea Electric Power Corp. | 2191 | 32335  |
| Korea Investment Holdings Co. Ltd. | 1637 | 81859  |
| Korea Zinc Co. Ltd. | 60 | 31772  |
| Korean Air Lines Co. Ltd. | 2348 | 34182  |
| Krafton, Inc.<sup>(b)</sup> | 137 | 31330  |
| KT&G Corp. | 334 | 22973  |
| LG Electronics, Inc. | 1630 | 85979  |
| LG H&H Co. Ltd. | 441 | 93948  |
| LG Uplus Corp. | 17913 | 125362  |
| LS Electric Co. Ltd. | 312 | 38196  |
| Meritz Financial Group, Inc. | 1699 | 142033  |
| Mirae Asset Securities Co. Ltd. | 6221 | 39016  |
| NCSoft Corp. | 360 | 36665  |
| NH Investment & Securities Co. Ltd. | 5056 | 48508  |
| Orion Corp. | 1112 | 89303  |
| Samsung C&T Corp. | 394 | 31471  |
| Samsung Electro-Mechanics Co. Ltd. | 284 | 25155  |
| Samsung Electronics Co. Ltd. | 24845 | 984992  |
|  Samsung Fire & Marine Insurance Co. Ltd. | 140 | 34167  |

---

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

13<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **South Korea - (Continued)** <br>|  |  |
| Samsung Life Insurance Co. Ltd. | 433 | $24478  |
| Shinhan Financial Group Co. Ltd. | 3603 | 115306  |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | 797 | 54361  |
| SK Hynix, Inc. | 2909 | 387787  |
| SK Telecom Co. Ltd. | 2581 | 97220  |
| Woori Financial Group, Inc. | 8405 | 94915  |
| Yuhan Corp. | 305 | 22821  |
|  |  | 4716200  |
| **Taiwan - 16.6%**<br>|  |  |
| Accton Technology Corp. | 1377 | 24396  |
| Advantech Co. Ltd. | 4410 | 50390  |
| ASE Technology Holding Co. Ltd. | 22628 | 99444  |
| Asustek Computer, Inc. | 3221 | 59930  |
| Cathay Financial Holding Co. Ltd. | 40525 | 75621  |
| Cheng Shin Rubber Industry Co. Ltd. | 11766 | 17884  |
| China Airlines Ltd. | 59889 | 40936  |
| Chunghwa Telecom Co. Ltd. | 4797 | 18636  |
| Compal Electronics, Inc. | 108209 | 105183  |
| CTBC Financial Holding Co. Ltd. | 69590 | 83670  |
| Delta Electronics, Inc. | 7377 | 81592  |
| eMemory Technology, Inc. | 1187 | 83455  |
| Eva Airways Corp. | 50844 | 62559  |
| Evergreen Marine Corp. Taiwan Ltd. | 9098 | 60999  |
| Far Eastern New Century Corp. | 77139 | 77029  |
| Feng TAY Enterprise Co. Ltd. | 12949 | 46998  |
| Fortune Electric Co. Ltd. | 2455 | 33844  |
| Fubon Financial Holding Co. Ltd. | 34816 | 90531  |
| Global Unichip Corp. | 1051 | 34157  |
| Hon Hai Precision Industry Co. Ltd. | 51229 | 231083  |
| Hua Nan Financial Holdings Co. Ltd. | 49525 | 41877  |
| Innolux Corp. | 71765 | 33011  |
| International Games System Co. Ltd. | 5126 | 120687  |
| Jentech Precision Industrial Co. Ltd. | 1056 | 31804  |
| KGI Financial Holding Co. Ltd. | 135776 | 70906  |
| MediaTek, Inc. | 12092 | 521171  |
| Nien Made Enterprise Co. Ltd. | 7162 | 85976  |
| Novatek Microelectronics Corp. | 5220 | 86778  |
| Pegatron Corp. | 44117 | 112751  |
| PharmaEssentia Corp. | 2364 | 37283  |
| Pou Chen Corp. | 101977 | 109348  |
| President Chain Store Corp. | 11257 | 85269  |
| Quanta Computer, Inc. | 2365 | 16455  |
| Realtek Semiconductor Corp. | 6525 | 104025  |
| Shin Kong Financial Holding Co. Ltd.<sup>(b)</sup> | 92931 | 34298  |
| SinoPac Financial Holdings Co. Ltd. | 75225 | 51029  |
| Synnex Technology International Corp. | 18885 | 40899  |
| Taiwan Business Bank | 72998 | 32342  |
| Taiwan Mobile Co. Ltd. | 9261 | 32589  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 144134 | 4059245  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Uni-President Enterprises Corp. | 56619 | $138070  |
| Voltronic Power Technology Corp. | 1096 | 51251  |
| Wistron Corp. | 8333 | 24429  |
| Yang Ming Marine Transport Corp. | 10236 | 23156  |
| Yuanta Financial Holding Co. Ltd. | 69572 | 71305  |
| Zhen Ding Technology Holding Ltd. | 8610 | 27310  |
|  |  | 7421601  |
| **Thailand - 0.8%**<br>|  |  |
| Advanced Info Service PCL - NVDR | 3436 | 27941  |
| Bumrungrad Hospital PCL - NVDR | 6853 | 33307  |
| &nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL - <br>NVDR | 60943 | 42879  |
| &nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL - <br>NVDR | 23194 | 45685  |
| &nbsp;&nbsp;&nbsp; Gulf Energy Development PCL - <br>NVDR | 13292 | 19587  |
| Intouch Holdings PCL - NVDR | 18090 | 43582  |
| Krung Thai Bank PCL - NVDR | 115383 | 82278  |
|  PTT Exploration & Production PCL - NVDR | 2798 | 9638  |
| PTT PCL - NVDR | 78733 | 74358  |
|  |  | 379255  |
| **Turkey - 1.2%**<br>|  |  |
| Akbank TAS | 63174 | 87008  |
| BIM Birlesik Magazalar AS | 7214 | 87116  |
| Haci Omer Sabanci Holding AS | 4673 | 10342  |
| Turk Hava Yollari AO | 13774 | 112809  |
| Turkcell Iletisim Hizmetleri AS | 21177 | 53444  |
| Turkiye Is Bankasi - Class C | 329095 | 106303  |
| Yapi ve Kredi Bankasi AS | 135465 | 85852  |
|  |  | 542874  |
| **United Arab Emirates - 1.3%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 14982 | 44401  |
| Abu Dhabi Islamic Bank PJSC | 17866 | 78021  |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 12390 | 11457  |
| ADNOC Drilling Co. PJSC | 15229 | 21312  |
| Aldar Properties PJSC | 11515 | 26296  |
| &nbsp;&nbsp;&nbsp; Americana Restaurants International <br>PLC - Foreign Co. | 100493 | 58277  |
| Emaar Properties PJSC | 68285 | 247296  |
| Emirates NBD Bank PJSC | 12146 | 66798  |
| First Abu Dhabi Bank PJSC | 7518 | 28248  |
|  |  | 582106  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $30,011,442)** |  | 41965805  |
| **INVESTMENT COMPANIES - 4.5%**<br>|  |  |
| **United States - 4.5%**<br>|  |  |
|  iShares Core MSCI Emerging Markets ETF | 12716 | 686283  |

---

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

14<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - (Continued)**  | **INVESTMENT COMPANIES - (Continued)**  | **INVESTMENT COMPANIES - (Continued)**  |
| **United States - (Continued)**<br>|  |  |
| iShares MSCI Saudi Arabia ETF<sup>(e)</sup> | 31858 | $1317965  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $1,667,678)** |  | 2004248  |
| **PREFERRED STOCKS - 1.9%**<br>|  |  |
| **Brazil - 1.5%**<br>|  |  |
| Banco Bradesco SA - Preference Shares | 30105 | 66684  |
|  Cia Energetica de Minas Gerais - Preference Shares | 41221 | 74114  |
| Gerdau SA - Preference Shares | 20385 | 58014  |
|  Itau Unibanco Holding SA - Preference Shares | 37524 | 206610  |
|  Petroleo Brasileiro SA - Preference Shares | 43220 | 281976  |
|  |  | 687398  |
| **Colombia - 0.2%**<br>|  |  |
| Bancolombia SA | 10690 | 107973  |
| **South Korea - 0.2%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 2365 | 76549  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $617,996)** |  | 871920  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** |
|  **Investments Purchased with Proceeds from Securities Lending - 3.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(g)</sup> | 1486978 | 1486978  |
|  | **Shares** |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(g)</sup> | 69515 | 69515  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,556,493)** |  | 1556493  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.0%**<br>**(Cost $33,853,609)** |  | $46398466  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.0)% |  | (1801286)  |
| **TOTAL NET ASSETS - 100.0%** |  | $44597180 |

---

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.

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

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

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

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

<sup>(d)</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, 2025, the value of these securities total $2,302,724 or 5.2% of the Fund's net assets.

<sup>(e)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $1,461,560 which represented 3.3% of net assets.

<sup>(f)</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, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

15<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

**Sector Classification as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $10722374 | 24.0%  |
| Information Technology | 9862623 | 22.1  |
| Consumer Discretionary | 6407516 | 14.4  |
| Communication Services | 4151742 | 9.3  |
| Consumer Staples | 3257809 | 7.3  |
| Industrials | 3002870 | 6.7  |
| Energy | 1824946 | 4.1  |
| Health Care | 1408047 | 3.2  |
| Materials | 1261800 | 2.8  |
| Utilities | 487268 | 1.1  |
| Real Estate | 450730 | 1.0  |
| Investment Companies | 2004248 | 4.5  |
| Investments Purchased with Proceeds from Securities Lending | 1486978 | 3.3  |
| Money Market Funds | 69515 | 0.2  |
| Other Assets in Excess of Liabilities  | (1801286) | (4.0)  |
|  | $44597180 | 100.0% |

---

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

16<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.8%**<br>|  |  |
| **Aerospace & Defense - 0.9%**<br>|  |  |
| AAR Corp.<sup>(a)</sup> | 553 | $30963  |
| AeroVironment, Inc.<sup>(a)</sup> | 173 | 20620  |
| BWX Technologies, Inc. | 453 | 44689  |
| Byrna Technologies, Inc.<sup>(a)</sup> | 1949 | 32821  |
| Curtiss-Wright Corp. | 526 | 166884  |
| Ducommun, Inc.<sup>(a)</sup> | 684 | 39693  |
| Hexcel Corp. | 435 | 23821  |
| Huntington Ingalls Industries, Inc. | 385 | 78555  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 1025 | 30432  |
| Leonardo DRS, Inc. | 690 | 22687  |
| Moog, Inc. - Class A | 358 | 62059  |
| Rocket Lab USA, Inc.<sup>(a)</sup> | 1518 | 27142  |
|  Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 589 | 20297  |
| Textron, Inc. | 1557 | 112493  |
| V2X, Inc.<sup>(a)</sup> | 1164 | 57094  |
| Woodward Governor Co. | 325 | 59309  |
|  |  | 829559  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| Air Transport Services Group, Inc.<sup>(a)</sup> | 910 | 20421  |
| C.H. Robinson Worldwide, Inc. | 752 | 77005  |
| GXO Logistics, Inc.<sup>(a)(b)</sup> | 991 | 38728  |
| Hub Group, Inc. - Class A | 1700 | 63189  |
| Radiant Logistics, Inc.<sup>(a)</sup> | 8035 | 49415  |
|  |  | 248758  |
| **Automobile Components - 0.7%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 1357 | 17451  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 3589 | 14607  |
| BorgWarner, Inc. | 2580 | 73917  |
| Dorman Products, Inc.<sup>(a)</sup> | 368 | 44359  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 381 | 8893  |
| Gentex Corp. | 2920 | 68036  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 3473 | 32091  |
| LCI Industries | 424 | 37070  |
| Lear Corp. | 513 | 45257  |
| Modine Manufacturing Co.<sup>(a)(b)</sup> | 1213 | 93098  |
| Patrick Industries, Inc.<sup>(b)</sup> | 921 | 77837  |
| Phinia, Inc. | 804 | 34114  |
| Standard Motor Products, Inc. | 894 | 22287  |
| Visteon Corp.<sup>(a)</sup> | 147 | 11410  |
| XPEL, Inc.<sup>(a)</sup> | 1380 | 40544  |
|  |  | 620971  |
| **Automobiles - 0.2%**<br>|  |  |
| Harley-Davidson, Inc. | 1411 | 35628  |
| Rivian Automotive, Inc. - Class A<sup>(a)(b)</sup> | 4032 | 50198  |
| Thor Industries, Inc.<sup>(b)</sup> | 722 | 54735  |
| Winnebago Industries, Inc. | 674 | 23226  |
|  |  | 163787  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Banks - 6.2%**<br>|  |  |
| Ameris Bancorp | 936 | $53886  |
| Associated Banc-Corp. | 1965 | 44271  |
| Atlantic Union Bankshares Corp. | 478 | 14885  |
| Axos Financial, Inc.<sup>(a)</sup> | 1072 | 69165  |
| BancFirst Corp. | 195 | 21425  |
| Bancorp, Inc.<sup>(a)</sup> | 1688 | 89194  |
| Bank of Hawaii Corp. | 590 | 40692  |
| Bank of NT Butterfield & Son Ltd. | 1361 | 52970  |
| Bank OZK | 1563 | 67912  |
| Bank7 Corp. | 832 | 32232  |
| BankUnited, Inc. | 1568 | 54002  |
| Bankwell Financial Group, Inc. | 534 | 16116  |
| BCB Bancorp, Inc. | 1794 | 17689  |
| Berkshire Hills Bancorp, Inc. | 840 | 21916  |
| BOK Financial Corp. | 303 | 31557  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 1900 | 26391  |
| Brookline Bancorp, Inc. | 2995 | 32645  |
|  Burke & Herbert Financial Services Corp. | 194 | 10885  |
| Cadence Bank | 1895 | 57532  |
| Camden National Corp. | 481 | 19466  |
| Capital Bancorp, Inc. | 1195 | 33854  |
| Cathay General Bancorp | 1302 | 56025  |
| Central Pacific Financial Corp. | 815 | 22038  |
| Citizens Financial Services, Inc. | 323 | 18750  |
| City Holding Co. | 340 | 39940  |
| Civista Bancshares, Inc. | 1406 | 27473  |
| CNB Financial Corp. | 1300 | 28925  |
| Coastal Financial Corp.<sup>(a)</sup> | 274 | 24772  |
| Columbia Banking System, Inc. | 2756 | 68735  |
| Comerica, Inc. | 2369 | 139913  |
| Commerce Bancshares, Inc. | 1395 | 86811  |
| Community Financial System, Inc. | 304 | 17285  |
| ConnectOne Bancorp, Inc. | 1094 | 26595  |
| Cullen Frost Bankers, Inc. | 806 | 100911  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 1692 | 84938  |
| CVB Financial Corp. | 1295 | 23906  |
| Dime Community Bancshares, Inc. | 988 | 27545  |
| East West Bancorp, Inc.<sup>(b)</sup> | 2505 | 224849  |
| Enterprise Bancorp, Inc. | 417 | 16234  |
| Enterprise Financial Services Corp. | 608 | 32674  |
| Esquire Financial Holdings, Inc.<sup>(b)</sup> | 421 | 31735  |
| Financial Institutions, Inc. | 926 | 23113  |
| First BanCorp | 5140 | 98534  |
| First Bank | 1600 | 23696  |
| First Busey Corp. | 848 | 18325  |
| First Commonwealth Financial Corp. | 1630 | 25330  |
| First Community Bankshares, Inc. | 676 | 25478  |
| First Financial Bancorp | 1047 | 26154  |
| First Financial Bankshares, Inc. | 1365 | 49031  |
| First Financial Corp. | 560 | 27429  |
| First Hawaiian, Inc. | 1529 | 37369  |
| First Horizon Corp. | 7152 | 138892  |

---

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

17<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| First Internet Bancorp | 657 | $17594  |
|  First Interstate BancSystem, Inc. - Class A | 675 | 19339  |
| First Merchants Corp. | 791 | 31988  |
| Flushing Financial Corp. | 1039 | 13195  |
| FNB Corp. | 4037 | 54298  |
| Fulton Financial Corp. | 1737 | 31422  |
| German American Bancorp, Inc. | 571 | 21412  |
| Glacier Bancorp, Inc. | 476 | 21049  |
| Hancock Whitney Corp. | 1098 | 57590  |
| Hanmi Financial Corp. | 1598 | 36211  |
| HBT Financial, Inc. | 523 | 11720  |
| Hilltop Holdings, Inc. | 668 | 20341  |
| Home Bancorp, Inc. | 615 | 27552  |
| Home BancShares, Inc. | 1475 | 41698  |
| HomeTrust Bancshares, Inc. | 706 | 24202  |
| Hope Bancorp, Inc. | 3023 | 31651  |
| Independent Bank Corp. | 1688 | 51974  |
| Independent Bank Corp. | 231 | 14472  |
| International Bancshares Corp. | 995 | 62745  |
| Investar Holding Corp. | 1044 | 18385  |
| Lakeland Financial Corp. | 416 | 24727  |
| Live Oak Bancshares, Inc. | 592 | 15783  |
| Mercantile Bank Corp. | 1080 | 46915  |
| Metrocity Bankshares, Inc. | 1049 | 28921  |
| Metropolitan Bank Holding Corp.<sup>(a)</sup> | 513 | 28723  |
| Mid Penn Bancorp, Inc. | 1182 | 30626  |
| Midland States Bancorp, Inc. | 913 | 15631  |
| MidWestOne Financial Group, Inc. | 488 | 14450  |
| MVB Financial Corp. | 1049 | 18169  |
| Oak Valley Bancorp | 1158 | 28904  |
| OceanFirst Financial Corp. | 1737 | 29546  |
| OFG Bancorp | 1437 | 57509  |
| Old National Bancorp | 3261 | 69101  |
| Old Second Bancorp, Inc. | 1813 | 30168  |
| Origin Bancorp, Inc. | 692 | 23992  |
| Orrstown Financial Services, Inc. | 1032 | 30970  |
| Pacific Premier Bancorp, Inc. | 853 | 18186  |
| Park National Corp. | 154 | 23316  |
| Parke Bancorp, Inc. | 996 | 18765  |
| Pathward Financial, Inc. | 810 | 59089  |
| Peapack-Gladstone Financial Corp. | 671 | 19056  |
| Peoples Bancorp, Inc. | 933 | 27673  |
| Pinnacle Financial Partners, Inc. | 874 | 92679  |
| Plumas Bancorp | 546 | 23625  |
| Popular, Inc. | 1070 | 98836  |
| Preferred Bank | 551 | 46097  |
| Prosperity Bancshares, Inc. | 703 | 50173  |
| Provident Financial Services, Inc. | 1213 | 20827  |
| QCR Holdings, Inc. | 586 | 41794  |
| RBB Bancorp | 1313 | 21664  |
| Renasant Corp. | 1030 | 34948  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Republic Bancorp, Inc. - Class A | 435 | $27762  |
| S&T Bancorp, Inc. | 548 | 20303  |
| Sandy Spring Bancorp, Inc. | 695 | 19425  |
| ServisFirst Bancshares, Inc.<sup>(b)</sup> | 985 | 81361  |
| Shore Bancshares, Inc. | 1335 | 18076  |
| Simmons First National Corp. - Class A | 1631 | 33484  |
| South Plains Financial, Inc. | 1398 | 46302  |
| Southern Missouri Bancorp, Inc. | 411 | 21380  |
| Southside Bancshares, Inc. | 547 | 15841  |
| SouthState Corp. | 802 | 74442  |
| Stock Yards Bancorp, Inc. | 322 | 22237  |
| Synovus Financial Corp. | 2108 | 98528  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 338 | 25249  |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 1172 | 39110  |
| Trustmark Corp. | 507 | 17486  |
| UMB Financial Corp.<sup>(b)</sup> | 1156 | 116872  |
| United Bankshares, Inc. | 866 | 30024  |
| United Community Banks, Inc. | 648 | 18228  |
| Univest Financial Corp. | 1370 | 38853  |
| Valley National Bancorp | 3943 | 35053  |
| Veritex Holdings, Inc. | 1282 | 32012  |
| WaFd, Inc. | 920 | 26294  |
| Washington Trust Bancorp, Inc. | 527 | 16263  |
| Webster Financial Corp. | 1620 | 83511  |
| WesBanco, Inc. | 1190 | 36842  |
| Westamerica BanCorp | 679 | 34378  |
| Western Alliance Bancorp | 2094 | 160882  |
| Wintrust Financial Corp. | 1037 | 116621  |
| WSFS Financial Corp. | 624 | 32367  |
| Zions Bancorp NA | 2598 | 129536  |
|  |  | 5570513  |
| **Beverages - 0.6%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 171 | 40842  |
| Celsius Holdings, Inc.<sup>(a)(b)</sup> | 2070 | 73733  |
| Coca-Cola Consolidated, Inc. | 184 | 248400  |
| National Beverage Corp. | 1321 | 54874  |
| Primo Brands Corp. | 3800 | 134862  |
|  |  | 552711  |
| **Biotechnology - 3.4%**<br>|  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 5478 | 90990  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 2095 | 41565  |
| Aduro Biotech, Inc.<sup>(a)(c)</sup> | 1181 | 0  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 27924 | 53614  |
| Alkermes PLC<sup>(a)</sup> | 5802 | 191582  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 2504 | 20433  |
| Anika Therapeutics, Inc.<sup>(a)</sup> | 1594 | 23958  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 448 | 13225  |
| Avita Medical, Inc.<sup>(a)</sup> | 3347 | 27245  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 5551 | 41632  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 237 | 20977  |
| CareDx, Inc.<sup>(a)</sup> | 4991 | 88590  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 8121 | 196934  |
| Exact Sciences Corp.<sup>(a)</sup> | 1576 | 68225  |

---

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

18<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Exelixis, Inc.<sup>(a)</sup> | 8793 | $324638  |
| Fennec Pharmaceuticals, Inc.<sup>(a)</sup> | 7813 | 47581  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 934 | 59598  |
| Insmed, Inc.<sup>(a)</sup> | 724 | 55234  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 26736 | 39302  |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 1118 | 24831  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 167 | 30110  |
| Kura Oncology, Inc.<sup>(a)</sup> | 4241 | 27991  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 66 | 21861  |
| MiMedx Group, Inc.<sup>(a)</sup> | 12644 | 96094  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 1419 | 12586  |
| Natera, Inc.<sup>(a)</sup> | 1261 | 178318  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 921 | 101863  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 28566 | 123405  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 1083 | 52374  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1676 | 85409  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 43280 | 128109  |
| Radius Health, Inc. CVR<sup>(a)(c)</sup> | 6802 | 544  |
| REVOLUTION Medicines, Inc.<sup>(a)</sup> | 715 | 25282  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 386 | 20446  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 912 | 16407  |
| Roivant Sciences Ltd.<sup>(a)</sup> | 2110 | 21290  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 924 | 58970  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 2291 | 90334  |
| Twist Bioscience Corp.<sup>(a)</sup> | 378 | 14840  |
| United Therapeutics Corp.<sup>(a)</sup> | 891 | 274669  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 9040 | 41494  |
| Vaxcyte, Inc.<sup>(a)</sup> | 460 | 17370  |
| Vericel Corp.<sup>(a)</sup> | 2457 | 109631  |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 3338 | 11282  |
| Y-mAbs Therapeutics, Inc.<sup>(a)</sup> | 4799 | 21260  |
|  |  | 3012093  |
| **Broadline Retail - 0.6%**<br>|  |  |
| Dillard's, Inc. - Class A<sup>(b)</sup> | 390 | 139671  |
| Etsy, Inc.<sup>(a)</sup> | 1136 | 53596  |
| Groupon, Inc.<sup>(a)</sup> | 2390 | 44860  |
| Kohl's Corp.<sup>(b)</sup> | 3787 | 30978  |
| Macy's, Inc. | 8172 | 102640  |
| Nordstrom, Inc.<sup>(b)</sup> | 3259 | 79683  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 739 | 85990  |
| Savers Value Village, Inc.<sup>(a)</sup> | 2243 | 15477  |
|  |  | 552895  |
| **Building Products - 2.4%**<br>|  |  |
| A O Smith Corp. | 2043 | 133530  |
| AAON, Inc. | 907 | 70864  |
| Advanced Drainage Systems, Inc. | 1137 | 123535  |
| Allegion PLC | 1101 | 143636  |
| American Woodmark Corp.<sup>(a)</sup> | 936 | 55065  |
| Apogee Enterprises, Inc. | 1381 | 63982  |
| Armstrong World Industries, Inc. | 382 | 53816  |
| AZEK Co., Inc.<sup>(a)</sup> | 686 | 33539  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| AZZ, Inc. | 873 | $72992  |
| CSW Industrials, Inc. | 224 | 65300  |
| Fortune Brands Innovations, Inc. | 2177 | 132536  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 867 | 50858  |
| Griffon Corp. | 1583 | 113184  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 1750 | 24360  |
| Janus International Group, Inc.<sup>(a)(b)</sup> | 2042 | 14702  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 2275 | 13582  |
| Lennox International, Inc. | 473 | 265273  |
| Masterbrand, Inc.<sup>(a)</sup> | 2034 | 26564  |
| Owens Corning, Inc. | 1547 | 220943  |
| Quanex Building Products Corp. | 2745 | 51030  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 2869 | 50781  |
| Simpson Manufacturing Co., Inc. | 683 | 107286  |
| Trex Co., Inc.<sup>(a)(b)</sup> | 1851 | 107543  |
| UFP Industries, Inc. | 1575 | 168588  |
| Zurn Elkay Water Solutions Corp. | 689 | 22723  |
|  |  | 2186212  |
| **Capital Markets - 3.6%**<br>|  |  |
| Affiliated Managers Group, Inc. | 895 | 150387  |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br>Inc. - Class A | 1629 | 63694  |
| BGC Group, Inc. - Class A | 3186 | 29216  |
| Carlyle Group, Inc. | 1785 | 77808  |
| Cohen & Steers, Inc. | 1025 | 82256  |
| Diamond Hill Investment Group, Inc. | 334 | 47709  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1821 | 79596  |
| Evercore, Inc. - Class A | 866 | 172958  |
| FactSet Research Systems, Inc. | 521 | 236867  |
| Hamilton Lane, Inc. - Class A<sup>(b)</sup> | 859 | 127708  |
| Houlihan Lokey, Inc. | 1127 | 182010  |
| Invesco Ltd. | 3468 | 52610  |
| Janus Henderson Group PLC | 2781 | 100533  |
| Jefferies Financial Group, Inc. | 3144 | 168424  |
| Lazard, Inc.<sup>(b)</sup> | 673 | 29141  |
| MarketAxess Holdings, Inc. | 474 | 102550  |
| Moelis & Co. - Class A | 861 | 50248  |
| Morningstar, Inc. | 268 | 80365  |
| Piper Sandler Cos. | 280 | 69345  |
| PJT Partners, Inc. - Class A<sup>(b)</sup> | 1011 | 139397  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 7786 | 324053  |
| SEI Investments Co. | 1754 | 136163  |
| &nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, <br>Inc. - Class A | 1047 | 17129  |
| StepStone Group, Inc. - Class A | 810 | 42306  |
| Stifel Financial Corp. | 2110 | 198889  |
| StoneX Group, Inc.<sup>(a)</sup> | 1863 | 142296  |
| TPG, Inc. | 926 | 43920  |
| Victory Capital Holdings, Inc. - Class A | 389 | 22511  |
| Virtu Financial, Inc. - Class A | 3300 | 125796  |
| Virtus Investment Partners, Inc. | 293 | 50501  |
| WisdomTree, Inc. | 5681 | 50674  |
| XP, Inc. - Class A | 2169 | 29824  |
|  |  | 3226884  |

---

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

19<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Chemicals - 1.0%**<br>|  |  |
| AdvanSix, Inc. | 586 | $13273  |
| Ashland, Inc. | 201 | 11917  |
| Avient Corp. | 389 | 14455  |
| Axalta Coating Systems, Ltd.<sup>(a)</sup> | 2211 | 73339  |
| Balchem Corp. | 120 | 19920  |
| Cabot Corp. | 668 | 55537  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 1188 | 18058  |
| Element Solutions, Inc. | 1396 | 31564  |
| FMC Corp.<sup>(b)</sup> | 405 | 17087  |
| H.B. Fuller Co. | 580 | 32550  |
| Hawkins, Inc. | 948 | 100412  |
| Huntsman Corp. | 751 | 11858  |
| Innospec, Inc. | 464 | 43964  |
| Koppers Holdings, Inc. | 1084 | 30352  |
| Minerals Technologies, Inc. | 460 | 29242  |
| Mosaic Co. | 2022 | 54614  |
| NewMarket Corp. | 81 | 45882  |
| Olin Corp. | 1904 | 46153  |
| Orion SA | 746 | 9646  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1613 | 16243  |
| RPM International, Inc. | 1873 | 216669  |
| Valhi, Inc. | 612 | 9945  |
|  |  | 902680  |
| **Commercial Services & Supplies - 1.1%**<br>|  |  |
| ABM Industries, Inc. | 1020 | 48307  |
| ACCO Brands Corp. | 4135 | 17326  |
| ACV Auctions, Inc. - Class A<sup>(a)</sup> | 1161 | 16359  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 3125 | 40125  |
| Brink's Co. | 720 | 62035  |
| Casella Waste Systems, Inc. - Class A<sup>(a)(b)</sup> | 255 | 28435  |
| Cimpress PLC<sup>(a)</sup> | 1217 | 55045  |
| Clean Harbors, Inc.<sup>(a)</sup> | 670 | 132057  |
| Deluxe Corp. | 2045 | 32331  |
| HNI Corp. | 2111 | 93623  |
| Interface, Inc. | 3635 | 72118  |
| Liquidity Services, Inc.<sup>(a)</sup> | 1558 | 48314  |
| Matthews International Corp. - Class A<sup>(b)</sup> | 1233 | 27422  |
| MillerKnoll, Inc. | 2624 | 50223  |
| MSA Safety, Inc. | 476 | 69824  |
| NL Industries, Inc. | 3927 | 31023  |
| Steelcase, Inc. - Class A | 3670 | 40223  |
| Tetra Tech, Inc. | 1230 | 35978  |
| UniFirst Corp. | 213 | 37062  |
| Vestis Corp. | 1133 | 11217  |
| Virco Mfg. Corp. | 2592 | 24520  |
| VSE Corp. | 313 | 37557  |
|  |  | 1011124  |
| **Communications Equipment - 1.2%**<br>|  |  |
| Aviat Networks, Inc.<sup>(a)</sup> | 922 | 17675  |
| Calix, Inc.<sup>(a)</sup> | 1989 | 70490  |
| Ciena Corp.<sup>(a)</sup> | 1723 | 104121  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Digi International, Inc.<sup>(a)</sup> | 1468 | $40854  |
| Extreme Networks, Inc.<sup>(a)</sup> | 6705 | 88707  |
| F5, Inc.<sup>(a)</sup> | 996 | 265205  |
| Harmonic, Inc.<sup>(a)</sup> | 3420 | 32798  |
| Juniper Networks, Inc. | 5564 | 201361  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 240 | 14962  |
| NETGEAR, Inc.<sup>(a)</sup> | 1293 | 31627  |
| NetScout Systems, Inc.<sup>(a)</sup> | 1332 | 27985  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 14036 | 55021  |
| Ubiquiti, Inc. | 189 | 58617  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 2605 | 29150  |
|  |  | 1038573  |
| **Construction & Engineering - 2.1%**<br>|  |  |
| AECOM | 1506 | 139651  |
| API Group Corp.<sup>(a)</sup> | 3348 | 119725  |
| Arcosa, Inc. | 718 | 55372  |
| Argan, Inc. | 144 | 18889  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 1209 | 26392  |
| Comfort Systems USA, Inc. | 593 | 191142  |
| Concrete Pumping Holdings, Inc. | 2539 | 13863  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 345 | 24795  |
| Dycom Industries, Inc.<sup>(a)</sup> | 210 | 31991  |
| EMCOR Group, Inc. | 955 | 352997  |
| Fluor Corp.<sup>(a)</sup> | 1310 | 46924  |
| Granite Construction, Inc. | 629 | 47427  |
| IES Holdings, Inc.<sup>(a)</sup> | 1022 | 168742  |
| MasTec, Inc.<sup>(a)</sup> | 722 | 84265  |
| MDU Resources Group, Inc. | 2621 | 44321  |
| Northwest Pipe Co.<sup>(a)</sup> | 1083 | 44728  |
| Primoris Services Corp. | 1601 | 91913  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 824 | 93285  |
| Tutor Perini Corp.<sup>(a)</sup> | 5099 | 118195  |
| Valmont Industries, Inc. | 379 | 108155  |
| WillScot Holdings Corp.<sup>(b)</sup> | 1689 | 46954  |
|  |  | 1869726  |
| **Construction Materials - 0.2%**<br>|  |  |
| Eagle Materials, Inc. | 287 | 63694  |
| Knife River Corp.<sup>(a)</sup> | 596 | 53765  |
| United States Lime & Minerals, Inc. | 675 | 59657  |
|  |  | 177116  |
| **Consumer Finance - 1.7%**<br>|  |  |
| Ally Financial, Inc. | 3264 | 119038  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 2036 | 104141  |
| Bread Financial Holdings, Inc. | 1847 | 92498  |
| Consumer Portfolio Services, Inc.<sup>(a)</sup> | 3704 | 32114  |
| Credit Acceptance Corp.<sup>(a)</sup> | 185 | 95525  |
| Enova International, Inc.<sup>(a)</sup> | 2001 | 193217  |
| FirstCash Holdings, Inc. | 501 | 60280  |
| LendingClub Corp.<sup>(a)</sup> | 3767 | 38876  |
| Medallion Financial Corp. | 2302 | 20050  |
| Navient Corp. | 4676 | 59058  |
| Nelnet, Inc. - Class A | 475 | 52692  |
| OneMain Holdings, Inc. | 3056 | 149377  |

---

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

20<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Finance - (Continued)** | **Consumer Finance - (Continued)** | **Consumer Finance - (Continued)** |
| OppFi, Inc.<sup>(b)</sup> | 12418 | $115487  |
| PROG Holdings, Inc. | 2126 | 56552  |
| Regional Management Corp. | 1540 | 46369  |
| SLM Corp. | 6455 | 189583  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 8629 | 100355  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 454 | 20898  |
|  |  | 1546110  |
| **Consumer Staples Distribution & Retail - 2.8%** | **Consumer Staples Distribution & Retail - 2.8%** |  |
| Albertsons Cos., Inc. - Class A | 5285 | 116217  |
| Andersons, Inc. | 1011 | 43402  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2977 | 339676  |
| Casey's General Stores, Inc.<sup>(b)</sup> | 826 | 358517  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 1091 | 59416  |
| Grocery Outlet Holding Corp.<sup>(a)(b)</sup> | 1608 | 22480  |
| HF Foods Group, Inc.<sup>(a)</sup> | 4122 | 20198  |
| Ingles Markets, Inc. - Class A | 1257 | 81869  |
| Maplebear, Inc.<sup>(a)(b)</sup> | 1083 | 43201  |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br>Inc. | 3381 | 135916  |
| Performance Food Group Co.<sup>(a)</sup> | 3422 | 269072  |
| PriceSmart, Inc. | 513 | 45067  |
| SpartanNash Co. | 3427 | 69431  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2335 | 356414  |
| United Natural Foods, Inc.<sup>(a)</sup> | 3654 | 100083  |
| US Foods Holding Corp.<sup>(a)</sup> | 4393 | 287566  |
| Village Super Market, Inc. - Class A | 2516 | 95633  |
| Weis Markets, Inc. | 1221 | 94078  |
|  |  | 2538236  |
| **Containers & Packaging - 1.1%**<br>|  |  |
| AptarGroup, Inc. | 456 | 67661  |
| Ardagh Group SA<sup>(a)(c)</sup> | 1281 | 0  |
| Avery Dennison Corp. | 1106 | 196835  |
| Berry Global Group, Inc. | 1520 | 106111  |
| Crown Holdings, Inc. | 660 | 58912  |
| Graphic Packaging Holding Co. | 1456 | 37798  |
| Greif, Inc. - Class A | 696 | 38273  |
| Greif, Inc. - Class B | 436 | 25846  |
| Myers Industries, Inc. | 2215 | 26425  |
| Packaging Corp. of America | 1112 | 220198  |
| Silgan Holdings, Inc. | 890 | 45497  |
| Smurfit WestRock PLC | 3494 | 157440  |
| Sonoco Products Co. | 706 | 33351  |
| TriMas Corp. | 489 | 11457  |
|  |  | 1025804  |
| **Distributors - 0.2%**<br>|  |  |
| Pool Corp.<sup>(b)</sup> | 540 | 171909  |
| Weyco Group, Inc. | 1087 | 33132  |
|  |  | 205041  |
| **Diversified Consumer Services - 1.9%**<br>|  |  |
| ADT, Inc. | 6829 | 55588  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 1613 | 162332  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| American Public Education, Inc.<sup>(a)</sup> | 3183 | $71045  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc.<sup>(a)</sup> | 231 | 29346  |
| Carriage Services, Inc. | 1047 | 40571  |
| Chegg, Inc.<sup>(a)</sup> | 22487 | 14374  |
| Duolingo, Inc.<sup>(a)</sup> | 207 | 64282  |
| Frontdoor, Inc.<sup>(a)</sup> | 2598 | 99815  |
| Graham Holdings Co. - Class B | 112 | 107616  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 840 | 145337  |
| H&R Block, Inc. | 3807 | 209042  |
| Laureate Education, Inc.<sup>(a)</sup> | 1486 | 30389  |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 6026 | 95633  |
| Nerdy, Inc.<sup>(a)</sup> | 21216 | 30127  |
| Perdoceo Education Corp. | 7071 | 178048  |
| Service Corp. International | 606 | 48601  |
| Strategic Education, Inc. | 342 | 28714  |
| Stride, Inc.<sup>(a)(b)</sup> | 1792 | 226688  |
| Udemy, Inc.<sup>(a)</sup> | 4685 | 36356  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 1152 | 29583  |
|  |  | 1703487  |
| **Diversified Financial Services - 0.0%<sup>(d)</sup>** | **Diversified Financial Services - 0.0%<sup>(d)</sup>** |  |
| GCI Liberty Inc SR Escrow<sup>(a)(c)</sup> | 593 | 536  |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |  |
| AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 852 | 19374  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br>Inc.<sup>(a)</sup> | 1173 | 42064  |
| IDT Corp. - Class B | 2771 | 142180  |
| Liberty Latin America Ltd. - Class A<sup>(a)</sup> | 4323 | 27365  |
| Liberty Latin America Ltd. - Class C<sup>(a)</sup> | 3777 | 23455  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 6467 | 25351  |
|  |  | 279789  |
| **Electric Utilities - 0.7%**<br>|  |  |
| ALLETE, Inc. | 583 | 38303  |
| Genie Energy Ltd. - Class B | 4291 | 64580  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 6631 | 72610  |
| IDACORP, Inc. | 265 | 30798  |
| MGE Energy, Inc. | 214 | 19893  |
| NRG Energy, Inc. | 2640 | 252014  |
| OGE Energy Corp. | 972 | 44673  |
| Otter Tail Corp. | 194 | 15592  |
| Pinnacle West Capital Corp. | 568 | 54102  |
| PNM Resources, Inc. | 419 | 22408  |
| Portland General Electric Co. | 456 | 20338  |
|  |  | 635311  |
| **Electrical Equipment - 1.2%**<br>|  |  |
| Acuity Brands, Inc. | 856 | 225428  |
| Allient, Inc. | 1116 | 24530  |
| Array Technologies, Inc.<sup>(a)</sup> | 1857 | 9044  |
| Atkore, Inc. | 1142 | 68509  |
| Bloom Energy Corp. - Class A<sup>(a)(b)</sup> | 814 | 16003  |
| EnerSys | 734 | 67220  |
| Enovix Corp.<sup>(a)</sup> | 1477 | 10841  |

---

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

21<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Electrical Equipment - (Continued)** | **Electrical Equipment - (Continued)** | **Electrical Equipment - (Continued)** |
| Generac Holdings, Inc.<sup>(a)</sup> | 365 | $46227  |
| LSI Industries, Inc. | 4811 | 81787  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 688 | 28992  |
| nVent Electric PLC | 1369 | 71763  |
| Powell Industries, Inc.<sup>(b)</sup> | 451 | 76819  |
| Preformed Line Products Co. | 838 | 117395  |
| Regal Rexnord Corp.<sup>(b)</sup> | 728 | 82883  |
| Sensata Technologies Holding PLC | 1250 | 30337  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 2001 | 55728  |
| Vicor Corp.<sup>(a)</sup> | 849 | 39716  |
|  |  | 1053222  |
|  **Electronic Equipment, Instruments & Components - 2.0%**<br>|  |  |
| Advanced Energy Industries, Inc. | 175 | 16679  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 3654 | 36065  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 844 | 87633  |
| Avnet, Inc. | 1446 | 69538  |
| Badger Meter, Inc. | 525 | 99881  |
| Belden, Inc. | 1016 | 101854  |
| Benchmark Electronics, Inc. | 1066 | 40540  |
| Cognex Corp. | 1175 | 35050  |
| Coherent Corp.<sup>(a)</sup> | 1329 | 86305  |
| Crane NXT Co.<sup>(b)</sup> | 530 | 27242  |
| CTS Corp. | 365 | 15166  |
| ePlus, Inc.<sup>(a)</sup> | 896 | 54683  |
| Fabrinet<sup>(a)</sup> | 284 | 56093  |
| FARO Technologies, Inc.<sup>(a)</sup> | 694 | 18946  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 582 | 87294  |
| Itron, Inc.<sup>(a)</sup> | 409 | 42847  |
| Jabil, Inc. | 1415 | 192539  |
| Knowles Corp.<sup>(a)</sup> | 2685 | 40812  |
| Littelfuse, Inc. | 216 | 42496  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 1212 | 17574  |
| Napco Security Technologies, Inc. | 2553 | 58770  |
| Novanta, Inc.<sup>(a)</sup> | 325 | 41558  |
| OSI Systems, Inc.<sup>(a)</sup> | 231 | 44893  |
| PC Connection, Inc. | 1217 | 75965  |
| Plexus Corp.<sup>(a)</sup> | 272 | 34851  |
| Sanmina Corp.<sup>(a)</sup> | 883 | 67267  |
| ScanSource, Inc.<sup>(a)</sup> | 1282 | 43601  |
| TD SYNNEX Corp.<sup>(b)</sup> | 807 | 83896  |
| TTM Technologies, Inc.<sup>(a)</sup> | 2736 | 56115  |
| Vontier Corp. | 2979 | 97860  |
|  |  | 1774013  |
| **Energy Equipment & Services - 0.8%**<br>|  |  |
| Archrock, Inc. | 2195 | 57597  |
| Cactus, Inc. - Class A | 342 | 15674  |
| ChampionX Corp. | 2060 | 61388  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 6932 | 57605  |
| Helmerich & Payne, Inc. | 736 | 19224  |
| Liberty Energy, Inc. | 3150 | 49864  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Nabors Industries Ltd.<sup>(a)</sup> | 346 | $14432  |
| Noble Corp. PLC | 990 | 23463  |
| NOV, Inc. | 1889 | 28751  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1668 | 36379  |
| Oil States International, Inc.<sup>(a)</sup> | 4821 | 24828  |
| Patterson-UTI Energy, Inc. | 3092 | 25416  |
| ProPetro Holding Corp.<sup>(a)</sup> | 4112 | 30223  |
| RPC, Inc. | 5324 | 29282  |
| Seadrill Ltd.<sup>(a)</sup> | 368 | 9200  |
| TechnipFMC PLC | 4446 | 140894  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 9166 | 30798  |
| Tidewater, Inc.<sup>(a)</sup> | 440 | 18599  |
| Valaris Ltd.<sup>(a)</sup> | 597 | 23438  |
| Weatherford International PLC | 822 | 44018  |
|  |  | 741073  |
| **Entertainment - 0.3%**<br>|  |  |
| Cinemark Holdings, Inc.<sup>(b)</sup> | 713 | 17747  |
|  Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 430 | 29300  |
| LiveOne, Inc.<sup>(a)</sup> | 12508 | 8743  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 88 | 17135  |
| Marcus Corp. | 2888 | 48201  |
| Playstudios, Inc.<sup>(a)</sup> | 19324 | 24541  |
| Playtika Holding Corp. | 5451 | 28182  |
| Roku, Inc.<sup>(a)</sup> | 679 | 47829  |
| TKO Group Holdings, Inc. | 550 | 84045  |
|  |  | 305723  |
| **Financial Services - 3.1%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 1067 | 48218  |
| Alerus Financial Corp. | 1052 | 19420  |
|  Banco Latinoamericano de Comercio Exterior SA | 2010 | 73566  |
| Cass Information Systems, Inc. | 625 | 27031  |
| Corebridge Financial, Inc. | 3703 | 116904  |
| Enact Holdings, Inc. | 1805 | 62724  |
| Equitable Holdings, Inc. | 3640 | 189608  |
| Essent Group Ltd. | 2098 | 121096  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 826 | 88258  |
| EVERTEC, Inc. | 1334 | 49051  |
|  Federal Agricultural Mortgage Corp. - Class C | 586 | 109881  |
| International Money Express, Inc.<sup>(a)</sup> | 2102 | 26527  |
| Jack Henry & Associates, Inc. | 1025 | 187165  |
| Jackson Financial, Inc. - Class A | 1038 | 86964  |
| Merchants Bancorp | 2008 | 74296  |
| MGIC Investment Corp. | 7781 | 192813  |
| Mr Cooper Group, Inc.<sup>(a)</sup> | 2350 | 281060  |
| NCR Atleos Corp.<sup>(a)</sup> | 1734 | 45743  |
| NMI Holdings, Inc.<sup>(a)</sup> | 2749 | 99101  |
| Pagseguro Digital Ltd. - Class A<sup>(a)</sup> | 3200 | 24416  |
| Payoneer Global, Inc.<sup>(a)</sup> | 2005 | 14656  |
| Paysign, Inc.<sup>(a)</sup> | 7030 | 14904  |
| PennyMac Financial Services, Inc. | 780 | 78086  |

---

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

22<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financial Services - (Continued)**  | **Financial Services - (Continued)**  | **Financial Services - (Continued)**  |
| Radian Group, Inc.<sup>(b)</sup> | 4194 | $138696  |
| Sezzle, Inc.<sup>(a)</sup> | 1872 | 65314  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 608 | 49680  |
| Toast, Inc. - Class A<sup>(a)</sup> | 4322 | 143361  |
| Velocity Financial, Inc.<sup>(a)</sup> | 2069 | 38711  |
| Voya Financial, Inc. | 2295 | 155509  |
| Waterstone Financial, Inc. | 1034 | 13907  |
| Western Union Co. | 8335 | 88184  |
| WEX, Inc.<sup>(a)(b)</sup> | 422 | 66262  |
|  |  | 2791112  |
| **Food Products - 1.0%**<br>|  |  |
| Cal-Maine Foods, Inc. | 1132 | 102899  |
| Darling International, Inc.<sup>(a)</sup> | 1901 | 59387  |
| Flowers Foods, Inc.<sup>(b)</sup> | 3981 | 75679  |
| Fresh Del Monte Produce, Inc. | 1579 | 48681  |
| Freshpet, Inc.<sup>(a)</sup> | 267 | 22206  |
| Ingredion, Inc. | 813 | 109926  |
| J&J Snack Foods Corp. | 160 | 21075  |
| John B. Sanfilippo & Son, Inc. | 383 | 27139  |
| Lancaster Colony Corp. | 231 | 40425  |
| Lifeway Foods, Inc.<sup>(a)</sup> | 2258 | 55208  |
| Mama's Creations, Inc.<sup>(a)</sup> | 4285 | 27895  |
| Pilgrim's Pride Corp.<sup>(a)</sup> | 938 | 51130  |
| Post Holdings, Inc.<sup>(a)</sup> | 749 | 87154  |
| Seaboard Corp. | 8 | 21577  |
| Simply Good Foods Co.<sup>(a)</sup> | 929 | 32041  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 488 | 13220  |
| Vital Farms, Inc.<sup>(a)(b)</sup> | 2978 | 90740  |
| WK Kellogg Co. | 1133 | 22581  |
|  |  | 908963  |
| **Gas Utilities - 0.4%**<br>|  |  |
| Brookfield Infrastructure Corp. - Class A | 2146 | 77664  |
| National Fuel Gas Co. | 461 | 36507  |
| New Jersey Resources Corp. | 438 | 21488  |
| ONE Gas, Inc. | 297 | 22450  |
| Southwest Gas Holdings, Inc. | 1258 | 90324  |
| Spire, Inc. | 243 | 19015  |
| UGI Corp. | 2527 | 83568  |
|  |  | 351016  |
| **Ground Transportation - 0.5%**<br>|  |  |
| ArcBest Corp.<sup>(b)</sup> | 510 | 35996  |
|  Knight-Swift Transportation Holdings, Inc. | 877 | 38141  |
| Landstar System, Inc. | 856 | 128571  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 3994 | 47409  |
| RXO, Inc.<sup>(a)</sup> | 548 | 10467  |
| Ryder System, Inc. | 507 | 72912  |
| Saia, Inc.<sup>(a)</sup> | 85 | 29701  |
| XPO, Inc.<sup>(a)</sup> | 614 | 66054  |
|  |  | 429251  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** |  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 3514 | $35632  |
| AngioDynamics, Inc.<sup>(a)</sup> | 4290 | 40283  |
| AtriCure, Inc.<sup>(a)</sup> | 1353 | 43648  |
| Avanos Medical, Inc.<sup>(a)</sup> | 2422 | 34707  |
| Cerus Corp.<sup>(a)</sup> | 24366 | 33869  |
| CONMED Corp. | 285 | 17211  |
| Dentsply Sirona, Inc. | 3124 | 46673  |
| Embecta Corp. | 3004 | 38301  |
| Envista Holdings Corp.<sup>(a)</sup> | 2866 | 49467  |
| Glaukos Corp.<sup>(a)</sup> | 340 | 33463  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 549 | 40187  |
| Haemonetics Corp.<sup>(a)</sup> | 626 | 39782  |
| ICU Medical, Inc.<sup>(a)</sup> | 242 | 33604  |
| Inmode Ltd.<sup>(a)</sup> | 2669 | 47348  |
| Inogen, Inc.<sup>(a)</sup> | 3347 | 23864  |
| Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 477 | 75977  |
| Integer Holdings Corp.<sup>(a)(b)</sup> | 386 | 45552  |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 1044 | 22958  |
| iRadimed Corp. | 1234 | 64760  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 580 | 60714  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 1267 | 123659  |
| LeMaitre Vascular, Inc. | 797 | 66868  |
| LivaNova PLC<sup>(a)</sup> | 744 | 29224  |
| Masimo Corp.<sup>(a)</sup> | 591 | 98461  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 534 | 56449  |
| Novocure Ltd.<sup>(a)</sup> | 1415 | 25215  |
| Omnicell, Inc.<sup>(a)</sup> | 1461 | 51077  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 9244 | 31152  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 3139 | 51197  |
| Penumbra, Inc.<sup>(a)</sup> | 474 | 126752  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 299 | 17420  |
| RxSight, Inc.<sup>(a)</sup> | 489 | 12347  |
| Sanara Medtech, Inc.<sup>(a)</sup> | 1710 | 52788  |
| Semler Scientific, Inc.<sup>(a)(b)</sup> | 1140 | 41268  |
| SI-BONE, Inc.<sup>(a)</sup> | 2829 | 39691  |
| STAAR Surgical Co.<sup>(a)</sup> | 1258 | 22179  |
| SurModics, Inc.<sup>(a)</sup> | 1118 | 34132  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 7025 | 92870  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 1260 | 24142  |
| Teleflex, Inc. | 189 | 26118  |
| UFP Technologies, Inc.<sup>(a)(b)</sup> | 100 | 20171  |
| Varex Imaging Corp.<sup>(a)</sup> | 2541 | 29476  |
| Zimvie, Inc.<sup>(a)</sup> | 4647 | 50188  |
| Zynex, Inc.<sup>(a)(b)</sup> | 10057 | 22125  |
|  |  | 1972969  |
| **Health Care Providers & Services - 2.7%** | **Health Care Providers & Services - 2.7%** |  |
| AdaptHealth Corp.<sup>(a)</sup> | 2968 | 32173  |
| Addus HomeCare Corp.<sup>(a)</sup> | 539 | 53302  |
| AirSculpt Technologies, Inc.<sup>(a)(b)</sup> | 6568 | 15336  |
| Amedisys, Inc.<sup>(a)</sup> | 846 | 78365  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 1804 | 44126  |
| Astrana Health, Inc.<sup>(a)</sup> | 359 | 11133  |
| Chemed Corp. | 258 | 158753  |

---

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

23<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care Providers & Services - (Continued)**  | **Health Care Providers & Services - (Continued)**  | **Health Care Providers & Services - (Continued)**  |
| Concentra Group Holdings Parent, Inc. | 692 | $15016  |
| CorVel Corp.<sup>(a)</sup> | 1068 | 119584  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 5938 | 88417  |
| DaVita, Inc.<sup>(a)</sup> | 998 | 152664  |
| DocGo, Inc.<sup>(a)</sup> | 11412 | 30128  |
| Encompass Health Corp. | 804 | 81429  |
| Enhabit, Inc.<sup>(a)</sup> | 6067 | 53329  |
| Guardant Health, Inc.<sup>(a)</sup> | 401 | 17083  |
| HealthEquity, Inc.<sup>(a)(b)</sup> | 553 | 48869  |
| Henry Schein, Inc.<sup>(a)</sup> | 2802 | 191909  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 864 | 25531  |
| InfuSystem Holdings, Inc.<sup>(a)</sup> | 5288 | 28449  |
| Innovage Holding Corp.<sup>(a)</sup> | 6601 | 19671  |
| Joint Corp.<sup>(a)</sup> | 4771 | 59590  |
| National HealthCare Corp. | 707 | 65610  |
| National Research Corp. | 2032 | 26010  |
| OPKO Health, Inc.<sup>(a)</sup> | 13314 | 22101  |
| Option Care Health, Inc.<sup>(a)</sup> | 2397 | 83775  |
| Owens & Minor, Inc.<sup>(a)</sup> | 5565 | 50252  |
| Patterson Cos., Inc. | 2306 | 72039  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 5087 | 73711  |
| Pennant Group, Inc.<sup>(a)</sup> | 1057 | 26583  |
| Premier, Inc. - Class A<sup>(b)</sup> | 1671 | 32217  |
| Progyny, Inc.<sup>(a)</sup> | 1357 | 30315  |
| RadNet, Inc.<sup>(a)</sup> | 591 | 29384  |
| Select Medical Holdings Corp. | 1778 | 29693  |
| Surgery Partners, Inc.<sup>(a)</sup> | 926 | 21992  |
| Talkspace, Inc.<sup>(a)</sup> | 13223 | 33851  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 1554 | 209013  |
| The Ensign Group, Inc.<sup>(b)</sup> | 692 | 89545  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | 908 | 170613  |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 8412 | 61239  |
|  |  | 2452800  |
| **Health Care Technology - 0.3%**<br>|  |  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 381 | 22109  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 2437 | 23078  |
| HealthStream, Inc. | 1338 | 43057  |
| LifeMD, Inc.<sup>(a)</sup> | 5445 | 29621  |
| Phreesia, Inc.<sup>(a)</sup> | 2249 | 57485  |
| Teladoc Health, Inc.<sup>(a)</sup> | 7729 | 61523  |
|  |  | 236873  |
| **Hotels, Restaurants & Leisure - 2.0%**<br>|  |  |
| Aramark<sup>(b)</sup> | 2037 | 70317  |
| Biglari Holdings, Inc. - Class B<sup>(a)</sup> | 327 | 70809  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 731 | 25044  |
| Boyd Gaming Corp. | 1258 | 82814  |
| Brinker International, Inc.<sup>(a)</sup> | 1010 | 150541  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 1574 | 39350  |
| Cava Group, Inc.<sup>(a)(b)</sup> | 395 | 34132  |
| Choice Hotels International, Inc.<sup>(b)</sup> | 274 | 36382  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Churchill Downs, Inc. | 209 | $23214  |
| Dine Brands Global, Inc. | 671 | 15614  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 569 | 35130  |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 2515 | 25905  |
| Everi Holdings, Inc.<sup>(a)</sup> | 2832 | 38713  |
| Golden Entertainment, Inc. | 429 | 11321  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 1145 | 42834  |
| Hyatt Hotels Corp. - Class A<sup>(b)</sup> | 287 | 35158  |
| Inspired Entertainment, Inc.<sup>(a)</sup> | 4266 | 36432  |
| International Game Technology PLC | 3100 | 50406  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 577 | 17425  |
| Light & Wonder, Inc.<sup>(a)</sup> | 1433 | 124112  |
| Marriott Vacations Worldwide Corp. | 455 | 29229  |
| Nathan's Famous, Inc. | 681 | 65631  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings, <br>Ltd.<sup>(a)</sup> | 2692 | 51040  |
| Papa John's International, Inc. | 858 | 35247  |
| Penn Entertainment, Inc.<sup>(a)</sup> | 2241 | 36551  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 461 | 44537  |
| PlayAGS, Inc.<sup>(a)</sup> | 3399 | 41162  |
| Potbelly Corp.<sup>(a)</sup> | 3546 | 33723  |
| RCI Hospitality Holdings, Inc. | 466 | 20010  |
| Red Rock Resorts, Inc. - Class A | 710 | 30793  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 3914 | 41958  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 185 | 16311  |
| Target Hospitality Corp.<sup>(a)</sup> | 8027 | 52818  |
| Texas Roadhouse, Inc. | 563 | 93813  |
| Travel + Leisure Co. | 790 | 36569  |
| United Parks & Resorts, Inc.<sup>(a)(b)</sup> | 777 | 35322  |
| Wingstop, Inc. | 614 | 138506  |
| Wyndham Hotels & Resorts, Inc. | 202 | 18283  |
| Wynn Resorts Ltd. | 558 | 46593  |
|  |  | 1833749  |
| **Household Durables - 2.1%**<br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 285 | 148095  |
| Champion Homes, Inc.<sup>(a)</sup> | 1396 | 132285  |
| Cricut, Inc. - Class A | 2995 | 15424  |
| Ethan Allen Interiors, Inc. | 2485 | 68835  |
| GoPro, Inc. - Class A<sup>(a)</sup> | 19636 | 13017  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 2156 | 125716  |
| Helen of Troy, Ltd.<sup>(a)</sup> | 358 | 19149  |
| Hovnanian Enterprises, Inc. - Class A<sup>(a)</sup> | 444 | 46491  |
| Installed Building Products, Inc.<sup>(b)</sup> | 635 | 108877  |
| KB Home | 1178 | 68465  |
| Landsea Homes Corp.<sup>(a)</sup> | 2873 | 18445  |
| La-Z-Boy, Inc. | 2098 | 82011  |
| Lovesac Co.<sup>(a)</sup> | 2179 | 39614  |
| M/I Homes, Inc.<sup>(a)</sup> | 626 | 71477  |
| Meritage Homes Corp. | 372 | 26367  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 686 | 78328  |
| Purple Innovation, Inc.<sup>(a)</sup> | 12799 | 9717  |
| SharkNinja, Inc.<sup>(a)</sup> | 360 | 30028  |
| Sonos, Inc.<sup>(a)</sup> | 3326 | 35488  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 1544 | 92702  |

---

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

24<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Household Durables - (Continued)** | **Household Durables - (Continued)** | **Household Durables - (Continued)** |
| Tempur Sealy International, Inc.<sup>(b)</sup> | 3415 | $204490  |
| Toll Brothers, Inc. | 1302 | 137478  |
| TopBuild Corp.<sup>(a)</sup> | 528 | 161014  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 3387 | 108113  |
| Worthington Enterprises, Inc. | 570 | 28551  |
|  |  | 1870177  |
| **Household Products - 0.2%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 537 | 19686  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | 1246 | 40782  |
| Energizer Holdings, Inc. | 597 | 17862  |
| Spectrum Brands Holdings, Inc. | 245 | 17530  |
| WD-40 Co. | 438 | 106872  |
|  |  | 202732  |
|  **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| Brookfield Renewable Corp. | 490 | 13681  |
| Clearway Energy, Inc. - Class A | 803 | 22853  |
| Clearway Energy, Inc. - Class C | 608 | 18404  |
| Sunnova Energy International, Inc.<sup>(a)(b)</sup> | 52840 | 19657  |
|  |  | 74595  |
| **Insurance - 4.2%**<br>|  |  |
| American Coastal Insurance Corp. | 2559 | 29608  |
| American Financial Group, Inc. | 1296 | 170217  |
| AMERISAFE, Inc. | 619 | 32528  |
| Assurant, Inc. | 653 | 136967  |
| Assured Guaranty, Ltd. | 1023 | 90126  |
| Axis Capital Holdings Ltd. | 1392 | 139534  |
| Baldwin Insurance Group, Inc.<sup>(a)</sup> | 413 | 18457  |
| CNO Financial Group, Inc. | 2995 | 124742  |
| Donegal Group, Inc. - Class A | 2200 | 43186  |
| Employers Holdings, Inc. | 662 | 33524  |
| Enstar Group Ltd.<sup>(a)</sup> | 170 | 56505  |
| Everest Group Ltd. | 667 | 242341  |
| First American Financial Corp. | 1488 | 97657  |
| Genworth Financial, Inc.<sup>(a)</sup> | 11950 | 84726  |
| Globe Life, Inc. | 1448 | 190731  |
| Goosehead Insurance, Inc. - Class A | 435 | 51356  |
| Greenlight Capital Re Ltd. - Class A<sup>(a)</sup> | 3853 | 52208  |
| HCI Group, Inc. | 301 | 44918  |
| Horace Mann Educators Corp. | 402 | 17177  |
| Investors Title Co. | 249 | 60029  |
| Kemper Corp. | 312 | 20857  |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 353 | 171809  |
| Lincoln National Corp. | 3236 | 116205  |
| MBIA, Inc.<sup>(a)</sup> | 7109 | 35403  |
| Mercury General Corp. | 350 | 19565  |
| Old Republic International Corp. | 5023 | 197002  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 1166 | 15286  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 222 | 30432  |
| Primerica, Inc. | 709 | 201732  |
| ProAssurance Corp.<sup>(a)</sup> | 946 | 22089  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Reinsurance Group of America, Inc. | 908 | $178785  |
| RenaissanceRe Holdings Ltd. | 897 | 215280  |
| RLI Corp.<sup>(b)</sup> | 1560 | 125315  |
| Ryan Specialty Holdings, Inc.<sup>(b)</sup> | 1172 | 86576  |
| Safety Insurance Group, Inc. | 338 | 26661  |
| Selective Insurance Group, Inc. | 885 | 81013  |
| Stewart Information Services Corp. | 1050 | 74917  |
| The Hanover Insurance Group, Inc. | 214 | 37225  |
| Tiptree, Inc. | 2443 | 58852  |
| United Fire Group, Inc.<sup>(b)</sup> | 757 | 22301  |
| Universal Insurance Holdings, Inc. | 1006 | 23842  |
| Unum Group | 3551 | 289264  |
| White Mountains Insurance Group Ltd. | 26 | 50071  |
|  |  | 3817019  |
| **Interactive Media & Services - 0.7%**<br>|  |  |
| Cargurus, Inc.<sup>(a)</sup> | 3229 | 94061  |
| Cars.com, Inc.<sup>(a)</sup> | 5388 | 60723  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 5382 | 140954  |
| IAC, Inc.<sup>(a)</sup> | 614 | 28207  |
| Match Group, Inc. | 2589 | 80777  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 1795 | 16586  |
| Shutterstock, Inc. | 931 | 17344  |
| TripAdvisor, Inc.<sup>(a)</sup> | 2363 | 33484  |
| TrueCar, Inc.<sup>(a)</sup> | 18058 | 28532  |
| Yelp, Inc.<sup>(a)</sup> | 2787 | 103202  |
| Ziff Davis, Inc.<sup>(a)</sup> | 743 | 27922  |
|  |  | 631792  |
| **IT Services - 1.1%**<br>|  |  |
| Amdocs Ltd. | 1967 | 179981  |
| ASGN, Inc.<sup>(a)</sup> | 1298 | 81800  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 4464 | 21561  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 4945 | 28483  |
| Couchbase, Inc.<sup>(a)</sup> | 2156 | 33957  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 409 | 13657  |
| DXC Technology Co.<sup>(a)</sup> | 4873 | 83085  |
| Globant SA<sup>(a)</sup> | 352 | 41437  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 2236 | 34993  |
| Information Services Group, Inc. | 24035 | 93977  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 3201 | 100511  |
| Rackspace Technology, Inc.<sup>(a)</sup> | 28448 | 48077  |
| The Hackett Group, Inc. | 4254 | 124302  |
| Unisys Corp.<sup>(a)</sup> | 19576 | 89854  |
|  |  | 975675  |
| **Leisure Products - 0.7%**<br>|  |  |
| Acushnet Holdings Corp.<sup>(b)</sup> | 1131 | 77654  |
| Brunswick Corp.<sup>(b)</sup> | 1021 | 54981  |
| Clarus Corp. | 2541 | 9529  |
| Funko, Inc. - Class A<sup>(a)</sup> | 2813 | 19297  |
| Hasbro, Inc. | 799 | 49131  |
| JAKKS Pacific, Inc. | 1932 | 47662  |
| Johnson Outdoors, Inc. - Class A | 509 | 12644  |
| Marine Products Corp. | 1583 | 13281  |
| Mattel, Inc.<sup>(a)</sup> | 6336 | 123109  |

---

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

25<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Leisure Products - (Continued)**  | **Leisure Products - (Continued)**  | **Leisure Products - (Continued)**  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 6306 | $39854  |
| Polaris, Inc.<sup>(b)</sup> | 784 | 32097  |
| Smith & Wesson Brands, Inc. | 3269 | 30467  |
| Sturm Ruger & Co., Inc. | 817 | 32100  |
| YETI Holdings, Inc.<sup>(a)</sup> | 1720 | 56932  |
|  |  | 598738  |
| **Life Sciences Tools & Services - 0.9%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 1974 | 17233  |
| Azenta, Inc.<sup>(a)</sup> | 544 | 18844  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 263 | 64056  |
| Bio-Techne Corp. | 1517 | 88942  |
| Bruker Corp. | 1583 | 66074  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 503 | 75712  |
| ChromaDex Corp.<sup>(a)</sup> | 13763 | 94965  |
| Codexis, Inc.<sup>(a)</sup> | 13400 | 36046  |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 5182 | 20780  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 6021 | 45458  |
| Harvard Bioscience, Inc.<sup>(a)</sup> | 44685 | 25292  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 446 | 135892  |
| Mesa Laboratories, Inc.<sup>(b)</sup> | 620 | 73569  |
| QIAGEN NV | 1667 | 66930  |
| Repligen Corp.<sup>(a)</sup> | 123 | 15650  |
|  |  | 845443  |
| **Machinery - 3.7%**<br>|  |  |
| AGCO Corp. | 926 | 85720  |
| Alamo Group, Inc. | 225 | 40097  |
| Allison Transmission Holdings, Inc. | 1469 | 140539  |
| Astec Industries, Inc. | 506 | 17432  |
| Atmus Filtration Technologies, Inc. | 927 | 34049  |
| Blue Bird Corp.<sup>(a)</sup> | 909 | 29424  |
| Chart Industries, Inc.<sup>(a)(b)</sup> | 210 | 30316  |
| Columbus McKinnon Corp. | 998 | 16896  |
| Crane Co. | 734 | 112434  |
| Donaldson Co., Inc. | 1863 | 124933  |
| Energy Recovery, Inc.<sup>(a)</sup> | 2190 | 34799  |
| Enerpac Tool Group Corp. | 986 | 44232  |
| Enpro, Inc. | 178 | 28799  |
| Esab Corp. | 1068 | 124422  |
| ESCO Technologies, Inc. | 113 | 17981  |
| Federal Signal Corp. | 753 | 55383  |
| Flowserve Corp. | 1122 | 54798  |
| Franklin Electric Co., Inc. | 799 | 75010  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 3873 | 71302  |
| Graco, Inc. | 1747 | 145892  |
| ITT, Inc. | 640 | 82662  |
| John Bean Technologies Corp. | 146 | 17841  |
| Kadant, Inc.<sup>(b)</sup> | 293 | 98715  |
| Kennametal, Inc. | 1046 | 22280  |
| Lincoln Electric Holdings, Inc.<sup>(b)</sup> | 734 | 138843  |
| Lindsay Corp. | 154 | 19484  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Manitowoc Co., Inc.<sup>(a)</sup> | 2113 | $18151  |
| Middleby Corp.<sup>(a)</sup> | 514 | 78118  |
| Mueller Industries, Inc. | 3135 | 238699  |
| Mueller Water Products, Inc. - Class A | 1838 | 46722  |
| Nordson Corp. | 421 | 84924  |
| Omega Flex, Inc. | 828 | 28798  |
| Oshkosh Corp. | 318 | 29917  |
| Pentair PLC | 1428 | 124921  |
| Proto Labs, Inc.<sup>(a)</sup> | 1071 | 37528  |
| RBC Bearings, Inc.<sup>(a)</sup> | 143 | 46013  |
| REV Group, Inc.<sup>(b)</sup> | 1558 | 49233  |
| Shyft Group, Inc. | 2159 | 17466  |
| Snap-on, Inc. | 955 | 321844  |
| SPX Technologies, Inc.<sup>(a)</sup> | 526 | 67738  |
| Standex International Corp. | 76 | 12266  |
| Tennant Co. | 686 | 54708  |
| Terex Corp.<sup>(b)</sup> | 1738 | 65662  |
| Timken Co.<sup>(b)</sup> | 970 | 69714  |
| Titan International, Inc.<sup>(a)</sup> | 4666 | 39148  |
| Toro Co.<sup>(b)</sup> | 1184 | 86136  |
| Wabash National Corp. | 1575 | 17404  |
| Watts Water Technologies, Inc. - Class A | 510 | 103999  |
|  |  | 3303392  |
| **Marine - 0.0%<sup>(d)</sup>**<br>|  |  |
| Costamere, Inc. | 1812 | 17830  |
| **Marine Transportation - 0.3%**<br>|  |  |
| Genco Shipping & Trading Ltd. | 1304 | 17421  |
| Golden Ocean Group Ltd. | 1577 | 12584  |
| Kirby Corp.<sup>(a)</sup> | 747 | 75454  |
| Matson, Inc. | 927 | 118814  |
| Safe Bulkers, Inc. | 7050 | 26015  |
|  |  | 250288  |
| **Media - 1.0%**<br>|  |  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 2001 | 13767  |
| EchoStar Corp. - Class A<sup>(a)(b)</sup> | 1814 | 46402  |
|  Entravision Communications Corp. - Class A | 7233 | 15189  |
| Gambling.com Group Ltd.<sup>(a)</sup> | 2882 | 36371  |
| Gannett Co., Inc.<sup>(a)</sup> | 11078 | 32015  |
| Gray Television, Inc. | 7102 | 30681  |
| Interpublic Group of Cos., Inc. | 2589 | 70317  |
| John Wiley & Sons, Inc. - Class A | 870 | 38767  |
| Liberty Broadband Corp. - Class C<sup>(a)</sup> | 276 | 23474  |
| New York Times Co. - Class A | 2353 | 116709  |
| News Corp. - Class A | 5686 | 154773  |
| News Corp. - Class B | 2667 | 80997  |
| Nexstar Media Group, Inc. | 543 | 97316  |
| Paramount Global - Class B | 2954 | 35330  |
| Scholastic Corp. | 1467 | 27697  |
| Sinclair, Inc. | 1227 | 19546  |
| TEGNA, Inc. | 3522 | 64171  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 2391 | 30629  |
|  |  | 934151  |

---

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

26<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Metals & Mining - 0.0%<sup>(d)</sup>**<br>|  |  |
| MP Materials Corp.<sup>(a)</sup> | 708 | $17282  |
| **Metals & Mining - 1.3%**<br>|  |  |
| Alcoa Corp. | 952 | 29036  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 598 | 74900  |
| ATI, Inc.<sup>(a)</sup> | 1039 | 54059  |
| Carpenter Technology Corp. | 447 | 80987  |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 4449 | 36571  |
| Coeur Mining, Inc.<sup>(a)</sup> | 2885 | 17079  |
| Commercial Metals Co. | 1619 | 74490  |
| Constellium SE<sup>(a)</sup> | 1797 | 18132  |
| Metallus, Inc.<sup>(a)</sup> | 2185 | 29192  |
| Olympic Steel, Inc. | 2390 | 75333  |
| Reliance, Inc. | 893 | 257854  |
| Royal Gold, Inc. | 283 | 46273  |
| Ryerson Holding Corp. | 4122 | 94641  |
| SSR Mining, Inc.<sup>(a)(b)</sup> | 5509 | 55255  |
| SunCoke Energy, Inc. | 6980 | 64216  |
| United States Steel Corp.<sup>(b)</sup> | 2554 | 107932  |
| Worthington Steel, Inc. | 570 | 14438  |
|  |  | 1130388  |
| **Multi-Utilities - 0.2%**<br>|  |  |
| Black Hills Corp. | 625 | 37906  |
| NiSource, Inc. | 2844 | 114016  |
|  |  | 151922  |
| **Oil, Gas & Consumable Fuels - 2.2%**<br>|  |  |
| Altus Midstream Co. | 364 | 18906  |
| Amplify Energy Corp.<sup>(a)</sup> | 3973 | 14859  |
| Antero Midstream Corp. | 2675 | 48150  |
| Antero Resources Corp.<sup>(a)</sup> | 1267 | 51237  |
| APA Corp. | 4787 | 100623  |
| Berry Corp. | 3275 | 10513  |
| California Resources Corp. | 510 | 22425  |
| Chesapeake Energy Corp. | 1053 | 117220  |
| Chord Energy Corp. | 617 | 69548  |
| Civitas Resources, Inc. | 657 | 22923  |
| CNX Resources Corp.<sup>(a)</sup> | 2890 | 90977  |
| Core Natural Resources, Inc. | 776 | 59830  |
| DHT Holdings, Inc. | 1922 | 20181  |
| Dorian LPG, Ltd. | 1355 | 30271  |
| DT Midstream, Inc. | 553 | 53353  |
| EQT Corp. | 3685 | 196890  |
| Golar LNG, Ltd. | 585 | 22224  |
| Gulfport Energy Corp.<sup>(a)</sup> | 337 | 62055  |
| HF Sinclair Corp. | 2157 | 70922  |
| International Seaways, Inc. | 328 | 10890  |
| Magnolia Oil & Gas Corp. - Class A | 2659 | 67166  |
| Matador Resources Co. | 1076 | 54973  |
| Murphy Oil Corp. | 2140 | 60776  |
| Northern Oil & Gas, Inc. | 1224 | 37001  |
| Ovintiv, Inc. | 2551 | 109183  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 1042 | $14859  |
| PBF Energy, Inc. - Class A | 1407 | 26860  |
| Peabody Energy Corp.<sup>(b)</sup> | 1963 | 26599  |
| Permian Resources Corp. | 1424 | 19722  |
| Range Resources Corp. | 994 | 39690  |
| REX American Resources Corp.<sup>(a)</sup> | 469 | 17620  |
| Scorpio Tankers, Inc. | 746 | 28035  |
| Sitio Royalties Corp. - Class A | 575 | 11425  |
| Teekay Corp. Ltd. | 8927 | 58650  |
| Teekay Tankers Ltd. - Class A | 402 | 15385  |
| Texas Pacific Land Corp.<sup>(b)</sup> | 160 | 211998  |
| VAALCO Energy, Inc. | 6919 | 26015  |
| Viper Energy, Inc. | 485 | 21898  |
| World Kinect Corp.<sup>(b)</sup> | 1496 | 42427  |
|  |  | 1984279  |
| **Paper & Forest Products - 0.2%**<br>|  |  |
| Clearwater Paper Corp.<sup>(a)</sup> | 1153 | 29252  |
| Louisiana-Pacific Corp. | 955 | 87841  |
| Resolute Forest Products<sup>(a)(c)</sup> | 2770 | 3933  |
| Sylvamo Corp. | 522 | 35010  |
|  |  | 156036  |
| **Passenger Airlines - 0.1%**<br>|  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 743 | 36570  |
| American Airlines Group, Inc.<sup>(a)</sup> | 2356 | 24856  |
| SkyWest, Inc.<sup>(a)</sup> | 750 | 65528  |
|  |  | 126954  |
| **Personal Care Products - 0.7%**<br>|  |  |
| Beauty Health Co.<sup>(a)</sup> | 13442 | 18012  |
| BellRing Brands, Inc.<sup>(a)</sup> | 2756 | 205212  |
| Coty, Inc. - Class A<sup>(a)</sup> | 3902 | 21344  |
| Edgewell Personal Care Co. | 994 | 31023  |
| elf Beauty, Inc.<sup>(a)</sup> | 1121 | 70388  |
| Herbalife Ltd.<sup>(a)</sup> | 5057 | 43642  |
| Inter Parfums, Inc. | 658 | 74927  |
| Medifast, Inc.<sup>(a)</sup> | 1580 | 21298  |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 4728 | 59336  |
| Nu Skin Enterprises, Inc. - Class A | 2865 | 20800  |
| The Honest Co., Inc.<sup>(a)</sup> | 9882 | 46445  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 1160 | 31285  |
| Waldencast PLC - Class A<sup>(a)</sup> | 4974 | 14922  |
|  |  | 658634  |
| **Pharmaceuticals - 2.5%**<br>|  |  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 23604 | 197802  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 1769 | 51283  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1002 | 67084  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 228 | 26592  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 4593 | 137101  |
| Corcept Therapeutics, Inc.<sup>(a)(b)</sup> | 3397 | 388005  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 744 | 16368  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 8582 | 90111  |
| Evolus, Inc.<sup>(a)</sup> | 4666 | 56132  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 3563 | 118256  |

---

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

27<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pharmaceuticals - (Continued)** | **Pharmaceuticals - (Continued)** | **Pharmaceuticals - (Continued)** |
| Innoviva, Inc.<sup>(a)</sup> | 6648 | $120528  |
| Intra-Cellular Therapies, Inc.<sup>(a)</sup> | 1119 | 147618  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1201 | 149104  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 161 | 16928  |
| Organon & Co. | 3456 | 51460  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 4382 | 108893  |
| Perrigo Co. PLC | 3371 | 94523  |
| Phibro Animal Health Corp. - Class A | 2506 | 53528  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 1554 | 133597  |
| SIGA Technologies, Inc.<sup>(a)</sup> | 13793 | 75586  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 3648 | 119472  |
|  |  | 2219971  |
| **Professional Services - 2.4%**<br>|  |  |
| Alight, Inc. - Class A | 4212 | 24977  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 439 | 161078  |
| CBIZ, Inc.<sup>(a)</sup> | 888 | 67364  |
| Concentrix Corp. | 1007 | 56029  |
| Conduent, Inc.<sup>(a)</sup> | 7299 | 19707  |
| CRA International, Inc. | 352 | 60966  |
| CSG Systems International, Inc. | 1736 | 104976  |
| Dayforce, Inc.<sup>(a)</sup> | 271 | 15807  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 1187 | 56038  |
| Exponent, Inc. | 177 | 14348  |
| Forrester Research, Inc.<sup>(a)</sup> | 1411 | 13038  |
| Franklin Covey Co.<sup>(a)</sup> | 1236 | 34138  |
| FTI Consulting, Inc.<sup>(a)</sup> | 526 | 86306  |
| Genpact, Ltd. | 3389 | 170738  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 648 | 92956  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 3989 | 97132  |
| ICF International, Inc. | 520 | 44184  |
| Innodata, Inc.<sup>(a)</sup> | 3424 | 122922  |
| Insperity, Inc. | 705 | 62907  |
| KBR, Inc. | 1478 | 73619  |
| Kelly Services, Inc. - Class A | 1821 | 23983  |
| Kforce, Inc. | 1318 | 64437  |
| Korn Ferry | 850 | 57655  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 5393 | 46434  |
| ManpowerGroup, Inc. | 903 | 52266  |
| Maximus, Inc. | 1068 | 72827  |
| NV5 Global, Inc.<sup>(a)</sup> | 2000 | 38540  |
| Parsons Corp.<sup>(a)</sup> | 1112 | 65842  |
| Resources Connection, Inc. | 3696 | 24172  |
| Robert Half, Inc. | 2408 | 131356  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp. | 578 | 64892  |
| TriNet Group, Inc. | 317 | 25119  |
| TrueBlue, Inc.<sup>(a)</sup> | 3068 | 16291  |
| Upwork, Inc.<sup>(a)</sup> | 3333 | 43496  |
| Verra Mobility Corp.<sup>(a)</sup> | 2139 | 48149  |
| Willdan Group, Inc.<sup>(a)</sup> | 837 | 34083  |
|  |  | 2188772  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Real Estate Management & Development - 0.5%**<br>|  |  |
| Anywhere Real Estate, Inc.<sup>(a)</sup> | 4807 | $16007  |
| Compass, Inc. - Class A<sup>(a)</sup> | 8613 | 75191  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 4494 | 45929  |
| eXp World Holdings, Inc. | 6875 | 67238  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 523 | 129657  |
| Newmark Group, Inc. - Class A | 1285 | 15638  |
| Real Brokerage, Inc.<sup>(a)</sup> | 8414 | 34161  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 520 | 35651  |
|  |  | 419472  |
|  **Semiconductors & Semiconductor Equipment - 1.3%**<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 2084 | 52371  |
| Amkor Technology, Inc. | 2893 | 52248  |
| Astera Labs, Inc.<sup>(a)</sup> | 254 | 15156  |
| Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 848 | 42120  |
| CEVA, Inc.<sup>(a)</sup> | 561 | 14367  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 1392 | 138720  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 1130 | 45381  |
| FormFactor, Inc.<sup>(a)</sup> | 1162 | 32873  |
| Impinj, Inc.<sup>(a)</sup> | 671 | 60860  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 2076 | 108886  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 501 | 50290  |
| MaxLinear, Inc.<sup>(a)</sup> | 1969 | 21383  |
| MKS Instruments, Inc.<sup>(b)</sup> | 578 | 46327  |
| NVE Corp. | 310 | 19759  |
| Onto Innovation, Inc.<sup>(a)</sup> | 354 | 42954  |
| PDF Solutions, Inc.<sup>(a)</sup> | 904 | 17275  |
| Photronics, Inc.<sup>(a)</sup> | 2901 | 60225  |
| Power Integrations, Inc. | 603 | 30452  |
| Qorvo, Inc.<sup>(a)</sup> | 805 | 58290  |
| Rambus, Inc.<sup>(a)</sup> | 1739 | 90037  |
| Semtech Corp.<sup>(a)</sup> | 316 | 10870  |
| SiTime Corp.<sup>(a)</sup> | 100 | 15287  |
| SMART Global Holdings, Inc.<sup>(a)</sup> | 2529 | 43929  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 1006 | 21538  |
| Universal Display Corp.<sup>(b)</sup> | 437 | 60953  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 1045 | 20984  |
|  |  | 1173535  |
| **Software - 5.9%**<br>|  |  |
| 8x8, Inc.<sup>(a)</sup> | 39284 | 78568  |
| A10 Networks, Inc. | 7306 | 119380  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 2080 | 113797  |
| Adeia, Inc. | 6699 | 88561  |
| Agilysys, Inc.<sup>(a)</sup> | 760 | 55130  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 959 | 53368  |
| American Software, Inc. | 2127 | 30331  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 601 | 132160  |
| Appian Corp. - Class A<sup>(a)</sup> | 1178 | 33938  |
| Arteris, Inc.<sup>(a)</sup> | 2607 | 18014  |
| Asana, Inc. - Class A<sup>(a)</sup> | 1874 | 27304  |

---

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

28<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| AudioEye, Inc.<sup>(a)</sup> | 2019 | $22411  |
| Aurora Innovation, Inc.<sup>(a)(b)</sup> | 4007 | 26947  |
| AvePoint, Inc.<sup>(a)</sup> | 1121 | 16187  |
| Bentley Systems, Inc. - Class B | 1396 | 54919  |
| BILL Holdings, Inc.<sup>(a)(b)</sup> | 1023 | 46945  |
| Blackbaud, Inc.<sup>(a)</sup> | 909 | 56403  |
| Box, Inc. - Class A<sup>(a)</sup> | 3874 | 119552  |
| Braze, Inc. - Class A<sup>(a)</sup> | 587 | 21179  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 1019 | 21450  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 1668 | 15062  |
| Cerence, Inc.<sup>(a)</sup> | 8370 | 66123  |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 2066 | 13884  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 1514 | 40575  |
| CommVault Systems, Inc.<sup>(a)</sup> | 1282 | 202248  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 1776 | 41629  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 3542 | 81749  |
| CS Disco, Inc.<sup>(a)</sup> | 4971 | 20331  |
| Dave, Inc.<sup>(a)</sup> | 1244 | 102829  |
| Digital Turbine, Inc.<sup>(a)</sup> | 7617 | 20680  |
| Dolby Laboratories, Inc. - Class A | 1199 | 96292  |
| Domo, Inc. - Class B<sup>(a)</sup> | 5093 | 39522  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 1295 | 17314  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 6270 | 167472  |
| Dynatrace, Inc.<sup>(a)</sup> | 2825 | 133199  |
| eGain Corp.<sup>(a)</sup> | 11137 | 54014  |
| Elastic NV<sup>(a)</sup> | 890 | 79299  |
| EverCommerce, Inc.<sup>(a)</sup> | 3066 | 30905  |
| Five9, Inc.<sup>(a)</sup> | 421 | 11430  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 1890 | 26668  |
| Gen Digital, Inc. | 5804 | 154038  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 785 | 36895  |
| Guidewire Software, Inc.<sup>(a)</sup> | 483 | 90495  |
| Informatica, Inc. - Class A<sup>(a)(b)</sup> | 1598 | 27885  |
| Intapp, Inc.<sup>(a)</sup> | 304 | 17748  |
| InterDigital, Inc.<sup>(b)</sup> | 366 | 75671  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 2275 | 59469  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1209 | 209205  |
| Mitek Systems, Inc.<sup>(a)</sup> | 5051 | 41671  |
| N-able, Inc.<sup>(a)</sup> | 2046 | 14506  |
| NCR Voyix Corp.<sup>(a)</sup> | 1408 | 13728  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 3423 | 238960  |
| OneSpan, Inc. | 4070 | 62068  |
| Ooma, Inc.<sup>(a)</sup> | 6453 | 84470  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 6179 | 64756  |
| PagerDuty, Inc.<sup>(a)</sup> | 1038 | 18964  |
| Paylocity Holding Corp.<sup>(a)</sup> | 102 | 19109  |
| Pegasystems, Inc. | 1362 | 94686  |
| Procore Technologies, Inc.<sup>(a)(b)</sup> | 1205 | 79554  |
| Progress Software Corp. | 1310 | 67478  |
| PROS Holdings, Inc.<sup>(a)</sup> | 695 | 13226  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 485 | $38805  |
| Qualys, Inc.<sup>(a)</sup> | 683 | 86010  |
| Rapid7, Inc.<sup>(a)</sup> | 1341 | 35550  |
| Red Violet, Inc. | 1974 | 74203  |
| Rimini Street, Inc.<sup>(a)</sup> | 18493 | 64356  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 3447 | 85348  |
| Sapiens International Corp. NV | 1100 | 29799  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 4580 | 42731  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 2064 | 37524  |
| SolarWinds Corp. | 2281 | 42039  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 955 | 7755  |
| SoundThinking, Inc.<sup>(a)</sup> | 5354 | 90750  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 3247 | 27112  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 1428 | 31402  |
| SPS Commerce, Inc.<sup>(a)</sup> | 662 | 87867  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 1579 | 55233  |
| Teradata Corp.<sup>(a)</sup> | 3829 | 86076  |
| UiPath, Inc. - Class A<sup>(a)(b)</sup> | 3373 | 34742  |
| Unity Software, Inc.<sup>(a)</sup> | 1171 | 22940  |
| Varonis Systems, Inc.<sup>(a)</sup> | 843 | 34099  |
| Verint Systems, Inc.<sup>(a)</sup> | 2616 | 46696  |
| WM Technology, Inc.<sup>(a)</sup> | 49882 | 56367  |
| Workiva, Inc.<sup>(a)</sup> | 1004 | 76214  |
| Xperi, Inc.<sup>(a)</sup> | 4734 | 36546  |
| Yext, Inc.<sup>(a)</sup> | 15627 | 96262  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 7266 | 98527  |
|  |  | 5307304  |
| **Specialty Retail - 4.4%**<br>|  |  |
| 1-800-Flowers.com, Inc. - Class A<sup>(a)</sup> | 6701 | 39536  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 1559 | 119061  |
| Academy Sports & Outdoors, Inc. | 2579 | 117628  |
| Advance Auto Parts, Inc.<sup>(b)</sup> | 795 | 31172  |
| American Eagle Outfitters, Inc.<sup>(b)</sup> | 4971 | 57763  |
| Arhaus, Inc.<sup>(a)</sup> | 1170 | 10179  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 318 | 70227  |
| AutoNation, Inc.<sup>(a)</sup> | 789 | 127755  |
| BARK, Inc.<sup>(a)</sup> | 48197 | 66994  |
| Bath & Body Works, Inc. | 4192 | 127101  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 837 | 89919  |
| Build-A-Bear Workshop, Inc. | 2827 | 105080  |
| Caleres, Inc. | 4189 | 72176  |
| Camping World Holdings, Inc. - Class A | 1919 | 31011  |
| Carvana Co.<sup>(a)</sup> | 826 | 172700  |
| Citi Trends, Inc.<sup>(a)</sup> | 1414 | 31299  |
| Designer Brands, Inc. - Class A<sup>(b)</sup> | 4179 | 15253  |
| Destination XL Group, Inc.<sup>(a)</sup> | 9912 | 14472  |
| Dick's Sporting Goods, Inc. | 1059 | 213452  |
| EVgo, Inc.<sup>(a)</sup> | 11660 | 31016  |
| Five Below, Inc.<sup>(a)</sup> | 515 | 38586  |
| Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 1440 | 115877  |
| Foot Locker, Inc.<sup>(a)</sup> | 1866 | 26311  |
| GameStop Corp. - Class A<sup>(a)</sup> | 1847 | 41225  |
| Gap, Inc. | 5586 | 115127  |
| Genesco, Inc.<sup>(a)</sup> | 1793 | 38065  |

---

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

29<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Specialty Retail - (Continued)** | **Specialty Retail - (Continued)** | **Specialty Retail - (Continued)** |
| Group 1 Automotive, Inc. | 464 | $177225  |
| Haverty Furniture Cos., Inc. | 2397 | 47269  |
| J Jill, Inc.<sup>(b)</sup> | 1770 | 34568  |
| Lands' End, Inc.<sup>(a)</sup> | 3825 | 38938  |
| Lithia Motors, Inc. | 238 | 69862  |
| MarineMax, Inc.<sup>(a)</sup> | 1023 | 21994  |
| Monro, Inc. | 794 | 11489  |
| Murphy USA, Inc. | 563 | 264503  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 2980 | 38084  |
| ODP Corp.<sup>(a)</sup> | 2017 | 28904  |
| Penske Automotive Group, Inc. | 705 | 101506  |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 5493 | 16754  |
| RealReal, Inc.<sup>(a)</sup> | 11943 | 64373  |
| Revolve Group, Inc.<sup>(a)</sup> | 3524 | 75731  |
| RH<sup>(a)(b)</sup> | 241 | 56493  |
| Sally Beauty Holdings, Inc.<sup>(a)(b)</sup> | 5338 | 48202  |
| Shoe Carnival, Inc.<sup>(b)</sup> | 2422 | 53260  |
| Signet Jewelers Ltd. | 1961 | 113856  |
| Sleep Number Corp.<sup>(a)</sup> | 3665 | 23236  |
| Sonic Automotive, Inc. - Class A | 1367 | 77864  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 15097 | 49065  |
| The Buckle, Inc. | 1628 | 62385  |
| Tile Shop Holdings, Inc.<sup>(a)</sup> | 5677 | 36787  |
| Tilly's, Inc. - Class A<sup>(a)</sup> | 4339 | 9546  |
| Torrid Holdings, Inc.<sup>(a)(b)</sup> | 9247 | 50674  |
| Upbound Group, Inc. | 2702 | 64740  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 2024 | 106058  |
| Valvoline, Inc.<sup>(a)</sup> | 440 | 15316  |
| Victoria's Secret & Co.<sup>(a)</sup> | 2718 | 50500  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 2839 | 51755  |
| Wayfair, Inc. - Class A<sup>(a)(b)</sup> | 1526 | 48878  |
| Winmark Corp.<sup>(b)</sup> | 330 | 104897  |
| Zumiez, Inc.<sup>(a)</sup> | 2120 | 31567  |
|  |  | 3965264  |
|  **Technology Hardware, Storage & Peripherals - 0.4%**<br>|  |  |
| CPI Card Group, Inc.<sup>(a)</sup> | 1798 | 52448  |
| IonQ, Inc.<sup>(a)</sup> | 909 | 20062  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 5014 | 221970  |
| Turtle Beach Corp.<sup>(a)</sup> | 2153 | 30723  |
| Xerox Holdings Corp.<sup>(b)</sup> | 2946 | 14229  |
|  |  | 339432  |
| **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** |  |
| Capri Holdings Ltd.<sup>(a)</sup> | 2615 | 51594  |
| Carter's, Inc. | 737 | 30143  |
| Columbia Sportswear Co. | 588 | 44506  |
| Crocs, Inc.<sup>(a)</sup> | 1334 | 141671  |
| Figs, Inc. - Class A<sup>(a)</sup> | 8515 | 39084  |
| G-III Apparel Group, Ltd.<sup>(a)</sup> | 2482 | 67883  |
| Hanesbrands, Inc.<sup>(a)</sup> | 5673 | 32733  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kontoor Brands, Inc. | 2060 | $132108  |
| Movado Group, Inc. | 1895 | 31684  |
| Oxford Industries, Inc. | 970 | 56910  |
| PVH Corp. | 1411 | 91207  |
| Ralph Lauren Corp. | 996 | 219857  |
| Rocky Brands, Inc. | 830 | 14417  |
| Skechers USA, Inc. - Class A<sup>(a)</sup> | 2516 | 142858  |
| Steven Madden, Ltd. | 1971 | 52507  |
| Superior Group of Cos., Inc. | 961 | 10513  |
| Tapestry, Inc. | 4547 | 320154  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 6655 | 41594  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 7580 | 45101  |
| Vera Bradley, Inc.<sup>(a)</sup> | 6063 | 13642  |
| VF Corp.<sup>(b)</sup> | 4076 | 63260  |
| Wolverine World Wide, Inc.<sup>(b)</sup> | 2333 | 32452  |
|  |  | 1675878  |
| **Thrifts & Mortgage Finance - 0.0%<sup>(d)</sup>**<br>|  |  |
| FS Bancorp, Inc. | 494 | 18777  |
| **Tobacco - 0.1%**<br>|  |  |
| Turning Point Brands, Inc. | 990 | 58845  |
| Universal Corp. | 217 | 12163  |
|  |  | 71008  |
| **Trading Companies & Distributors - 2.8%** | **Trading Companies & Distributors - 2.8%** |  |
| Air Lease Corp.<sup>(b)</sup> | 397 | 19179  |
| Alta Equipment Group, Inc. | 2166 | 10158  |
| Applied Industrial Technologies, Inc. | 878 | 197848  |
| Beacon Roofing Supply, Inc.<sup>(a)</sup> | 1572 | 194456  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 1174 | 88026  |
| Boise Cascade Co. | 1286 | 126144  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 2449 | 118311  |
| DNOW, Inc.<sup>(a)</sup> | 6286 | 107365  |
| DXP Enterprises, Inc.<sup>(a)</sup> | 2072 | 170443  |
| FTAI Aviation Ltd. | 803 | 89157  |
| GATX Corp. | 143 | 22204  |
| Global Industrial Co. | 2319 | 51946  |
| GMS, Inc.<sup>(a)</sup> | 2224 | 162730  |
| H&E Equipment Services, Inc. | 773 | 73273  |
| Hudson Technologies, Inc.<sup>(a)</sup> | 9305 | 57412  |
| Karat Packaging, Inc. | 3893 | 103476  |
| MRC Global, Inc.<sup>(a)</sup> | 4114 | 47229  |
|  MSC Industrial Direct Co., Inc. - Class A<sup>(b)</sup> | 1485 | 115340  |
| Rush Enterprises, Inc. - Class A<sup>(b)</sup> | 2159 | 115312  |
| Rush Enterprises, Inc. - Class B | 1334 | 75398  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 1014 | 123140  |
| Titan Machinery, Inc.<sup>(a)</sup> | 883 | 15046  |
| Watsco, Inc.<sup>(b)</sup> | 519 | 263808  |
| WESCO International, Inc. | 988 | 153436  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 1003 | 24995  |
|  |  | 2525832  |

---

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

30<br>

------

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

**GuideMark Small/Mid Cap Core Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Water Utilities - 0.1%**<br>|  |  |
|  Consolidated Water Co., Ltd. - Ordinary Shares | 2147 | $52580  |
| Essential Utilities, Inc. | 843 | 33324  |
|  |  | 85904  |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |  |
| Telephone and Data Systems, Inc. | 1576 | 61054  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,956,780)** |  | 82548210  |
| **REAL ESTATE INVESTMENT TRUSTS - 4.6%** | **REAL ESTATE INVESTMENT TRUSTS - 4.6%** |  |
| Acadia Realty Trust | 2287 | 47913  |
| AGNC Investment Corp.<sup>(b)</sup> | 7189 | 68871  |
| Agree Realty Corp. | 426 | 32883  |
| Alpine Income Property Trust, Inc. | 1209 | 20214  |
| American Assets Trust, Inc. | 1517 | 30552  |
| American Healthcare REIT, Inc.<sup>(b)</sup> | 616 | 18665  |
| American Homes 4 Rent - Class A | 1957 | 73994  |
| Americold Realty Trust, Inc. | 2436 | 52277  |
| Angel Oak Mortgage REIT, Inc. | 2178 | 20756  |
| Annaly Capital Management, Inc.<sup>(b)</sup> | 4478 | 90948  |
| Apple Hospitality REIT, Inc. | 4194 | 54145  |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 4100 | 48175  |
| Armada Hoffler Properties, Inc. | 2372 | 17814  |
| ARMOUR Residential REIT, Inc. | 1078 | 18434  |
| Braemar Hotels & Resorts, Inc. | 15405 | 38358  |
| Brandywine Realty Trust | 9291 | 41438  |
| Brixmor Property Group, Inc. | 3226 | 85650  |
| Broadstone Net Lease, Inc.<sup>(b)</sup> | 1219 | 20772  |
| BXP, Inc.<sup>(b)</sup> | 1332 | 89497  |
| Camden Property Trust | 904 | 110559  |
| CareTrust REIT, Inc. | 736 | 21035  |
| CBL & Associates Properties, Inc. | 1596 | 42422  |
| Chatham Lodging Trust | 5716 | 40755  |
| Chimera Investment Corp. | 2095 | 26879  |
| City Office REIT, Inc. | 8788 | 45610  |
| COPT Defense Properties | 1923 | 52440  |
| CoreCivic, Inc.<sup>(a)</sup> | 3695 | 74972  |
| Cousins Properties, Inc. | 2150 | 63425  |
| CubeSmart | 1052 | 44931  |
| Curbline Properties Corp. | 1658 | 40107  |
| DiamondRock Hospitality Co. | 5323 | 41094  |
| Diversified Healthcare Trust | 22321 | 53570  |
| Douglas Emmett, Inc. | 2470 | 39520  |
| Easterly Government Properties, Inc. | 1798 | 19059  |
| EastGroup Properties, Inc.<sup>(b)</sup> | 104 | 18320  |
| Empire State Realty Trust, Inc. - Class A | 5645 | 44144  |
| EPR Properties<sup>(b)</sup> | 860 | 45245  |
| Equity LifeStyle Properties, Inc. | 642 | 42821  |
| Essential Properties Realty Trust, Inc.<sup>(b)</sup> | 674 | 21999  |
| Federal Realty Investment Trust | 346 | 33846  |
| First Industrial Realty Trust, Inc. | 353 | 19048  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Four Corners Property Trust, Inc.<sup>(b)</sup> | 658 | $18885  |
| Franklin BSP Realty Trust, Inc. | 1589 | 20244  |
| Franklin Street Properties Corp. | 17914 | 31887  |
| Gaming and Leisure Properties, Inc. | 1217 | 61945  |
| GEO Group, Inc.<sup>(a)</sup> | 3038 | 88740  |
| Gladstone Commercial Corp. | 1216 | 18216  |
| Healthcare Realty Trust, Inc. | 1670 | 28223  |
| Highwoods Properties, Inc. | 1400 | 41496  |
| Host Hotels & Resorts, Inc.<sup>(b)</sup> | 7041 | 100053  |
| Hudson Pacific Properties, Inc. | 19638 | 57932  |
| Independence Realty Trust, Inc.<sup>(b)</sup> | 1665 | 35348  |
| Industrial Logistics Properties Trust | 7822 | 26908  |
| Innovative Industrial Properties, Inc. | 172 | 9303  |
| Invesco Mortgage Capital, Inc. | 2434 | 19204  |
| JBG SMITH Properties<sup>(b)</sup> | 2134 | 34379  |
| Kilroy Realty Corp.<sup>(b)</sup> | 1696 | 55561  |
| Kimco Realty Corp. | 4929 | 104692  |
| Kite Realty Group Trust | 1948 | 43577  |
| Lamar Advertising Co. - Class A<sup>(b)</sup> | 386 | 43919  |
| Macerich Co.<sup>(b)</sup> | 3742 | 64250  |
| MFA Financial, Inc. | 2257 | 23157  |
| National Health Investors, Inc. | 274 | 20238  |
| National Storage Affiliates Trust | 401 | 15799  |
| NET Lease Office Properties<sup>(a)</sup> | 1391 | 43650  |
| NexPoint Residential Trust, Inc. | 394 | 15575  |
| NNN REIT, Inc. | 854 | 36423  |
| Omega Healthcare Investors, Inc.<sup>(b)</sup> | 1106 | 42116  |
| Orchid Island Capital, Inc. | 2542 | 19116  |
| Orion Office REIT, Inc. | 21532 | 46078  |
| Paramount Group, Inc. | 11830 | 50869  |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 2989 | 31922  |
| Pebblebrook Hotel Trust<sup>(b)</sup> | 5116 | 51825  |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br>Trust<sup>(b)</sup> | 1361 | 19939  |
| Phillips Edison & Co., Inc. | 388 | 14158  |
|  Piedmont Office Realty Trust, Inc. - Class A | 6258 | 46121  |
| Plymouth Industrial REIT, Inc. | 1019 | 16610  |
| Redwood Trust, Inc. | 2971 | 18034  |
| Regency Centers Corp. | 1209 | 89176  |
| Rexford Industrial Realty, Inc.<sup>(b)</sup> | 361 | 14133  |
| Rithm Capital Corp. | 9829 | 112542  |
| RLJ Lodging Trust | 5076 | 40050  |
| Ryman Hospitality Properties, Inc.<sup>(b)</sup> | 359 | 32827  |
| Sabra Health Care REIT, Inc. | 2930 | 51187  |
| Service Properties Trust | 21371 | 55778  |
| SL Green Realty Corp. | 439 | 25330  |
| STAG Industrial, Inc.<sup>(b)</sup> | 500 | 18060  |
| Starwood Property Trust, Inc.<sup>(b)</sup> | 3266 | 64569  |
| Summit Hotel Properties, Inc. | 8605 | 46553  |
| Sunstone Hotel Investors, Inc. | 3469 | 32643  |
| Tanger, Inc. | 1669 | 56395  |
| Terreno Realty Corp. | 293 | 18523  |
| Two Harbors Investment Corp. | 1364 | 18223  |

---

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, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |
| Uniti Group, Inc. | 8716 | $43929  |
| Urban Edge Properties | 1406 | 26714  |
| Veris Residential, Inc. | 1260 | 21319  |
| Vornado Realty Trust | 2380 | 88036  |
| Whitestone REIT | 3895 | 56750  |
| Xenia Hotels & Resorts, Inc. | 3015 | 35456  |
|  |  | 4177742  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $4,372,172)** |  | 4177742  |
| **INVESTMENT COMPANIES - 3.3%**<br>|  |  |
| **International Equity Funds - 3.3%**<br>|  |  |
| Vanguard Extended Market ETF<sup>(b)</sup> | 16983 | 2925491  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $2,455,491)** |  | 2925491 |

---

---

| | |
|:---|:---|
|  | **Units** |
| **SHORT-TERM INVESTMENTS - 9.8%** | **SHORT-TERM INVESTMENTS - 9.8%** |
|  **Investments Purchased with Proceeds from Securities Lending - 9.5%**<br>|  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(e)</sup> | 8537962 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(e)</sup> | 247458 | 247458  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,785,420)** |  | 8785420  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.5%** <br>**(Cost $71,569,863)** |  | $98436863  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.5)% |  | (8546330)  |
| **TOTAL NET ASSETS - 100.0%** |  | $89890533 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $8,503,031 which represented 9.5% of net assets.

<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 $5,013 or 0.0% of net assets as of March 31, 2025.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

32<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Australia - 4.5%**<br>|  |  |
| ANZ Group Holdings Ltd. | 15176 | $277859  |
| Aristocrat Leisure, Ltd. | 3075 | 124363  |
| BHP Billiton, Ltd. | 13378 | 324593  |
| BlueScope Steel, Ltd. | 4306 | 57674  |
| Brambles Ltd. | 6507 | 82205  |
| Cochlear, Ltd. | 1711 | 281989  |
| Coles Group, Ltd. | 27425 | 335704  |
| Commonwealth Bank of Australia | 4886 | 464630  |
| Computershare, Ltd. | 1265 | 31181  |
| CSL, Ltd. | 175 | 27543  |
| Insurance Australia Group, Ltd. | 17009 | 82741  |
| Lottery Corp. Ltd. | 102440 | 306502  |
| Macquarie Group, Ltd. | 1188 | 147843  |
| Medibank Private, Ltd. | 25983 | 72619  |
| National Australia Bank, Ltd. | 15989 | 343903  |
| Northern Star Resources Ltd. | 4571 | 52773  |
| Origin Energy, Ltd. | 11398 | 75425  |
| Pro Medicus Ltd. | 4327 | 547694  |
| Qantas Airways Ltd. | 18528 | 105631  |
| QBE Insurance Group, Ltd. | 10558 | 145882  |
| REA Group, Ltd. | 1279 | 177455  |
| SGH Ltd. | 605 | 18991  |
| Suncorp Group, Ltd. | 10242 | 124050  |
| Telstra Group Ltd. | 9679 | 25570  |
| Wesfarmers, Ltd. | 9270 | 420247  |
| Westpac Banking Corp. | 16178 | 322387  |
| WiseTech Global Ltd. | 715 | 36871  |
| Woolworths, Ltd. | 13689 | 254169  |
|  |  | 5268494 |
| **Austria - 0.3%**<br>|  |  |
| Erste Group Bank AG | 4144 | 286646  |
| **Belgium - 0.6%**<br>|  |  |
| Ageas SA | 3538 | 212080  |
| Anheuser-Busch InBev SA | 3040 | 186904  |
| KBC Group NV | 420 | 38281  |
| UCB SA | 1211 | 213215  |
|  |  | 650480  |
| **Canada - 11.0%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 2235 | 242145  |
| Air Canada<sup>(a)</sup> | 22207 | 218667  |
| Alimentation Couche-Tard, Inc. | 5917 | 291810  |
| AltaGas Ltd. | 5137 | 140897  |
| Bank of Montreal | 2262 | 216006  |
| Bank of Nova Scotia | 3860 | 183015  |
| Brookfield Corp. | 3505 | 183428  |
| Canadian Imperial Bank of Commerce | 3814 | 214547  |
| Canadian Natural Resources, Ltd. | 10258 | 315642  |
| Canadian Tire Corp. Ltd. - Class A | 2973 | 308735  |
| Canadian Utilities, Ltd. - Class A | 981 | 25223  |
| Celestica, Inc.<sup>(a)</sup> | 830 | 65475  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cenovus Energy, Inc. | 28169 | $391494  |
| CGI, Inc. | 635 | 63392  |
| Constellation Software, Inc. | 253 | 801233  |
| Descartes Systems Group, Inc.<sup>(a)</sup> | 1155 | 116275  |
| Dollarama, Inc. | 4033 | 431255  |
| Element Fleet Management Corp. | 3144 | 62506  |
| Empire Co. Ltd. | 22134 | 742132  |
| Enbridge, Inc. | 6279 | 277898  |
| Fairfax Financial Holdings Ltd. | 374 | 540537  |
| FirstService Corp. | 275 | 45600  |
| George Weston, Ltd. | 2699 | 460127  |
| Gildan Activewear, Inc. | 1347 | 59551  |
| Great-West Lifeco, Inc. | 5299 | 207608  |
| Hydro One, Ltd.<sup>(b)</sup> | 1513 | 50877  |
| iA Financial Corp., Inc. | 1756 | 166759  |
| IGM Financial, Inc. | 884 | 27189  |
| Imperial Oil, Ltd. | 3287 | 237437  |
| Intact Financial Corp. | 439 | 89691  |
| Keyera Corp. | 2581 | 80225  |
| Kinross Gold Corp. | 12372 | 155870  |
| Loblaw Cos. Ltd. | 5094 | 713843  |
| Magna International, Inc. | 9786 | 332604  |
| Manulife Financial Corp. | 12076 | 376281  |
| Metro, Inc. | 1993 | 138591  |
| National Bank of Canada | 1450 | 119674  |
| Nutrien Ltd. | 1215 | 60300  |
| Open Text Corp. | 1873 | 47272  |
| Pembina Pipeline Corp. | 3231 | 129236  |
| Power Corp. of Canada | 4813 | 170172  |
| Quebecor, Inc. - Class B | 2448 | 61768  |
| Royal Bank of Canada | 6742 | 759444  |
| Saputo, Inc. | 5107 | 88118  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 2602 | 247534  |
| Stantec, Inc. | 2009 | 166522  |
| Sun Life Financial, Inc. | 1085 | 62097  |
| Suncor Energy, Inc. | 13180 | 510329  |
| TC Energy Corp. | 3434 | 162173  |
| TFI International, Inc. | 555 | 42972  |
| Thomson Reuters Corp. | 217 | 37447  |
| TMX Group Ltd. | 4482 | 163639  |
| Toronto-Dominion Bank | 5930 | 355334  |
| Wheaton Precious Metals Corp. | 1596 | 123849  |
| WSP Global, Inc. | 2931 | 497397  |
|  |  | 12779842  |
| **China - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Yangzijiang Shipbuilding Holdings, Ltd. | 23012 | 40387  |
| **Denmark - 2.2%**<br>|  |  |
| AP Moller - Maersk AS - Class A | 211 | 361445  |
| AP Moller - Maersk AS - Class B | 209 | 363750  |
| Danske Bank AS | 2847 | 93186  |
| Demant AS<sup>(a)</sup> | 1447 | 48628  |
| Genmab AS<sup>(a)</sup> | 273 | 53186  |

---

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

33<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Denmark - (Continued)**  | **Denmark - (Continued)**  | **Denmark - (Continued)**  |
| Novo Nordisk AS - Class B | 16199 | $1107661  |
| Pandora AS | 1786 | 273725  |
| Rockwool AS - Class B | 591 | 244974  |
|  |  | 2546555  |
| **Finland - 0.7%**<br>|  |  |
| Kone OYJ - Series B - Class B | 312 | 17215  |
| Nokia OYJ | 73328 | 386205  |
| Orion Oyj - Class B | 6082 | 361253  |
| Wartsila OYJ Abp | 2698 | 48142  |
|  |  | 812815  |
| **France - 10.0%**<br>|  |  |
| Accor SA | 1968 | 89751  |
| Air Liquide SA | 412 | 78258  |
| Airbus SE | 492 | 86634  |
| Alstom SA<sup>(a)</sup> | 2329 | 51589  |
| Arkema SA | 886 | 67842  |
| AXA SA | 12537 | 535655  |
| BioMerieux | 783 | 96786  |
| BNP Paribas SA | 5174 | 432441  |
| Bollore SE | 31272 | 183204  |
| Bouygues SA | 13347 | 526145  |
| Bureau Veritas SA | 2095 | 63563  |
| Capgemini SE | 949 | 142595  |
| Carrefour SA | 26339 | 376699  |
| Cie de Saint-Gobain SA | 5171 | 515120  |
|  Cie Generale des Etablissements Michelin SCA | 5408 | 190073  |
| Credit Agricole SA | 22232 | 404780  |
| Danone SA | 2291 | 175228  |
| Dassault Aviation SA | 390 | 128594  |
| Dassault Systemes SE | 1454 | 55358  |
| Eiffage SA | 3813 | 443944  |
| Engie SA | 15101 | 294256  |
| EssilorLuxottica SA | 807 | 232553  |
| Hermes International SCA | 208 | 547275  |
| Ipsen SA | 4309 | 496315  |
| La Francaise des Jeux SAEM<sup>(b)</sup> | 11463 | 360697  |
| L'Oreal SA | 1552 | 576869  |
|  LVMH Moet Hennessy Louis Vuitton SE | 1200 | 743137  |
| Orange SA | 19338 | 250508  |
| Publicis Groupe SA | 849 | 80102  |
| Rexel SA | 10346 | 278835  |
| Safran SA | 1214 | 319627  |
| Sanofi SA | 5846 | 647282  |
| Schneider Electric SE | 1427 | 329417  |
| Societe Generale SA | 6166 | 278173  |
| Teleperformance | 2304 | 231671  |
| Thales SA | 228 | 60608  |
| TotalEnergies SE | 13179 | 849165  |
| Vinci SA | 2687 | 338725  |
|  |  | 11559474  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Germany - 9.9%**<br>|  |  |
| adidas AG | 1947 | $459222  |
| Allianz SE | 1446 | 553400  |
| Bayer AG | 25211 | 604358  |
| Beiersdorf AG | 715 | 92367  |
| Brenntag SE | 923 | 59827  |
| Commerzbank AG | 10218 | 233840  |
| Continental AG | 3428 | 241743  |
| CTS Eventim AG & Co. KGaA | 298 | 29896  |
| Deutsche Bank AG | 25886 | 617051  |
| Deutsche Boerse AG | 711 | 209788  |
| Deutsche Lufthansa AG | 8170 | 59529  |
| Deutsche Post AG | 11721 | 503223  |
| Deutsche Telekom AG | 20409 | 753502  |
| Evonik Industries AG | 11679 | 253190  |
| Fresenius Medical Care AG | 9480 | 471726  |
| Fresenius SE & Co. KGaA<sup>(a)</sup> | 8661 | 369771  |
| GEA Group AG | 899 | 54649  |
| Hannover Rueck SE | 220 | 65573  |
| Heidelberg Materials AG | 2972 | 512308  |
| Henkel AG & Co. KGaA | 444 | 31989  |
| Knorr-Bremse AG | 1861 | 169361  |
| Mercedes-Benz Group AG | 7488 | 442330  |
| Merck KGaA | 646 | 88896  |
| MTU Aero Engines AG | 370 | 128565  |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 602 | 380297  |
| Nemetschek SE | 1168 | 136161  |
| Puma SE | 6944 | 169380  |
| Rational AG | 438 | 364924  |
| Rheinmetall AG | 448 | 641055  |
| SAP SE | 4441 | 1189968  |
| Scout24 SE<sup>(b)</sup> | 681 | 71316  |
| Siemens AG | 2063 | 476444  |
| Siemens Energy AG<sup>(a)</sup> | 7868 | 466432  |
| Talanx AG | 2426 | 255158  |
| Zalando SE<sup>(a)(b)</sup> | 8891 | 308388  |
|  |  | 11465627  |
| **Hong Kong - 1.9%**<br>|  |  |
| AIA Group, Ltd. | 8037 | 60839  |
| BOC Hong Kong Holdings, Ltd. | 75554 | 305912  |
| CK Hutchison Holdings, Ltd. | 71942 | 405533  |
| CK Infrastructure Holdings Ltd. | 3909 | 23405  |
| Hang Seng Bank, Ltd. | 5100 | 69456  |
|  HKT Trust and HKT, Ltd. - Stapled Security | 32221 | 43045  |
| Hong Kong Exchange & Clearing, Ltd. | 4480 | 199289  |
| Jardine Matheson Holdings, Ltd. | 11040 | 466250  |
| SITC International Holdings Co. Ltd. | 16028 | 43564  |
| Techtronic Industries Co. Ltd. | 10078 | 120778  |
| WH Group, Ltd.<sup>(b)</sup> | 506696 | 465250  |
|  |  | 2203321  |

---

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

34<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Ireland - 0.5%**<br>|  |  |
| AerCap Holdings NV | 1034 | $105644  |
| AIB Group PLC | 9957 | 64314  |
| Bank of Ireland Group PLC | 6733 | 79553  |
| DCC PLC | 2161 | 144424  |
| Experian PLC | 1038 | 48096  |
| James Hardie Industries PLC<sup>(a)</sup> | 2721 | 64935  |
| Kerry Group Plc - Series A - Class A | 538 | 56337  |
| Kingspan Group PLC | 213 | 17206  |
| Kingspan Group PLC<sup>(a)</sup> | 206 | 16688  |
|  |  | 597197  |
| **Israel - 1.1%**<br>|  |  |
| Bank Hapoalim BM | 4017 | 54475  |
| Bank Leumi Le-Israel BM | 8294 | 111692  |
|  Check Point Software Technologies, Ltd.<sup>(a)</sup> | 974 | 221994  |
| CyberArk Software, Ltd.<sup>(a)</sup> | 320 | 108160  |
| Elbit Systems Ltd. | 78 | 29913  |
| ICL Group Ltd. | 34241 | 194458  |
|  Israel Discount Bank, Ltd. - Series A - Class A | 4649 | 32385  |
| Monday.com Ltd.<sup>(a)(d)</sup> | 432 | 105045  |
|  Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 11752 | 180628  |
| Wix.com, Ltd.<sup>(a)</sup> | 1699 | 277583  |
|  |  | 1316333  |
| **Italy - 3.4%**<br>|  |  |
| Banco BPM SpA | 21122 | 214939  |
| BPER Banca SPA | 5408 | 42451  |
| Enel SpA | 15337 | 124419  |
| Eni SpA | 24355 | 376689  |
| Ferrari NV | 396 | 169116  |
| FinecoBank Banca Fineco SpA | 7414 | 146847  |
| Generali | 12098 | 424993  |
| Intesa Sanpaolo SpA | 52897 | 272614  |
| Leonardo SpA | 4033 | 196403  |
|  Mediobanca Banca di Credito Finanziario SpA | 5502 | 103205  |
| Moncler SpA | 4598 | 283224  |
| Poste Italiane SpA<sup>(b)</sup> | 19325 | 344765  |
| Prysmian SpA | 4534 | 249584  |
| UniCredit SpA | 9915 | 556552  |
| Unipol Gruppo SpA | 24782 | 396710  |
|  |  | 3902511  |
| **Japan - 18.4%**<br>|  |  |
| Advantest Corp. | 6250 | 278603  |
| Aisin Corp. | 22878 | 249894  |
| Ajinomoto Co., Inc. | 3426 | 67827  |
| ANA Holdings, Inc.<sup>(d)</sup> | 9322 | 172072  |
| Asahi Group Holdings, Ltd. | 15607 | 199404  |
| Asahi Kasei Corp. | 16567 | 116146  |
| Asics Corp. | 19476 | 413039  |
| Astellas Pharma, Inc. | 8974 | 87357  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bandai Namco Holdings, Inc. | 4568 | $153245  |
| Bridgestone Corp. | 2016 | 80988  |
| Canon, Inc. | 4684 | 146062  |
| Capcom Co. Ltd. | 4939 | 121902  |
| Central Japan Railway Co. | 1795 | 34238  |
| Chugai Pharmaceutical Co. Ltd. | 3291 | 150766  |
| Concordia Financial Group Ltd. | 8680 | 57627  |
| Dai-ichi Life Holdings, Inc. | 25004 | 190919  |
| Daiichi Sankyo Co. Ltd. | 6504 | 154886  |
| Daikin Industries, Ltd. | 347 | 37656  |
| Daiwa Securities Group, Inc. | 12356 | 83196  |
| Denso Corp. | 3664 | 45458  |
| Disco Corp. | 697 | 142343  |
| Don Quijote Co., Ltd. | 4433 | 121767  |
| Eisai Co. Ltd. | 4784 | 133173  |
| ENEOS Holdings, Inc. | 77448 | 408462  |
| Fast Retailing Co. Ltd. | 905 | 269411  |
| Fuji Electric Co. Ltd. | 510 | 21802  |
| Fujikura Ltd. | 4682 | 173397  |
| Fujitsu, Ltd. | 10090 | 200800  |
| Hikari Tsushin, Inc. | 93 | 24003  |
| Hitachi, Ltd. | 21950 | 515373  |
| Hoya Corp. | 3102 | 350087  |
| Idemitsu Kosan Co. Ltd. | 50719 | 358750  |
| Inpex Corp. | 24447 | 339099  |
| Isuzu Motors Ltd. | 4320 | 58742  |
| ITOCHU Corp. | 7070 | 328210  |
| Japan Airlines Co. Ltd. | 14041 | 240513  |
| Japan Exchange Group, Inc. | 3800 | 39106  |
| Japan Post Bank Co. Ltd. | 6105 | 61988  |
| Japan Post Holdings Co. Ltd. | 23229 | 232927  |
| Japan Post Insurance Co. Ltd. | 16602 | 338348  |
| Japan Tobacco, Inc. | 6038 | 165961  |
| Kansai Electric Power Co., Inc. | 24213 | 287361  |
| Kao Corp. | 1400 | 60601  |
| Kawasaki Kisen Kaisha Ltd.<sup>(d)</sup> | 3014 | 40968  |
| KDDI Corp. | 3824 | 60403  |
| Keyence Corp. | 110 | 43253  |
| Kirin Holdings Co. Ltd. | 2514 | 34834  |
| Komatsu, Ltd. | 564 | 16516  |
| Konami Holdings Corp. | 1435 | 169448  |
| Lasertec Corp. | 789 | 67815  |
| Marubeni Corp. | 9658 | 154932  |
| MatsukiyoCocokara & Co. | 11386 | 178123  |
| Mitsubishi Chemical Group Corp. | 61914 | 305947  |
| Mitsubishi Corp. | 19530 | 344798  |
| Mitsubishi Electric Corp. | 6630 | 122272  |
| Mitsubishi HC Capital, Inc. | 26984 | 182855  |
| Mitsubishi Heavy Industries, Ltd. | 14775 | 253740  |
| Mitsubishi UFJ Financial Group, Inc. | 45176 | 615921  |
| Mitsui & Co. Ltd. | 13637 | 257101  |
| Mizuho Financial Group, Inc. | 18464 | 506721  |
| MonotaRO Co. Ltd. | 26935 | 503166  |
|  MS & AD Insurance Group Holdings, Inc. | 8378 | 182203  |

---

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

35<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Japan - (Continued)**  | **Japan - (Continued)**  | **Japan - (Continued)**  |
| NEC Corp. | 6410 | $136538  |
| Nintendo Co. Ltd. | 2918 | 198359  |
| Nippon Steel Corp. | 4161 | 89050  |
| Nippon Telegraph & Telephone Corp. | 288601 | 278925  |
| Nitori Holdings Co. Ltd. | 401 | 39234  |
| Nomura Holdings, Inc. | 28451 | 175313  |
| Obayashi Corp. | 1346 | 17956  |
| Olympus Corp. | 13449 | 176057  |
| Ono Pharmaceutical Co. Ltd. | 6737 | 72481  |
| Oracle Corp. | 882 | 92816  |
| ORIX Corp. | 8880 | 185405  |
| Otsuka Holdings Co. Ltd. | 4458 | 232306  |
| Panasonic Holdings Corp. | 19904 | 237445  |
| Rakuten, Inc.<sup>(a)</sup> | 14576 | 83622  |
| Recruit Holdings Co. Ltd. | 13538 | 701421  |
| Resona Holdings, Inc. | 14631 | 127755  |
| Ricoh Co. Ltd. | 34091 | 360620  |
| SBI Holdings, Inc. | 1493 | 40315  |
| Seiko Epson Corp. | 9543 | 152884  |
| Seven & i Holdings Co. Ltd. | 15656 | 226713  |
| Shiseido Co. Ltd. | 13674 | 259326  |
| SoftBank Corp. | 24954 | 34810  |
| SoftBank Group Corp. | 564 | 28849  |
| Sompo Holdings, Inc. | 10884 | 331431  |
| Sony Group Corp. | 11851 | 299866  |
| Subaru Corp. | 21964 | 393357  |
| Sumitomo Corp. | 9738 | 222200  |
| Sumitomo Electric Industries Ltd. | 13656 | 227918  |
| Sumitomo Mitsui Financial Group, Inc. | 21214 | 545510  |
| Sumitomo Mitsui Trust Group, Inc. | 5531 | 139222  |
| Suzuki Motor Corp. | 4745 | 58245  |
| Sysmex Corp. | 8913 | 170149  |
| T&D Holdings, Inc. | 2732 | 58473  |
| Takeda Pharmaceutical Co. Ltd. | 1771 | 52490  |
| TDK Corp. | 10110 | 105944  |
| Toho Co., Ltd. | 1204 | 59826  |
| Tokio Marine Holdings, Inc. | 9142 | 355650  |
| Tokyo Electron, Ltd. | 1667 | 228600  |
| Tokyo Gas Co. Ltd. | 11827 | 376224  |
| TOPPAN Holdings, Inc. | 1722 | 47075  |
| Toray Industries, Inc. | 12414 | 84836  |
| Toyota Motor Corp. | 15087 | 266697  |
| Toyota Tsusho Corp. | 15581 | 262507  |
| Trend Micro, Inc. | 5062 | 341725  |
| Yakult Honsha Co. Ltd. | 824 | 15679  |
| Yokogawa Electric Corp. | 2135 | 41667  |
| Z Holdings Corp. | 19923 | 67462  |
| Zensho Holdings Co. Ltd. | 7785 | 419802  |
| ZOZO, Inc. | 52389 | 501772  |
|  |  | 21377052  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Luxembourg - 0.3%**<br>|  |  |
| CVC Capital Partners PLC<sup>(b)</sup> | 9941 | $197213  |
| Eurofins Scientific SE<sup>(a)</sup> | 425 | 22671  |
| Tenaris SA | 5665 | 110857  |
|  |  | 330741  |
| **Netherlands - 4.0%**<br>|  |  |
| ABN AMRO Bank NV<sup>(b)</sup> | 12068 | 254290  |
| Adyen NV<sup>(a)(b)</sup> | 34 | 52115  |
| Aegon Ltd. | 13697 | 89960  |
| Argenx SE<sup>(a)</sup> | 176 | 103857  |
| ASML Holding NV | 1621 | 1072738  |
| Euronext NV<sup>(b)</sup> | 1329 | 192881  |
| EXOR NV | 5272 | 478768  |
| Ferrovial SE | 605 | 27060  |
| Heineken Holding NV | 1976 | 143011  |
| ING Groep NV | 16857 | 330252  |
| JDE Peet's NV | 10415 | 227709  |
| Koninklijke Ahold Delhaize NV | 16450 | 614493  |
| Koninklijke KPN NV | 6183 | 26189  |
| Koninklijke Philips NV<sup>(a)</sup> | 2727 | 69425  |
| NN Group NV | 4855 | 270161  |
| Prosus NV | 2048 | 95149  |
| Randstad Holding NV | 3819 | 158742  |
| Universal Music Group NV | 2591 | 71546  |
| Wolters Kluwer NV | 2409 | 375073  |
|  |  | 4653419  |
| **New Zealand - 0.4%**<br>|  |  |
| Fisher & Paykel Healthcare Corp. Ltd. | 12639 | 241207  |
| Xero Ltd.<sup>(a)</sup> | 1703 | 166458  |
|  |  | 407665  |
| **Norway - 0.8%**<br>|  |  |
| DNB Bank ASA | 2740 | 72097  |
| Equinor ASA | 5640 | 148945  |
| Gjensidige Forsikring ASA | 4653 | 107086  |
| Kongsberg Gruppen ASA | 2278 | 333989  |
| Orkla ASA | 16541 | 181397  |
| Telenor ASA | 5412 | 77332  |
|  |  | 920846  |
| **Poland - 0.2%**<br>|  |  |
| InPost SA<sup>(a)</sup> | 15603 | 228995  |
| **Portugal - 0.2%**<br>|  |  |
| Galp Energia SGPS SA | 1006 | 17625  |
| Jeronimo Martins SGPS SA | 12035 | 255064  |
|  |  | 272689  |
| **Singapore - 1.5%**<br>|  |  |
| DBS Group Holdings, Ltd. | 10771 | 369890  |
| Oversea-Chinese Banking Corp. Ltd. | 23733 | 304163  |
| Sea Ltd. - ADR<sup>(a)</sup> | 1703 | 222225  |
| Singapore Airlines Ltd. | 37701 | 189918  |
| Singapore Exchange, Ltd. | 26601 | 263351  |
| Singapore Telecommunications Ltd. | 62221 | 157814  |

---

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

36<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Singapore - (Continued)**  | **Singapore - (Continued)**  | **Singapore - (Continued)**  |
| United Overseas Bank, Ltd. | 7372 | $208012  |
| Wilmar International Ltd. | 22047 | 54669  |
|  |  | 1770042  |
| **Spain - 3.1%**<br>|  |  |
|  ACS, Actividades de Construccion y Servicios SA | 8391 | 480246  |
| Aena SME SA<sup>(b)</sup> | 290 | 68035  |
| Amadeus IT Holdings SA | 526 | 40283  |
| Banco Bilbao Vizcaya Argentaria SA | 43108 | 588322  |
| Banco de Sabadell SA | 75905 | 213116  |
| Banco Santander SA | 105968 | 713899  |
| CaixaBank SA | 23506 | 183106  |
| Endesa SA | 3727 | 98782  |
| Grifols SA<sup>(a)</sup> | 3355 | 29870  |
| Iberdrola SA | 15956 | 257660  |
| Industria de Diseno Textil SA | 10389 | 517289  |
| Telefonica SA | 86739 | 408835  |
|  |  | 3599443  |
| **Sweden - 2.2%**<br>|  |  |
| Assa Abloy AB - Class B | 2676 | 80337  |
| Atlas Copco AB - Class A | 12210 | 195036  |
| Atlas Copco AB - Class B | 7462 | 104932  |
| Essity AB - Class B | 3279 | 93160  |
| Evolution AB<sup>(b)</sup> | 250 | 18627  |
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB - <br>Class B | 28099 | 370628  |
| HEXAGON AB - Class B | 2227 | 23806  |
| Indutrade AB | 545 | 15103  |
| Investor AB<sup>(a)</sup> | 11296 | 336893  |
| Lifco AB - Class B<sup>(a)</sup> | 1279 | 45371  |
| Securitas AB - Class B | 3852 | 54510  |
|  Skandinaviska Enskilda Banken AB - Class A<sup>(d)</sup> | 4252 | 69951  |
| Skanska AB - Class B | 2258 | 49836  |
| Spotify Technology SA<sup>(a)(d)</sup> | 522 | 287116  |
| Swedbank AB - Class A | 2850 | 64907  |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | 3749 | 107432  |
| Tele2 AB - B Shares - Class B | 10644 | 143409  |
|  Telefonaktiebolaget LM Ericsson - Class B<sup>(d)</sup> | 42516 | 330807  |
| Telia Co. AB | 43672 | 157474  |
|  |  | 2549335  |
| **Switzerland - 7.1%**<br>|  |  |
| ABB, Ltd. | 5674 | 292767  |
| Baloise Holding AG | 591 | 124036  |
| Cie Financiere Richemont SA | 817 | 142620  |
| Coca-Cola HBC AG | 2925 | 132473  |
| Dufry AG | 5042 | 220863  |
| EMS-Chemie Holding AG | 89 | 60638  |
| Geberit AG | 308 | 192958  |
| Glencore PLC | 79063 | 289382  |
| Helvetia Holding AG | 328 | 68031  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Holcim AG | 3328 | $358137  |
| Kuehne & Nagel International AG | 1088 | 251253  |
| Logitech International SA | 2971 | 251748  |
| Lonza Group AG | 69 | 42626  |
| Nestle SA | 9525 | 962564  |
| Novartis AG | 10890 | 1209550  |
| Partners Group Holding AG | 260 | 370033  |
| Roche Holding AG | 437 | 151687  |
| Roche Holding AG | 3616 | 1190126  |
| Sandoz Group AG | 1574 | 66004  |
| Schindler Holding AG | 210 | 65817  |
| Schindler Holding AG | 159 | 48185  |
| SGS SA<sup>(d)</sup> | 2900 | 288953  |
| Sonova Holding AG | 356 | 103945  |
| STMicroelectronics NV | 5339 | 117072  |
| Straumann Holding AG | 991 | 119974  |
| Swatch Group AG | 188 | 32420  |
| Swiss Life Holding AG | 194 | 176988  |
| Swiss Prime Site AG | 880 | 107992  |
| Swiss Re AG | 1293 | 220041  |
| UBS Group AG | 5921 | 181861  |
| VAT Group AG<sup>(b)</sup> | 316 | 113906  |
| Zurich Insurance Group AG | 439 | 306426  |
|  |  | 8261076  |
| **United Kingdom - 12.0%**<br>|  |  |
| 3i Group PLC | 12629 | 593826  |
| Admiral Group PLC | 9072 | 334941  |
| Associated British Foods PLC | 8453 | 209563  |
| AstraZeneca PLC | 8426 | 1237320  |
| Auto Trader Group PLC<sup>(b)</sup> | 50360 | 486964  |
| Aviva PLC - Class B<sup>(a)</sup> | 12456 | 89772  |
| BAE Systems PLC | 9728 | 196433  |
| Barclays PLC | 116327 | 437395  |
| BP PLC | 96122 | 539387  |
| British American Tobacco PLC | 10175 | 417425  |
| Bunzl PLC | 3422 | 131633  |
| Centrica PLC | 193232 | 374148  |
| Coca-Cola Europacific Partners PLC | 739 | 64315  |
| Compass Group PLC | 4511 | 149208  |
| Diageo PLC | 2901 | 75811  |
| Entain PLC | 1543 | 11658  |
| GSK PLC | 21282 | 406705  |
| Haleon PLC | 8476 | 42806  |
| Hikma Pharmaceuticals PLC | 4111 | 103853  |
| HSBC Holdings PLC | 87250 | 989113  |
| Imperial Brands PLC | 8302 | 307191  |
| InterContinental Hotels Group PLC | 1440 | 155046  |
| J Sainsbury PLC | 84144 | 256479  |
| JD Sports Fashion PLC | 463941 | 410235  |
| Kingfisher PLC | 115831 | 381550  |
| Lloyds Banking Group PLC | 307915 | 288800  |
| London Stock Exchange Group PLC | 1339 | 198879  |
| Marks & Spencer Group PLC | 8467 | 39091  |
| National Grid PLC | 1937 | 25267  |

---

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

37<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  |
| NatWest Group PLC | 47236 | $278901  |
| Next PLC | 3653 | 526309  |
| Pearson PLC | 3157 | 49942  |
| Reckitt Benckiser Group PLC | 945 | 63902  |
| RELX PLC | 11435 | 574391  |
| Rolls-Royce Holdings PLC<sup>(a)</sup> | 41632 | 404639  |
| Sage Group PLC | 24883 | 390673  |
| Shell PLC | 24199 | 880856  |
| Smith & Nephew PLC | 4009 | 56377  |
| Standard Chartered PLC | 18740 | 278091  |
| Tesco PLC | 89024 | 383008  |
| Unilever PLC | 5131 | 306153  |
| Vodafone Group PLC | 517397 | 486160  |
| Wise PLC - Class A<sup>(a)</sup> | 23705 | 290978  |
| WPP PLC | 4422 | 33603  |
|  |  | 13958797  |
| **United States - 0.1%**<br>|  |  |
|  Brookfield Asset Management Ltd. - Class A | 1513 | 73239  |
| RB Global, Inc. | 422 | 42354  |
| Smithfield Foods, Inc.<sup>(a)</sup> | 54 | 1111  |
|  |  | 116704  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $74,845,219)** |  | 111876486  |
| **INVESTMENT COMPANIES - 1.9%**<br>|  |  |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| iShares MSCI Canada ETF | 4589 | 187002  |
| iShares MSCI EAFE ETF | 23993 | 1960948  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $1,960,193)** |  | 2147950  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.2%**<br>|  |  |
| **Australia - 0.1%**<br>|  |  |
| Goodman Group | 5374 | 96445  |
| Scentre Group, Ltd. | 10130 | 21433  |
|  |  | 117878  |
| **France - 0.1%**<br>|  |  |
| Klepierre | 3025 | 101252  |
| Unibail-Rodamco-Westfield | 652 | 54971  |
|  |  | 156223  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $293,716)** |  | 274101  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 0.1%**<br>|  |  |
| **Germany - 0.1%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 523 | $41614  |
| Porsche Automobil Holding SE, 0.00% | 697 | 26248  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $68,734)** |  | 67862  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., Expires 03/31/2040, Exercise <br>Price $0.00<sup>(a)(e)</sup> | 282 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 0.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(f)</sup> | 1044599 | 1044599  |
|  | **Shares** |  |
| **Money Market Funds - 0.0%<sup>(c)</sup>**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(f)</sup> | 6920 | 6920  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,051,519)** |  | 1051519  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $78,219,381)** |  | $115417918  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 625354  |
| **TOTAL NET ASSETS - 100.0%** |  | $116043272 |

---

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

38<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

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.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

PLC - Public Limited Company

<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, 2025, the value of these securities total $2,985,324 or 2.6% of the Fund's net assets.

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

<sup>(d)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $973,878 which represented 0.8% 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, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

39<br>

------

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

**GuideMark World ex-US Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

**Sector Classification as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $29007347 | 25.0%  |
| Industrials | 19984381 | 17.2  |
| Consumer Discretionary | 13329893 | 11.5  |
| Health Care | 12714673 | 11.0  |
| Consumer Staples | 11024811 | 9.5  |
| Information Technology | 8694092 | 7.5  |
| Energy | 6134269 | 5.3  |
| Communication Services | 5255017 | 4.5  |
| Materials | 3492331 | 3.0  |
| Utilities | 2153942 | 1.9  |
| Real Estate | 427693 | 0.4  |
| Investment Companies | 2147950 | 1.9  |
| Investments Purchased with Proceeds from Securities Lending | 1044599 | 0.9  |
| Money Market Funds | 6920 | 0.0  |
| Other Assets in Excess of Liabilities  | 625354 | 0.5  |
|  | $116043272 | 100.0% |

---

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

40<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 35.6%** | **U.S. TREASURY SECURITIES - 35.6%** | **U.S. TREASURY SECURITIES - 35.6%** |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | $1335577 | $1069657  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 2190000 | 1871252  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 82903 | 63596  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 2820000 | 2306176  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 590000 | 516826  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 795000 | 707364  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 824645 | 716349  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 2220000 | 1783978  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2045 | 654280 | 495547  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 810000 | 581729  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 240000 | 186619  |
| &nbsp;&nbsp;&nbsp; 1.00%, 02/15/2046 | 248030 | 195176  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 950000 | 672849  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 1610000 | 1078386  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 | 2510000 | 1925445  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 1050000 | 762686  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 500000 | 379502  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 2220000 | 1720587  |
| &nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 438645 | 267016  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 2996000 | 1479977  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 2069000 | 1048805  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1020000 | 552294  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 1660000 | 1230086  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 695000 | 637445  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 470000 | 478170  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1145000 | 1075763  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026<sup>(i)</sup> | 4340000 | 4207681  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027 | 3140000 | 3158950  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 5260000 | 4868993  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 4935000 | 4650081  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 2025000 | 1932293  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 775000 | 753687  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 1905000 | 1917762  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 1410000 | 1191560  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 1805000 | 1858727  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 1030000 | 868338  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 1075000 | 992758  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 2320000 | 2117362  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 1245000 | 1217620  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 590000 | 602756  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 1038607 | 1035455  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 4465000 | 4467442  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $66,333,216)** |  | 59644745  |
| **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** | **MORTGAGE-BACKED SECURITIES - 31.2%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 780447, 5.16% (1 yr. CMT Rate + 2.25%), 04/01/2033 | 9978 | 10223  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool A43129, 5.50%, 02/01/2036 | $39 | $40  |
| &nbsp;&nbsp;&nbsp; Pool Q49389, 3.50%, 07/01/2047 | 158475 | 145215  |
| &nbsp;&nbsp;&nbsp; Pool Q52093, 3.50%, 11/01/2047 | 143438 | 131125  |
| &nbsp;&nbsp;&nbsp; Pool QC8858, 2.50%, 10/01/2051 | 1617619 | 1363478  |
| &nbsp;&nbsp;&nbsp; Pool QD4104, 2.00%, 01/01/2052 | 2239586 | 1785406  |
| &nbsp;&nbsp;&nbsp; Pool QE0827, 2.00%, 04/01/2052 | 140594 | 111896  |
| &nbsp;&nbsp;&nbsp; Pool SD8123, 3.00%, 01/01/2051 | 1419676 | 1240441  |
| &nbsp;&nbsp;&nbsp; Pool SD8431, 5.50%, 05/01/2054 | 2439230 | 2435565  |
| &nbsp;&nbsp;&nbsp; Pool U90688, 4.00%, 05/01/2042 | 92137 | 88150  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class MV, 3.50%, 10/25/2058 (Callable <br>11/25/2046) | 58574 | 54351  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.24% (30 day avg SOFR US + 2.90%), 04/25/2042 (Callable 04/25/2027)<sup>(a)</sup> | 95000 | 97760  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.69% (30 day avg SOFR US + 3.35%), 05/25/2042 (Callable 05/25/2027)<sup>(a)</sup> | 240000 | 249475  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1B, 9.34% (30 day avg SOFR US + 5.00%), 03/25/2052 (Callable 09/25/2027)<sup>(a)</sup> | 320000 | 346921  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.89% (30 day avg SOFR US + 3.55%), 08/25/2042 (Callable 08/25/2027)<sup>(a)</sup> | 175000 | 182867  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, 7.84% (30 day avg SOFR US + 3.50%), 05/25/2043 (Callable 05/25/2028)<sup>(a)</sup> | 95000 | 100882  |
| &nbsp;&nbsp;&nbsp; Series 2329, Class ZA, 6.50%, 06/15/2031 | 25793 | 26176  |
| &nbsp;&nbsp;&nbsp; Series 2338, Class ZC, 6.50%, 07/15/2031 | 16783 | 17416  |
| &nbsp;&nbsp;&nbsp; Series 3883, Class PB, 3.00%, 05/15/2041 | 21109 | 20152  |
| &nbsp;&nbsp;&nbsp; Series 4961, Class JB, 2.50%, 12/15/2042 | 83858 | 76313  |
| &nbsp;&nbsp;&nbsp; Series 5170, Class DP, 2.00%, 07/25/2050 | 294806 | 256753  |
| &nbsp;&nbsp;&nbsp; Series K068, Class A2, 3.24%, 08/25/2027 (Callable 08/25/2027) | 82000 | 80219  |
| &nbsp;&nbsp;&nbsp; Series K104, Class X1, 1.11%, 01/25/2030 (Callable 01/25/2030)<sup>(b)(c)</sup> | 694060 | 30297  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.65%, 04/25/2030 (Callable 04/25/2030)<sup>(b)(c)</sup> | 314584 | 20623  |
| &nbsp;&nbsp;&nbsp; Series K111, Class X1, 1.57%, 05/25/2030 (Callable 05/25/2030)<sup>(b)(c)</sup> | 1310391 | 86103  |
| &nbsp;&nbsp;&nbsp; Series K114, Class X1, 1.11%, 06/25/2030 (Callable 03/25/2030)<sup>(b)(c)</sup> | 926213 | 44643  |

---

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

41<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.87%, 11/25/2030 (Callable 08/25/2030)<sup>(b)(c)</sup> | $294885 | $11689  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 04/15/2036<sup>(d)</sup> | 3300000 | 2893688  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/25/2049<sup>(d)</sup> | 50000 | 41502  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/25/2050<sup>(d)</sup> | 1150000 | 913111  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/25/2054<sup>(d)</sup> | 6696000 | 6796076  |
| &nbsp;&nbsp;&nbsp; Pool 310229, 3.50%, 08/01/2043 | 327538 | 304528  |
| &nbsp;&nbsp;&nbsp; Pool 357850, 5.50%, 07/01/2035 | 1767 | 1805  |
| &nbsp;&nbsp;&nbsp; Pool 544859, 4.82% (Ent 11th COFI Repl + 1.70%), 08/01/2029 | 181 | 180  |
| &nbsp;&nbsp;&nbsp; Pool 727181, 5.00%, 08/01/2033 | 827 | 832  |
| &nbsp;&nbsp;&nbsp; Pool 730727, 5.00%, 08/01/2033 | 429 | 429  |
| &nbsp;&nbsp;&nbsp; Pool 741862, 5.50%, 09/01/2033 | 145 | 148  |
| &nbsp;&nbsp;&nbsp; Pool 766197, 5.50%, 02/01/2034 | 165 | 167  |
| &nbsp;&nbsp;&nbsp; Pool 775776, 5.50%, 05/01/2034 | 1721 | 1755  |
| &nbsp;&nbsp;&nbsp; Pool 776974, 5.50%, 04/01/2034 | 38 | 39  |
| &nbsp;&nbsp;&nbsp; Pool 781629, 5.50%, 12/01/2034 | 1232 | 1260  |
| &nbsp;&nbsp;&nbsp; Pool 786848, 7.00%, 10/01/2031 | 19850 | 20728  |
| &nbsp;&nbsp;&nbsp; Pool 802783, 5.86% (RFUCCT1Y + 1.61%), 10/01/2034 | 57025 | 58006  |
| &nbsp;&nbsp;&nbsp; Pool 820242, 5.00%, 07/01/2035 | 1282 | 1290  |
| &nbsp;&nbsp;&nbsp; Pool 822815, 5.50%, 04/01/2035 | 1303 | 1330  |
| &nbsp;&nbsp;&nbsp; Pool 838452, 5.50%, 09/01/2035 | 198 | 200  |
| &nbsp;&nbsp;&nbsp; Pool 865854, 6.00%, 03/01/2036 | 1369 | 1423  |
| &nbsp;&nbsp;&nbsp; Pool 888504, 5.01% (1 yr. CMT Rate + 2.01%), 04/01/2034 | 25344 | 25916  |
| &nbsp;&nbsp;&nbsp; Pool 891474, 6.00%, 04/01/2036 | 1655 | 1715  |
| &nbsp;&nbsp;&nbsp; Pool 899119, 5.50%, 04/01/2037 | 23 | 24  |
| &nbsp;&nbsp;&nbsp; Pool 906000, 6.00%, 01/01/2037 | 846 | 879  |
| &nbsp;&nbsp;&nbsp; Pool 928062, 5.50%, 02/01/2037 | 21 | 21  |
| &nbsp;&nbsp;&nbsp; Pool 964930, 5.50%, 08/01/2038 | 42 | 43  |
| &nbsp;&nbsp;&nbsp; Pool 968371, 5.50%, 09/01/2038 | 13 | 13  |
| &nbsp;&nbsp;&nbsp; Pool 970131, 5.50%, 03/01/2038 | 55 | 56  |
| &nbsp;&nbsp;&nbsp; Pool 985108, 5.50%, 07/01/2038 | 33 | 33  |
| &nbsp;&nbsp;&nbsp; Pool 987032, 5.50%, 08/01/2038 | 21 | 21  |
| &nbsp;&nbsp;&nbsp; Pool 993050, 5.50%, 12/01/2038 | 13 | 13  |
| &nbsp;&nbsp;&nbsp; Pool 993579, 4.00%, 05/01/2039 | 5384 | 5164  |
| &nbsp;&nbsp;&nbsp; Pool AA5840, 4.00%, 06/01/2039 | 898 | 865  |
| &nbsp;&nbsp;&nbsp; Pool AA8715, 4.00%, 06/01/2039 | 19519 | 18816  |
| &nbsp;&nbsp;&nbsp; Pool AB1500, 4.00%, 09/01/2040 | 3391 | 3261  |
| &nbsp;&nbsp;&nbsp; Pool AB3995, 4.00%, 12/01/2041 | 5544 | 5331  |
| &nbsp;&nbsp;&nbsp; Pool AB5529, 4.00%, 07/01/2042 | 13799 | 13406  |
| &nbsp;&nbsp;&nbsp; Pool AB6228, 3.50%, 09/01/2042 | 47811 | 44538  |
| &nbsp;&nbsp;&nbsp; Pool AD0586, 4.50%, 12/01/2039 | 52741 | 52068  |
| &nbsp;&nbsp;&nbsp; Pool AD1889, 4.50%, 03/01/2041 | 47782 | 47030  |
| &nbsp;&nbsp;&nbsp; Pool AD4062, 5.00%, 05/01/2040 | 127744 | 128755  |
| &nbsp;&nbsp;&nbsp; Pool AD6929, 5.00%, 06/01/2040 | 94633 | 95381  |
| &nbsp;&nbsp;&nbsp; Pool AD9856, 4.00%, 09/01/2040 | 3039 | 2921  |
| &nbsp;&nbsp;&nbsp; Pool AD9896, 4.00%, 08/01/2040 | 2865 | 2737  |
| &nbsp;&nbsp;&nbsp; Pool AE2559, 4.00%, 09/01/2040 | 1607 | 1545  |
| &nbsp;&nbsp;&nbsp; Pool AE2562, 4.00%, 09/01/2040 | 485 | 467  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool AE2566, 4.00%, 09/01/2040 | $353 | $340  |
| &nbsp;&nbsp;&nbsp; Pool AE3916, 4.00%, 11/01/2040 | 3344 | 3222  |
| &nbsp;&nbsp;&nbsp; Pool AE4124, 4.00%, 10/01/2040 | 5486 | 5277  |
| &nbsp;&nbsp;&nbsp; Pool AE4888, 4.00%, 10/01/2040 | 3384 | 3257  |
| &nbsp;&nbsp;&nbsp; Pool AE5147, 4.00%, 11/01/2040 | 607 | 584  |
| &nbsp;&nbsp;&nbsp; Pool AE8715, 4.00%, 11/01/2040 | 8075 | 7764  |
| &nbsp;&nbsp;&nbsp; Pool AH0006, 4.00%, 12/01/2040 | 1160 | 1115  |
| &nbsp;&nbsp;&nbsp; Pool AH0020, 4.00%, 12/01/2040 | 3992 | 3838  |
| &nbsp;&nbsp;&nbsp; Pool AH0599, 4.00%, 12/01/2040 | 5020 | 4826  |
| &nbsp;&nbsp;&nbsp; Pool AH0601, 4.00%, 12/01/2040 | 879 | 845  |
| &nbsp;&nbsp;&nbsp; Pool AH1263, 4.00%, 01/01/2041 | 4080 | 3923  |
| &nbsp;&nbsp;&nbsp; Pool AH4659, 4.00%, 02/01/2041 | 908 | 874  |
| &nbsp;&nbsp;&nbsp; Pool AH5653, 4.00%, 02/01/2041 | 18163 | 17463  |
| &nbsp;&nbsp;&nbsp; Pool AH6150, 4.00%, 03/01/2041 | 3306 | 3178  |
| &nbsp;&nbsp;&nbsp; Pool AI0848, 4.00%, 12/01/2041 | 5111 | 4909  |
| &nbsp;&nbsp;&nbsp; Pool AI8842, 4.50%, 08/01/2041 | 14913 | 14694  |
| &nbsp;&nbsp;&nbsp; Pool AJ1562, 4.00%, 10/01/2041 | 6211 | 5962  |
| &nbsp;&nbsp;&nbsp; Pool AJ1972, 4.00%, 10/01/2041 | 2601 | 2504  |
| &nbsp;&nbsp;&nbsp; Pool AJ2212, 4.50%, 10/01/2041 | 167714 | 164814  |
| &nbsp;&nbsp;&nbsp; Pool AJ2446, 4.00%, 01/01/2042 | 3566 | 3426  |
| &nbsp;&nbsp;&nbsp; Pool AJ3330, 4.00%, 11/01/2041 | 5425 | 5214  |
| &nbsp;&nbsp;&nbsp; Pool AJ4187, 4.00%, 12/01/2041 | 4228 | 4064  |
| &nbsp;&nbsp;&nbsp; Pool AJ4549, 4.00%, 11/01/2041 | 4667 | 4487  |
| &nbsp;&nbsp;&nbsp; Pool AJ4698, 4.00%, 11/01/2041 | 4506 | 4332  |
| &nbsp;&nbsp;&nbsp; Pool AJ4756, 4.00%, 10/01/2041 | 6650 | 6394  |
| &nbsp;&nbsp;&nbsp; Pool AJ5424, 4.00%, 11/01/2041 | 9154 | 8802  |
| &nbsp;&nbsp;&nbsp; Pool AJ5736, 4.00%, 12/01/2041 | 5022 | 4829  |
| &nbsp;&nbsp;&nbsp; Pool AJ5968, 4.00%, 12/01/2041 | 2797 | 2687  |
| &nbsp;&nbsp;&nbsp; Pool AJ6061, 4.00%, 12/01/2041 | 5253 | 5041  |
| &nbsp;&nbsp;&nbsp; Pool AJ7538, 4.00%, 01/01/2042 | 7102 | 6828  |
| &nbsp;&nbsp;&nbsp; Pool AJ7840, 4.00%, 11/01/2041 | 3090 | 2971  |
| &nbsp;&nbsp;&nbsp; Pool AJ7868, 4.00%, 12/01/2041 | 3959 | 3806  |
| &nbsp;&nbsp;&nbsp; Pool AJ8001, 4.00%, 01/01/2042 | 2480 | 2381  |
| &nbsp;&nbsp;&nbsp; Pool AJ8104, 4.00%, 12/01/2041 | 8987 | 8641  |
| &nbsp;&nbsp;&nbsp; Pool AJ8109, 4.00%, 12/01/2041 | 7103 | 6829  |
| &nbsp;&nbsp;&nbsp; Pool AJ8171, 4.00%, 12/01/2041 | 3399 | 3271  |
| &nbsp;&nbsp;&nbsp; Pool AJ8325, 3.00%, 12/01/2026 | 29040 | 28696  |
| &nbsp;&nbsp;&nbsp; Pool AJ8341, 4.00%, 12/01/2041 | 7617 | 7318  |
| &nbsp;&nbsp;&nbsp; Pool AJ8369, 4.00%, 01/01/2042 | 5997 | 5765  |
| &nbsp;&nbsp;&nbsp; Pool AJ8436, 4.00%, 12/01/2041 | 9760 | 9384  |
| &nbsp;&nbsp;&nbsp; Pool AJ8912, 4.00%, 12/01/2041 | 4206 | 4043  |
| &nbsp;&nbsp;&nbsp; Pool AJ9162, 4.00%, 01/01/2042 | 7102 | 6828  |
| &nbsp;&nbsp;&nbsp; Pool AJ9248, 4.00%, 12/01/2041 | 4730 | 4549  |
| &nbsp;&nbsp;&nbsp; Pool AJ9330, 4.00%, 01/01/2042 | 31951 | 30720  |
| &nbsp;&nbsp;&nbsp; Pool AJ9779, 4.00%, 01/01/2042 | 1885 | 1817  |
| &nbsp;&nbsp;&nbsp; Pool AK0170, 4.00%, 01/01/2042 | 5750 | 5528  |
| &nbsp;&nbsp;&nbsp; Pool AK0543, 4.00%, 01/01/2042 | 12500 | 12018  |
| &nbsp;&nbsp;&nbsp; Pool AK0563, 4.00%, 01/01/2042 | 5273 | 5068  |
| &nbsp;&nbsp;&nbsp; Pool AK1827, 4.00%, 01/01/2042 | 9828 | 9450  |
| &nbsp;&nbsp;&nbsp; Pool AL0187, 5.00%, 05/01/2041 | 19731 | 19887  |
| &nbsp;&nbsp;&nbsp; Pool AL0215, 4.50%, 04/01/2041 | 24611 | 24259  |
| &nbsp;&nbsp;&nbsp; Pool AL0456, 5.00%, 06/01/2041 | 3814 | 3844  |
| &nbsp;&nbsp;&nbsp; Pool AL0815, 4.00%, 09/01/2041 | 12763 | 12271  |

---

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

42<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Pool AL0934, 5.00%, 02/01/2041 | $25683 | $25886  |
| &nbsp;&nbsp;&nbsp; Pool AL2752, 5.00%, 03/01/2042 | 81179 | 81822  |
| &nbsp;&nbsp;&nbsp; Pool AL5233, 4.00%, 01/01/2041 | 16800 | 16194  |
| &nbsp;&nbsp;&nbsp; Pool AQ9316, 2.50%, 01/01/2043 | 135780 | 117566  |
| &nbsp;&nbsp;&nbsp; Pool AS5469, 4.00%, 07/01/2045 | 154169 | 145965  |
| &nbsp;&nbsp;&nbsp; Pool AS5597, 3.50%, 08/01/2045 | 25946 | 23943  |
| &nbsp;&nbsp;&nbsp; Pool AS7170, 3.50%, 05/01/2046 | 107053 | 98176  |
| &nbsp;&nbsp;&nbsp; Pool AS7242, 3.50%, 05/01/2046 | 99723 | 91414  |
| &nbsp;&nbsp;&nbsp; Pool AS7492, 4.00%, 07/01/2046 | 80791 | 76399  |
| &nbsp;&nbsp;&nbsp; Pool AS8947, 3.50%, 03/01/2047 | 139895 | 128077  |
| &nbsp;&nbsp;&nbsp; Pool AS9772, 3.50%, 06/01/2037 | 112923 | 108464  |
| &nbsp;&nbsp;&nbsp; Pool AT2720, 3.00%, 05/01/2043 | 353719 | 317983  |
| &nbsp;&nbsp;&nbsp; Pool AT5900, 3.00%, 06/01/2043 | 217933 | 195913  |
| &nbsp;&nbsp;&nbsp; Pool AU1625, 3.50%, 07/01/2043 | 135416 | 126029  |
| &nbsp;&nbsp;&nbsp; Pool AZ0832, 4.00%, 07/01/2045 | 218629 | 207176  |
| &nbsp;&nbsp;&nbsp; Pool BC4938, 2.50%, 04/01/2031 | 11737 | 11266  |
| &nbsp;&nbsp;&nbsp; Pool BC9468, 3.00%, 06/01/2046 | 197463 | 175142  |
| &nbsp;&nbsp;&nbsp; Pool BN5279, 4.00%, 02/01/2049 | 328492 | 309419  |
| &nbsp;&nbsp;&nbsp; Pool BT2317, 2.00%, 03/01/2052 | 231855 | 184638  |
| &nbsp;&nbsp;&nbsp; Pool BT7155, 2.00%, 08/01/2051 | 315524 | 250816  |
| &nbsp;&nbsp;&nbsp; Pool BV1380, 2.00%, 01/01/2052 | 749304 | 595635  |
| &nbsp;&nbsp;&nbsp; Pool BV2993, 2.00%, 04/01/2052 | 807948 | 642252  |
| &nbsp;&nbsp;&nbsp; Pool BV9804, 2.00%, 05/01/2052 | 168691 | 134133  |
| &nbsp;&nbsp;&nbsp; Pool CA0858, 3.50%, 12/01/2047 | 1086768 | 991834  |
| &nbsp;&nbsp;&nbsp; Pool CB6431, 5.50%, 06/01/2053 | 1560982 | 1560808  |
| &nbsp;&nbsp;&nbsp; Pool CB6870, 5.50%, 08/01/2053 | 1518706 | 1521228  |
| &nbsp;&nbsp;&nbsp; Pool FM7678, 2.50%, 06/01/2051 | 1652991 | 1392307  |
| &nbsp;&nbsp;&nbsp; Pool FM9491, 2.50%, 11/01/2051 | 1630674 | 1365482  |
| &nbsp;&nbsp;&nbsp; Pool FS1069, 2.00%, 12/01/2051 | 384581 | 305710  |
| &nbsp;&nbsp;&nbsp; Pool FS1108, 2.50%, 09/01/2051 | 1610714 | 1349845  |
| &nbsp;&nbsp;&nbsp; Pool FS1598, 2.00%, 04/01/2052 | 129662 | 103226  |
| &nbsp;&nbsp;&nbsp; Pool MA1870, 4.50%, 04/01/2034 | 82289 | 82123  |
| &nbsp;&nbsp;&nbsp; Pool MA3038, 4.50%, 06/01/2047 | 16872 | 16427  |
| &nbsp;&nbsp;&nbsp; Pool MA4307, 3.00%, 04/01/2051 | 1699982 | 1486938  |
| &nbsp;&nbsp;&nbsp; Pool MA4577, 2.00%, 04/01/2052 | 2138716 | 1701838  |
| &nbsp;&nbsp;&nbsp; Pool TBA, 4.00%, 04/15/2041<sup>(d)</sup> | 2000000 | 1862160  |
| &nbsp;&nbsp;&nbsp; Series 2012-18, Class GA, 2.00%, 12/25/2041 | 21488 | 20031  |
| &nbsp;&nbsp;&nbsp; Series 2012-21, Class PQ, 2.00%, 09/25/2041 | 11569 | 10887  |
| &nbsp;&nbsp;&nbsp; Series 2012-52, Class PA, 3.50%, 05/25/2042 | 19731 | 18930  |
| &nbsp;&nbsp;&nbsp; Series 2013-77, Class BP, 1.70%, 06/25/2043 | 4403 | 4372  |
| &nbsp;&nbsp;&nbsp; Series 2015-48, Class QB, 3.00%, 02/25/2043 | 20042 | 19597  |
| &nbsp;&nbsp;&nbsp; Series 2016-11, Class GA, 2.50%, 03/25/2046 | 32602 | 30142  |
| &nbsp;&nbsp;&nbsp; Series 2016-38, Class NA, 3.00%, 01/25/2046 | 18212 | 16862  |
| &nbsp;&nbsp;&nbsp; Series 2017-16, Class PB, 3.00%, 03/25/2047 | 217000 | 190363  |
| &nbsp;&nbsp;&nbsp; Series 2017-26, Class CG, 3.50%, 07/25/2044 | 13730 | 13596  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2017-34, Class JK, 3.00%, 05/25/2047 | $10840 | $10577  |
| &nbsp;&nbsp;&nbsp; Series 2017-35, Class AH, 3.50%, 04/25/2053 | 16114 | 15980  |
| &nbsp;&nbsp;&nbsp; Series 2017-49, Class JA, 4.00%, 07/25/2053 | 19668 | 19538  |
| &nbsp;&nbsp;&nbsp; Series 2017-84, Class KA, 3.50%, 04/25/2053 | 22827 | 22543  |
| &nbsp;&nbsp;&nbsp; Series 2018-23, Class LA, 3.50%, 04/25/2048 | 49988 | 47174  |
| &nbsp;&nbsp;&nbsp; Series 2018-70, Class HA, 3.50%, 10/25/2056 | 32629 | 31865  |
| &nbsp;&nbsp;&nbsp; Series 2019-12, Class HA, 3.50%, 11/25/2057 | 60920 | 58427  |
| &nbsp;&nbsp;&nbsp; Series 2019-14, Class CA, 3.50%, 04/25/2049 | 58807 | 56323  |
| &nbsp;&nbsp;&nbsp; Series 2019-45, Class PT, 3.00%, 08/25/2049 | 53751 | 48544  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class X3, 1.13%, 06/25/2034(b)(c) | 1333028 | 69711  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class AC, 3.50%, 08/25/2058 | 152308 | 143441  |
| &nbsp;&nbsp;&nbsp; Series 2022-90, Class AY, 4.50%, 12/25/2041 | 515000 | 494737  |
| &nbsp;&nbsp;&nbsp; Series 415, Class A3, 3.00%, 11/25/2042 | 44301 | 40666  |
| &nbsp;&nbsp;&nbsp; Series Pool #TBA, Pool TBA, 5.50%, 03/25/2053<sup>(d)</sup> | 1905000 | 1901146  |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2041<sup>(d)</sup> | 2300000 | 2259058  |
| &nbsp;&nbsp;&nbsp; Pool 614436, 5.00%, 08/15/2033 | 4340 | 4372  |
| &nbsp;&nbsp;&nbsp; Pool 723248, 5.00%, 10/15/2039 | 221117 | 223753  |
| &nbsp;&nbsp;&nbsp; Pool 736686, 5.00%, 02/15/2039 | 9557 | 9673  |
| &nbsp;&nbsp;&nbsp; Pool 783403, 3.50%, 09/15/2041 | 83772 | 78605  |
| &nbsp;&nbsp;&nbsp; Pool MA4587, 4.00%, 07/20/2047 | 18339 | 17363  |
| &nbsp;&nbsp;&nbsp; Pool MA4652, 3.50%, 08/20/2047 | 53341 | 49224  |
| &nbsp;&nbsp;&nbsp; Pool MA4778, 3.50%, 10/20/2047 | 98882 | 91063  |
| &nbsp;&nbsp;&nbsp; Pool MA4779, 4.00%, 10/20/2047 | 70116 | 66083  |
| &nbsp;&nbsp;&nbsp; Pool MA4780, 4.50%, 10/20/2047 | 79985 | 77869  |
| &nbsp;&nbsp;&nbsp; Pool MA7051, 2.00%, 12/20/2050 | 1166120 | 952709  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 2101588 | 1860565  |
| &nbsp;&nbsp;&nbsp; Pool MA8199, 3.50%, 08/20/2052 | 1067081 | 977489  |
| &nbsp;&nbsp;&nbsp; Pool MA9362, 5.50%, 12/20/2053 | 1320579 | 1324572  |
| &nbsp;&nbsp;&nbsp; Pool TBA, 4.00%, 04/15/2042<sup>(d)</sup> | 2250000 | 2103047  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $54,446,782)** |  | 52213663  |
| **CORPORATE OBLIGATIONS - 20.0%** | **CORPORATE OBLIGATIONS - 20.0%** | **CORPORATE OBLIGATIONS - 20.0%** |
| **Aerospace & Defense - 0.4%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029 (Callable 12/01/2028) | 40000 | 37537  |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/01/2030 (Callable 11/01/2029) | 45000 | 40983  |

---

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

43<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Aerospace & Defense - (Continued)** | **Aerospace & Defense - (Continued)** | **Aerospace & Defense - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030) | $70000 | $70364  |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 (Callable 03/01/2031) | 60000 | 63895  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 (Callable 02/01/2034) | 15000 | 16043  |
| L3Harris Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/01/2029 (Callable 05/01/2029) | 80000 | 80986  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2054 (Callable 02/15/2054) | 55000 | 52919  |
|  Northrop Grumman Corp., 5.15%, 05/01/2040 (Callable 11/01/2039) | 124000 | 120326  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 (Callable 10/08/2026) | 50000 | 50917  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/16/2028 (Callable 08/16/2028) | 153000 | 150870  |
|  |  | 684840  |
| **Banks - 3.5%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 (Callable 01/24/2030) | 100000 | 101283  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 195000 | 174972  |
| &nbsp;&nbsp;&nbsp; 1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030) | 805000 | 687771  |
| &nbsp;&nbsp;&nbsp; 2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 (Callable 04/22/2031) | 240000 | 211025  |
| &nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 then SOFR + 1.74%, 10/25/2035 (Callable 10/25/2034) | 125000 | 122310  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 (Callable 09/21/2031) | 105000 | 87458  |
| Bank of New York Mellon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.98% to 03/14/2029 then SOFR + 1.09%, 03/14/2030 (Callable 03/14/2029) | 40000 | 40537  |
| &nbsp;&nbsp;&nbsp; 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 (Callable 07/22/2031) | 105000 | 105844  |
| &nbsp;&nbsp;&nbsp; 5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035 (Callable 03/14/2034) | 30000 | 30141  |
|  BNP Paribas SA, 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033 (Callable 01/13/2032)<sup>(a)</sup> | 200000 | 204214  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  BPCE SA, 2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026)<sup>(a)</sup> | $250000 | $239786  |
|  Citigroup, Inc., 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030 (Callable 02/13/2029) | 40000 | 40491  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.72% to 07/23/2031 then SOFR + 1.91%, 07/23/2032 (Callable 07/23/2031) | 45000 | 45776  |
| &nbsp;&nbsp;&nbsp; 6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034) | 20000 | 21245  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.29% to 11/19/2029 then SOFR + 1.29%, 11/19/2030 (Callable 11/19/2029) | 215000 | 217094  |
| &nbsp;&nbsp;&nbsp; 5.13% to 03/03/2030 then SOFR + 1.29%, 03/03/2031 (Callable 03/03/2030) | 200000 | 200413  |
| &nbsp;&nbsp;&nbsp; 5.40% to 08/11/2032 then SOFR + 2.87%, 08/11/2033 (Callable 08/11/2032) | 215000 | 216971  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 (Callable 10/22/2026) | 155000 | 158648  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 (Callable 04/26/2027) | 20000 | 19897  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 (Callable 10/22/2027) | 175000 | 174777  |
| &nbsp;&nbsp;&nbsp; 3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | 45000 | 43723  |
| &nbsp;&nbsp;&nbsp; 5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028) | 175000 | 178478  |
| &nbsp;&nbsp;&nbsp; 6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028) | 60000 | 62792  |
| &nbsp;&nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 (Callable 04/22/2029) | 180000 | 185545  |
| &nbsp;&nbsp;&nbsp; 5.00% to 07/22/2029 then SOFR + 1.13%, 07/22/2030 (Callable 07/22/2029) | 180000 | 181455  |
| &nbsp;&nbsp;&nbsp; 2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030 (Callable 10/15/2029) | 55000 | 50425  |
| &nbsp;&nbsp;&nbsp; 5.14% to 01/24/2030 then SOFR + 0.90%, 01/24/2031 (Callable 01/24/2030) | 60000 | 60883  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 55000 | 48267  |

---

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

44<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032 (Callable 11/08/2031) | $160000 | $138225  |
| &nbsp;&nbsp;&nbsp; 5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 (Callable 01/23/2034)<sup>(e)</sup> | 225000 | 226773  |
| &nbsp;&nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 (Callable 07/22/2034) | 170000 | 170423  |
| &nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 (Callable 10/22/2034) | 30000 | 29305  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/24/2035 then SOFR + 1.32%, 01/24/2036 (Callable 01/24/2035) | 35000 | 35705  |
|  Royal Bank of Canada, 5.15% to 02/04/2030 then SOFR + 1.03%, 02/04/2031 (Callable 02/04/2030) | 175000 | 176945  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/22/2026 | 75000 | 73862  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 | 90000 | 88012  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | 35000 | 36781  |
| &nbsp;&nbsp;&nbsp; 2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 (Callable 10/30/2029) | 385000 | 354565  |
| &nbsp;&nbsp;&nbsp; 5.24% to 01/24/2030 then SOFR + 1.11%, 01/24/2031 (Callable 01/24/2030) | 75000 | 76184  |
| &nbsp;&nbsp;&nbsp; 2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031 (Callable 02/11/2030) | 35000 | 31526  |
| &nbsp;&nbsp;&nbsp; 3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032) | 60000 | 53750  |
| &nbsp;&nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 (Callable 07/25/2032) | 130000 | 127951  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 (Callable 04/24/2033) | 15000 | 15075  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033) | 80000 | 86161  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) | 90000 | 91038  |
| &nbsp;&nbsp;&nbsp; 5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050) | 90000 | 80750  |
|  |  | 5805252  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Beverages - 0.2%**<br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 (Callable 10/23/2028) | $105000 | $105989  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033)<sup>(a)</sup> | 100000 | 97843  |
|  Bacardi-Martini BV, 6.00%, 02/01/2035 (Callable 11/01/2034)<sup>(a)</sup> | 100000 | 100722  |
|  PepsiCo, Inc., 1.63%, 05/01/2030 (Callable 02/01/2030) | 7000 | 6106  |
|  |  | 310660  |
| **Biotechnology - 0.2%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 (Callable 01/15/2031) | 65000 | 65963  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 (Callable 12/15/2034) | 25000 | 25359  |
|  CSL Finance PLC, 4.25%, 04/27/2032 (Callable 01/27/2032)<sup>(a)</sup> | 55000 | 52575  |
| Gilead Sciences, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 (Callable 10/15/2029) | 150000 | 151358  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/15/2033 (Callable 07/15/2033) | 40000 | 40864  |
|  |  | 336119  |
| **Building Products - 0.0%<sup>(f)</sup>**<br>|  |  |
|  Trane Technologies Financing Ltd., 3.80%, 03/21/2029 (Callable 12/21/2028) | 35000 | 34068  |
| **Capital Markets - 1.3%**<br>|  |  |
|  Ameriprise Financial, Inc., 5.20%, 04/15/2035 (Callable 01/15/2035) | 210000 | 209006  |
| BP Capital Markets America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 02/13/2033 (Callable 11/13/2032) | 75000 | 73656  |
| &nbsp;&nbsp;&nbsp; 4.89%, 09/11/2033 (Callable 06/11/2033) | 100000 | 98362  |
| &nbsp;&nbsp;&nbsp; 5.23%, 11/17/2034 (Callable 08/17/2034) | 40000 | 40119  |
| &nbsp;&nbsp;&nbsp; 2.94%, 06/04/2051 (Callable 12/04/2050) | 5000 | 3143  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/08/2061 (Callable 08/08/2060) | 45000 | 29071  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 (Callable 04/25/2029) | 75000 | 77411  |
| &nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 (Callable 07/23/2029) | 180000 | 181338  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 (Callable 10/23/2029) | 135000 | 134200  |

---

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

45<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Capital Markets - (Continued)** | **Capital Markets - (Continued)** | **Capital Markets - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.21% to 01/28/2030 then SOFR + 1.08%, 01/28/2031 (Callable 01/28/2030) | $80000 | $81018  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031) | 40000 | 34888  |
| &nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 (Callable 10/23/2034) | 45000 | 43688  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029 (Callable 07/20/2028) | 10000 | 10220  |
| &nbsp;&nbsp;&nbsp; 6.41% to 11/01/2028 then SOFR + 1.83%, 11/01/2029 (Callable 11/01/2028) | 260000 | 274262  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 (Callable 04/18/2029) | 195000 | 200880  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 (Callable 01/15/2030) | 50000 | 50781  |
| &nbsp;&nbsp;&nbsp; 2.70% to 01/22/2030 then SOFR + 1.14%, 01/22/2031 (Callable 01/22/2030) | 120000 | 108663  |
| &nbsp;&nbsp;&nbsp; 1.79% to 02/13/2031 then SOFR + 1.03%, 02/13/2032 (Callable 02/13/2031) | 180000 | 150662  |
| &nbsp;&nbsp;&nbsp; 2.51% to 10/20/2031 then SOFR + 1.20%, 10/20/2032 (Callable 10/20/2031) | 35000 | 30003  |
|  UBS Group AG, 6.44% to 08/11/2027 then SOFR + 3.70%, 08/11/2028 (Callable 08/11/2027)<sup>(a)</sup> | 250000 | 259274  |
|  Willis North America, Inc., 2.95%, 09/15/2029 (Callable 06/15/2029) | 115000 | 106109  |
|  |  | 2196754  |
| **Chemicals - 0.1%**<br>|  |  |
|  DuPont de Nemours, Inc., 5.32%, 11/15/2038 (Callable 05/15/2038) | 40000 | 41143  |
|  Sherwin-Williams Co., 2.30%, 05/15/2030 (Callable 02/15/2030) | 150000 | 132995  |
|  |  | 174138  |
| **Commercial Services & Supplies - 0.3%**<br>|  |  |
| Republic Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2029 (Callable 03/01/2029) | 60000 | 60725  |
| &nbsp;&nbsp;&nbsp; 1.45%, 02/15/2031 (Callable 11/15/2030) | 35000 | 29121  |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/2034 (Callable 08/15/2034) | 150000 | 151296  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2035 (Callable 12/15/2034) | $50000 | $50184  |
|  Veralto Corp., 5.50%, 09/18/2026 (Callable 08/18/2026) | 40000 | 40490  |
| Waste Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/03/2031 (Callable 05/03/2031) | 110000 | 111874  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2035 (Callable 12/15/2034) | 120000 | 119135  |
|  |  | 562825  |
| **Consumer Finance - 0.4%**<br>|  |  |
|  American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 (Callable 01/30/2030) | 160000 | 161894  |
|  American Tower Corp., 3.65%, 03/15/2027 (Callable 02/15/2027) | 45000 | 44239  |
|  BlackRock Funding, Inc., 4.90%, 01/08/2035 (Callable 10/08/2034) | 60000 | 59831  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030) | 265000 | 294873  |
| &nbsp;&nbsp;&nbsp; 6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035 (Callable 02/01/2034) | 50000 | 50966  |
| &nbsp;&nbsp;&nbsp; 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 (Callable 01/30/2035) | 35000 | 34830  |
|  Discover Financial Services, 7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | 75000 | 85608  |
|  |  | 732241  |
| **Diversified Consumer Services - 0.1%**<br>|  |  |
| Howard University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2031 | 100000 | 86045  |
| &nbsp;&nbsp;&nbsp; 3.48%, 10/01/2041 | 75000 | 56013  |
|  |  | 142058  |
|  **Diversified Telecommunication Services - 0.1%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035 (Callable 11/15/2034) | 120000 | 112751  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 (Callable 12/01/2040) | 25000 | 19239  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 (Callable 03/15/2053) | 88000 | 59753  |
|  |  | 191743  |
| **Electric Utilities - 3.4%**<br>|  |  |
| Alabama Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/02/2035 (Callable 10/02/2034) | 25000 | 24942  |

---

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

46<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Electric Utilities - (Continued)** | **Electric Utilities - (Continued)** | **Electric Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2049 (Callable 04/01/2049) | $105000 | $74186  |
|  Baltimore Gas and Electric Co., 5.65%, 06/01/2054 (Callable 12/01/2053) | 75000 | 73389  |
|  CenterPoint Energy, Inc., 5.40%, 06/01/2029 (Callable 05/01/2029) | 130000 | 132778  |
|  Cleco Corporate Holdings LLC, 3.38%, 09/15/2029 (Callable 06/15/2029) | 50000 | 46464  |
| Consolidated Edison Co. of New York, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 (Callable 06/01/2051) | 130000 | 85327  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2054 (Callable 11/15/2053) | 35000 | 34789  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2055 (Callable 09/15/2054) | 105000 | 101539  |
| Duke Energy Carolinas LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 04/15/2031 (Callable 01/15/2031) | 55000 | 48713  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2040 | 86000 | 85239  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 (Callable 03/01/2030) | 50000 | 44538  |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/15/2031 (Callable 03/15/2031) | 289000 | 252237  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2034 (Callable 03/15/2034) | 25000 | 25286  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 (Callable 02/15/2052) | 35000 | 30433  |
|  Duke Energy Indiana, Inc., 4.90%, 07/15/2043 (Callable 01/15/2043) | 55000 | 50221  |
| Duke Energy Ohio, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 (Callable 01/01/2033) | 20000 | 20293  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 (Callable 09/15/2053) | 140000 | 135122  |
| Duke Energy Progress LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2035 (Callable 12/15/2034) | 90000 | 89327  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2055 (Callable 09/15/2054) | 75000 | 73130  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 (Callable 10/15/2028) | 15000 | 14790  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2030 (Callable 02/15/2030) | 25000 | 25314  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2032 (Callable 01/15/2032) | 75000 | 71650  |
|  Evergy, Inc., 2.90%, 09/15/2029 (Callable 06/15/2029) | 90000 | 83143  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2033 (Callable 02/15/2033) | $285000 | $281063  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 (Callable 10/01/2033) | 80000 | 80259  |
|  FirstEnergy Corp., 3.90%, 07/15/2027 (Callable 04/15/2027)<sup>(g)</sup> | 50000 | 49160  |
| Georgia Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2030 (Callable 01/15/2030) | 120000 | 119775  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 (Callable 09/15/2034) | 75000 | 75340  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2040 | 50000 | 46217  |
|  ITC Holdings Corp., 2.95%, 05/14/2030 (Callable 02/14/2030)<sup>(a)</sup> | 85000 | 77527  |
|  Jersey Central Power & Light Co., 5.10%, 01/15/2035 (Callable 10/15/2034)<sup>(a)</sup> | 35000 | 34531  |
|  Monongahela Power Co., 5.85%, 02/15/2034 (Callable 11/15/2033)<sup>(a)</sup> | 10000 | 10309  |
|  NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030 (Callable 03/01/2030) | 310000 | 274043  |
| NSTAR Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/2034 (Callable 03/01/2034) | 45000 | 45690  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034) | 90000 | 89745  |
|  Oglethorpe Power Corp., 5.05%, 10/01/2048 (Callable 04/01/2048) | 65000 | 57312  |
|  Ohio Edison Co., 5.50%, 01/15/2033 (Callable 10/15/2032)<sup>(a)</sup> | 25000 | 25297  |
|  Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) | 160000 | 157538  |
|  Oncor Electric Delivery Co. LLC, 5.35%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 110000 | 110973  |
| Pacific Gas and Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2027 (Callable 05/15/2027) | 275000 | 277771  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/2031 (Callable 11/01/2030) | 235000 | 201770  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031 (Callable 03/01/2031) | 45000 | 40105  |
|  Public Service Co. of Oklahoma, 5.20%, 01/15/2035 (Callable 10/15/2034) | 115000 | 113356  |
|  Public Service Electric and Gas Co., 5.45%, 03/01/2054 (Callable 09/01/2053) | 55000 | 53737  |
| Public Service Enterprise Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/15/2033 (Callable 07/15/2033) | 35000 | 36851  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2034 (Callable 01/01/2034) | 30000 | 30250  |

---

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

47<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Electric Utilities - (Continued)**  | **Electric Utilities - (Continued)**  | **Electric Utilities - (Continued)**  |
| Puget Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 05/15/2025 (Callable 05/02/2025) | $135000 | $135000  |
| &nbsp;&nbsp;&nbsp; 4.22%, 03/15/2032 (Callable 12/15/2031) | 50000 | 46453  |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/15/2035 (Callable 12/15/2034)<sup>(a)</sup> | 145000 | 144468  |
|  San Diego Gas & Electric Co., 5.40%, 04/15/2035 (Callable 01/15/2035) | 110000 | 110569  |
| Southern California Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/2026 (Callable 05/01/2026) | 45000 | 45041  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 (Callable 03/01/2030) | 50000 | 43618  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 (Callable 11/01/2031) | 110000 | 93573  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034 (Callable 03/01/2034) | 40000 | 38999  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/2035 (Callable 12/01/2034) | 55000 | 54406  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 (Callable 04/01/2043) | 45000 | 37718  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048 (Callable 09/01/2047) | 1000 | 751  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 (Callable 08/01/2049) | 70000 | 48336  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/2028 (Callable 04/15/2028) | 45000 | 45500  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 (Callable 09/15/2033) | 60000 | 61912  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2035 (Callable 09/15/2034) | 40000 | 38655  |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 (Callable 01/01/2033) | 30000 | 30080  |
| Virginia Electric and Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 01/01/2033) | 115000 | 113735  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 (Callable 10/15/2033) | 130000 | 128152  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 (Callable 05/15/2034) | 45000 | 44442  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2035 (Callable 12/15/2034) | 100000 | 99054  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2054 (Callable 07/15/2053) | 30000 | 28127  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2055 (Callable 09/15/2054) | 55000 | 53819  |
|  Wisconsin Power and Light Co., 5.38%, 03/30/2034 (Callable 12/30/2033) | 60000 | 60662  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Xcel Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/2032 (Callable 12/01/2031) | $55000 | $52981  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/15/2035 (Callable 10/15/2034) | 135000 | 135349  |
|  |  | 5602869  |
|  **Electronic Equipment, Instruments & Components - 0.1%**<br>|  |  |
|  CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026 (Callable 11/01/2026) | 60000 | 57934  |
|  Dell International LLC / EMC Corp., 5.30%, 04/01/2032 (Callable 02/01/2032) | 180000 | 180901  |
|  |  | 238835  |
|  **Equity Real Estate Investment Trusts (REITs) - 0.1%**<br>|  |  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 (Callable 11/15/2027) | 73000 | 71011  |
| &nbsp;&nbsp;&nbsp; 3.10%, 11/15/2029 (Callable 08/15/2029) | 72000 | 66296  |
|  |  | 137307  |
| **Financial Services - 0.6%**<br>|  |  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.72%, 10/08/2029<sup>(a)</sup> | 145000 | 142987  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/04/2031<sup>(a)</sup> | 250000 | 214337  |
|  CNO Global Funding, 4.88%, 12/10/2027<sup>(a)</sup> | 135000 | 135299  |
|  CommonSpirit Health, 5.21%, 12/01/2031 (Callable 06/01/2031) | 75000 | 75418  |
| Equitable Financial Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 03/08/2028<sup>(a)</sup> | 90000 | 83123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/27/2030<sup>(a)</sup> | 85000 | 85299  |
|  Equitable Holdings, Inc., 4.35%, 04/20/2028 (Callable 01/20/2028) | 25000 | 24775  |
|  National Rural Utilities Cooperative Finance Corp., 4.95%, 02/07/2030 (Callable 01/07/2030) | 105000 | 106249  |
|  RELX Capital, Inc., 4.75%, 03/27/2030 (Callable 02/27/2030) | 125000 | 125650  |
|  Shell Finance US, Inc., 4.00%, 05/10/2046 | 15000 | 11987  |
|  Shell International Finance BV, 3.00%, 11/26/2051 (Callable 05/26/2051) | 40000 | 25872  |
|  |  | 1030996  |
| **Food Products - 0.6%**<br>|  |  |
| Conagra Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/2026 | 175000 | 176729  |
| &nbsp;&nbsp;&nbsp; 4.85%, 11/01/2028 (Callable 08/01/2028) | 105000 | 105208  |

---

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

48<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Food Products - (Continued)** | **Food Products - (Continued)** | **Food Products - (Continued)** |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 3.63%, 01/15/2032 (Callable 01/15/2027) | $40000 | $36081  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (Callable 01/20/2035)<sup>(a)</sup> | 75000 | 77160  |
|  Kraft Heinz Foods Co., 5.20%, 03/15/2032 (Callable 01/15/2032) | 105000 | 106015  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 01/01/2032)<sup>(a)</sup> | 315000 | 315993  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034)<sup>(a)</sup> | 45000 | 45109  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045 (Callable 11/01/2044)<sup>(a)</sup> | 95000 | 94977  |
|  Tyson Foods, Inc., 5.40%, 03/15/2029 (Callable 02/15/2029) | 20000 | 20442  |
|  |  | 977714  |
| **Gas Utilities - 0.1%**<br>|  |  |
| Southwest Gas Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/15/2030 (Callable 03/15/2030) | 61000 | 53703  |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 (Callable 12/01/2048) | 25000 | 19238  |
|  |  | 72941  |
| **Health Care Equipment & Supplies - 0.3%**<br>|  |  |
|  Alcon Finance Corp., 2.75%, 09/23/2026 (Callable 07/23/2026)<sup>(a)</sup> | 200000 | 194819  |
|  Smith & Nephew PLC, 2.03%, 10/14/2030 (Callable 07/14/2030) | 100000 | 86207  |
|  Solventum Corp., 5.40%, 03/01/2029 (Callable 02/01/2029) | 155000 | 157980  |
|  |  | 439006  |
| **Health Care Providers & Services - 0.8%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 65000 | 54842  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 (Callable 05/01/2031) | 295000 | 248170  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 (Callable 05/15/2029) | 65000 | 60655  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 (Callable 01/01/2030) | 20000 | 18857  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2031 (Callable 11/28/2030) | 85000 | 71024  |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/15/2031 (Callable 06/15/2031) | 70000 | 58238  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 (Callable 09/25/2037) | $40000 | $35904  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2040 (Callable 10/01/2039) | 43000 | 34870  |
|  Elevance Health, Inc., 4.50%, 10/30/2026 | 95000 | 95028  |
|  Humana, Inc., 5.55%, 05/01/2035 (Callable 02/01/2035) | 110000 | 108555  |
|  Kaiser Foundation Hospitals, 2.81%, 06/01/2041 (Callable 12/01/2040) | 70000 | 49810  |
|  Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 (Callable 02/01/2032) | 115000 | 111800  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 (Callable 11/15/2032) | 20000 | 20453  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 (Callable 02/15/2039) | 10000 | 8115  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040 (Callable 11/15/2039) | 50000 | 36006  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 (Callable 08/15/2052) | 40000 | 40406  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2054 (Callable 10/15/2053) | 150000 | 141972  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2062 (Callable 11/15/2061) | 30000 | 25952  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 (Callable 08/15/2062) | 25000 | 25659  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 (Callable 01/15/2064) | 70000 | 68547  |
|  |  | 1314863  |
| **Hotels, Restaurants & Leisure - 0.1%**<br>|  |  |
|  GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029 (Callable 10/15/2028) | 80000 | 80142  |
| **Insurance - 0.1%**<br>|  |  |
|  Corebridge Global Funding, 4.90%, 12/03/2029<sup>(a)</sup> | 95000 | 94943  |
|  Marsh & McLennan Cos., Inc., 4.75%, 03/15/2039 (Callable 09/15/2038) | 40000 | 37910  |
|  |  | 132853  |
| **IT Services - 0.1%**<br>|  |  |
|  International Business Machines Corp., 4.80%, 02/10/2030 (Callable 01/10/2030) | 175000 | 176048  |
| **Machinery - 0.3%**<br>|  |  |
|  AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027) | 30000 | 30380  |
|  Caterpillar Financial Services Corp., 4.70%, 11/15/2029 | 215000 | 217078  |

---

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

49<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Machinery - (Continued)** | **Machinery - (Continued)** | **Machinery - (Continued)** |
| Otis Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.57%, 02/15/2030 (Callable 11/15/2029) | $235000 | $212578  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/19/2031 (Callable 09/19/2031) | 35000 | 35374  |
|  |  | 495410  |
| **Media - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029 (Callable 11/15/2028) | 155000 | 139622  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029 (Callable 12/30/2028) | 20000 | 19910  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 60000 | 61681  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 (Callable 09/01/2041) | 29000 | 19856  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047 (Callable 11/01/2046) | 65000 | 53593  |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/2061 (Callable 06/01/2061) | 50000 | 33166  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 (Callable 02/15/2033) | 75000 | 73675  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 (Callable 01/15/2036) | 35000 | 28838  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2040 (Callable 10/01/2039) | 200000 | 163584  |
| &nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 (Callable 05/01/2051) | 75000 | 45643  |
| &nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 (Callable 05/01/2056) | 75000 | 43987  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031 (Callable 03/15/2031)<sup>(a)</sup> | 110000 | 94688  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034 (Callable 06/01/2034)<sup>(a)</sup> | 65000 | 63365  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054 (Callable 03/01/2054)<sup>(a)</sup> | 70000 | 64677  |
|  Discovery Communications LLC, 3.63%, 05/15/2030 (Callable 02/15/2030) | 60000 | 53929  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2043 | 25000 | 18457  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 (Callable 03/01/2043) | 110000 | 96072  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/19/2050 (Callable 11/19/2049) | 25000 | 19118  |
| Time Warner Cable, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 (Callable 03/01/2041) | 30000 | 25950  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 (Callable 03/15/2042) | 50000 | 37921  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 (Callable 01/15/2029) | $90000 | $84743  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 (Callable 12/15/2031) | 335000 | 294494  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 (Callable 09/15/2041) | 55000 | 43833  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 (Callable 09/15/2051) | 385000 | 279679  |
| &nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062 (Callable 09/15/2061) | 255000 | 182896  |
|  |  | 2043377  |
| **Metals & Mining - 0.4%**<br>|  |  |
| BHP Billiton Finance USA Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2033 (Callable 11/28/2032) | 95000 | 93949  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2033 (Callable 06/08/2033) | 15000 | 15156  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 225000 | 228544  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030 (Callable 08/06/2030)<sup>(a)</sup> | 70000 | 74153  |
|  Rio Tinto Alcan, Inc., 6.13%, 12/15/2033 | 130000 | 138973  |
| Rio Tinto Finance USA PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 (Callable 01/14/2032) | 20000 | 20076  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/14/2065 (Callable 09/14/2064) | 105000 | 105823  |
|  |  | 676674  |
| **Multi-Utilities - 0.3%**<br>|  |  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/2030 (Callable 01/01/2030) | 99000 | 92454  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 (Callable 05/15/2030) | 145000 | 145694  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 (Callable 02/01/2030) | 154000 | 145703  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/30/2033 (Callable 03/30/2033) | 20000 | 20053  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 (Callable 01/01/2034) | 20000 | 20024  |
|  Public Service Enterprise Group, Inc., 4.90%, 03/15/2030 (Callable 02/15/2030) | 135000 | 135541  |
|  |  | 559469  |
| **Oil, Gas & Consumable Fuels - 2.3%**<br>|  |  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 150000 | 142860  |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/2054 (Callable 04/01/2054)<sup>(a)</sup> | 150000 | 136062  |

---

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

50<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** |
|  Atmos Energy Corp., 5.90%, 11/15/2033 (Callable 08/15/2033) | $45000 | $47541  |
|  Boston Gas Co., 3.76%, 03/16/2032 (Callable 12/16/2031)<sup>(a)</sup> | 20000 | 18122  |
|  Brooklyn Union Gas Co., 4.87%, 08/05/2032 (Callable 05/05/2032)<sup>(a)</sup> | 110000 | 106127  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.04%, 08/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | 65000 | 67214  |
| &nbsp;&nbsp;&nbsp; 5.10%, 10/01/2031 (Callable 08/01/2031)<sup>(a)</sup> | 36000 | 35545  |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/15/2034 (Callable 10/15/2033)<sup>(a)</sup> | 25000 | 24868  |
| Columbia Pipelines Operating Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.93%, 08/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 120000 | 124610  |
| &nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (Callable 08/15/2033)<sup>(a)</sup> | 10000 | 10308  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2030 (Callable 12/15/2029) | 90000 | 90443  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2052 (Callable 09/15/2051) | 77000 | 56578  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2053 (Callable 11/15/2052) | 35000 | 32684  |
| &nbsp;&nbsp;&nbsp; 4.03%, 03/15/2062 (Callable 09/15/2061) | 80000 | 58166  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 (Callable 03/15/2063) | 60000 | 58231  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 (Callable 06/15/2064) | 75000 | 72124  |
|  Coterra Energy, Inc., 5.40%, 02/15/2035 (Callable 11/15/2034) | 60000 | 58946  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035 (Callable 01/01/2035) | 90000 | 90179  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 (Callable 09/15/2052) | 30000 | 29948  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 (Callable 10/18/2053) | 15000 | 14089  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 (Callable 10/18/2063) | 65000 | 60977  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2029 (Callable 08/15/2029) | 70000 | 65101  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/2034 (Callable 01/05/2034)<sup>(e)</sup> | 190000 | 192634  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 (Callable 06/01/2029) | 60000 | 60838  |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 (Callable 10/01/2030) | 70000 | 74550  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 (Callable 01/01/2035) | 145000 | 145711  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/15/2035 (Callable 11/15/2034) | $90000 | $88596  |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/15/2053 (Callable 08/15/2052) | 25000 | 16628  |
|  EOG Resources, Inc., 5.65%, 12/01/2054 (Callable 06/01/2054) | 70000 | 68975  |
| Equinor ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/06/2040 (Callable 10/06/2039) | 95000 | 79288  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/06/2050 (Callable 10/06/2049) | 15000 | 11319  |
| Galaxy Pipeline Assets Bidco Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.16%, 03/31/2034<sup>(a)</sup> | 147430 | 129913  |
| &nbsp;&nbsp;&nbsp; 2.94%, 09/30/2040<sup>(a)</sup> | 176648 | 144282  |
| Hess Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/01/2029 | 80000 | 89997  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/2031 | 70000 | 79161  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2033 | 68000 | 76804  |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033 (Callable 12/06/2032)<sup>(a)</sup> | 15000 | 15350  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 75000 | 66736  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 10/15/2029 (Callable 09/15/2029) | 50000 | 49072  |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 (Callable 08/15/2032) | 15000 | 15702  |
| &nbsp;&nbsp;&nbsp; 5.05%, 11/01/2034 (Callable 08/01/2034) | 50000 | 48193  |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/01/2064 (Callable 05/01/2064) | 100000 | 93638  |
| Shell Finance US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/11/2045 | 15000 | 12757  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/06/2050 (Callable 10/06/2049) | 180000 | 123779  |
| Southern California Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2053 (Callable 12/01/2052) | 50000 | 48863  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2054 (Callable 10/01/2053) | 55000 | 53164  |
|  Targa Resources Corp., 5.55%, 08/15/2035 (Callable 05/15/2035) | 75000 | 74719  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 (Callable 07/15/2026) | 140000 | 129022  |
| TotalEnergies Capital SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.28%, 09/10/2054 (Callable 03/10/2054) | 55000 | 51715  |
| &nbsp;&nbsp;&nbsp; 5.64%, 04/05/2064 (Callable 10/05/2063) | 175000 | 170235  |
| &nbsp;&nbsp;&nbsp; 5.43%, 09/10/2064 (Callable 03/10/2064) | 120000 | 112535  |

---

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

51<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** | **Oil, Gas & Consumable Fuels - (Continued)** |
|  Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 (Callable 02/15/2030) | $25000 | $23129  |
| Whistler Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | 5000 | 5033  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/30/2031 (Callable 07/30/2031)<sup>(a)</sup> | 60000 | 60639  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/30/2034 (Callable 06/30/2034)<sup>(a)</sup> | 40000 | 40367  |
|  Williams Cos., Inc., 5.65%, 03/15/2033 (Callable 12/15/2032) | 40000 | 40915  |
|  |  | 3894982  |
| **Other Electric Power Generation - 0.0%<sup>(f)</sup>**<br>|  |  |
|  Duke Energy Carolinas LLC, 4.85%, 03/15/2030 (Callable 02/15/2030) | 35000 | 35321  |
| **Personal Products - 0.2%**<br>|  |  |
|  Haleon US Capital LLC, 3.38%, 03/24/2027 (Callable 02/24/2027) | 275000 | 269505  |
| **Pharmaceuticals - 0.4%**<br>|  |  |
|  Bristol-Myers Squibb Co., 5.55%, 02/22/2054 (Callable 08/22/2053) | 75000 | 73680  |
|  Cardinal Health, Inc., 5.00%, 11/15/2029 (Callable 10/15/2029) | 230000 | 231673  |
|  Cencora, Inc., 4.85%, 12/15/2029 (Callable 11/15/2029) | 160000 | 160711  |
| Eli Lilly & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 08/14/2029 (Callable 07/14/2029) | 45000 | 44714  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/14/2034 (Callable 05/14/2034) | 30000 | 29431  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/12/2055 (Callable 08/12/2054) | 70000 | 70663  |
|  Pfizer, Inc., 3.90%, 03/15/2039 (Callable 09/15/2038) | 50000 | 43049  |
|  |  | 653921  |
|  **Semiconductors & Semiconductor Equipment - 0.6%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 (Callable 01/15/2028) | 95000 | 94153  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 (Callable 06/12/2029) | 65000 | 65857  |
|  Foundry JV Holdco LLC, 6.15%, 01/25/2032 (Callable 11/25/2031)<sup>(a)</sup> | 200000 | 207771  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 (Callable 06/08/2047) | $170000 | $118159  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 (Callable 05/15/2049) | 38000 | 23754  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050 (Callable 09/25/2049) | 75000 | 60216  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/05/2062 (Callable 02/05/2062) | 95000 | 76988  |
| Microchip Technology, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2028 | 125000 | 125321  |
| &nbsp;&nbsp;&nbsp; 5.05%, 02/15/2030 (Callable 01/25/2030) | 65000 | 64831  |
|  NVIDIA Corp., 3.50%, 04/01/2040 (Callable 10/01/2039) | 135000 | 112904  |
|  QUALCOMM, Inc., 4.80%, 05/20/2045 (Callable 11/20/2044) | 40000 | 36515  |
|  |  | 986469  |
| **Software - 0.4%**<br>|  |  |
|  Accenture Capital, Inc., 4.25%, 10/04/2031 (Callable 08/04/2031) | 210000 | 205999  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 (Callable 01/25/2028) | 55000 | 51634  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 (Callable 12/03/2031) | 30000 | 30353  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 (Callable 01/08/2034) | 145000 | 134630  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037 (Callable 05/15/2037) | 50000 | 42008  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 (Callable 10/01/2039) | 37000 | 29003  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 (Callable 10/01/2049) | 22000 | 15225  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/25/2061 (Callable 09/25/2060) | 45000 | 32020  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 (Callable 03/27/2064) | 85000 | 76720  |
|  |  | 617592  |
| **Specialty Retail - 0.1%**<br>|  |  |
| AutoZone, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/01/2033 (Callable 08/01/2033) | 50000 | 54324  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/15/2034 (Callable 04/15/2034) | 20000 | 20167  |
|  O'Reilly Automotive, Inc., 4.70%, 06/15/2032 (Callable 03/15/2032) | 57000 | 55745  |
|  Penske Truck Leasing Co. Lp/ PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026 (Callable 04/24/2026)<sup>(a)</sup> | 55000 | 55616  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(a)</sup> | 50000 | 51879  |
|  |  | 237731  |

---

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

52<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Textiles, Apparel & Luxury Goods - 0.1%**<br>|  |  |
| Tapestry, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/11/2030 (Callable 02/11/2030) | $60000 | $59941  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/11/2035 (Callable 12/11/2034) | 130000 | 128216  |
|  |  | 188157  |
| **Tobacco - 0.5%**<br>|  |  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 (Callable 12/20/2030) | 70000 | 72722  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2035 (Callable 05/15/2035) | 135000 | 135307  |
| Philip Morris International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 | 40000 | 39978  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 (Callable 01/15/2028) | 41000 | 41526  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 (Callable 12/15/2029) | 220000 | 224135  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 (Callable 12/13/2030) | 40000 | 40645  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 (Callable 09/01/2031) | 145000 | 144435  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 (Callable 11/15/2032) | 50000 | 50895  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 (Callable 06/07/2033) | 110000 | 113898  |
|  |  | 863541  |
| **Wireless Telecommunication Services - 0.3%**<br>|  |  |
| Cisco Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/24/2030 (Callable 01/24/2030) | 145000 | 147107  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/26/2031 (Callable 12/26/2030) | 90000 | 91710  |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/26/2064 (Callable 08/26/2063) | 30000 | 29002  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 65000 | 60680  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/2031 (Callable 11/15/2030) | 50000 | 44046  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 03/15/2032) | 55000 | 55262  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 (Callable 04/15/2033) | 20000 | 19834  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 (Callable 10/15/2033) | 35000 | 36378  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2035 (Callable 10/15/2034) | 85000 | 81616  |
|  |  | 565635  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $34,330,197)** |  | 33462056  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.2%** |
|  AJAX Mortgage Loan Trust, Series 2021-C, Class A, 5.12%, 01/25/2061 (Callable 04/25/2025)<sup>(a)(g)</sup> | $53472 | $53476  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, 1.26%, 05/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 21780 | 19718  |
| &nbsp;&nbsp;&nbsp; Series 2020-R1, Class A1, 0.99%, 04/25/2053 (Callable 04/25/2025)<sup>(a)(c)</sup> | 38815 | 36883  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.91%, 01/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 71516 | 60978  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.99%, 04/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 75229 | 64781  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 05/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 143459 | 123370  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.04%, 01/20/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 122566 | 102732  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 0.95%, 07/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 179345 | 154890  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 137847 | 122273  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, 12/25/2066 (Callable 04/25/2025)<sup>(a)(g)</sup> | 364134 | 335308  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 04/25/2025)<sup>(a)(c)</sup> | 44639 | 43023  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 04/25/2025)<sup>(a)(c)</sup> | 42344 | 40214  |
| BANK<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN18, Class XA, 0.88%, 05/15/2062 (Callable 02/15/2029)<sup>(b)(c)</sup> | 967252 | 28822  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, 0.81%, 09/15/2062 (Callable 07/15/2029)<sup>(b)(c)</sup> | 1132067 | 34964  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN22, Class XA, 0.58%, 11/15/2062 (Callable 08/15/2029)<sup>(b)(c)</sup> | 1285653 | 30255  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class XA, 0.68%, 12/15/2052 (Callable 09/15/2029)<sup>(b)(c)</sup> | 2111690 | 56366  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN24, Class XA, 0.63%, 11/15/2062 (Callable 09/15/2029)<sup>(b)(c)</sup> | 974734 | 25630  |

---

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

53<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(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)** |
| &nbsp;&nbsp;&nbsp; Series 2020-BN26, Class XA, 1.20%, 03/15/2063 (Callable 12/15/2029)<sup>(b)(c)</sup> | $941412 | $41721  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class XA, 1.76%, 03/15/2063 (Callable 07/15/2030)<sup>(b)(c)</sup> | 1505314 | 114392  |
| &nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, 1.00%, 02/15/2056 (Callable 10/15/2032)<sup>(b)(c)</sup> | 990510 | 56365  |
| BBCMS Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.66%, 04/15/2055 (Callable 04/15/2032)<sup>(c)</sup> | 90000 | 82374  |
| &nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, 1.11%, 09/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | 998442 | 79338  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, 1.62%, 02/15/2057 (Callable 11/15/2033)<sup>(b)(c)</sup> | 996403 | 100622  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, 1.13%, 02/15/2062 (Callable 10/15/2034)<sup>(b)(c)</sup> | 999786 | 87041  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B10, Class XA, 1.22%, 03/15/2062 (Callable 01/15/2029)<sup>(b)(c)</sup> | 1236021 | 50295  |
| &nbsp;&nbsp;&nbsp; Series 2019-B11, Class A2, 3.41%, 05/15/2052 (Callable 06/15/2029) | 23370 | 23562  |
| &nbsp;&nbsp;&nbsp; Series 2019-B12, Class XA, 1.07%, 08/15/2052 (Callable 05/15/2029)<sup>(b)(c)</sup> | 907246 | 26854  |
| &nbsp;&nbsp;&nbsp; Series 2020-B18, Class XA, 1.81%, 07/15/2053 (Callable 05/15/2030)<sup>(b)(c)</sup> | 360771 | 18801  |
| &nbsp;&nbsp;&nbsp; Series 2020-B22, Class XA, 1.50%, 01/15/2054 (Callable 11/15/2030)<sup>(b)(c)</sup> | 745196 | 50996  |
| &nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, 0.57%, 07/15/2056 (Callable 03/15/2033)<sup>(b)(c)</sup> | 1829729 | 69197  |
| &nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, 1.17%, 12/15/2056 (Callable 10/15/2033)<sup>(b)(c)</sup> | 967918 | 58493  |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXXI, Ltd., Series 2023-31A, Class B1, 6.65% <br>(3 mo. Term SOFR + 2.35%), 04/25/2036 (Callable <br>04/25/2025)<sup>(a)</sup> | 250000 | 250197  |
|  BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056 (Callable 04/25/2025)<sup>(a)(c)</sup> | 88830 | 79764  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  BMO Mortgage Trust, Series 2024-C9, Class XA, 0.86%, 07/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | $1072082 | $71054  |
|  BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class A, 6.24% (1 mo. Term SOFR + 1.92%), 08/15/2041<sup>(a)</sup> | 445000 | 447713  |
|  BPR Trust, Series 2024-PMDW, Class A, 5.36%, 11/05/2041<sup>(a)(c)</sup> | 195000 | 198391  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.94%, 02/25/2049 (Callable 09/25/2025)<sup>(a)(c)</sup> | 42543 | 39553  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 0.97%, 03/25/2060 (Callable 04/25/2025)<sup>(a)(c)</sup> | 31245 | 30009  |
|  BX Trust, Series 2024-PAT, Class A, 6.41% (1 mo. Term SOFR + 2.09%), 03/15/2041<sup>(a)</sup> | 85000 | 85287  |
| &nbsp;&nbsp;&nbsp; CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class C, 6.07% <br>(1 mo. Term SOFR + 1.75%), 12/15/2037<sup>(a)</sup> | 100000 | 99887  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-P3, Class A4, 3.33%, 04/15/2049 (Callable 04/15/2026) | 296312 | 290293  |
| &nbsp;&nbsp;&nbsp; Series 2016-P4, Class A4, 2.90%, 07/10/2049 (Callable 07/10/2026) | 505000 | 491064  |
|  Citigroup Financial Products, Inc., Series 2018-RP1, Class A1, 3.00%, 09/25/2064 (Callable 11/25/2049)<sup>(a)(c)</sup> | 17269 | 16910  |
|  COLT Funding LLC, Series 2021-4, Class A1, 1.40%, 10/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 143339 | 119296  |
| COLT Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2R, Class A1, 1.33%, 10/26/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 46305 | 42436  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 255507 | 217620  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.91%, 06/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 117438 | 98223  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 0.96%, 09/27/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 224143 | 184953  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class A1, 1.11%, 10/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 299430 | 257602  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, 12/27/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 347285 | 309310  |

---

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

54<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(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)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 4.30%, 03/25/2067 (Callable 04/25/2025)<sup>(a)(c)</sup> | $72527 | $71652  |
| COMM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-HC, Class A, 2.82%, 01/10/2039 (Callable 01/10/2027)<sup>(a)</sup> | 100000 | 93704  |
| &nbsp;&nbsp;&nbsp; Series 2022-HC, Class C, 3.38%, 01/10/2039 (Callable 01/10/2027)<sup>(a)</sup> | 100000 | 91005  |
|  Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 07/16/2029 (Callable 06/15/2027)<sup>(a)</sup> | 115930 | 117485  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 6.34%, 08/10/2044<sup>(a)</sup> | 115000 | 119946  |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (Callable 12/10/2029)<sup>(a)(c)</sup> | 80000 | 82371  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class A5, 3.15%, 05/15/2048 (Callable 04/15/2025) | 102247 | 101797  |
| &nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, 1.00%, 08/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | 1358148 | 101492  |
|  CSAIL Commercial Mortgage Trust, Series 2016-C6, Class ASB, 2.96%, 01/15/2049 (Callable 05/15/2026) | 45255 | 44965  |
| CSMC Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-FHA1, Class A1, 3.25%, 04/25/2047 (Callable 02/25/2035)<sup>(a)(c)</sup> | 18338 | 16567  |
| &nbsp;&nbsp;&nbsp; Series 2020-NET, Class A, 2.26%, 08/15/2037<sup>(a)</sup> | 38588 | 37940  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.21%, 05/25/2065 (Callable 04/25/2025)(a)(g) | 63337 | 59916  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class A1, 2.00%, 01/25/2060 (Callable 02/25/2044)<sup>(a)(c)</sup> | 158318 | 141737  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.18%, 02/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 140869 | 126582  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 0.94%, 05/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 115635 | 96392  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 282156 | 233438  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A1, 1.84%, 10/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 152378 | 137229  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL4, Class A1, 4.10%, 12/27/2060 (Callable 04/25/2025)<sup>(a)(c)</sup> | $84370 | $84145  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 404450 | 360759  |
| DBGS Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C1, Class A4, 4.47%, 10/15/2051 (Callable 10/15/2028) | 215000 | 210145  |
| &nbsp;&nbsp;&nbsp; Series 2018-C1, Class XA, 0.19%, 10/15/2051 (Callable 07/15/2028)<sup>(b)(c)</sup> | 10769823 | 61876  |
| DBJPM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class ASB, 3.04%, 05/10/2049 (Callable 04/10/2026) | 79242 | 78609  |
| &nbsp;&nbsp;&nbsp; Series 2016-C3, Class A5, 2.89%, 08/10/2049 (Callable 08/10/2026) | 475000 | 462546  |
| &nbsp;&nbsp;&nbsp; Series 2020-C9, Class XA, 1.72%, 09/15/2053 (Callable 06/15/2030)<sup>(b)(c)</sup> | 283307 | 12868  |
|  DC Commercial Mortgage Trust, Series 2024-HLTN, Class A, 5.73%, 04/13/2040<sup>(a)(c)</sup> | 90000 | 91682  |
|  Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 46786 | 41423  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.93%, 06/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 55801 | 45934  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, 01/25/2067 (Callable 04/25/2025)<sup>(a)(c)</sup> | 183341 | 159574  |
|  Fannie Mae Connecticut Avenue Securities, Series 2024-R02, Class 1M2, 6.14% (30 day avg SOFR US + 1.80%), 02/25/2044 (Callable 02/25/2029)<sup>(a)</sup> | 70000 | 70235  |
| FirstKeyHomes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 113587 | 112496  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class A, 4.25%, 07/17/2039<sup>(a)</sup> | 479608 | 474038  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.87%, 01/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 85036 | 73213  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.04%, 05/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 107661 | 91723  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.09%, 05/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 136775 | 117342  |

---

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

55<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(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)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.09%, 08/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | $202213 | $167831  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A1, 1.92%, 08/25/2066 (Callable 05/25/2032)<sup>(a)(c)</sup> | 97620 | 90077  |
|  Government National Mortgage Association, Series 2013-37, Class LG, 2.00%, 01/20/2042 | 17107 | 16609  |
|  GS Mortgage Securities Corp. II, Series 2020-GC45, Class XA, 0.62%, 02/13/2053 (Callable 10/13/2029)<sup>(b)(c)</sup> | 1350123 | 32046  |
| GS Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-BWTR, Class A, 2.95%, 11/05/2034 (Callable 11/05/2025)<sup>(a)</sup> | 141104 | 121945  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4, 3.51%, 10/10/2048 (Callable 10/10/2025) | 35000 | 34586  |
|  HIH Trust, Series 2024-61P, Class A, 6.16% (1 mo. Term SOFR + 1.84%), 10/15/2041<sup>(a)</sup> | 110000 | 110672  |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.88%, 05/10/2039<sup>(a)(c)</sup> | 100000 | 100728  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.07%, 09/25/2056 (Callable 04/25/2025)<sup>(a)(c)</sup> | 108046 | 90081  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.64%, 03/25/2067 (Callable 04/25/2025)<sup>(a)(g)</sup> | 387967 | 364360  |
|  IRV Trust, Series 2025-200P, Class A, 5.29%, 03/14/2047 (Callable 02/14/2035)<sup>(a)(c)</sup> | 375000 | 373529  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2024-OMNI, Class A, 5.80%, 10/05/2039<sup>(a)(c)</sup> | 100000 | 101480  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, 01/16/2037 (Callable 04/16/2025)<sup>(a)</sup> | 90000 | 80639  |
| Legacy Mortgage Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-GS3, Class A1, 4.75%, 07/25/2061 (Callable 04/25/2025)<sup>(a)(g)</sup> | 109425 | 109198  |
| &nbsp;&nbsp;&nbsp; Series 2021-GS4, Class A1, 4.65%, 11/25/2060 (Callable 04/25/2025)<sup>(a)(g)</sup> | 61273 | 61208  |
|  LEX 2024-BBG Mortgage Trust, Series 2024-BBG, Class A, 4.87%, 10/13/2033 (Callable 10/13/2028)<sup>(a)(c)</sup> | 100000 | 99142  |
|  Mcp Holding Co. LLC, Series 2024-70P, Class A, 4.96%, 03/10/2041<sup>(a)(c)</sup> | 425000 | 429042  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; MF1, Ltd., Series 2022-FL8, Class AS, 6.07% (1 mo. Term SOFR + 1.75%), 02/19/2037 (Callable <br>04/17/2025)<sup>(a)</sup> | $260000 | $259922  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM3, Class A1, 1.01%, 01/26/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 13969 | 13137  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.15%, 04/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 49696 | 46324  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (Callable 04/25/2025)<sup>(a)(c)</sup> | 76641 | 66819  |
| Mill City Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, 2.75%, 01/25/2061 (Callable 10/25/2035)<sup>(a)(c)</sup> | 4234 | 4219  |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, 3.25%, 05/25/2062 (Callable 05/25/2030)<sup>(a)(c)</sup> | 16455 | 16246  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A1, 3.50%, 05/25/2058 (Callable 10/25/2035)<sup>(a)(c)</sup> | 2736 | 2728  |
| &nbsp;&nbsp;&nbsp; Series 2019-GS1, Class A1, 2.75%, 07/25/2059 (Callable 03/25/2035)<sup>(a)(c)</sup> | 102027 | 99182  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 (Callable 05/15/2026) | 175000 | 171987  |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 0.91%, 12/15/2056 (Callable 09/15/2033)<sup>(b)(c)</sup> | 235549 | 14231  |
|  New Economy Assets LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (Callable 04/20/2025)<sup>(a)</sup> | 250000 | 233476  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, 3.75%, 11/26/2035 (Callable 02/25/2030)<sup>(a)(c)</sup> | 24214 | 23320  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, 3.75%, 11/25/2056 (Callable 06/25/2033)<sup>(a)(c)</sup> | 21204 | 20220  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, 4.00%, 05/25/2057 (Callable 07/25/2032)<sup>(a)(c)</sup> | 16809 | 16089  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, 6.94% <br>(1 mo. Term SOFR + 1.61%), 06/25/2057 (Callable 11/25/2031)<sup>(a)</sup> | 14206 | 14375  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 09/25/2033)<sup>(a)(c)</sup> | 59339 | 57568  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (Callable 03/25/2035)<sup>(a)(c)</sup> | 127077 | 124155  |

---

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

56<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class A1S, 5.18% <br>(1 mo. Term SOFR + 0.86%), 01/25/2048 (Callable 05/25/2032)<sup>(a)</sup> | $47218 | $46131  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1A, 3.75%, 11/25/2058 (Callable 07/25/2032)<sup>(a)(c)</sup> | 88132 | 84457  |
| &nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, 3.50%, 08/25/2059 (Callable 04/25/2037)<sup>(a)(c)</sup> | 62158 | 58768  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059 (Callable 04/25/2025)<sup>(a)(c)</sup> | 16925 | 16094  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (Callable 04/25/2025)<sup>(a)(c)</sup> | 34433 | 32782  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.16%, 11/27/2056 (Callable 04/25/2025)<sup>(a)(c)</sup> | 223881 | 194512  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.28%, 04/25/2061 (Callable 04/25/2025)<sup>(a)(c)</sup> | 350179 | 313099  |
|  NJ 2025-WBRK, Series 2025-WBRK, Class A, 5.87%, 03/05/2035<sup>(a)</sup> | 495000 | 508086  |
|  NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056 (Callable 04/25/2025)<sup>(a)(c)</sup> | 224853 | 194402  |
|  NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.29%, 02/10/2047<sup>(a)(c)</sup> | 65000 | 66674  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class A, 5.53% <br>(1 mo. Term SOFR + 1.21%), 02/15/2042<sup>(a)</sup> | 195000 | 193972  |
| OBX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 132035 | 113166  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.05%, 07/25/2061 (Callable 04/25/2025)<sup>(a)(c)</sup> | 139390 | 112985  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.31%, 11/25/2061 (Callable 04/25/2025)<sup>(a)(c)</sup> | 314215 | 278702  |
|  Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061 (Callable 04/25/2025)<sup>(a)(c)</sup> | 92219 | 76805  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NPL3, Class A1, 4.87%, 07/25/2051 (Callable 04/25/2025)<sup>(a)(g)</sup> | 100611 | 100545  |
| &nbsp;&nbsp;&nbsp; Series 2021-RN2, Class A1, 4.74%, 07/25/2051 (Callable 04/25/2025)<sup>(a)(g)</sup> | 92770 | 92419  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class A, 1.64%, 05/17/2026<sup>(a)</sup> | $364374 | $356238  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class A, 1.51%, 10/17/2038<sup>(a)</sup> | 323863 | 310743  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 3.20%, 04/17/2039 (Callable 04/17/2025)<sup>(a)</sup> | 105600 | 102356  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR4, Class A, 4.44%, 05/17/2041<sup>(a)</sup> | 295811 | 290370  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, 06/17/2039<sup>(a)</sup> | 95551 | 94578  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR7, Class A, 4.75%, 10/27/2039<sup>(a)</sup> | 142488 | 142445  |
| PRPM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, 6.36%, 11/25/2025 (Callable 04/25/2025)<sup>(a)(g)</sup> | 36386 | 36463  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 4.87%, 04/25/2026 (Callable 04/25/2025)<sup>(a)(g)</sup> | 139984 | 140108  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 4.79%, 06/25/2026 (Callable 04/25/2025)<sup>(a)(g)</sup> | 134949 | 134785  |
|  RFR Trust, Series 2025-SGRM, Class A, 5.56%, 03/11/2041<sup>(a)(c)</sup> | 657040 | 667030  |
|  Sabey Data Center Issuer LLC, Series 2024-1, Class A2, 6.00%, 04/20/2049 (Callable 04/20/2027)<sup>(a)</sup> | 50000 | 50992  |
|  SG Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C5, Class A4, 3.06%, 10/10/2048 (Callable 07/10/2026) | 75000 | 73003  |
| &nbsp;&nbsp;&nbsp; Series 2020-COVE, Class A, 2.63%, 03/15/2037<sup>(a)</sup> | 355000 | 340312  |
|  SGR Residential Mortgage Trust, Series 2021-1, Class A1, 1.16%, 07/25/2061 (Callable 04/25/2025)<sup>(a)(c)</sup> | 206833 | 167364  |
|  SHR Trust, Series 2024-LXRY, Class A, 6.27% (1 mo. Term SOFR + 1.95%), 10/15/2041<sup>(a)</sup> | 450000 | 450871  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 11451 | 10912  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.22%, 05/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 87204 | 81186  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (Callable 04/25/2025)<sup>(a)(c)</sup> | 33179 | 30921  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 226596 | 196581  |

---

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

57<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(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)** |
|  TEXAS Commercial Mortgage Trust 2025-TWR, Series 2025-TWR, Class A, 5.60% (1 mo. Term SOFR + 1.29%), 04/15/2042<sup>(a)</sup> | $325000 | $324855  |
| TowdPoint Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, 3.00%, 01/25/2058 (Callable 01/25/2030)<sup>(a)(c)</sup> | 10165 | 10013  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A1, 3.25%, 03/25/2058 (Callable 11/25/2030)<sup>(a)(c)</sup> | 36263 | 35708  |
| &nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 12/25/2030)<sup>(a)(c)</sup> | 51768 | 50600  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.75%, 03/25/2058 (Callable 09/25/2029)<sup>(a)(c)</sup> | 152411 | 146909  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 04/25/2032)<sup>(a)</sup> | 106755 | 96599  |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 2.92%, 11/30/2060<sup>(a)(c)</sup> | 389354 | 330718  |
|  Tricon Residential Trust, Series 2022-SFR1, Class A, 3.86%, 04/17/2039<sup>(a)</sup> | 503321 | 492792  |
| Vericrest Opportunity Loan Transferee<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CF1, Class A1, 4.99%, 08/25/2051 (Callable 04/25/2025)<sup>(a)(g)</sup> | 118009 | 119046  |
| &nbsp;&nbsp;&nbsp; Series 2021-NPL8, Class A1, 6.12%, 04/25/2051 (Callable 04/25/2025)<sup>(a)(g)</sup> | 48604 | 48655  |
| &nbsp;&nbsp;&nbsp; Series 2021-NPL9, Class A1, 4.99%, 05/25/2051 (Callable 04/25/2025)<sup>(a)(g)</sup> | 42796 | 42807  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.03%, 02/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 56252 | 49938  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 0.94%, 07/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 98217 | 81178  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.01%, 09/25/2066 (Callable 04/25/2025)<sup>(a)(c)</sup> | 331674 | 282478  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 12/25/2025)<sup>(a)(c)</sup> | 152222 | 138465  |
| &nbsp;&nbsp;&nbsp; Series 2021-R2, Class A1, 0.92%, 02/25/2064 (Callable 04/25/2025)<sup>(a)(c)</sup> | 57926 | 53464  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, 01/25/2067 (Callable 04/25/2025)<sup>(a)(g)</sup> | 245235 | 226262  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $23,859,710)** |  | 22004637  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 6.2%** | **ASSET-BACKED SECURITIES - 6.2%** | **ASSET-BACKED SECURITIES - 6.2%** |
| Affirm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.61%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | $125000 | $125870  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 4.62%, 09/15/2029 (Callable 09/15/2026)<sup>(a)</sup> | 340000 | 339450  |
|  Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.00%, 08/17/2048 (Callable 08/15/2026)<sup>(a)</sup> | 210000 | 212338  |
|  American Credit Acceptance Receivables Trust, Series 2023-3, Class B, 6.09%, 11/12/2027 (Callable 02/12/2027)<sup>(a)</sup> | 45267 | 45299  |
|  Amur Equipment Finance Receivables LLC, Series 2024-1A, Class B, 5.37%, 01/21/2031 (Callable 03/20/2028)<sup>(a)</sup> | 100000 | 101420  |
|  ARI Fleet Lease Trust, Series 2023-A, Class A2, 5.41%, 02/17/2032 (Callable 07/15/2026)<sup>(a)</sup> | 86446 | 86645  |
|  Auxilior Term Funding LLC, Series 2024-1A, Class A3, 5.49%, 07/15/2031 (Callable 03/15/2029)<sup>(a)</sup> | 140000 | 142821  |
|  Bain Capital Credit CLO, Series 2017-2A, Class A1R3, 5.70% (3 mo. Term SOFR + 1.40%), 07/25/2037 (Callable 07/25/2026)<sup>(a)</sup> | 420000 | 420406  |
|  Battalion CLO Ltd., Series 2024-25A, Class B, 6.49% (3 mo. Term SOFR + 2.20%), 03/13/2037 (Callable 04/20/2026)<sup>(a)</sup> | 315000 | 316606  |
|  Carvana Auto Receivables Trust, Series 2022-P2, Class A3, 4.13%, 04/12/2027 (Callable 04/12/2027) | 89214 | 89123  |
| CF Hippolyta Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 1.69%, 07/15/2060 (Callable 04/15/2025)<sup>(a)</sup> | 89945 | 88771  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, 1.99%, 07/15/2060 (Callable 04/15/2025)<sup>(a)</sup> | 86989 | 79887  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.53%, 03/15/2061 (Callable 04/15/2025)<sup>(a)</sup> | 94245 | 90126  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.97%, 08/15/2062<sup>(a)</sup> | 107484 | 107975  |
|  CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91%, 08/16/2027 (Callable 06/15/2027)<sup>(a)</sup> | 35636 | 35675  |

---

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

58<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| Credit Acceptance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.68%, 03/15/2034 (Callable 06/15/2027)<sup>(a)</sup> | $140000 | $142064  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 6.11%, 08/15/2034 (Callable 04/15/2028)<sup>(a)</sup> | 305000 | 312389  |
|  DB Master Finance Parent LLC, Series 2021-1A, Class A23, 2.79%, 11/20/2051 (Callable 11/20/2027)<sup>(a)</sup> | 595013 | 513685  |
| DigitalBridgeGroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2A, 5.00%, 09/15/2048 (Callable 09/15/2026)<sup>(a)</sup> | 315000 | 312248  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.99%, 09/15/2049 (Callable 09/15/2027)<sup>(a)</sup> | 175000 | 172007  |
|  DLLAA LLC, Series 2023-1A, Class A3, 5.64%, 02/22/2028 (Callable 10/20/2027)<sup>(a)</sup> | 110000 | 111741  |
| Domino's SPV Guarantor LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2I, 4.12%, 07/25/2048 (Callable 04/25/2025)<sup>(a)</sup> | 180025 | 179184  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2, 3.67%, 10/25/2049 (Callable 10/25/2026)<sup>(a)</sup> | 72000 | 67715  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (Callable 10/25/2025)<sup>(a)</sup> | 481388 | 444895  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6A, Class BR, <br>6.70% (3 mo. Term SOFR + 2.40%), 10/17/2036 (Callable 10/17/2025)<sup>(a)</sup> | 285000 | 286532  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, <br>6.56% (3 mo. Term SOFR + 2.25%), 04/16/2036 (Callable 04/16/2025)<sup>(a)</sup> | 250000 | 250123  |
|  Exeter Automobile Receivables Trust, Series 2023-3A, Class B, 6.11%, 09/15/2027 (Callable 09/15/2027) | 27691 | 27746  |
|  Flagship Credit Auto Trust, Series 2023-1, Class B, 5.05%, 01/18/2028 (Callable 09/15/2027)<sup>(a)</sup> | 53000 | 53071  |
|  Glencore Funding LLC, 5.67%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 55000 | 55088  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 4.89%, 04/16/2029 (Callable 04/16/2029)<sup>(a)</sup> | 140000 | 140427  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.98%, 07/16/2029 (Callable 07/16/2029)<sup>(a)</sup> | 225000 | 226506  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  GreatAmerica Leasing Receivables, Series 2024-1, Class B, 5.18%, 12/16/2030 (Callable 02/15/2028)<sup>(a)</sup> | $55000 | $55793  |
|  GTP Acquisition Partners I LLC, Series 2015-1-2, 3.48%, 06/16/2025 (Callable 05/02/2025)<sup>(a)</sup> | 300000 | 298958  |
|  Hertz Global Holdings, Inc., Series 2025-2A, Class A, 5.13%, 09/25/2031 (Callable 09/25/2030)<sup>(a)</sup> | 110000 | 110694  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.97%, 12/16/2069 (Callable 05/15/2030)<sup>(a)</sup> | 83078 | 73695  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 10/15/2030)<sup>(a)</sup> | 140072 | 123126  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 07/15/2033)<sup>(a)</sup> | 175380 | 178467  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2023-2A, Class B, <br>6.64% (3 mo. Term SOFR + 2.35%), 04/20/2036 (Callable 04/20/2025)<sup>(a)</sup> | 280000 | 280183  |
| RR, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R, <br>6.95% (3 mo. Term SOFR + 2.65%), 10/15/2035 (Callable 07/15/2025)<sup>(a)</sup> | 420000 | 421799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A2R, <br>5.82% (3 mo. Term SOFR + 1.50%), 04/15/2038 (Callable 04/15/2026)<sup>(a)</sup> | 250000 | 248435  |
|  Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98%, 02/15/2028 (Callable 01/15/2027) | 71582 | 71640  |
|  SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (Callable 03/20/2030)<sup>(a)</sup> | 100000 | 101903  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.04%, 07/25/2031 (Callable 04/25/2028)<sup>(a)</sup> | 54175 | 54308  |
| Stack Infrastructure Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2, 5.90%, 07/25/2048 (Callable 06/25/2026)<sup>(a)</sup> | 180000 | 182472  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.90%, 03/25/2049 (Callable 03/25/2027)<sup>(a)</sup> | 100000 | 102505  |
|  Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/2050 (Callable 04/20/2025)<sup>(a)</sup> | 100000 | 98025  |

---

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

59<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  Taco Bell Corp., Series 2018-1A, Class A2II, 4.94%, 11/25/2048 (Callable 11/25/2025)<sup>(a)</sup> | $280988 | $280677  |
|  Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, 08/25/2051 (Callable 02/25/2026)<sup>(a)</sup> | 725085 | 651101  |
|  Texas Debt Capital CLO Ltd., Series 2023-1A, Class B, 6.59% (3 mo. Term SOFR + 2.30%), 04/20/2036 (Callable 04/20/2025)<sup>(a)</sup> | 250000 | 250156  |
|  Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 06/15/2028 (Callable 02/15/2027)<sup>(a)</sup> | 76100 | 76308  |
|  Venture CDO Ltd., Series 2021-42A, Class A1A, 5.69% (3 mo. Term SOFR + 1.39%), 04/15/2034 (Callable 04/15/2025)<sup>(a)</sup> | 410000 | 410176  |
|  Vertical Bridge Holdings LLC, Series 2024-1A, Class C2, 5.59%, 05/15/2054 (Callable 05/15/2027)<sup>(a)</sup> | 205000 | 206345  |
|  Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048 (Callable 06/15/2025)<sup>(a)</sup> | 157644 | 152718  |
|  Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 06/05/2025)<sup>(a)</sup> | 197000 | 186063  |
|  Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055 (Callable 09/20/2028)<sup>(a)</sup> | 225000 | 224979  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $10,297,408)** |  | 10418359  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.8%**<br>|  |  |
| Bermuda Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 08/20/2030 (Callable 05/20/2030) | 200000 | 174740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 (Callable 04/15/2032)<sup>(a)</sup> | 200000 | 197100  |
|  Hungary Government International Bond, 5.50%, 03/26/2036<sup>(a)</sup> | 200000 | 191553  |
|  Israel Government International Bond, 5.38%, 02/19/2030 | 200000 | 201605  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/2034 (Callable 11/12/2033) | 410000 | 337106  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 (Callable 02/07/2036) | 640000 | 619392  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 (Callable 02/13/2037) | 200000 | 205120  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Panama Government International Bond, 2.25%, 09/29/2032 (Callable 06/29/2032) | $200000 | $146037  |
| Peruvian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 (Callable 10/15/2033) | 40000 | 33263  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/08/2035 (Callable 11/08/2034) | 165000 | 162236  |
| Romanian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029<sup>(a)</sup> | 252000 | 251393  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/27/2032 | 340000 | 284756  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035<sup>(a)</sup> | 30000 | 27153  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/10/2037<sup>(a)</sup> | 56000 | 57042  |
|  Uruguay Government International Bond, 4.38%, 01/23/2031 (Callable 10/23/2030) | 100000 | 98355  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $3,029,300)** |  | 2986851  |
| **MUNICIPAL DEBT OBLIGATIONS - 1.2%** | **MUNICIPAL DEBT OBLIGATIONS - 1.2%** |  |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/01/2040 | 98548 | 109152  |
|  Commonwealth of Massachusetts, 4.11%, 07/15/2031 | 89245 | 88617  |
| County of Riverside CA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.96%, 02/15/2027 | 345000 | 336947  |
| &nbsp;&nbsp;&nbsp; 3.07%, 02/15/2028 | 345000 | 333410  |
| &nbsp;&nbsp;&nbsp; District of Columbia, 3.43%, <br>04/01/2042 (Obligor: National Public Radio Inc) | 125000 | 99628  |
| Metropolitan Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.18%, 11/15/2049 | 20000 | 18021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2050 (Callable 05/15/2030) | 100000 | 100709  |
|  New York Transportation Development Corp., 4.25%, 09/01/2035 (Obligor: Research Fndtn Of St Univ) | 230000 | 223996  |
|  Philadelphia Authority for Industrial Development, 6.55%, 10/15/2028 | 355000 | 379244  |
|  Regents of the University of California Medical Center Pooled Revenue, 6.55%, 05/15/2048 | 35000 | 37968  |
|  State Board of Administration Finance Corp., 1.26%, 07/01/2025 | 250000 | 247954  |
| &nbsp;&nbsp;&nbsp; State of California, <br>7.30%, 10/01/2039 | 60000 | 69757  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL DEBT OBLIGATIONS** <br>**(Cost $2,151,878)** |  | 2045403 |

---

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

60<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 0.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(h)</sup> | 423395 | $423395  |
|  | **Shares** |  |
| **Money Market Funds - 1.5%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(h)</sup> | 2532185 | 2532185  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,955,580)** |  | 2955580  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.0%** <br>**(Cost $197,404,071)** |  | $185731294  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (11.0)% |  | (18388734)  |
| **TOTAL NET ASSETS - 100.0%** |  | $167342560 |

---

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.

ASA - Advanced Subscription Agreement

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

<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, 2025, the value of these securities total $35,374,932 or 21.1% of the Fund's net assets.

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

<sup>(c)</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, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $415,605 which represented 0.2% of net assets.

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

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(i)</sup> All or a portion of this security is held as collateral for certain swap and futures contracts. The approximate value of the portion of this security held as collateral is $872,561.

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

61<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(28) | &nbsp;&nbsp; 06/18/2025 | $3195500 | &nbsp;&nbsp;&nbsp;&nbsp; $(39625)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp; 06/18/2025 | 2446812 | &nbsp;&nbsp;&nbsp;&nbsp; (1156)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp; 06/30/2025 | 3936266 | &nbsp;&nbsp;&nbsp;&nbsp; (19050)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp; 06/30/2025 | 7679094 | &nbsp;&nbsp;&nbsp;&nbsp; (87199)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp; 06/18/2025 | 2345625 | &nbsp;&nbsp;&nbsp;&nbsp; 1283  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 06/18/2025 | 1100250 | &nbsp;&nbsp;&nbsp;&nbsp; 2642  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $(143105) |

---

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

62<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

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

**March 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate** | **Floating** <br>**Rate Index** | **Fixed Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value**  |
| 4.41% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 4.16% | Annually | 03/19/2045 | $2485000 | &nbsp;&nbsp;&nbsp; $(5091) | &nbsp;&nbsp;&nbsp; $(73550) | &nbsp;&nbsp; $(78641)  |
| 4.41% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 1.56% | Annually | 12/15/2051 | 565000 | &nbsp;&nbsp;&nbsp; (3131) | &nbsp;&nbsp;&nbsp; 224686 | &nbsp;&nbsp; 221555  |
| 4.41% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 2.88% | Annually | 03/15/2053 | 310000 | &nbsp;&nbsp;&nbsp; 3381 | &nbsp;&nbsp;&nbsp; 48155 | &nbsp;&nbsp; 51536  |
| 4.41% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 2.97% | Annually | 03/15/2053 | 990000 | &nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp; 146399 | &nbsp;&nbsp; 149381  |
| 4.41% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 3.59% | Annually | 09/20/2053 | 180000 | &nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp; 8420 | &nbsp;&nbsp; 9154  |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | &nbsp;&nbsp;&nbsp; $(1124) | &nbsp;&nbsp;&nbsp; $354110 | &nbsp;&nbsp; $352985 |

---

The swaps are centrally cleared. Morgan Stanley is the counterparty for the swaps in the Fund.

SOFR - Secured Overnight Borrowing Rate

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

63<br>

------

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

**GuidePath Growth Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.0%**<br>|  |  |
| **Domestic Equity Funds - 71.1%**<br>|  |  |
| AMCAP Fund - Class F-3 | 1190729 | $47986376  |
|  American Funds - New Economy Fund - Class F-3 | 553680 | 32130038  |
|  American Funds - New Perspective Fund - Class F-3 | 826119 | 50343676  |
|  American Funds - Smallcap World Fund, Inc. - Class F-3 | 748489 | 48210194  |
|  American Funds - The Growth Fund of America - Class F-3 | 1145323 | 79874828  |
| &nbsp;&nbsp;&nbsp; American Funds - The Investment Company of America - <br>Class F-3 | 595994 | 33232636  |
|  American Funds Fundamental Investors - Class F-3 | 424601 | 33072196  |
| Invesco QQQ Trust Series 1<sup>(a)</sup> | 19936 | 9348389  |
| iShares Core S&P Small-Cap ETF | 795954 | 83232910  |
| Schwab U.S. Large-Cap ETF<sup>(a)</sup> | 6961110 | 153701309  |
|  Schwab U.S. Large-Cap Growth ETF<sup>(a)</sup> | 3052151 | 76425861  |
|  SPDR S&P 600 Small Cap Growth ETF<sup>(a)</sup> | 198085 | 16441055  |
|  Vanguard Russell 1000 Growth ETF<sup>(a)</sup> | 495036 | 45934390  |
| Vanguard Russell 2000 Growth<sup>(a)</sup> | 122534 | 22835436  |
| Vanguard S&P 500 ETF | 398876 | 204986365  |
| Vanguard Value ETF<sup>(a)</sup> | 65757 | 11358864  |
|  |  | 949114523 |
| **Emerging Market Equity Funds - 6.5%**<br>|  |  |
|  iShares Core MSCI Emerging Markets ETF | 1599418 | 86320590  |
| **International Equity Funds - 18.9%**<br>|  |  |
| iShares Core MSCI Europe ETF<sup>(a)</sup> | 75818 | 4560453  |
| iShares MSCI ACWI ETF<sup>(a)</sup> | 481460 | 56037129  |
|  JPMorgan BetaBuilders Canada ETF<sup>(a)</sup> | 323809 | 23171772  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(a)</sup> | 225321 | 26047107  |
|  Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | 2799937 | 142320798  |
|  |  | 252137259 |
| **Real Estate Funds - 2.5%**<br>|  |  |
|  Vanguard Global ex-U.S. Real Estate ETF<sup>(a)</sup> | 291639 | 11799714  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 235075 | 21283690  |
|  |  | 33083404 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $888,389,500)** |  | 1320655776 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value**  |
| **SHORT-TERM INVESTMENTS - 16.4%**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 15.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(b)</sup> | 203295672 | $203295672 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(b)</sup> | 15093182 | 15093182  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $218,388,854)** |  | 218388854  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.4%** <br>**(Cost $1,106,778,354)** |  | $1539044630  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (15.4)% |  | (205033725)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1334010905 |

---

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.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $198,775,451 which represented 14.9% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

64<br>

------

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

**GuidePath Conservative Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.0%** | **INVESTMENT COMPANIES - 99.0%** |  |
| **Alternative Funds - 2.1%**<br>|  |  |
| SPDR Gold MiniShares Trust<sup>(a)(b)</sup> | 187750 | $11619848  |
| **Domestic Equity Funds - 25.3%**<br>|  |  |
|  American Funds - Mutual Fund - Class F-3 | 257884 | 14505959  |
|  American Funds - Washington Mutual Investors Fund - Class F-3 | 234265 | 14407300  |
| iShares Core S&P Small-Cap ETF | 160662 | 16800425  |
| iShares Global 100 ETF | 49750 | 4790428  |
|  iShares MSCI USA Min Vol Factor ETF | 154599 | 14479742  |
|  SPDR MSCI World StrategicFactors ETF | 38181 | 4875500  |
| &nbsp;&nbsp;&nbsp; Vanguard High Dividend <br>Yield ETF<sup>(b)</sup> | 109478 | 14118283  |
| Vanguard S&P 500 ETF | 72974 | 37502068  |
| Vanguard Value ETF<sup>(b)</sup> | 115232 | 19905176  |
|  |  | 141384881  |
| **Domestic Fixed Income Funds - 44.7%** | **Domestic Fixed Income Funds - 44.7%** |  |
|  American Funds - High-Income Trust - Class F-3 | 1453830 | 14131226  |
|  American Funds - The Bond Fund of America - Class F-3 | 1848450 | 20942940  |
|  American Funds Multi-Sector Income Fund - Class F-3 | 2250207 | 21039436  |
|  iShares 10+ Year Investment Grade Corporate Bond ETF<sup>(b)</sup> | 38101 | 1913813  |
|  iShares 7-10 Year Treasury Bond ETF<sup>(b)</sup> | 211141 | 20136517  |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(b)</sup> | 297069 | 10935110  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 98284 | 5020347  |
|  iShares Core U.S. Aggregate Bond ETF | 204832 | 20261981  |
|  iShares iBoxx High Yield Corporate Bond ETF<sup>(b)</sup> | 32464 | 2561085  |
| iShares TIPS Bond ETF<sup>(b)</sup> | 67735 | 7524681  |
|  SPDR Portfolio Short Term Treasury ETF | 90788 | 2654641  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 7644929 | 41435514  |
|  Vanguard Intermediate-Term Corporate Bond ETF<sup>(b)</sup> | 74659 | 6104120  |
| &nbsp;&nbsp;&nbsp; Vanguard Long-Term Treasury <br>ETF<sup>(b)</sup> | 228922 | 13188196  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(b)</sup> | 260787 | 12077046  |
|  Vanguard Short-Term Corporate Bond ETF<sup>(b)</sup> | 25576 | 2018970  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Vanguard Total Bond Market ETF | 22294 | $1637494  |
|  WisdomTree Floating Rate Treasury Fund<sup>(b)</sup> | 925252 | 46567933  |
|  |  | 250151050  |
| **Emerging Market Equity Funds - 1.5%** | **Emerging Market Equity Funds - 1.5%** |  |
|  iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 151909 | 8198529  |
|  **Emerging Markets Fixed Income Funds - 2.0%**<br>|  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 120159 | 10885204  |
| **Hybrid Funds - 14.6%**<br>|  |  |
|  American Funds - Capital Income Builder, Inc. - Class F-3 | 304562 | 21919306  |
|  American Funds - The Income Fund of America - Class F-3 | 865444 | 21956319  |
|  iShares Core Aggressive Allocation ETF | 267227 | 20442866  |
|  iShares Core Growth Allocation ETF<sup>(b)</sup> | 301641 | 17365472  |
|  |  | 81683963  |
| **International Equity Funds - 7.2%**<br>|  |  |
|  American Funds - Capital World Growth and Income Fund - Class F-3 | 152619 | 9651631  |
| iShares Core MSCI Europe ETF<sup>(b)</sup> | 49587 | 2982658  |
|  iShares MSCI EAFE Min Vol Factor ETF | 59003 | 4597514  |
|  JPMorgan BetaBuilders Canada ETF<sup>(b)</sup> | 51668 | 3697362  |
|  Vanguard FTSE Developed Markets ETF<sup>(b)</sup> | 383487 | 19492644  |
|  |  | 40421809  |
| **International Fixed Income Funds - 0.6%** | **International Fixed Income Funds - 0.6%** |  |
|  SPDR Bloomberg International Treasury Bond ETF<sup>(b)</sup> | 61241 | 1338728  |
|  Vanguard Total International Bond ETF | 40533 | 1978821  |
|  |  | 3317549  |
| **Real Estate Funds - 1.0%**<br>|  |  |
|  Vanguard Global ex-U.S. Real Estate ETF<sup>(b)</sup> | 32778 | 1326198  |
| Vanguard Real Estate ETF<sup>(b)</sup> | 47510 | 4301555  |
|  |  | 5627753  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $478,943,163)** |  | 553290586 |

---

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

65<br>

------

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

**GuidePath Conservative Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS - 21.7%** | **SHORT-TERM INVESTMENTS - 21.7%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 20.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 115568284 | $115568284 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(c)</sup> | 6052674 | 6052674  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $121,620,958)** |  | 121620958  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.7%** <br>**(Cost $600,564,121)** |  | $674911544  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (20.7)% |  | (115595312)  |
| **TOTAL NET ASSETS - 100.0%** |  | $559316232 |

---

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.

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $113,302,423 which represented 20.3% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

66<br>

------

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

**GuidePath Tactical Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 70.1%**<br>|  |  |
| **Airlines - 0.7%**<br>|  |  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 68404 | $4723296  |
| **Biotechnology - 5.3%**<br>|  |  |
| Regeneron Pharmaceuticals, Inc. | 18803 | 11925427  |
| United Therapeutics Corp.<sup>(a)</sup> | 71461 | 22029282  |
|  |  | 33954709  |
| **Building Products - 1.0%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 48758 | 6091825  |
| **Consumer Finance - 1.4%**<br>|  |  |
| Synchrony Financial | 169078 | 8950989  |
| **Diversified Telecommunication Services - 2.4%** | **Diversified Telecommunication Services - 2.4%** |  |
| AT&T, Inc. | 548406 | 15508922  |
| **Electric Utilities - 6.4%**<br>|  |  |
| NRG Energy, Inc. | 181128 | 17290479  |
| OGE Energy Corp. | 64361 | 2958032  |
| Vistra Corp. | 179237 | 21049593  |
|  |  | 41298104  |
| **Food & Staples Retailing - 3.6%**<br>|  |  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 150746 | 23009870  |
| **Food Products - 4.1%**<br>|  |  |
| Ingredion, Inc. | 111568 | 15085109  |
| Pilgrim's Pride Corp.<sup>(a)(b)</sup> | 202104 | 11016689  |
|  |  | 26101798  |
| **Household Durables - 6.0%**<br>|  |  |
| DR Horton, Inc. | 105781 | 13447939  |
| PulteGroup, Inc. | 146398 | 15049714  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 167933 | 10082697  |
|  |  | 38580350  |
| **Household Products - 2.8%**<br>|  |  |
| Procter & Gamble Co. | 106965 | 18228975  |
| **Insurance - 11.6%**<br>|  |  |
| Aflac, Inc. | 200859 | 22333512  |
| Arch Capital Group Ltd. | 153421 | 14756032  |
| Everest Group Ltd. | 41353 | 15024786  |
| Hartford Financial Services Group, Inc. | 184476 | 22825215  |
|  |  | 74939545  |
| **Interactive Media & Services - 5.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 94298 | 14582243  |
| Meta Platforms, Inc. - Class A | 38543 | 22214643  |
|  |  | 36796886  |
| **Machinery - 1.8%**<br>|  |  |
| Snap-on, Inc. | 34441 | 11606962  |
| **Metals & Mining - 1.8%**<br>|  |  |
| Steel Dynamics, Inc. | 92152 | 11526372  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** |
| CNX Resources Corp.<sup>(a)(b)</sup> | 188531 | $5934956  |
|  **Semiconductors & Semiconductor Equipment - 5.0%**<br>|  |  |
| NVIDIA Corp. | 211780 | 22952716  |
| QUALCOMM, Inc. | 60959 | 9363912  |
|  |  | 32316628  |
| **Software - 5.3%**<br>|  |  |
| DocuSign, Inc.<sup>(a)</sup> | 96765 | 7876671  |
| Microsoft Corp. | 70283 | 26383535  |
|  |  | 34260206  |
|  **Technology Hardware, Storage & Peripherals - 4.3%**<br>|  |  |
| Apple, Inc. | 124988 | 27763585  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $345,591,737)** |  | 451593978 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 32.5%** | **SHORT-TERM INVESTMENTS - 32.5%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 2.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 14594720 | 14594720  |
|  | **Shares** |  |
| **Money Market Funds - 30.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(c)(d)</sup> | 195121650 | 195121650  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $209,716,370)** |  | 209716370  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%** <br>**(Cost $555,308,107)** |  | $661310348  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.6)% |  | (16746293)  |
| **TOTAL NET ASSETS - 100.0%** |  | $644564055 |

---

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.

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, 2025(Continued)** 

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $14,386,046 which represented 2.2% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</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. 

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

68<br>

------

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

**GuidePath Absolute Return Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.9%** | **INVESTMENT COMPANIES - 98.9%** |  |
| **Alternative Funds - 5.7%**<br>|  |  |
|  ProShares Investment Grade-Interest Rate Hedged ETF | 154058 | $11845520  |
| **Domestic Equity - 2.4%**<br>|  |  |
|  DoubleLine Shiller Enhanced CAPE - Class I | 327449 | 5032893  |
| **Domestic Fixed Income Funds - 84.7%** | **Domestic Fixed Income Funds - 84.7%** | **Domestic Fixed Income Funds - 84.7%** |
|  BlackRock Low Duration Bond Portfolio - Class Institutional | 1669821 | 15195375  |
|  DoubleLine Core Fixed Income Fund - Class I | 506221 | 4687604  |
|  DoubleLine Flexible Income Fund - Class I | 866309 | 7554211  |
|  DoubleLine Low Duration Bond Fund - Class I | 1575016 | 15151651  |
|  DoubleLine Total Return Bond Fund - Class I | 2363797 | 20895964  |
|  iShares 7-10 Year Treasury Bond ETF<sup>(a)</sup> | 93535 | 8920433  |
|  iShares High Yield Systematic Bond ETF<sup>(a)</sup> | 218902 | 10308095  |
|  Schwab Short-Term U.S. Treasury ETF<sup>(a)</sup> | 645476 | 15710886  |
|  SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | 270830 | 8346981  |
|  SPDR Portfolio Short Term Treasury ETF | 71657 | 2095251  |
|  T Rowe Price Institutional Floating Rate Fund - Class I | 831758 | 7801895  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 3448064 | 18688505  |
|  Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 148369 | 11262691  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 405675 | 18786809  |
|  Vanguard Short-Term Corporate Bond ETF<sup>(a)</sup> | 53027 | 4185951  |
| Vanguard Total Bond Market ETF | 92403 | 6787000  |
|  |  | 176379302  |
| **Emerging Markets Fixed Income Funds - 2.5%** | **Emerging Markets Fixed Income Funds - 2.5%** |  |
|  Vanguard Emerging Markets Government Bond ETF<sup>(a)</sup> | 80411 | 5162386  |
| **Opportunistic Fixed Income Funds - 3.6%** | **Opportunistic Fixed Income Funds - 3.6%** |  |
|  BlackRock Strategic Income Opportunities Portfolio - Class Institutional | 793360 | 7552785  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $202,167,012)** |  | 205972886 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value** |
| **SHORT-TERM INVESTMENTS - 18.0%** | **SHORT-TERM INVESTMENTS - 18.0%** |  |
| &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 16.8%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 16.8%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 16.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(b)</sup> | 35049604 | $35049604 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **Money Market Funds - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(b)</sup> | 2499278 | 2499278  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $37,548,882)** |  | 37548882  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.9%** <br>**(Cost $239,715,894)** |  | $243521768  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (16.9)% |  | (35283704)  |
| **TOTAL NET ASSETS - 100.0%** |  | $208238064 |

---

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.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $34,344,143 which represented 16.5% of net assets. 

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

69<br>

------

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

**GuidePath Multi-Asset Income Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.0%** | **INVESTMENT COMPANIES - 99.0%** |  |
| **Domestic Equity Funds - 32.7%**<br>|  |  |
|  BlackRock High Equity Income Fund - Class Institutional | 55720 | $1564625  |
| Global X U.S. Preferred ETF<sup>(a)</sup> | 188510 | 3589230  |
| Invesco S&P 500 BuyWrite ETF | 60253 | 1335809  |
|  iShares Advantage Large Cap Income ETF | 17006 | 489603  |
| iShares Select Dividend ETF<sup>(a)</sup> | 27221 | 3655508  |
|  JPMorgan Equity Premium Income ETF | 8922 | 509803  |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Dividend Equity <br>ETF<sup>(a)</sup> | 374166 | 10461681  |
|  SPDR Portfolio S&P 500 High Dividend ETF<sup>(a)</sup> | 63568 | 2813520  |
|  Vanguard High Dividend Yield ETF<sup>(a)</sup> | 36875 | 4755400  |
| Vanguard S&P 500 ETF | 1103 | 566843  |
|  WisdomTree U.S. LargeCap Dividend Fund<sup>(a)</sup> | 46252 | 3671021  |
|  WisdomTree U.S. SmallCap Dividend Fund | 48252 | 1542134  |
|  |  | 34955177  |
| **Domestic Fixed Income Funds - 36.9%** | **Domestic Fixed Income Funds - 36.9%** |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 148829 | 6328209  |
|  iShares 7-10 Year Treasury Bond ETF<sup>(a)</sup> | 7545 | 719567  |
|  iShares Aaa - A Rated Corporate Bond ETF<sup>(a)</sup> | 44926 | 2135333  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 34814 | 1778299  |
| iShares Convertible Bond ETF | 18400 | 1538424  |
|  iShares Flexible Income Active ETF<sup>(a)</sup> | 33606 | 1760282  |
|  iShares High Yield Corporate Bond Buywrite Strategy ETF | 55089 | 1732549  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 7350 | 798872  |
|  Schwab 5-10 Year Corporate Bond ETF<sup>(a)</sup> | 95226 | 2138776  |
| SPDR Portfolio Aggregate Bond ETF | 16993 | 434001  |
|  SPDR Portfolio Long Term Corporate Bond ETF<sup>(a)</sup> | 46220 | 1043185  |
|  SPDR Portfolio Short Term Treasury ETF | 27054 | 791059  |
|  T Rowe Price Institutional Floating Rate Fund - Class I | 187539 | 1759118  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 1171139 | 6347575  |
|  Vanguard Intermediate-Term Treasury ETF | 6741 | 400415  |
| Vanguard Long-Term Treasury ETF | 52013 | 2996469  |
|  WisdomTree Floating Rate Treasury Fund | 134432 | 6765963  |
|  |  | 39468096  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Emerging Market Equity Funds - 4.7%** | **Emerging Market Equity Funds - 4.7%** |  |
|  iShares Emerging Markets Dividend ETF | 183297 | $5002175  |
| **Emerging Markets Fixed Income Funds - 1.5%** | **Emerging Markets Fixed Income Funds - 1.5%** |  |
|  Vanguard Emerging Markets Government Bond ETF<sup>(a)</sup> | 24541 | 1575532  |
| **International Equity Funds - 15.1%** | **International Equity Funds - 15.1%** |  |
|  iShares International Dividend Growth ETF<sup>(a)</sup> | 30413 | 2203118  |
|  iShares International Select Dividend ETF<sup>(a)</sup> | 236305 | 7330181  |
|  SPDR S&P International Dividend ETF<sup>(a)</sup> | 43557 | 1670847  |
|  Vanguard FTSE Developed Markets ETF | 14210 | 722294  |
|  Vanguard International High Dividend Yield ETF<sup>(a)</sup> | 57164 | 4212415  |
|  |  | 16138855  |
| **International Fixed Income Funds - 0.7%** | **International Fixed Income Funds - 0.7%** |  |
| Janus Henderson AAA CLO ETF | 13809 | 700255  |
| **Multi-Asset Funds - 4.7%**<br>|  |  |
|  Loomis Sayles Global Allocation Fund - Class Y | 207373 | 4995611  |
| **Real Estate Funds - 2.7%**<br>|  |  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 31584 | 2859615  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $90,977,422)** |  | 105695316 |

---

---

| | |
|:---|:---|
|  | **Units**  |
| **SHORT-TERM INVESTMENTS - 33.2%** | **SHORT-TERM INVESTMENTS - 33.2%** |
| &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 32.4%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 32.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(b)</sup> | 34640051 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(b)</sup> | 862254 | 862254  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,502,305)** |  | 35502305 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 132.2%** <br>**(Cost $126,479,727)** |  | $141197621 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (32.2)% |  | (34381351) |
| **TOTAL NET ASSETS - 100.0%** |  | $106816270 |

---

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

70<br>

------

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

**GuidePath Multi-Asset Income Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

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.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $33,947,432 which represented 31.8% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

71<br>

------

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

**GuidePath Flexible Income Allocation Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 97.3%** | **INVESTMENT COMPANIES - 97.3%** |  |
| **Alternative Funds - 15.8%**<br>|  |  |
|  JPMorgan Hedged Equity Fund - Select Shares - Class I | 165945 | $5223939  |
|  JPMorgan Research Market Neutral Fund - Class I | 211303 | 3264637  |
|  Stone Ridge Diversified Alternatives Fund - Class I | 2444905 | 26233836  |
|  Vanguard Market Neutral Fund - Class Institutional<sup>(c)</sup> | 510894 | 6733582  |
|  |  | 41455994  |
| **Domestic Equity Funds - 1.3%**<br>|  |  |
|  Goldman Sachs US Equity Dividend and Premium Fund - Class Institutional | 101692 | 1658600  |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Premium Income <br>ETF | 29026 | 1658546  |
|  |  | 3317146  |
| **Domestic Fixed Income Funds - 66.2%**<br>|  |  |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | 555116 | 20433820  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 115521 | 12555978  |
|  JPMorgan Short Duration Core Plus Fund - Class I | 568655 | 5316923  |
|  PIMCO Short Asset Investment Fund - Class Institutional | 631979 | 6288194  |
| Schwab U.S. TIPS ETF<sup>(a)</sup> | 608461 | 16361516  |
|  SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> | 185727 | 17699783  |
|  SPDR Bloomberg Short Term High Yield Bond ETF<sup>(a)</sup> | 209164 | 5262566  |
|  SPDR Portfolio Short Term Treasury ETF | 435405 | 12731242  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 7326109 | 39707512  |
| Vanguard Long-Term Treasury ETF | 296800 | 17098648  |
|  Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | 564702 | 20413977  |
|  |  | 173870159  |
| **Emerging Markets Fixed Income Funds - 4.8%** | **Emerging Markets Fixed Income Funds - 4.8%** |  |
|  Vanguard Emerging Markets Government Bond ETF<sup>(a)</sup> | 197828 | 12700558  |
| **Opportunistic Fixed Income Funds - 9.2%** | **Opportunistic Fixed Income Funds - 9.2%** |  |
|  Eaton Vance Strategic Income Fund - Class I | 695267 | 4644383  |
| JPMorgan Income Fund - Class I | 1357645 | 11607865  |
|  JPMorgan Unconstrained Debt Fund - Class I | 816876 | 7940033  |
|  |  | 24192281  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $248,026,042)** |  | 255536138 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS - 33.9%** | **SHORT-TERM INVESTMENTS - 33.9%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 31.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(b)</sup> | 82064870 | $82064870  |
|  | **Shares** |  |
| **Money Market Funds - 2.6%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(b)</sup> | 6925630 | 6925630  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $88,990,500)** |  | 88990500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 131.2%** <br>**(Cost $337,016,542)** |  | $344526638  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (31.2)% |  | (81943865)  |
| **TOTAL NET ASSETS - 100.0%** |  | $262582773 |

---

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.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $80,289,224 which represented 30.6% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(c)</sup> Certain GuidePath Funds invest in securities of underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the outstanding shares of each underlying fund, and therefore are potentially illiquid, amount to $2,635,092 or 1.00% of total net assets as of March 31, 2025. 

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

72<br>

------

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

**GuidePath Managed Futures Strategy Fund** 

**Consolidated Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 89.6%** | **SHORT-TERM INVESTMENTS - 89.6%** |  |
| **Certificates of Deposit - 47.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of America NA, <br>4.56%, 08/15/2025 | $5000000 | $5001009  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>4.67%, 07/14/2025 | 500000 | 500093  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>4.74%, 08/21/2025 | 10000000 | 10005933  |
|  Canadian Imperial Bank of Commerce, 4.63%, 11/13/2025 | 3000000 | 3000176  |
|  Canadian Imperial Bank of Commerce, 4.61%, 12/08/2025 | 7000000 | 6998730  |
|  Commonwealth Bank of Australia, 4.72%, 10/03/2025 | 9000000 | 9005489  |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, <br>4.38%, 09/24/2025 | 5000000 | 5001621  |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, <br>4.53%, 05/05/2025 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA/New York, <br>4.31%, 04/01/2025 | 10000000 | 10000000  |
| &nbsp;&nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br>4.56%, 09/03/2025 | 5000000 | 4999998  |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., <br>4.44%, 05/20/2025 | 3000000 | 3000040  |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., <br>4.61%, 08/19/2025 | 7000000 | 7000604  |
| &nbsp;&nbsp;&nbsp; MUFG Bank Ltd., <br>4.60%, 06/10/2025 | 5000000 | 5001178  |
| &nbsp;&nbsp;&nbsp; Nordea Bank ABP, <br>4.59%, 04/11/2025 | 5000000 | 5000000  |
|  Oversea Chinese Banking Corp., Ltd., 4.65%, 06/13/2025 | 4000000 | 4001034  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>4.27%, 06/17/2025 | 10000000 | 9995608  |
|  Skandinaviska Enskilda Banken, 4.38%, 07/10/2025 | 9000000 | 9000348  |
|  Sumitomo Mitsui Banking Corp., 4.29%, 04/03/2025 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., <br>4.74%, 04/17/2025 | 10000000 | 10000786  |
|  |  | 117512647 |

---

---

| | |
|:---|:---|
|  | **Units**  |
| &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 2.5%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 2.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(a)(c)</sup> | 6105000 |

---

---

| | |
|:---|:---|
|  | **Shares**  |
| **Money Market Funds - 5.9%**<br>|  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(a)</sup> | 14527870 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 33.6%**<br>|  |  |
| 4.24%, 04/03/2025<sup>(b)</sup> | $5000000 | $4998826  |
| 4.28%, 04/08/2025<sup>(b)</sup> | 4000000 | 3996694  |
| 4.25%, 04/10/2025<sup>(b)</sup> | 5000000 | 4994716  |
| 4.26%, 04/15/2025<sup>(b)</sup> | 10000000 | 9983540  |
| 4.25%, 04/17/2025<sup>(b)</sup> | 5000000 | 4990600  |
| 4.28%, 04/22/2025<sup>(b)</sup> | 6500000 | 6483999  |
| 4.25%, 04/29/2025<sup>(b)(d)</sup> | 6000000 | 5980435  |
| 4.22%, 05/01/2025<sup>(b)</sup> | 8000000 | 7972133  |
| 4.26%, 05/08/2025<sup>(b)</sup> | 4000000 | 3982682  |
| 4.26%, 05/15/2025<sup>(b)</sup> | 16000000 | 15917525  |
| 4.23%, 05/20/2025<sup>(b)</sup> | 4000000 | 3977106  |
| 4.20%, 09/11/2025<sup>(b)</sup> | 10000000 | 9814475  |
|  |  | 83092731  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $221,226,765)** |  | 221238248  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 89.6%** <br>**(Cost $221,226,765)** |  | $221238248  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 10.4% |  | 25658493  |
| **TOTAL NET ASSETS - 100.0%** |  | $246896741 |

---

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.

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

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

<sup>(d)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $5,980,260 which represented 2.4% of net assets. 

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

73<br>

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

**GuidePath Managed Futures Strategy Fund** 

**Consolidated Schedule of Futures Contracts** 

**March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 06/18/2025 | $2168375 | &nbsp;&nbsp; $(1456)  |
| 3 Month Canadian Overnight Repo Rate Average | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp; 12/16/2025 | 71629738 | &nbsp;&nbsp; 60809  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 09/15/2025 | 75482734 | &nbsp;&nbsp; 17523  |
| Arabica Coffee<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 07/21/2025 | 6616425 | &nbsp;&nbsp; (47435)  |
| Brazilian Real/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; 04/30/2025 | 818270 | &nbsp;&nbsp; 2271  |
| British Pound/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp; 06/16/2025 | 37199819 | &nbsp;&nbsp; (119586)  |
| CAC40 10 Euro Index | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp; 04/17/2025 | 6244083 | &nbsp;&nbsp; (200662)  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp; 06/19/2025 | 33214794 | &nbsp;&nbsp; (167847)  |
| Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp; 05/28/2025 | 16863900 | &nbsp;&nbsp; 730623  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 06/20/2025 | 7184030 | &nbsp;&nbsp; 58177  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp; 06/20/2025 | 17674279 | &nbsp;&nbsp; (540755)  |
| Euro/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp; 06/16/2025 | 4344800 | &nbsp;&nbsp; (31915)  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp; 06/20/2025 | 18201979 | &nbsp;&nbsp; (174597)  |
| FTSE China A50 Index | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp; 04/29/2025 | 4066870 | &nbsp;&nbsp; (32699)  |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp; 06/19/2025 | 3765454 | &nbsp;&nbsp; (29932)  |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 06/20/2025 | 11908965 | &nbsp;&nbsp; (257224)  |
| German Stock Index | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 06/20/2025 | 14517144 | &nbsp;&nbsp; (804000)  |
| Gold<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp; 06/26/2025 | 24572340 | &nbsp;&nbsp; 713240  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 04/29/2025 | 6295003 | &nbsp;&nbsp; (135364)  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 04/29/2025 | 8780870 | &nbsp;&nbsp; (143930)  |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp; 04/17/2025 | 16740431 | &nbsp;&nbsp; (194394)  |
| ICE European Climate Exchange Emissions<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 12/15/2025 | 1029098 | &nbsp;&nbsp; (217940)  |
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; 06/30/2025 | 14825720 | &nbsp;&nbsp; 413883  |
| London Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 07/16/2025 | 717777 | &nbsp;&nbsp; (7712)  |
| London Metals – Aluminum<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 06/16/2025 | 4617816 | &nbsp;&nbsp; (215093)  |
| London Metals – Copper<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 06/16/2025 | 4368285 | &nbsp;&nbsp; 729  |
| London Metals – Nickel<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 06/16/2025 | 2002047 | &nbsp;&nbsp; (79286)  |
| London Metals – Zinc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/16/2025 | 570804 | &nbsp;&nbsp; (12527)  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 06/20/2025 | 20176105 | &nbsp;&nbsp; (694812)  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 06/20/2025 | 5609540 | &nbsp;&nbsp; (171028)  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp; 04/29/2025 | 9514942 | &nbsp;&nbsp; (212697)  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 06/20/2025 | 2721530 | &nbsp;&nbsp; (18711)  |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp; 04/28/2025 | 4901610 | &nbsp;&nbsp; (333841)  |
| OMXS30 Index | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp; 04/16/2025 | 5491917 | &nbsp;&nbsp; (423292)  |
| Platinum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 07/29/2025 | 1284375 | &nbsp;&nbsp; 22671  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 06/20/2025 | 7914550 | &nbsp;&nbsp; (67692)  |
| S&P/Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp; 06/19/2025 | 18316084 | &nbsp;&nbsp; 205198  |
| SGX FTSE Taiwan Index | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 04/29/2025 | 2432850 | &nbsp;&nbsp; (185189)  |
| SGX TSI Iron Ore<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp; 05/30/2025 | 717029 | &nbsp;&nbsp; 2229  |
| Short-term Euro-BTP | &nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp; 06/06/2025 | 61717747 | &nbsp;&nbsp; 30043  |
| Silver<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 05/28/2025 | 5710815 | &nbsp;&nbsp; 190880  |
| South African Rand/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp; 06/16/2025 | 8625750 | &nbsp;&nbsp; (45770)  |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp; 06/20/2025 | 7836529 | &nbsp;&nbsp; (301086)  |
| Sugar #11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 06/30/2025 | 751968 | &nbsp;&nbsp; (40931)  |
| TOPIX Index | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 06/12/2025 | 3727048 | &nbsp;&nbsp; (2103)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp; 06/18/2025 | 6339469 | &nbsp;&nbsp; 7761  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp; 06/30/2025 | 42677406 | &nbsp;&nbsp; 8504  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp; 06/30/2025 | 16223437 | &nbsp;&nbsp; 21598  |
| US Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 07/16/2025 | 1656480 | &nbsp;&nbsp; 4354  |
|  |  |  |  | &nbsp;&nbsp; $(3421013) |

---

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

74<br>

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

**GuidePath Managed Futures Strategy Fund** 

**Consolidated Schedule of Futures Contracts** 

**March 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp;(327) | &nbsp;&nbsp; 12/16/2025 | $78635325 | &nbsp;&nbsp; $(90906)  |
| AUD/USD Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(487) | &nbsp;&nbsp; 06/16/2025 | 30454545 | &nbsp;&nbsp; 113624  |
| Austrailian Government 10 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(180) | &nbsp;&nbsp; 06/16/2025 | 12671200 | &nbsp;&nbsp; (66232)  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(220) | &nbsp;&nbsp; 06/16/2025 | 14640773 | &nbsp;&nbsp; (35113)  |
| Australian 90 Day Bank Bills | &nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp; 09/11/2025 | 78034929 | &nbsp;&nbsp; (16163)  |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(67) | &nbsp;&nbsp; 04/30/2025 | 5009590 | &nbsp;&nbsp; (323260)  |
| Canadian Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(567) | &nbsp;&nbsp; 06/17/2025 | 39593610 | &nbsp;&nbsp; (123399)  |
| Corn No. 2 Yellow<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp; 07/14/2025 | 2524712 | &nbsp;&nbsp; (6843)  |
| Cotton No. 2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp; 05/07/2025 | 4611270 | &nbsp;&nbsp; (15203)  |
| Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp; 04/22/2025 | 5789880 | &nbsp;&nbsp; (380425)  |
| Crude Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(94) | &nbsp;&nbsp; 07/14/2025 | 2559996 | &nbsp;&nbsp; (163311)  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp; 06/06/2025 | 23985857 | &nbsp;&nbsp; 431889  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp; 06/06/2025 | 46870947 | &nbsp;&nbsp; 4340  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(44) | &nbsp;&nbsp; 06/06/2025 | 5591289 | &nbsp;&nbsp; (61313)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp; 06/06/2025 | 36079811 | &nbsp;&nbsp; 616386  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;(389) | &nbsp;&nbsp; 06/06/2025 | 44988154 | &nbsp;&nbsp; (151688)  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp; 06/06/2025 | 51739384 | &nbsp;&nbsp; 226275  |
| Hard Red Winter Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp; 07/14/2025 | 855000 | &nbsp;&nbsp; 34826  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp;(344) | &nbsp;&nbsp; 12/16/2025 | 106602940 | &nbsp;&nbsp; (55150)  |
| Indian Rupee/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(490) | &nbsp;&nbsp; 04/28/2025 | 11444440 | &nbsp;&nbsp; (144496)  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp; 06/13/2025 | 18454564 | &nbsp;&nbsp; (66060)  |
| Japanese Yen/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp; 06/16/2025 | 5291212 | &nbsp;&nbsp; (13282)  |
| Korean Won/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp; 04/21/2025 | 1747910 | &nbsp;&nbsp; 26951  |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 06/13/2025 | 342990 | &nbsp;&nbsp; 1231  |
| London Metals – Aluminum<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp; 06/16/2025 | 2530310 | &nbsp;&nbsp; 30144  |
| London Metals – Copper<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 06/16/2025 | 485365 | &nbsp;&nbsp; (13480)  |
| London Metals – Nickel<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp; 06/16/2025 | 3146073 | &nbsp;&nbsp; (77452)  |
| London Metals – Zinc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 06/16/2025 | 214052 | &nbsp;&nbsp; 2120  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(260) | &nbsp;&nbsp; 06/26/2025 | 30794688 | &nbsp;&nbsp; 273601  |
| Low Sulphur Gas Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp; 04/10/2025 | 5145000 | &nbsp;&nbsp; (237388)  |
| Mexican Peso/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(130) | &nbsp;&nbsp; 06/16/2025 | 3147950 | &nbsp;&nbsp; 8375  |
| New Zealand Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(463) | &nbsp;&nbsp; 06/16/2025 | 26330810 | &nbsp;&nbsp; 151606  |
| Nifty 50 Index | &nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp; 04/24/2025 | 4019382 | &nbsp;&nbsp; 96636  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 06/12/2025 | 475498 | &nbsp;&nbsp; 16398  |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp; 04/30/2025 | 3829392 | &nbsp;&nbsp; (189289)  |
| Palladium<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 06/26/2025 | 100070 | &nbsp;&nbsp; (5032)  |
| Reformulated Gasoline Blendstock<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp; 04/30/2025 | 4906679 | &nbsp;&nbsp; (336957)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp; 06/20/2025 | 9020595 | &nbsp;&nbsp; 112381  |
| S&P Mid Cap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp; 06/20/2025 | 5289480 | &nbsp;&nbsp; 28352  |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(279) | &nbsp;&nbsp; 07/14/2025 | 8353260 | &nbsp;&nbsp; 169100  |
| Soybeans<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp; 07/14/2025 | 7249163 | &nbsp;&nbsp; 54304  |
| Swiss Franc/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp; 06/16/2025 | 15684625 | &nbsp;&nbsp; 86327  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp; 06/18/2025 | 3545250 | &nbsp;&nbsp; (41485)  |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp; 07/14/2025 | 5422425 | &nbsp;&nbsp; 126539  |
|  |  |  |  | &nbsp;&nbsp; (2522)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp; $(3423535) |

---

<sup>(a)</sup> All or portion of this security is held by GuidePath 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.

75<br>

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

**GuidePath Managed Futures Strategy Fund** 

**CONSOLIDATED Schedule of Forward Currency Contracts** 

**March 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized**<br>**Appreciation** <br>(Depreciation)  |
| UBS AG | 06/18/2025 | PLN | 2000000 | USD | 516703 | &nbsp;&nbsp; $(1870)  |
| UBS AG | 06/18/2025 | NOK | 232000000 | USD | 21951870 | &nbsp;&nbsp; 99403  |
| UBS AG | 06/18/2025 | SEK | 108000000 | USD | 10806901 | &nbsp;&nbsp; (11658)  |
| UBS AG | 06/18/2025 | SGD | 2250000 | USD | 1701321 | &nbsp;&nbsp; (19672)  |
| UBS AG | 06/18/2025 | NOK | 34000000 | USD | 3180494 | &nbsp;&nbsp; 51158  |
| UBS AG | 06/18/2025 | SEK | 16000000 | USD | 1600985 | &nbsp;&nbsp; (1689)  |
| UBS AG | 06/18/2025 | SEK | 38000000 | USD | 3780750 | &nbsp;&nbsp; 17576  |
| UBS AG | 06/18/2025 | SGD | 1750000 | USD | 1322730 | &nbsp;&nbsp; (14781)  |
| UBS AG | 06/18/2025 | NOK | 84000000 | USD | 7968817 | &nbsp;&nbsp; 15264  |
| UBS AG | 06/18/2025 | PLN | 1500000 | USD | 388130 | &nbsp;&nbsp; (2006)  |
| UBS AG | 06/18/2025 | SEK | 46000000 | USD | 4572348 | &nbsp;&nbsp; 25626  |
| UBS AG | 06/18/2025 | SGD | 10875000 | USD | 8212873 | &nbsp;&nbsp; (84902)  |
| UBS AG | 06/18/2025 | CNH | 29000000 | USD | 4036655 | &nbsp;&nbsp; (23533)  |
| UBS AG | 06/18/2025 | PLN | 69000000 | USD | 17849304 | &nbsp;&nbsp; (87564)  |
| UBS AG | 06/18/2025 | SEK | 134000000 | USD | 13376090 | &nbsp;&nbsp; 18008  |
| UBS AG | 06/18/2025 | SGD | 1125000 | USD | 846793 | &nbsp;&nbsp; (5968)  |
| UBS AG | 06/18/2025 | TRY | 27600000 | USD | 698963 | &nbsp;&nbsp; (40183)  |
| UBS AG | 06/18/2025 | USD | 21806236 | CNH | 157000000 | &nbsp;&nbsp; 80025  |
| UBS AG | 06/18/2025 | USD | 5248766 | NOK | 56000000 | &nbsp;&nbsp; (73955)  |
| UBS AG | 06/18/2025 | USD | 14792520 | SGD | 19625000 | &nbsp;&nbsp; 121975  |
| **Net Unrealized Appreciation** |  |  |  |  |  | &nbsp;&nbsp; $61254 |

---

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.

76<br>

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

**GuidePath Conservative Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 41.4%**<br>|  |  |
| **Domestic Fixed Income Funds - 41.4%**<br>|  |  |
| Invesco Senior Loan ETF<sup>(a)</sup> | 39186 | $811150  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 22825 | 970519  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 3245 | 163159  |
| iShares 0-5 Year TIPS Bond ETF | 12660 | 1309930  |
|  SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | 105684 | 3257181  |
|  |  | 6511939  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $6,489,313)** |  | 6511939  |
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 12.5%** | **U.S. TREASURY SECURITIES - 12.5%** |  |
| United States Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 06/30/2025 | $750000 | 742565  |
| &nbsp;&nbsp;&nbsp; 0.25%, 09/30/2025 | 750000 | 735505  |
| &nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | 500000 | 487715  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,967,178)** |  | 1965785  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 47.7%** | **SHORT-TERM INVESTMENTS - 47.7%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 1.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(b)</sup> | 259900 | 259900  |
|  | **Shares**  |  |
| **Money Market Funds - 46.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.31%<sup>(b)(c)</sup> | 7255214 | 7255214  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,515,114)** |  | 7515114  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $15,971,605)** |  | $15992838  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.6)% |  | (249016)  |
| **TOTAL NET ASSETS - 100.0%** |  | $15743822 |

---

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.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $253,322 which represented 1.6% of net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<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.

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

77<br>

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

**GuidePath Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.1%** | **INVESTMENT COMPANIES - 98.1%** |  |
| **Domestic Fixed Income Funds - 83.2%** | **Domestic Fixed Income Funds - 83.2%** |  |
|  iShares Core U.S. Aggregate Bond ETF | 98107 | $9704745  |
|  Schwab Intermediate-Term U.S. Treasury ETF<sup>(a)</sup> | 1525062 | 37913041  |
| Schwab U.S. TIPS ETF | 689391 | 18537724  |
|  VanEck Emerging Markets High Yield Bond ETF | 732832 | 14400149  |
|  |  | 80555659 |
| **Emerging Markets Fixed Income Funds - 14.9%** | **Emerging Markets Fixed Income Funds - 14.9%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 159192 | 14421203  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $92,555,579)** |  | 94976862 |

---

---

| | |
|:---|:---|
|  | **Units**  |
| **SHORT-TERM INVESTMENTS - 17.2%** | **SHORT-TERM INVESTMENTS - 17.2%** |
|  **Investments Purchased with Proceeds from Securities Lending - 14.9%**<br>|  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 14465446 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **Money Market Funds - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(c)</sup> | 2235239 | 2235239  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $16,700,685)** |  | 16700685 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.3%** <br>**(Cost $109,256,264)** |  | $111677547  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (15.3)% |  | (14832827)  |
| **TOTAL NET ASSETS - 100.0%** |  | $96844720 |

---

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.

LLC - Limited Liability Company

<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> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $14,205,146 which represented 14.7% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

78<br>

------

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

**GuidePath Growth and Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 50.2%**<br>|  |  |
| **Aerospace & Defense - 0.6%**<br>|  |  |
| General Dynamics Corp. | 693 | $188898  |
| Lockheed Martin Corp. | 971 | 433755  |
|  |  | 622653  |
| **Air Freight & Logistics - 0.5%**<br>|  |  |
| United Parcel Service, Inc. - Class B | 4466 | 491215  |
| **Banks - 1.5%**<br>|  |  |
| Citizens Financial Group, Inc. | 7167 | 293632  |
| Huntington Bancshares, Inc. | 26593 | 399161  |
| M&T Bank Corp. | 1056 | 188760  |
| Regions Financial Corp. | 18638 | 405004  |
| US Bancorp | 7291 | 307826  |
|  |  | 1594383  |
| **Beverages - 2.9%**<br>|  |  |
| Coca-Cola Co. | 22771 | 1630859  |
| PepsiCo, Inc. | 9509 | 1425780  |
|  |  | 3056639  |
| **Biotechnology - 1.9%**<br>|  |  |
| AbbVie, Inc. | 5629 | 1179388  |
| Amgen, Inc. | 2643 | 823427  |
|  |  | 2002815  |
| **Building Products - 0.5%**<br>|  |  |
| Johnson Controls International PLC | 6440 | 515908  |
| **Capital Markets - 0.9%**<br>|  |  |
| Blackrock, Inc. | 639 | 604801  |
| CME Group, Inc. | 1076 | 285452  |
|  |  | 890253  |
| **Chemicals - 1.5%**<br>|  |  |
| Air Products and Chemicals, Inc. | 1974 | 582172  |
| CF Industries Holdings, Inc. | 1323 | 103393  |
|  LyondellBasell Industries NV - Class A | 4936 | 347494  |
| Mosaic Co. | 19216 | 519024  |
|  |  | 1552083  |
| **Communications Equipment - 1.1%**<br>|  |  |
| Cisco Systems, Inc. | 18411 | 1136143  |
| **Consumer Finance - 1.1%**<br>|  |  |
| Capital One Financial Corp. | 3238 | 580573  |
| Synchrony Financial | 10755 | 569370  |
|  |  | 1149943  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.4%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.4%** |  |
| Target Corp. | 4016 | 419110  |
| **Distributors - 0.6%**<br>|  |  |
| LKQ Corp. | 14985 | 637462  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Diversified Telecommunication Services - 0.9%**<br>|  |  |
| Verizon Communications, Inc. | 21737 | $985990  |
| **Electric Utilities - 0.6%**<br>|  |  |
| American Electric Power Co., Inc. | 2655 | 290112  |
| Xcel Energy, Inc. | 5459 | 386443  |
|  |  | 676555  |
| **Electrical Equipment - 1.2%**<br>|  |  |
| Emerson Electric Co. | 6794 | 744894  |
| Rockwell Automation, Inc. | 2083 | 538206  |
|  |  | 1283100  |
| **Food Products - 1.4%**<br>|  |  |
| Archer-Daniels-Midland Co. | 3518 | 168899  |
| General Mills, Inc. | 8135 | 486392  |
|  Mondelez International, Inc. - Class A | 11223 | 761480  |
|  |  | 1416771  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Norfolk Southern Corp. | 2617 | 619836  |
| Union Pacific Corp. | 2299 | 543116  |
|  |  | 1162952  |
| **Health Care Equipment & Supplies - 1.8%** | **Health Care Equipment & Supplies - 1.8%** |  |
| Abbott Laboratories | 9689 | 1285246  |
| Medtronic PLC | 6486 | 582832  |
|  |  | 1868078  |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |  |
| Cardinal Health, Inc. | 3936 | 542263  |
| CVS Health Corp. | 5578 | 377909  |
|  |  | 920172  |
| **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** |  |
| McDonald's Corp. | 3117 | 973657  |
| Starbucks Corp. | 2945 | 288875  |
| Yum! Brands, Inc. | 2686 | 422669  |
|  |  | 1685201  |
| **Household Durables - 0.1%**<br>|  |  |
| Garmin Ltd. | 478 | 103788  |
| **Household Products - 3.3%**<br>|  |  |
| Colgate-Palmolive Co. | 13758 | 1289125  |
| Kimberly-Clark Corp. | 2283 | 324688  |
| Procter & Gamble Co. | 10520 | 1792818  |
|  |  | 3406631  |
| **Industrial Conglomerates - 0.9%**<br>|  |  |
| Honeywell International, Inc. | 4605 | 975109  |
| **Insurance - 1.3%**<br>|  |  |
| Aflac, Inc. | 5665 | 629891  |

---

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

79<br>

------

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

**GuidePath Growth and Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Insurance - (Continued)**  | **Insurance - (Continued)**  | **Insurance - (Continued)**  |
|  Hartford Financial Services Group, Inc. | 3914 | $484279  |
| Travelers Cos., Inc. | 1047 | 276890  |
|  |  | 1391060  |
| **IT Services - 1.2%**<br>|  |  |
|  International Business Machines Corp. | 5099 | 1267917  |
| **Machinery - 1.9%**<br>|  |  |
| Caterpillar, Inc. | 3250 | 1071850  |
| Cummins, Inc. | 1797 | 563252  |
| Illinois Tool Works, Inc. | 1535 | 380695  |
|  |  | 2015797  |
| **Media - 0.8%**<br>|  |  |
| Comcast Corp. - Class A | 23612 | 871283  |
| **Multi-Utilities - 1.4%**<br>|  |  |
| Ameren Corp. | 3925 | 394070  |
| Consolidated Edison, Inc. | 2271 | 251150  |
| DTE Energy Co. | 2374 | 328253  |
| Sempra | 6499 | 463769  |
|  |  | 1437242  |
| **Oil, Gas & Consumable Fuels - 4.9%** | **Oil, Gas & Consumable Fuels - 4.9%** |  |
| Chevron Corp. | 10576 | 1769259  |
| ConocoPhillips | 11612 | 1219492  |
| Coterra Energy, Inc. | 5346 | 154500  |
| Exxon Mobil Corp. | 15187 | 1806190  |
| Phillips 66 | 1911 | 235970  |
|  |  | 5185411  |
| **Personal Care Products - 0.3%**<br>|  |  |
| Kenvue, Inc. | 12435 | 298191  |
| **Pharmaceuticals - 2.4%**<br>|  |  |
| Johnson & Johnson | 8661 | 1436340  |
| Merck & Co., Inc. | 10045 | 901639  |
| Pfizer, Inc. | 6950 | 176113  |
|  |  | 2514092  |
| **Professional Services - 1.0%**<br>|  |  |
| Automatic Data Processing, Inc. | 2378 | 726550  |
| Paychex, Inc. | 1809 | 279093  |
|  |  | 1005643  |
|  **Semiconductors & Semiconductor Equipment - 2.9%**<br>|  |  |
| Analog Devices, Inc. | 1149 | 231719  |
| Microchip Technology, Inc. | 5886 | 284941  |
| QUALCOMM, Inc. | 7306 | 1122275  |
| Texas Instruments, Inc. | 8063 | 1448921  |
|  |  | 3087856  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Software - 0.1%**<br>|  |  |
| Gen Digital, Inc. | 3779 | $100295  |
| **Specialty Retail - 2.3%**<br>|  |  |
| Home Depot, Inc. | 4818 | 1765749  |
| Lowe's Cos., Inc. | 2698 | 629254  |
|  |  | 2395003  |
|  **Technology Hardware, Storage & Peripherals - 0.3%**<br>|  |  |
| HP, Inc. | 11784 | 326299  |
| **Tobacco - 1.8%**<br>|  |  |
| Altria Group, Inc. | 12433 | 746229  |
| Philip Morris International, Inc. | 7343 | 1165554  |
|  |  | 1911783  |
| **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |  |
| Watsco, Inc. | 514 | 261266  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $43,731,057)** |  | 52622092  |
| **INVESTMENT COMPANIES - 48.7%** | **INVESTMENT COMPANIES - 48.7%** |  |
| **Domestic Equity Funds - 33.8%**<br>|  |  |
| Global X MLP ETF | 97753 | 5203392  |
|  Vanguard High Dividend Yield ETF<sup>(a)</sup> | 234503 | 30241507  |
|  |  | 35444899  |
| **Domestic Fixed Income Funds - 0.2%** | **Domestic Fixed Income Funds - 0.2%** |  |
|  SPDR Bloomberg 1-3 Month T-Bill ETF<sup>(b)</sup> | 1820 | 166949  |
| **Emerging Market Equity Funds - 4.9%** | **Emerging Market Equity Funds - 4.9%** |  |
|  iShares Emerging Markets Dividend ETF<sup>(b)</sup> | 189032 | 5158683  |
| **International Equity Funds - 9.8%**<br>|  |  |
|  Vanguard International High Dividend Yield ETF | 139019 | 10244310  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $51,246,901)** |  | 51014841 |

---

---

| | |
|:---|:---|
|  | **Units** |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |
|  **Investments Purchased with Proceeds from Securities Lending - 0.8%**<br>|  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.42%<sup>(c)</sup> | 824944 |

---

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

80<br>

------

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

**GuidePath Growth and Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  |
| **Money Market Funds - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.31%<sup>(c)</sup> | 1737585 | $1737585  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,562,529)** |  | 2562529  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $97,540,487)** |  | $106199462  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (1365347)  |
| **TOTAL NET ASSETS - 100.0%** |  | $104834115 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

<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> All or a portion of this security is on loan as of March 31, 2025. The total market value of these securities was $804,640 which represented 0.8% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

81<br>

------

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Core Fund** | **Emerging** <br>**Markets Fund** | **Small/Mid Cap**<br>**Core Fund**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at value (cost $404,441,363, $33,853,609 and $71,569,863, respectively)<sup>1</sup> | $752634296 | $46398466 | $98436863  |
| Foreign currencies (cost $0, $409, and $0, respectively) |  | 423 | —  |
| Cash | 2615 | 317 | 763  |
| Income receivable | 454307 | 164562 | 134813  |
| Receivable for dividend reclaims | 998 | 448 | —  |
| Receivable for investment securities sold | 2230051 |  | —  |
| Receivable for fund shares sold | 427345 | 1875 | 45810  |
| Other assets | 24943 | 8815 | 10375  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 755774555 | 46574906 | 98628624  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for collateral on securities loaned | 36843475 | 1486978 | 8537962  |
| Payable for fund shares redeemed | 378801 | 14305 | 60752  |
| Payable to Investment Advisor | 424421 | 27687 | 61498  |
| Payable to custodian | 5402 | 20590 | 1396  |
| Accrued shareholder servicing fees | 55111 | 7085 | 6092  |
| Deferred foreign capital gains tax |  | 344163 | —  |
| Other accrued expenses | 160672 | 76918 | 70391  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 37867882 | 1977726 | 8738091  |
| **NET ASSETS** | $717906673 | $44597180 | $89890533  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $354533651 | $35134810 | $62711304  |
| Total distributable earnings | 363373022 | 9462370 | 27179229  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $717906673 | $44597180 | $89890533  |
| Shares outstanding (unlimited shares of no par value authorized) | 23276859 | 3917463 | 4981105  |
| Net assets | 717906673 | 44597180 | 89890533  |
| **Net asset value, offering and redemption price per share** | $30.84 | $11.38 | $18.05  |
| <sup>1</sup> Includes loaned securities with a value of: | $35928252 | $1461560 | $8503031 |

---

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

82<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **World** <br>**ex-US** <br>**Fund** | **Core**<br>**Fixed Income** <br>**Fund** | **Growth** <br>**Allocation** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at value (cost $78,219,381, $197,404,071 and $1,106,778,354, respectively)<sup>1</sup> | $115417918 | $185731294 | $1539044630  |
| Foreign currencies (cost $254,716, $0, and $0, respectively) | 256527 |  | —  |
| Cash |  | 3000 | —  |
| Income receivable | 907861 | 1095885 | 62934  |
| Receivable for dividend and interest reclaims | 287953 | 783 | —  |
| Receivable for investment securities sold | 446220 | 5168047 | —  |
| Receivable for fund shares sold | 61233 | 92254 | 776141  |
| Other assets | 10070 | 10507 | 64847  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 117387782 | 192101770 | 1539948552  |
| **LIABILITIES:**<br>|  |  |  |
| Variation margin on centrally cleared swap contracts |  | 8471 |  |
| Variation margin on futures |  | 3033 | —  |
| Payable for collateral on securities loaned | 1044599 | 423395 | 203295672  |
|  Payable for investment securities purchased (When issued securities of $0, $23,734,165, and $0, respectively) |  | 24001901 | 418741  |
| Payable for fund shares redeemed | 75461 | 131796 | 1330515  |
| Payable to Investment Advisor | 73889 | 88664 | 579486  |
| Payable to custodian | 14655 | 5961 | 13207  |
| Accrued accounting fees | 18095 | 30000 | 23207  |
| Accrued shareholder servicing fees | 14762 | 10877 | 124825  |
| Accrued printing and mailing fees | 53735 | 17867 | 91116  |
| Other accrued expenses | 49314 | 37245 | 60878  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1344510 | 24759210 | 205937647  |
| **NET ASSETS** | $116043272 | $167342560 | $1334010905  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $75475784 | $195890460 | $894185871  |
| Total distributable earnings (accumulated loss) | 40567488 | (28547900) | 439825034  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $116043272 | $167342560 | $1334010905  |
|  Shares outstanding (unlimited shares of no par value authorized) | 10345350 | 20333821 | 78127330  |
| Net assets | 116043272 | 167342560 | 1334010905  |
| **Net asset value, offering and redemption price per share** | $11.22 | $8.23 | $17.07  |
| <sup>1</sup> Includes loaned securities with a value of: | $973878 | $415605 | $198775451 |

---

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

83<br>

------

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS & LIABILITIES** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative** <br>**Allocation** <br>**Fund** | **Tactical** <br>**Allocation** <br>**Fund** | **Absolute** <br>**Return** <br>**Allocation** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at value (cost $600,564,121, $555,308,107 and $239,715,894 respectively)<sup>1</sup> | $674911544 | $661310348 | $243521768  |
| Income receivable | 517661 | 739424 | 453054  |
| Receivable for investment securities sold |  |  | —  |
| Receivable for fund shares sold | 531174 | 655856 | 155554  |
| Other assets | 89341 | 34544 | 18649  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 676049720 | 662740172 | 244149025  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for collateral on securities loaned | 115568284 | 14594720 | 35049604  |
| Payable for investment securities purchased |  | 2613935 | 444406  |
| Payable for fund shares redeemed | 762650 | 446815 | 209701  |
| Payable to Investment Advisor | 242304 | 330783 | 93271  |
| Payable to custodian | 10204 | 7397 | 4994  |
| Accrued shareholder servicing fees | 47777 | 53771 | 20555  |
| Other accrued expenses | 102269 | 128696 | 88430  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 116733488 | 18176117 | 35910961  |
| **NET ASSETS** | $559316232 | $644564055 | $208238064  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $495308011 | $546362348 | $234887259  |
| Total distributable earnings (accumulated loss) | 64008221 | 98201707 | (26649195)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $559316232 | $644564055 | $208238064  |
|  Shares outstanding (unlimited shares of no par value authorized) | 49617291 | 50060761 | 22079270  |
| Net assets | 559316232 | 644564055 | 208238064  |
| **Net asset value, offering and redemption price per share** | $11.27 | $12.88 | $9.43  |
| <sup>1</sup> Includes loaned securities with a value of: | $113302423 | $14386046 | $34344143 |

---

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 ASSETS & LIABILITIES** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund** | **Flexible** <br>**Income** <br>**Allocation** <br>**Fund** | **Managed<sup>2</sup>** <br>**Futures** <br>**Strategy** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at value (cost $126,479,727, $337,016,542 and $221,226,765, respectively)<sup>1</sup> | $141197621 | $344526638 | $221238248  |
| Cash held as collateral for forwards |  |  | 3030054  |
| Income receivable | 51730 | 318290 | 713759  |
| Deposits with broker for futures |  |  | 31522968  |
| Receivable for investment securities sold | 302619 | 151865 | —  |
| Receivable for fund shares sold | 30809 | 180771 | 191191  |
| Receivable for unsettled open futures contracts |  |  | 32993  |
| Appreciation on forward currency contracts |  |  | 429035  |
| Other assets | 20189 | 71970 | 17377  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 141602968 | 345249534 | 257175625  |
| **LIABILITIES:**<br>|  |  |  |
| Depreciation on forward currency contracts |  |  | 367781  |
| Variation margin on futures |  |  | 2477949  |
| Payable for collateral on securities loaned | 34640051 | 82064870 | 6105000  |
| Payable for fund shares redeemed | 42572 | 348641 | 436823  |
| Payable for unsettled open futures contracts |  |  | 397838  |
| Payable to Investment Advisor | 54955 | 113629 | 281703  |
| Payable to custodian | 3593 | 6205 | 2138  |
| Payable for legal fees | 5669 | 18458 | 76180  |
| Accrued shareholder servicing fees | 9267 | 25988 | 22395  |
| Other accrued expenses | 30591 | 88970 | 111077  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 34786698 | 82666761 | 10278884  |
| **NET ASSETS** | $106816270 | $262582773 | $246896741  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $100120693 | $315221921 | $317892089  |
| Total distributable earnings (accumulated loss) | 6695577 | (52639148) | (70995348)  |
| &nbsp;&nbsp;&nbsp; **Total Net Assets** | $106816270 | $262582773 | $246896741  |
|  Shares outstanding (unlimited shares of no par value authorized) | 9621316 | 29708977 | 33637050  |
| Net assets | 106816270 | 262582773 | 246896741  |
| **Net asset value, offering and redemption price per share** | $11.10 | $8.84 | $7.34  |
| <sup>1</sup> Includes loaned securities with a value of: | $33947432 | $80289224 | $5980260  |
| <sup>2</sup> Consolidated Statement of Assets & Liabilities (See Note 3b).<br>|  |  |  |

---

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 ASSETS & LIABILITIES** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative** <br>**Income**<br>**Fund** | **Income**<br>**Fund** | **Growth and** <br>**Income** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at value (cost $15,971,605, $109,256,264, and $97,540,487 respectively)<sup>1</sup> | $15992838 | $111677547 | $106199462  |
| Income receivable | 26437 | 8649 | 94909  |
| Receivable for dividend reclaims |  |  | 1737  |
| Receivable for fund shares sold |  |  | —  |
| Other assets | 13385 | 25691 | 15548  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 16032660 | 111711887 | 106311656  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for collateral on securities loaned | 259900 | 14465446 | 824944  |
| Payable for investment securities purchased |  | 301533 | 534205  |
| Payable for fund shares redeemed | 1445 | 12407 | 9247  |
| Payable to Investment Advisor | 2431 | 57323 | 57432  |
| Payable to custodian | 248 | 923 | 4201  |
| Payable for audit and tax fees | 16258 | 16243 | 21756  |
| Accrued shareholder servicing fees | 4 | 41 | 83  |
| Other accrued expenses | 8552 | 13251 | 25673  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 288838 | 14867167 | 1477541  |
| **NET ASSETS** | $15743822 | $96844720 | $104834115  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $16213512 | $104078801 | $83562552  |
| Total distributable earnings (accumulated loss) | (469690) | (7234081) | 21271563  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $15743822 | $96844720 | $104834115  |
|  Shares outstanding (unlimited shares of no par value authorized) | 1630050 | 11267724 | 7997373  |
| Net assets | 15743822 | 96844720 | 104834115  |
| **Net asset value, offering and redemption price per share** | $9.66 | $8.59 | $13.11  |
| <sup>1</sup> Includes loaned securities with a value of: | $253322 | $14205146 | $804640 |

---

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** 

**March 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap** <br>**Core Fund** | **Emerging** <br>**Markets Fund** | **Small/Mid Cap** <br>**Core Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
|  Dividend income (net of withholding tax of $4,855, $218,731, and $2,506, respectively) | $9348764 | $1580833 | $1239989  |
| Interest income | 215984 | 11950 | 32187  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9564748 | 1592783 | 1272176  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees | 3375743 | 284091 | 559729  |
| Administrative service fees | 1861204 | 119359 | 244800  |
| Shareholder servicing fees | 750165 | 48151 | 98198  |
| Administration fees | 126141 | 36873 | 35792  |
| Reports to shareholders | 92470 | 12174 | 23800  |
| Fund accounting fees | 96973 | 109233 | 55872  |
| Legal fees | 87790 | 17553 | 20287  |
| Trustee fees and expenses | 74104 | 4796 | 10055  |
| Federal and state registration fees | 45496 | 37899 | 37990  |
| Custody fees | 33639 | 121827 | 8014  |
| Audit and tax fees | 24269 | 48944 | 24742  |
| Compliance fees | 18378 | 1153 | 2409  |
| Transfer agent fees and expenses | 9819 | 4420 | 4787  |
| Insurance fees | 9239 | 643 | 1343  |
| Miscellaneous expenses | 2822 | 1635 | 1799  |
| Interest expenses |  | 3715 | 661  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6608252 | 852466 | 1130278  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor (See Note 4) |  | (160528) | —  |
| &nbsp;&nbsp;&nbsp; Fees waived by the voluntary agreement (See Note 4) | (150033) | (28890) | (34369)  |
| &nbsp;&nbsp;&nbsp; Less securities lending credit (See Note 6) | (113156) | (14108) | (46924)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 6345063 | 648940 | 1048985  |
| **Net investment income**<br>| 3219685 | 943843 | 223191  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (net of foreign capital gains tax of $0, $139,853, and $0, respectively) | 33007725 | 591779 | 7268081  |
| &nbsp;&nbsp;&nbsp; Foreign currencies |  | (9874) | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | 70 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 33007725 | 581975 | 7268081  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments (net change in deferred foreign capital gains tax of $0, $(49206), and $0, respectively) | (8510146) | 1767823 | (10929293)  |
| &nbsp;&nbsp;&nbsp; Foreign currencies |  | 1011 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (8510146) | 1768834 | (10929293)  |
| **Net realized and unrealized gain (loss)**<br>| 24497579 | 2350809 | (3661212)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $27717264 | $3294652 | $(3438021) |

---

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 OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **World** <br>**ex-US** <br>**Fund** | **Core** <br>**Fixed Income** <br>**Fund** | **Growth** <br>**Allocation** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
|  Dividend income (net of withholding tax of $367,291, $0, and $0, respectively) | $3373548 | $— | $20905912  |
| Interest income | 27131 | 7617632 | 661530  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3400679 | 7617632 | 21567442  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees | 578121 | 687606 | 3395022  |
| Administrative service fees | 287848 | 427133 | 3393102  |
| Shareholder servicing fees | 115624 | 171901 | 1358009  |
| Administration fees | 44136 | 46350 | 163625  |
| Reports to shareholders | 62122 | 19335 | 102599  |
| Fund accounting fees | 120690 | 193183 | 139454  |
| Legal fees | 22097 | 20701 | 126745  |
| Trustee fees and expenses | 11569 | 17231 | 131029  |
| Federal and state registration fees | 38533 | 39661 | 40725  |
| Custody fees | 64807 | 35277 | 80088  |
| Audit and tax fees | 27534 | 26248 | 17955  |
| Compliance fees | 2803 | 4140 | 33390  |
| Transfer agent fees and expenses | 5005 | 5324 | 14623  |
| Insurance fees | 1486 | 2343 | 16054  |
| Miscellaneous expenses | 1877 | 1891 | 2135  |
| Interest expenses | 6305 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1390557 | 1698324 | 9014555  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor (See Note 4) | (60652) | (78457) | —  |
| &nbsp;&nbsp;&nbsp; Fees waived by the voluntary agreement (See Note 4) | (47406) |  | —  |
| &nbsp;&nbsp;&nbsp; Fees recouped by the Advisor (See Note 4) | 2685 |  |  |
| &nbsp;&nbsp;&nbsp; Less securities lending credit (See Note 6) | (8170) | (3993) | (381036)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1277014 | 1615874 | 8633519  |
| **Net investment income** | 2123665 | 6001758 | 12933923  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3925555 | (471069) | 35902549  |
| &nbsp;&nbsp;&nbsp; Foreign currencies | (3588) |  | —  |
| &nbsp;&nbsp;&nbsp; Swaps |  | (52130) | —  |
| &nbsp;&nbsp;&nbsp; Net long-term capital gain distributions received from registered investment companies |  |  | 21687226  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (438326) | —  |
| &nbsp;&nbsp;&nbsp; Options written |  | 30354 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3921967 | (931171) | 57589775  |

---

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 OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **World** <br>**ex-US** <br>**Fund** | **Core** <br>**Fixed Income** <br>**Fund** | **Growth** <br>**Allocation** <br>**Fund**  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $1995476 | $2175769 | $(6444528)  |
| &nbsp;&nbsp;&nbsp; Foreign currencies | 6224 |  | —  |
| &nbsp;&nbsp;&nbsp; Swaps |  | (4455) | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (74662) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2001700 | 2096652 | (6444528)  |
| **Net realized and unrealized gain** | 5923667 | 1165481 | 51145247  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $8047332 | $7167239 | $64079170 |

---

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

89<br>

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

**GuideMark Funds & GuidePath Funds** 

**STATEMENTS OF OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative** <br>**Allocation** <br>**Fund** | **Tactical** <br>**Allocation** <br>**Fund** | **Absolute** <br>**Return** <br>**Allocation** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $19912198 | $6915942 | $10407687  |
| Interest income | 271365 | 2709530 | 100186  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 20183563 | 9625472 | 10507873  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees | 1376451 | 2252451 | 726445  |
| Administrative service fees | 1375900 | 1608250 | 518682  |
| Shareholder servicing fees | 550581 | 643557 | 207556  |
| Administration fees | 67696 | 89745 | 27675  |
| Reports to shareholders | 53530 | 79801 | 38049  |
| Fund accounting fees | 58071 | 66897 | 22208  |
| Legal fees | 54737 | 64609 | 18610  |
| Trustee fees and expenses | 53499 | 62941 | 20693  |
| Federal and state registration fees | 41116 | 45176 | 36772  |
| Custody fees | 61550 | 45089 | 29514  |
| Audit and tax fees | 16679 | 17463 | 16242  |
| Compliance fees | 13784 | 15971 | 5118  |
| Transfer agent fees and expenses | 8363 | 8193 | 5505  |
| Insurance fees | 6381 | 7750 | 2953  |
| Miscellaneous expenses | 2293 | 1689 | 1770  |
| Interest expenses | 2238 |  | 4653  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3742869 | 5009582 | 1682445  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor (See Note 4) | (308782) |  | (228290)  |
| &nbsp;&nbsp;&nbsp; Fees recouped by the Advisor (See Note 4) |  |  | 4049 |
| &nbsp;&nbsp;&nbsp; Less securities lending credit (See Note 6) | (364306) | (93619) | (116626)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3069781 | 4915963 | 1341578  |
| **Net investment income** | 17113782 | 4709509 | 9166295  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1398245) | 34495221 | (193106)  |
| &nbsp;&nbsp;&nbsp; Net long-term capital gain distributions received from registered investment companies | 3305979 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1907734 | 34495221 | (193106)  |
| Net change in unrealized appreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 16512202 | (13053877) | 2053649  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 16512202 | (13053877) | 2053649  |
| **Net realized and unrealized gain** | 18419936 | 21441344 | 1860543  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $35533718 | $26150853 | $11026838 |

---

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

90<br>

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

**GuideMark Funds & GuidePath Funds** 

**STATEMENTS OF OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund** | **Flexible** <br>**Income** <br>**Allocation** <br>**Fund** | **Managed<sup>1</sup>** <br>**Futures Strategy** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $5066514 | $14908216 | $—  |
| Interest income | 51760 | 357334 | 13112558  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5118274 | 15265550 | 13112558  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees | 365560 | 675580 | 2813723  |
| Administrative service fees | 261053 | 675580 | 669593  |
| Shareholder servicing fees | 104446 | 270232 | 267974  |
| Administration fees | 18002 | 34359 | 36108  |
| Reports to shareholders | 7855 | 28963 | 51618  |
| Fund accounting fees | 11985 | 28695 | 45024  |
| Legal fees | 10741 | 33577 | 66366  |
| Trustee fees and expenses | 10243 | 27056 | 28400  |
| Federal and state registration fees | 32287 | 36676 | 37783  |
| Custody fees | 22676 | 37639 | 12925  |
| Audit and tax fees | 16242 | 16339 | 33809  |
| Compliance fees | 2545 | 6650 | 5969  |
| Transfer agent fees and expenses | 4649 | 6425 | 6017  |
| Insurance fees | 1306 | 3614 | 5116  |
| Miscellaneous expenses | 1649 | 1922 | 4958  |
| Interest expenses | 224 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 871463 | 1883307 | 4085383  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor (See Note 4) |  | (96576) | —  |
| &nbsp;&nbsp;&nbsp; Less securities lending credit (See Note 6) | (124863) | (261978) | (2200)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 746600 | 1524753 | 4083183  |
| **Net investment income** | 4371674 | 13740797 | 9029375  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1590410 | (1930197) | —  |
| &nbsp;&nbsp;&nbsp; Foreign currencies |  |  | (473160)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | (4402463)  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  |  | (39779162)  |
| &nbsp;&nbsp;&nbsp; Net long-term capital gain distributions received from registered investment companies | 294282 | 158190 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1884692 | (1772007) | (44654785)  |

---

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

91<br>

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

**GuideMark Funds & GuidePath Funds** 

**STATEMENTS OF OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund** | **Flexible** <br>**Income** <br>**Allocation** <br>**Fund** | **Managed<sup>1</sup>** <br>**Futures Strategy** <br>**Fund**  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $1453528 | $1150543 | $(38329)  |
| &nbsp;&nbsp;&nbsp; Foreign currencies |  |  | 275220  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 74131  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  |  | (13848684)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1453528 | 1150543 | (13537662)  |
| **Net realized and unrealized gain (loss)** | 3338220 | (621464) | (58192447)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7709894 | $13119333 | $(49163072) |

---

<sup>1</sup> Consolidated Statement of Operations for the year (See Note 3b).

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

92<br>

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

**GuideMark Funds & GuidePath Funds** 

**STATEMENTS OF OPERATIONS** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conservative** <br>**Income** <br>**Fund** | **Income** <br>**Fund** | **Growth and** <br>**Income** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $414361 | $4559347 | $2094816  |
| Interest income | 647132 | 119405 | 44908  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1061493 | 4678752 | 2139724  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees | 72449 | 415503 | 446398  |
| Administrative service fees | 51711 | 230693 | 247739  |
| Shareholder servicing fees | 93 | 474 | 535  |
| Administration fees | 6491 | 14734 | 16963  |
| Reports to shareholders | 3899 | 6084 | 7999  |
| Fund accounting fees | 2653 | 9628 | 12764  |
| Legal fees | 2265 | 8804 | 22831  |
| Trustee fees and expenses | 1969 | 8948 | 10238  |
| Federal and state registration fees | 22293 | 24744 | 25504  |
| Custody fees | 1400 | 5505 | 25034  |
| Audit and tax fees | 16259 | 16242 | 21764  |
| Compliance fees | 516 | 2253 | 2392  |
| Transfer agent fees and expenses | 4129 | 4558 | 4602  |
| Insurance fees | 304 | 1188 | 1277  |
| Miscellaneous expenses | 898 | 979 | 979  |
| Interest expenses |  |  | 17095  |
| &nbsp;&nbsp;&nbsp; Total expenses | 187329 | 750337 | 864114  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor (See Note 4) | (50414) |  | (46185)  |
| &nbsp;&nbsp;&nbsp; Fees recouped by the Advisor (See Note 4) |  |  | 5449  |
| &nbsp;&nbsp;&nbsp; Less securities lending credit (See Note 6) | (4436) | (180358) | (22607)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 132479 | 569979 | 800771  |
| **Net investment income** | 929014 | 4108773 | 1338953  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 49911 | 1701005 | 15159750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 49911 | 1701005 | 15159750  |
| Net change in unrealized appreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (37556) | (115067) | (8953731)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (37556) | (115067) | (8953731)  |
| **Net realized and unrealized gain** | 12355 | 1585938 | 6206019  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $941369 | $5694711 | $7544972 |

---

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 CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Core Fund** | **Large Cap Core Fund** | **Emerging Markets Fund**  | **Emerging Markets Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3219685 | $4194037 | $943843 | $939728  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment, foreign currency and forward currency contract transactions | 33007725 | 15497911 | 581975 | (1622708)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currencies | (8510146) | 159469215 | 1768834 | 4970166  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 27717264 | 179161163 | 3294652 | 4287186  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 33 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (1956) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  | (1923) |  | —  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 144001887 | 112156107 | 7116219 | 8390143  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 31527671 | 5134311 | 1353908 | 1515908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (177702588) | (175268868) | (13741159) | (10445056)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (2173030) | (57978450) | (5271032) | (539005)  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (31527674) | (5134311) | (1356041) | (1517844)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (31527674) | (5134311) | (1356041) | (1517844)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets** | $(5983440) | $116046479 | (3332421) | 2230337  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 723890113 | 607843634 | 47929601 | 45699264  |
| &nbsp;&nbsp;&nbsp; End of year | $717906673 | $723890113 | $44597180 | $47929601  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 1 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (76) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  | (75) |  | —  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4433364 | 4271724 | 617260 | 795346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 949057 | 183290 | 120411 | 142808  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5510604) | (6568583) | (1196387) | (999142)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (128183) | (2113569) | (458716) | (60988) |

---

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

94<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Core Fund** | **Small/Mid Cap Core Fund** | **World ex-US Fund**  | **World ex-US Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $223191 | $364163 | $2123665 | $2100789  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 7268081 | 3503778 | 3921967 | 383361  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (10929293) | 16221799 | 2001700 | 12443351  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (3438021) | 20089740 | 8047332 | 14927501  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  | (281)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  |  |  | (274)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 19300249 | 17507890 | 23555972 | 17765194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 8312014 | 708792 | 3178673 | 3718538  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28938155) | (29932120) | (33008102) | (24959397)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (1325892) | (11715438) | (6273457) | (3475665)  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (8312014) | (708792) | (3178682) | (3718548)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (8312014) | (708792) | (3178682) | (3718548)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets** | (13075927) | 7665510 | (1404807) | 7733014  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 102966460 | 95300950 | 117448079 | 109715065  |
| &nbsp;&nbsp;&nbsp; End of year | $89890533 | $102966460 | $116043272 | $117448079  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  | (28)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  |  |  | (27)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 954747 | 992893 | 2151755 | 1765612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 422874 | 36681 | 303627 | 366647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1446525) | (1664652) | (3025036) | (2496897)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (68904) | (635078) | (569654) | (364638) |

---

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

95<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Growth Allocation Fund**  | **Growth Allocation Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6001758 | $5435477 | $12933923 | $11852916  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment, swap, future and options written transactions | (931171) | (1998431) | 57589775 | 28540445  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments, swaps and futures | 2096652 | 462569 | (6444528) | 193618489  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 7167239 | 3899615 | 64079170 | 234011850  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  | 128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  | (7792)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  |  |  | (7664)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 42135733 | 44283404 | 278179791 | 315911137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 6553089 | 5432683 | 60039606 | 21249174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (54223823) | (46167169) | (287859885) | (220489252)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | (5535001) | 3548918 | 50359512 | 116671059  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (6553125) | (5432714) | (60039606) | (21249174)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (6553125) | (5432714) | (60039606) | (21249174)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets** | (4920887) | 2015819 | 54399076 | 329426071  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 172263447 | 170247628 | 1279611829 | 950185758  |
| &nbsp;&nbsp;&nbsp; End of year | $167342560 | $172263447 | $1334010905 | $1279611829  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  |  | 9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  | (527)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  |  |  | (518)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5129014 | 5452394 | 15574468 | 20377298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 797988 | 670737 | 3347622 | 1345907  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6594028) | (5717946) | (16211565) | (14645923)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | (667026) | 405185 | 2710525 | 7077282 |

---

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

96<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Tactical Allocation Fund**  | **Tactical Allocation Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $17113782 | $14354405 | $4709509 | $4220180  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 1907734 | 139735 | 34495221 | 32563155  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 16512202 | 31166338 | (13053877) | 86824459  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 35533718 | 45660478 | 26150853 | $123607794  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 359 |  | 4879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (11052) |  | (568668)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  | (10693) |  | (563789)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 128758973 | 173957157 | 169406514 | 105068956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 16649348 | 13791295 | 40005996 | 6818603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (136055881) | (116865966) | (146353852) | (134267017)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | 9352440 | 70882486 | 63058658 | (22379458)  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (16649348) | (13791295) | (40005997) | (6818603)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (16649348) | (13791295) | (40005997) | (6818603)  |
| &nbsp;&nbsp;&nbsp; **Increase in net assets** | 28236810 | 102740976 | 49203514 | 93845944  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 531079422 | 428338446 | 595360541 | 501514597  |
| &nbsp;&nbsp;&nbsp; End of year | $559316232 | $531079422 | $644564055 | $595360541  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 35 |  | 451  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (1065) |  | (50850)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** |  | (1030) |  | (50399)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 11453570 | 16627116 | 12352444 | 9204370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1498187 | 1304882 | 2954653 | 575507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12134051) | (11271724) | (10730688) | (11724090)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | 817706 | 6660274 | 4576409 | (1944213) |

---

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

97<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Allocation Fund** | **Absolute Return Allocation Fund** | **Multi-Asset Income Allocation Fund**  | **Multi-Asset Income Allocation Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $9166295 | $8760545 | $4371674 | $3559609  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (193106) | (1310533) | 1884692 | (1199781)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | 2053649 | 1860920 | 1453528 | 6418682  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 11026838 | 9310932 | 7709894 | 8778510  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 449 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  | 4 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (89) | (27023) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (89) | (26570) |  | —  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 77565986 | 53907835 | 20526870 | 31289817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 9957282 | 9346194 | 4479991 | 3496696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (84112832) | (83687543) | (25937085) | (24423966)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | 3410436 | (20433514) | (930224) | 10362547  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (9957282) | (9346198) | (4479990) | (3496696)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (9957282) | (9346198) | (4479990) | (3496696)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets** | 4479903 | (20495350) | 2299680 | 15644361  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 203758161 | 224253511 | 104516590 | 88872229  |
| &nbsp;&nbsp;&nbsp; End of year | $208238064 | $203758161 | $106816270 | $104516590  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 48 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9) | (2871) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (9) | (2823) |  | —  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8167166 | 5760602 | 1864751 | 3017387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1075301 | 1000556 | 410167 | 340115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8870836) | (8922259) | (2362854) | (2389673)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | 371631 | (2161101) | (87936) | 967829 |

---

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

98<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Flexible Income Allocation Fund** | **Flexible Income Allocation Fund** | **Managed Futures Strategy Fund<sup>1</sup>**  | **Managed Futures Strategy Fund<sup>1</sup>**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $13740797 | $14435607 | $9029375 | $17478379  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment, foreign currency, forward currency contract and future transactions | (1772007) | (7532583) | (44654785) | (12175992)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, foreign currencies, forward currency contracts and futures contracts | 1150543 | 3933961 | (13537662) | 19345177  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 13119333 | 10836985 | (49163072) | 24647564  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 75 |  | 185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  | 95 |  | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (44) | (8409) | (1398) | (327642)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (44) | (8239) | (1398) | (327452)  |
| &nbsp;&nbsp;&nbsp; **Service Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 91717976 | 81844986 | 83327481 | 127378020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 14734776 | 13686267 | 39597 | 554410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (107925949) | (122117472) | (77076162) | (361158721)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | (1473197) | (26586219) | 6290916 | (233226291)  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions - Institutional Shares |  |  |  | (5)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions - Service Shares | (14734776) | (13686362) | (39597) | (554411)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (14734776) | (13686362) | (39597) | (554416)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets** | (3088684) | (29443835) | (42913151) | (209460595)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 265671457 | 295115292 | 289809892 | 499270487  |
| &nbsp;&nbsp;&nbsp; End of year | $262582773 | $265671457 | $246896741 | $289809892  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 8 |  | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  | 11 |  | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5) | (940) | (153) | (38652)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (5) | (921) | (153) | (38630)  |

---

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

99<br>

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

**GuideMark Funds & GuidePath Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Flexible Income Allocation Fund** | **Flexible Income Allocation Fund** | **Managed Futures Strategy Fund<sup>1</sup>**  | **Managed Futures Strategy Fund<sup>1</sup>**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Service Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10215242 | 9183963 | 10316785 | 15242820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1656412 | 1539999 | 5002 | 67718  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12043859) | (13725984) | (9482756) | (42993320)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease)** | (172205) | (3002022) | 839031 | (27682782) |

---

<sup>1</sup> Consolidated Statements of Changes in Net Assets (See note 3b).

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 CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Income Fund** | **Conservative Income Fund** | **Income Fund**  | **Income Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $929014 | $816396 | $4108773 | $2724414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment <br>transactions | 49911 | (39268) | 1701005 | (2022742)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | (37556) | 55316 | (115067) | 2175939  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 941369 | 832444 | 5694711 | 2877611  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 18441799 | 16356425 | 31073688 | 31939962  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 938383 | 801360 | 4168408 | 2693828  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (17729345) | (14880223) | (19548903) | (11826539)  |
| &nbsp;&nbsp;&nbsp; **Net increase** | 1650837 | 2277562 | 15693193 | 22807251  |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (938383) | (801360) | (4148561) | (2693828)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (19847) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (938383) | (801360) | (4168408) | (2693828)  |
| **Increase in net assets** | 1653823 | 2308646 | 17219496 | 22991034  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 14089999 | 11781353 | 79625224 | 56634190  |
| &nbsp;&nbsp;&nbsp; End of year | $15743822 | $14089999 | $96844720 | $79625224  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1906310 | 1694609 | 3668492 | 3803073  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 97094 | 83292 | 489230 | 324779  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1831425) | (1543404) | (2290831) | (1418549)  |
| &nbsp;&nbsp;&nbsp; **Net increase** | 171979 | 234497 | 1866891 | 2709303 |

---

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)** 

---

| | | |
|:---|:---|:---|
|  | **Growth and Income Fund**  | **Growth and Income Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1338953 | $2225655  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 15159750 | 3332133  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | (8953731) | 11461039  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 7544972 | 17018827  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 21772858 | 22127596  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1219975 | 2225905  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (33940188) | (36507124)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (10947355) | (12153623)  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions | (1219975) | (2225905)  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1219975) | (2225905)  |
| **Increase (decrease) in net assets** | (4622358) | 2639299  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 109456473 | 106817174  |
| &nbsp;&nbsp;&nbsp; End of year | $104834115 | $109456473  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1705078 | 1996722  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 95098 | 203673  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2805328) | (3406873)  |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (1005152) | (1206478) |

---

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

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**Large Cap Core Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $30.93 | $23.82 | $28.80 | $26.58 | $16.11  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.14 | 0.17 | 0.20 | 0.10 | 0.06  |
| Net realized and unrealized gains (loss) on investments | 1.15 | 7.15 | (2.88) | 3.05 | 10.51  |
| **Total from investment operations** | 1.29 | 7.32 | (2.68) | 3.15 | 10.57  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.13) | (0.20) | (0.16) | (0.12) | (0.10)  |
| Distributions from net realized gains | (1.25) | (0.01) | (2.14) | (0.81) | —  |
| **Total distributions** | (1.38) | (0.21) | (2.30) | (0.93) | (0.10)  |
| **Net asset value, end of year** | $30.84 | $30.93 | $23.82 | $28.80 | $26.58  |
| Total return | 3.85% | 30.82% | (8.81)% | 11.59% | 65.69%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year | $717906673 | $723890113 | $607841824 | $691938719 | $602158947  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 0.88% <sup>3</sup> | 0.89% <sup>3</sup> | 0.90% | 0.89% | 1.15%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 0.85% <sup>3</sup> | 0.82% <sup>3</sup> | 0.87% | 0.89% | 1.10%  |
| Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 0.40% | 0.58% | 0.79% | 0.33% | 0.21%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 0.43% | 0.65% | 0.82% | 0.33% | 0.26%  |
| Portfolio turnover rate | 17.86% | 19.47% | 46.39% | 25.18% | 34.13% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>3</sup> The effect of the voluntary expense waiver on the Service Class shares was 0.02%. 

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

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**Emerging Markets Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $10.95 | $10.30 | $13.57 | $16.50 | $10.52  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.23 | 0.22 | 0.33 | 0.22 | 0.05  |
| Net realized and unrealized gains (loss) on investments | 0.54 | 0.80 | (1.87) | (1.73) | 5.96  |
| **Total from investment operations** | 0.77 | 1.02 | (1.54) | (1.51) | 6.01  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.34) | (0.37) | (0.49) | (0.26) | (0.03)  |
| Distributions from net realized gains |  |  | (1.24) | (1.16) | —  |
| **Total distributions** | (0.34) | (0.37) | (1.73) | (1.42) | (0.03)  |
| **Net asset value, end of year** | $11.38 | $10.95 | $10.30 | $13.57 | $16.50  |
| Total return | 7.07% | 10.03% | (11.02)% | (9.75)% | 57.85%<sup>3</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $44597180 | $47929601 | $45699264 | $71780033 | $96895863  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.76%<sup>4</sup> | 1.88%<sup>4</sup> | 1.84% | 1.40% | 1.55%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.34%<sup>4</sup> | 1.34%<sup>4</sup> | 1.40% | 1.39% | 1.64%  |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 1.54% | 1.55% | 2.39% | 1.32% | 0.43%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 1.96% | 2.09% | 2.83% | 1.33% | 0.34%  |
| Portfolio turnover rate | 29.99% | 43.80% | 43.50% | 47.80% | 58.36% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.01%, 0.01%, 0.00%, and 0.00%, respectively.

<sup>3</sup> The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

<sup>4</sup> The effect of the voluntary expense waiver on the Service Class shares was 0.06%. 

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

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

**SMALL/MID Cap Core Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $20.39 | $16.76 | $19.12 | $21.07 | $10.77  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.04 | 0.07 | 0.09 | 0.00<sup>4</sup> | (0.04)  |
| Net realized and unrealized gains (loss) on investments | (0.61) | 3.69 | (2.08) | 0.44 | 10.72  |
| **Total from investment operations** | (0.57) | 3.76 | (1.99) | 0.44 | 10.68  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.09) | (0.07) | (0.06) | (0.04) | (0.02)  |
| Distributions from net realized gains | (1.68) | (0.06) | (0.31) | (2.35) | (0.36)  |
| **Total distributions** | (1.77) | (0.13) | (0.37) | (2.39) | (0.38)  |
| **Net asset value, end of year** | $18.05 | $20.39 | $16.76 | $19.12 | $21.07  |
| Total return | (3.51)% | 22.44% | (10.34)% | 1.38% | 99.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $89890533 | $102966460 | $95300950 | $107105729 | $92756350  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.15%<sup>3</sup> | 1.16%<sup>3</sup> | 1.17% | 1.17% | 1.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.07%<sup>3</sup> | 1.04%<sup>3</sup> | 1.06% | 1.14% | 1.31%  |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 0.15% | 0.25% | 0.41% | (0.03)% | (0.40)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 0.23% | 0.37% | 0.52% | 0.01% | (0.25)%  |
| Portfolio turnover rate | 17.87% | 16.37% | 24.59% | 36.38% | 37.81% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

<sup>3</sup> The effect of the voluntary expense waiver on the Service Class shares was 0.035%.

<sup>4</sup> Amount calculated is less than $0.005 per share. 

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

105<br>

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

**World ex-US Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $10.76 | $9.73 | $10.31 | $10.45 | $7.30  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.20 | 0.19 | 0.23 | 0.13 | 0.08  |
| Net realized and unrealized gains (loss) on investments | 0.57 | 1.19 | (0.53) | (0.15) | 3.27  |
| **Total from investment operations** | 0.77 | 1.38 | (0.30) | (0.02) | 3.35  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.31) | (0.23) | (0.21) | (0.12) | (0.20)  |
| Dividends from net realized gains |  | (0.12) | (0.07) |  | —  |
| **Total distributions** | (0.31) | (0.35) | (0.28) | (0.12) | (0.20)  |
| **Net asset value, end of year** | $11.22 | $10.76 | $9.73 | $10.31 | $10.45  |
| Total return | 7.29% | 14.42% | (2.70)% | (0.27)% | 45.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $116043272 | $117448079 | $109714796 | $125033842 | $138023708  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.20%<sup>3</sup> | 1.24%<sup>3</sup> | 1.26% | 1.25% | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 1.10%<sup>3</sup> | 1.10%<sup>3</sup> | 1.14% | 1.14% | 1.37%  |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 1.74% | 1.80% | 2.37% | 1.08% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 1.84% | 1.91% | 2.49% | 1.19% | 0.89%  |
| Portfolio turnover rate | 33.41% | 30.33% | 54.13% | 33.89% | 46.15% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>3</sup> The effect of the voluntary expense waiver on the Service Class shares was 0.041%. 

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

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

**Core Fixed Income Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $8.20 | $8.27 | $9.01 | $9.70 | $9.80  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.29 | 0.26 | 0.20 | 0.11 | 0.11  |
| Net realized and unrealized gains (loss) on investments | 0.05 | (0.06) | (0.74) | (0.57) | 0.14<sup>3</sup>  |
| **Total from investment operations** | 0.34 | 0.20 | (0.54) | (0.46) | 0.25  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.31) | (0.27) | (0.20) | (0.12) | (0.18)  |
| Distributions from net realized gains |  |  |  | (0.11) | (0.17)  |
| **Total distributions** | (0.31) | (0.27) | (0.20) | (0.23) | (0.35)  |
| **Net asset value, end of year** | $8.23 | $8.20 | $8.27 | $9.01 | $9.70  |
| Total return | 4.25% | 2.56% | (6.02)% | (4.88)% | 2.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $167342560 | $172263447 | $170247628 | $200560432 | $188033933  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 0.99% | 1.00% | 0.99% | 0.99% | 1.28%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>2</sup> | 0.94% | 0.94% | 0.94% | 0.94% | 1.19%  |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 3.44% | 3.23% | 2.28% | 1.09% | 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 3.49% | 3.29% | 2.33% | 1.14% | 1.10%  |
| Portfolio turnover rate | 191.20% | 267.22% | 252.14% | 263.72% | 283.45% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>3</sup> Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year. 

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

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

**Growth Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $16.97 | $13.90 | $16.03 | $15.64 | $10.06  |
|  **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.17 | 0.17 | 0.13 | 0.12 | 0.07  |
|  Net realized and unrealized gains (loss) on investments | 0.72 | 3.21 | (1.72) | 0.73 | 5.78  |
| **Total from investment operations** | 0.89 | 3.38 | (1.59) | 0.85 | 5.85  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.18) | (0.26) | (0.03) | (0.13) | (0.07)  |
| Distributions from net realized gains | (0.61) | (0.05) | (0.51) | (0.33) | (0.20)  |
| **Total distributions** | (0.79) | (0.31) | (0.54) | (0.46) | (0.27)  |
| **Net asset value, end of year** | $17.07 | $16.97 | $13.90 | $16.03 | $15.64  |
| Total return | 5.04% | 24.46% | (9.69)% | 5.22% | 58.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $1334010905 | $1279611829 | $950178503 | $1136476058 | $1075230154  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.66% | 0.67% | 0.69% | 0.68% | 0.94%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.64% | 0.62% | 0.64% | 0.64% | 0.90%  |
|  Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 0.93% | 1.09% | 0.87% | 0.71% | 0.44%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 0.95% | 1.14% | 0.92% | 0.75% | 0.48%  |
| Portfolio turnover rate | 16.60% | 18.58% | 22.84% | 17.09% | 39.58% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.01%, 0.00% and 0.00%, respectively.

<sup>4</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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**Conservative Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $10.88 | $10.17 | $10.98 | $11.07 | $9.14  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.35 | 0.34 | 0.27 | 0.21 | 0.20  |
| Net realized and unrealized gains (loss) on investments | 0.38 | 0.71 | (0.87) | 0.10 | 1.96  |
| **Total from investment operations** | 0.73 | 1.05 | (0.60) | 0.31 | 2.16  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.34) | (0.34) | (0.17) | (0.20) | (0.19)  |
| Distributions from net realized gains |  |  | (0.04) | (0.20) | (0.04)  |
| **Total distributions** | (0.34) | (0.34) | (0.21) | (0.40) | (0.23)  |
| **Net asset value, end of year** | $11.27 | $10.88 | $10.17 | $10.98 | $11.07  |
| Total return | 6.78% | 10.48% | (5.39)% | 2.60% | 23.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $559316232 | $531079422 | $428327883 | $509796048 | $461123761  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.68% | 0.70% | 0.71% | 0.70% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.56%<sup>5</sup> | 0.45% | 0.45% | 0.45% | 0.70%  |
| Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 2.99% | 3.01% | 2.37% | 1.56% | 1.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 3.11% | 3.26% | 2.63% | 1.81% | 1.90%  |
| Portfolio turnover rate | 13.69% | 19.92% | 48.39% | 28.28% | 38.17% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>4</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>5</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.

109<br>

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

**Tactical Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $13.09 | $10.56 | $11.40 | $11.39 | $9.96  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.10 | 0.09 | 0.15 | 0.05 | 0.01  |
| Net realized and unrealized gains (loss) on investments | 0.55 | 2.58 | (0.49) | 1.15 | 1.94  |
| **Total from investment operations** | 0.65 | 2.67 | (0.34) | 1.20 | 1.95  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.17) | (0.14) |  | (0.05) | (0.01)  |
| Distributions from net realized gains | (0.69) |  | (0.50) | (1.14) | (0.51)  |
| **Total distributions** | (0.86) | (0.14) | (0.50) | (1.19) | (0.52)  |
| **Net asset value, end of year** | $12.88 | $13.09 | $10.56 | $11.40 | $11.39  |
| Total return | 4.59% | 25.45% | (2.90)% | 10.32% | 19.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $644564055 | $595360541 | $500975471 | $518623186 | $469311387  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.78% | 0.79% | 0.80% | 0.81% | 1.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.76% | 0.77% | 0.79% | 0.78% | 1.05%  |
| Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 0.72% | 0.77% | 1.37% | 0.36% | 0.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 0.74% | 0.79% | 1.38% | 0.39% | 0.09%  |
| Portfolio turnover rate | 274.00% | 333.31% | 248.27% | 406.19% | 443.30% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>4</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)**

**Absolute Return Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $9.39 | $9.39 | $10.08 | $10.58 | $10.01  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.42 | 0.40 | 0.28 | 0.23 | 0.20  |
| Net realized and unrealized gains (loss) on investments | 0.08 | 0.05 | (0.75) | (0.52) | 0.63<sup>5</sup>  |
| **Total from investment operations** | 0.50 | 0.45 | (0.47) | (0.29) | 0.83  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.46) | (0.45) | (0.22) | (0.21) | (0.26)  |
| **Total distributions** | (0.46) | (0.45) | (0.22) | (0.21) | (0.26)  |
| **Net asset value, end of year** | $9.43 | $9.39 | $9.39 | $10.08 | $10.58  |
| Total return | 5.45% | 4.72% | (4.56)% | (2.80)% | 8.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $208238064 | $203758072 | $224226970 | $236003490 | $212656486  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.81% | 0.84% | 0.86% | 0.82% | 1.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.65%<sup>6</sup> | 0.55% | 0.58% | 0.55% | 0.81%  |
| Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 4.26% | 3.91% | 2.73% | 1.87% | 1.57%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 4.42% | 4.20% | 3.01% | 2.14% | 1.85%  |
| Portfolio turnover rate | 54.69% | 53.14% | 152.99% | 27.64% | 65.03% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.03%, 0.00% and 0.01%, respectively.

<sup>4</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>5</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. 

<sup>6</sup> Effective August 1, 2024 the expense limitation was changed from 0.55% to 0.69%. 

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

111<br>

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

**Multi-Asset Income Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $10.77 | $10.17 | $11.37 | $11.33 | $9.06  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.46 | 0.41 | 0.37 | 0.31 | 0.27  |
| Net realized and unrealized gains (loss) on investments | 0.35 | 0.60 | (1.17) | 0.05 | 2.27  |
| **Total from investment operations** | 0.81 | 1.01 | (0.80) | 0.36 | 2.54  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.48) | (0.41) | (0.40) | (0.32) | (0.27)  |
| **Total distributions** | (0.48) | (0.41) | (0.40) | (0.32) | (0.27)  |
| **Net asset value, end of year** | $11.10 | $10.77 | $10.17 | $11.37 | $11.33  |
| Total return | 7.64% | 10.15% | (6.92)% | 3.09% | 28.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $106816270 | $104516590 | $88872229 | $111888042 | $132821013  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.83% | 0.85% | 0.85% | 0.84% | 1.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>3</sup> | 0.71% | 0.71% | 0.59% | 0.70% | 0.96%  |
| Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 4.07% | 3.89% | 3.32% | 2.55% | 2.48%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 4.19% | 4.03% | 3.58% | 2.69% | 2.61%  |
| Portfolio turnover rate | 47.13% | 27.54% | 65.66% | 24.21% | 73.27% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.01%, 0.00% and 0.00%, respectively.

<sup>4</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.

112<br>

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

**Flexible Income Allocation Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $8.89 | $8.97 | $9.99 | $10.50 | $9.30  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.46 | 0.47 | 0.23 | 0.21 | 0.25  |
| Net realized and unrealized gains (loss) on investments | (0.02) | (0.10) | (0.96) | (0.44) | 1.18<sup>2</sup>  |
| **Total from investment operations** | 0.44 | 0.37 | (0.73) | (0.23) | 1.43  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.49) | (0.45) | (0.22) | (0.21) | (0.23)  |
| Dividends from net realized gains |  |  | (0.07) | (0.07) | —  |
| **Total distributions** | (0.49) | (0.45) | (0.29) | (0.28) | (0.23)  |
| **Net asset value, end of year** | $8.84 | $8.89 | $8.97 | $9.99 | $10.50  |
| Total return | 5.02% | 4.19% | (7.27)% | (2.33)% | 15.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $262582773 | $265671413 | $295106939 | $347766775 | $279838116  |
| Ratio of expenses to average net assets<sup>3</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>4</sup> | 0.70% | 0.71% | 0.70% | 0.70% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>4</sup> | 0.56%<sup>6</sup> | 0.50% | 0.50% | 0.50% | 0.75%  |
| Ratio of net investment income to average net assets<sup>5</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit | 4.94% | 5.04% | 2.28% | 1.83% | 2.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit | 5.08% | 5.25% | 2.48% | 2.03% | 2.41%  |
| Portfolio turnover rate | 80.64% | 247.29% | 483.66% | 195.55% | 211.84% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>3</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>4</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

<sup>5</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>6</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.

113<br>

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

**Managed Futures Strategy Fund** 

**CONSOLIDATED FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $8.84 | $8.25 | $9.89 | $9.27 | $8.65  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.28 | 0.31 | 0.16 | (0.14) | (0.13)  |
| Net realized and unrealized gains on investments | (1.78) | 0.29 | 0.54<sup>3</sup> | 1.57 | 1.05  |
| **Total from investment operations** | (1.50) | 0.60 | 0.70 | 1.43 | 0.92  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.00)<sup>4</sup> | (0.01) | (1.04) | (0.20) | —  |
| Dividends from net realized gains |  |  | (1.30) | (0.61) | (0.30)  |
| **Total distributions** |  | (0.01) | (2.34) | (0.81) | (0.30)  |
| **Net asset value, end of year** | $7.34 | $8.84 | $8.25 | $9.89 | $9.27  |
| Total return | (16.97)% | 7.23% | 5.04% | 16.94% | 10.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $246896741 | $289808486 | $498938872 | $251272515 | $207653403  |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and fees waived including interest expense<sup>2</sup> | 1.52% | 1.50% | 1.52% | 1.54% | 1.80%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and fees waived including interest expense<sup>2</sup> | 1.52% | 1.50% | 1.52% | 1.54% | 1.81%  |
| Ratio of net investment gain (loss) to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and fees waived | 3.37% | 3.66% | 1.52% | (1.47)% | (1.47)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and fees waived | 3.37% | 3.66% | 1.52% | (1.47)% | (1.48)%  |
| Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

<sup>3</sup> Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>4</sup> Amount calculated is less than $(0.005) per share. 

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

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

**Conservative Income Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $9.66 | $9.63 | $9.78 | $9.94 | $9.90  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.44 | 0.43 | 0.20 | 0.05 | 0.03  |
| Net realized and unrealized gains (loss) on investments | (0.01)<sup>2</sup> | 0.02 | (0.13) | (0.16) | 0.04  |
| **Total from investment operations** | 0.43 | 0.45 | 0.07 | (0.11) | 0.07  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.43) | (0.42) | (0.22) | (0.05) | (0.03)  |
| Distributions from net realized gains |  |  |  |  | —  |
| **Total distributions** | (0.43) | (0.42) | (0.22) | (0.05) | (0.03)  |
| **Net asset value, end of year** | $9.66 | $9.66 | $9.63 | $9.78 | $9.94  |
| Total return | 4.50% | 4.82% | 0.71% | (1.12)% | 0.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $15743822 | $14089999 | $11781353 | $10911849 | $15926192  |
| Ratio of expenses to average net assets<sup>3</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>5</sup> | 0.90% | 0.92% | 0.95% | 1.06% | 1.14%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>5</sup> | 0.64% | 0.64% | 0.64% | 0.64% | 0.64%  |
| Ratio of net investment income to average net assets<sup>4</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and fees waived | 4.23% | 4.20% | 1.81% | 0.08% | (0.20)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and fees waived | 4.49% | 4.48% | 2.12% | 0.50% | 0.30%  |
| Portfolio turnover rate | 215.53% | 258.88% | 398.32% | 161.18% | 190.65% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>3</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>4</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>5</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively. 

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

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

**Income Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $8.47 | $8.46 | $9.20 | $9.95 | $9.86  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.38 | 0.31 | 0.17 | 0.21 | 0.18  |
| Net realized and unrealized gains (loss) on investments | 0.12 | (0.00)<sup>46</sup> | (0.74) | (0.75) | 0.09<sup>4</sup>  |
| **Total from investment operations** | 0.50 | 0.31 | (0.57) | (0.54) | 0.27  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.38) | (0.30) | (0.17) | (0.21) | (0.18)  |
| Distributions from return of capital.  | (0.00)<sup>6</sup>  | —  | —  | —  | —  |
| Distributions from net realized gains |  |  |  |  | —  |
| **Total distributions** | (0.38) | (0.30) | (0.17) | (0.21) | (0.18)  |
| **Net asset value, end of year** | $8.59 | $8.47 | $8.46 | $9.20 | $9.95  |
| Total return | 6.14% | 3.82% | (6.21)% | (5.53)% | 2.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $96844720 | $79625224 | $56634190 | $44470391 | $38031721  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>5</sup> | 0.81% | 0.84% | 0.85% | 0.88% | 0.92%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>5</sup> | 0.62% | 0.79% | 0.79% | 0.79% | 0.80%  |
| Ratio of net investment income to average net assets<sup>3</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and fees waived | 4.26% | 3.70% | 1.91% | 2.02% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and fees waived | 4.45% | 3.75% | 1.97% | 2.11% | 1.85%  |
| Portfolio turnover rate | 81.47% | 288.92% | 300.76% | 222.96% | 194.13% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</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>4</sup> Realized and unrealized gains and losses per shares in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>5</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00% and 0.01%, respectively.

<sup>6</sup> Amount calculated is less than $(0.005) per share. 

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

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

**Growth and Income Fund** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share of capital stock outstanding for the entire year and selected information for the year are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $12.16 | $10.46 | $11.02 | $11.68 | $8.72  |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.17 | 0.26 | 0.24 | 0.11 | 0.13  |
| Net realized and unrealized gains (loss) on<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; investments | 0.94 | 1.70 | (0.58) | 0.89 | 2.96  |
| **Total from investment operations** | 1.11 | 1.96 | (0.34) | 1.00 | 3.09  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.16) | (0.26) | (0.22) | (0.14) | (0.13)  |
| Distributions from net realized gains (loss) |  |  |  | (1.52) | —  |
| **Total distributions** | (0.16) | (0.26) | (0.22) | (1.66) | (0.13)  |
| **Net asset value, end of year** | $13.11 | $12.16 | $10.46 | $11.02 | $11.68  |
| Total return | 9.14% | 19.08% | (3.02)% | 7.90% | 35.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year | $104834115 | $109456473 | $106817174 | $116833573 | $86833376  |
| Ratio of expenses to average net assets<sup>2</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and securities lending credit including interest expense<sup>4</sup> | 0.87% | 0.94% | 0.94% | 0.87% | 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and securities lending credit including interest expense<sup>4</sup> | 0.81% | 0.88% | 0.89% | 0.81% | 0.80%  |
| Ratio of net investment income to average net assets<sup>3</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture) and fees waived | 1.29% | 2.35% | 2.21% | 0.86% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture) and fees waived | 1.35% | 2.41% | 2.26% | 0.92% | 1.28%  |
| Portfolio turnover rate | 86.63% | 122.79% | 73.19% | 174.37% | 108.96% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>1</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>2</sup> These ratios exclude the impact of the expenses of the underlying investment companies and exchange-traded funds in which the Fund invests.

<sup>3</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>4</sup> Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.02%, 0.09%, 0.10%, 0.02% and 0.01%, respectively. 

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, 2025** 

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, and GuideMark Core Fixed Income Fund. 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 a single share class. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

2. Fund of Funds

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath 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, 2025(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 market 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 – Unadjusted 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, 2025(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, 2025:

**GuideMark Large Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $682476360  | $—  | $3538  | $682479898  |
| Investment Companies | 21727601  | —  | —  | 21727601  |
| Real Estate Investment Trusts | 9172805  | —  | —  | 9172805  |
|  Investments Purchased with Proceeds from Securities Lending\* | —  | —  | —  | 36843475  |
| Money Market Funds | 2410517  | —  | —  | 2410517  |
| **Total Investments in Securities** | $715787283  | $—  | $3538  | $752634296 |

---

\* 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, 2025(Continued)** 

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| **Description** | **Common Stocks**  |
| Balance as of April 1, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3538  |
| &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; —  |
| &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, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; $3538  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025. | &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.

**GuideMark Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $21757 | $— | $21757  |
| &nbsp;&nbsp;&nbsp; Brazil | 1462346 |  |  | 1462346  |
| &nbsp;&nbsp;&nbsp; Chile | 320345 | 201412 | —  | 521757 |
| &nbsp;&nbsp;&nbsp; China | 440207 | 13138089 |  | 13578296  |
| &nbsp;&nbsp;&nbsp; Colombia | 86809 |  |  | 86809  |
| &nbsp;&nbsp;&nbsp; Czech Republic | 24313 | 180250 |  | 204563  |
| &nbsp;&nbsp;&nbsp; Egypt | 181730 |  |  | 181730  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 51443 | 583056 |  | 634499  |
| &nbsp;&nbsp;&nbsp; Hungary |  | 146950 |  | 146950  |
| &nbsp;&nbsp;&nbsp; India |  | 7179089 |  | 7179089  |
| &nbsp;&nbsp;&nbsp; Indonesia | 12366 | 398087 |  | 410453  |
| &nbsp;&nbsp;&nbsp; Ireland | 357890 |  |  | 357890  |
| &nbsp;&nbsp;&nbsp; Luxembourg | 29211 |  |  | 29211  |
| &nbsp;&nbsp;&nbsp; Mexico | 780813 |  |  | 780813  |
| &nbsp;&nbsp;&nbsp; Netherlands | 41660 |  |  | 41660  |
| &nbsp;&nbsp;&nbsp; Peru | 84282 |  |  | 84282  |
| &nbsp;&nbsp;&nbsp; Philippines |  | 79808 |  | 79808  |
| &nbsp;&nbsp;&nbsp; Poland |  | 542694 |  | 542694  |
| &nbsp;&nbsp;&nbsp; Qatar | 139565 | 195626 |  | 335191  |
| &nbsp;&nbsp;&nbsp; Russia |  |  | 0 | —  |
| &nbsp;&nbsp;&nbsp; Singapore |  | 54540 | —  | 54540 |
| &nbsp;&nbsp;&nbsp; South Africa | 601680 | 987751 |  | 1589431  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 4716200 |  | 4716200  |
| &nbsp;&nbsp;&nbsp; Tawain |  | 7421601 |  | 7421601  |
| &nbsp;&nbsp;&nbsp; Thailand |  | 379255 |  | 379255  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(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 | $87116 | $455758 | $—  | $542874 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | 224407 | 357699 |  | 582106  |
| **Total Common Stocks** | 4926183 | 37039622 |  | 41965805  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | 2004248 |  |  | 2004248  |
| **Total Investment Companies** | 2004248 |  |  | 2004248  |
| **Preferred Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | 687398 |  |  | 687398  |
| &nbsp;&nbsp;&nbsp; Colombia | 107973 |  |  | 107973  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 76549 |  | 76549  |
| **Total Preferred Stocks** | 795371 | 76549 |  | 871920  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 1486978  |
| **Money Market Funds** | 69515 |  |  | 69515  |
| **Total Investments in Securities** | $7795317 | $37116171 | $0 | $46398466 |

---

\* 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 Stocks** | **Rights**  |
| Balance as of April 1, 2024 | &nbsp;&nbsp;&nbsp; $0 | $0  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp;&nbsp; — | 0  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp;&nbsp; 0  | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp; — | 0  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp; — | —  |
| **Balance as of March 31, 2025** | &nbsp;&nbsp;&nbsp; $0 | $—  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025. | &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, 2025(Continued)** 

**GuideMark Small/Mid Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $82543197 | $— | $5013 | $82548210  |
| Real Estate Investment Trusts | 4177742 |  |  | 4177742  |
| Investment Companies | 2925491 |  |  | 2925491  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 8537962  |
| Money Market Funds | 247458 |  |  | 247458  |
| **Total Investments in Securities** | $89893888 | $— | $5013 | $98436863 |

---

\* 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 Stocks**  |
| Balance as of April 1, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7246  |
| &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; (4854)  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4854  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (2233)  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Balance as of March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; $5013  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025. | &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.

**GuideMark World ex-US Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $5268494 | $— | $5268494  |
| &nbsp;&nbsp;&nbsp; Austria |  | 286646 |  | 286646  |
| &nbsp;&nbsp;&nbsp; Belgium |  | 650480 |  | 650480  |
| &nbsp;&nbsp;&nbsp; Canada | 12779842 |  |  | 12779842  |
| &nbsp;&nbsp;&nbsp; China |  | 40387 |  | 40387  |
| &nbsp;&nbsp;&nbsp; Denmark |  | 2546555 |  | 2546555  |
| &nbsp;&nbsp;&nbsp; Finland |  | 812815 |  | 812815  |
| &nbsp;&nbsp;&nbsp; France |  | 11559474 |  | 11559474  |
| &nbsp;&nbsp;&nbsp; Germany |  | 11465627 |  | 11465627  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 43564 | 2159757 |  | 2203321  |
| &nbsp;&nbsp;&nbsp; Ireland | 105644 | 491553 |  | 597197  |
| &nbsp;&nbsp;&nbsp; Israel | 893410 | 422923 |  | 1316333  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(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; Italy | $— | $3902511 | $— | $3902511  |
| &nbsp;&nbsp;&nbsp; Japan |  | 21377052 |  | 21377052  |
| &nbsp;&nbsp;&nbsp; Luxembourg |  | 330741 |  | 330741  |
| &nbsp;&nbsp;&nbsp; Netherlands |  | 4653419 |  | 4653419  |
| &nbsp;&nbsp;&nbsp; New Zealand |  | 407665 |  | 407665  |
| &nbsp;&nbsp;&nbsp; Norway |  | 920846 |  | 920846  |
| &nbsp;&nbsp;&nbsp; Poland |  | 228995 |  | 228995  |
| &nbsp;&nbsp;&nbsp; Portugal | 255064 | 17625 |  | 272689  |
| &nbsp;&nbsp;&nbsp; Singapore | 222225 | 1547817 |  | 1770042  |
| &nbsp;&nbsp;&nbsp; Spain |  | 3599443 |  | 3599443  |
| &nbsp;&nbsp;&nbsp; Sweden | 287116 | 2262219 |  | 2549335  |
| &nbsp;&nbsp;&nbsp; Switzerland |  | 8261076 |  | 8261076  |
| &nbsp;&nbsp;&nbsp; United Kingdom | 64315 | 13894482 |  | 13958797  |
| &nbsp;&nbsp;&nbsp; United States | 116704 |  |  | 116704  |
| **Total Common Stocks** | 14767884 | 97108602 |  | 111876486  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | 2147950 |  |  | 2147950  |
| **Total Investment Companies** | 2147950 |  |  | 2147950  |
| **Real Estate Investment Trusts**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia |  | 117878 |  | 117878  |
| &nbsp;&nbsp;&nbsp; France |  | 156223 |  | 156223  |
| **Total Real Estate Investment Trusts** |  | 274101 |  | 274101  |
| **Preferred Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Germany |  | 67862 |  | 67862  |
| **Total Preferred Stocks** |  | 67862 |  | 67862  |
| **Warrants** |  |  | 0 | 0  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 1044599  |
| **Money Market Funds** | 6920 |  |  | 6920  |
| **Total Investments in Securities** | $16922754 | $97450565 | $0 | $115417918 |

---

\* 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, 2025(Continued)** 

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| **Description** | **Warrants**  |
| Balance as of April 1, 2024 | $0  |
| &nbsp;&nbsp;&nbsp; Purchases | —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | —  |
| &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, 2025** | $0  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025. | $— |

---

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 Core Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Fixed Income**<br>|  |  |  |  |
| U.S. Treasury Obligations | $— | $59644745 | $— | $59644745  |
| Mortgage Backed Securities |  | 52213663 |  | 52213663  |
| Corporate Obligations |  | 33462056 |  | 33462056  |
| Collateralized Mortgage Obligations |  | 22004637 |  | 22004637  |
| Asset Backed Securities |  | 10418359 |  | 10418359  |
| Foreign Government Debt Obligations |  | 2986851 |  | 2986851  |
| Municipal Debt Obligations |  | 2045403 |  | 2045403  |
| **Total Fixed Income** |  | 182775714 |  | 182775714  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 423395  |
| **Money Market Funds** | 2532185 |  |  | 2532185  |
| **Total Investments in Securities** | $2532185 | $182775714 | $— | $185731294  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| Futures | $(143105) | $— | $— | $(143105)  |
| Swaps |  | 352985 |  | 352985 |

---

\* 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 and swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

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, 2025(Continued)** 

**GuidePath Growth Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $1320655776 | $— | $— | $1320655776  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 203295672  |
| Money Market Funds | 15093182 |  |  | 15093182  |
| **Total Investments in Securities** | $1335748958 | $— | $— | $1539044630 |

---

\* 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 | $553290586 | $— | $— | $553290586  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 115568284  |
| Money Market Funds | 6052674 |  |  | 6052674  |
| **Total Investments in Securities** | $559343260 | $— | $— | $674911544 |

---

\* 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 | $451593978 | $— | $— | $451593978  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 14594720  |
| Money Market Funds | 195121650 |  |  | 195121650  |
| **Total Investments in Securities** | $646715628 | $— | $— | $661310348 |

---

\* 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, 2025(Continued)** 

**GuidePath Absolute Return Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $205972886 | $— | $— | $205972886  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 35049604  |
| Money Market Funds | 2499278 |  |  | 2499278  |
| **Total Investments in Securities** | $208472164 | $— | $— | $243521768 |

---

\* 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 Multi-Asset Income Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $105695316 | $— | $— | $105695316  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 34640051  |
| Money Market Funds | 862254 |  |  | 862254  |
| **Total Investments in Securities** | $106557570 | $— | $— | $141197621 |

---

\* 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 Flexible Income Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $255536138 | $— | $— | $255536138  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 82064870  |
| Money Market Funds | 6925630 |  |  | 6925630  |
| **Total Investments in Securities** | $262461768 | $— | $— | $344526638 |

---

\* 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, 2025(Continued)** 

**GuidePath Managed Futures Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Certificates of Deposit | $— | $117512647 | $— | $117512647  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 6105000  |
| Money Market Funds | 14527870 |  |  | 14527870  |
| U.S. Treasury Bills |  | 83092731 |  | 83092731  |
| **Total Investments in Securities** | $14527870 | $200605378 | $— | $221238248  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| Futures | $(3423535) | $— | $— | $(3423535)  |
| Forward Currency Contracts | $— | $61254 | $— | $61254 |

---

\* 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 Consolidated Statements of Assets and Liabilities. 

\*\* Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures and forward currency contracts. Futures and forward currency contracts are reflected as the unrealized appreciation (depreciation) on the instrument. 

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

**GuidePath Conservative Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $6511939 | $— | $— | $6511939  |
| U.S. Treasury Securities |  | 1965785 |  | 1965785  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 259900  |
| Money Market Funds | 7255214 |  |  | 7255214 |
| **Total Investments in Securities** | $13767153 | $1965785 | $— | $15992838 |

---

\* 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 | $94976862 | $— | $— | $94976862  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 14465446  |
| Money Market Funds | 2235239 |  |  | 2235239  |
| **Total Investments in Securities** | $97212101 | $— | $— | $111677547 |

---

\* 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, 2025(Continued)** 

**GuidePath Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $52622092 | $— | $— | $52622092  |
| Investment Companies | 51014841 |  |  | 51014841  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 824944  |
| Money Market Funds | 1737585 |  |  | 1737585  |
| **Total Investments in Securities** | $105374518 | $— | $— | $106199462 |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Consolidation of Subsidiary* – The GuidePath Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath Managed
 Futures Strategy Cayman Fund Ltd. (the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands,
 is wholly-owned and controlled by GuidePath Managed Futures Strategy Fund. The financial statements of the GuidePath Managed Futures Strategy
 Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary
 acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund's investment
 objectives and policies. The GuidePath Managed Futures Strategy Fund had 3.92% of its total assets invested in the Subsidiary as of March
 31, 2025.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation ("CFC") not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary's net income and capital gains, if any, will be included each year in the Fund's investment company taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *New Accounting Pronouncement* – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily
 through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components
 of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The
 amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly
 provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment
 performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment,
 among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;(D) *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;(E) *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

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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;(F) *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, 2025, 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, 2025, 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;(G) *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;(H) *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;(I) *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.

&nbsp;&nbsp;&nbsp;&nbsp;(J) *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 is recorded on the accrual basis and discounts/premiums are amortized using the effective yield method 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.

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**March 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(K) *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;(L) *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;(M) *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 a Fund for hedging purposes as well as direct investment.

**Forward Currency Contracts**

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

**Options**

The Funds may purchase and write call or put options on securities and indices and enter into related closing transactions. All of the Funds may invest in options that are listed on U.S. exchanges or traded over the counter. Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange-traded options, or the options are not exchange-traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange. The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

**Futures**

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

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**March 31, 2025(Continued)** 

which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may also purchase and write call and put options on such futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.

Futures contracts are valued at the daily quoted settlement prices.

**Swaps**

The Funds may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Funds may also purchase and write (sell) options contracts on swaps, referred to as "swaptions". The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their portfolio investments and their swap, cap, floor and collar positions.

Swap agreements are valued using the daily mean and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

**Derivative Instruments and Hedging Activities** 

Each Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

In general, the use of derivatives may increase the risk within the Funds. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The results achieved by the use of derivatives in the Funds may not match or fully offset changes in the value of the underlying financial assets being hedged or the investment opportunity the Funds were pursuing, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as the Funds may receive returns (or suffer losses) exceeding the initial amounts the Funds committed in connection with the derivatives. The use of derivatives can result in losses or gains to the Funds exceeding the amount the Funds would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Funds.

**GuideMark Core Fixed Income Fund** 

During the year, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX), 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, purchased/written options and sold (wrote) options to efficiently manage investment grade credit exposure.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | Variation margin receivable on swap contracts | $—  | Variation margin payable on swap contracts | $8471  |
|  Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | —  | Unrealized depreciation on futures contracts\*\* | 143105  |
| **Total** |  | $—  |  | $151576 |

---

\* 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, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** <br>**Written** | **Total**  |
| Credit Contracts | $— | $(31215) | $30354 | $(52991)  |
| Interest Rate Contracts | (438326) | (20915) |  | (407111)  |
| **Total** | $(438326) | $(52130) | $30354 | $(460102) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation)** <br>**on Derivatives**  | **Change in Unrealized Appreciation or (Depreciation)** <br>**on Derivatives**  | **Change in Unrealized Appreciation or (Depreciation)** <br>**on Derivatives**  | **Change in Unrealized Appreciation or (Depreciation)** <br>**on Derivatives**  |
|  | **Futures** <br>**Contracts** | **Swaps** | **Options** <br>**Written** | **Total**  |
| Interest Rate Contracts | (74662) | (4455) |  | (79117)  |
| **Total** | $(74662) | $(4455) | $— | $(79117) |

---

**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, 2025, the Fund used long and short contracts on U.S. and foreign government bonds, U.S. and foreign equity market indices, foreign currencies, commodities (through investments in the subsidiary) and short-term interest rates to capture the exposures suggested by the quantitative investment models.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Consolidated Statement of Assets and Liabilities – Values of Derivative Instruments as of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\*\* | $2496873 | Unrealized depreciation on futures contracts\*\* | $2485465  |
| Equity Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 517142 | Unrealized depreciation on futures contracts\*\* | 4590167  |
|  Foreign Exchange Contracts - Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 429035 | Unrealized depreciation on forward currency contracts | 367781  |
|  Foreign Exchange Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 389154 | Unrealized depreciation on futures contracts\*\* | 478448  |
| Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 1698729 | Unrealized depreciation on futures contracts\*\* | 971353  |
| **Total** |  | $5530933 |  | $8893214 |

---

\* 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, 2025

**Amount of Realized Gain (Loss) on Derivatives** 

---

| | | |
|:---|:---|:---|
|  | **Futures** <br>**Contracts** | **Forward Currency** <br>**Contracts**  |
| Commodity Contracts | $(5572932) | &nbsp;&nbsp; $—  |
| Equity Contracts | (7619633) | &nbsp;&nbsp; —  |
| Foreign Exchange Contracts | (9498122) | &nbsp;&nbsp; (4402463)  |
| Interest Rate Contracts | (17088475) | &nbsp;&nbsp; —  |
| **Total** | $(39779162) | &nbsp;&nbsp; $(4402463) |

---

**Change in Unrealized Appreciation (Depreciation) on Derivatives** 

---

| | | |
|:---|:---|:---|
|  | **Futures** <br>**Contracts** | **Forward Currency** <br>**Contracts**  |
| Commodity Contracts | $(3282768) | &nbsp;&nbsp; $—  |
| Equity Contracts | (10015338) | &nbsp;&nbsp; —  |
| Foreign Exchange Contracts | (2143313) | &nbsp;&nbsp; 74131  |
| Interest Rate Contracts | 1592735 | &nbsp;&nbsp; —  |
| **Total** | $(13848684) | &nbsp;&nbsp; $74131 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Volume Disclosures** 

The average monthly value outstanding of options written during the year ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Options Written | $(2516) | $— |

---

The average monthly notional amount outstanding of futures, forwards and swaps during the year ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Long Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $8012897 | $481053917  |
| Forwards | $— | $54528486  |
| Swaps | $3391923 | $— |

---

---

| | | |
|:---|:---|:---|
| **Short Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $(13046452) | $(1099087134)  |
| Forwards | $— | $(80109265) |

---

**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, 2025, 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

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities** | **Gross** <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** | |
| **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** | <br>**Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Citigroup | $3033  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $3033  | $(3033) | $—  | $—  |
| Swaps<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 8471  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 8471  | (8471) | —  | —  |
|  | $11504  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $11504  | $(11504) | $—  | $— |

---

\* Cumulative appreciation/depreciation on futures contracts is reported in the Schedule of Open Futures Contracts – variation margin and receivable/payable for unsettled open futures contracts presented above is presented in the Statements of Assets and Liabilities.

**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, 2025, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Gross** <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 Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Forward<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; UBS AG | $429035 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $429035 | $(367781) | $— | &nbsp;&nbsp; $61254  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 32993 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32993 | (32993) |  | &nbsp;&nbsp; —  |
|  | $462028 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $462028 | $(400774) | $— | &nbsp;&nbsp; $61254 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $367781 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $367781 | $(367781) | $— | $—  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 2875787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2875787 | (32993) | (2842794) | —  |
|  | $3243568 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $3243568 | $(400774) | $(2842794) | $— |

---

\* Cumulative appreciation/ depreciation on futures contracts is reported in the Consolidated Schedule of Open Futures Contracts - variation margin and recievable/payable for unsettled open futures contracts presented above is presented in the Consolidated Statement of Assets and Liabilities.

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.

&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.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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, 2023, 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 $110,000 per year, $5,000 for each quarterly meeting and annual agreement renewal review
 meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,500 for each special meeting
 attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated
 proportionally to each Fund within the Trusts based on total assets under management.

The "interested persons" who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

&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, 2025.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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:

---

| | |
|:---|:---|
| Large Cap Core Fund | 0.45%  |
| Emerging Markets Fund | 0.59%  |
| Small/Mid Cap Core Fund | 0.57%  |
| World ex-US Fund | 0.50%  |
| Core Fixed Income Fund | 0.40%  |
| Growth Allocation Fund | 0.25%  |
| Conservative Allocation Fund | 0.25%  |
| Tactical Allocation Fund | 0.35%  |
| Absolute Return Allocation Fund | 0.35%  |
| Multi-Asset Income Allocation Fund | 0.35%  |
| Flexible Income Allocation Fund | 0.25%  |
| Managed Futures Strategy Fund | 1.05%  |
| Conservative Income Fund | 0.35%  |
| Income Fund | 0.45%  |
| Growth and Income Fund | 0.45% |

---

Effective April 1, 2023, AssetMark implemented a voluntary fee waiver with respect to the Large Cap Core Fund, Emerging Markets 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 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.

---

| | |
|:---|:---|
| Large Cap Core Fund | 0.020%  |
| Emerging Markets Fund | 0.060%  |
| 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, for which AssetMark receives a monthly fee at an annual rate of 0.25% of the average daily net assets of the applicable class of shares of each Fund. Pursuant to an administrative services agreement, 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. 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, 2026, 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, 2026, 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

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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:

---

| | |
|:---|:---|
|  | **Single Class**  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.40%  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.14%  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.94%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<sup>\*</sup>  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<sup>\*</sup>  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<sup>\*</sup>  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.64%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% |

---

\* The rates shown were effective August 1, 2024.

Effective August 1, 2024, the expense limitations for the GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund and GuidePath Flexible Income Allocation Fund were changed from 0.45% to 0.75%, 0.55% to 0.69% and 0.50% to 0.80%, respectively.

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, 2025, Large Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund, and Income 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>**03/31/2026** | **Year of** <br>**Expiration** <br>**03/31/2027** | **Year of** <br>**Expiration** <br>**03/31/2028**  |
| Emerging Markets Fund | $219516 | $213513 | $160528  |
| World ex-US Fund | 110947 | 114158 | 60652  |
| Core Fixed Income Fund | 80939 | 84536 | 78457  |
| Absolute Return Allocation Fund |  |  | 75699  |
| Conservative Income Fund | 31182 | 24854 | 50414  |
| Growth and Income Fund | 2958 | 4874 | 46185 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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>**03/31/2026** | **Year of** <br>**Expiration** <br>**03/31/2027** | **Year of** <br>**Expiration** <br>**03/31/2028\***  |
| Conservative Allocation Fund | &nbsp;&nbsp; 0.45% | $671931 | $789646 | $308782  |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 0.55% | 692156 | 476268 | 148542  |
| Flexible Income Allocation Fund | &nbsp;&nbsp; 0.50% | 308523 | 374053 | 96576 |

---

<sup>\*</sup> 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.

The previously disclosed sale of AssetMark Financial Holdings, Inc. (the "Transaction"), resulting in the change in control of AssetMark, closed on September 5, 2024. As a result of the Transaction, AssetMark and certain affiliates of AssetMark are now wholly-owned by GTCR Everest Borrower, LLC, an affiliate of private equity firm GTCR LLC. The Transaction caused certain agreements for the Funds to automatically terminate as required by law, including the distribution agreement between each Trust and AssetMark Brokerage, LLC, the investment advisory agreement between AssetMark and each Trust, on behalf of each Fund, as well as the sub-advisory agreements between AssetMark and the Funds' sub-advisors, on behalf of the Funds. Accordingly, the Board of Trustees of each Trust has approved a new distribution agreement with each Trust on behalf of the Funds, a new investment advisory agreement (the "New Advisory Agreement") and, as applicable, new sub-advisory agreement(s) for each Fund. The Funds also obtained all requisite shareholder approvals for the New Advisory Agreement.

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, 2024 and will mature, unless renewed, on July 22, 2025. 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 7.50% at March 31, 2025. The Funds have authorized USB to charge any of the custody accounts of the Funds for any missed payments by the Funds. Interest expense incurred for the Funds is disclosed on the Statements of Operations.

During the period April 1, 2024 to March 31, 2025, the details of the borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average Daily** <br>**Borrowings** | **Weighted** <br>**Average** <br>**Annualized** <br>**Interest Rate** | **Maximum** <br>**Borrowings**  |
| Emerging Markets Fund | &nbsp;&nbsp; $47416 | &nbsp;&nbsp;&nbsp;&nbsp; 7.70% | $1141000  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp; 7668 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 2407000  |
| World ex-US Fund | &nbsp;&nbsp; 77537 | &nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 2824000  |
| Conservative Allocation Fund | &nbsp;&nbsp; 29427 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 10741000 |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 60285 | &nbsp;&nbsp;&nbsp;&nbsp; 7.61% | 7729000  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 8.46% | 307000  |
| Growth and Income Fund | &nbsp;&nbsp; 198904 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 18233000 |

---

As of March 31, 2025, no Funds had outstanding borrowings.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

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. 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, 2025, 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.

**Secured Borrowings** 

**Securities Lending Transactions** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased** <br>**with Proceeds** <br>**from Securities** <br>**Lending Collateral**  |
| Large Cap Core Fund | &nbsp;&nbsp; $36843475  |
| Emerging Markets Fund | &nbsp;&nbsp; 1486978  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp; 8537962  |
| World ex-US Fund | &nbsp;&nbsp; 1044599  |
| Core Fixed Income Fund | &nbsp;&nbsp; 423395  |
| Growth Allocation Fund | &nbsp;&nbsp; 203295672  |
| Conservative Allocation Fund | &nbsp;&nbsp; 115568284  |
| Tactical Allocation Fund | &nbsp;&nbsp; 14594720  |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 35049604  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp; 34640051  |
| Flexible Income Allocation Fund | &nbsp;&nbsp; 82064870  |
| Managed Futures Strategy Fund | &nbsp;&nbsp; 6105000  |
| Conservative Income Fund | &nbsp;&nbsp; 259900  |
| Income Fund | &nbsp;&nbsp; 14465446  |
| Growth and Income Fund | &nbsp;&nbsp; 824944 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

7. Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2025 are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Large Cap Core Fund | $132872629 | $163409300  |
| Emerging Markets Fund | 14393400 | 19884768  |
| Small/Mid Cap Core Fund | 17511578 | 26251750  |
| World ex-US Fund | 38259858 | 45520425  |
| Core Fixed Income Fund\* | 357347711 | 375230769  |
| Growth Allocation Fund | 247029285 | 222265366  |
| Conservative Allocation Fund | 87674334 | 74459186  |
| Tactical Allocation Fund | 1627607621 | 1779784985  |
| Absolute Return Allocation Fund | 114698166 | 111929468  |
| Multi-Asset Income Allocation Fund | 48804170 | 49381608  |
| Flexible Income Allocation Fund | 211009321 | 211556008  |
| Managed Futures Strategy Fund |  | —  |
| Conservative Income Fund | 18580845 | 15781550  |
| Income Fund | 88880570 | 73204843  |
| Growth and Income Fund | 85760178 | 96651290 |

---

\* Included in these amounts were $315,228,456 of purchases and $310,777,336 of sales of U.S. Government Securities. 

8. Macroeconomic Risks

Developments such as public health crises, armed conflict, changing interest rates, inflation, supply chain disruptions, geopolitical risks, trade disputes, elevated levels of government debt, 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.

9. Financials Sector

Financial services companies are subject to risks related to changes in governmental regulation, the availability and cost of capital, changes in interest rates and/or monetary policy and competitive pressures. In addition, financial services companies are often more highly leveraged than other companies, which carries additional inherent risk, particularly during times of market volatility or monetary tightening. Deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, negatively affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the global financial markets and may cause certain financial services companies to incur substantial losses. The value of securities issued by companies in the financials sector may dramatically decline if financial services issuers experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Adverse economic or political developments could also adversely affect financial institutions engaged in mortgage related finance or other lending or investing activities directly or indirectly connected to the value of real estate.

10. Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

These differences are primarily due to CFC 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>**(Accumulated Loss)**  | **Capital Stock**  |
| Large Cap Core Fund  | &nbsp;&nbsp;&nbsp; $(3660827)  | $3660827  |
| Emerging Markets Fund  | &nbsp;&nbsp;&nbsp; 16074  | (16074)  |
| Small/Mid Cap CoreF und  | &nbsp;&nbsp;&nbsp; (999302)  | 999302  |
| World ex-US Fund  | &nbsp;&nbsp;&nbsp; (1174781)  | 1174781  |
| Core Fixed Income Fund  | &nbsp;&nbsp;&nbsp; 6  | (6)  |
| Growth Allocation Fund  | &nbsp;&nbsp;&nbsp; (7605300)  | 7605300  |
| Conservative Allocation Fund  | &nbsp;&nbsp;&nbsp; 8576  | (8576)  |
| Tactical Allocation Fund  | &nbsp;&nbsp;&nbsp; (5293234)  | 5293234  |
| Absolute Return Allocation Fund  | &nbsp;&nbsp;&nbsp; 116  | (116)  |
| Multi-Asset Income Allocation Fund  | &nbsp;&nbsp;&nbsp; 41  | (41)  |
| Flexible Income Allocation Fund  | &nbsp;&nbsp;&nbsp; 9778  | (9778)  |
| Managed Futures Strategy Fund  | &nbsp;&nbsp;&nbsp; 16541964  | (16541964)  |
| Conservative Income Fund  | &nbsp;&nbsp;&nbsp; 6  | (6)  |
| Income Fund  | &nbsp;&nbsp;&nbsp; 19921  | (19921)  |
| Growth and Income Fund  | &nbsp;&nbsp;&nbsp; (91997) | 91997 |

---

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**  | <br>**Utilized**  |
| Large Cap Core Fund  | $—  | $—  | $—  |
| Emerging Markets Fund  | 1461956  | 294493  | 468087  |
| Small/Mid Cap Core Fund  | —  | —  | —  |
| World ex-US Fund  | —  | —  | —  |
| Core Fixed Income Fund  | 7229343  | 9543943  | —  |
| Growth Allocation Fund  | —  | —  | —  |
| Conservative Allocation Fund  | 1397462  | 158884  | 4535452  |
| Tactical Allocation Fund  | —  | —  | —  |
| Absolute Return Allocation Fund  | 11682381  | 15654335  | 6777  |
| Multi-Asset Income Allocation Fund  | 147488  | 4375412  | 1102082  |
| Flexible Income Allocation Fund  | 47729806  | 11589608  | —  |
| Managed Futures Strategy Fund  | 34268032  | 33787763  | —  |
| Conservative Income Fund  | 488646  | 12921  | 48263  |
| Income Fund  | 6485882  | 1889642  | 1432907  |
| Growth and Income Fund  | —  | —  | 1449251 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Additionally, at March 31, 2025, the Funds deferred on a tax basis losses as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Late** <br>**Year Loss**  | **Capital Loss**  |
| Large Cap Core Fund  | $—  | $—  |
| Emerging Markets Fund  | 398386  | —  |
| Small/Mid Cap Core Fund  | 112675  | —  |
| World ex-US Fund  | —  | —  |
| Core Fixed Income Fund  | —  | —  |
| Growth Allocation Fund  | —  | —  |
| Conservative Allocation Fund  | —  |  |
| Tactical Allocation Fund  | —  | —  |
| Absolute Return Allocation Fund  | —  | —  |
| Multi-Asset Income Allocation Fund  | —  | —  |
| Flexible Income Allocation Fund  | —  | —  |
| Managed Futures Strategy Fund  | 1097003  | —  |
| Conservative Income Fund  | —  | —  |
| Income Fund  | —  | —  |
| Growth and Income Fund  | —  |  |

---

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.

The character of distributions for tax purposes paid during the fiscal years ended March 31, 2025, and March 31, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **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**  |
| Large Cap Core Fund  | $2859176  | $28668498  | $—  |
| Emerging Markets Fund  | 1356041  | —  | —  |
| Small/Mid Cap Core Fund  | 473309  | 7838705  | —  |
| World ex-US Fund  | 3178682  | —  | —  |
| Core Fixed Income Fund  | 6553125  | —  | —  |
| Growth Allocation Fund  | 20893619  | 39145987  | —  |
| Conservative Allocation Fund  | 16649348  | —  | —  |
| Tactical Allocation Fund  | 26015477  | 13990520  | —  |
| Absolute Return Allocation Fund  | 9957282  | —  | —  |
| Multi-Asset Income Allocation Fund  | 4479990  | —  | —  |
| Flexible Income Allocation Fund  | 14734776  | —  | —  |
| Managed Futures Strategy Fund  | 39597  | —  | —  |
| Conservative Income Fund  | 938383  | —  | —  |
| Income Fund  | 4148561  | —  | 19847  |
| Growth and Income Fund  | 1219975  | —  |  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31, 2024**  | **Year Ended March 31, 2024**  | **Year Ended March 31, 2024**  |
|  | **Ordinary** <br>**Income** <br>**Distributions**  | **Long-Term** <br>**Capital Gain** <br>**Distributions**  | **Return of** <br>**Capital**  |
| Large Cap Core Fund  | $4859950  | $274361  | $—  |
| Emerging Markets Fund  | 1517844  | —  | —  |
| Small/Mid Cap Core Fund  | 307484  | 401308  | —  |
| World ex-US Fund  | 2469488  | 1249060  | —  |
| Core Fixed Income Fund  | 5432714  | —  | —  |
| Growth Allocation Fund  | 17741325  | 3507849  | —  |
| Conservative Allocation Fund  | 13791295  | —  | —  |
| Tactical Allocation Fund  | 6818603  | —  | —  |
| Absolute Return Allocation Fund  | 9346198  | —  | —  |
| Multi-Asset Income Allocation Fund  | 3496696  | —  | —  |
| Flexible Income Allocation Fund  | 13686362  | —  | —  |
| Managed Futures Strategy Fund  | 554416  | —  | —  |
| Conservative Income Fund  | 801360  | —  | —  |
| Income Fund  | 2693828  | —  | —  |
| Growth and Income Fund  | 2225905  | —  |  |

---

At March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br>**Core Fund**  | **Emerging** <br>**Markets Fund**  | **Small/Mid** <br>**Cap Core Fund**  | **World ex-US** <br>**Fund**  | **Core Fixed** <br>**Income Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $404882680  | $34435606  | $71811016  | $79740305  | $197932119  |
| Gross Unrealized Appreciation  | $371193709  | $15289877  | $35742126  | $40267499  | $1220371  |
| Gross Unrealized Depreciation  | (23442093)  | (3672672)  | (9116279)  | (4337817)  | (13217388)  |
| Net Unrealized Appreciation/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)  | 347751616  | 11617205  | 26625847  | 35929682  | (11997017)  |
| Undistributed Ordinary Income  | 969763  | —  | —  | 2362193  | 222403  |
|  Undistributed Long-Term Cap Gains  | 14651643  | —  | 666057  | 2275613  | —  |
| Other Accumulated Gains/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | —  | (2154835)  | (112675)  | —  | (16773286)  |
| Total Distributable Earnings/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | 363373022  | 9462370  | 27179229  | 40567488  | (28547900) |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Allocation** <br>**Fund**  | **Conservative** <br>**Allocation** <br>**Fund**  | **Tactical** <br>**Allocation** <br>**Fund**  | **Absolute Return** <br>**Allocation** <br>**Fund**  | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $1129438002  | $616132513  | $570569178  | $244191602  | $130133390  |
| Gross Unrealized Appreciation | $436852904  | $82941201  | $111917374  | $5117353  | $15474858  |
| Gross Unrealized Depreciation | (27246276)  | (24162170)  | (21176204)  | (5787187)  | (4410627)  |
| Net Unrealized Appreciation/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)  | 409606628  | 58779031  | 90741170  | (669834)  | 11064231  |
| Undistributed Ordinary Income  | 1647543  | 6788097  | —  | 1359916  | 154246  |
|  Undistributed Long-Term Cap Gains  | 28573424  | —  | 7463098  | —  | —  |
| Other Accumulated Gains/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | (2561)  | (1558907)  | (2561)  | (27339277)  | (4522900)  |
| Total Distributable Earnings/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | 439825034  | 64008221  | 98201707  | (26649195)  | 6695577 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Flexible Income** <br>**Allocation Fund**  | **Managed** <br>**Futures** <br>**Strategy Fund**  | **Conservative** <br>**Income Fund**  | **Income** <br>**Fund**  | **Growth and** <br>**Income Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $338017003  | $221226765  | $15975775  | $110536104  | $98594218  |
| Gross Unrealized Appreciation | $8537656  | $478459  | $35342  | $2423646  | $9776416  |
| Gross Unrealized Depreciation | (2028021)  | (2479230)  | (18279)  | (1282203)  | (2171172) |
| Net Unrealized Appreciation/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)  | 6509635  | (2000771)  | 17063  | 1141443  | 7605244  |
| Undistributed Ordinary Income  | 170631  | —  | 14814  | —  | 1531840  |
|  Undistributed Long-Term Cap Gains  | —  | —  | —  | —  | 12134479  |
| Other Accumulated Gains/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | (59319414)  | (68994577)  | (501567)  | (8375524)  | —  |
| Total Distributable Earnings/ <br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | (52639148)  | (70995348)  | (469690)  | (7234081)  | 21271563 |

---

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales, passive foreign investment companies and other temporary differences.

<sup>\*</sup> Portfolio includes investments and derivative contracts

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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, and centrally cleared interest rate swap contracts (including the consolidated statement of assets and liabilities and consolidated schedules of investments, futures contracts, and forward currency contracts of 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, 2025, 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, 2025, the results of their operations, the changes in net assets, and the financial highlights for the each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| GuideMark<sup>®</sup> Large Cap Core Fund,<br>GuideMark<sup>®</sup> Emerging Markets Fund,<br>GuideMark<sup>®</sup> Small/Mid Cap Core Fund,<br>GuideMark<sup>®</sup> World ex-US Fund,<br>GuideMark<sup>®</sup> Core Fixed Income Fund,<br>GuidePath<sup>®</sup> Growth Allocation Fund,<br>GuidePath<sup>®</sup> Conservative Allocation Fund,<br>GuidePath<sup>®</sup> Tactical Allocation Fund,<br>GuidePath<sup>®</sup> Absolute Return Allocation Fund,<br>GuidePath<sup>®</sup> Multi-Asset Income Allocation Fund, <br>GuidePath<sup>®</sup> Flexible Income Allocation Fund,<br>GuidePath<sup>®</sup> Conservative Income Fund,<br>GuidePath<sup>®</sup> Income Fund, and<br>GuidePath<sup>®</sup> Growth and Income Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024, 2023, 2022, and 2021  |
| GuidePath<sup>®</sup> Managed Futures Strategy Fund | Consolidated for the year ended March 31, 2025 | Consolidated for the years ended March 31, 2025 and 2024 | Consolidated for the years ended March 31, 2025, 2024, 2023, 2022, and 2021 |

---

<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.

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, 2025, by correspondence with the custodian and brokers;

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**GuideMark Funds & GuidePath Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

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, 2025

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025** 

1. Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the year ended March 31, 2025 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**  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.92%  |
| 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; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94.79%  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.24%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.76%  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.82%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.91%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Conservative 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%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for each Fund were as follows (unaudited).

---

| | |
|:---|:---|
|  | **% of Dividends as** <br>**Short-Term Capital Gain**  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.51%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.05%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.69%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(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, 2025. 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 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $196609 | $0.0502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95.13%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp; 305443 | 0.0295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97.82% |

---

\* 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 Funds' 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 Sub-</u><u>Advisory Agreements</u>** 

At a meeting held on December 18, 2024 (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 (Unaudited)** 

**March 31, 2025(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 structure,

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(Continued)** 

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 18, 2024 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. 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 ensure that appropriate staffing levels are maintained. With respect to the Sub-Advised Funds, the Trustees noted the responsibilities that AssetMark has under certain Funds' manager-of-managers structure, including 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 that the Funds are an integral part of AssetMark's program of asset allocation and shareholder services. Additionally, with respect to the Sub-Advised Funds, the Trustees considered AssetMark's ability to provide administrative and compliance-related services in connection with AssetMark's (a) oversight of the Sub-Advisors' compliance with the Funds' respective investment objectives, policies, and restrictions; (b) review of trading and brokerage matters; and (c) other oversight activities.

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(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 and supported a decision to approve the renewal of the Advisory Agreements.

Advisory Fees and Total Expenses

The Trustees considered a detailed analysis of each Fund's fees and expenses. The materials provided to the Board included (i) a comparison of the advisory fees and total expenses of each Fund (as a percentage of average net assets) with the fees and expenses of a group of funds selected by a third-party information provider; (ii) comparisons of each Fund's expenses to industry averages; and (iii) fee schedules for the Funds' Sub-Advisors, as applicable.

The Trustees considered expense limitation arrangements under which AssetMark has agreed to limit the Funds' expenses. With respect to each Fund-of-Funds, the Trustees considered the indirect expenses borne by the Funds as shareholders of certain underlying funds. The Trustees also considered other efforts by AssetMark to reduce overall Fund expenses, including 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' special distribution structure, under which the Funds were 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' special distribution structure, among other differences, the comparative information assisted the Board in evaluating the reasonableness of each Fund's fees and expenses.

After comparing each Fund's 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 methodology.

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(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

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**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(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 and concluded that each Sub-Advisor's performance record is satisfactory.

Sub-Advisory Fees, Economies of Scale, Profitability and Ancillary Benefits

The Trustees considered the fee paid to each Sub-Advisor by AssetMark for providing services to 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 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.

156<br>

------

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

**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(Continued)** 

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.

6. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On August 16, 2024, August 23, 2024 and August 30, 2024, Joint Special Meetings of Shareholders of the GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark World ex-US Fund, GuideMark Core Fixed Income Fund, GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Managed Future Strategy Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund (collectively, the "Funds"), each a series of GPS Funds I and GPS Funds II (together, the "Trusts"), was held for the purpose of voting on the following Proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To approve a new investment advisory agreement for the Funds with AssetMark Inc.

157<br>

------

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

**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(Continued)** 

Shareholders of record of each of the Funds voted to approve the Proposal. The results of the voting with respect to the Proposal were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **GuideMark Large Cap Core** <br>**Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal | 13,014,453  | &nbsp;&nbsp; 131,862  | &nbsp;&nbsp;&nbsp;&nbsp; 508,074 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuideMark Emerging** <br>**Markets Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 2,022,389  | &nbsp;&nbsp;&nbsp;&nbsp; 1,579  | &nbsp;&nbsp;&nbsp;&nbsp; 184,488 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuideMark Small/Mid** <br>**Cap Core Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 2,580,120  | &nbsp;&nbsp;&nbsp; 11,915  | &nbsp;&nbsp;&nbsp;&nbsp; 152,465 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuideMark World ex-US Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 5,638,861  | &nbsp;&nbsp;&nbsp; 29,987  | &nbsp;&nbsp;&nbsp;&nbsp; 353,198 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuideMark Core** <br>**Fixed Income Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal | 10,547,558  | &nbsp;&nbsp;&nbsp; 69,139  | &nbsp;&nbsp;&nbsp;&nbsp; 541,332 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Growth** <br>**Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 44,619,415  | &nbsp;&nbsp; 857,783  | &nbsp;&nbsp;&nbsp; 1,261,495 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath** <br>**Conservative** <br>**Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 27,633,775  | 1,450,542  | &nbsp;&nbsp;&nbsp; 1,096,343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Tactical** <br>**Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 26,752,153  | &nbsp;&nbsp; 304,424  | &nbsp;&nbsp;&nbsp;&nbsp; 375,064 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath** <br>**Absolute Return** <br>**Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 12,086,981  | &nbsp;&nbsp; 878,075  | &nbsp;&nbsp;&nbsp;&nbsp; 394,368 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Multi-**<br>**Asset Income** <br>**Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 6,142,229  | &nbsp;&nbsp;&nbsp; 79,635  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,562 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Flexible** <br>**Income Allocation Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 15,390,353  | &nbsp;&nbsp; 116,793  | &nbsp;&nbsp;&nbsp;&nbsp; 142,080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath** <br>**Managed Futures** <br>**Strategy Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 19,675,599  | &nbsp;&nbsp; 676,555  | &nbsp;&nbsp;&nbsp;&nbsp; 369,424 |

---

158<br>

------

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

**GuideMark Funds & GuidePath Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath** <br>**Conservative** <br>**Income Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 1,285,125  | &nbsp;&nbsp;&nbsp; 12,670  | &nbsp;&nbsp;&nbsp;&nbsp; 110,428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Income Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Abstain/Withheld**  |
| Proposal  | 5,283,036  | &nbsp;&nbsp;&nbsp; 61,766  | &nbsp;&nbsp;&nbsp;&nbsp; 415,523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GuidePath Growth** <br>**and Income Fund**  | **Shares Voted** <br>**For**  | **Shares Voted** <br>**Against**  | **Shares** <br>**Withheld**  |
| Proposal  | 3,528,433  | &nbsp;&nbsp;&nbsp; 53,070  | &nbsp;&nbsp;&nbsp;&nbsp; 389,526 |

---

159<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 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 Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End 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.* Incorporated by reference to the registrant's Form N-CSR filed March 4, 2016.](gin-efp15846_ex99codeeth.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.* Filed herewith.

&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.](gin-efp15846_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.](gin-efp15846_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 II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Carrie E. Hansen |
|  | Carrie E. Hansen, Principal Executive Officer/President |

---

Date <u>6/2/2025</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>6/2/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Patrick R. Young |
|  | Patrick R. Young, Vice President/Treasurer |

---

Date <u>6/2/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

**GPS Funds I**

**GPS Funds II**

**Financial Information Code of Ethics for Principal Executive and Senior Officers**

This code of ethics (the "Code") applies to the GPS Funds I and GPS Funds II (each a "Trust" and collectively, the "Trusts") principal Executive Officer, Senior Financial Officers, and persons performing similar functions (each individually, a "Senior Officer" and collectively, the "Senior Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the Securities and Exchange Commission ("SEC") and
 in other public communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 by such Senior Officers with applicable laws and governmental rules and regulations.

Each Senior Officer shall annually certify that he or she has read and understood this Code and will abide by it. A form of the certification is attached as Exhibit A. This Code may only be amended or modified by the approval of the Board of Trustees of the Trusts (the "Board"). Any waiver, including an implicit waiver, of this Code may be made only by the Board, and any such waiver or amendment to this Code will be publicly disclosed in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940, as amended.

The following standards shall apply to the Senior Officers under this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Honest and Ethical Conduct** 

Each Senior Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. always
 conduct himself or herself in an honest and ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. act
 with the highest standards of personal and professional integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. respect
 the confidentiality of information acquired during the course of employment or association
 with the Trusts and not use any such confidential and/or non-public information for personal
 gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. achieve
 responsible use of and control over all assets and resources employed or entrusted to him
 or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. proactively
 promote and advocate ethical behavior in each of the Trust's work environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ensure
 that he or she discloses, to the Board or to the Audit Committee, any material facts or information
 that come into the Senior Officer's possession concerning transactions with inherent
 potential conflicts of interest.

There are some conflict of interest situations that must be discussed with the Board or the Audit Committee, if material. Some examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service
 as a director/trustee on the board of any company (public or private);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any entertainment from any company with which the Trusts have current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the service
 providers for the Trusts, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trusts for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Senior Officer's employment, such as compensation
 or equity ownership.

Any activity or relationship that presents a conflict for a Senior Officer likely also presents a conflict for the Senior Officer if a member of the Senior Officer's family engages in such an activity or has such a relationship. All actual and apparent conflicts of interest between personal and professional relationships must be handled honestly, ethically and in accordance with the policies specified in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Rules to Promote Full, Fair, Accurate, Timely and Understandable Disclosure** 

To the extent consistent with each Senior Officer's duties and responsibilities, each Senior Officer must take the following steps to ensure full, fair, accurate, timely and understandable disclosure in the reports and documents that the Trusts files with the SEC and in other public communications made by the Trusts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Familiarize
 himself or herself with the disclosure requirements generally applicable to the Trusts in
 order to ensure compliance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Carefully
 review a draft of each periodic SEC report and related documents for accuracy and completeness
 before each such report is filed with the SEC, with particular focus on disclosure issues
 within his or her area of responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Carefully
 review drafts of each press release or other public communications by the Trusts before each
 such communication is released to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Should
 not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others,
 whether within or outside the Trusts, including to the trustees and auditors, governmental
 regulators or self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon
 request of each of the Trust's Audit Committee, meet with its members and others involved
 in the financial reporting and audit processes to discuss the draft report referred to in
 item (2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Bring
 to the attention of the Audit Committee matters that such Senior Officer believes could compromise
 the integrity of each of the Trust's financial reports, evidence disagreements on accounting
 matters and/or constitute a possible violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Actively
 support each of the Trust's Chief Financial Officer (by cooperating fully with periodic
 SEC report reviews, proactively identifying potential areas of weakness and providing corrective
 policy recommendations) to help establish and maintain disclosure controls and procedures
 that ensure that material information is included in each periodic SEC report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Consult
 with the Audit Committee to identify and discuss any short-comings or concerns with respect
 to each of the Trust's internal financial reporting or disclosure controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confirm
 that each of the Trust's internal auditor function and its outside accountants are
 not aware of any material misstatements or omissions in any periodic SEC report referred
 to in item (2) above, or have any concerns about the "Management's Discussion
 of Fund Performance" section of the periodic report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Always
 act in good faith, responsibly, with due care, competence and diligence without misrepresenting
 material facts or allowing independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Compliance with Applicable Governmental Laws, Rules and Regulations** 

Compliance with applicable governmental laws, rules and regulations, both in letter and in spirit, is one of the foundations on which each of the Trust's ethical policies are built, and accordingly, each Senior Officer must strive to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Understand
 and take responsibility to comply with governmental rules and regulations of the states and
 communities in which each Trust operates, with particular focus on understanding the governmental
 rules and regulations applicable to disclosures in each of the Trust's periodic SEC
 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If
 a federal, state or local law conflicts with a policy of this Code, a Senior Officer must
 comply with the law; however, if a local custom or policy in the territory in which a Senior
 Officer works conflicts with this Code, then the Senior Officer must comply with this Code.
 Any questions regarding such conflicts of the interpretation of policies contained in this
 Code should be brought to the attention of the Audit Committee in order to determine the
 most appropriate course of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting any Violations of this Code** 

If a Senior Officer believes that actions have occurred, may be taking place or may be about to take place that violate or would violate this Code, he or she must bring the matter to the attention of the Board or the Audit Committee. Senior Officers are encouraged to talk to the Audit Committee or to the counsel to the Trusts about observed illegal or unethical behavior and, when in doubt, about the best course of action in a particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Remedial Actions** 

A violation of this Code will subject a Senior Officer to disciplinary action, up to and including discharge from the Trusts and, where appropriate, may subject the Senior Officer to civil liability and criminal prosecution.

**EXHIBIT A**

**Certification Regarding Financial Information Code of Ethics for Principal**

**Executive and Senior Officers**

**GPS Funds I**

**GPS Funds II**

The undersigned hereby certifies that she has read and will abide by the Financial Information Code of Ethics for Principal Executive and Senior Officers (the "Code") approved by the Board of Trustees and that she knows such failure may constitute a violation of federal securities laws and regulations which may subject her to civil liabilities and criminal penalties. The undersigned acknowledges that she has read and understood the Code and will abide by it. The undersigned further acknowledges that failure to observe the provisions of the Code shall be a basis for dismissal for cause and/or referral to appropriate authorities.

---

| |
|:---|
| /s/ Carrie E.Hansen |
| Carrie E.Hansen, |
| Principal Executive Officer |

---

Date <u>6/2/2025</u>

---

| |
|:---|
| /s/ Patrick R. Young |
| Patrick R. Young |
| Principal Financial Officer |

---

Date <u>6/2/2025</u>

## 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 II;

&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: | 6/2/2025 | /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 II;

&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: | 6/2/2025 | /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 II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the GPS Funds II for the year ended March 31, 2025, 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 II Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Carrie E. Hansen | /s/ Patrick R. Young |
| Carrie E. Hansen | Patrick R. Young |
| Principal Executive Officer/President GPS Funds II | Vice President/Treasurer GPS Funds II |

---

Dated: <u>6/2/2025</u> Dated: <u> 6/2/2025</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 II for purposes of Section 18 of the Securities Exchange Act of 1934.