# EDGAR Filing Document

**Accession Number:** 0001131042
**File Stem:** 0001133228-25-013201
**Filing Date:** 2025-12
**Character Count:** 593500
**Document Hash:** 1f01beddc8cd04100312274ffed76861
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013201.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001133228-25-013201

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10267
- **FILM NUMBER:** 251549133

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-08-01190428_GuideMarkCoreFixedIncomeFund_ServiceShares_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-10267</u>**

**<u>GPS Funds I</u>**

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>April 1 2025 through September 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Core Fixed Income Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMCOX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220353_202411071318165.jpg) |

---

This semi-annual shareholder report contains important information about the GuideMark Core Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 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 LAST SIX MONTHS?** (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 | $48 | 0.94% |

---

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173010578 |
| **Number of Holdings** | 895 |
| **Portfolio Turnover** | 107% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  U.S. Treasury Notes  | 21.9% |
|  Federal National Mortgage Association  | 20.7% |
|  U.S. Treasury Bonds  | 13.9% |
|  Government National Mortgage Association  | 5.7% |
|  Federal Home Loan Mortgage Corp.  | 3.7% |
|  JPMorgan U.S. Government Money Market Fund  | 1.1% |
|  Pretium Mortgage Credit Partners LLC  | 1.0% |
|  JPMorgan Chase & Co.  | 0.8% |
|  Mexico Government International Bond  | 0.8% |
|  Progress Residential Trust  | 0.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 36.1% |
|  Mortgage-Backed Securities  | 30.3% |
|  Corporate Obligations  | 24.5% |
|  Collateralized Mortgage Obligations  | 13.0% |
|  Asset-Backed Securities  | 5.5% |
|  Foreign Government Debt Obligations  | 1.6% |
|  Money Market Funds  | 1.1% |
|  Municipal Bonds  | 0.8% |
|  Investments Purchased with Proceeds from Securities Lending  | 0.3% |
|  Cash & Other  | -13.2% |

---

---

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

---

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.

GuideMark Core Fixed Income Fund©2025 AssetMark, Inc. PAGE 1 TSR-SAR-36191K868

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Emerging Markets Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMLVX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220353_202411071318165.jpg) |

---

This semi-annual shareholder report contains important information about the GuideMark Emerging Markets Fund (the "Fund") for the period of April 1, 2025, to September 30, 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 LAST SIX MONTHS?** (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 | $77 | 1.38% |

---

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $56597187 |
| **Number of Holdings** | 368 |
| **Portfolio Turnover** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.0% |
|  Tencent Holdings Ltd.  | 5.6% |
|  Alibaba Group Holding Ltd.  | 3.7% |
|  Samsung Electronics Co. Ltd.  | 3.0% |
|  iShares MSCI Saudi Arabia ETF  | 2.5% |
|  iShares Core MSCI Emerging Markets ETF  | 2.4% |
|  SK Hynix, Inc.  | 1.7% |
|  China Construction Bank Corp.  | 1.1% |
|  Xiaomi Corp.  | 1.1% |
|  HDFC Bank Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 27.7% |
|  Information Technology  | 22.4% |
|  Consumer Discretionary  | 13.3% |
|  Communication Services  | 12.0% |
|  Consumer Staples  | 5.1% |
|  Materials  | 3.9% |
|  Industrials  | 3.6% |
|  Health Care  | 3.0% |
|  Energy  | 2.8% |
|  Cash & Other  | 6.2% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 29.9% |
|  Taiwan  | 15.6% |
|  South Korea  | 12.2% |
|  India  | 12.0% |
|  United States  | 7.8% |
|  South Africa  | 3.9% |
|  Brazil  | 3.7% |
|  Mexico  | 2.6% |
|  Poland  | 2.1% |
|  Cash & Other  | 10.2% |

---

---

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

GuideMark Emerging Markets Fund©2025 AssetMark, Inc. PAGE 1 TSR-SAR-36191K306

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Large Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMLGX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220353_202411071318165.jpg) |

---

This semi-annual shareholder report contains important information about the GuideMark Large Cap Core Fund (the "Fund") for the period of April 1, 2025, to September 30, 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 LAST SIX MONTHS?** (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 | $47 | 0.86% |

---

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $670446069 |
| **Number of Holdings** | 423 |
| **Portfolio Turnover** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  NVIDIA Corp.  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Microsoft Corp.  | 5.1% |
|  Alphabet, Inc.  | 3.2% |
|  Vanguard S&P 500 ETF  | 3.2% |
|  Amazon.com, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.3% |
|  Broadcom, Inc.  | 1.7% |
|  JPMorgan Chase & Co.  | 1.3% |
|  Berkshire Hathaway, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Information Technology  | 28.0% |
|  Financials  | 18.1% |
|  Consumer Discretionary  | 14.7% |
|  Communication Services  | 11.2% |
|  Health Care  | 7.7% |
|  Industrials  | 7.3% |
|  Consumer Staples  | 7.2% |
|  Materials  | 0.9% |
|  Energy  | 0.9% |
|  Cash & Other  | 4.0% |

---

---

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

---

---

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

---

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

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

GuideMark Large Cap Core Fund©2025 AssetMark, Inc. PAGE 1 TSR-SAR-36191K108

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark Small Mid Cap Core Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMSMX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220353_202411071318165.jpg) |

---

This semi-annual shareholder report contains important information about the GuideMark Small Mid Cap Core Fund (the "Fund") for the period of April 1, 2025, to September 30, 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 LAST SIX MONTHS?** (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 | 1.07% |

---

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $97612143 |
| **Number of Holdings** | 1265 |
| **Portfolio Turnover** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  Vanguard Extended Market ETF  | 3.2% |
|  JPMorgan U.S. Government Money Market Fund  | 0.8% |
|  EMCOR Group, Inc.  | 0.6% |
|  Comfort Systems USA, Inc.  | 0.5% |
|  Tapestry, Inc.  | 0.5% |
|  Casey's General Stores, Inc.  | 0.4% |
|  Pure Storage, Inc.  | 0.4% |
|  Mr Cooper Group, Inc.  | 0.4% |
|  US Foods Holding Corp.  | 0.4% |
|  SoFi Technologies, Inc.  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 23.3% |
|  Industrials  | 18.7% |
|  Consumer Discretionary  | 13.9% |
|  Information Technology  | 13.0% |
|  Health Care  | 11.0% |
|  Consumer Staples  | 5.3% |
|  Communication Services  | 3.1% |
|  Materials  | 2.5% |
|  Real Estate  | 2.3% |
|  Cash & Other  | 6.9% |

---

---

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

---

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.

GuideMark Small Mid Cap Core Fund©2025 AssetMark, Inc. PAGE 1 TSR-SAR-36191K504

------

---

| | | |
|:---|:---|:---|
| ![image](img220355_202411071319166.jpg) | **GuideMark World ex-US Fund**  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Service Shares \| GMWEX  | ![image](img220353_202411071318165.jpg) |
| ![image](img220355_202411071319166.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220353_202411071318165.jpg) |

---

This semi-annual shareholder report contains important information about the GuideMark World ex-US Fund (the "Fund") for the period of April 1, 2025, to September 30, 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 LAST SIX MONTHS?** (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 | $63 | 1.15% |

---

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $143570362 |
| **Number of Holdings** | 235 |
| **Portfolio Turnover** | 112% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)<sup>1</sup>

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)<sup>2</sup>**  |
|  iShares MSCI EAFE ETF  | 2.9% |
|  Novartis AG  | 1.8% |
|  Roche Holding AG  | 1.5% |
|  HSBC Holdings PLC  | 1.4% |
|  Banco Bilbao Vizcaya Argentaria SA  | 1.4% |
|  Allianz SE  | 1.4% |
|  Banco Santander SA  | 1.4% |
|  Koninklijke Ahold Delhaize NV  | 1.3% |
|  ASML Holding NV  | 1.3% |
|  SAP SE  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)<sup>3</sup>**  |
|  Financials  | 35.9% |
|  Industrials  | 13.0% |
|  Consumer Discretionary  | 11.2% |
|  Consumer Staples  | 9.2% |
|  Health Care  | 8.7% |
|  Information Technology  | 7.9% |
|  Materials  | 3.8% |
|  Communication Services  | 2.6% |
|  Energy  | 2.6% |
|  Cash & Other  | 5.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 15.8% |
|  Canada  | 12.1% |
|  United Kingdom  | 10.8% |
|  Germany  | 10.5% |
|  Switzerland  | 7.7% |
|  United States  | 6.7% |
|  France  | 6.3% |
|  Italy  | 4.8% |
|  Spain  | 4.6% |
|  Cash & Other  | 20.7% |

---

---

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

---

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.

GuideMark World ex-US Fund©2025 AssetMark, Inc. PAGE 1 TSR-SAR-36191K702

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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> CORE FIXED INCOME FUND** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Core Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments ](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [GuideMark Core Fixed Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [GuideMark Emerging Markets Fund](#soi2) | [24](#soi2) |
| &nbsp;&nbsp;&nbsp; [GuideMark Large Cap Core Fund](#soi3) | [30](#soi3) |
| &nbsp;&nbsp;&nbsp; [GuideMark Small/Mid Cap Core Fund](#soi4) | [36](#soi4) |
| &nbsp;&nbsp;&nbsp; [GuideMark World ex-US Fund](#soi5) | [51](#soi5) |
| &nbsp;&nbsp;&nbsp; [GuidePath Absolute Return Allocation Fund](#soi6) | [55](#soi6) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Allocation Fund](#soi7) | [56](#soi7) |
| &nbsp;&nbsp;&nbsp; [GuidePath Conservative Income Fund](#soi8) | [58](#soi8) |
| &nbsp;&nbsp;&nbsp; [GuidePath Flexible Income Allocation Fund](#soi9) | [59](#soi9) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth Allocation Fund](#soi10) | [60](#soi10) |
| &nbsp;&nbsp;&nbsp; [GuidePath Growth and Income Fund](#soi11) | [61](#soi11) |
| &nbsp;&nbsp;&nbsp; [GuidePath Income Fund](#soi12) | [64](#soi12) |
| &nbsp;&nbsp;&nbsp; [GuidePath Multi-Asset Income Allocation Fund](#soi13) | [65](#soi13) |
| &nbsp;&nbsp;&nbsp; [GuidePath Managed Futures Strategy Fund](#soi14) | [67](#soi14) |
| &nbsp;&nbsp;&nbsp; [GuidePath Tactical Allocation Fund](#soi15) | [72](#soi15) |
| [Statements of Assets and Liabilities](#sal) | [74](#sal) |
| [Statements of Operations](#sop) | [77](#sop) |
| [Statements of Changes in Net Assets](#scna) | [82](#scna) |
| [Financial Highlights](#fihi) | [90](#fihi) |
| [Notes to Financial Statements](#notes) | [105](#notes) |
| [Additional Information](#add) | [135](#add) |

---

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY SECURITIES - 36.1%** | **U.S. TREASURY SECURITIES - 36.1%** | **U.S. TREASURY SECURITIES - 36.1%** |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | $1358187 | $1076956  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 2190000 | 1866034  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 84306 | 64020  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 2820000 | 2301274  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 590000 | 514567  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 795000 | 703668  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 838603 | 717150  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 2220000 | 1776607  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2045 | 665352 | 496042  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 810000 | 579751  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 240000 | 185747  |
| &nbsp;&nbsp;&nbsp; 1.00%, 02/15/2046 | 252227 | 194428  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 950000 | 670344  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 1610000 | 1073606  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047<sup>(h)</sup> | 2510000 | 1915542  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 1050000 | 758584  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 500000 | 377353  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 2220000 | 1710874  |
| &nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 446068 | 263683  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 2996000 | 1468859  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 2069000 | 1039713  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1020000 | 546975  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 1660000 | 1213389  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 695000 | 627848  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 470000 | 470532  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1495000 | 1379400  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026<sup>(h)</sup> | 4340000 | 4259134  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027 | 4165000 | 4199817  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 7335000 | 6921403  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 4935000 | 4729793  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 2025000 | 1962075  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 925000 | 931233  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 1410000 | 1226342  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 1380000 | 1436979  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 1030000 | 891916  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 1075000 | 1011025  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 2320000 | 2157419  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 1245000 | 1235298  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 590000 | 610201  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 1056195 | 1061538  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 5115000 | 5174342  |
| &nbsp;&nbsp;&nbsp; United States Treasury Bond, <br>4.88%, 08/15/2045 | 625000 | 638476  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $68,969,759)** |  | 62439937  |
| **MORTGAGE-BACKED SECURITIES - 30.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 780447, 5.16% (1 yr. CMT Rate + 2.25%), 04/01/2033 | 9406 | 9653  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Pool A43129, 5.50%, 02/01/2036 | $38 | $39  |
| &nbsp;&nbsp;&nbsp; Pool Q49389, 3.50%, 07/01/2047 | 147039 | 137741  |
| &nbsp;&nbsp;&nbsp; Pool Q52093, 3.50%, 11/01/2047 | 137326 | 128295  |
| &nbsp;&nbsp;&nbsp; Pool QC8858, 2.50%, 10/01/2051 | 1578628 | 1356625  |
| &nbsp;&nbsp;&nbsp; Pool QD4104, 2.00%, 01/01/2052 | 2122219 | 1724530  |
| &nbsp;&nbsp;&nbsp; Pool QE0827, 2.00%, 04/01/2052 | 138920 | 112453  |
| &nbsp;&nbsp;&nbsp; Pool SD8123, 3.00%, 01/01/2051 | 1367424 | 1209526  |
| &nbsp;&nbsp;&nbsp; Pool U90688, 4.00%, 05/01/2042 | 86013 | 84180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class MV, 3.50%, 10/25/2058 (Callable <br>11/25/2042) | 56962 | 54113  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.26% (30 day avg SOFR US + 2.90%), 04/25/2042 (Callable 04/25/2027)<sup>(a)</sup> | 95000 | 97787  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.71% (30 day avg SOFR US + 3.35%), 05/25/2042 (Callable 05/25/2027)<sup>(a)</sup> | 240000 | 249224  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1B, 9.36% (30 day avg SOFR US + 5.00%), 03/25/2052 (Callable 09/25/2027)<sup>(a)</sup> | 320000 | 344511  |
| &nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.91% (30 day avg SOFR US + 3.55%), 08/25/2042 (Callable 08/25/2027)<sup>(a)</sup> | 175000 | 183322  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, 7.86% (30 day avg SOFR US + 3.50%), 05/25/2043 (Callable 05/25/2028)<sup>(a)</sup> | 95000 | 100246  |
| &nbsp;&nbsp;&nbsp; Series 2329, Class ZA, 6.50%, 06/15/2031 | 20550 | 20888  |
| &nbsp;&nbsp;&nbsp; Series 2338, Class ZC, 6.50%, 07/15/2031 | 15044 | 15658  |
| &nbsp;&nbsp;&nbsp; Series 3883, Class PB, 3.00%, 05/15/2041 | 19007 | 18256  |
| &nbsp;&nbsp;&nbsp; Series 4961, Class JB, 2.50%, 12/15/2042 | 78743 | 72507  |
| &nbsp;&nbsp;&nbsp; Series 5170, Class DP, 2.00%, 07/25/2050 | 276647 | 243210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A2, 3.24%, 08/25/2027 (Callable <br>08/25/2027) | 82000 | 81068  |
| &nbsp;&nbsp;&nbsp; Series K104, Class X1, 1.23%, 01/25/2030 (Callable 01/25/2030)<sup>(b)(c)</sup> | 687635 | 27505  |
| &nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.76%, 04/25/2030 (Callable 04/25/2030)<sup>(b)(c)</sup> | 311942 | 18770  |
| &nbsp;&nbsp;&nbsp; Series K111, Class X1, 1.67%, 05/25/2030 (Callable 05/25/2030)<sup>(b)(c)</sup> | 1301852 | 79020  |
| &nbsp;&nbsp;&nbsp; Series K114, Class X1, 1.21%, 06/25/2030 (Callable 03/25/2030)<sup>(b)(c)</sup> | 922690 | 40851  |

---

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

1<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.96%, 11/25/2030 (Callable 09/25/2030)<sup>(b)(c)</sup> | $293633 | $10807  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 10/15/2035<sup>(d)</sup> | 3300000 | 2955343  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/2041<sup>(d)</sup> | 1705000 | 1742061  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/15/2041<sup>(d)</sup> | 1700000 | 1736487  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/15/2046<sup>(d)</sup> | 50000 | 42166  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/25/2050<sup>(d)</sup> | 1150000 | 927557  |
| &nbsp;&nbsp;&nbsp; Pool 310229, 3.50%, 08/01/2043 | 308968 | 291434  |
| &nbsp;&nbsp;&nbsp; Pool 357850, 5.50%, 07/01/2035 | 1547 | 1608  |
| &nbsp;&nbsp;&nbsp; Pool 544859, 4.82% (Ent 11th COFI Repl + 1.70%), 08/01/2029 | 105 | 104  |
| &nbsp;&nbsp;&nbsp; Pool 727181, 5.00%, 08/01/2033 | 775 | 786  |
| &nbsp;&nbsp;&nbsp; Pool 730727, 5.00%, 08/01/2033 | 376 | 379  |
| &nbsp;&nbsp;&nbsp; Pool 741862, 5.50%, 09/01/2033 | 126 | 129  |
| &nbsp;&nbsp;&nbsp; Pool 766197, 5.50%, 02/01/2034 | 134 | 135  |
| &nbsp;&nbsp;&nbsp; Pool 775776, 5.50%, 05/01/2034 | 1046 | 1077  |
| &nbsp;&nbsp;&nbsp; Pool 776974, 5.50%, 04/01/2034 | 36 | 37  |
| &nbsp;&nbsp;&nbsp; Pool 781629, 5.50%, 12/01/2034 | 1099 | 1144  |
| &nbsp;&nbsp;&nbsp; Pool 786848, 7.00%, 10/01/2031 | 16092 | 16809  |
| &nbsp;&nbsp;&nbsp; Pool 802783, 5.86% (RFUCCT1Y + 1.61%), 10/01/2034 | 54927 | 55912  |
| &nbsp;&nbsp;&nbsp; Pool 820242, 5.00%, 07/01/2035 | 1229 | 1259  |
| &nbsp;&nbsp;&nbsp; Pool 822815, 5.50%, 04/01/2035 | 1251 | 1295  |
| &nbsp;&nbsp;&nbsp; Pool 838452, 5.50%, 09/01/2035 | 190 | 194  |
| &nbsp;&nbsp;&nbsp; Pool 865854, 6.00%, 03/01/2036 | 1212 | 1274  |
| &nbsp;&nbsp;&nbsp; Pool 888504, 5.01% (1 yr. CMT Rate + 2.00%), 04/01/2034 | 21213 | 21713  |
| &nbsp;&nbsp;&nbsp; Pool 891474, 6.00%, 04/01/2036 | 1539 | 1596  |
| &nbsp;&nbsp;&nbsp; Pool 899119, 5.50%, 04/01/2037 | 22 | 23  |
| &nbsp;&nbsp;&nbsp; Pool 906000, 6.00%, 01/01/2037 | 794 | 834  |
| &nbsp;&nbsp;&nbsp; Pool 928062, 5.50%, 02/01/2037 | 20 | 21  |
| &nbsp;&nbsp;&nbsp; Pool 964930, 5.50%, 08/01/2038 | 41 | 42  |
| &nbsp;&nbsp;&nbsp; Pool 968371, 5.50%, 09/01/2038 | 10 | 10  |
| &nbsp;&nbsp;&nbsp; Pool 970131, 5.50%, 03/01/2038 | 45 | 47  |
| &nbsp;&nbsp;&nbsp; Pool 985108, 5.50%, 07/01/2038 | 29 | 30  |
| &nbsp;&nbsp;&nbsp; Pool 987032, 5.50%, 08/01/2038 | 20 | 21  |
| &nbsp;&nbsp;&nbsp; Pool 993050, 5.50%, 12/01/2038 | 12 | 12  |
| &nbsp;&nbsp;&nbsp; Pool 993579, 4.00%, 05/01/2039 | 4971 | 4861  |
| &nbsp;&nbsp;&nbsp; Pool AA5840, 4.00%, 06/01/2039 | 828 | 816  |
| &nbsp;&nbsp;&nbsp; Pool AA8715, 4.00%, 06/01/2039 | 18372 | 18098  |
| &nbsp;&nbsp;&nbsp; Pool AB1500, 4.00%, 09/01/2040 | 3253 | 3179  |
| &nbsp;&nbsp;&nbsp; Pool AB3995, 4.00%, 12/01/2041 | 5379 | 5238  |
| &nbsp;&nbsp;&nbsp; Pool AB5529, 4.00%, 07/01/2042 | 12797 | 12533  |
| &nbsp;&nbsp;&nbsp; Pool AB6228, 3.50%, 09/01/2042 | 44821 | 42359  |
| &nbsp;&nbsp;&nbsp; Pool AD0586, 4.50%, 12/01/2039 | 49650 | 50045  |
| &nbsp;&nbsp;&nbsp; Pool AD1889, 4.50%, 03/01/2041 | 37698 | 37746  |
| &nbsp;&nbsp;&nbsp; Pool AD4062, 5.00%, 05/01/2040 | 124568 | 127691  |
| &nbsp;&nbsp;&nbsp; Pool AD6929, 5.00%, 06/01/2040 | 82033 | 84088  |
| &nbsp;&nbsp;&nbsp; Pool AD9856, 4.00%, 09/01/2040 | 2952 | 2880  |
| &nbsp;&nbsp;&nbsp; Pool AD9896, 4.00%, 08/01/2040 | 2786 | 2710  |
| &nbsp;&nbsp;&nbsp; Pool AE2559, 4.00%, 09/01/2040 | 1495 | 1461  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Pool AE2562, 4.00%, 09/01/2040 | $474 | $461  |
| &nbsp;&nbsp;&nbsp; Pool AE2566, 4.00%, 09/01/2040 | 269 | 263  |
| &nbsp;&nbsp;&nbsp; Pool AE3916, 4.00%, 11/01/2040 | 3243 | 3184  |
| &nbsp;&nbsp;&nbsp; Pool AE4124, 4.00%, 10/01/2040 | 5244 | 5126  |
| &nbsp;&nbsp;&nbsp; Pool AE4888, 4.00%, 10/01/2040 | 3280 | 3212  |
| &nbsp;&nbsp;&nbsp; Pool AE5147, 4.00%, 11/01/2040 | 590 | 576  |
| &nbsp;&nbsp;&nbsp; Pool AE8715, 4.00%, 11/01/2040 | 7165 | 6989  |
| &nbsp;&nbsp;&nbsp; Pool AH0006, 4.00%, 12/01/2040 | 1092 | 1064  |
| &nbsp;&nbsp;&nbsp; Pool AH0020, 4.00%, 12/01/2040 | 3692 | 3602  |
| &nbsp;&nbsp;&nbsp; Pool AH0599, 4.00%, 12/01/2040 | 4563 | 4450  |
| &nbsp;&nbsp;&nbsp; Pool AH0601, 4.00%, 12/01/2040 | 620 | 607  |
| &nbsp;&nbsp;&nbsp; Pool AH1263, 4.00%, 01/01/2041 | 3975 | 3875  |
| &nbsp;&nbsp;&nbsp; Pool AH4659, 4.00%, 02/01/2041 | 859 | 841  |
| &nbsp;&nbsp;&nbsp; Pool AH5653, 4.00%, 02/01/2041 | 16795 | 16385  |
| &nbsp;&nbsp;&nbsp; Pool AH6150, 4.00%, 03/01/2041 | 2516 | 2451  |
| &nbsp;&nbsp;&nbsp; Pool AI0848, 4.00%, 12/01/2041 | 4972 | 4842  |
| &nbsp;&nbsp;&nbsp; Pool AI8842, 4.50%, 08/01/2041 | 13433 | 13454  |
| &nbsp;&nbsp;&nbsp; Pool AJ1562, 4.00%, 10/01/2041 | 5984 | 5822  |
| &nbsp;&nbsp;&nbsp; Pool AJ1972, 4.00%, 10/01/2041 | 2365 | 2319  |
| &nbsp;&nbsp;&nbsp; Pool AJ2212, 4.50%, 10/01/2041 | 157200 | 157222  |
| &nbsp;&nbsp;&nbsp; Pool AJ2446, 4.00%, 01/01/2042 | 3423 | 3333  |
| &nbsp;&nbsp;&nbsp; Pool AJ3330, 4.00%, 11/01/2041 | 5107 | 4973  |
| &nbsp;&nbsp;&nbsp; Pool AJ4187, 4.00%, 12/01/2041 | 3922 | 3819  |
| &nbsp;&nbsp;&nbsp; Pool AJ4549, 4.00%, 11/01/2041 | 4457 | 4339  |
| &nbsp;&nbsp;&nbsp; Pool AJ4698, 4.00%, 11/01/2041 | 4099 | 3993  |
| &nbsp;&nbsp;&nbsp; Pool AJ4756, 4.00%, 10/01/2041 | 6156 | 6000  |
| &nbsp;&nbsp;&nbsp; Pool AJ5424, 4.00%, 11/01/2041 | 8686 | 8463  |
| &nbsp;&nbsp;&nbsp; Pool AJ5736, 4.00%, 12/01/2041 | 4426 | 4316  |
| &nbsp;&nbsp;&nbsp; Pool AJ5968, 4.00%, 12/01/2041 | 2678 | 2608  |
| &nbsp;&nbsp;&nbsp; Pool AJ6061, 4.00%, 12/01/2041 | 5096 | 4954  |
| &nbsp;&nbsp;&nbsp; Pool AJ7538, 4.00%, 01/01/2042 | 6578 | 6395  |
| &nbsp;&nbsp;&nbsp; Pool AJ7840, 4.00%, 11/01/2041 | 2751 | 2684  |
| &nbsp;&nbsp;&nbsp; Pool AJ7868, 4.00%, 12/01/2041 | 3857 | 3755  |
| &nbsp;&nbsp;&nbsp; Pool AJ8001, 4.00%, 01/01/2042 | 2422 | 2358  |
| &nbsp;&nbsp;&nbsp; Pool AJ8104, 4.00%, 12/01/2041 | 8342 | 8140  |
| &nbsp;&nbsp;&nbsp; Pool AJ8109, 4.00%, 12/01/2041 | 6822 | 6642  |
| &nbsp;&nbsp;&nbsp; Pool AJ8171, 4.00%, 12/01/2041 | 2846 | 2783  |
| &nbsp;&nbsp;&nbsp; Pool AJ8325, 3.00%, 12/01/2026 | 17820 | 17670  |
| &nbsp;&nbsp;&nbsp; Pool AJ8341, 4.00%, 12/01/2041 | 7269 | 7078  |
| &nbsp;&nbsp;&nbsp; Pool AJ8369, 4.00%, 01/01/2042 | 5756 | 5605  |
| &nbsp;&nbsp;&nbsp; Pool AJ8436, 4.00%, 12/01/2041 | 9096 | 8862  |
| &nbsp;&nbsp;&nbsp; Pool AJ8912, 4.00%, 12/01/2041 | 4097 | 3989  |
| &nbsp;&nbsp;&nbsp; Pool AJ9162, 4.00%, 01/01/2042 | 6362 | 6195  |
| &nbsp;&nbsp;&nbsp; Pool AJ9248, 4.00%, 12/01/2041 | 4392 | 4286  |
| &nbsp;&nbsp;&nbsp; Pool AJ9330, 4.00%, 01/01/2042 | 30018 | 29260  |
| &nbsp;&nbsp;&nbsp; Pool AJ9779, 4.00%, 01/01/2042 | 1529 | 1507  |
| &nbsp;&nbsp;&nbsp; Pool AK0170, 4.00%, 01/01/2042 | 4918 | 4789  |
| &nbsp;&nbsp;&nbsp; Pool AK0543, 4.00%, 01/01/2042 | 11813 | 11507  |
| &nbsp;&nbsp;&nbsp; Pool AK0563, 4.00%, 01/01/2042 | 4643 | 4521  |
| &nbsp;&nbsp;&nbsp; Pool AK1827, 4.00%, 01/01/2042 | 9364 | 9122  |
| &nbsp;&nbsp;&nbsp; Pool AL0187, 5.00%, 05/01/2041 | 18615 | 19082  |
| &nbsp;&nbsp;&nbsp; Pool AL0215, 4.50%, 04/01/2041 | 23034 | 23079  |
| &nbsp;&nbsp;&nbsp; Pool AL0456, 5.00%, 06/01/2041 | 3494 | 3582  |
| &nbsp;&nbsp;&nbsp; Pool AL0815, 4.00%, 09/01/2041 | 11730 | 11434  |

---

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

2<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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 | $24205 | $24812  |
| &nbsp;&nbsp;&nbsp; Pool AL2752, 5.00%, 03/01/2042 | 77138 | 79072  |
| &nbsp;&nbsp;&nbsp; Pool AL5233, 4.00%, 01/01/2041 | 15517 | 15269  |
| &nbsp;&nbsp;&nbsp; Pool AQ9316, 2.50%, 01/01/2043 | 128528 | 116190  |
| &nbsp;&nbsp;&nbsp; Pool AS5469, 4.00%, 07/01/2045 | 144635 | 139415  |
| &nbsp;&nbsp;&nbsp; Pool AS5597, 3.50%, 08/01/2045 | 25199 | 23709  |
| &nbsp;&nbsp;&nbsp; Pool AS7170, 3.50%, 05/01/2046 | 103500 | 96891  |
| &nbsp;&nbsp;&nbsp; Pool AS7242, 3.50%, 05/01/2046 | 97578 | 91337  |
| &nbsp;&nbsp;&nbsp; Pool AS7492, 4.00%, 07/01/2046 | 79458 | 76507  |
| &nbsp;&nbsp;&nbsp; Pool AS8947, 3.50%, 03/01/2047 | 136250 | 127493  |
| &nbsp;&nbsp;&nbsp; Pool AS9772, 3.50%, 06/01/2037 | 105899 | 102703  |
| &nbsp;&nbsp;&nbsp; Pool AT2720, 3.00%, 05/01/2043 | 332362 | 306120  |
| &nbsp;&nbsp;&nbsp; Pool AT5900, 3.00%, 06/01/2043 | 204936 | 188648  |
| &nbsp;&nbsp;&nbsp; Pool AU1625, 3.50%, 07/01/2043 | 128739 | 121454  |
| &nbsp;&nbsp;&nbsp; Pool AZ0832, 4.00%, 07/01/2045 | 199193 | 192107  |
| &nbsp;&nbsp;&nbsp; Pool BC4938, 2.50%, 04/01/2031 | 10067 | 9753  |
| &nbsp;&nbsp;&nbsp; Pool BC9468, 3.00%, 06/01/2046 | 183600 | 166387  |
| &nbsp;&nbsp;&nbsp; Pool BN5279, 4.00%, 02/01/2049 | 310913 | 298744  |
| &nbsp;&nbsp;&nbsp; Pool BT2317, 2.00%, 03/01/2052 | 228325 | 185007  |
| &nbsp;&nbsp;&nbsp; Pool BT7155, 2.00%, 08/01/2051 | 310191 | 250433  |
| &nbsp;&nbsp;&nbsp; Pool BV1380, 2.00%, 01/01/2052 | 739674 | 597168  |
| &nbsp;&nbsp;&nbsp; Pool BV2993, 2.00%, 04/01/2052 | 777688 | 629287  |
| &nbsp;&nbsp;&nbsp; Pool BV9804, 2.00%, 05/01/2052 | 166471 | 134688  |
| &nbsp;&nbsp;&nbsp; Pool CA0858, 3.50%, 12/01/2047 | 1043378 | 971463  |
| &nbsp;&nbsp;&nbsp; Pool CB6431, 5.50%, 06/01/2053 | 1505795 | 1525719  |
| &nbsp;&nbsp;&nbsp; Pool CB6870, 5.50%, 08/01/2053 | 1444022 | 1462905  |
| &nbsp;&nbsp;&nbsp; Pool FM7678, 2.50%, 06/01/2051 | 1558041 | 1332140  |
| &nbsp;&nbsp;&nbsp; Pool FM9491, 2.50%, 11/01/2051 | 1562764 | 1336239  |
| &nbsp;&nbsp;&nbsp; Pool FS1069, 2.00%, 12/01/2051 | 363309 | 293315  |
| &nbsp;&nbsp;&nbsp; Pool FS1108, 2.50%, 09/01/2051 | 1526666 | 1301453  |
| &nbsp;&nbsp;&nbsp; Pool FS1598, 2.00%, 04/01/2052 | 125047 | 101309  |
| &nbsp;&nbsp;&nbsp; Pool MA1870, 4.50%, 04/01/2034 | 76237 | 76687  |
| &nbsp;&nbsp;&nbsp; Pool MA3038, 4.50%, 06/01/2047 | 16168 | 15987  |
| &nbsp;&nbsp;&nbsp; Pool MA4307, 3.00%, 04/01/2051 | 1622155 | 1437187  |
| &nbsp;&nbsp;&nbsp; Pool MA4577, 2.00%, 04/01/2052 | 2063148 | 1672325  |
| &nbsp;&nbsp;&nbsp; Pool TBA, 5.50%, 10/15/2041<sup>(d)</sup> | 7100000 | 7162202  |
| &nbsp;&nbsp;&nbsp; Series 2012-18, Class GA, 2.00%, 12/25/2041 | 19757 | 18617  |
| &nbsp;&nbsp;&nbsp; Series 2012-21, Class PQ, 2.00%, 09/25/2041 | 10532 | 10001  |
| &nbsp;&nbsp;&nbsp; Series 2012-52, Class PA, 3.50%, 05/25/2042 | 17606 | 17031  |
| &nbsp;&nbsp;&nbsp; Series 2015-48, Class QB, 3.00%, 02/25/2043 | 15167 | 14909  |
| &nbsp;&nbsp;&nbsp; Series 2016-11, Class GA, 2.50%, 03/25/2046 | 29885 | 28026  |
| &nbsp;&nbsp;&nbsp; Series 2016-38, Class NA, 3.00%, 01/25/2046 | 16862 | 15860  |
| &nbsp;&nbsp;&nbsp; Series 2017-16, Class PB, 3.00%, 03/25/2047 | 217000 | 194839  |
| &nbsp;&nbsp;&nbsp; Series 2017-26, Class CG, 3.50%, 07/25/2044 | 10825 | 10754  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2017-34, Class JK, 3.00%, 05/25/2047 | $8810 | $8644  |
| &nbsp;&nbsp;&nbsp; Series 2017-35, Class AH, 3.50%, 04/25/2053 | 12378 | 12306  |
| &nbsp;&nbsp;&nbsp; Series 2017-49, Class JA, 4.00%, 07/25/2053 | 16176 | 16128  |
| &nbsp;&nbsp;&nbsp; Series 2017-84, Class KA, 3.50%, 04/25/2053 | 18911 | 18758  |
| &nbsp;&nbsp;&nbsp; Series 2018-23, Class LA, 3.50%, 04/25/2048 | 46795 | 44930  |
| &nbsp;&nbsp;&nbsp; Series 2018-70, Class HA, 3.50%, 10/25/2056 | 29331 | 28772  |
| &nbsp;&nbsp;&nbsp; Series 2019-12, Class HA, 3.50%, 11/25/2057 | 57730 | 55819  |
| &nbsp;&nbsp;&nbsp; Series 2019-14, Class CA, 3.50%, 04/25/2049 | 53475 | 51867  |
| &nbsp;&nbsp;&nbsp; Series 2019-45, Class PT, 3.00%, 08/25/2049 | 50590 | 46314  |
| &nbsp;&nbsp;&nbsp; Series 2019-M21, Class X3, 1.25%, 06/25/2034<sup>(b)(c)</sup> | 1325431 | 77847  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class AC, 3.50%, 08/25/2058 | 140986 | 135121  |
| &nbsp;&nbsp;&nbsp; Series 2022-90, Class AY, 4.50%, 12/25/2041 | 515000 | 510860  |
| &nbsp;&nbsp;&nbsp; Series 415, Class A3, 3.00%, 11/25/2042 | 41126 | 38158  |
| &nbsp;&nbsp;&nbsp; Series Pool 000TBA, 5.50%, 11/15/2040<sup>(d)</sup> | 3150000 | 3175259  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class B1, 7.76% (30 day avg SOFR US + 3.40%), 10/25/2041 (Callable 10/25/2026)<sup>(a)</sup> | 415000 | 424546  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2048<sup>(d)</sup> | 2300000 | 2289388  |
| &nbsp;&nbsp;&nbsp; Pool 614436, 5.00%, 08/15/2033 | 4015 | 4068  |
| &nbsp;&nbsp;&nbsp; Pool 723248, 5.00%, 10/15/2039 | 207763 | 213300  |
| &nbsp;&nbsp;&nbsp; Pool 736686, 5.00%, 02/15/2039 | 9085 | 9316  |
| &nbsp;&nbsp;&nbsp; Pool 783403, 3.50%, 09/15/2041 | 78504 | 73653  |
| &nbsp;&nbsp;&nbsp; Pool MA4587, 4.00%, 07/20/2047 | 17389 | 16664  |
| &nbsp;&nbsp;&nbsp; Pool MA4652, 3.50%, 08/20/2047 | 50641 | 47116  |
| &nbsp;&nbsp;&nbsp; Pool MA4778, 3.50%, 10/20/2047 | 93882 | 87347  |
| &nbsp;&nbsp;&nbsp; Pool MA4779, 4.00%, 10/20/2047 | 66350 | 63584  |
| &nbsp;&nbsp;&nbsp; Pool MA4780, 4.50%, 10/20/2047 | 75590 | 74970  |
| &nbsp;&nbsp;&nbsp; Pool MA7051, 2.00%, 12/20/2050 | 1112646 | 921894  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 1982847 | 1775441  |
| &nbsp;&nbsp;&nbsp; Pool MA8199, 3.50%, 08/20/2052 | 1009365 | 925984  |
| &nbsp;&nbsp;&nbsp; Pool MA9362, 5.50%, 12/20/2053 | 1254432 | 1270259  |
| &nbsp;&nbsp;&nbsp; Pool TBA, 4.00%, 10/15/2041<sup>(d)</sup> | 2250000 | 2118251  |
| &nbsp;&nbsp;&nbsp; Series 2013-37, Class LG, 2.00%, 01/20/2042 | 13096 | 12816  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $54,426,397)** |  | 52625439  |

---

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

3<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - 24.5%**<br>|  |  |
| **Aerospace & Defense - 0.6%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029 (Callable 12/01/2028) | $40000 | $38612  |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/01/2030 (Callable 11/01/2029) | 45000 | 42398  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030) | 195000 | 200329  |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 (Callable 03/01/2031) | 55000 | 59952  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 (Callable 02/01/2034) | 70000 | 77536  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 (Callable 11/01/2039) | 195000 | 199131  |
|  L3Harris Technologies, Inc., 5.05%, 06/01/2029 (Callable 05/01/2029) | 80000 | 82314  |
|  Northrop Grumman Corp., 5.15%, 05/01/2040 (Callable 11/01/2039) | 124000 | 123571  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 (Callable 10/08/2026) | 50000 | 50857  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/16/2028 (Callable 08/16/2028) | 123000 | 123188  |
|  |  | 997888  |
| **Automobiles - 0.1%**<br>|  |  |
|  Ford Motor Co., 3.25%, 02/12/2032 (Callable 11/12/2031) | 135000 | 118035  |
| **Banks - 3.1%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 135000 | 125169  |
| &nbsp;&nbsp;&nbsp; 1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030) | 805000 | 715457  |
| &nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 then SOFR + 1.74%, 10/25/2035 (Callable 10/25/2034) | 125000 | 128059  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 (Callable 09/21/2031) | 105000 | 91204  |
| Bank of New York Mellon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 (Callable 07/22/2031) | 105000 | 108474  |
| &nbsp;&nbsp;&nbsp; 5.19% to 03/14/2034 then SOFR + 1.42%, 03/14/2035 (Callable 03/14/2034) | 30000 | 30944  |
|  BPCE SA, 5.39% to 05/28/2030 then SOFR + 1.58%, 05/28/2031 (Callable 05/28/2030)<sup>(a)</sup> | 250000 | 256605  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 (Callable 05/07/2030) | $155000 | $157951  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 (Callable 09/11/2030) | 390000 | 390337  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25% to 03/05/2030 then SOFR + 1.26%, 03/05/2031 (Callable 03/05/2030) | 100000 | 102538  |
| &nbsp;&nbsp;&nbsp; 6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034) | 20000 | 22016  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031 (Callable 05/27/2030)<sup>(a)</sup> | 250000 | 256687  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033 (Callable 09/25/2032)<sup>(a)</sup> | 250000 | 248620  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13% to 03/03/2030 then SOFR + 1.29%, 03/03/2031 (Callable 03/03/2030) | 200000 | 204918  |
| &nbsp;&nbsp;&nbsp; 5.24% to 05/13/2030 then SOFR + 1.57%, 05/13/2031 (Callable 05/13/2030) | 200000 | 205900  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 (Callable 04/26/2027) | 20000 | 20057  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 (Callable 10/22/2027) | 45000 | 45406  |
| &nbsp;&nbsp;&nbsp; 3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | 45000 | 44417  |
| &nbsp;&nbsp;&nbsp; 5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028) | 175000 | 180362  |
| &nbsp;&nbsp;&nbsp; 6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028) | 60000 | 63340  |
| &nbsp;&nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 (Callable 04/22/2029) | 180000 | 188102  |
| &nbsp;&nbsp;&nbsp; 5.00% to 07/22/2029 then SOFR + 1.13%, 07/22/2030 (Callable 07/22/2029) | 180000 | 184733  |
| &nbsp;&nbsp;&nbsp; 2.74% to 10/15/2029 then 3 mo. Term SOFR + 1.51%, 10/15/2030 (Callable 10/15/2029) | 55000 | 51967  |
| &nbsp;&nbsp;&nbsp; 5.14% to 01/24/2030 then SOFR + 1.01%, 01/24/2031 (Callable 01/24/2030) | 60000 | 61999  |

---

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

4<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Banks - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 (Callable 04/22/2030)<sup>(e)</sup> | $235000 | $242944  |
| &nbsp;&nbsp;&nbsp; 2.55% to 11/08/2031 then SOFR + 1.18%, 11/08/2032 (Callable 11/08/2031) | 160000 | 143586  |
| &nbsp;&nbsp;&nbsp; 5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035 (Callable 01/23/2034) | 90000 | 93442  |
| &nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 (Callable 10/22/2034) | 30000 | 30267  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 (Callable 07/23/2035) | 95000 | 98477  |
|  Royal Bank of Canada, 5.15% to 02/04/2030 then SOFR + 1.03%, 02/04/2031 (Callable 02/04/2030) | 175000 | 180419  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | 35000 | 37084  |
| &nbsp;&nbsp;&nbsp; 2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 (Callable 10/30/2029) | 195000 | 184729  |
| &nbsp;&nbsp;&nbsp; 5.24% to 01/24/2030 then SOFR + 1.11%, 01/24/2031 (Callable 01/24/2030) | 75000 | 77629  |
| &nbsp;&nbsp;&nbsp; 2.57% to 02/11/2030 then 3 mo. Term SOFR + 1.26%, 02/11/2031 (Callable 02/11/2030) | 35000 | 32543  |
| &nbsp;&nbsp;&nbsp; 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 (Callable 04/23/2030) | 95000 | 98028  |
| &nbsp;&nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 (Callable 07/25/2032) | 35000 | 35574  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033) | 80000 | 88909  |
| &nbsp;&nbsp;&nbsp; 5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050) | 70000 | 65443  |
|  |  | 5294336  |
| **Beverages - 0.4%**<br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/2046 (Callable 08/01/2045) | 185000 | 173377  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033)<sup>(a)</sup> | 100000 | 101021  |
|  Constellation Brands, Inc., 4.80%, 05/01/2030 (Callable 04/01/2030) | 120000 | 121779  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2030 (Callable 04/15/2030) | $105000 | $105164  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/15/2031 (Callable 12/15/2030) | 25000 | 22061  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2031 (Callable 01/15/2031) | 45000 | 46036  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2035 (Callable 02/15/2035) | 85000 | 84326  |
|  |  | 653764  |
| **Capital Markets - 0.9%**<br>|  |  |
|  Ameriprise Financial, Inc., 5.20%, 04/15/2035 (Callable 01/15/2035) | 210000 | 214136  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 (Callable 07/23/2029) | 230000 | 235852  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 (Callable 10/23/2029) | 145000 | 146926  |
| &nbsp;&nbsp;&nbsp; 5.21% to 01/28/2030 then SOFR + 1.08%, 01/28/2031 (Callable 01/28/2030) | 80000 | 82618  |
| &nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 (Callable 04/23/2030) | 135000 | 139622  |
|  Intercontinental Exchange, Inc., 2.65%, 09/15/2040 (Callable 03/15/2040) | 185000 | 137640  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.41% to 11/01/2028 then SOFR + 1.83%, 11/01/2029 (Callable 11/01/2028) | 65000 | 69111  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 (Callable 04/18/2029) | 195000 | 203715  |
| &nbsp;&nbsp;&nbsp; 4.65% to 10/18/2029 then SOFR + 1.10%, 10/18/2030 (Callable 10/18/2029) | 50000 | 50574  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 (Callable 01/15/2030) | 50000 | 51640  |
| &nbsp;&nbsp;&nbsp; 2.70% to 01/22/2030 then SOFR + 1.14%, 01/22/2031 (Callable 01/22/2030) | 120000 | 112150  |
| &nbsp;&nbsp;&nbsp; 1.79% to 02/13/2031 then SOFR + 1.03%, 02/13/2032 (Callable 02/13/2031) | 180000 | 157084  |
| &nbsp;&nbsp;&nbsp; 2.51% to 10/20/2031 then SOFR + 1.20%, 10/20/2032 (Callable 10/20/2031) | 35000 | 31237  |
|  |  | 1632305  |
| **Collection Agencies - 0.2%**<br>|  |  |
|  NTT Finance Corp., 5.17%, 07/16/2032 (Callable 05/16/2032)<sup>(a)</sup> | 430000 | 440709  |

---

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

5<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
| Republic Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.45%, 02/15/2031 (Callable 11/15/2030) | $35000 | $30350  |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/15/2034 (Callable 08/15/2034) | 150000 | 155813  |
|  Veralto Corp., 5.50%, 09/18/2026 (Callable 08/18/2026) | 40000 | 40503  |
|  |  | 226666  |
| **Consumer Finance - 0.7%**<br>|  |  |
| American Express Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 (Callable 01/30/2030) | 130000 | 134154  |
| &nbsp;&nbsp;&nbsp; 5.02% to 04/25/2030 then SOFR + 1.44%, 04/25/2031 (Callable 04/25/2030) | 210000 | 216049  |
|  American Tower Corp., 3.65%, 03/15/2027 (Callable 02/15/2027) | 45000 | 44687  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.49% to 09/11/2030 then SOFR + 1.25%, 09/11/2031 (Callable 09/11/2030) | 130000 | 129006  |
| &nbsp;&nbsp;&nbsp; 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030) | 210000 | 237640  |
| &nbsp;&nbsp;&nbsp; 6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035 (Callable 02/01/2034) | 40000 | 42421  |
| &nbsp;&nbsp;&nbsp; 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 (Callable 01/30/2035) | 95000 | 98603  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 (Callable 03/06/2030) | 195000 | 198825  |
| &nbsp;&nbsp;&nbsp; 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036 (Callable 07/29/2035) | 60000 | 61423  |
|  |  | 1162808  |
| **Crude Petroleum Extraction - 0.1%**<br>|  |  |
|  Viper Energy Partners LLC, 5.70%, 08/01/2035 (Callable 05/01/2035) | 235000 | 239880  |
| **Diversified Consumer Services - 0.1%**<br>|  |  |
| Howard University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2031 | 100000 | 89334  |
| &nbsp;&nbsp;&nbsp; 3.48%, 10/01/2041 | 75000 | 57091  |
|  |  | 146425  |
|  **Diversified Telecommunication Services - 0.2%**<br>|  |  |
|  AT&T, Inc., 1.65%, 02/01/2028 (Callable 12/01/2027) | 360000 | 340900  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Electric Utilities - 4.3%**<br>|  |  |
| Alabama Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/15/2031 (Callable 01/15/2031) | $195000 | $195010  |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/02/2035 (Callable 10/02/2034) | 25000 | 25569  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2049 (Callable 04/01/2049) | 55000 | 40333  |
|  Baltimore Gas and Electric Co., 5.45%, 06/01/2035 (Callable 03/01/2035) | 65000 | 67567  |
|  CenterPoint Energy, Inc., 5.40%, 06/01/2029 (Callable 05/01/2029) | 121000 | 125277  |
|  Cleco Corporate Holdings LLC, 3.38%, 09/15/2029 (Callable 06/15/2029) | 50000 | 46798  |
| Consolidated Edison Co. of New York, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 (Callable 06/01/2051) | 130000 | 88104  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2054 (Callable 11/15/2053) | 40000 | 41018  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2055 (Callable 09/15/2054) | 105000 | 103952  |
|  Duke Energy Carolinas LLC, 5.30%, 02/15/2040 | 86000 | 87058  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 (Callable 03/01/2030) | 50000 | 46041  |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/15/2031 (Callable 03/15/2031) | 164000 | 148391  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2034 (Callable 03/15/2034) | 25000 | 26020  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/15/2035 (Callable 06/15/2035) | 225000 | 223689  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 (Callable 02/15/2052) | 60000 | 54080  |
|  Duke Energy Indiana, Inc., 4.90%, 07/15/2043 (Callable 01/15/2043) | 55000 | 51812  |
| Duke Energy Ohio, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 (Callable 01/01/2033) | 20000 | 20734  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 (Callable 09/15/2053) | 140000 | 140247  |
| Duke Energy Progress LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2035 (Callable 12/15/2034) | 90000 | 91542  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2055 (Callable 09/15/2054) | 105000 | 105649  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2030 (Callable 02/15/2030) | 115000 | 119668  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2032 (Callable 01/15/2032) | 25000 | 24783  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2033 (Callable 02/15/2033) | 175000 | 177557  |

---

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

6<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Electric Utilities - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2034 (Callable 10/01/2033) | $128000 | $132275  |
|  FirstEnergy Corp., 3.90%, 07/15/2027 (Callable 04/15/2027)<sup>(f)</sup> | 50000 | 49717  |
| Georgia Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 (Callable 09/01/2028) | 115000 | 115117  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/15/2030 (Callable 01/15/2030) | 120000 | 121944  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2035 (Callable 09/15/2034) | 75000 | 76907  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2040 | 50000 | 47681  |
|  Interstate Power and Light Co., 5.60%, 06/29/2035 (Callable 03/29/2035) | 115000 | 119585  |
|  Jersey Central Power & Light Co., 5.10%, 01/15/2035 (Callable 10/15/2034) | 35000 | 35509  |
|  Monongahela Power Co., 5.85%, 02/15/2034 (Callable 11/15/2033)<sup>(a)</sup> | 10000 | 10580  |
|  NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/2030 (Callable 03/01/2030) | 285000 | 260324  |
| NSTAR Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/2034 (Callable 03/01/2034) | 45000 | 46879  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034) | 90000 | 91800  |
|  Oglethorpe Power Corp., 5.05%, 10/01/2048 (Callable 04/01/2048) | 65000 | 59267  |
| Ohio Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2029 (Callable 11/15/2029)<sup>(a)</sup> | 45000 | 46021  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2033 (Callable 10/15/2032)<sup>(a)</sup> | 25000 | 25996  |
|  Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) | 160000 | 162294  |
|  Oncor Electric Delivery Co. LLC, 5.35%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 110000 | 113864  |
|  Pacific Gas & Electric Co., 4.75%, 02/15/2044 (Callable 08/15/2043) | 35000 | 29991  |
| Pacific Gas and Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 (Callable 12/15/2028) | 85000 | 88962  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/01/2031 (Callable 11/01/2030) | 255000 | 227359  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031 (Callable 03/01/2031) | 45000 | 41422  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2033 (Callable 10/15/2032) | 143000 | 151386  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2034 (Callable 12/15/2033) | 177000 | 196423  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/15/2034 (Callable 02/15/2034) | $55000 | $57032  |
| &nbsp;&nbsp;&nbsp; 3.30%, 08/01/2040 (Callable 02/01/2040) | 50000 | 37923  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 (Callable 01/01/2050) | 24000 | 20677  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/2050 (Callable 02/01/2050) | 35000 | 23925  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2053 (Callable 07/15/2052) | 196000 | 211225  |
| &nbsp;&nbsp;&nbsp; 5.90%, 10/01/2054 (Callable 04/01/2054) | 86000 | 83987  |
| &nbsp;&nbsp;&nbsp; 6.15%, 03/01/2055 (Callable 09/01/2054) | 29000 | 29271  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 (Callable 04/15/2055) | 60000 | 59916  |
| Pinnacle West Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/15/2028 (Callable 04/15/2028) | 73000 | 74214  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/15/2030 (Callable 04/15/2030) | 95000 | 97739  |
|  Public Service Co. of Oklahoma, 5.20%, 01/15/2035 (Callable 10/15/2034) | 190000 | 192656  |
| Public Service Enterprise Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/15/2033 (Callable 07/15/2033) | 35000 | 37813  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/01/2034 (Callable 01/01/2034) | 30000 | 31073  |
|  Puget Energy, Inc., 4.22%, 03/15/2032 (Callable 12/15/2031) | 50000 | 47964  |
|  San Diego Gas & Electric Co., 5.40%, 04/15/2035 (Callable 01/15/2035) | 155000 | 160171  |
| Southern California Edison Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 (Callable 03/01/2030) | 50000 | 44864  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 (Callable 11/01/2031) | 110000 | 96832  |
| &nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 (Callable 08/01/2032) | 35000 | 36922  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2034 (Callable 03/01/2034) | 40000 | 39826  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/01/2035 (Callable 12/01/2034) | 105000 | 106356  |
| &nbsp;&nbsp;&nbsp; 3.90%, 03/15/2043 (Callable 09/15/2042) | 25000 | 19576  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 (Callable 04/01/2043) | 45000 | 38364  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 (Callable 10/01/2046) | 5000 | 3784  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048 (Callable 09/01/2047) | 132000 | 101154  |
| &nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 (Callable 08/01/2049) | 70000 | 48925  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2052 (Callable 12/01/2051) | 20000 | 18216  |

---

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

7<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Electric Utilities - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/01/2053 (Callable 09/01/2052) | $68000 | $63887  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/01/2053 (Callable 06/01/2053) | 30000 | 29054  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/01/2055 (Callable 09/01/2054) | 75000 | 72835  |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 (Callable 03/15/2055) | 30000 | 30297  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 06/15/2028 (Callable 04/15/2028) | 45000 | 45843  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 (Callable 09/15/2033) | 60000 | 63399  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/15/2035 (Callable 09/15/2034) | 40000 | 39613  |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 (Callable 01/01/2033) | 45000 | 46122  |
|  Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031 (Callable 12/15/2030)<sup>(a)</sup> | 30000 | 30803  |
| Virginia Electric and Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 01/01/2033) | 80000 | 81491  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 (Callable 10/15/2033) | 130000 | 131640  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 (Callable 05/15/2034) | 45000 | 45645  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2035 (Callable 12/15/2034) | 100000 | 101916  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/15/2035 (Callable 06/15/2035) | 270000 | 268656  |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/15/2045 (Callable 11/15/2044) | 10000 | 8386  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2054 (Callable 07/15/2053) | 30000 | 28925  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2055 (Callable 09/15/2054) | 45000 | 45352  |
|  Wisconsin Power and Light Co., 5.38%, 03/30/2034 (Callable 12/30/2033) | 60000 | 62336  |
| Xcel Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/01/2032 (Callable 12/01/2031) | 55000 | 54618  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/15/2035 (Callable 10/15/2034) | 180000 | 186902  |
|  |  | 7460327  |
|  **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 | 72178  |
| &nbsp;&nbsp;&nbsp; 3.10%, 11/15/2029 (Callable 08/15/2029) | 72000 | 68543  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Realty Income Corp., 5.13%, 04/15/2035 (Callable 01/15/2035) | $100000 | $101755  |
|  |  | 242476  |
| **Finacial Services - 0.1%**<br>|  |  |
|  Ares Strategic Income Fund, 5.15%, 01/15/2031 (Callable 12/15/2030)<sup>(a)</sup> | 195000 | 192738  |
| **Financial Services - 0.5%**<br>|  |  |
|  Ares Strategic Income Fund, 5.80%, 09/09/2030 (Callable 08/09/2030)<sup>(a)</sup> | 235000 | 238978  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.72%, 10/08/2029<sup>(a)</sup> | 75000 | 75671  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/04/2031<sup>(a)</sup> | 250000 | 222930  |
|  Equitable Financial Life Global Funding, 5.00%, 03/27/2030<sup>(a)</sup> | 85000 | 87178  |
|  John Deere Capital Corp., 4.25%, 06/05/2028 | 110000 | 110963  |
|  Lincoln Financial Global Funding, 4.63%, 05/28/2028<sup>(a)</sup> | 65000 | 65707  |
|  Sammons Financial Group Global Funding, 4.95%, 06/12/2030<sup>(a)</sup> | 110000 | 111703  |
|  |  | 913130  |
| **Food Products - 1.1%**<br>|  |  |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2036 (Callable 10/15/2035)<sup>(a)</sup> | 155000 | 158384  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2066 (Callable 10/15/2065)<sup>(a)</sup> | 215000 | 222400  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 (Callable 01/15/2027) | 40000 | 37354  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) | 85000 | 88837  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 12/15/2033) | 115000 | 127392  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2053 (Callable 05/15/2053) | 55000 | 63127  |
|  Kraft Heinz Foods Co., 5.20%, 03/15/2032 (Callable 01/15/2032) | 205000 | 210198  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028 (Callable 02/01/2028)<sup>(a)</sup> | 40000 | 40503  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 01/01/2032)<sup>(a)</sup> | 375000 | 383916  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034)<sup>(a)</sup> | 90000 | 92041  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/2045 (Callable 11/01/2044)<sup>(a)</sup> | 370000 | 375482  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/2065 (Callable 11/01/2064)<sup>(a)</sup> | 60000 | 61198  |
|  |  | 1860832  |

---

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

8<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Gas Utilities - 0.1%**<br>|  |  |
|  Southern California Gas Co., 6.00%, 06/15/2055 (Callable 12/15/2054) | $175000 | $183706  |
| Southwest Gas Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/15/2030 (Callable 03/15/2030) | 61000 | 55475  |
| &nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 (Callable 12/01/2048) | 25000 | 20211  |
|  |  | 259392  |
| **Health Care Equipment & Supplies - 0.2%**<br>|  |  |
| GE HealthCare Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.91%, 11/22/2032 (Callable 08/22/2032) | 100000 | 107644  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 (Callable 03/15/2035) | 100000 | 103713  |
|  Solventum Corp., 5.40%, 03/01/2029 (Callable 02/01/2029) | 55000 | 56780  |
|  |  | 268137  |
| **Health Care Providers & Services - 1.0%**<br>|  |  |
|  Cardinal Health, Inc., 4.50%, 09/15/2030 (Callable 08/15/2030) | 240000 | 240881  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 65000 | 56111  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 (Callable 05/01/2031) | 120000 | 103315  |
|  Cigna Group, 4.88%, 09/15/2032 (Callable 07/15/2032) | 330000 | 333521  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 (Callable 05/15/2029) | 65000 | 62316  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/21/2030 (Callable 05/21/2030) | 15000 | 13177  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/28/2031 (Callable 11/28/2030) | 85000 | 73905  |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/15/2031 (Callable 06/15/2031) | 70000 | 60780  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2035 (Callable 06/15/2035) | 105000 | 106939  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2031 (Callable 02/15/2031) | 75000 | 77180  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2035 (Callable 02/01/2035) | 130000 | 132526  |
|  Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 (Callable 02/01/2032) | 115000 | 114479  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/15/2035 (Callable 03/15/2035) | 55000 | 56913  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 (Callable 02/15/2039) | 10000 | 8347  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040 (Callable 11/15/2039) | $50000 | $37276  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 (Callable 08/15/2052) | 40000 | 41132  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2054 (Callable 10/15/2053) | 150000 | 144272  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2062 (Callable 11/15/2061) | 30000 | 26379  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 (Callable 08/15/2062) | 25000 | 26128  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 (Callable 01/15/2064) | 70000 | 69717  |
|  |  | 1785294  |
| **Hotels, Restaurants & Leisure - 0.1%**<br>|  |  |
| McDonald's Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/13/2036 (Callable 11/13/2035) | 140000 | 141083  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2049 (Callable 03/01/2049) | 125000 | 93656  |
|  |  | 234739  |
| **Insurance - 0.1%**<br>|  |  |
|  Marsh & McLennan Cos., Inc., 5.40%, 03/15/2055 (Callable 09/15/2054) | 75000 | 73603  |
|  Travelers Cos., Inc., 5.05%, 07/24/2035 (Callable 04/24/2035) | 135000 | 137496  |
|  |  | 211099  |
| **Interactive Media & Services - 0.4%**<br>|  |  |
|  Alphabet, Inc., 5.30%, 05/15/2065 (Callable 11/15/2064) | 340000 | 338480  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/2054 (Callable 02/15/2054) | 85000 | 83948  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 (Callable 02/15/2064) | 200000 | 198753  |
|  |  | 621181  |
| **IT Services - 0.1%**<br>|  |  |
|  International Business Machines Corp., 4.80%, 02/10/2030 (Callable 01/10/2030) | 175000 | 179180  |
| **Life Sciences Tools & Services - 0.1%**<br>|  |  |
|  Thermo Fisher Scientific, Inc., 4.47%, 10/07/2032 (Callable 08/07/2032) | 155000 | 155111  |
| **Machinery - 0.2%**<br>|  |  |
|  Otis Worldwide Corp., 5.13%, 11/19/2031 (Callable 09/19/2031) | 35000 | 36339  |
| Westinghouse Air Brake Technologies Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/29/2030 (Callable 04/29/2030) | 110000 | 112508  |
| &nbsp;&nbsp;&nbsp; 5.61%, 03/11/2034 (Callable 12/11/2033) | 155000 | 163046  |
|  |  | 311893  |

---

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

9<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  | **CORPORATE OBLIGATIONS - (Continued)**  |
| **Media - 0.9%**<br>|  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029 (Callable 11/15/2028) | $155000 | $144207  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 105000 | 111946  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 (Callable 04/23/2035) | 265000 | 277732  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/01/2035 (Callable 09/01/2035) | 85000 | 85843  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 (Callable 09/01/2041) | 29000 | 20894  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2047 (Callable 11/01/2046) | 65000 | 56165  |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/2061 (Callable 06/01/2061) | 50000 | 34649  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2033 (Callable 02/15/2033) | 75000 | 75799  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 (Callable 01/15/2036) | 35000 | 29858  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2040 (Callable 10/01/2039) | 250000 | 210339  |
| &nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 (Callable 05/01/2051) | 75000 | 46184  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 06/15/2031 (Callable 03/15/2031)<sup>(a)</sup> | 110000 | 98102  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034 (Callable 06/01/2034)<sup>(a)</sup> | 65000 | 64754  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/2054 (Callable 03/01/2054)<sup>(a)</sup> | 115000 | 106904  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2043 | 25000 | 19276  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/01/2043 (Callable 03/01/2043) | 110000 | 100450  |
| Time Warner Cable, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 (Callable 03/01/2041) | 30000 | 27483  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 (Callable 03/15/2042) | 50000 | 40154  |
|  |  | 1550739  |
| **Metals & Mining - 0.5%**<br>|  |  |
| BHP Billiton Finance USA Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/21/2032 (Callable 12/21/2031) | 30000 | 31110  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/28/2033 (Callable 11/28/2032) | 95000 | 97150  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/08/2033 (Callable 06/08/2033) | 15000 | 15628  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 225000 | 231955  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030 (Callable 08/06/2030)<sup>(a)</sup> | $70000 | $75648  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033 (Callable 07/06/2033)<sup>(a)</sup> | 45000 | 49609  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2034 (Callable 01/04/2034)<sup>(a)</sup> | 25000 | 26035  |
|  Rio Tinto Alcan, Inc., 6.13%, 12/15/2033 | 130000 | 142814  |
| Rio Tinto Finance USA PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 (Callable 01/14/2032) | 20000 | 20571  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/14/2065 (Callable 09/14/2064) | 105000 | 109477  |
|  |  | 799997  |
| **Multi-Utilities - 0.3%**<br>|  |  |
|  Dominion Energy, Inc., 5.00%, 06/15/2030 (Callable 05/15/2030) | 115000 | 117999  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 (Callable 02/01/2030) | 154000 | 149232  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/30/2033 (Callable 03/30/2033) | 20000 | 20745  |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/15/2035 (Callable 04/15/2035) | 185000 | 189190  |
|  Public Service Enterprise Group, Inc., 4.90%, 03/15/2030 (Callable 02/15/2030) | 115000 | 117653  |
|  |  | 594819  |
| **Natural Gas Distribution - 0.3%**<br>|  |  |
|  Puget Energy, Inc., 5.73%, 03/15/2035 (Callable 12/15/2034) | 320000 | 330688  |
|  Southern Co. Gas Capital Corp., 5.10%, 09/15/2035 (Callable 03/15/2035) | 140000 | 140440  |
|  |  | 471128  |
| **Oil, Gas & Consumable Fuels - 3.0%**<br>|  |  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 150000 | 147778  |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/2054 (Callable 04/01/2054)<sup>(a)</sup> | 150000 | 139191  |
|  Boston Gas Co., 3.76%, 03/16/2032 (Callable 12/16/2031)<sup>(a)</sup> | 20000 | 18852  |
|  Brooklyn Union Gas Co., 4.87%, 08/05/2032 (Callable 05/05/2032)<sup>(a)</sup> | 110000 | 108763  |
|  Cheniere Energy Partners LP, 5.55%, 10/30/2035 (Callable 04/30/2035)<sup>(a)</sup> | 215000 | 219820  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 10/01/2031 (Callable 08/01/2031)<sup>(a)</sup> | 36000 | 36583  |
| &nbsp;&nbsp;&nbsp; 5.68%, 01/15/2034 (Callable 10/15/2033)<sup>(a)</sup> | 80000 | 82591  |

---

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

10<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)**  |
|  Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/2033 (Callable 08/15/2033)<sup>(a)</sup> | $45000 | $48045  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2030 (Callable 12/15/2029) | 55000 | 56114  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2052 (Callable 09/15/2051) | 117000 | 87932  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/15/2053 (Callable 11/15/2052) | 35000 | 33374  |
| &nbsp;&nbsp;&nbsp; 4.03%, 03/15/2062 (Callable 09/15/2061) | 80000 | 59718  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 (Callable 03/15/2063) | 60000 | 59556  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 (Callable 06/15/2064) | 95000 | 93310  |
| CoterraEnergy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2034 (Callable 12/15/2033) | 148000 | 152257  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2035 (Callable 11/15/2034) | 92000 | 92878  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035 (Callable 01/01/2035) | 80000 | 82178  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 (Callable 09/15/2052) | 30000 | 30720  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 (Callable 10/18/2053) | 5000 | 4814  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 (Callable 10/18/2063) | 35000 | 33695  |
|  DT Midstream, Inc., 5.80%, 12/15/2034 (Callable 09/15/2034)<sup>(a)</sup> | 115000 | 118604  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/05/2034 (Callable 01/05/2034) | 70000 | 73103  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/20/2035 (Callable 03/20/2035) | 50000 | 51596  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 (Callable 10/01/2030) | 50000 | 54201  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 (Callable 01/01/2035) | 205000 | 211699  |
|  Eni SpA, 5.75%, 05/19/2035 (Callable 02/19/2035)<sup>(a)</sup> | 200000 | 208295  |
| Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/15/2031 (Callable 12/15/2030) | 95000 | 96057  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2036 (Callable 10/15/2035) | 40000 | 40682  |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/15/2053 (Callable 08/15/2052) | 25000 | 17051  |
| EOG Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 (Callable 05/15/2032) | 80000 | 81924  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2036 (Callable 10/15/2035) | $120000 | $123292  |
| &nbsp;&nbsp;&nbsp; 5.65%, 12/01/2054 (Callable 06/01/2054) | 55000 | 55086  |
|  Equinor ASA, 3.63%, 04/06/2040 (Callable 10/06/2039) | 45000 | 38267  |
| Hess Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 10/01/2029 | 80000 | 90775  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2033 | 88000 | 102195  |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033 (Callable 12/06/2032)<sup>(a)</sup> | 15000 | 15891  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 (Callable 01/15/2031) | 215000 | 216433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 (Callable 11/15/2032) | 195000 | 194713  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 (Callable 03/01/2034)<sup>(e)</sup> | 160000 | 163151  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 (Callable 06/15/2035) | 50000 | 50137  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 (Callable 08/15/2032) | 15000 | 16078  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 (Callable 06/01/2033) | 90000 | 95483  |
| &nbsp;&nbsp;&nbsp; 5.05%, 11/01/2034 (Callable 08/01/2034) | 230000 | 226943  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/15/2035 (Callable 07/15/2035)<sup>(e)</sup> | 150000 | 150644  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 (Callable 03/01/2053) | 15000 | 15957  |
| Southern California Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2053 (Callable 12/01/2052) | 50000 | 50455  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2054 (Callable 10/01/2053) | 15000 | 15071  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034 (Callable 12/30/2033) | 45000 | 49062  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 (Callable 05/15/2035) | 170000 | 173356  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 (Callable 11/15/2035) | 65000 | 66599  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 (Callable 07/15/2026) | 150000 | 142323  |
| TotalEnergies Capital SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.64%, 04/05/2064 (Callable 10/05/2063) | 175000 | 174450  |
| &nbsp;&nbsp;&nbsp; 5.43%, 09/10/2064 (Callable 03/10/2064) | 45000 | 43349  |
|  Var Energi ASA, 5.88%, 05/22/2030 (Callable 04/22/2030)<sup>(a)</sup> | 200000 | 208185 |

---

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

11<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)**  |
| Whistler Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | $5000 | $5145  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/30/2031 (Callable 07/30/2031)<sup>(a)</sup> | 60000 | 62438  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/30/2034 (Callable 06/30/2034)<sup>(a)</sup> | 50000 | 51584  |
|  |  | 5138443  |
| **Other Electric Power Generation - 0.1%**<br>|  |  |
|  Arizona Public Service Co., 5.70%, 08/15/2034 (Callable 05/15/2034) | 105000 | 110098  |
|  CenterPoint Energy Resources Corp., 1.75%, 10/01/2030 (Callable 07/01/2030) | 30000 | 26579  |
|  Southern Power Co., 4.90%, 10/01/2035 (Callable 04/01/2035) | 125000 | 123383  |
|  |  | 260060  |
| **Personal Care Products - 0.1%**<br>|  |  |
| Kenvue, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 05/22/2032 (Callable 03/22/2032) | 85000 | 86273  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/22/2053 (Callable 09/22/2052) | 80000 | 74411  |
|  |  | 160684  |
| **Pharmaceuticals - 0.7%**<br>|  |  |
|  Cardinal Health, Inc., 5.00%, 11/15/2029 (Callable 10/15/2029) | 195000 | 200072  |
|  Cencora, Inc., 4.85%, 12/15/2029 (Callable 11/15/2029) | 205000 | 209315  |
| Eli Lilly & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2032 (Callable 08/15/2032) | 290000 | 292381  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/12/2055 (Callable 08/12/2054) | 70000 | 71499  |
|  Royalty Pharma PLC, 5.20%, 09/25/2035 (Callable 06/25/2035) | 405000 | 404808  |
|  |  | 1178075  |
| **Retail REITs - 0.1%**<br>|  |  |
|  Realty Income Corp., 4.50%, 02/01/2033 (Callable 12/01/2032) | 230000 | 227591  |
|  **Semiconductors & Semiconductor Equipment - 1.4%**<br>|  |  |
|  Applied Materials, Inc., 4.60%, 01/15/2036 (Callable 10/15/2035) | 150000 | 148586  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 (Callable 01/15/2028) | 95000 | 95272  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 (Callable 06/12/2029) | 65000 | 66982  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 (Callable 09/15/2030) | $210000 | $209758  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035 (Callable 04/15/2035) | 235000 | 242325  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031 (Callable 12/25/2030)<sup>(a)</sup> | 200000 | 207740  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032 (Callable 11/25/2031)<sup>(a)</sup> | 400000 | 427976  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 08/05/2032 (Callable 05/05/2032) | 65000 | 62718  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2033 (Callable 11/10/2032) | 90000 | 92077  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/11/2047 (Callable 11/11/2046) | 50000 | 39132  |
| &nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 (Callable 06/08/2047) | 175000 | 129241  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 (Callable 05/15/2049) | 43000 | 28581  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050 (Callable 09/25/2049) | 75000 | 63642  |
| &nbsp;&nbsp;&nbsp; 5.05%, 08/05/2062 (Callable 02/05/2062) | 95000 | 81614  |
|  Micron Technology, Inc., 5.65%, 11/01/2032 (Callable 09/01/2032) | 115000 | 120746  |
|  NVIDIA Corp., 3.50%, 04/01/2040 (Callable 10/01/2039) | 180000 | 154241  |
| QUALCOMM, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/20/2032 (Callable 03/20/2032) | 145000 | 147815  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/20/2045 (Callable 11/20/2044) | 40000 | 37501  |
|  |  | 2355947  |
| **Software - 0.6%**<br>|  |  |
|  Accenture Capital, Inc., 4.25%, 10/04/2031 (Callable 08/04/2031) | 175000 | 174889  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 03/25/2031 (Callable 12/25/2030) | 100000 | 91861  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 (Callable 12/03/2031) | 30000 | 30947  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 (Callable 07/26/2032) | 430000 | 430495  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 (Callable 01/08/2034) | 145000 | 138789  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037 (Callable 05/15/2037) | 50000 | 43236  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 (Callable 10/01/2039) | 37000 | 29726  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 (Callable 10/01/2049) | 22000 | 15487  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 (Callable 09/25/2050) | 30000 | 22294  |

---

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

12<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** | **CORPORATE OBLIGATIONS - (Continued)** |
| **Software - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/25/2061 (Callable 09/25/2060) | $45000 | $32416  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 (Callable 03/27/2064) | 65000 | 59504  |
|  |  | 1069644  |
| **Specialized REITs - 0.1%**<br>|  |  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2031 (Callable 10/15/2030) | 200000 | 178051  |
| &nbsp;&nbsp;&nbsp; 2.10%, 04/01/2031 (Callable 01/01/2031) | 25000 | 21904  |
|  |  | 199955  |
| **Specialty Retail - 0.2%**<br>|  |  |
| AutoZone, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/01/2033 (Callable 08/01/2033) | 50000 | 55848  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/15/2034 (Callable 04/15/2034) | 20000 | 20762  |
| O'Reilly Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 57000 | 57503  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/19/2034 (Callable 05/19/2034) | 40000 | 40393  |
|  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 | 55446  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(a)</sup> | 50000 | 52229  |
|  |  | 282181  |
|  **Technology Hardware, Storage & Peripherals - 0.1%**<br>|  |  |
|  Hewlett Packard Enterprise Co., 5.60%, 10/15/2054 (Callable 04/15/2054) | 175000 | 167453  |
| **Textiles, Apparel & Luxury Goods - 0.1%**<br>|  |  |
| Tapestry, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/11/2030 (Callable 02/11/2030) | 75000 | 76760  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/11/2035 (Callable 12/11/2034) | 45000 | 45967  |
|  |  | 122727  |
| **Tobacco - 0.5%**<br>|  |  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 (Callable 12/20/2030) | 50000 | 52918  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2035 (Callable 05/15/2035) | 135000 | 140377  |
| Philip Morris International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 | 40000 | 40324  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2028 (Callable 01/15/2028) | 41000 | 41747  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2030 (Callable 12/15/2029) | $220000 | $227497  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 (Callable 12/13/2030) | 80000 | 82823  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 (Callable 09/01/2031)<sup>(e)</sup> | 145000 | 147599  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 (Callable 11/15/2032) | 50000 | 52211  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 (Callable 06/07/2033) | 35000 | 37139  |
|  |  | 822635  |
|  **Trust, Fiduciary, and Custody Activities - 0.3%**<br>|  |  |
|  Corebridge Global Funding, 4.90%, 08/21/2032<sup>(a)</sup> | 50000 | 50274  |
|  Equitable America Global Funding, 4.70%, 09/15/2032<sup>(a)</sup> | 215000 | 214107  |
|  GA Global Funding Trust, 4.50%, 09/18/2030<sup>(a)</sup> | 265000 | 263138  |
|  |  | 527519  |
| **Wireless Telecommunication Services - 0.3%**<br>|  |  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/2031 (Callable 11/15/2030) | 305000 | 277271  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 03/15/2032) | 55000 | 56617  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 (Callable 04/15/2033) | 20000 | 20432  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 (Callable 10/15/2033) | 35000 | 37098  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2035 (Callable 10/15/2034) | 85000 | 83504  |
|  |  | 474922  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE OBLIGATIONS** <br>**(Cost $42,143,782)** |  | 42353764  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.8%**<br>|  |  |
|  AJAX Mortgage Loan Trust, Series 2021-C, Class A, 6.12%, 01/25/2061 (Callable 10/25/2025)<sup>(a)(f)</sup> | 47360 | 47385  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-6, Class A1, 1.26%, 05/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 20324 | 18748  |
| &nbsp;&nbsp;&nbsp; Series 2020-R1, Class A1, 0.99%, 04/25/2053 (Callable 10/25/2025)<sup>(a)(c)</sup> | 34795 | 33119  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.91%, 01/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 66295 | 57993  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.99%, 04/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 71098 | 61863  |

---

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

13<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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 2021-3, Class A1, 1.07%, 05/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | $133459 | $116151  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 1.04%, 01/20/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 117918 | 99803  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 0.95%, 07/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 165096 | 144599  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 126725 | 113808  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.88%, 12/25/2066 (Callable 10/25/2025)<sup>(a)(f)</sup> | 345334 | 324930  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.35%, 01/25/2067 (Callable 10/25/2025)<sup>(a)(c)</sup> | 41189 | 39144  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 10/25/2025)<sup>(a)(c)</sup> | 36910 | 35971  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 10/25/2025)<sup>(a)(c)</sup> | 35803 | 34375  |
| BANK<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN18, Class XA, 1.03%, 05/15/2062 (Callable 02/15/2029)<sup>(b)(c)</sup> | 963039 | 25290  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, 0.92%, 09/15/2062 (Callable 07/15/2029)<sup>(b)(c)</sup> | 1124782 | 30789  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN22, Class XA, 0.69%, 11/15/2062 (Callable 08/15/2029)<sup>(b)(c)</sup> | 1282454 | 26965  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN23, Class XA, 0.80%, 12/15/2052 (Callable 09/15/2029)<sup>(b)(c)</sup> | 2104902 | 50163  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN24, Class XA, 0.75%, 11/15/2062 (Callable 09/15/2029)<sup>(b)(c)</sup> | 971241 | 22946  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN26, Class XA, 1.31%, 03/15/2063 (Callable 12/15/2029)<sup>(b)(c)</sup> | 936741 | 36905  |
| &nbsp;&nbsp;&nbsp; Series 2020-BN28, Class XA, 1.87%, 03/15/2063 (Callable 07/15/2030)<sup>(b)(c)</sup> | 1499031 | 104116  |
| &nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, 1.21%, 02/15/2056 (Callable 10/15/2032)<sup>(b)(c)</sup> | 987954 | 52723  |
| 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 | 83779  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, 1.33%, 09/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | $997177 | $75787  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, 1.86%, 02/15/2057 (Callable 11/15/2033)<sup>(b)(c)</sup> | 993040 | 95014  |
| &nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, 1.36%, 02/15/2062 (Callable 10/15/2034)<sup>(b)(c)</sup> | 999077 | 84062  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-B10, Class XA, 1.38%, 03/15/2062 (Callable 01/15/2029)<sup>(b)(c)</sup> | 1227692 | 43425  |
| &nbsp;&nbsp;&nbsp; Series 2019-B11, Class A2, 3.41%, 05/15/2052 (Callable 06/15/2029) | 2224 | 2213  |
| &nbsp;&nbsp;&nbsp; Series 2019-B12, Class XA, 1.20%, 08/15/2052 (Callable 05/15/2029)<sup>(b)(c)</sup> | 897102 | 23700  |
| &nbsp;&nbsp;&nbsp; Series 2020-B18, Class XA, 1.85%, 07/15/2053 (Callable 05/15/2030)<sup>(b)(c)</sup> | 319934 | 16724  |
| &nbsp;&nbsp;&nbsp; Series 2020-B22, Class XA, 1.61%, 01/15/2054 (Callable 11/15/2030)<sup>(b)(c)</sup> | 743506 | 46562  |
| &nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, 0.72%, 07/15/2056 (Callable 03/15/2033)<sup>(b)(c)</sup> | 1827412 | 65725  |
| &nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, 1.43%, 12/15/2056 (Callable 10/15/2033)<sup>(b)(c)</sup> | 966892 | 54056  |
|  BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056 (Callable 10/25/2025)<sup>(a)(c)</sup> | 79718 | 72643  |
|  BMO Mortgage Trust, Series 2024-C9, Class XA, 1.08%, 07/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | 1071413 | 68086  |
|  BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class A, 6.07% (1 mo. Term SOFR + 1.92%), 08/15/2041<sup>(a)</sup> | 445000 | 447645  |
|  BPR Trust, Series 2024-PMDW, Class A, 5.36%, 11/05/2041<sup>(a)(c)</sup> | 195000 | 198664  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.94%, 02/25/2049 (Callable 06/25/2026)<sup>(a)(c)</sup> | 38282 | 35992  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 0.97%, 03/25/2060 (Callable 10/25/2025)<sup>(a)(c)</sup> | 20199 | 19751  |
|  BSTN Commercial Mortgage Trust, Series 2025-HUB, Class A, 5.06%, 04/13/2041<sup>(a)(c)</sup> | 100000 | 100000  |
|  BWAY Mortgage Trust, Series 2025-1535, Class A, 6.52%, 05/05/2042<sup>(a)(c)</sup> | 230000 | 238909  |

---

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

14<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)** |
|  BX Trust, Series 2024-PAT, Class A, 6.24% (1 mo. Term SOFR + 2.09%), 03/15/2041<sup>(a)</sup> | $85000 | $85266  |
|  CENT Trust, Series 2025-CITY, Class A, 5.09%, 07/10/2040<sup>(a)(c)</sup> | 180000 | 182368  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-P3, Class A4, 3.33%, 04/15/2049 (Callable 04/15/2026) | 296312 | 293929  |
| &nbsp;&nbsp;&nbsp; Series 2016-P4, Class A4, 2.90%, 07/10/2049 (Callable 07/10/2026) | 505000 | 498388  |
|  Citigroup Financial Products, Inc., Series 2018-RP1, Class A1, 3.00%, 09/25/2064 (Callable 03/25/2044)<sup>(a)(c)</sup> | 13436 | 13246  |
|  COLT Funding LLC, Series 2021-4, Class A1, 1.40%, 10/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 136478 | 117255  |
| COLT Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2R, Class A1, 1.33%, 10/26/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 37705 | 35508  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 245295 | 213544  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.91%, 06/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 105934 | 92165  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 0.96%, 09/27/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 209663 | 176545  |
| &nbsp;&nbsp;&nbsp; Series 2021-HX1, Class A1, 1.11%, 10/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 289508 | 251348  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.28%, 12/27/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 322159 | 291818  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 4.30%, 03/25/2067 (Callable 10/25/2025)<sup>(a)(c)</sup> | 67014 | 67600  |
| 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 | 95883  |
| &nbsp;&nbsp;&nbsp; Series 2022-HC, Class C, 3.38%, 01/10/2039 (Callable 01/10/2027)<sup>(a)</sup> | 100000 | 94298  |
|  Commercial Equipment Finance LLC, Series 2024-1A, Class A, 5.97%, 07/16/2029 (Callable 05/15/2027)<sup>(a)</sup> | 82903 | 84047  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 6.34%, 08/10/2044<sup>(a)</sup> | 115000 | 121335  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (Callable 12/10/2029)<sup>(a)(c)</sup> | $80000 | $82990  |
|  Computershare Corporate Trust, Series 2024-C63, Class XA, 1.21%, 08/15/2057 (Callable 05/15/2034)<sup>(b)(c)</sup> | 1356014 | 97349  |
|  Connecticut Avenue Securities, Series 2024-R02, Class 1M2, 6.16% (30 day avg SOFR US + 1.80%), 02/25/2044 (Callable 02/25/2029)<sup>(a)</sup> | 70000 | 70675  |
| CSMC Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-FHA1, Class A1, 3.25%, 04/25/2047 (Callable 07/25/2042)<sup>(a)(c)</sup> | 17256 | 15916  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.21%, 05/25/2065 (Callable 10/25/2025)<sup>(a)(f)</sup> | 52595 | 50377  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class A1, 2.00%, 01/25/2060 (Callable 02/25/2039)<sup>(a)(c)</sup> | 147108 | 133568  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.18%, 02/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 130829 | 117663  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM5, Class A1, 0.94%, 05/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 111828 | 93533  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM6, Class A1, 1.17%, 07/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 260631 | 224064  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class A1, 1.84%, 10/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 143094 | 130953  |
| &nbsp;&nbsp;&nbsp; Series 2021-RPL4, Class A1, 4.14%, 12/27/2060 (Callable 10/25/2025)<sup>(a)(c)</sup> | 78852 | 78591  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 386699 | 354767  |
| DBGS Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C1, Class A4, 4.47%, 10/15/2051 (Callable 10/15/2028) | 215000 | 214564  |
| &nbsp;&nbsp;&nbsp; Series 2018-C1, Class XA, 0.31%, 10/15/2051 (Callable 07/15/2028)<sup>(b)(c)</sup> | 10736671 | 52343  |
| DBJPM Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class ASB, 3.04%, 05/10/2049 (Callable 04/10/2026) | 21263 | 21205  |
| &nbsp;&nbsp;&nbsp; Series 2016-C3, Class A5, 2.89%, 08/10/2049 (Callable 08/10/2026) | 475000 | 469374  |
| &nbsp;&nbsp;&nbsp; Series 2020-C9, Class XA, 1.70%, 09/15/2053 (Callable 06/15/2030)<sup>(b)(c)</sup> | 245463 | 11161  |

---

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

15<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)** |
|  DC Commercial Mortgage Trust, Series 2024-HLTN, Class A, 5.93%, 04/13/2040<sup>(a)(c)</sup> | $90000 | $91153  |
|  Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 44936 | 40014  |
|  Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.32%, 08/10/2042<sup>(a)(c)</sup> | 100000 | 101990  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.93%, 06/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 52514 | 44275  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.21%, 01/25/2067 (Callable 10/25/2025)<sup>(a)(c)</sup> | 175241 | 155261  |
| FirstKeyHomes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 111490 | 111330  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class A, 4.25%, 07/17/2039<sup>(a)</sup> | 468106 | 467234  |
| GCAT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.87%, 01/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 77170 | 69184  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.04%, 05/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 101381 | 87544  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.09%, 05/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 127294 | 110826  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.09%, 08/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 191099 | 160473  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class A1, 1.92%, 08/25/2066 (Callable 10/25/2038)<sup>(a)(c)</sup> | 90350 | 84337  |
|  Generate CLO Ltd., Series 2023-12A, Class AR, 5.61% (3 mo. Term SOFR + 1.33%), 07/20/2038 (Callable 07/20/2027)<sup>(a)</sup> | 340000 | 340131  |
|  GS Mortgage Securities Corp. II, Series 2020-GC45, Class XA, 0.73%, 02/13/2053 (Callable 10/13/2029)<sup>(b)(c)</sup> | 1344691 | 28697  |
| 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> | 138339 | 120007  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4, 3.51%, 10/10/2048 (Callable 10/10/2025) | 14082 | 13943  |
|  HIH Trust, Series 2024-61P, Class A, 5.99% (1 mo. Term SOFR + 1.84%), 10/15/2041<sup>(a)</sup> | 108378 | 108922  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 6.07%, 05/10/2039<sup>(a)(c)</sup> | $100000 | $101496  |
| Imperial Fund Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.07%, 09/25/2056 (Callable 10/25/2025)<sup>(a)(c)</sup> | 102250 | 88304  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.64%, 03/25/2067 (Callable 10/25/2025)<sup>(a)(f)</sup> | 374912 | 364573  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, 01/16/2037 (Callable 10/16/2025)<sup>(a)</sup> | 90000 | 81023  |
|  KKR CLO Trust, Series 2025-58A, Class A1, 0.00% (3 mo. Term SOFR + 1.29%), 10/15/2038<sup>(a)</sup> | 430000 | 431160  |
| Legacy Mortgage Asset Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-GS3, Class A1, 5.75%, 07/25/2061 (Callable 10/25/2025)<sup>(a)(f)</sup> | 103307 | 103376  |
| &nbsp;&nbsp;&nbsp; Series 2021-GS4, Class A1, 5.65%, 11/25/2060 (Callable 10/25/2025)<sup>(a)(f)</sup> | 56850 | 56925  |
|  Madison Avenue Trust, Series 2025-11MD, Class A, 4.75%, 10/15/2042<sup>(a)(c)</sup> | 355000 | 354546  |
|  Mcp Holding Co. LLC, Series 2024-70P, Class A, 5.49%, 03/10/2041<sup>(a)(c)</sup> | 425000 | 426736  |
| &nbsp;&nbsp;&nbsp; MF1, Ltd., Series 2022-FL8, <br>Class AS, 5.88% (1 mo. Term <br>SOFR + 1.75%), 02/19/2037 (Callable 10/17/2025)<sup>(a)</sup> | 260000 | 259431  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-NQM3, Class A1, 1.01%, 01/26/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 10883 | 10363  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.15%, 04/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 43031 | 40616  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (Callable 10/25/2025)<sup>(a)(c)</sup> | 70193 | 62238  |
| Mill City Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, 3.25%, 05/25/2062 (Callable 10/25/2032)<sup>(a)(c)</sup> | 9099 | 9039  |
| &nbsp;&nbsp;&nbsp; Series 2019-GS1, Class A1, 2.75%, 07/25/2059 (Callable 09/25/2038)<sup>(a)(c)</sup> | 83867 | 82285  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 (Callable 05/15/2026) | 175000 | 173717  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2025-SPL1, Class A1, 0.00%, 02/25/2065 (Callable 09/25/2028)<sup>(a)(c)</sup> | 340000 | 331918  |

---

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

16<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)** |
|  MSWF Commercial Mortgage Trust, Series 2023-2, Class XA, 1.14%, 12/15/2056 (Callable 09/15/2033)<sup>(b)(c)</sup> | $235278 | $13488  |
| New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, 3.75%, 11/26/2035 (Callable 05/25/2030)<sup>(a)(c)</sup> | 21985 | 21383  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, 3.75%, 11/25/2056 (Callable 03/25/2034)<sup>(a)(c)</sup> | 19899 | 19162  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, 4.00%, 05/25/2057 (Callable 06/25/2033)<sup>(a)(c)</sup> | 15566 | 15023  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, <br>6.94% (1 mo. Term SOFR + 1.61%), 06/25/2057 (Callable 02/25/2031)<sup>(a)</sup> | 12505 | 12669  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 04/25/2033)<sup>(a)(c)</sup> | 54448 | 53306  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (Callable 01/25/2035)<sup>(a)(c)</sup> | 117252 | 114836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class A1S, <br>5.02% (1 mo. Term SOFR + 0.86%), 01/25/2048 (Callable 05/25/2031)<sup>(a)</sup> | 41946 | 41244  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1A, 3.75%, 11/25/2058 (Callable 11/25/2032)<sup>(a)(c)</sup> | 79616 | 77088  |
| &nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, 3.50%, 08/25/2059 (Callable 12/25/2035)<sup>(a)(c)</sup> | 56666 | 54078  |
| &nbsp;&nbsp;&nbsp; Series 2019-NQM4, Class A1, 2.49%, 09/25/2059 (Callable 10/25/2025)<sup>(a)(c)</sup> | 14061 | 13534  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (Callable 10/25/2025)<sup>(a)(c)</sup> | 31638 | 30313  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.16%, 11/27/2056 (Callable 10/25/2025)<sup>(a)(c)</sup> | 200068 | 177570  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.28%, 04/25/2061 (Callable 10/25/2025)<sup>(a)(c)</sup> | 320900 | 293693  |
|  NJ 2025-WBRK, Series 2025-WBRK, Class A, 5.87%, 03/05/2035<sup>(a)(c)</sup> | 165000 | 171518  |
|  NMLT Trust, Series 2021-INV1, Class A1, 1.19%, 05/25/2056 (Callable 10/25/2025)<sup>(a)(c)</sup> | 203204 | 179695  |
|  North Park Mortgage Trust, Series 2025-PARK, Class A, 5.54% (1 mo. Term SOFR + 1.39%), 10/15/2040<sup>(a)</sup> | 210000 | 209737  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.85%, 02/10/2047<sup>(a)(c)</sup> | $65000 | $68193  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class A, <br>5.36% (1 mo. Term SOFR + 1.21%), 02/15/2042<sup>(a)</sup> | 195000 | 193841  |
| OBX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 02/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 124586 | 109040  |
| &nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.05%, 07/25/2061 (Callable 10/25/2025)<sup>(a)(c)</sup> | 131974 | 108978  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.31%, 11/25/2061 (Callable 10/25/2025)<sup>(a)(c)</sup> | 297957 | 270562  |
|  Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061 (Callable 10/25/2025)<sup>(a)(c)</sup> | 86596 | 74432  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-RN2, Class A1, 5.74%, 07/25/2051 (Callable 10/25/2025)<sup>(a)(f)</sup> | 80261 | 80254  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1, 6.37%, 04/25/2055 (Callable 05/25/2026)<sup>(a)(f)</sup> | 346576 | 349285  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL6, Class A1, 5.74%, 06/25/2055 (Callable 07/25/2026)<sup>(a)(f)</sup> | 403522 | 403163  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class A, 1.64%, 05/17/2026<sup>(a)</sup> | 362843 | 360134  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class A, 1.51%, 10/17/2038<sup>(a)</sup> | 323172 | 316413  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 3.20%, 04/17/2039<sup>(a)</sup> | 104842 | 103455  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR4, Class A, 4.44%, 05/17/2041<sup>(a)</sup> | 295429 | 295326  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR5, Class A, 4.45%, 06/17/2039<sup>(a)</sup> | 94331 | 94382  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR7, Class A, 4.75%, 10/27/2039<sup>(a)</sup> | 142113 | 142879  |
|  PRPM LLC, Series 2025-6, Class A1, 5.77%, 08/25/2028 (Callable 08/25/2026)<sup>(a)(f)</sup> | 214305 | 217042  |
|  PRPM Trust, Series 2025-3, Class A1, 6.26%, 05/25/2030 (Callable 05/25/2026)<sup>(a)(f)</sup> | 93167 | 95962  |
|  Rad CLO, Series 2021-12A, Class A1AR, 5.63% (3 mo. Term SOFR + 1.32%), 07/30/2040<sup>(a)</sup> | 315000 | 315325  |
|  RFR Trust, Series 2025-SGRM, Class A, 5.56%, 03/11/2041<sup>(a)(c)</sup> | 82040 | 84072  |

---

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

17<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)** |
|  Sabey Data Center Issuer LLC, Series 2024-1, Class A2, 6.00%, 04/20/2049 (Callable 04/20/2027)<sup>(a)</sup> | $50000 | $50976  |
|  SG Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C5, Class A4, 3.06%, 10/10/2048 (Callable 07/10/2026) | 75000 | 73879  |
| &nbsp;&nbsp;&nbsp; Series 2020-COVE, Class A, 2.63%, 03/15/2037<sup>(a)</sup> | 355000 | 331968  |
|  SGR Residential Mortgage Trust, Series 2021-1, Class A1, 1.16%, 07/25/2061 (Callable 10/25/2025)<sup>(a)(c)</sup> | 203136 | 169873  |
|  SHR Trust, Series 2024-LXRY, Class A, 6.10% (1 mo. Term SOFR + 1.95%), 10/15/2041<sup>(a)</sup> | 450000 | 451341  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 8271 | 8076  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 1.22%, 05/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 72298 | 68046  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (Callable 10/25/2025)<sup>(a)(c)</sup> | 25591 | 24191  |
| &nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.92%, 11/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 212864 | 188355  |
|  TEXAS Commercial Mortgage Trust 2025-TWR, Series 2025-TWR, Class A, 5.44% (1 mo. Term SOFR + 1.29%), 04/15/2042<sup>(a)</sup> | 325000 | 324562  |
| TowdPoint Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, 3.00%, 01/25/2058 (Callable 11/25/2029)<sup>(a)(c)</sup> | 6303 | 6251  |
| &nbsp;&nbsp;&nbsp; Series 2018-2, Class A1, 3.25%, 03/25/2058 (Callable 10/25/2029)<sup>(a)(c)</sup> | 25354 | 25141  |
| &nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 10/25/2029)<sup>(a)(c)</sup> | 44461 | 43805  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.75%, 03/25/2058 (Callable 05/25/2028)<sup>(a)(c)</sup> | 138581 | 135171  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 09/25/2030)<sup>(a)</sup> | 98499 | 89934  |
| &nbsp;&nbsp;&nbsp; Series 2021-R1, Class A1, 2.92%, 11/30/2060<sup>(a)(c)</sup> | 380650 | 341858  |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust, <br>Series 2022-SFR1, Class A, <br>3.86%, 04/17/2039<sup>(a)</sup> | 503321 | 499673  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Vericrest Opportunity Loan Transferee<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CF1, Class A1, 5.99%, 08/25/2051 (Callable 10/25/2025)<sup>(a)(f)</sup> | $93174 | $93436  |
| &nbsp;&nbsp;&nbsp; Series 2021-NPL9, Class A1, 5.99%, 05/25/2051 (Callable 10/25/2025)<sup>(a)(f)</sup> | 33384 | 33399  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 1.03%, 02/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 51133 | 45810  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, 0.94%, 07/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 92495 | 78822  |
| &nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.01%, 09/25/2066 (Callable 10/25/2025)<sup>(a)(c)</sup> | 304534 | 265817  |
| &nbsp;&nbsp;&nbsp; Series 2021-8, Class A1, 1.82%, 11/25/2066 (Callable 12/25/2025)<sup>(a)(c)</sup> | 140861 | 130654  |
| &nbsp;&nbsp;&nbsp; Series 2021-R2, Class A1, 0.92%, 02/25/2064 (Callable 10/25/2025)<sup>(a)(c)</sup> | 48836 | 45660  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 2.72%, 01/25/2067 (Callable 10/25/2025)<sup>(a)(f)</sup> | 228297 | 214278  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $23,829,110)** |  | 22219277  |
| **ASSET-BACKED SECURITIES - 5.5%**<br>|  |  |
|  Affirm, Inc., Series 2024-A, Class A, 5.61%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | 125000 | 125587  |
|  Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, 6.00%, 08/17/2048 (Callable 08/15/2026)<sup>(a)</sup> | 210000 | 212747  |
|  Amur Equipment Finance Receivables LLC, Series 2024-1A, Class B, 5.37%, 01/21/2031 (Callable 01/20/2028)<sup>(a)</sup> | 100000 | 102198  |
|  Auxilior Term Funding LLC, Series 2024-1A, Class A3, 5.49%, 07/15/2031 (Callable 03/15/2029)<sup>(a)</sup> | 140000 | 142891  |
|  Bain Capital Credit CLO, Series 2017-2A, Class A1R3, 5.72% (3 mo. Term SOFR + 1.40%), 07/25/2037 (Callable 07/25/2026)<sup>(a)</sup> | 420000 | 421601  |
|  Battalion CLO Ltd., Series 2024-25A, Class B, 6.53% (3 mo. Term SOFR + 2.20%), 03/13/2037 (Callable 04/20/2026)<sup>(a)</sup> | 315000 | 315547  |

---

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

18<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO Ltd., Series 2023-31A, Class BR, <br>6.07% (3 mo. Term SOFR + 1.75%), 04/25/2038 (Callable <br>04/25/2027)<sup>(a)</sup> | $250000 | $250790  |
| CF Hippolyta Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 1.69%, 07/15/2060<sup>(a)</sup> | 89529 | 77406  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A2, 1.99%, 07/15/2060 (Callable 10/15/2025)<sup>(a)</sup> | 86442 | 73452  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.53%, 03/15/2061 (Callable 10/15/2025)<sup>(a)</sup> | 93809 | 78576  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.97%, 08/15/2062 (Callable 02/15/2026)<sup>(a)</sup> | 106987 | 103851  |
|  Credit Acceptance Corp., Series 2024-2A, Class B, 6.11%, 08/15/2034 (Callable 04/15/2028)<sup>(a)</sup> | 305000 | 313801  |
|  DB Master Finance Parent LLC, Series 2021-1A, Class A23, 2.79%, 11/20/2051 (Callable 11/20/2027)<sup>(a)</sup> | 591938 | 527069  |
| DigitalBridgeGroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2A, 5.00%, 09/15/2048 (Callable 09/15/2026)<sup>(a)</sup> | 315000 | 316368  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 4.99%, 09/15/2049 (Callable 09/15/2027)<sup>(a)</sup> | 175000 | 175549  |
| Domino's SPV Guarantor LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2, 3.67%, 10/25/2049 (Callable 10/25/2026)<sup>(a)</sup> | 72000 | 69419  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (Callable 10/25/2025)<sup>(a)</sup> | 481388 | 455908  |
|  Elmwood CLO Ltd., Series 2023-2A, Class BR, 6.07% (3 mo. Term SOFR + 1.75%), 04/16/2036 (Callable 07/16/2026)<sup>(a)</sup> | 250000 | 249992  |
|  Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, 05/15/2030 (Callable 04/15/2030) | 90000 | 90421  |
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, Class A, <br>5.45% (1 mo. Term SOFR + 1.30%), 10/15/2042<sup>(a)</sup> | 100000 | 100125  |
| GLS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class B, 4.89%, 04/16/2029 (Callable 04/15/2029)<sup>(a)</sup> | 140000 | 141139  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 4.98%, 07/16/2029 (Callable 07/16/2029)<sup>(a)</sup> | 225000 | 227578  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  GreatAmerica Leasing Receivables, Series 2024-1, Class B, 5.18%, 12/16/2030 (Callable 02/15/2028)<sup>(a)</sup> | $55000 | $56131  |
|  GreenSky LLC, Series 2025-2A, Class A3, 5.02%, 06/25/2060<sup>(a)</sup> | 100000 | 101503  |
|  Hertz Global Holdings, Inc., Series 2025-2A, Class A, 5.13%, 09/25/2031 (Callable 09/25/2030)<sup>(a)</sup> | 110000 | 111787  |
|  Intervest Capital Partners, Inc., Series 2025-B, Class A2, 4.64%, 01/18/2033 (Callable 02/15/2029)<sup>(a)</sup> | 141000 | 141652  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, 0.97%, 12/16/2069 (Callable 07/15/2030)<sup>(a)</sup> | 74611 | 67333  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 12/15/2030)<sup>(a)</sup> | 127019 | 113432  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 08/15/2033)<sup>(a)</sup> | 158923 | 163048  |
| Pretium Mortgage Credit Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL7, Class A1, 5.66%, 07/25/2055 (Callable 07/25/2026)<sup>(a)(f)</sup> | 259198 | 259730  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL8, Class A1, 5.73%, 08/25/2055 (Callable 07/25/2026)<sup>(a)(f)</sup> | 237303 | 238719  |
| &nbsp;&nbsp;&nbsp; Series 2025-NPL9, Class A1, 5.39%, 08/25/2055 (Callable 08/25/2026)<sup>(a)(f)</sup> | 335930 | 336495  |
|  PRPM LLC, Series 2025-7, Class A1, 5.50%, 08/25/2030 (Callable 08/25/2026)<sup>(a)(f)</sup> | 162422 | 162810  |
| RR, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-23A, Class A2R2, 5.97% (3 mo. Term SOFR + 1.65%), 07/15/2037 (Callable 07/15/2027)<sup>(a)</sup> | 420000 | 421970  |
| &nbsp;&nbsp;&nbsp; Series 2023-26A, Class A2R, 5.82% (3 mo. Term SOFR + 1.50%), 04/15/2038 (Callable 04/15/2026)<sup>(a)</sup> | 250000 | 249736  |
|  Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98%, 02/15/2028 (Callable 01/15/2027) | 5999 | 6000  |
|  SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (Callable 02/20/2029)<sup>(a)</sup> | 100000 | 102813  |

---

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

19<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.04%, 07/25/2031 (Callable 01/25/2028)<sup>(a)</sup> | $42526 | $42954  |
| 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 | 181534  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.90%, 03/25/2049 (Callable 03/25/2027)<sup>(a)</sup> | 100000 | 101877  |
|  Summit Issuer LLC, Series 2020-1A, Class A2, 2.29%, 12/20/2050 (Callable 10/20/2025)<sup>(a)</sup> | 100000 | 99450  |
|  Taco Bell Corp., Series 2018-1A, Class A2II, 4.94%, 11/25/2048 (Callable 11/25/2025)<sup>(a)</sup> | 157163 | 158242  |
|  Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, 08/25/2051 (Callable 02/25/2026)<sup>(a)</sup> | 725085 | 671502  |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class BR, <br>5.97% (3 mo. Term SOFR + 1.65%), 07/20/2038 (Callable <br>07/20/2027)<sup>(a)</sup> | 250000 | 249989  |
|  Vertical Bridge Holdings LLC, Series 2024-1A, Class C2, 5.59%, 05/15/2054 (Callable 05/15/2027)<sup>(a)</sup> | 205000 | 206372  |
|  VFI ABS LLC, Series 2025-1A, Class A, 4.78%, 06/24/2030 (Callable 07/24/2028)<sup>(a)</sup> | 96211 | 96672  |
|  Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048 (Callable 12/15/2025)<sup>(a)</sup> | 156783 | 154701  |
|  Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 12/05/2025)<sup>(a)</sup> | 197000 | 190440  |
|  Zayo Group LLC, Series 2025-1A, Class A2, 5.65%, 03/20/2055 (Callable 09/20/2028)<sup>(a)</sup> | 225000 | 229825  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $9,331,500)** |  | 9488732  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.6%**<br>|  |  |
|  Bermuda Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 08/20/2030 (Callable 05/20/2030) | 200000 | 183200  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 (Callable 04/15/2032)<sup>(a)</sup> | 200000 | 205536  |
|  Israel Government International Bond, 5.38%, 02/19/2030 | 200000 | 206459  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/22/2033 (Callable 01/22/2033) | $200000 | $200110  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/12/2034 (Callable 11/12/2033) | 410000 | 357315  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/07/2036 (Callable 02/07/2036) | 200000 | 204950  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 (Callable 02/13/2037) | 200000 | 216110  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 (Callable 10/29/2037) | 400000 | 421600  |
|  Panama Government International Bond, 2.25%, 09/29/2032 (Callable 06/29/2032) | 200000 | 162300  |
| Romanian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029<sup>(a)</sup> | 162000 | 166674  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/27/2032 | 340000 | 303528  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035<sup>(a)</sup> | 120000 | 115830  |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/10/2037<sup>(a)</sup> | 56000 | 60218  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $2,714,340)** |  | 2803830  |
| **MUNICIPAL DEBT OBLIGATIONS - 0.9%**<br>|  |  |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/01/2040 | 98548 | 110205  |
| County of Riverside CA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.96%, 02/15/2027 | 345000 | 341590  |
| &nbsp;&nbsp;&nbsp; 3.07%, 02/15/2028 | 345000 | 339580  |
| Metropolitan Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.18%, 11/15/2049 | 20000 | 18480  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2050 (Callable 05/15/2030) | 100000 | 100859  |
|  New York Transportation Development Corp., 4.25%, 09/01/2035 (Obligor: Research Fndtn Of St Univ) | 190000 | 186803  |
|  Philadelphia Authority for Industrial Development, 6.55%, 10/15/2028 | 355000 | 377179  |
|  Regents of the University of California Medical Center Pooled Revenue, 6.55%, 05/15/2048 | 35000 | 37775  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL DEBT OBLIGATIONS** <br>**(Cost $1,556,342)** |  | 1512471 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.05%<sup>(g)</sup> | 1911757 | 1911757  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,911,757)** |  | 1911757 |

---

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

20<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(g)</sup> | 535400 | $535400  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $535,400)** |  | 535400  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.2%**<br>**(Cost $205,418,387)** |  | $195890607  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.2)% |  | (22880029)  |
| **TOTAL NET ASSETS - 100.0%** |  | $173010578 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

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

<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 September 30, 2025, the value of these securities total $37,843,832 or 21.9% 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 September 30, 2025.

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

<sup>(e)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $522,729.

<sup>(f)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(h)</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 $829,340. 

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

21<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**September 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized Appreciation (Depreciation)**  |
| U.S. Treasury Ultra Short Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 12/19/2025 | $1800937 | &nbsp;&nbsp;&nbsp;&nbsp; $47602  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $47602 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized Appreciation (Depreciation)**  |
| 10 Year U.S. Treasury Ultra Short Notes | &nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp; 12/19/2025 | $920625 | &nbsp;&nbsp;&nbsp;&nbsp; $9114  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp; 12/19/2025 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp; 12/31/2025 | 4584765 | &nbsp;&nbsp;&nbsp;&nbsp; 3933  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp; 12/31/2025 | 3057469 | &nbsp;&nbsp;&nbsp;&nbsp; 1363  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp; 12/19/2025 | 3731000 | &nbsp;&nbsp;&nbsp;&nbsp; (3547)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $12148  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $59750 |

---

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

22<br>

------

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

**GUIDEMARK CORE FIXED INCOME FUND** 

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

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate**  | **Floating Rate Index** | **Fixed Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Upfront Premiums Paid (Received)** | **Unrealized Appreciation (Depreciation)** | **Value**  |
| 4.24% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 4.16% | Annually | 03/19/2045 | $2485000 | &nbsp;&nbsp;&nbsp; $(4964) | &nbsp;&nbsp;&nbsp; $(61054) | &nbsp;&nbsp; $(66017)  |
| 4.24% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 1.56% | Annually | 12/15/2051 | 565000 | &nbsp;&nbsp;&nbsp; (3072) | &nbsp;&nbsp;&nbsp; 239803 | &nbsp;&nbsp; 236731  |
| 4.24% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 2.97% | Annually | 03/15/2053 | 990000 | &nbsp;&nbsp;&nbsp; 2929 | &nbsp;&nbsp;&nbsp; 168594 | &nbsp;&nbsp; 171523  |
| 4.24% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 2.88% | Annually | 03/15/2053 | 310000 | &nbsp;&nbsp;&nbsp; 3321 | &nbsp;&nbsp;&nbsp; 55238 | &nbsp;&nbsp; 58558  |
| 4.24% | &nbsp;&nbsp;&nbsp; SOFR | &nbsp;&nbsp;&nbsp; 3.59% | Annually | 09/20/2053 | 180000 | &nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp; 10337 | &nbsp;&nbsp; 11058  |
| **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; $(1065) | &nbsp;&nbsp;&nbsp; $412918 | &nbsp;&nbsp; $411853 |

---

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.

23<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.3%**<br>|  |  |
| **Australia - 0.1%**<br>|  |  |
| MMG Ltd.<sup>(a)</sup> | 40325 | $34926  |
| **Bermuda - 0.1%**<br>|  |  |
| Orient Overseas International Ltd. | 4694 | 76090  |
| **Brazil - 2.6%**<br>|  |  |
| Ambev SA | 51162 | 116027  |
| Banco BTG Pactual SA | 2777 | 25207  |
| Banco do Brasil SA | 25347 | 104774  |
| BB Seguridade Participacoes SA | 22560 | 140898  |
| Caixa Seguridade Participacoes SA | 8053 | 22802  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 6684 | 165974  |
| CPFL Energia SA | 4121 | 30391  |
| Embraer SA | 981 | 14735  |
| JBS NV - Class A<sup>(a)</sup> | 3352 | 50045  |
| MBRF Global Foods Co. SA | 15188 | 55361  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 6951 | 111286  |
| Petroleo Brasileiro SA | 23106 | 146131  |
| Porto Seguro SA | 9701 | 90590  |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | 1639 | 12989  |
| Telefonica Brasil SA | 27130 | 173365  |
| TIM SA | 26719 | 117873  |
| TOTVS SA | 13624 | 116856  |
|  |  | 1495304  |
| **Cayman Islands - 0.2%**<br>|  |  |
| Chow Tai Fook Jewellery Group Ltd. | 42097 | 84126  |
| **Chile - 1.6%**<br>|  |  |
| Banco de Chile | 729253 | 110731  |
| Banco de Credito e Inversiones SA | 1774 | 78388  |
| Banco Santander Chile | 1575258 | 104435  |
| Cencosud SA | 87994 | 250432  |
| Falabella SA | 38782 | 229938  |
| Latam Airlines Group SA<sup>(a)</sup> | 6934770 | 157547  |
|  |  | 931471  |
| **China - 29.9%<sup>(c)</sup>**<br>|  |  |
|  37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | 15792 | 48304  |
| 3SBio, Inc.<sup>(b)</sup> | 17861 | 69460  |
| AAC Technologies Holdings, Inc. | 11503 | 67549  |
| Agricultural Bank of China Ltd. - Class A | 97250 | 91107  |
| Agricultural Bank of China Ltd. - Class H | 289023 | 194532  |
| Alibaba Group Holding Ltd. | 94521 | 2113879  |
| Aluminum Corp. of China Ltd. - Class A | 26162 | 30371  |
| Aluminum Corp. of China Ltd. - Class H | 112781 | 116653  |
|  Anker Innovations Technology Co. Ltd. - Class A | 9000 | 154536  |
| ANTA Sports Products Ltd. | 10011 | 119916  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 2116 | 34987  |
| Bank of Changsha Co. Ltd. - Class A | 46100 | 57252  |
| Bank of Chengdu Co. Ltd. - Class A | 23600 | 57252  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bank of China Ltd. - Class H | 524756 | $286835  |
|  Bank of Communications Co. Ltd. - Class H | 80841 | 67737  |
| Bank of Hangzhou Co. Ltd. - Class A | 12500 | 26835  |
| Bank of Nanjing Co. Ltd. - Class A | 49867 | 76591  |
| Bank of Ningbo Co. Ltd. - Class A | 8100 | 30096  |
| Bank of Shanghai Co. Ltd. | 37250 | 46891  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> | 3655 | 103352  |
| BYD Co. Ltd. - Class A | 857 | 13217  |
| BYD Co. Ltd. - Class H | 13156 | 185956  |
| China CITIC Bank Corp. Ltd. - Class H | 175869 | 151013  |
|  China Communications Services Corp. Ltd. - Class H | 61392 | 36250  |
| China Construction Bank Corp. - Class A | 20986 | 25403  |
| China Construction Bank Corp. - Class H | 630850 | 605090  |
| China Everbright Bank Co. Ltd. - Class A | 73425 | 34697  |
| China Everbright Bank Co. Ltd. - Class H | 291612 | 121390  |
| China Feihe Ltd.<sup>(b)</sup> | 157084 | 80659  |
| China Hongqiao Group Ltd. | 76817 | 260166  |
|  China Huarong Asset Management Co., Ltd. - Series H - Class H<sup>(a)(b)</sup> | 659834 | 87863  |
| China Life Insurance Co. Ltd. - Class A | 6400 | 35736  |
| China Life Insurance Co. Ltd. - Class H | 75798 | 214652  |
| China Mengniu Dairy Co. Ltd. | 82630 | 158901  |
| China Merchants Bank Co. Ltd. - Class H | 10938 | 65464  |
|  China Minsheng Banking Corp. Ltd. - Class H | 93345 | 49265  |
| China Molybdenum Co, Ltd. - Class H | 14528 | 29285  |
| China Oilfield Services Ltd. - Class H | 47996 | 41108  |
|  China Pacific Insurance Group Co. Ltd. - Class A | 23300 | 115219  |
|  China Pacific Insurance Group Co. Ltd. - Class H | 46240 | 183713  |
|  China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | 73755 | 45586  |
| China Tower Corp. Ltd.<sup>(b)</sup> | 81218 | 119727  |
| CITIC Ltd. | 83433 | 122206  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class A | 30295 | 61125  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 39115 | 60811  |
| CSPC Pharmaceutical Group Ltd. | 100556 | 121124  |
| Ecovacs Robotics Co. Ltd. - Class A | 11300 | 171068  |
| Giant Biogene Holding Co. ltd<sup>(b)</sup> | 8094 | 58690  |
|  Guangdong Haid Group Co. Ltd. - Class A | 2900 | 25979  |
| Haidilao International Holding Ltd.<sup>(b)</sup> | 27773 | 47778  |
| Haier Smart Home Co. Ltd. - Class H | 10171 | 32997  |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | 12935 | 60004  |
|  Hithink RoyalFlush Information Network Co. Ltd. - Class A | 427 | 22409  |
| Huadong Medicine Co. Ltd. - Class A | 4839 | 28240  |
| Huaxia Bank Co. Ltd. - Class A | 22931 | 21213  |
|  Industrial & Commercial Bank of China Ltd. - Class A | 22699 | 23286  |

---

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

24<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **China - (Continued)** <br>|  |  |
|  Industrial & Commercial Bank of China Ltd. - Class H | 361388 | $266106  |
| Industrial Bank Co. Ltd. - Class A | 22400 | 62500  |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 2963 | 36893  |
| JD Health International, Inc.<sup>(a)(b)</sup> | 3881 | 33047  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 111188 | 186802  |
| JD.com, Inc. - Class A | 18057 | 316368  |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 1740 | 17501  |
| Kanzhun Ltd. - ADR<sup>(a)</sup> | 960 | 22426  |
|  Kingdee International Software Group Co., Ltd.<sup>(a)</sup> | 27775 | 62285  |
| Kingsoft Corp. Ltd. | 18517 | 82164  |
| Kuaishou Technology<sup>(b)</sup> | 32405 | 350488  |
| Laopu Gold Co. Ltd. - Class H | 229 | 20934  |
| Lenovo Group Ltd. | 70579 | 104583  |
| Li Auto, Inc. - Class A<sup>(a)</sup> | 2206 | 28242  |
| Li Ning Co. Ltd. | 42949 | 97115  |
| Meitu, Inc.<sup>(b)</sup> | 20682 | 24600  |
| Meituan - Class B<sup>(a)(b)</sup> | 30241 | 403982  |
| NetEase, Inc. | 13075 | 397119  |
|  New China Life Insurance Co. Ltd. - Class A | 12700 | 109527  |
|  New China Life Insurance Co. Ltd. - Class H | 34967 | 207097  |
|  New Oriental Education & Technology Group, Inc.<sup>(a)</sup> | 13713 | 73194  |
|  People's Insurance Co. Group of China Ltd. - Class A | 148900 | 163386  |
|  People's Insurance Co. Group of China Ltd. - Class H | 222722 | 194847  |
| PetroChina Co. Ltd. - Class A | 70600 | 79917  |
| PetroChina Co. Ltd. - Class H | 278308 | 252305  |
|  PICC Property & Casualty Co. Ltd. - Class H | 100625 | 226995  |
|  Ping An Insurance Group Co. of China Ltd. - Class A | 9500 | 73734  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 27447 | 186724  |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 9267 | 317412  |
|  Postal Savings Bank of China Co. Ltd. - Class H<sup>(b)</sup> | 15461 | 10831  |
| Qifu Technology, Inc. - ADR | 7506 | 216023  |
| Rockchip Electronics Co. Ltd. - Class A | 1720 | 54824  |
| Seres Group Co. Ltd. - Class A | 6044 | 146095  |
| SF Holding Co. Ltd. - Class A | 3200 | 18165  |
|  Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 66946 | 50039  |
|  Shanghai Allist Pharmaceuticals Co. Ltd. - Class A | 2700 | 41912  |
|  Shanghai Pudong Development Bank Co. Ltd. - Class A | 13576 | 22734  |
|  Sunny Optical Technology Group Co. Ltd. | 1717 | 19916  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Tencent Holdings Ltd. | 36970 | $3150199  |
| Tingyi Cayman Islands Holding Corp. | 107164 | 143158  |
| Tongcheng Travel Holdings Ltd. | 30288 | 89473  |
| Vipshop Holdings Ltd. - ADR | 10845 | 212996  |
| WuXi AppTec Co. Ltd. - Class A | 1600 | 25331  |
| WuXi AppTec Co. Ltd. - Class H<sup>(b)</sup> | 3342 | 51133  |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 3888 | 20531  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 90046 | 625815  |
|  Yifeng Pharmacy Chain Co. Ltd. - Class A | 12900 | 44733  |
| Yonghui Superstores Co. Ltd. - Class A<sup>(a)</sup> | 22746 | 15003  |
| Yum China Holdings, Inc. | 4600 | 197432  |
| Yunnan Yuntianhua Co. Ltd. - Class A | 2021 | 7619  |
| Yunnan Yuntianhua Co. Ltd. - Class A | 4700 | 17719  |
| ZTE Corp. - Class H | 3948 | 17993  |
|  |  | 16909392  |
| **Colombia - 0.4%**<br>|  |  |
| Grupo Cibest SA | 14027 | 216463  |
| **Czech Republic - 0.8%**<br>|  |  |
| CEZ AS | 1858 | 115388  |
| Komercni Banka AS | 2828 | 141928  |
| Moneta Money Bank AS<sup>(b)</sup> | 23830 | 190187  |
|  |  | 447503  |
| **Egypt - 0.4%**<br>|  |  |
|  Commercial International Bank - Egypt (CIB) | 117960 | 249002  |
| **Hong Kong - 1.5%**<br>|  |  |
|  Alibaba Health Information Technology Ltd.<sup>(a)</sup> | 16094 | 13706  |
| Bosideng International Holdings Ltd. | 207913 | 124026  |
| Far East Horizon Ltd. | 61282 | 54101  |
| Geely Automobile Holdings Ltd. | 88857 | 223229  |
| Sino Biopharmaceutical Ltd. | 313601 | 326871  |
| Want Want China Holdings, Ltd. | 142837 | 96910  |
|  |  | 838843  |
| **Hungary - 0.9%**<br>|  |  |
| MOL Hungarian Oil & Gas PLC | 7214 | 58626  |
| OTP Bank Nyrt | 3743 | 323782  |
| Richter Gedeon Nyrt | 3720 | 113179  |
|  |  | 495587  |
| **India - 12.0%**<br>|  |  |
| Aurobindo Pharma Ltd. | 2688 | 32920  |
| Axis Bank Ltd. | 7423 | 94565  |
| Bajaj Finance Ltd. | 3020 | 33980  |
| Bank of Baroda | 54300 | 158112  |
| Bharat Electronics Ltd. | 14383 | 65469  |
| Bharat Petroleum Corp. Ltd. | 17236 | 66019  |
| Bharti Airtel Ltd. | 13265 | 280548  |
| BSE Ltd. | 3199 | 73385  |
| Canara Bank | 147843 | 206022  |
| Cipla Ltd. | 4975 | 84406  |

---

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

25<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **India - (Continued)**<br>|  |  |
| Coromandel International Ltd. | 3801 | $96293  |
| Divi's Laboratories Ltd. | 673 | 43267  |
| Dixon Technologies India Ltd. | 59 | 10844  |
| Dr Reddy's Laboratories Ltd. | 5011 | 69521  |
| Eternal Ltd.<sup>(a)</sup> | 8444 | 30999  |
| HCL Technologies Ltd. | 11629 | 181545  |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | 743 | 46289  |
| HDFC Bank Ltd. | 51090 | 547517  |
| Hindalco Industries Ltd. | 15397 | 132138  |
| Hitachi Energy India Ltd. | 98 | 19868  |
| ICICI Bank Ltd. | 28957 | 438851  |
| Indian Hotels Co. Ltd. | 4257 | 34556  |
| Indus Towers Ltd.<sup>(a)</sup> | 26612 | 102752  |
| Infosys Ltd. | 15209 | 247367  |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | 2017 | 126802  |
| Jubilant Foodworks Ltd. | 5782 | 40212  |
| Kotak Mahindra Bank Ltd. | 2153 | 48273  |
| Larsen & Toubro Ltd. | 891 | 36730  |
| LTIMindtree Ltd.<sup>(b)</sup> | 608 | 35364  |
| Lupin Ltd. | 3147 | 68031  |
| Mahindra & Mahindra Ltd. | 719 | 27750  |
| Marico Ltd. | 1979 | 15553  |
| Max Healthcare Institute Ltd. | 2332 | 29281  |
| Mphasis Ltd. | 3534 | 105950  |
| Muthoot Finance Ltd. | 5190 | 179476  |
| Oil & Natural Gas Corp. Ltd. | 58303 | 157147  |
| Page Industries Ltd. | 79 | 36184  |
| Persistent Systems Ltd. | 2087 | 113570  |
| Petronet LNG Ltd. | 26887 | 84457  |
| Polycab India Ltd. | 496 | 40699  |
| Power Finance Corp. Ltd. | 55889 | 258089  |
| Punjab National Bank | 63434 | 80607  |
| REC Ltd. | 43653 | 183122  |
| Reliance Industries Ltd. | 14210 | 218263  |
|  Samvardhana Motherson International Ltd. | 102695 | 122299  |
| Shree Cement Ltd. | 201 | 66271  |
| Shriram Finance Ltd.<sup>(a)</sup> | 19078 | 132284  |
| Solar Industries India Ltd. | 342 | 51371  |
| State Bank of India | 20236 | 198651  |
| Sun Pharmaceutical Industries Ltd. | 3943 | 70981  |
| Tata Consultancy Services Ltd. | 2658 | 86516  |
| Tata Motors Ltd. | 35188 | 269633  |
| Tata Steel Ltd. | 15356 | 29204  |
| Tech Mahindra Ltd. | 7106 | 112234  |
| Torrent Pharmaceuticals Ltd. | 1235 | 50237  |
| Trent Ltd. | 182 | 9581  |
| UltraTech Cement Ltd. | 189 | 26024  |
| Union Bank of India Ltd. | 130073 | 202807  |
| UPL Ltd. | 24052 | 177567  |
| Vedanta Ltd. | 12792 | 67143  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Wipro Ltd. | 15833 | $42717  |
| Zydus Lifesciences Ltd. | 6155 | 68232  |
|  |  | 6766545  |
| **Indonesia - 0.6%**<br>|  |  |
| Astra International Tbk PT | 38818 | 13462  |
| Bank Mandiri Persero Tbk PT | 159014 | 42026  |
| Indofood Sukses Makmur Tbk PT | 290004 | 125831  |
| Kalbe Farma Tbk PT | 151601 | 10308  |
| Sumber Alfaria Trijaya Tbk PT | 154337 | 17893  |
| Telkom Indonesia Persero Tbk PT | 281932 | 51911  |
| United Tractors Tbk PT | 44743 | 71952  |
|  |  | 333383  |
| **Ireland - 0.9%**<br>|  |  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 3979 | 525904  |
| **Luxembourg - 0.1%**<br>|  |  |
| Zabka Group SA<sup>(a)</sup> | 5078 | 32829  |
| **Mexico - 2.6%**<br>|  |  |
| Alfa SAB de CV - Class A | 199309 | 159874  |
| America Movil SAB de CV | 90166 | 94629  |
| Arca Continental SAB de CV | 8865 | 93111  |
| Cemex SAB de CV | 161257 | 144936  |
|  Fomento Economico Mexicano SAB de CV | 1522 | 14997  |
| Gruma SAB de CV - Class B | 5790 | 107807  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 2468 | 31854  |
| Grupo Bimbo SAB de CV - Class A | 9298 | 33032  |
| Grupo Comercial Chedraui SAB de CV | 4723 | 37540  |
| Grupo Financiero Banorte SAB de CV | 26044 | 261571  |
| Grupo Mexico SAB de CV - Class B | 7862 | 68413  |
| Industrias Penoles SAB de CV<sup>(a)</sup> | 7471 | 333797  |
| Qualitas Controladora SAB de CV | 5802 | 52902  |
| Wal-Mart de Mexico SAB de CV | 12174 | 37612  |
|  |  | 1472075  |
| **Peru - 0.3%**<br>|  |  |
| Credicorp Ltd. | 673 | 179206  |
| **Philippines - 0.0%<sup>(d)</sup>**<br>|  |  |
| Metropolitan Bank & Trust Co. | 14429 | 16865  |
| **Poland - 2.1%**<br>|  |  |
| Bank Polska Kasa Opieki SA | 3869 | 186460  |
| CCC SA<sup>(a)</sup> | 1822 | 91241  |
| CD Projekt SA | 289 | 21547  |
| Dino Polska SA<sup>(a)(b)</sup> | 11177 | 134724  |
| LPP SA | 18 | 87648  |
| mBank SA<sup>(a)</sup> | 276 | 68482  |
| ORLEN SA | 5144 | 122565  |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | 18875 | 55806  |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 11293 | 219431  |

---

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

26<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Poland - (Continued)**<br>|  |  |
| Powszechny Zaklad Ubezpieczen SA | 9586 | $143553  |
| Santander Bank Polska SA | 469 | 60983  |
|  |  | 1192440  |
| **Qatar - 1.0%**<br>|  |  |
| Commercial Bank PSQC | 55945 | 70474  |
| Ooredoo QPSC | 43703 | 164104  |
| Qatar Islamic Bank QPSC | 13131 | 86206  |
| Qatar National Bank QPSC | 48323 | 246610  |
|  |  | 567394  |
| **Republic of Korea - 0.0%<sup>(d)</sup>**<br>|  |  |
| HMM Co. Ltd. | 1612 | 23101  |
| **Russia - 0.0%<sup>(d)</sup>**<br>|  |  |
| Magnit PJSC<sup>(a)(e)</sup> | 1813 | 0  |
| PhosAgro PJSC - GDR<sup>(a)(e)</sup> | 33 | 0  |
| PhosAgro PJSC - GDR<sup>(a)(e)</sup> | 5197 | 0  |
| Polyus PJSC - GDR<sup>(a)(e)</sup> | 994 | 0  |
| Rosneft Oil Co. PJSC<sup>(a)(e)</sup> | 13382 | 0  |
| Sberbank of Russia PJSC<sup>(a)(e)</sup> | 120116 | 0  |
| VTB Bank PJSC<sup>(a)(e)</sup> | 25684 | 0  |
|  |  | 0  |
| **Singapore - 0.2%**<br>|  |  |
| Trip.com Group Ltd. | 1300 | 98589  |
| **South Africa - 3.9%**<br>|  |  |
| Absa Group Ltd. | 10884 | 114221  |
| Bid Corp. Ltd. | 4194 | 104971  |
| Bidvest Group Ltd. | 1679 | 20603  |
| Capitec Bank Holdings Ltd. | 302 | 60939  |
| Clicks Group Ltd. | 3260 | 66488  |
| Discovery Ltd. | 4251 | 48550  |
| FirstRand Ltd. | 24370 | 109572  |
| Gold Fields Ltd. | 4347 | 182032  |
| Harmony Gold Mining Co. Ltd. | 9363 | 169171  |
| MTN Group Ltd. | 29593 | 249026  |
| Naspers Ltd.<sup>(a)</sup> | 78 | 28343  |
| Nedbank Group Ltd. | 4543 | 56163  |
| Old Mutual Ltd. | 108379 | 83744  |
| OUTsurance Group Ltd. | 31013 | 128757  |
| Pepkor Holdings Ltd.<sup>(b)</sup> | 122177 | 172075  |
| Sanlam Ltd. | 28373 | 137331  |
| Sasol Ltd.<sup>(a)</sup> | 16643 | 103566  |
| Shoprite Holdings Ltd. | 2578 | 40903  |
| Standard Bank Group Ltd. | 13667 | 186979  |
| Vodacom Group Ltd. | 19636 | 151730  |
|  |  | 2215164  |
| **South Korea - 11.9%**<br>|  |  |
| Amorepacific Corp. | 865 | 75510  |
| Coway Co. Ltd. | 1975 | 138617  |
| DB Insurance Co. Ltd. | 2070 | 204574  |
| Hana Financial Group, Inc. | 1840 | 114402  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hanwha Aerospace Co. Ltd. | 79 | $62476  |
| HD Hyundai Co. Ltd. | 1332 | 147801  |
| HD Hyundai Electric Co. Ltd. | 361 | 150153  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 658 | 192807  |
| Hyundai Glovis Co. Ltd. | 1378 | 162564  |
| Hyundai Mobis Co. Ltd. | 338 | 71911  |
| Hyundai Rotem Co. Ltd. | 872 | 136312  |
| Industrial Bank of Korea | 8708 | 120824  |
| KB Financial Group, Inc. | 2557 | 211044  |
| Kia Corp. | 2567 | 184251  |
| Korea Electric Power Corp. | 3880 | 100107  |
| Korea Investment Holdings Co. Ltd. | 2324 | 240355  |
| Krafton, Inc.<sup>(a)</sup> | 383 | 79972  |
| LG Display Co., Ltd.<sup>(a)</sup> | 7359 | 75555  |
| LG Electronics, Inc. | 2453 | 132317  |
| LG H&H Co. Ltd. | 492 | 100416  |
| LG Uplus Corp. | 37049 | 405242  |
| Meritz Financial Group, Inc. | 2726 | 221125  |
| Mirae Asset Securities Co. Ltd. | 8696 | 132800  |
| NH Investment & Securities Co. Ltd. | 2021 | 27986  |
| Orion Corp. | 1924 | 142063  |
| Samsung Electronics Co. Ltd. | 26216 | 1571658  |
|  Samsung Fire & Marine Insurance Co. Ltd. | 260 | 83689  |
| Samyang Foods Co. Ltd. | 43 | 46865  |
| Shinhan Financial Group Co. Ltd. | 1754 | 88433  |
| SK Hynix, Inc. | 3770 | 934575  |
| SK Telecom Co. Ltd. | 6483 | 251315  |
| Woori Financial Group, Inc. | 7595 | 140653  |
|  |  | 6748372  |
| **Taiwan - 15.6%**<br>|  |  |
| Accton Technology Corp. | 1599 | 55295  |
| Alchip Technologies Ltd. | 239 | 27455  |
| Asustek Computer, Inc. | 6729 | 148659  |
| Cathay Financial Holding Co. Ltd. | 12940 | 27952  |
| China Airlines Ltd. | 24330 | 16702  |
| CTBC Financial Holding Co. Ltd. | 119834 | 169004  |
| Delta Electronics, Inc. | 9748 | 274602  |
| Elite Material Co. Ltd. | 538 | 21774  |
| Eva Airways Corp. | 80447 | 100895  |
| Evergreen Marine Corp. Taiwan Ltd. | 28261 | 166450  |
| Fubon Financial Holding Co. Ltd. | 69398 | 201499  |
| Hon Hai Precision Industry Co. Ltd. | 16825 | 120133  |
| Hua Nan Financial Holdings Co. Ltd. | 458 | 445  |
| International Games System Co. Ltd. | 4141 | 107223  |
| King Slide Works Co. Ltd. | 517 | 56153  |
| MediaTek, Inc. | 11421 | 495326  |
| Nien Made Enterprise Co. Ltd. | 1045 | 14608  |
| President Chain Store Corp. | 1333 | 10856  |
| Realtek Semiconductor Corp. | 10632 | 192477  |
| Taiwan Mobile Co. Ltd. | 12133 | 43434  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 142723 | 6199577  |

---

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

27<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Taiwan - (Continued)** <br>|  |  |
| Uni-President Enterprises Corp. | 61498 | $158559  |
| Wan Hai Lines Ltd. | 22614 | 55270  |
| Yang Ming Marine Transport Corp. | 38604 | 67333  |
| Yuanta Financial Holding Co. Ltd. | 716 | 820  |
| Zhen Ding Technology Holding Ltd. | 18957 | 103670  |
|  |  | 8836171  |
| **Thailand - 0.5%**<br>|  |  |
| Advanced Info Service PCL - NVDR | 12307 | 110557  |
| Delta Electronics Thailand PCL - NVDR | 13479 | 66164  |
| Krung Thai Bank PCL - NVDR | 109098 | 83471  |
|  |  | 260192  |
| **Turkey - 0.7%**<br>|  |  |
| Akbank TAS | 76629 | 115800  |
| BIM Birlesik Magazalar AS | 7235 | 94222  |
| Turk Hava Yollari AO | 1551 | 11761  |
| Turkcell Iletisim Hizmetleri AS | 42412 | 99952  |
| Turkiye Is Bankasi AS - Class C | 109361 | 37304  |
| Yapi ve Kredi Bankasi AS<sup>(a)</sup> | 70447 | 57632  |
|  |  | 416671  |
| **United Arab Emirates - 1.9%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 27009 | 107329  |
| Abu Dhabi Islamic Bank PJSC | 37341 | 221665  |
|  Americana Restaurants International PLC - Foreign Co. | 21686 | 11631  |
| Dubai Islamic Bank PJSC | 66784 | 174183  |
| Emaar Development PJSC | 17286 | 63343  |
| Emaar Properties PJSC | 51827 | 184258  |
| Emirates NBD Bank PJSC | 32478 | 214866  |
| First Abu Dhabi Bank PJSC | 25944 | 110469  |
|  |  | 1087744  |
| **United Kingdom - 0.2%**<br>|  |  |
| Anglogold Ashanti PLC | 1863 | 130082  |
| **United States - 0.3%**<br>|  |  |
| BeOne Medicines Ltd.<sup>(a)</sup> | 5308 | 141634  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $33,559,736)** |  | 52823068  |
| **INVESTMENT COMPANIES - 4.9%**<br>|  |  |
| **United States – 4.9%**<br>|  |  |
|  iShares Core MSCI Emerging Markets ETF | 20539 | 1353931  |
| iShares MSCI Saudi Arabia ETF<sup>()</sup> | 34336 | 1393355  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $2,346,442)** |  | 2747286  |
| **PREFERRED STOCKS - 1.8%**<br>|  |  |
| **Brazil - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Banco Bradesco SA - Preference <br>Shares, 0.00% | 20000 | 66588  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Itau Unibanco Holding SA - Preference Shares, 0.00% | 46216 | $338919  |
| Itausa SA, 0.00% | 14668 | 31777  |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - <br>Petrobras, 0.00% | 27807 | 163793  |
|  |  | 601077  |
| **Colombia - 0.4%**<br>|  |  |
| Grupo Cibest SA, 0.00% | 19662 | 256078  |
| **India - 0.0%<sup>(d)</sup>**<br>|  |  |
| TVS Motor Co. Ltd., 0.00%<sup>(e)</sup> | 2608 | 0  |
| **South Korea - 0.3%**<br>|  |  |
| Samsung Electronics Co. Ltd., 0.00% | 3252 | 154343  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $627,886)** |  | 1011498  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 2.5%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(g)</sup> | 1393672 | 1393672  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,393,672)** |  | 1393672  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(g)</sup> | 82103 | 82103  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $82,103)** |  | 82103  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%**<br>**(Cost $38,009,839)** |  | $58057627  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.6)% |  | (1460440)  |
| **TOTAL NET ASSETS - 100.0%** |  | $56597187 |

---

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

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

28<br>

------

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

**GuideMark Emerging Markets Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

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> 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 September 30, 2025, the value of these securities total $3,349,731 or 5.9% of the Fund's net assets.

<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 such country or region.

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

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<sup>(f)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $1,379,395.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

**Sector Classification as of September 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $15641360 | 27.7%  |
| Information Technology | 12647036 | 22.4  |
| Consumer Discretionary | 7388566 | 13.3  |
| Communication Services | 6816120 | 12.0  |
| Consumer Staples | 2794307 | 5.1  |
| Materials | 2274747 | 3.9  |
| Industrials | 2257468 | 3.6  |
| Health Care | 1689611 | 3.0  |
| Energy | 1610084 | 2.8  |
| Utilities | 467666 | 0.9  |
| Real Estate | 247601 | 0.4  |
| Investment Companies | 2747286 | 4.9  |
| Investments Purchased with Proceeds from Securities Lending | 1393672 | 2.5  |
| Money Market Funds | 82103 | 0.1  |
| Other Assets in Excess of Liabilities | (1460440) | (2.6)  |
|  | $56597187 | 100.0% |

---

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

29<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.0%**<br>|  |  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 14273 | $1889745  |
|  Expeditors International of Washington, Inc. | 1071 | 131294  |
|  |  | 2021039  |
| **Airlines - 0.0%<sup>(a)</sup>**<br>|  |  |
| Delta Air Lines, Inc. | 2817 | 159865  |
| **Automobile Components - 0.2%**<br>|  |  |
| Aptiv PLC<sup>(b)</sup> | 6158 | 530943  |
| BorgWarner, Inc. | 24542 | 1078866  |
|  |  | 1609809  |
| **Automobiles - 1.0%**<br>|  |  |
| Tesla, Inc.<sup>(b)</sup> | 12986 | 5775134  |
| Thor Industries, Inc.<sup>(c)</sup> | 5773 | 598602  |
|  |  | 6373736  |
| **Banks - 3.1%**<br>|  |  |
| Bank of America Corp. | 50113 | 2585330  |
| Bank OZK | 17172 | 875429  |
| Citigroup, Inc. | 18730 | 1901095  |
| Comerica, Inc. | 2578 | 176645  |
| Cullen Frost Bankers, Inc. | 3796 | 481219  |
| East West Bancorp, Inc. | 8988 | 956773  |
| First Horizon Corp. | 5907 | 133557  |
| JPMorgan Chase & Co. | 28334 | 8937394  |
| Popular, Inc. | 5634 | 715574  |
| Regions Financial Corp. | 6022 | 158800  |
| Synovus Financial Corp. | 8106 | 397842  |
| &nbsp;&nbsp;&nbsp; The PNC Financial Services Group, <br>Inc. | 743 | 149291  |
| U.S. Bancorp | 13157 | 635878  |
| Wells Fargo & Co. | 26196 | 2195749  |
| Western Alliance Bancorp | 820 | 71110  |
| Zions Bancorp NA | 12013 | 679695  |
|  |  | 21051381  |
| **Beverages - 0.9%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(b)</sup> | 7647 | 1616729  |
| Coca-Cola Co. | 8783 | 582488  |
| Coca-Cola Consolidated, Inc. | 15112 | 1770522  |
| Monster Beverage Corp.<sup>(b)</sup> | 24502 | 1649230  |
| PepsiCo, Inc. | 3709 | 520892  |
|  |  | 6139861  |
| **Biotechnology - 2.5%**<br>|  |  |
| AbbVie, Inc. | 13672 | 3165615  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1660 | 756960  |
| Biogen, Inc.<sup>(b)</sup> | 3683 | 515915  |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 2492 | 134967  |
| Exelixis, Inc.<sup>(b)</sup> | 66871 | 2761772  |
| Gilead Sciences, Inc. | 26403 | 2930733  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 11338 | 831529  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Incyte Corp.<sup>(b)</sup> | 25743 | $2183264  |
| Natera, Inc.<sup>(b)</sup> | 2316 | 372806  |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 34515 | 713080  |
| United Therapeutics Corp.<sup>(b)</sup> | 2729 | 1144024  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 2451 | 959909  |
|  |  | 16470574  |
| **Broadline Retail - 4.4%**<br>|  |  |
| Amazon.com, Inc.<sup>(b)</sup> | 84525 | 18559154  |
| Coupang, Inc.<sup>(b)</sup> | 34818 | 1121140  |
| Dillard's, Inc. - Class A<sup>(c)</sup> | 4071 | 2501548  |
| eBay, Inc. | 17786 | 1617637  |
| Etsy, Inc.<sup>(b)(c)</sup> | 33885 | 2249625  |
| Macy's, Inc. | 195139 | 3498842  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 977 | 125447  |
|  |  | 29673393  |
| **Building Products - 0.9%**<br>|  |  |
| A O Smith Corp. | 4917 | 360957  |
| Allegion PLC | 5326 | 944566  |
| Armstrong World Industries, Inc. | 3834 | 751502  |
| Builders FirstSource, Inc.<sup>(b)</sup> | 14034 | 1701622  |
| Carlisle Cos., Inc. | 678 | 223035  |
| Johnson Controls International PLC | 1525 | 167674  |
| Lennox International, Inc.<sup>(c)</sup> | 1266 | 670170  |
| Masco Corp. | 9495 | 668353  |
| Trane Technologies PLC | 1632 | 688639  |
|  |  | 6176518  |
| **Capital Markets - 4.2%**<br>|  |  |
| Affiliated Managers Group, Inc. | 2714 | 647099  |
| Ameriprise Financial, Inc. | 3576 | 1756710  |
| Bank of New York Mellon Corp. | 19725 | 2149236  |
| Blackrock, Inc. | 626 | 729835  |
| Blackstone, Inc. | 1089 | 186056  |
| Brookfield Asset Management Ltd. | 8085 | 460360  |
| Carlyle Group, Inc. | 19403 | 1216568  |
| Cboe Global Markets, Inc. | 3382 | 829435  |
| Charles Schwab Corp. | 11726 | 1119481  |
| CME Group, Inc. | 2815 | 760585  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 711 | 239955  |
| Evercore, Inc. - Class A | 510 | 172033  |
| Invesco Ltd. | 19353 | 443958  |
| Lazard, Inc. | 27008 | 1425482  |
| LPL Financial Holdings, Inc. | 4824 | 1604897  |
| Moody's Corp. | 1341 | 638960  |
| Morgan Stanley | 14821 | 2355946  |
| Northern Trust Corp. | 17302 | 2328849  |
| Raymond James Financial, Inc. | 7593 | 1310552  |
| Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 13757 | 1969727  |
| SEI Investments Co. | 17879 | 1517033  |
| State Street Corp. | 18864 | 2188413  |
| Virtu Financial, Inc. - Class A | 50399 | 1789164  |
|  |  | 27840334  |

---

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

30<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Chemicals - 0.5%**<br>|  |  |
| CF Industries Holdings, Inc. | 6732 | $603861  |
| Corteva, Inc. | 3819 | 258279  |
| NewMarket Corp. | 1682 | 1393049  |
| RPM International, Inc. | 2697 | 317922  |
| Scotts Miracle-Gro Co. | 3420 | 194769  |
| Sherwin-Williams Co. | 980 | 339335  |
|  |  | 3107215  |
| **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** |  |
| Cintas Corp. | 6303 | 1293754  |
| Rollins, Inc. | 18729 | 1100141  |
| Veralto Corp. | 3542 | 377613  |
|  |  | 2771508  |
| **Communications Equipment - 1.4%**<br>|  |  |
| Arista Networks, Inc.<sup>(b)</sup> | 3950 | 575555  |
| Ciena Corp.<sup>(b)</sup> | 9549 | 1391003  |
| Cisco Systems, Inc. | 37841 | 2589081  |
| F5, Inc.<sup>(b)</sup> | 6080 | 1964995  |
| Motorola Solutions, Inc. | 1253 | 572984  |
| Ubiquiti, Inc. | 3475 | 2295516  |
|  |  | 9389134  |
| **Construction & Engineering - 0.9%**<br>|  |  |
| API Group Corp.<sup>(b)</sup> | 21028 | 722732  |
| Comfort Systems USA, Inc. | 1233 | 1017447  |
| EMCOR Group, Inc. | 3397 | 2206487  |
| MasTec, Inc.<sup>(b)</sup> | 2013 | 428387  |
| Valmont Industries, Inc. | 4578 | 1775028  |
|  |  | 6150081  |
| **Construction Materials - 0.0%<sup>(a)</sup>**<br>|  |  |
| CRH PLC | 2664 | 319414  |
| **Consumer Finance - 1.5%**<br>|  |  |
| American Express Co. | 6628 | 2201556  |
| Credit Acceptance Corp.<sup>(b)(c)</sup> | 1433 | 669111  |
| OneMain Holdings, Inc. | 30574 | 1726208  |
| SLM Corp. | 67476 | 1867736  |
| SoFi Technologies, Inc.<sup>(b)</sup> | 38767 | 1024224  |
| Synchrony Financial | 39225 | 2786936  |
|  |  | 10275771  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 4.6%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 4.6%** |  |
| Albertsons Cos., Inc. - Class A | 109890 | 1924174  |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 17481 | 1630103  |
| Casey's General Stores, Inc. | 2838 | 1604378  |
| Costco Wholesale Corp. | 4246 | 3930225  |
| Dollar General Corp. | 20355 | 2103689  |
| Dollar Tree, Inc.<sup>(b)</sup> | 20326 | 1918165  |
| Kroger Co. | 38578 | 2600543  |
| Maplebear, Inc.<sup>(b)(c)</sup> | 38498 | 1415187  |
| Performance Food Group Co.<sup>(b)</sup> | 18463 | 1920891  |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 15729 | 1711315  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SYSCO Corp. | 17274 | $1422341  |
| Target Corp. | 11446 | 1026706  |
| US Foods Holding Corp.<sup>(b)</sup> | 33711 | 2582937  |
| Walmart, Inc. | 50901 | 5245857  |
|  |  | 31036511  |
| **Distributors - 0.2%**<br>|  |  |
| Genuine Parts Co. | 3697 | 512404  |
| LKQ Corp. | 22908 | 699611  |
|  |  | 1212015  |
| **Diversified Consumer Services - 0.6%**<br>|  |  |
| ADT, Inc. | 100418 | 874641  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 8717 | 1913556  |
| H&R Block, Inc. | 22809 | 1153451  |
|  |  | 3941648  |
| **Diversified Financial Services - 0.1%**<br>|  |  |
|  Interactive Brokers Group, Inc. - Class A | 5767 | 396827  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 1.0%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 1.0%** |  |
| AT&T, Inc. | 66296 | 1872199  |
| GCI Liberty Inc SR Escrow<sup>(b)(d)</sup> | 3912 | 3538  |
| GCI Liberty, Inc. - Class A<sup>(b)</sup> | 11535 | 433197  |
| GCI Liberty, Inc. - Class C<sup>(b)</sup> | 11727 | 437065  |
| Liberty Global Ltd. - Class A<sup>(b)</sup> | 103678 | 1188150  |
| Liberty Global Ltd. - Class C<sup>(b)</sup> | 102565 | 1205139  |
| Verizon Communications, Inc. | 38860 | 1707897  |
|  |  | 6847185  |
| **Electric Utilities - 0.1%**<br>|  |  |
| NRG Energy, Inc. | 4234 | 685696  |
| **Electrical Equipment - 0.7%**<br>|  |  |
| Acuity, Inc. | 4423 | 1523237  |
| GE Vernova, Inc. | 2715 | 1669453  |
| Generac Holdings, Inc.<sup>(b)</sup> | 6582 | 1101827  |
| Vertiv Holdings Co. - Class A | 1285 | 193855  |
|  |  | 4488372  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 0.3%** |
| Amphenol Corp. - Class A | 1975 | 244406  |
| Avnet, Inc. | 11709 | 612147  |
| Ingram Micro Holding Corp. | 6437 | 138331  |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1290 | 225647  |
| Ralliant Corp. | 3218 | 140723  |
| Vontier Corp. | 18553 | 778669  |
|  |  | 2139923  |
| **Entertainment - 2.3%**<br>|  |  |
| Electronic Arts, Inc. | 12062 | 2432905  |
|  Liberty Media Corp.-Liberty Live - Class A<sup>(b)</sup> | 7220 | 680846  |
|  Liberty Media Corp.-Liberty Live - Class C<sup>(b)</sup> | 7278 | 705748  |

---

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

31<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Entertainment - (Continued)**  | **Entertainment - (Continued)**  | **Entertainment - (Continued)**  |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 4136 | $675822  |
| Netflix, Inc.<sup>(b)</sup> | 3617 | 4336494  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 8385 | 1161490  |
| Roku, Inc.<sup>(b)</sup> | 11615 | 1163010  |
| Spotify Technology SA<sup>(b)</sup> | 1910 | 1333180  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 2218 | 573042  |
| Walt Disney Co. | 3669 | 420101  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 91593 | 1788811  |
|  |  | 15271449  |
| **Financial Services - 4.0%**<br>|  |  |
| Apollo Global Management, Inc. | 5704 | 760172  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 16530 | 8310292  |
| Corpay, Inc.<sup>(b)</sup> | 1795 | 517068  |
| Euronet Worldwide, Inc.<sup>(b)</sup> | 8118 | 712842  |
| Fiserv, Inc.<sup>(b)</sup> | 2665 | 343599  |
| Jack Henry & Associates, Inc. | 581 | 86528  |
| Mastercard, Inc. - Class A | 8196 | 4661967  |
| MGIC Investment Corp. | 32247 | 914847  |
| Mr Cooper Group, Inc. | 303 | 63869  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 17025 | 1141697  |
| Shift4 Payments, Inc. - Class A<sup>(b)(c)</sup> | 1678 | 129877  |
| Toast, Inc. - Class A<sup>(b)</sup> | 8440 | 308144  |
| Visa, Inc. - Class A | 16703 | 5702070  |
| Voya Financial, Inc. | 5414 | 404967  |
| Western Union Co.<sup>(c)</sup> | 227307 | 1816183  |
| WEX, Inc.<sup>(b)</sup> | 7360 | 1159421  |
|  |  | 27033543  |
| **Food Products - 0.4%**<br>|  |  |
| Flowers Foods, Inc. | 77476 | 1011062  |
| Ingredion, Inc. | 4396 | 536796  |
| Pilgrim's Pride Corp. | 23538 | 958467  |
|  |  | 2506325  |
| **Gas Utilities - 0.1%**<br>|  |  |
| UGI Corp. | 10284 | 342046  |
| **Ground Transportation - 0.4%**<br>|  |  |
| Landstar System, Inc. | 552 | 67653  |
| Lyft, Inc. - Class A<sup>(b)</sup> | 63633 | 1400562  |
| Uber Technologies, Inc.<sup>(b)</sup> | 10575 | 1036033  |
|  |  | 2504248  |
| **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** |  |
| Abbott Laboratories | 10866 | 1455392  |
| Align Technology, Inc.<sup>(b)</sup> | 4459 | 558356  |
| Boston Scientific Corp.<sup>(b)</sup> | 12208 | 1191867  |
| Envista Holdings Corp.<sup>(b)</sup> | 59623 | 1214521  |
| Globus Medical, Inc. - Class A<sup>(b)</sup> | 17154 | 982410  |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 521 | 332862  |
| Inspire Medical Systems, Inc.<sup>(b)</sup> | 7207 | 534759  |
| Insulet Corp.<sup>(b)</sup> | 1736 | 535955  |
| Masimo Corp.<sup>(b)</sup> | 3467 | 511556  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Medtronic PLC | 1367 | $130193  |
| Penumbra, Inc.<sup>(b)</sup> | 2282 | 578076  |
| ResMed, Inc. | 3703 | 1013622  |
| Stryker Corp. | 757 | 279840  |
| Zimmer Biomet Holdings, Inc. | 2041 | 201039  |
|  |  | 9520448  |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |  |
| Chemed Corp. | 2577 | 1153826  |
| CVS Health Corp. | 12257 | 924055  |
| HCA Healthcare, Inc. | 833 | 355025  |
| Henry Schein, Inc.<sup>(b)</sup> | 20660 | 1371204  |
| Humana, Inc. | 6568 | 1708797  |
| Labcorp Holdings, Inc. | 1333 | 382651  |
| McKesson Corp. | 680 | 525327  |
| Quest Diagnostics, Inc. | 1678 | 319793  |
| UnitedHealth Group, Inc. | 7788 | 2689196  |
|  |  | 9429874  |
| **Hotels, Restaurants & Leisure - 1.6%**<br>|  |  |
| Booking Holdings, Inc. | 605 | 3266558  |
| Boyd Gaming Corp. | 10429 | 901587  |
| Carnival Corp.<sup>(b)</sup> | 12774 | 369296  |
| Domino's Pizza, Inc. | 2246 | 969621  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 4416 | 1201108  |
| Expedia Group, Inc. | 8552 | 1827990  |
| Flutter Entertainment PLC<sup>(b)</sup> | 1033 | 262382  |
| McDonald's Corp. | 1405 | 426966  |
| Travel + Leisure Co. | 15047 | 895146  |
| Yum! Brands, Inc. | 5984 | 909568  |
|  |  | 11030222  |
| **Household Durables - 0.3%**<br>|  |  |
| NVR, Inc.<sup>(b)</sup> | 65 | 522253  |
| SharkNinja, Inc.<sup>(b)</sup> | 14485 | 1494128  |
| TopBuild Corp.<sup>(b)</sup> | 782 | 305652  |
|  |  | 2322033  |
| **Household Products - 0.4%**<br>|  |  |
| Colgate-Palmolive Co. | 6976 | 557661  |
| Kimberly-Clark Corp. | 2643 | 328631  |
| Procter & Gamble Co. | 12980 | 1994377  |
|  |  | 2880669  |
| **Insurance - 4.9%**<br>|  |  |
| Allstate Corp. | 11283 | 2421896  |
| American Financial Group, Inc. | 4915 | 716214  |
| Aon PLC - Class A | 3273 | 1167086  |
| Arch Capital Group, Ltd. | 5927 | 537757  |
| Assurant, Inc. | 1325 | 286995  |
| Axis Capital Holdings Ltd. | 20569 | 1970510  |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 7801 | 414077  |
| Chubb, Ltd. | 3356 | 947231  |
| Cincinnati Financial Corp. | 2570 | 406317  |
| Fidelity National Financial, Inc. | 8433 | 510112  |
| Globe Life, Inc. | 14163 | 2024884  |

---

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

32<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Insurance - (Continued)** <br>|  |  |
| Hanover Insurance Group, Inc. | 8532 | $1549667  |
| Hartford Financial Services Group, Inc. | 13433 | 1791828  |
| Kemper Corp. | 6439 | 331930  |
| Kinsale Capital Group, Inc. | 771 | 327875  |
| Lincoln National Corp. | 55687 | 2245857  |
| Loews Corp. | 1773 | 177992  |
| Markel Group, Inc.<sup>(b)</sup> | 186 | 355513  |
| Marsh & McLennan Cos., Inc. | 4652 | 937518  |
| MetLife, Inc. | 12020 | 990087  |
| Old Republic International Corp. | 35954 | 1526966  |
| Primerica, Inc. | 5641 | 1565885  |
| Progressive Corp. | 11089 | 2738429  |
| RenaissanceRe Holdings Ltd. | 6913 | 1755418  |
| Ryan Specialty Holdings, Inc. | 5572 | 314038  |
| The Travelers Cos., Inc. | 5592 | 1561398  |
| Unum Group | 25220 | 1961612  |
| W.R. Berkley Corp. | 21274 | 1630014  |
|  |  | 33165106  |
| **Interactive Media & Services - 6.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 49623 | 12063351  |
| Alphabet, Inc. - Class C | 39642 | 9654809  |
| IAC, Inc.<sup>(b)</sup> | 31654 | 1078452  |
| Match Group, Inc. | 54017 | 1907880  |
| Meta Platforms, Inc. - Class A | 20668 | 15178166  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 30424 | 978740  |
| Reddit, Inc. - Class A<sup>(b)</sup> | 2112 | 485739  |
|  |  | 41347137  |
| **IT Services - 1.7%**<br>|  |  |
| Accenture PLC - Class A | 4556 | 1123510  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 4986 | 377739  |
| Amdocs Ltd. | 8655 | 710143  |
| Block, Inc.<sup>(b)</sup> | 6619 | 478355  |
| Cloudflare, Inc. - Class A - Class A<sup>(b)</sup> | 1294 | 277680  |
|  Cognizant Technology Solutions Corp. - Class A | 12177 | 816711  |
| DXC Technology Co.<sup>(b)</sup> | 26219 | 357365  |
| EPAM Systems, Inc.<sup>(b)</sup> | 978 | 147473  |
| Gartner, Inc.<sup>(b)</sup> | 1760 | 462651  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 6245 | 854503  |
| International Business Machines Corp. | 5754 | 1623549  |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 34223 | 1027717  |
| Paycom Software, Inc. | 720 | 149861  |
| Twilio, Inc. - Class A<sup>(b)</sup> | 9892 | 990090  |
| VeriSign, Inc. | 7676 | 2145979  |
|  |  | 11543326  |
| **Leisure Products - 0.5%**<br>|  |  |
| Hasbro, Inc. | 8313 | 630541  |
| Mattel, Inc.<sup>(b)</sup> | 82814 | 1393760  |
| YETI Holdings, Inc.<sup>(b)</sup> | 44773 | 1485568  |
|  |  | 3509869  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Life Sciences Tools & Services - 0.2%**<br>|  |  |
| Illumina, Inc.<sup>(b)</sup> | 8221 | $780748  |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 241 | 295854  |
| Tempus AI, Inc.<sup>(b)</sup> | 5397 | 435592  |
|  |  | 1512194  |
| **Machinery - 1.1%**<br>|  |  |
| AGCO Corp. | 6282 | 672614  |
| Allison Transmission Holdings, Inc. | 10456 | 887505  |
| Caterpillar, Inc. | 884 | 421801  |
| Crane Co. | 838 | 154309  |
| Cummins, Inc. | 325 | 137270  |
| Donaldson Co., Inc. | 4128 | 337877  |
| Flowserve Corp. | 4279 | 227386  |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 25048 | 621691  |
| Graco, Inc. | 1112 | 94476  |
| Illinois Tool Works, Inc. | 255 | 66494  |
| Lincoln Electric Holdings, Inc. | 2871 | 677068  |
| Mueller Industries, Inc. | 8094 | 818384  |
| Otis Worldwide Corp. | 7675 | 701725  |
| Snap-on, Inc. | 2456 | 851078  |
| Toro Co. | 10334 | 787451  |
|  |  | 7457129  |
| **Media - 1.2%**<br>|  |  |
| Comcast Corp. - Class A | 3865 | 121438  |
| Fox Corp. - Class A | 25692 | 1620138  |
| Fox Corp. - Class B | 27363 | 1567626  |
| New York Times Co. - Class A | 28162 | 1616499  |
| News Corp. - Class A | 11405 | 350248  |
| News Corp. - Class B | 26505 | 915748  |
| Nexstar Media Group, Inc. | 7426 | 1468417  |
| Sirius XM Holdings, Inc. | 7831 | 182266  |
|  |  | 7842380  |
| **Metals & Mining - 0.3%**<br>|  |  |
| Newmont Goldcorp Corp. | 10628 | 896047  |
| Reliance, Inc. | 4092 | 1149156  |
|  |  | 2045203  |
| **Oil, Gas & Consumable Fuels - 0.9%**<br>|  |  |
| APA Corp. | 46892 | 1138538  |
| Cheniere Energy, Inc. | 838 | 196913  |
| Chevron Corp. | 1399 | 217251  |
| Civitas Resources, Inc. | 9642 | 313365  |
| EOG Resources, Inc. | 10929 | 1225360  |
| Exxon Mobil Corp. | 17347 | 1955874  |
| Matador Resources Co. | 7680 | 345062  |
| Ovintiv, Inc. | 7298 | 294693  |
|  |  | 5687056  |
| **Paper & Forest Products - 0.1%**<br>|  |  |
| Louisiana-Pacific Corp. | 4739 | 421013  |
|  |  | 421013  |
| **Passenger Airlines - 0.3%**<br>|  |  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 21392 | 2064328  |

---

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

33<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Personal Care Products - 0.3%**<br>|  |  |
| BellRing Brands, Inc.<sup>(b)</sup> | 18397 | $668731  |
| Coty, Inc. - Class A<sup>(b)</sup> | 109448 | 442170  |
| elf Beauty, Inc.<sup>(b)</sup> | 3300 | 437184  |
| Estee Lauder Cos., Inc. - Class A | 5121 | 451262  |
|  |  | 1999347  |
| **Pharmaceuticals - 2.2%**<br>|  |  |
| Bristol-Myers Squibb Co. | 46564 | 2100037  |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 6966 | 578944  |
| Eli Lilly & Co. | 4848 | 3699024  |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 14599 | 1924148  |
| Johnson & Johnson | 21507 | 3987828  |
| Merck & Co., Inc. | 19166 | 1608602  |
| Organon & Co. | 31766 | 339261  |
| Viatris, Inc. | 77865 | 770864  |
|  |  | 15008708  |
| **Professional Services - 1.0%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 3948 | 394603  |
| Broadridge Financial Solutions, Inc. | 1170 | 278659  |
| CACI International, Inc. - Class A<sup>(b)</sup> | 1813 | 904288  |
| Concentrix Corp.<sup>(c)</sup> | 26395 | 1218129  |
| ExlService Holdings, Inc.<sup>(b)</sup> | 28595 | 1259038  |
| Genpact, Ltd. | 38303 | 1604513  |
| Leidos Holdings, Inc. | 1616 | 305359  |
| Robert Half, Inc. | 14876 | 505486  |
| Verisk Analytics, Inc. | 1559 | 392104  |
|  |  | 6862179  |
|  **Semiconductors & Semiconductor Equipment - 9.2%**<br>|  |  |
| Applied Materials, Inc. | 4735 | 969444  |
| Astera Labs, Inc.<sup>(b)</sup> | 1279 | 250428  |
| Broadcom, Inc. | 34764 | 11468991  |
| Cirrus Logic, Inc.<sup>(b)</sup> | 11829 | 1482055  |
| KLA Corp. | 988 | 1065657  |
| Lam Research Corp. | 8004 | 1071736  |
| Micron Technology, Inc. | 837 | 140047  |
| NVIDIA Corp. | 221480 | 41323738  |
| Qorvo, Inc.<sup>(b)</sup> | 10021 | 912713  |
| QUALCOMM, Inc. | 11773 | 1958556  |
| Skyworks Solutions, Inc. | 5462 | 420465  |
| Teradyne, Inc. | 2515 | 346165  |
|  |  | 61409995  |
| **Software - 10.0%**<br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 5084 | 1793381  |
| Appfolio, Inc. - Class A<sup>(b)</sup> | 3046 | 839660  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 5577 | 4007298  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 3342 | 533717  |
| Autodesk, Inc.<sup>(b)</sup> | 3689 | 1171885  |
| Cadence Design System, Inc.<sup>(b)</sup> | 1277 | 448559  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 867 | 425159  |
| DocuSign, Inc.<sup>(b)</sup> | 22275 | 1605805  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dolby Laboratories, Inc. - Class A | 1873 | $135549  |
| Dropbox, Inc. - Class A<sup>(b)</sup> | 88236 | 2665610  |
| Fair Isaac Corp.<sup>(b)</sup> | 280 | 419028  |
| Fortinet, Inc.<sup>(b)</sup> | 13947 | 1172664  |
| HubSpot, Inc.<sup>(b)</sup> | 192 | 89818  |
| Intuit, Inc. | 1139 | 777834  |
| Manhattan Associates, Inc.<sup>(b)</sup> | 953 | 195346  |
| Microsoft Corp. | 65718 | 34038638  |
| Nutanix, Inc. - Class A<sup>(b)</sup> | 16574 | 1232940  |
| Oracle Corp. | 2986 | 839783  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 25027 | 4565425  |
| Pegasystems, Inc. | 35931 | 2066033  |
| RingCentral, Inc. - Class A<sup>(b)</sup> | 67116 | 1902067  |
| Rubrik, Inc. - Class A<sup>(b)</sup> | 4049 | 333030  |
| Salesforce, Inc. | 6006 | 1423422  |
| ServiceNow, Inc.<sup>(b)</sup> | 826 | 760151  |
| Teradata Corp.<sup>(b)</sup> | 75025 | 1613788  |
| Unity Software, Inc.<sup>(b)</sup> | 8437 | 337817  |
| Workday, Inc. - Class A<sup>(b)</sup> | 1301 | 313190  |
|  Zoom Video Communications, Inc. - Class A<sup>(b)</sup> | 17566 | 1449195  |
| Zscaler, Inc.<sup>(b)</sup> | 639 | 191483  |
|  |  | 67348275  |
| **Specialty Retail - 3.8%**<br>|  |  |
| AutoZone, Inc.<sup>(b)</sup> | 512 | 2196603  |
| Bath & Body Works, Inc. | 55343 | 1425636  |
| Best Buy Co., Inc. | 16116 | 1218692  |
| Carvana Co.<sup>(b)</sup> | 982 | 370450  |
| Chewy, Inc. - Class A<sup>(b)</sup> | 28590 | 1156465  |
| Five Below, Inc.<sup>(b)</sup> | 6116 | 946145  |
| Gap, Inc. | 119707 | 2560533  |
| Home Depot, Inc. | 7524 | 3048649  |
| Lowe's Cos., Inc. | 6684 | 1679756  |
| Murphy USA, Inc. | 2326 | 903093  |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 19601 | 2113184  |
| Penske Automotive Group, Inc. | 2889 | 502426  |
| Ross Stores, Inc. | 1950 | 297160  |
| TJX Cos., Inc. | 14009 | 2024861  |
| Tractor Supply Co. | 5062 | 287876  |
| Ulta Beauty, Inc.<sup>(b)</sup> | 3152 | 1723356  |
| Wayfair, Inc. - Class A<sup>(b)(c)</sup> | 19951 | 1782223  |
| Williams Sonoma, Inc. | 7298 | 1426394  |
|  |  | 25663502  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.5%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.5%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 5.5%** |
| Apple, Inc. | 135318 | 34456022  |
|  Dell Technologies, Inc. - Class C - Class C | 2987 | 423467  |
| NetApp, Inc. | 5141 | 609003  |
| Pure Storage, Inc. - Class A<sup>(b)</sup> | 5823 | 488026  |
| Sandisk Corp.<sup>(b)</sup> | 1654 | 185579  |
| Western Digital Corp. | 3358 | 403161  |
|  |  | 36565258  |

---

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

34<br>

------

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

**GUIDEMARK LARGE CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Textiles, Apparel & Luxury Goods - 2.1%** | **Textiles, Apparel & Luxury Goods - 2.1%** |  |
| Amer Sports, Inc.<sup>(b)</sup> | 18702 | $649895  |
| Birkenstock Holding PLC<sup>(b)</sup> | 15954 | 721919  |
| Columbia Sportswear Co. | 20628 | 1078844  |
| Crocs, Inc.<sup>(b)(c)</sup> | 13453 | 1123998  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 8129 | 824037  |
| lululemon athletica, Inc.<sup>(b)</sup> | 7268 | 1293195  |
| NIKE, Inc. - Class B | 7806 | 544312  |
| On Holding AG - Class A<sup>(b)</sup> | 20097 | 851108  |
| PVH Corp. | 19085 | 1598751  |
| Ralph Lauren Corp. | 7772 | 2436988  |
| Tapestry, Inc. | 23899 | 2705845  |
| Under Armour, Inc. - Class A<sup>(b)</sup> | 13775 | 68737  |
|  |  | 13897629  |
| **Tobacco - 0.6%**<br>|  |  |
| Altria Group, Inc. | 24038 | 1587950  |
| Philip Morris International, Inc. | 14701 | 2384502  |
|  |  | 3972452  |
| **Trading Companies & Distributors - 1.3%** | **Trading Companies & Distributors - 1.3%** |  |
| Applied Industrial Technologies, Inc. | 3598 | 939258  |
| Core & Main, Inc. - Class A<sup>(b)</sup> | 21553 | 1160198  |
| Fastenal Co. | 25629 | 1256846  |
| Ferguson Enterprises, Inc. | 4709 | 1057547  |
|  MSC Industrial Direct Co., Inc. - Class A | 13650 | 1257711  |
| SiteOne Landscape Supply, Inc.<sup>(b)</sup> | 7298 | 939982  |
| W.W. Grainger, Inc. | 1109 | 1056833  |
| WESCO International, Inc. | 3491 | 738347  |
|  |  | 8406722  |
| **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** |  |
| Millicom International Cellular SA | 40091 | 1946017  |
| T-Mobile USA, Inc. | 5291 | 1266560  |
|  |  | 3212577  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $361,215,307)** |  | 644060052  |
| **INVESTMENT COMPANIES - 3.2%**<br>|  |  |
| Vanguard S&P 500 ETF | 35012 | 21440648  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $19,863,108)** |  | 21440648  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.2%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.2%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.2%** |
| **Real Estate Investment Trusts - 0.2%**<br>|  |  |
| Rithm Capital Corp. | 113218 | 1289553  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,049,709)** |  | 1289553 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(e)</sup> | 13034590 | $13034590  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $13,034,590)** |  | 13034590 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(e)</sup> | 4171303 | 4171303  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,171,303)** |  | 4171303  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $399,334,017)** |  | $683996146  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.0)% |  | (13550077)  |
| **TOTAL NET ASSETS - 100.0%** |  | $670446069 |

---

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> Represents less than 0.05% of net assets.

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

<sup>(c)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $12,471,562.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $3,538 or 0.0% of net assets as of September 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

35<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.7%**<br>|  |  |
| **Aerospace & Defense - 1.3%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 90 | $28340  |
| Astronics Corp.<sup>(a)</sup> | 873 | 39818  |
| ATI, Inc.<sup>(a)</sup> | 1175 | 95574  |
| BWX Technologies, Inc. | 705 | 129981  |
| Byrna Technologies, Inc.<sup>(a)</sup> | 2334 | 51721  |
| Curtiss-Wright Corp. | 527 | 286129  |
| Ducommun, Inc.<sup>(a)</sup> | 370 | 35568  |
| Huntington Ingalls Industries, Inc. | 390 | 112285  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 937 | 85614  |
| Leonardo DRS, Inc. | 451 | 20475  |
| Moog, Inc. - Class A | 131 | 27205  |
| Rocket Lab Corp.<sup>(a)</sup> | 2456 | 117667  |
| Satellogic, Inc.<sup>(a)(b)</sup> | 7852 | 25755  |
| Textron, Inc. | 1437 | 121412  |
| V2X, Inc.<sup>(a)</sup> | 189 | 10979  |
| Woodward Governor Co. | 497 | 125597  |
|  |  | 1314120  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 1415 | 187346  |
| GXO Logistics, Inc.<sup>(a)</sup> | 728 | 38504  |
| Radiant Logistics, Inc.<sup>(a)</sup> | 12522 | 73880  |
|  |  | 299730  |
| **Automobile Components - 0.9%**<br>|  |  |
| BorgWarner, Inc. | 3272 | 143837  |
| Dorman Products, Inc.<sup>(a)</sup> | 627 | 97737  |
| Garrett Motion, Inc. | 4399 | 59914  |
| Gentex Corp. | 1640 | 46412  |
| LCI Industries | 529 | 49276  |
| Lear Corp. | 257 | 25857  |
| Modine Manufacturing Co.<sup>(a)</sup> | 966 | 137327  |
| Motorcar Parts of America, Inc.<sup>(a)</sup> | 2564 | 42409  |
| Patrick Industries, Inc. | 1026 | 106067  |
| Phinia, Inc. | 804 | 46214  |
| Solid Power, Inc.<sup>(a)</sup> | 5064 | 17572  |
| Strattec Security Corp.<sup>(a)</sup> | 674 | 45872  |
| Visteon Corp. | 195 | 23373  |
| XPEL, Inc.<sup>(a)</sup> | 1380 | 45637  |
|  |  | 887504  |
| **Automobiles - 0.2%**<br>|  |  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 7199 | 105682  |
| Thor Industries, Inc. | 828 | 85855  |
|  |  | 191537  |
| **Banks - 8.7%**<br>|  |  |
| 1st Source Corp. | 317 | 19515  |
| Amalgamated Financial Corp. | 713 | 19358  |
| Ameris Bancorp | 1195 | 87605  |
| Associated Banc-Corp. | 1061 | 27278  |
| Axos Financial, Inc.<sup>(a)</sup> | 1426 | 120711  |
| BancFirst Corp. | 361 | 45648  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bancorp, Inc.<sup>(a)</sup> | 1876 | $140494  |
| Bank First Corp. | 241 | 29236  |
| Bank of Hawaii Corp. | 733 | 48114  |
| Bank of NT Butterfield & Son Ltd. | 2285 | 98072  |
| Bank OZK | 2458 | 125309  |
| Bank7 Corp. | 1539 | 71210  |
| BankUnited, Inc. | 1586 | 60522  |
| Bankwell Financial Group, Inc. | 534 | 23630  |
| Banner Corp. | 378 | 24759  |
| BayCom Corp. | 696 | 20010  |
| Berkshire Hills Bancorp, Inc. | 1705 | 40414  |
| BOK Financial Corp. | 403 | 44910  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 2501 | 44018  |
|  Burke & Herbert Financial Services Corp. | 198 | 12215  |
| Business First Bancshares, Inc. | 784 | 18510  |
| C&F Financial Corp. | 595 | 39984  |
| Cadence Bank | 2559 | 96065  |
| Capital Bancorp, Inc. | 1881 | 60004  |
| Capital City Bank Group, Inc. | 857 | 35814  |
| Cathay General Bancorp | 1534 | 73647  |
| CB Financial Services, Inc. | 398 | 13218  |
| Central Pacific Financial Corp. | 1047 | 31766  |
| CF Bankshares, Inc. | 1366 | 32716  |
| Citizens Community Bancorp, Inc. | 1422 | 22852  |
| Citizens Financial Services, Inc. | 618 | 37253  |
| City Holding Co. | 340 | 42116  |
| Civista Bancshares, Inc. | 2673 | 54289  |
| CNB Financial Corp. | 517 | 12511  |
| Coastal Financial Corp.<sup>(a)</sup> | 373 | 40347  |
| Colony Bankcorp, Inc. | 1170 | 19902  |
| Columbia Banking System, Inc. | 3826 | 98481  |
| Comerica, Inc. | 2642 | 181030  |
| Commerce Bancshares, Inc. | 1806 | 107927  |
| Community Financial System, Inc. | 375 | 21990  |
| Community Trust Bancorp, Inc. | 583 | 32619  |
| Cullen Frost Bankers, Inc. | 1108 | 140461  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 1261 | 82432  |
| CVB Financial Corp. | 1295 | 24488  |
| Eagle Bancorp Montana, Inc. | 594 | 10258  |
| East West Bancorp, Inc. | 2696 | 286989  |
| ECB Bancorp, Inc.<sup>(a)</sup> | 1266 | 20091  |
| Enterprise Financial Services Corp. | 1134 | 65749  |
| Esquire Financial Holdings, Inc. | 600 | 61233  |
| Farmers National Banc Corp. | 1408 | 20289  |
| FB Bancorp, Inc.<sup>(a)</sup> | 1693 | 20350  |
| First BanCorp | 4691 | 103437  |
| First Bank | 2404 | 39161  |
| First Busey Corp. | 0<sup>(c)</sup> | 9  |
| First Business Financial Services, Inc. | 970 | 49722  |
| First Capital, Inc. | 467 | 21389  |
| First Community Corp. | 1311 | 36996  |
| First Financial Bancorp | 1499 | 37850  |
| First Financial Bankshares, Inc. | 1319 | 44384  |

---

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

36<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| First Financial Corp. | 1098 | $61971  |
| First Hawaiian, Inc. | 2064 | 51249  |
| First Horizon Corp. | 8658 | 195757  |
|  First Interstate BancSystem, Inc. - Class A | 675 | 21512  |
| First Merchants Corp. | 1087 | 40980  |
| First Savings Financial Group, Inc. | 1753 | 55097  |
| First United Corp. | 1389 | 51074  |
| Five Star Bancorp | 679 | 21864  |
| FNB Corp. | 4646 | 74847  |
| Franklin Financial Services Corp. | 766 | 35236  |
| FS Bancorp, Inc. | 825 | 32934  |
| Fulton Financial Corp. | 2906 | 54139  |
| GBank Financial Holdings, Inc.<sup>(a)</sup> | 894 | 35107  |
| Glacier Bancorp, Inc. | 258 | 12557  |
| Guaranty Bancshares Inc. | 668 | 32565  |
| Hancock Whitney Corp. | 1658 | 103807  |
| Hanmi Financial Corp. | 2531 | 62490  |
| Hawthorn Bancshares, Inc. | 1505 | 46715  |
| HBT Financial, Inc. | 1496 | 37699  |
| Home Bancorp, Inc. | 1058 | 57476  |
| Home BancShares, Inc. | 2263 | 64043  |
| HomeTrust Bancshares, Inc. | 965 | 39507  |
| Independent Bank Corp. | 1665 | 51573  |
| Independent Bank Corp. | 501 | 34654  |
| International Bancshares Corp. | 1283 | 88206  |
| Investar Holding Corp. | 1565 | 36324  |
| Landmark Bancorp, Inc. | 1288 | 34377  |
| Mercantile Bank Corp. | 1080 | 48600  |
| Meridian Corp. | 2958 | 46707  |
| Metrocity Bankshares, Inc. | 1047 | 28991  |
| Metropolitan Bank Holding Corp. | 906 | 67787  |
| Mid Penn Bancorp, Inc. | 708 | 20277  |
| NB Bancorp, Inc. | 551 | 9725  |
| Nicolet Bankshares, Inc. | 317 | 42637  |
| Northeast Bank | 640 | 64102  |
| Northeast Community Bancorp, Inc. | 1556 | 32007  |
| Northrim BanCorp, Inc. | 2248 | 48692  |
| Oak Valley Bancorp | 1530 | 43100  |
| OceanFirst Financial Corp. | 544 | 9558  |
| OFG Bancorp | 1752 | 76195  |
| Ohio Valley Banc Corp. | 641 | 23704  |
| Old National Bancorp | 4241 | 93090  |
| Old Second Bancorp, Inc. | 2674 | 46220  |
| OP Bancorp | 2777 | 38656  |
| Origin Bancorp, Inc. | 422 | 14567  |
| Park National Corp. | 95 | 15440  |
| Parke Bancorp, Inc. | 1524 | 32842  |
| Pathward Financial, Inc. | 1307 | 96731  |
| PCB Bancorp | 1646 | 34566  |
| Peoples Bancorp of North Carolina, Inc. | 636 | 19500  |
| Peoples Bancorp, Inc. | 933 | 27981  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Pinnacle Financial Partners, Inc. | 1029 | $96510  |
| Plumas Bancorp | 1032 | 44521  |
| Ponce Financial Group, Inc.<sup>(a)</sup> | 2180 | 32046  |
| Popular, Inc. | 1400 | 177814  |
| Preferred Bank | 865 | 78187  |
| Prosperity Bancshares, Inc. | 734 | 48701  |
| Provident Financial Services, Inc. | 1759 | 33914  |
| QCR Holdings, Inc. | 458 | 34643  |
| Red River Bancshares, Inc. | 592 | 38373  |
| Renasant Corp. | 771 | 28442  |
| Republic Bancorp, Inc. - Class A | 597 | 43133  |
| Rhinebeck Bancorp, Inc.<sup>(a)</sup> | 1613 | 18324  |
| S&T Bancorp, Inc. | 253 | 9510  |
| SB Financial Group, Inc. | 1053 | 20312  |
| ServisFirst Bancshares, Inc. | 989 | 79644  |
| Shore Bancshares, Inc. | 3137 | 51478  |
| Sierra Bancorp | 744 | 21509  |
| Simmons First National Corp. - Class A | 494 | 9470  |
| SmartFinancial, Inc. | 574 | 20509  |
| South Plains Financial, Inc. | 1786 | 69029  |
| Southern Missouri Bancorp, Inc. | 417 | 21918  |
| Southstate Bank Corp. | 817 | 80777  |
| SR Bancorp, Inc. | 2338 | 35280  |
| Stellar Bancorp, Inc. | 1011 | 30674  |
| Stock Yards Bancorp, Inc. | 683 | 47803  |
| Synovus Financial Corp. | 2840 | 139387  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 216 | 18259  |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 2167 | 82281  |
| Timberland Bancorp, Inc. | 610 | 20301  |
| Tompkins Financial Corp. | 447 | 29596  |
| TowneBank | 632 | 21848  |
| Trustmark Corp. | 635 | 25146  |
| UMB Financial Corp. | 1075 | 127226  |
| Union Bankshares, Inc. | 897 | 22210  |
| United Bankshares, Inc. | 867 | 32261  |
| United Community Banks, Inc. | 1000 | 31350  |
| United Security Bancshares | 2521 | 23521  |
| Unity Bancorp, Inc. | 1067 | 52144  |
| Univest Financial Corp. | 1787 | 53646  |
| USCB Financial Holdings, Inc. | 1172 | 20451  |
| Valley National Bancorp | 6955 | 73723  |
| Veritex Holdings, Inc. | 993 | 33295  |
| Virginia National Bankshares Corp. | 528 | 20492  |
| WaFd, Inc. | 592 | 17932  |
| Webster Financial Corp.  | 2412 | 143369  |
| West BanCorp, Inc.  | 972 | 19751  |
| Westamerica BanCorp | 679 | 33943  |
| Western Alliance Bancorp | 2172 | 188356  |
| Wintrust Financial Corp. | 1301 | 172304  |
| WSFS Financial Corp. | 807 | 43522  |
| Zions Bancorp NA | 3125 | 176813  |
|  |  | 8452440  |

---

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

37<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Beverages - 0.4%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 225 | $47570  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 1442 | 82901  |
| Coca-Cola Consolidated, Inc. | 1440 | 168710  |
| National Beverage Corp.<sup>(a)</sup> | 836 | 30865  |
| Primo Brands Corp. | 2313 | 51117  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 549 | 23316  |
| Zevia PBC - Class A<sup>(a)</sup> | 5312 | 14449  |
|  |  | 418928  |
| **Biotechnology - 3.4%**<br>|  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 5925 | 126439  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 3615 | 52996  |
| Aduro Biotech, Inc.<sup>(a)(d)</sup> | 1181 | 0  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 31441 | 85834  |
| Alkermes PLC<sup>(a)</sup> | 6361 | 190830  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 2716 | 51197  |
| Avita Medical, Inc.<sup>(a)</sup> | 3308 | 16904  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 7903 | 59984  |
| CareDx, Inc.<sup>(a)</sup> | 4311 | 62682  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 7185 | 141544  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 9474 | 83561  |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 7455 | 19756  |
| Exact Sciences Corp.<sup>(a)</sup> | 2144 | 117298  |
| Exelixis, Inc.<sup>(a)</sup> | 8040 | 332052  |
| Fennec Pharmaceuticals, Inc.<sup>(a)</sup> | 8957 | 83837  |
| Gyre Therapeutics, Inc.<sup>(a)(b)</sup> | 2606 | 19441  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1722 | 126291  |
| Insmed, Inc.<sup>(a)</sup> | 1090 | 156971  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 73 | 12887  |
| MiMedx Group, Inc.<sup>(a)</sup> | 11167 | 77946  |
| Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 741 | 54323  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 840 | 117919  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 25930 | 109425  |
| Protalix BioTherapeutics, Inc.<sup>(a)</sup> | 23846 | 52938  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 2739 | 168092  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 47593 | 252719  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 687 | 69380  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 2732 | 77397  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 3149 | 113758  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 2061 | 49258  |
| United Therapeutics Corp.<sup>(a)</sup> | 815 | 341656  |
| UroGen Pharma Ltd.<sup>(a)</sup> | 1105 | 22045  |
| Vericel Corp.<sup>(a)</sup> | 1098 | 34554  |
|  |  | 3281914  |
| **Broadline Retail - 0.7%**<br>|  |  |
| Dillard's, Inc. - Class A<sup>(b)</sup> | 276 | 169597  |
| Etsy, Inc.<sup>(a)</sup> | 1783 | 118373  |
| Groupon, Inc.<sup>(a)</sup> | 3002 | 70097  |
| Kohl's Corp.<sup>(b)</sup> | 3254 | 50014  |
| Macy's, Inc. | 8172 | 146524  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc.<sup>(a)</sup> | 666 | 85514  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Savers Value Village, Inc.<sup>(a)</sup> | 3968 | $52576  |
|  |  | 692695  |
| **Building Products - 1.7%**<br>|  |  |
| A O Smith Corp. | 1489 | 109307  |
| AAON, Inc. | 678 | 63352  |
| Advanced Drainage Systems, Inc. | 753 | 104441  |
| Allegion PLC | 1246 | 220978  |
| American Woodmark Corp.<sup>(a)</sup> | 155 | 10348  |
| Apogee Enterprises, Inc. | 572 | 24922  |
| Armstrong World Industries, Inc. | 641 | 125642  |
| AZZ, Inc. | 691 | 75409  |
| CSW Industrials, Inc. | 88 | 21362  |
| Fortune Brands Innovations, Inc. | 1530 | 81687  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 261 | 16391  |
| Griffon Corp. | 1585 | 120698  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 1750 | 26460  |
| Janus International Group, Inc.<sup>(a)</sup> | 3673 | 36253  |
| Owens Corning, Inc. | 1241 | 175552  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 3536 | 152684  |
| Simpson Manufacturing Co., Inc. | 481 | 80548  |
| Tecnoglass, Inc. | 157 | 10505  |
| Trex Co., Inc.<sup>(a)</sup> | 768 | 39683  |
| UFP Industries, Inc. | 969 | 90592  |
| Zurn Elkay Water Solutions Corp. | 1583 | 74448  |
|  |  | 1661262  |
| **Capital Markets - 3.6%**<br>|  |  |
| Acadian Asset Management, Inc. | 1500 | 72240  |
| Affiliated Managers Group, Inc. | 854 | 203619  |
|  Artisan Partners Asset Management, Inc. - Class A | 2088 | 90619  |
| BGC Group, Inc. - Class A | 4144 | 39202  |
| Carlyle Group, Inc. | 3430 | 215061  |
| Cohen & Steers, Inc. | 425 | 27884  |
| Diamond Hill Investment Group, Inc. | 402 | 56284  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1664 | 85580  |
| Evercore, Inc. - Class A | 785 | 264796  |
| FactSet Research Systems, Inc. | 495 | 141813  |
| Franklin Resources, Inc. | 812 | 18782  |
| Hamilton Lane, Inc. - Class A | 769 | 103653  |
| Houlihan Lokey, Inc. | 1017 | 208810  |
| Invesco Ltd. | 5103 | 117063  |
| Janus Henderson Group PLC | 2781 | 123782  |
| Jefferies Financial Group, Inc. | 2657 | 173821  |
| Lazard, Inc. | 1742 | 91943  |
| Marex Group PLC | 2198 | 73897  |
| MarketAxess Holdings, Inc. | 325 | 56631  |
| Moelis & Co. - Class A | 861 | 61407  |
| Morningstar, Inc. | 201 | 46634  |
| Piper Sandler Cos. | 253 | 87788  |
| PJT Partners, Inc. - Class A<sup>(b)</sup> | 820 | 145739  |
| SEI Investments Co. | 2176 | 184634  |
| Siebert Financial Corp.<sup>(a)</sup> | 12429 | 36293  |
| Stifel Financial Corp. | 2017 | 228869  |

---

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

38<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Capital Markets - (Continued)**  | **Capital Markets - (Continued)**  | **Capital Markets - (Continued)**  |
| StoneX Group, Inc.<sup>(a)</sup> | 2023 | $204161  |
| TPG, Inc. | 475 | 27289  |
| Victory Capital Holdings, Inc. - Class A | 855 | 55370  |
| Virtu Financial, Inc. - Class A | 3848 | 136604  |
| Virtus Investment Partners, Inc. | 293 | 55679  |
| WisdomTree, Inc.<sup>(b)</sup> | 3725 | 51777  |
| XP, Inc. - Class A | 3375 | 63416  |
|  |  | 3551140  |
| **Chemicals - 0.7%**<br>|  |  |
| Axalta Coating Systems, Ltd.<sup>(a)</sup> | 1232 | 35260  |
| Cabot Corp. | 271 | 20610  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 1912 | 39292  |
| Element Solutions, Inc. | 787 | 19809  |
| Hawkins, Inc. | 581 | 106160  |
| Ingevity Corp.<sup>(a)</sup> | 400 | 22076  |
| Mosaic Co. | 2622 | 90931  |
| NewMarket Corp. | 121 | 100213  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1160 | 25972  |
| RPM International, Inc. | 1794 | 211477  |
| Scotts Miracle-Gro Co. | 294 | 16743  |
| Sensient Technologies Corp. | 292 | 27404  |
|  |  | 715947  |
| **Commercial Services & Supplies - 1.1%** | **Commercial Services & Supplies - 1.1%** | **Commercial Services & Supplies - 1.1%** |
| Acme United Corp. | 1171 | 48222  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 2364 | 31678  |
| Brink's Co. | 106 | 12387  |
| Cimpress PLC<sup>(a)</sup> | 1217 | 76720  |
| Clean Harbors, Inc.<sup>(a)</sup> | 495 | 114949  |
| Deluxe Corp. | 3560 | 68922  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 2327 | 39163  |
| HNI Corp.<sup>(b)</sup> | 1893 | 88687  |
| Interface, Inc. | 4078 | 118017  |
| Liquidity Services, Inc.<sup>(a)</sup> | 1201 | 32943  |
| MillerKnoll, Inc. | 2624 | 46550  |
| Mobile Infrastructure Corp.<sup>(a)</sup> | 7543 | 26551  |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 694 | 19057  |
| MSA Safety, Inc. | 291 | 50072  |
| OPENLANE, Inc.<sup>(a)</sup> | 1292 | 37184  |
| Pitney Bowes, Inc. | 5358 | 61135  |
| Quad/Graphics, Inc. | 10481 | 65611  |
| Steelcase, Inc. - Class A | 2771 | 47661  |
| Tetra Tech, Inc. | 432 | 14420  |
| UniFirst Corp. | 211 | 35277  |
| Virco Mfg. Corp. | 3377 | 26172  |
|  |  | 1061378  |
| **Communications Equipment - 1.7%**<br>|  |  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 7460 | 69975  |
| BK Technologies Corp.<sup>(a)</sup> | 975 | 82368  |
| Calix, Inc.<sup>(a)</sup> | 1989 | 122065  |
| Ciena Corp.<sup>(a)</sup> | 2117 | 308383  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 4334 | 67090  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Digi International, Inc.<sup>(a)</sup> | 1796 | $65482  |
| Extreme Networks, Inc.<sup>(a)</sup> | 6705 | 138458  |
| F5, Inc.<sup>(a)</sup> | 1047 | 338380  |
| Harmonic, Inc.<sup>(a)</sup> | 4953 | 50422  |
| Inseego Corp.<sup>(a)</sup> | 3108 | 46527  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 326 | 53044  |
| NETGEAR, Inc.<sup>(a)</sup> | 2393 | 77509  |
| NetScout Systems, Inc.<sup>(a)</sup> | 2117 | 54682  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 16699 | 63456  |
| ViaSat, Inc.<sup>(a)</sup> | 670 | 19631  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 4183 | 53082  |
|  |  | 1610554  |
| **Construction & Engineering - 3.4%**<br>|  |  |
| AECOM | 1431 | 186703  |
| API Group Corp.<sup>(a)</sup> | 5663 | 194637  |
| Arcosa, Inc. | 355 | 33267  |
| Argan, Inc. | 188 | 50769  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 1963 | 83153  |
| Comfort Systems USA, Inc. | 597 | 492632  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 345 | 43815  |
| Dycom Industries, Inc.<sup>(a)</sup> | 312 | 91029  |
| EMCOR Group, Inc. | 873 | 567048  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 241 | 20666  |
| Fluor Corp.<sup>(a)</sup> | 1310 | 55112  |
| Granite Construction, Inc. | 910 | 99782  |
| IES Holdings, Inc.<sup>(a)</sup> | 731 | 290682  |
| Limbach Holdings, Inc.<sup>(a)</sup> | 139 | 13500  |
| MasTec, Inc.<sup>(a)</sup> | 820 | 174504  |
| MYR Group, Inc.<sup>(a)</sup> | 221 | 45975  |
| NWPX Infrastructure, Inc.<sup>(a)</sup> | 895 | 47372  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 2459 | 20459  |
| Primoris Services Corp. | 1488 | 204347  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 653 | 221811  |
| Tutor Perini Corp.<sup>(a)</sup> | 2875 | 188571  |
| Valmont Industries, Inc. | 442 | 171377  |
| WillScot Holdings Corp. | 440 | 9288  |
|  |  | 3306499  |
| **Construction Materials - 0.1%**<br>|  |  |
| Eagle Materials, Inc. | 125 | 29130  |
| Knife River Corp.<sup>(a)</sup> | 295 | 22677  |
| United States Lime & Minerals, Inc. | 469 | 61697  |
|  |  | 113504  |
| **Consumer Finance - 2.1%**<br>|  |  |
| Ally Financial, Inc. | 3239 | 126969  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 2504 | 146684  |
| Bread Financial Holdings, Inc. | 1847 | 103007  |
| Consumer Portfolio Services, Inc.<sup>(a)</sup> | 1526 | 11521  |
| Credit Acceptance Corp.<sup>(a)</sup> | 210 | 98055  |
| Dave, Inc.<sup>(a)</sup> | 844 | 168251  |
| Enova International, Inc.<sup>(a)</sup> | 1866 | 214758  |
| FirstCash Holdings, Inc. | 743 | 117706  |
| LendingClub Corp.<sup>(a)</sup> | 2396 | 36395  |
| Medallion Financial Corp. | 6185 | 62469  |

---

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

39<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Finance - (Continued)**  | **Consumer Finance - (Continued)**  | **Consumer Finance - (Continued)**  |
| Nelnet, Inc. - Class A | 227 | $28461  |
| OneMain Holdings, Inc. | 3551 | 200490  |
| PROG Holdings, Inc. | 2740 | 88667  |
| Regional Management Corp. | 1764 | 68726  |
| SLM Corp. | 6927 | 191739  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 13337 | 352364  |
| World Acceptance Corp.<sup>(a)</sup> | 393 | 66472  |
|  |  | 2082734  |
| **Consumer Staples Distribution & Retail - 2.9%** | **Consumer Staples Distribution & Retail - 2.9%** | **Consumer Staples Distribution & Retail - 2.9%** |
| Albertsons Cos., Inc. - Class A | 8201 | 143600  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2669 | 248884  |
| Casey's General Stores, Inc. | 732 | 413814  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 1822 | 106277  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 3028 | 48599  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 1687 | 44250  |
| HF Foods Group, Inc.<sup>(a)</sup> | 8352 | 23052  |
| Ingles Markets, Inc. - Class A | 1098 | 76377  |
| Maplebear, Inc.<sup>(a)</sup> | 2846 | 104619  |
|  Natural Grocers by Vitamin Cottage, Inc. | 2860 | 114400  |
| Performance Food Group Co.<sup>(a)</sup> | 3352 | 348742  |
| PriceSmart, Inc. | 794 | 96225  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2274 | 247411  |
| United Natural Foods, Inc.<sup>(a)</sup> | 5713 | 214923  |
| US Foods Holding Corp.<sup>(a)</sup> | 4688 | 359195  |
| Village Super Market, Inc. - Class A | 3130 | 116937  |
| Weis Markets, Inc. | 1227 | 88184  |
|  |  | 2795489  |
| **Containers & Packaging - 0.6%**<br>|  |  |
| AptarGroup, Inc. | 616 | 82334  |
| Avery Dennison Corp. | 816 | 132331  |
| Crown Holdings, Inc. | 963 | 93016  |
| Myers Industries, Inc. | 3085 | 52260  |
| Packaging Corp. of America | 1012 | 220545  |
|  |  | 580486  |
| **Distributors - 0.2%**<br>|  |  |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 671 | 19056  |
| LKQ Corp. | 1869 | 57079  |
| Pool Corp. | 381 | 118137  |
| Weyco Group, Inc. | 1373 | 41314  |
|  |  | 235586  |
| **Diversified Consumer Services - 1.9%**<br>|  |  |
| ADT, Inc. | 6829 | 59481  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 1419 | 219164  |
| American Public Education, Inc.<sup>(a)</sup> | 3891 | 153578  |
| Coursera, Inc.<sup>(a)</sup> | 2210 | 25879  |
| Duolingo, Inc.<sup>(a)</sup> | 305 | 98161  |
| Frontdoor, Inc.<sup>(a)</sup> | 2450 | 164860  |
| Graham Holdings Co. - Class B | 93 | 109490  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 738 | $162006  |
| H&R Block, Inc. | 2771 | 140129  |
| Laureate Education, Inc.<sup>(a)</sup> | 1905 | 60084  |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 4992 | 117312  |
| Nerdy, Inc.<sup>(a)</sup> | 27298 | 34395  |
| Perdoceo Education Corp. | 4816 | 181371  |
| Service Corp. International | 207 | 17226  |
| Strategic Education, Inc. | 221 | 19008  |
| Stride, Inc.<sup>(a)(b)</sup> | 1474 | 219538  |
| Udemy, Inc.<sup>(a)</sup> | 4685 | 32842  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 2534 | 82482  |
|  |  | 1897006  |
| **Diversified Telecommunication Services - 0.4%** | **Diversified Telecommunication Services - 0.4%** | **Diversified Telecommunication Services - 0.4%** |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 2221 | 37024  |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 921 | 34399  |
| GCI Liberty Inc SR Escrow<sup>(a)(d)</sup> | 593 | 536  |
| IDT Corp. - Class B | 2623 | 137209  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 2797 | 32054  |
| Liberty Global Ltd. - Class C<sup>(a)</sup> | 2741 | 32207  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 9253 | 56628  |
| Uniti Group, Inc.<sup>(a)</sup> | 1546 | 9462  |
|  |  | 339519  |
| **Electric Utilities - 0.4%**<br>|  |  |
| ALLETE, Inc. | 287 | 19057  |
| Genie Energy Ltd. - Class B | 3064 | 45807  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 2301 | 25403  |
| IDACORP, Inc. | 265 | 35020  |
| OGE Energy Corp. | 1266 | 58578  |
| Oklo, Inc.<sup>(a)(b)</sup> | 607 | 67759  |
| Pinnacle West Capital Corp. | 730 | 65452  |
| TXNM Energy, Inc. | 419 | 23694  |
|  |  | 340770  |
| **Electrical Equipment - 1.5%**<br>|  |  |
| Acuity, Inc. | 769 | 264836  |
| Allient, Inc. | 1705 | 76299  |
| Atkore, Inc. | 970 | 60858  |
|  Bloom Energy Corp. - Class A - Class A<sup>(a)</sup> | 608 | 51419  |
| EnerSys | 623 | 70374  |
| Generac Holdings, Inc.<sup>(a)</sup> | 645 | 107973  |
| LSI Industries, Inc. | 4305 | 101641  |
| NEXTracker, Inc. - Class A<sup>(a)(b)</sup> | 1185 | 87678  |
| NuScale Power Corp.<sup>(a)(b)</sup> | 674 | 24264  |
| nVent Electric PLC | 1354 | 133559  |
| Powell Industries, Inc. | 300 | 91443  |
| Power Solutions International, Inc.<sup>(a)</sup> | 506 | 49699  |
| Preformed Line Products Co. | 674 | 132205  |
| Regal Rexnord Corp. | 728 | 104424  |
| Sensata Technologies Holding PLC | 689 | 21049  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 1140 | 30461  |
| Vicor Corp.<sup>(a)</sup> | 849 | 42212  |
|  |  | 1450394  |

---

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

40<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Electronic Equipment, Instruments & Components - 2.4%**<br>|  |  |
| Advanced Energy Industries, Inc. | 267 | $45427  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 4215 | 71444  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 768 | 92928  |
| Avnet, Inc. | 1446 | 75597  |
| Badger Meter, Inc. | 449 | 80183  |
| Belden, Inc. | 857 | 103072  |
| Climb Global Solutions, Inc. | 92 | 12405  |
| Cognex Corp. | 1120 | 50736  |
| Coherent Corp.<sup>(a)</sup> | 1329 | 143160  |
| Daktronics, Inc.<sup>(a)</sup> | 2997 | 62697  |
| ePlus, Inc. | 822 | 58370  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 3104 | 23435  |
| Fabrinet<sup>(a)</sup> | 251 | 91520  |
| Flex Ltd.<sup>(a)</sup> | 2526 | 146432  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 102 | 11568  |
| Itron, Inc.<sup>(a)</sup> | 491 | 61159  |
| Jabil, Inc. | 1460 | 317068  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 628 | 18752  |
| Knowles Corp.<sup>(a)</sup> | 830 | 19347  |
| Littelfuse, Inc. | 149 | 38593  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 1212 | 28191  |
| Napco Security Technologies, Inc. | 1324 | 56866  |
| OSI Systems, Inc.<sup>(a)</sup> | 274 | 68292  |
| PC Connection, Inc. | 757 | 46927  |
| Plexus Corp.<sup>(a)</sup> | 273 | 39500  |
| Richardson Electronics Ltd. | 3003 | 29399  |
| Sanmina Corp.<sup>(a)</sup> | 883 | 101642  |
| ScanSource, Inc.<sup>(a)</sup> | 586 | 25778  |
| TD SYNNEX Corp. | 964 | 157855  |
| TTM Technologies, Inc.<sup>(a)</sup> | 1720 | 99072  |
| Vishay Precision Group, Inc.<sup>(a)</sup> | 602 | 19294  |
| Vontier Corp. | 3057 | 128302  |
|  |  | 2325011  |
| **Energy Equipment & Services - 0.7%**<br>|  |  |
| Archrock, Inc. | 1200 | 31572  |
| Energy Services of America Corp. | 3103 | 32116  |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 2750 | 73452  |
| Liberty Energy, Inc. | 3150 | 38871  |
| NOV, Inc. | 1889 | 25029  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1204 | 29835  |
| Oil States International, Inc.<sup>(a)</sup> | 3060 | 18544  |
| Patterson-UTI Energy, Inc. | 4945 | 25615  |
| ProFrac Holding Corp. - Class A<sup>(a)</sup> | 5828 | 21564  |
| ProPetro Holding Corp.<sup>(a)</sup> | 4112 | 21547  |
| Ranger Energy Services, Inc. - Class A | 2877 | 40393  |
| RPC, Inc. | 3288 | 15651  |
| TechnipFMC PLC | 4978 | 196382  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 7104 | 40848  |
| Tidewater, Inc.<sup>(a)</sup> | 617 | 32905  |
|  |  | 644324  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Entertainment - 0.4%**<br>|  |  |
| CuriosityStream, Inc. | 6833 | $36215  |
| Golden Matrix Group, Inc.<sup>(a)</sup> | 23242 | 26264  |
|  Liberty Media Corp.-Liberty Live - Class A<sup>(a)</sup> | 535 | 50451  |
|  Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 929 | 90085  |
| Playstudios, Inc.<sup>(a)</sup> | 49732 | 47872  |
| Playtika Holding Corp. | 5451 | 21204  |
| Roku, Inc.<sup>(a)</sup> | 1471 | 147291  |
|  |  | 419382  |
| **Financial Services - 3.3%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 1689 | 123432  |
| Alerus Financial Corp. | 611 | 13528  |
|  Banco Latinoamericano de Comercio Exterior SA | 2910 | 133773  |
| Cantaloupe, Inc.<sup>(a)</sup> | 4472 | 47269  |
| Corebridge Financial, Inc. | 2866 | 91855  |
| Enact Holdings, Inc. | 2306 | 88412  |
| Equitable Holdings, Inc. | 3858 | 195909  |
| Essent Group Ltd. | 2158 | 137163  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 946 | 83068  |
| EVERTEC, Inc. | 1309 | 44218  |
|  Federal Agricultural Mortgage Corp. - Class C | 640 | 107507  |
| Finance Of America Cos., Inc.<sup>(a)</sup> | 3503 | 78572  |
| International Money Express, Inc.<sup>(a)</sup> | 3393 | 47400  |
| Jack Henry & Associates, Inc. | 1035 | 154143  |
| Jackson Financial, Inc. - Class A | 776 | 78555  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 5482 | 28945  |
| Merchants Bancorp | 1998 | 63536  |
| MGIC Investment Corp. | 7356 | 208690  |
| Mr Cooper Group, Inc. | 1742 | 367196  |
| NCR Atleos Corp.<sup>(a)</sup> | 1407 | 55309  |
| NewtekOne, Inc. | 4093 | 46865  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 2699 | 103480  |
| Onity Group, Inc.<sup>(a)</sup> | 815 | 32567  |
| Pagseguro Digital Ltd. - Class A | 5202 | 52020  |
| Payoneer Global, Inc.<sup>(a)</sup> | 1710 | 10346  |
| Paysign, Inc.<sup>(a)</sup> | 4424 | 27827  |
| PennyMac Financial Services, Inc. | 676 | 83743  |
| Radian Group, Inc. | 4190 | 151762  |
|  Security National Financial Corp. - Class A<sup>(a)</sup> | 2144 | 18589  |
| Sezzle, Inc.<sup>(a)</sup> | 1407 | 111899  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 848 | 65635  |
| Velocity Financial, Inc.<sup>(a)</sup> | 1532 | 27790  |
| Voya Financial, Inc. | 2149 | 160745  |
| Western Union Co.<sup>(b)</sup> | 9660 | 77183  |
| WEX, Inc.<sup>(a)</sup> | 580 | 91367  |
|  |  | 3210298  |
| **Food Products - 0.8%**<br>|  |  |
| Cal-Maine Foods, Inc. | 1718 | 161664  |
| Darling International, Inc.<sup>(a)</sup> | 769 | 23739  |

---

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

41<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food Products - (Continued)**  | **Food Products - (Continued)**  | **Food Products - (Continued)**  |
| Flowers Foods, Inc. | 3396 | $44318  |
| Fresh Del Monte Produce, Inc. | 1055 | 36629  |
| Ingredion, Inc. | 872 | 106480  |
| Lifeway Foods, Inc.<sup>(a)</sup> | 1867 | 51828  |
| Mama's Creations, Inc.<sup>(a)</sup> | 5461 | 57395  |
| Marzetti Co. | 287 | 49591  |
| Pilgrim's Pride Corp. | 1130 | 46014  |
| Post Holdings, Inc.<sup>(a)</sup> | 476 | 51160  |
| Seneca Foods Corp. - Class A<sup>(a)</sup> | 297 | 32058  |
| Vital Farms, Inc.<sup>(a)</sup> | 1944 | 79996  |
|  |  | 740872  |
| **Gas Utilities - 0.4%**<br>|  |  |
| Brookfield Infrastructure Corp. - Class A | 1771 | 72824  |
| MDU Resources Group, Inc. | 1416 | 25219  |
| National Fuel Gas Co. | 823 | 76020  |
| Southwest Gas Holdings, Inc. | 690 | 54055  |
| Spire, Inc. | 243 | 19809  |
| UGI Corp. | 3337 | 110989  |
|  |  | 358916  |
| **Ground Transportation - 0.4%**<br>|  |  |
| Landstar System, Inc. | 550 | 67408  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 6515 | 143395  |
| Ryder System, Inc. | 561 | 105827  |
| XPO, Inc.<sup>(a)</sup> | 690 | 89196  |
|  |  | 405826  |
| **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 5025 | 73063  |
| AngioDynamics, Inc.<sup>(a)</sup> | 3369 | 37632  |
| AtriCure, Inc.<sup>(a)</sup> | 1893 | 66728  |
| Avanos Medical, Inc.<sup>(a)</sup> | 2422 | 27998  |
| Axogen, Inc.<sup>(a)</sup> | 1842 | 32861  |
| Butterfly Network, Inc.<sup>(a)</sup> | 5478 | 10573  |
| Cerus Corp.<sup>(a)</sup> | 16465 | 26179  |
| CONMED Corp. | 272 | 12792  |
| CVRx, Inc.<sup>(a)</sup> | 4706 | 37977  |
| Delcath Systems, Inc.<sup>(a)</sup> | 1425 | 15319  |
| Dentsply Sirona, Inc. | 1961 | 24885  |
| Electromed, Inc.<sup>(a)</sup> | 1924 | 47234  |
| Embecta Corp. | 2873 | 40538  |
| Envista Holdings Corp.<sup>(a)</sup> | 3400 | 69258  |
| Glaukos Corp.<sup>(a)</sup> | 183 | 14924  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 1314 | 75253  |
| Haemonetics Corp.<sup>(a)</sup> | 367 | 17888  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 353 | 26193  |
| iRadimed Corp. | 1093 | 77778  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 580 | 99754  |
| KORU Medical Systems, Inc.<sup>(a)</sup> | 4767 | 18258  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 1267 | 64984  |
| LeMaitre Vascular, Inc. | 177 | 15489  |
| LENSAR, Inc.<sup>(a)</sup> | 1515 | 18710  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LivaNova PLC<sup>(a)</sup> | 744 | $38971  |
| Masimo Corp.<sup>(a)</sup> | 664 | 97973  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 504 | 41948  |
| Neuronetics, Inc.<sup>(a)</sup> | 9323 | 25452  |
| NeuroPace, Inc.<sup>(a)</sup> | 1806 | 18620  |
| Omnicell, Inc.<sup>(a)</sup> | 342 | 10414  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 3139 | 45955  |
| Penumbra, Inc.<sup>(a)</sup> | 550 | 139326  |
| Sanara Medtech, Inc.<sup>(a)</sup> | 1408 | 44676  |
| SANUWAVE Health, Inc.<sup>(a)</sup> | 1183 | 44339  |
| SI-BONE, Inc.<sup>(a)</sup> | 2675 | 39376  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 9143 | 126539  |
| Teleflex, Inc. | 111 | 13582  |
| Varex Imaging Corp.<sup>(a)</sup> | 2733 | 33889  |
| Zimvie, Inc.<sup>(a)</sup> | 1086 | 20569  |
|  |  | 1693897  |
| **Health Care Providers & Services - 2.4%** | **Health Care Providers & Services - 2.4%** | **Health Care Providers & Services - 2.4%** |
| AdaptHealth Corp.<sup>(a)</sup> | 1578 | 14123  |
| Addus HomeCare Corp.<sup>(a)</sup> | 232 | 27374  |
| AirSculpt Technologies, Inc.<sup>(a)(b)</sup> | 6568 | 52675  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 2168 | 37832  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 1804 | 34925  |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 3481 | 30876  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 1519 | 44902  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 784 | 17852  |
| Chemed Corp. | 253 | 113278  |
| Clover Health Investments Corp.<sup>(a)</sup> | 4560 | 13954  |
| CorVel Corp.<sup>(a)</sup> | 386 | 29884  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 4075 | 57865  |
| DaVita, Inc.<sup>(a)</sup> | 704 | 93540  |
| DocGo, Inc.<sup>(a)</sup> | 28884 | 39282  |
| Encompass Health Corp. | 1013 | 128671  |
| Enhabit, Inc.<sup>(a)</sup> | 8100 | 64881  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 398 | 42881  |
| Guardant Health, Inc.<sup>(a)</sup> | 1099 | 68666  |
| HealthEquity, Inc.<sup>(a)</sup> | 684 | 64823  |
| Henry Schein, Inc.<sup>(a)</sup> | 2463 | 163469  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 2316 | 131364  |
| Innovage Holding Corp.<sup>(a)</sup> | 6261 | 32307  |
| Joint Corp.<sup>(a)</sup> | 1029 | 9817  |
| Nutex Health, Inc.<sup>(a)</sup> | 719 | 74287  |
| Oncology Institute, Inc.<sup>(a)</sup> | 12017 | 41939  |
| Option Care Health, Inc.<sup>(a)</sup> | 3043 | 84474  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 4478 | 75006  |
| Premier, Inc. - Class A | 2737 | 76089  |
| Privia Health Group, Inc.<sup>(a)</sup> | 879 | 21887  |
| Progyny, Inc.<sup>(a)</sup> | 3181 | 68455  |
| Talkspace, Inc.<sup>(a)</sup> | 23250 | 64170  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 1255 | 254815  |
| The Ensign Group, Inc. | 453 | 78265  |
| Universal Health Services, Inc. - Class B | 634 | 129615  |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 8412 | 57117  |
|  |  | 2341360  |

---

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

42<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care Technology - 0.5%**<br>|  |  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 1002 | $73296  |
| HealthStream, Inc. | 1868 | 52752  |
| LifeMD, Inc.<sup>(a)</sup> | 9816 | 66651  |
| OptimizeRx Corp.<sup>(a)</sup> | 1090 | 22345  |
| Phreesia, Inc.<sup>(a)</sup> | 3004 | 70654  |
| Teladoc Health, Inc.<sup>(a)</sup> | 11386 | 88014  |
| TruBridge, Inc.<sup>(a)</sup> | 3425 | 69082  |
| Waystar Holding Corp.<sup>(a)</sup> | 1156 | 43836  |
|  |  | 486630  |
| **Hotels, Restaurants & Leisure - 1.4%**<br>|  |  |
| Aramark | 1421 | 54566  |
| Biglari Holdings, Inc. - Class B<sup>(a)</sup> | 59 | 19095  |
| Boyd Gaming Corp. | 1258 | 108754  |
| Brinker International, Inc.<sup>(a)</sup> | 1084 | 137321  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 217 | 11358  |
| Inspired Entertainment, Inc.<sup>(a)</sup> | 3230 | 30297  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 543 | 14987  |
| Light & Wonder, Inc.<sup>(a)</sup> | 1308 | 109794  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 1528 | 19558  |
| Monarch Casino & Resort, Inc. | 319 | 33763  |
| Nathan's Famous, Inc. | 673 | 74528  |
| Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 1666 | 41034  |
| Papa John's International, Inc. | 334 | 16082  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 363 | 37680  |
| Potbelly Corp.<sup>(a)</sup> | 4331 | 73800  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 4664 | 95519  |
| Super Group SGHC Ltd. | 1742 | 22994  |
| Target Hospitality Corp.<sup>(a)</sup> | 8393 | 71173  |
| Texas Roadhouse, Inc. | 550 | 91383  |
| Travel + Leisure Co. | 1275 | 75850  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 243 | 12563  |
| Wingstop, Inc.<sup>(b)</sup> | 415 | 104447  |
| Wynn Resorts Ltd. | 645 | 82734  |
|  |  | 1339280  |
| **Household Durables - 1.7%**<br>|  |  |
| Bassett Furniture Industries, Inc. | 2598 | 40633  |
| Cavco Industries, Inc.<sup>(a)</sup> | 234 | 135891  |
| Champion Homes, Inc.<sup>(a)</sup> | 1259 | 96150  |
| Cricut, Inc. - Class A | 6151 | 38690  |
| Ethan Allen Interiors, Inc. | 1800 | 53028  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 1473 | 108796  |
|  Hamilton Beach Brands Holding Co. - Class A | 683 | 9815  |
| Installed Building Products, Inc. | 453 | 111737  |
| La-Z-Boy, Inc. | 1855 | 63664  |
| Lovesac Co.<sup>(a)</sup> | 2179 | 36890  |
| M/I Homes, Inc.<sup>(a)</sup> | 197 | 28455  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 437 | 56338  |
| SharkNinja, Inc.<sup>(a)</sup> | 1064 | 109751  |
| Somnigroup International, Inc. | 2881 | 242955  |
| Sonos, Inc.<sup>(a)</sup> | 4864 | 76851  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 1237 | $81654  |
| Toll Brothers, Inc. | 1038 | 143389  |
| TopBuild Corp.<sup>(a)</sup> | 457 | 178623  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 2153 | 73137  |
|  |  | 1686447  |
| **Household Products - 0.2%**<br>|  |  |
| Central Garden & Pet Co.<sup>(a)</sup> | 537 | 17533  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | 1246 | 36795  |
| Oil-Dri Corp. of America | 806 | 49198  |
| WD-40 Co. | 267 | 52759  |
|  |  | 156285  |
|  **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| Talen Energy Corp.<sup>(a)</sup> | 261 | 111024  |
| **Insurance - 4.9%**<br>|  |  |
| American Coastal Insurance Corp. | 5520 | 62873  |
| American Financial Group, Inc. | 1417 | 206485  |
| AMERISAFE, Inc. | 675 | 29592  |
| Assurant, Inc. | 819 | 177395  |
| Assured Guaranty, Ltd. | 904 | 76524  |
| Axis Capital Holdings Ltd. | 1958 | 187576  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 519 | 14034  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 1127 | 59821  |
| CNO Financial Group, Inc. | 3220 | 127351  |
| Crawford & Co. - Class A | 3805 | 40714  |
| Donegal Group, Inc. - Class A | 4345 | 84250  |
| Employers Holdings, Inc. | 766 | 32540  |
| Everest Group Ltd. | 567 | 198580  |
| Fidelis Insurance Holdings Ltd. | 1189 | 21580  |
| First American Financial Corp. | 842 | 54090  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | 8439 | 75107  |
| Globe Life, Inc. | 1816 | 259634  |
| Greenlight Capital Re Ltd. - Class A<sup>(a)</sup> | 772 | 9804  |
|  Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 2875 | 71300  |
| Hanover Insurance Group, Inc. | 694 | 126051  |
| HCI Group, Inc. | 565 | 108440  |
| Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 3110 | 78310  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 1337 | 48346  |
| Horace Mann Educators Corp. | 1248 | 56372  |
| Investors Title Co. | 279 | 74725  |
| Kemper Corp. | 1226 | 63200  |
| Kingstone Cos., Inc. | 5188 | 76264  |
| Kinsale Capital Group, Inc. | 378 | 160748  |
| Lincoln National Corp. | 4568 | 184227  |
| Mercury General Corp. | 1232 | 104449  |
| Old Republic International Corp. | 5835 | 247812  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 490 | 57208  |
| Primerica, Inc. | 749 | 207915  |
| Reinsurance Group of America, Inc. | 850 | 163311  |
| RenaissanceRe Holdings Ltd. | 1000 | 253930  |
| RLI Corp. | 1521 | 99200  |
| Root, Inc.<sup>(a)</sup> | 508 | 45471  |

---

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

43<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Insurance - (Continued)**  | **Insurance - (Continued)**  | **Insurance - (Continued)**  |
| Ryan Specialty Holdings, Inc. | 1572 | $88598  |
| Safety Insurance Group, Inc. | 206 | 14562  |
| Selective Insurance Group, Inc. | 1064 | 86259  |
| Selectquote, Inc.<sup>(a)</sup> | 12808 | 25104  |
| SiriusPoint Ltd.<sup>(a)</sup> | 1595 | 28854  |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 1004 | 47750  |
| Stewart Information Services Corp. | 193 | 14151  |
| Tiptree, Inc. | 2891 | 55420  |
| United Fire Group, Inc. | 1817 | 55273  |
| Universal Insurance Holdings, Inc. | 3027 | 79610  |
| Unum Group | 3971 | 308864  |
|  |  | 4749674  |
| **Interactive Media & Services - 0.9%**<br>|  |  |
| Angi, Inc.<sup>(a)</sup> | 3741 | 60829  |
| Arena Group Holdings, Inc.<sup>(a)</sup> | 4987 | 27279  |
| Cargurus, Inc.<sup>(a)</sup> | 3520 | 131050  |
| Cars.com, Inc.<sup>(a)</sup> | 5388 | 65841  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 4993 | 114190  |
| Grindr, Inc.<sup>(a)</sup> | 1739 | 26120  |
| IAC, Inc.<sup>(a)</sup> | 1135 | 38669  |
| Match Group, Inc. | 4167 | 147178  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 4194 | 47728  |
| Travelzoo<sup>(a)</sup> | 4376 | 43016  |
| TripAdvisor, Inc.<sup>(a)</sup> | 3063 | 49804  |
| TrueCar, Inc.<sup>(a)</sup> | 8869 | 16319  |
| Yelp, Inc.<sup>(a)</sup> | 3180 | 99216  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1676 | 18285  |
|  |  | 885524  |
| **IT Services - 0.8%**<br>|  |  |
| Amdocs Ltd. | 1826 | 149823  |
| ASGN, Inc.<sup>(a)</sup> | 719 | 34045  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 6232 | 57833  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 6887 | 34366  |
| Crexendo, Inc.<sup>(a)</sup> | 6562 | 42653  |
| DXC Technology Co.<sup>(a)</sup> | 2531 | 34497  |
| EPAM Systems, Inc.<sup>(a)</sup> | 233 | 35134  |
| Globant SA<sup>(a)</sup> | 178 | 10214  |
| Information Services Group, Inc. | 26114 | 150155  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 4219 | 126697  |
| Rackspace Technology, Inc.<sup>(a)</sup> | 9219 | 12999  |
| The Hackett Group, Inc. | 1908 | 36271  |
| Unisys Corp.<sup>(a)</sup> | 5841 | 22780  |
|  |  | 747467  |
| **Leisure Products - 0.7%**<br>|  |  |
| Acushnet Holdings Corp.<sup>(b)</sup> | 883 | 69307  |
| American Outdoor Brands, Inc.<sup>(a)</sup> | 3115 | 27038  |
| Brunswick Corp. | 561 | 35477  |
| Escalade, Inc. | 1361 | 17108  |
| Hasbro, Inc. | 1349 | 102322  |
| JAKKS Pacific, Inc. | 3170 | 59374  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Johnson Outdoors, Inc. - Class A | 807 | $32595  |
| Latham Group, Inc.<sup>(a)</sup> | 5162 | 39283  |
| Mattel, Inc.<sup>(a)</sup> | 7456 | 125484  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 12983 | 116847  |
| Polaris, Inc. | 361 | 20985  |
| YETI Holdings, Inc.<sup>(a)</sup> | 2323 | 77077  |
|  |  | 722897  |
| **Life Sciences Tools & Services - 0.8%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 3559 | 41605  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 1484 | 22201  |
| Avantor, Inc.<sup>(a)</sup> | 2289 | 28567  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 90 | 25235  |
| Bio-Techne Corp. | 1330 | 73988  |
| Bruker Corp. | 456 | 14815  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 439 | 68686  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 365 | 187668  |
| Mesa Laboratories, Inc. | 753 | 50459  |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 12904 | 120394  |
| QIAGEN NV | 2287 | 102183  |
|  |  | 735801  |
| **Machinery - 4.0%**<br>|  |  |
| AGCO Corp. | 922 | 98719  |
| Alamo Group, Inc. | 275 | 52497  |
| Allison Transmission Holdings, Inc. | 1557 | 132158  |
| Astec Industries, Inc. | 1640 | 78933  |
| Atmus Filtration Technologies, Inc. | 1450 | 65380  |
| Blue Bird Corp.<sup>(a)</sup> | 1075 | 61866  |
| Chart Industries, Inc.<sup>(a)</sup> | 404 | 80861  |
| Crane Co. | 734 | 135159  |
| Donaldson Co., Inc. | 1734 | 141928  |
| Energy Recovery, Inc.<sup>(a)</sup> | 2267 | 34957  |
| Enerpac Tool Group Corp. | 744 | 30504  |
| Enpro, Inc. | 178 | 40228  |
| Esab Corp. | 898 | 100343  |
| ESCO Technologies, Inc. | 141 | 29766  |
| Federal Signal Corp. | 846 | 100666  |
| Flowserve Corp. | 1532 | 81410  |
| Franklin Electric Co., Inc. | 466 | 44363  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 4697 | 116580  |
| Graco, Inc. | 1977 | 167966  |
| Hyster-Yale Materials Handling, Inc. | 753 | 27756  |
| ITT, Inc. | 895 | 159990  |
| John Bean Technologies Corp. | 152 | 21348  |
| Kadant, Inc. | 193 | 57433  |
| Kennametal, Inc. | 574 | 12014  |
| L B Foster Co. - Class A<sup>(a)</sup> | 1714 | 46192  |
| Lincoln Electric Holdings, Inc. | 793 | 187013  |
| Lindsay Corp. | 154 | 21646  |
| Manitowoc Co., Inc.<sup>(a)</sup> | 1119 | 11201  |
| Microvast Holdings, Inc.<sup>(a)</sup> | 4786 | 18426  |
| Middleby Corp.<sup>(a)</sup> | 450 | 59818  |
| Mueller Industries, Inc. | 2498 | 252573  |

---

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

44<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Machinery - (Continued)**  | **Machinery - (Continued)**  | **Machinery - (Continued)**  |
| Mueller Water Products, Inc. - Class A | 2405 | $61376  |
| Nordson Corp. | 289 | 65589  |
| Oshkosh Corp. | 454 | 58884  |
| Pentair PLC | 1777 | 196820  |
| Proto Labs, Inc.<sup>(a)</sup> | 1342 | 67140  |
| RBC Bearings, Inc.<sup>(a)</sup> | 175 | 68301  |
| REV Group, Inc. | 1977 | 112037  |
| Snap-on, Inc. | 883 | 305986  |
| SPX Technologies, Inc.<sup>(a)</sup> | 468 | 87413  |
| Stanley Black & Decker, Inc. | 308 | 22894  |
| Tennant Co. | 443 | 35910  |
| Terex Corp. | 751 | 38526  |
| Timken Co. | 645 | 48491  |
| Titan International, Inc.<sup>(a)</sup> | 1216 | 9193  |
| Toro Co. | 1311 | 99898  |
| Watts Water Technologies, Inc. - Class A | 568 | 158631  |
|  |  | 3906783  |
| **Marine Transportation - 0.1%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 239 | 19944  |
| Matson, Inc. | 491 | 48408  |
|  |  | 68352  |
| **Media - 1.2%**<br>|  |  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 2001 | 16488  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 2316 | 27746  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 509 | 38867  |
|  Entravision Communications Corp. - Class A | 7233 | 16853  |
| EW Scripps Co. - Class A<sup>(a)</sup> | 7945 | 19545  |
| Gambling.com Group Ltd.<sup>(a)</sup> | 4113 | 33644  |
| Gannett Co., Inc.<sup>(a)</sup> | 14444 | 59654  |
| Gray Media, Inc. | 4214 | 24357  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 1383 | 38517  |
| Interpublic Group of Cos., Inc. | 900 | 25119  |
| John Wiley & Sons, Inc. - Class A | 624 | 25253  |
| New York Times Co. - Class A | 2751 | 157907  |
| News Corp. - Class A | 5681 | 174464  |
| News Corp. - Class B | 2667 | 92145  |
| Nexstar Media Group, Inc. | 591 | 116864  |
| Nexxen International Ltd.<sup>(a)</sup> | 5465 | 50551  |
| Scholastic Corp. | 1949 | 53364  |
| Sinclair, Inc. | 1227 | 18528  |
| TEGNA, Inc. | 3522 | 71602  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 5139 | 61976  |
|  |  | 1123444  |
| **Metals & Mining - 1.0%**<br>|  |  |
| Alcoa Corp.<sup>(b)</sup> | 1376 | 45257  |
| Caledonia Mining Corp. PLC | 1002 | 36282  |
| Carpenter Technology Corp. | 563 | 138239  |
| Coeur Mining, Inc.<sup>(a)</sup> | 2529 | 47444  |
| Commercial Metals Co. | 1266 | 72517  |
| Olympic Steel, Inc. | 2390 | 72776  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Reliance, Inc. | 893 | $250781  |
| Royal Gold, Inc. | 440 | 88255  |
| Ryerson Holding Corp. | 5009 | 114506  |
| SSR Mining, Inc.<sup>(a)</sup> | 2252 | 54994  |
| Synalloy Corp.<sup>(a)</sup> | 1538 | 19809  |
| Tredegar Corp.<sup>(a)</sup> | 3907 | 31373  |
|  |  | 972233  |
| **Multi-Utilities - 0.2%**<br>|  |  |
| NiSource, Inc. | 4158 | 180041  |
| **Oil, Gas & Consumable Fuels - 1.1%**<br>|  |  |
| Antero Midstream Corp. | 2141 | 41621  |
| Antero Resources Corp.<sup>(a)</sup> | 2092 | 70207  |
| APA Corp. | 6018 | 146117  |
| California Resources Corp. | 1165 | 61955  |
| Civitas Resources, Inc. | 657 | 21352  |
| CNX Resources Corp.<sup>(a)</sup> | 1838 | 59037  |
| Diversified Energy Co. PLC | 1414 | 19810  |
| DT Midstream, Inc. | 734 | 82986  |
| Gulfport Energy Corp.<sup>(a)</sup> | 104 | 18822  |
| HF Sinclair Corp. | 1271 | 66524  |
| Magnolia Oil & Gas Corp. - Class A | 3081 | 73543  |
| Matador Resources Co. | 1362 | 61195  |
| Murphy Oil Corp. | 482 | 13694  |
| Ovintiv, Inc. | 3018 | 121867  |
| Permian Resources Corp. | 2880 | 36864  |
| PrimeEnergy Resources Corp.<sup>(a)</sup> | 374 | 62469  |
| Range Resources Corp. | 1401 | 52734  |
| Teekay Corp. Ltd. | 7781 | 63649  |
| World Kinect Corp.<sup>(b)</sup> | 1120 | 29064  |
|  |  | 1103510  |
| **Paper & Forest Products - 0.1%**<br>|  |  |
| Louisiana-Pacific Corp. | 972 | 86353  |
| Resolute Forest Products<sup>(a)(d)</sup> | 2770 | 3933  |
| Sylvamo Corp. | 486 | 21491  |
|  |  | 111777  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 743 | 36987  |
| Allegiant Travel Co.<sup>(a)</sup> | 325 | 19750  |
| American Airlines Group, Inc.<sup>(a)</sup> | 5511 | 61944  |
| Joby Aviation, Inc.<sup>(a)</sup> | 1601 | 25840  |
| SkyWest, Inc.<sup>(a)</sup> | 750 | 75465  |
|  |  | 219986  |
| **Personal Care Products - 0.9%**<br>|  |  |
| Beauty Health Co.<sup>(a)</sup> | 30185 | 60068  |
| BellRing Brands, Inc.<sup>(a)</sup> | 2646 | 96182  |
| Coty, Inc. - Class A<sup>(a)</sup> | 3902 | 15764  |
| elf Beauty, Inc.<sup>(a)</sup> | 998 | 132215  |
| Herbalife Ltd.<sup>(a)</sup> | 8442 | 71250  |
| Honest Co., Inc.<sup>(a)</sup> | 12977 | 47755  |
| Interparfums, Inc. | 483 | 47518  |
| Lifevantage Corp. | 5963 | 58020  |

---

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

45<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Personal Care Products - (Continued)**  | **Personal Care Products - (Continued)**  | **Personal Care Products - (Continued)**  |
| Medifast, Inc.<sup>(a)</sup> | 2945 | $40258  |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 6599 | 102417  |
| Nu Skin Enterprises, Inc. - Class A | 8839 | 107747  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 2114 | 58241  |
| Waldencast PLC<sup>(a)</sup> | 12866 | 25475  |
|  |  | 862910  |
| **Pharmaceuticals - 2.2%**<br>|  |  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 18026 | 180440  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 930 | 85188  |
| Avadel Pharmaceuticals PLC<sup>(a)</sup> | 1741 | 26585  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 532 | 64611  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 3001 | 105005  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 2790 | 231877  |
| CorMedix, Inc.<sup>(a)</sup> | 4333 | 50393  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 6555 | 132018  |
| Eton Pharmaceuticals, Inc.<sup>(a)</sup> | 2307 | 50131  |
| Evolus, Inc.<sup>(a)</sup> | 1891 | 11611  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 4054 | 111728  |
| Harrow, Inc.<sup>(a)</sup> | 626 | 30161  |
| Innoviva, Inc.<sup>(a)</sup> | 5003 | 91305  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1472 | 194010  |
| Organon & Co. | 3456 | 36910  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 5711 | 147172  |
| Perrigo Co. PLC | 1228 | 27348  |
| Phibro Animal Health Corp. - Class A | 2638 | 106733  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 646 | 40310  |
| SIGA Technologies, Inc. | 12295 | 112499  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 4088 | 195366  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 865 | 51407  |
| Viatris, Inc. | 8467 | 83823  |
|  |  | 2166631  |
| **Professional Services - 2.3%**<br>|  |  |
| Barrett Business Services, Inc. | 677 | 30005  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 378 | 188539  |
| Concentrix Corp. | 1194 | 55103  |
| CRA International, Inc. | 249 | 51924  |
| CSG Systems International, Inc. | 1946 | 125283  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 2317 | 102018  |
| Forrester Research, Inc.<sup>(a)</sup> | 2715 | 28779  |
| Franklin Covey Co.<sup>(a)</sup> | 1942 | 37694  |
| FTI Consulting, Inc.<sup>(a)</sup> | 282 | 45585  |
| Genpact, Ltd. | 3746 | 156920  |
| Heidrick & Struggles International, Inc. | 709 | 35287  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 686 | 100684  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 4247 | 172088  |
| ICF International, Inc. | 306 | 28397  |
| Innodata, Inc.<sup>(a)(b)</sup> | 2743 | 211403  |
| KBR, Inc. | 522 | 24685  |
| Kelly Services, Inc. - Class A | 1821 | 23892  |
| Kforce, Inc. | 1318 | 39514  |
| Korn Ferry | 396 | 27712  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 7420 | $77020  |
| Maximus, Inc. | 504 | 46050  |
| Mistras Group, Inc.<sup>(a)</sup> | 6678 | 65712  |
| Parsons Corp.<sup>(a)</sup> | 623 | 51659  |
| Paylocity Holding Corp.<sup>(a)</sup> | 190 | 30261  |
| RCM Technologies, Inc.<sup>(a)</sup> | 1986 | 52728  |
| Resources Connection, Inc. | 1925 | 9721  |
| Robert Half, Inc. | 1633 | 55489  |
| Science Applications International Corp. | 483 | 47996  |
| Skillsoft Corp.<sup>(a)</sup> | 3399 | 44255  |
| Spire Global, Inc.<sup>(a)(b)</sup> | 3702 | 40685  |
| TrueBlue, Inc.<sup>(a)</sup> | 3068 | 18807  |
| Upwork, Inc.<sup>(a)</sup> | 4958 | 92070  |
| Verra Mobility Corp.<sup>(a)</sup> | 638 | 15759  |
| Willdan Group, Inc.<sup>(a)</sup> | 1198 | 115835  |
| WNS Holdings Ltd.<sup>(a)</sup> | 527 | 40194  |
|  |  | 2289753  |
|  **Real Estate Management & Development - 0.7%**<br>|  |  |
| Compass, Inc. - Class A<sup>(a)</sup> | 14199 | 114018  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 4494 | 71544  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 20902 | 59780  |
| eXp World Holdings, Inc. | 8293 | 88403  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 523 | 156000  |
| Real Brokerage, Inc.<sup>(a)</sup> | 12936 | 54073  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 428 | 31860  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 1413 | 108872  |
|  |  | 684550  |
|  **Semiconductors & Semiconductor Equipment - 1.7%**<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 1418 | 41406  |
| Astera Labs, Inc.<sup>(a)</sup> | 1143 | 223799  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 503 | 49113  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 1208 | 151350  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 1609 | 234287  |
| Impinj, Inc.<sup>(a)</sup> | 380 | 68685  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 2020 | 148106  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 501 | 62370  |
| MaxLinear, Inc.<sup>(a)</sup> | 684 | 10999  |
| MKS, Inc. | 553 | 68445  |
| Onto Innovation, Inc.<sup>(a)</sup> | 168 | 21709  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 2459 | 64623  |
| Photronics, Inc.<sup>(a)</sup> | 1456 | 33415  |
| Qorvo, Inc.<sup>(a)</sup> | 1131 | 103011  |
| Rambus, Inc.<sup>(a)</sup> | 1738 | 181100  |
| Semtech Corp.<sup>(a)</sup> | 1251 | 89384  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 272 | 35667  |
| SiTime Corp.<sup>(a)</sup> | 55 | 16572  |
| Skyworks Solutions, Inc. | 881 | 67819  |
| Universal Display Corp. | 184 | 26428  |
|  |  | 1698288  |

---

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

46<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - 5.6%**<br>|  |  |
| 8x8, Inc.<sup>(a)</sup> | 52812 | $111961  |
| A10 Networks, Inc. | 5483 | 99516  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 1487 | 78469  |
| Adeia, Inc. | 3445 | 57876  |
| Agilysys, Inc.<sup>(a)</sup> | 485 | 51046  |
| Airship AI Holdings, Inc.<sup>(a)(b)</sup> | 5189 | 26827  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | 1568 | 16809  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 518 | 142792  |
| Appian Corp. - Class A<sup>(a)</sup> | 1084 | 33138  |
| Arteris, Inc.<sup>(a)</sup> | 2607 | 26331  |
| Asana, Inc. - Class A<sup>(a)</sup> | 2602 | 34763  |
| AudioEye, Inc.<sup>(a)</sup> | 1061 | 14705  |
| AvePoint, Inc.<sup>(a)</sup> | 2961 | 44445  |
| Bentley Systems, Inc. - Class B | 1212 | 62394  |
| BILL Holdings, Inc.<sup>(a)</sup> | 442 | 23413  |
| Bitdeer Technologies Group<sup>(a)</sup> | 2497 | 42674  |
| Blackbaud, Inc.<sup>(a)</sup> | 212 | 13634  |
| BlackLine, Inc.<sup>(a)</sup> | 341 | 18107  |
| Blend Labs, Inc. - Class A<sup>(a)</sup> | 3391 | 12377  |
| Box, Inc. - Class A<sup>(a)</sup> | 3110 | 100360  |
| Cerence, Inc.<sup>(a)</sup> | 6369 | 79358  |
| Cleanspark, Inc.<sup>(a)</sup> | 1890 | 27405  |
| Clear Secure, Inc. - Class A | 1036 | 34582  |
| CommVault Systems, Inc.<sup>(a)</sup> | 986 | 186137  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 2668 | 52826  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 3667 | 107700  |
| CoreCard Corp.<sup>(a)</sup> | 1298 | 34942  |
| Digital Turbine, Inc.<sup>(a)</sup> | 3695 | 23648  |
| Dolby Laboratories, Inc. - Class A | 597 | 43205  |
| Domo, Inc. - Class B<sup>(a)</sup> | 5788 | 91682  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 6768 | 204461  |
| Dynatrace, Inc.<sup>(a)</sup> | 3139 | 152085  |
| eGain Corp.<sup>(a)</sup> | 6985 | 60839  |
| Elastic NV<sup>(a)</sup> | 890 | 75196  |
| EverCommerce, Inc.<sup>(a)</sup> | 958 | 10663  |
| Five9, Inc.<sup>(a)</sup> | 749 | 18126  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 1890 | 22245  |
| Gen Digital, Inc. | 5804 | 164776  |
| Gitlab, Inc. - Class A<sup>(a)(b)</sup> | 999 | 45035  |
| Guidewire Software, Inc.<sup>(a)</sup> | 737 | 169407  |
| Intapp, Inc.<sup>(a)</sup> | 254 | 10389  |
| InterDigital, Inc.<sup>(b)</sup> | 366 | 126354  |
| Life360, Inc.<sup>(a)</sup> | 517 | 54957  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 2634 | 71487  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 992 | 203340  |
| Mitek Systems, Inc.<sup>(a)</sup> | 5051 | 49348  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 3706 | 275689  |
| OneSpan, Inc. | 4161 | 66118  |
| Ooma, Inc.<sup>(a)</sup> | 7661 | 91855  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 4593 | 136366  |
| Pegasystems, Inc. | 2739 | 157492  |
| Porch Group, Inc.<sup>(a)</sup> | 2394 | 40171  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Procore Technologies, Inc.<sup>(a)</sup> | 1348 | $98296  |
| Progress Software Corp. | 473 | 20779  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 456 | 33010  |
| Qualys, Inc.<sup>(a)</sup> | 447 | 59151  |
| Red Violet, Inc. | 1974 | 103141  |
| Rimini Street, Inc.<sup>(a)</sup> | 13767 | 64430  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 3477 | 98538  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 883 | 72627  |
| Sapiens International Corp. | 695 | 29885  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 3225 | 22833  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 1514 | 26661  |
| SoundThinking, Inc.<sup>(a)</sup> | 5335 | 64340  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 4825 | 37249  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 953 | 12313  |
| SPS Commerce, Inc.<sup>(a)</sup> | 281 | 29263  |
| Synchronoss Technologies, Inc.<sup>(a)</sup> | 3168 | 19261  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 648 | 18896  |
| Teradata Corp.<sup>(a)</sup> | 3378 | 72661  |
| Terawulf, Inc.<sup>(a)(b)</sup> | 1973 | 22532  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 3491 | 46710  |
| Unity Software, Inc.<sup>(a)</sup> | 3204 | 128288  |
| Varonis Systems, Inc.<sup>(a)</sup> | 468 | 26896  |
| Verint Systems, Inc.<sup>(a)</sup> | 825 | 16706  |
| Viant Technology, Inc. - Class A<sup>(a)</sup> | 1455 | 12557  |
| WM Technology, Inc.<sup>(a)</sup> | 76944 | 89255  |
| Workiva, Inc.<sup>(a)(b)</sup> | 649 | 55866  |
| Xperi, Inc.<sup>(a)</sup> | 2764 | 17911  |
| Yext, Inc.<sup>(a)</sup> | 13363 | 113853  |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. - <br>Class A<sup>(a)</sup> | 6298 | 125141  |
|  |  | 5438570  |
| **Specialty Retail - 4.3%**<br>|  |  |
| 1-800-Flowers.com, Inc. - Class A<sup>(a)(b)</sup> | 1790 | 8234  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 1285 | 109932  |
| Academy Sports & Outdoors, Inc. | 1982 | 99140  |
| Advance Auto Parts, Inc. | 259 | 15903  |
| American Eagle Outfitters, Inc. | 3821 | 65377  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 318 | 77735  |
| AutoNation, Inc.<sup>(a)</sup> | 556 | 121636  |
| BARK, Inc.<sup>(a)</sup> | 18877 | 15683  |
| Bath & Body Works, Inc. | 4587 | 118161  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 631 | 104569  |
| Build-A-Bear Workshop, Inc. | 2468 | 160938  |
| Caleres, Inc. | 1997 | 26041  |
| Citi Trends, Inc.<sup>(a)</sup> | 1720 | 53372  |
| Designer Brands, Inc. - Class A | 14328 | 50721  |
| Dick's Sporting Goods, Inc. | 907 | 201554  |
| Envela Corp.<sup>(a)</sup> | 4880 | 38113  |
| EVgo, Inc.<sup>(a)</sup> | 12389 | 58600  |
| Five Below, Inc.<sup>(a)</sup> | 711 | 109992  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. - <br>Class A<sup>(a)</sup> | 1013 | 74658  |
| GameStop Corp. - Class A<sup>(a)</sup> | 1847 | 50386  |
| Gap, Inc. | 6688 | 143056  |

---

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

47<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Specialty Retail - (Continued)**  | **Specialty Retail - (Continued)**  | **Specialty Retail - (Continued)**  |
| Genesco, Inc.<sup>(a)</sup> | 2798 | $81114  |
| Group 1 Automotive, Inc. | 420 | 183754  |
| Haverty Furniture Cos., Inc. | 1959 | 42961  |
| J Jill, Inc. | 1770 | 30356  |
| Lands' End, Inc.<sup>(a)</sup> | 4021 | 56696  |
| Lithia Motors, Inc. | 269 | 85004  |
| Murphy USA, Inc. | 364 | 141327  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 4168 | 121664  |
| ODP Corp.<sup>(a)</sup> | 2017 | 56173  |
| Penske Automotive Group, Inc. | 451 | 78433  |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 12220 | 47291  |
| RealReal, Inc.<sup>(a)</sup> | 12267 | 130398  |
| Revolve Group, Inc.<sup>(a)</sup> | 2519 | 53655  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 6462 | 105201  |
| Shoe Carnival, Inc. | 923 | 19189  |
| Signet Jewelers Ltd. | 1664 | 159611  |
| Sleep Number Corp.<sup>(a)</sup> | 4012 | 28164  |
| Sonic Automotive, Inc. - Class A | 1394 | 106069  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 21405 | 93112  |
| The Buckle, Inc. | 1465 | 85937  |
| ThredUp, Inc. - Class A<sup>(a)</sup> | 1883 | 17794  |
| Tile Shop Holdings, Inc.<sup>(a)</sup> | 4272 | 25846  |
| Torrid Holdings, Inc.<sup>(a)</sup> | 12367 | 21642  |
| Upbound Group, Inc. | 2323 | 54892  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 2303 | 164503  |
| Victoria's Secret & Co.<sup>(a)</sup> | 4109 | 111518  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 3963 | 109300  |
| Wayfair, Inc. - Class A<sup>(a)(b)</sup> | 1826 | 163117  |
| Winmark Corp. | 189 | 94079  |
| Zumiez, Inc.<sup>(a)</sup> | 1632 | 32004  |
|  |  | 4204605  |
|  **Technology Hardware, Storage & Peripherals - 0.8%**<br>|  |  |
| CompoSecure, Inc.<sup>(a)</sup> | 1365 | 28419  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 5498 | 49042  |
| CPI Card Group, Inc.<sup>(a)</sup> | 3146 | 47630  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 1075 | 61307  |
| IonQ, Inc.<sup>(a)</sup> | 1117 | 68696  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 4726 | 396086  |
| Sandisk Corp.<sup>(a)</sup> | 755 | 84711  |
| Turtle Beach Corp.<sup>(a)</sup> | 5075 | 80693  |
|  |  | 816584  |
| **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** |
| Amer Sports, Inc.<sup>(a)</sup> | 1541 | 53550  |
| Birkenstock Holding PLC<sup>(a)</sup> | 723 | 32716  |
| Capri Holdings Ltd.<sup>(a)</sup> | 3365 | 67031  |
| Carter's, Inc. | 1059 | 29885  |
| Columbia Sportswear Co. | 745 | 38963  |
| Crocs, Inc.<sup>(a)</sup> | 1240 | 103602  |
| Ermenegildo Zegna NV | 2087 | 19722  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Figs, Inc. - Class A<sup>(a)</sup> | 11864 | $79370  |
| G-III Apparel Group, Ltd.<sup>(a)</sup> | 3024 | 80469  |
| Hanesbrands, Inc.<sup>(a)</sup> | 5767 | 38004  |
| Kontoor Brands, Inc. | 1771 | 141273  |
| Oxford Industries, Inc. | 441 | 17878  |
| PVH Corp. | 1411 | 118199  |
| Ralph Lauren Corp. | 957 | 300077  |
| Rocky Brands, Inc. | 1215 | 36195  |
| Steven Madden, Ltd. | 1421 | 47575  |
| Superior Group of Cos., Inc. | 2783 | 29834  |
| Tapestry, Inc. | 4157 | 470656  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 2057 | 10264  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 2486 | 12007  |
| VF Corp. | 3162 | 45628  |
| Wolverine World Wide, Inc. | 3523 | 96671  |
|  |  | 1869569  |
| **Tobacco - 0.1%**<br>|  |  |
| Turning Point Brands, Inc. | 908 | 89765  |
| Universal Corp. | 353 | 19722  |
|  |  | 109487  |
| **Trading Companies & Distributors - 2.3%** | **Trading Companies & Distributors - 2.3%** | **Trading Companies & Distributors - 2.3%** |
| Air Lease Corp. | 232 | 14767  |
| Alta Equipment Group, Inc. | 2803 | 20294  |
| Applied Industrial Technologies, Inc. | 835 | 217977  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 465 | 33982  |
| Boise Cascade Co. | 473 | 36572  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 3082 | 165904  |
| DNOW, Inc.<sup>(a)</sup> | 5675 | 86544  |
| DXP Enterprises, Inc.<sup>(a)</sup> | 1678 | 199799  |
| EVI Industries, Inc. | 1713 | 54148  |
| FTAI Aviation Ltd. | 1143 | 190721  |
| Global Industrial Co. | 1307 | 47928  |
| Hudson Technologies, Inc.<sup>(a)</sup> | 4144 | 41150  |
| Karat Packaging, Inc. | 3482 | 87781  |
| MRC Global, Inc.<sup>(a)</sup> | 5489 | 79151  |
|  MSC Industrial Direct Co., Inc. - Class A | 1376 | 126785  |
| Rush Enterprises, Inc. - Class A | 2481 | 132659  |
| Rush Enterprises, Inc. - Class B<sup>(b)</sup> | 1744 | 100140  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 941 | 121201  |
| Titan Machinery, Inc.<sup>(a)</sup> | 2351 | 39356  |
| Watsco, Inc. | 452 | 182744  |
| WESCO International, Inc. | 984 | 208116  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 1354 | 73752  |
|  |  | 2261471  |
| **Water Utilities - 0.1%**<br>|  |  |
| Consolidated Water Co. Ltd. | 1475 | 52038  |
| Essential Utilities, Inc. | 585 | 23341  |
|  |  | 75379  |

---

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

48<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
| Millicom International Cellular SA | 1988 | $96498  |
| Spok Holdings, Inc. | 1682 | 29014  |
| Telephone and Data Systems, Inc. | 2393 | 93901  |
|  |  | 219413  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $56,460,334)** |  | 91425387  |
| **INVESTMENT COMPANIES - 3.2%**<br>|  |  |
| **International Equity Funds - 3.2%**<br>|  |  |
| Vanguard Extended Market ETF<sup>(b)</sup> | 15004 | 3140937  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $2,009,703)** |  | 3140937  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.4%**<br>|  |  |
| **Real Estate Investment Trusts - 2.4%**<br>|  |  |
| ACRES Commercial Realty Corp.<sup>(a)</sup> | 1578 | 33391  |
| Adamas Trust, Inc. | 2683 | 18701  |
| AGNC Investment Corp.<sup>(b)</sup> | 8318 | 81433  |
| Agree Realty Corp. | 293 | 20815  |
| American Healthcare REIT, Inc. | 884 | 37137  |
| American Homes 4 Rent - Class A | 1329 | 44189  |
| Angel Oak Mortgage REIT, Inc. | 4212 | 39466  |
| Annaly Capital Management, Inc. | 6473 | 130819  |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 3265 | 39866  |
| Brixmor Property Group, Inc. | 2512 | 69532  |
| BXP, Inc. | 1254 | 93222  |
| Camden Property Trust | 754 | 80512  |
| CareTrust REIT, Inc. | 445 | 15433  |
| CBL & Associates Properties, Inc.  | 1596 | 48806  |
| Chimera Investment Corp. | 2047 | 27061  |
| City Office REIT, Inc. | 3081 | 21444  |
| COPT Defense Properties | 424 | 12321  |
| CoreCivic, Inc.<sup>(a)</sup> | 1907 | 38807  |
| Cousins Properties, Inc. | 1495 | 43265  |
| DiamondRock Hospitality Co. | 1268 | 10093  |
| Diversified Healthcare Trust | 10797 | 47615  |
| Douglas Emmett, Inc. | 1591 | 24772  |
| Ellington Financial, Inc.<sup>(b)</sup> | 3914 | 50804  |
| EPR Properties | 650 | 37707  |
| Equity LifeStyle Properties, Inc. | 423 | 25676  |
| Franklin BSP Realty Trust, Inc. | 1589 | 17257  |
| Gaming and Leisure Properties, Inc. | 1213 | 56538  |
| GEO Group, Inc.<sup>(a)</sup> | 2158 | 44217  |
| Highwoods Properties, Inc. | 591 | 18806  |
| Host Hotels & Resorts, Inc. | 5858 | 99703  |
| Invesco Mortgage Capital, Inc. | 2434 | 18401  |
| JBG SMITH Properties | 582 | 12950  |
| Kilroy Realty Corp. | 1194 | 50447  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kimco Realty Corp.  | 4503 | $98391  |
| Lamar Advertising Co. - Class A | 484 | 59251  |
| Lument Finance Trust, Inc. | 8408 | 16984  |
| Macerich Co. | 671 | 12212  |
| MFA Financial, Inc. | 1252 | 11506  |
| NET Lease Office Properties | 447 | 13258  |
| Nexpoint Real Estate Finance, Inc. | 4255 | 60336  |
| Omega Healthcare Investors, Inc. | 1370 | 57841  |
| Paramount Group, Inc.<sup>(a)</sup> | 8726 | 57068  |
| PennyMac Mortgage Investment Trust | 2470 | 30282  |
| Piedmont Realty Trust, Inc. - Class A | 3350 | 30150  |
| Regency Centers Corp. | 1210 | 88209  |
| Rithm Capital Corp. | 13418 | 152831  |
| Ryman Hospitality Properties, Inc. | 104 | 9317  |
| Sabra Health Care REIT, Inc. | 864 | 16105  |
| Starwood Property Trust, Inc.<sup>(b)</sup> | 2776 | 53771  |
| Summit Hotel Properties, Inc. | 1864 | 10233  |
| Tanger, Inc. | 496 | 16785  |
| TPG RE Finance Trust, Inc. | 2146 | 18370  |
| Vornado Realty Trust | 2142 | 86815  |
| Xenia Hotels & Resorts, Inc. | 761 | 10441  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**<br>**(Cost $2,052,653)** |  | 2321362  |
| **RIGHTS - 0.0%<sup>(e)</sup>**<br>|  |  |
|  **Consumer Staples Distribution & Retail *-* 0.0%<sup>(e)</sup>**<br>|  |  |
|  Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(d)</sup> | 2645 | 1402  |
| **Pharmaceuticals *-* 0.0%<sup>(e)</sup>**<br>|  |  |
|  Sanofi SA, Expires 07/21/2026, Exercise Price $6.00<sup>(a)(d)</sup> | 237 | 109  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS**<br>**(Cost $0)** |  | 1511  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(f)</sup> | 5633782 | 5633782  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,633,782)** |  | 5633782  |

---

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

49<br>

------

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

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(f)</sup> | 747397 | $747397  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $747,397)** |  | 747397  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $66,903,869)** |  | $103270376  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.8)% |  | (5658233)  |
| **TOTAL NET ASSETS - 100.0%** |  | $97612143 |

---

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 September 30, 2025. The fair value of these securities was $5,456,801.

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

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $5,980 or 0.0% of net assets as of September 30, 2025.

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

50<br>

------

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

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.7%**<br>|  |  |
| **Australia - 3.6%**<br>|  |  |
| Aristocrat Leisure, Ltd. | 8050 | $372662  |
| Coles Group, Ltd. | 51386 | 790975  |
| Commonwealth Bank of Australia | 1719 | 189835  |
| Insurance Australia Group, Ltd. | 85761 | 464716  |
| Lottery Corp. Ltd. | 16841 | 65397  |
| Pro Medicus Ltd. | 3665 | 746178  |
| QBE Insurance Group, Ltd. | 70657 | 961518  |
| REA Group, Ltd. | 593 | 90680  |
| Suncorp Group, Ltd. | 27115 | 363550  |
| Telstra Group Ltd. | 200915 | 640542  |
| Wesfarmers, Ltd. | 8733 | 531257  |
|  |  | 5217310  |
| **Austria - 0.4%**<br>|  |  |
| Erste Group Bank AG | 5669 | 557279  |
| **Belgium - 1.0%**<br>|  |  |
| Ageas SA | 16114 | 1117611  |
| KBC Group NV | 2877 | 344778  |
|  |  | 1462389  |
| **Canada - 12.1%**<br>|  |  |
| Bank of Montreal | 2203 | 287069  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br>Commerce | 12188 | 973936  |
| Canadian Tire Corp. Ltd. - Class A | 4166 | 495927  |
| Cenovus Energy, Inc. | 26440 | 448931  |
| Constellation Software, Inc.  | 264 | 716668  |
| Dollarama, Inc.  | 1076 | 141905  |
| Empire Co. Ltd. | 49526 | 1777555  |
| Fairfax Financial Holdings Ltd. | 774 | 1354125  |
| FirstService Corp. | 924 | 176049  |
| George Weston, Ltd. | 12395 | 756062  |
| Great-West Lifeco, Inc. | 2708 | 109900  |
| iA Financial Corp., Inc. | 996 | 113241  |
| Imperial Oil, Ltd. | 1177 | 106722  |
| Kinross Gold Corp. | 42312 | 1050123  |
| Loblaw Cos. Ltd. | 29965 | 1159026  |
| Lundin Gold, Inc. | 11150 | 722423  |
| Metro, Inc. | 2514 | 168846  |
| National Bank of Canada | 466 | 49500  |
| Power Corp. of Canada | 7505 | 324747  |
| Royal Bank of Canada | 12260 | 1806978  |
| Saputo, Inc. | 12694 | 308297  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 1064 | 158075  |
| Stantec, Inc.  | 4029 | 434514  |
| Sun Life Financial, Inc. | 476 | 28583  |
| Suncor Energy, Inc. | 28842 | 1206983  |
| Toronto-Dominion Bank | 14880 | 1189801  |
| WSP Global, Inc. | 6280 | 1234160  |
|  |  | 17300146  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Denmark - 1.4%**<br>|  |  |
| AP Moller - Maersk AS - Class A | 29 | $56886  |
| AP Moller - Maersk AS - Class B | 25 | 49144  |
| Danske Bank AS | 9302 | 397331  |
| Demant AS<sup>(a)</sup> | 3703 | 128909  |
| Genmab AS<sup>(a)</sup> | 368 | 113546  |
| Novo Nordisk AS - Class B | 4582 | 255134  |
| Pandora AS | 3534 | 462061  |
| ROCKWOOL AS | 15111 | 563359  |
|  |  | 2026370  |
| **Finland - 0.8%**<br>|  |  |
| Nokia OYJ | 50428 | 242499  |
| Nordea Bank Abp | 34016 | 560034  |
| Orion Oyj - Class B | 4161 | 319455  |
|  |  | 1121988  |
| **France - 6.3%**<br>|  |  |
| Accor SA | 6911 | 328345  |
| AXA SA | 24817 | 1190103  |
| BNP Paribas SA | 3173 | 290212  |
| Bureau Veritas SA | 465 | 14585  |
| Carrefour SA | 34786 | 527175  |
| Cie de Saint-Gobain SA | 3447 | 373489  |
| Credit Agricole SA | 868 | 17105  |
| Danone SA | 5145 | 448302  |
| Eiffage SA | 11936 | 1529219  |
| EssilorLuxottica SA | 567 | 184703  |
| Ipsen SA | 6171 | 828621  |
| L'Oreal SA | 741 | 321956  |
|  LVMH Moet Hennessy Louis Vuitton SE | 1065 | 655383  |
| Rexel SA | 11390 | 374997  |
| Societe Generale SA | 7293 | 485543  |
| TotalEnergies SE | 9058 | 551712  |
| Vinci SA | 6989 | 971278  |
|  |  | 9092728  |
| **Germany - 10.5%**<br>|  |  |
| adidas AG | 1233 | 261251  |
| Allianz SE | 4822 | 2028750  |
| Aumovio SE<sup>(a)</sup> | 1 | 21  |
| Bayer AG | 30539 | 1016681  |
| Brenntag SE | 1567 | 93899  |
| Continental AG | 2611 | 172734  |
| Deutsche Bank AG | 922 | 32653  |
| Deutsche Boerse AG | 52 | 13925  |
| Deutsche Lufthansa AG | 38708 | 328523  |
| Deutsche Post AG | 31092 | 1389423  |
| Deutsche Telekom AG | 35872 | 1222143  |
| Fresenius Medical Care AG | 846 | 44701  |
| GEA Group AG | 13036 | 963782  |
| Heidelberg Materials AG | 6059 | 1369615  |
| Knorr-Bremse AG | 6402 | 602358  |

---

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

51<br>

------

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

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Germany - (Continued)** | **Germany - (Continued)** | **Germany - (Continued)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1340 | $855558  |
| Rheinmetall AG | 367 | 858478  |
| SAP SE | 6764 | 1811183  |
| Siemens AG | 2460 | 664148  |
| Siemens Energy AG<sup>(a)</sup> | 1248 | 146739  |
| Talanx AG | 2027 | 270255  |
| Zalando SE<sup>(a)(b)</sup> | 32049 | 983530  |
|  |  | 15130350  |
| **Hong Kong - 2.7%**<br>|  |  |
| AIA Group, Ltd. | 76021 | 728583  |
| BOC Hong Kong Holdings, Ltd. | 63843 | 299090  |
| Hong Kong Exchange & Clearing, Ltd. | 4796 | 272271  |
| SITC International Holdings Co. Ltd.  | 154027 | 592994  |
| Techtronic Industries Co. Ltd. | 60746 | 776530  |
| WH Group, Ltd.<sup>(b)</sup> | 1144779 | 1239740  |
|  |  | 3909208  |
| **Ireland - 0.3%**<br>|  |  |
| AIB Group PLC | 39712 | 362045  |
| **Israel - 2.9%**<br>|  |  |
| Bank Hapoalim BM | 29218 | 593920  |
| Bank Leumi Le-Israel BM | 41106 | 809895  |
|  Check Point Software Technologies, Ltd.<sup>(a)</sup> | 2309 | 477755  |
|  Israel Discount Bank, Ltd. - Series A - Class A | 47624 | 470512  |
| Mizrahi Tefahot Bank, Ltd. | 10101 | 663694  |
| Nice, Ltd.<sup>(a)</sup> | 1122 | 162538  |
| Phoenix Financial Ltd. | 12048 | 451127  |
| Wix.com, Ltd.<sup>(a)</sup> | 3188 | 566284  |
|  |  | 4195725  |
| **Italy - 4.8%**<br>|  |  |
| Banca Mediolanum SpA | 51090 | 1026135  |
| Banco BPM SpA | 42585 | 639139  |
| BPER Banca SPA | 40431 | 449681  |
| Enel SpA | 10422 | 98765  |
| Generali | 7477 | 293847  |
| Intesa Sanpaolo SpA | 177973 | 1178038  |
| Poste Italiane SpA<sup>(b)</sup> | 33311 | 791840  |
| Prysmian SpA | 5452 | 542593  |
| UniCredit SpA | 17974 | 1367737  |
| Unipol Gruppo SpA | 25705 | 552597  |
|  |  | 6940372  |
| **Japan - 15.8%**<br>|  |  |
| Advantest Corp. | 16098 | 1592781  |
| Aisin Corp. | 1404 | 24247  |
| Asics Corp. | 38540 | 1008495  |
| Astellas Pharma, Inc. | 27520 | 299968  |
| Bandai Namco Holdings, Inc. | 27038 | 899595  |
| Bridgestone Corp. | 9205 | 425438  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dai-ichi Life Holdings, Inc. | 54216 | $426472  |
| Daikin Industries, Ltd. | 261 | 30083  |
| Don Quijote Co., Ltd. | 67165 | 442211  |
| Fast Retailing Co. Ltd. | 121 | 36749  |
| Fujikura Ltd. | 6238 | 610182  |
| Fujitsu, Ltd. | 11865 | 278333  |
| Hitachi, Ltd. | 10973 | 290708  |
| Inpex Corp. | 19437 | 349976  |
| Japan Airlines Co. Ltd. | 74085 | 1491730  |
| MatsukiyoCocokara & Co. | 58795 | 1194308  |
| Mitsubishi Chemical Group Corp. | 60370 | 346774  |
| Mitsubishi Electric Corp. | 8243 | 211711  |
| Mitsubishi UFJ Financial Group, Inc. | 29540 | 476521  |
| Mizuho Financial Group, Inc. | 5588 | 187846  |
| MonotaRO Co. Ltd. | 955 | 13865  |
|  MS & AD Insurance Group Holdings, Inc. | 39588 | 896508  |
| NEC Corp. | 22790 | 729487  |
| &nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone <br>Corp. | 274004 | 286422  |
| Nitto Denko Corp. | 6421 | 152208  |
| Olympus Corp. | 15643 | 197775  |
| Otsuka Holdings Co. Ltd. | 20401 | 1088001  |
| Recruit Holdings Co. Ltd. | 19569 | 1052105  |
| Ryohin Keikaku Co., Ltd. | 5132 | 102112  |
| SBI Holdings, Inc. | 15996 | 696425  |
| SCREEN Holdings Co Ltd. | 1717 | 155581  |
| Sekisui Chemical Co., Ltd. | 20217 | 376373  |
| Seven & i Holdings Co. Ltd. | 34026 | 456575  |
| Shiseido Co. Ltd. | 15429 | 263379  |
| Sompo Holdings, Inc. | 15302 | 473070  |
| Sony Financial Holdings, Inc.<sup>(a)</sup> | 10513 | 11659  |
| Sony Group Corp. | 10513 | 302214  |
| Subaru Corp. | 21379 | 435689  |
| Sumitomo Electric Industries Ltd. | 20552 | 584788  |
| Suzuki Motor Corp. | 26073 | 379594  |
| T&D Holdings, Inc. | 13188 | 322364  |
| Takeda Pharmaceutical Co. Ltd. | 8859 | 260192  |
| TIS, Inc. | 1501 | 49511  |
| Tokio Marine Holdings, Inc. | 33522 | 1418757  |
| Tokyo Gas Co. Ltd. | 14081 | 500702  |
| Yokogawa Electric Corp. | 14336 | 411423  |
| Zensho Holdings Co. Ltd. | 7528 | 491785  |
|  |  | 22732692  |
| **Luxembourg - 0.0%<sup>(c)</sup>**<br>|  |  |
| Tenaris SA | 1632 | 29242  |
| **Mexico - 0.6%**<br>|  |  |
| Fresnillo PLC | 25194 | 803657  |
| **Netherlands - 3.6%**<br>|  |  |
| ASML Holding NV | 1902 | 1854811  |
| EXOR NV | 8044 | 787315  |
| ING Groep NV | 14743 | 386500  |

---

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

52<br>

------

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

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Netherlands - (Continued)** | **Netherlands - (Continued)** | **Netherlands - (Continued)** |
| Koninklijke Ahold Delhaize NV | 47657 | $1928422  |
| Randstad Holding NV | 3488 | 148726  |
|  |  | 5105774  |
| **Norway - 1.3%**<br>|  |  |
| DNB Bank ASA | 27193 | 741172  |
| Equinor ASA | 13893 | 338796  |
| Gjensidige Forsikring ASA | 16042 | 471421  |
| Yara International ASA | 6613 | 242393  |
|  |  | 1793782  |
| **Poland - 0.3%**<br>|  |  |
| InPost SA<sup>(a)</sup> | 29361 | 361483  |
| **Portugal - 0.2%**<br>|  |  |
| Jeronimo Martins SGPS SA | 13131 | 319678  |
| **Singapore - 1.2%**<br>|  |  |
| DBS Group Holdings, Ltd. | 25823 | 1024084  |
| Oversea-Chinese Banking Corp. Ltd. | 14311 | 182460  |
| Sea Ltd. - ADR<sup>(a)</sup> | 1580 | 282393  |
| Singapore Exchange, Ltd. | 16848 | 216284  |
|  |  | 1705221  |
| **Spain - 4.6%**<br>|  |  |
| Amadeus IT Holdings SA | 2269 | 180363  |
| Banco Bilbao Vizcaya Argentaria SA | 106030 | 2043165  |
| Banco de Sabadell SA | 209757 | 818728  |
| Banco Santander SA | 191499 | 2009658  |
| Bankinter SA | 21159 | 334489  |
| CaixaBank SA | 83578 | 882746  |
| Endesa SA | 10224 | 326702  |
|  |  | 6595851  |
| **Sweden - 2.8%**<br>|  |  |
| H & M Hennes & Mauritz AB - Class B | 31611 | 590927  |
| Securitas AB - Class B | 21517 | 324328  |
|  Skandinaviska Enskilda Banken AB - Class A | 983 | 19274  |
| Spotify Technology SA<sup>(a)</sup> | 1087 | 758726  |
| Svenska Handelsbanken AB - Class A | 28801 | 375785  |
| Swedbank AB - Class A | 16828 | 507965  |
|  Telefonaktiebolaget LM Ericsson - Class B<sup>(d)</sup> | 169880 | 1407627  |
|  |  | 3984632  |
| **Switzerland - 7.7%**<br>|  |  |
| Coca-Cola HBC AG | 9544 | 450272  |
| Dufry AG | 25377 | 1385679  |
| Helvetia Holding AG | 128 | 31455  |
| Holcim AG | 7880 | 672357  |
| Kuehne & Nagel International AG | 497 | 93007  |
| Logitech International SA | 4687 | 515563  |
| Nestle SA | 4328 | 397463  |
| Novartis AG | 19616 | 2522194  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Roche Holding AG | 6649 | $2214008  |
| SGS SA | 5160 | 536226  |
| Swiss Life Holding AG | 162 | 174897  |
| Swiss Re AG | 3302 | 613270  |
| Zurich Insurance Group AG | 2033 | 1453155  |
|  |  | 11059546  |
| **United Kingdom - 10.8%**<br>|  |  |
| 3i Group PLC | 18408 | 1014703  |
| Admiral Group PLC | 19793 | 893321  |
| AstraZeneca PLC | 10167 | 1557595  |
| Auto Trader Group PLC<sup>(b)</sup> | 31787 | 337682  |
| Barclays PLC | 109247 | 562111  |
| Entain PLC | 27293 | 322561  |
| GSK PLC | 33900 | 727900  |
| HSBC Holdings PLC | 147010 | 2074769  |
| Imperial Brands PLC | 10173 | 432164  |
| JD Sports Fashion PLC | 1048211 | 1349413  |
| Kingfisher PLC | 375993 | 1566299  |
| Lloyds Banking Group PLC | 91172 | 103169  |
| Marks & Spencer Group PLC | 105825 | 519191  |
| NatWest Group PLC | 132510 | 935965  |
| Next PLC | 4855 | 809347  |
| Pearson PLC | 2801 | 39833  |
| RELX PLC | 6372 | 304447  |
| Sage Group PLC | 8364 | 124076  |
| Shell PLC | 10425 | 371558  |
| Smith & Nephew PLC | 6557 | 118927  |
| Standard Chartered PLC | 38437 | 745968  |
| Vodafone Group PLC | 542758 | 631175  |
| Wise PLC - Class A<sup>(a)</sup> | 1623 | 22625  |
|  |  | 15564799  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $97,282,410)** |  | 137372267  |
| **INVESTMENT COMPANIES - 3.2%**<br>|  |  |
| **United States – 3.2%**<br>|  |  |
| iShares MSCI Canada ETF<sup>(d)</sup> | 7762 | 392369  |
| iShares MSCI EAFE ETF<sup>(d)</sup> | 44997 | 4201370  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $3,937,437)** |  | 4593739 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Canada *-* 0.0%<sup>(c)</sup>**<br>|  |  |
|  Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(a)(e)</sup> | 282 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0 |

---

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

53<br>

------

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

**GUIDEMARK WORLD EX-US FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(f)</sup> | 4039689 | $4039689  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,039,689)** |  | 4039689 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(f)</sup> | 1030161 | 1030161  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,030,161)** |  | 1030161  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%** <br>**(Cost $106,289,697)** |  | $147035856  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.4)% |  | (3465494)  |
| **TOTAL NET ASSETS - 100.0%** |  | $143570362 |

---

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

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 September 30, 2025, the value of these securities total $3,352,792 or 2.3% 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 September 30, 2025. The fair value of these securities was $3,960,900.

<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 September 30, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

**Sector Classification as of September 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Financials  | $51664863  | 35.9%  |
| Industrials  | 18406072  | 13.0  |
| Consumer Discretionary  | 16130205  | 11.2  |
| Consumer Staples  | 13459386  | 9.2  |
| Health Care  | 12624488  | 8.7  |
| Information Technology  | 11254195  | 7.9  |
| Materials  | 5359550  | 3.8  |
| Communication Services  | 3967370  | 2.6  |
| Energy  | 3403920  | 2.6  |
| Utilities  | 926169  | 0.7  |
| Real Estate  | 176049  | 0.1  |
| Investment Companies  | 3140937  | 3.2  |
| Investments Purchased with Proceeds from Securities Lending  | 4039689  | 2.8  |
| Money Market Funds  | 1030161  | 0.7  |
| Other Assets in Excess of Liabilities  | 1128245  | (2.4)  |
|  | $143570362  | 100.0% |

---

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

54<br>

------

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

**GUIDEPATH ABSOLUTE RETURN ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.8%** | **INVESTMENT COMPANIES - 98.8%** |  |
| **Alternative Funds - 2.5%**<br>|  |  |
|  ProShares Investment Grade-Interest Rate Hedged ETF | 36361 | $2872519  |
| **Domestic Equity Funds - 2.5%**<br>|  |  |
|  DoubleLine Shiller Enhanced CAPE - Class I | 175091 | 2836479  |
| **Domestic Fixed Income Funds - 84.7%** | **Domestic Fixed Income Funds - 84.7%** |  |
|  BlackRock Low Duration Bond Portfolio - Class Institutional | 1013372 | 9302759  |
|  DoubleLine Core Fixed Income Fund - Class I | 273822 | 2562975  |
|  DoubleLine Flexible Income Fund - Class I | 602447 | 5283463  |
|  DoubleLine Low Duration Bond Fund - Class I | 961237 | 9295160  |
|  DoubleLine Total Return Bond Fund - Class I | 1277828 | 11385449  |
| iShares 3-7 Year Treasury Bond ETF | 50220 | 6001792  |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond <br>ETF<sup>(a)</sup> | 59068 | 5697699  |
|  iShares Aaa - A Rated Corporate Bond ETF | 35295 | 1710749  |
| &nbsp;&nbsp;&nbsp; iShares Flexible Income Active <br>ETF<sup>(a)</sup> | 96853 | 5156454  |
|  iShares High Yield Systematic Bond ETF<sup>(a)</sup> | 101756 | 4868516  |
| &nbsp;&nbsp;&nbsp; Schwab Short-Term U.S. Treasury <br>ETF | 82273 | 2007461  |
|  SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | 55906 | 1725259  |
|  SPDR Portfolio Short Term Treasury ETF | 39126 | 1147174  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 1030141 | 5727586  |
|  Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 33937 | 2854441  |
|  Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 32889 | 2553831  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 218495 | 10260525  |
|  Vanguard Short-Term Corporate Bond ETF | 71715 | 5732180  |
| Vanguard Total Bond Market ETF | 49907 | 3711584  |
|  |  | 96985057  |
|  **Emerging Markets Fixed Income Funds - 2.5%**<br>|  |  |
|  Vanguard Emerging Markets Government Bond ETF | 42719 | 2857901  |
| **International Fixed Income Funds - 2.0%** | **International Fixed Income Funds - 2.0%** |  |
| Janus Henderson AAA CLO ETF | 45279 | 2299267  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Opportunistic Fixed Income Funds - 4.6%** | **Opportunistic Fixed Income Funds - 4.6%** |  |
|  BlackRock Strategic Income Opportunities Portfolio - Class Institutional | 540442 | $5290927  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $109,136,841)** |  | 113142150 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(b)</sup> | 21505833 | 21505833  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $21,505,833)** |  | 21505833 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(b)</sup> | 1104440 | 1104440  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,104,440)** |  | 1104440  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.5%**<br>**(Cost $131,747,114)** |  | $135752423  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.5)% |  | (21209249)  |
| **TOTAL NET ASSETS - 100.0%** |  | $114543174 |

---

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 September 30, 2025. The fair value of these securities was $21,025,530.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

55<br>

------

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

**GUIDEPATH CONSERVATIVE ALLOCATION FUND** 

**Consolidated Schedule OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.2%** | **INVESTMENT COMPANIES - 99.2%** |  |
| **Alternative Funds - 1.6%** | **Alternative Funds - 1.6%** |  |
| SPDR Gold MiniShares Trust<sup>(a)(b)(d)</sup> | 119207 | $9113375  |
| **Domestic Equity Funds - 23.8%**<br>|  |  |
|  American Funds - Mutual Fund - Class F-3 | 230090 | 14327704  |
|  American Funds - Washington Mutual Investors Fund - Class F-3 | 213425 | 14282392  |
| iShares Core S&P Small-Cap ETF<sup>(b)</sup> | 123799 | 14711035  |
| iShares Global 100 ETF<sup>(b)</sup> | 41790 | 5015218  |
|  iShares MSCI USA Min Vol Factor ETF<sup>(b)</sup> | 191754 | 18243475  |
|  SPDR MSCI World StrategicFactors ETF | 35658 | 5007464  |
| Vanguard High Dividend Yield ETF | 101404 | 14292894  |
| Vanguard S&P 500 ETF | 56424 | 34552929  |
| Vanguard Value ETF<sup>(b)</sup> | 88324 | 16471543  |
|  |  | 136904654  |
| **Domestic Fixed Income Funds - 46.5%** | **Domestic Fixed Income Funds - 46.5%** |  |
|  American Funds - High-Income Trust - Class F-3 | 1433389 | 14262217  |
|  American Funds - The Bond Fund of America - Class F-3 | 1866297 | 21369098  |
|  American Funds Multi-Sector Income Fund - Class F-3 | 2244153 | 21386773  |
|  iShares 10+ Year Investment Grade Corporate Bond ETF<sup>(b)</sup> | 58550 | 3017667  |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond <br>ETF<sup>(b)</sup> | 260998 | 25175867  |
|  iShares Broad USD High Yield Corporate Bond ETF | 307642 | 11622715  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 154891 | 8088408  |
|  iShares Core U.S. Aggregate Bond ETF<sup>(b)</sup> | 213313 | 21384628  |
|  iShares iBoxx High Yield Corporate Bond ETF | 33314 | 2704764  |
| iShares TIPS Bond ETF | 150325 | 16719147  |
|  SPDR Portfolio Short Term Treasury ETF | 370238 | 10855378  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 7879444 | 43809706  |
|  Vanguard Intermediate-Term Corporate Bond ETF<sup>(b)</sup> | 76315 | 6418855  |
| Vanguard Long-Term Treasury ETF | 299058 | 17004438  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(b)</sup> | 189814 | 8913665  |
|  Vanguard Short-Term Corporate Bond ETF | 26666 | 2131413  |
| Vanguard Total Bond Market ETF | 23213 | 1726351  |
|  WisdomTree Floating Rate Treasury Fund | 613944 | 30862965  |
|  |  | 267454055  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Emerging Market Equity Funds - 1.9%** | **Emerging Market Equity Funds - 1.9%** |  |
|  iShares Core MSCI Emerging Markets ETF | 168675 | $11119056  |
| **Emerging Markets Fixed Income Funds - 2.1%** | **Emerging Markets Fixed Income Funds - 2.1%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 130056 | 12380031  |
| **Hybrid Funds - 14.3%**<br>|  |  |
|  American Funds - Capital Income Builder, Inc. - Class F-3 | 271208 | 21428179  |
|  American Funds - The Income Fund of America - Class F-3 | 778643 | 21365961  |
|  iShares Core Aggressive Allocation ETF<sup>(b)</sup> | 243036 | 21421193  |
| iShares Core Growth Allocation ETF | 282779 | 18205312  |
|  |  | 82420645  |
| **International Equity Funds - 7.5%**<br>|  |  |
|  American Funds - Capital World Growth and Income Fund - Class F-3 | 133374 | 10016407  |
| iShares Core MSCI Europe ETF | 47230 | 3217308  |
|  iShares MSCI EAFE Min Vol Factor ETF | 132761 | 11262116  |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders Canada <br>ETF<sup>(b)</sup> | 27146 | 2367945  |
|  Vanguard FTSE Developed Markets ETF | 273333 | 16378113  |
|  |  | 43241889  |
| **International Fixed Income Funds - 0.4%** | **International Fixed Income Funds - 0.4%** |  |
|  Vanguard Total International Bond ETF<sup>(b)</sup> | 43075 | 2130490  |
| **Real Estate Funds - 1.1%**<br>|  |  |
|  Vanguard Global ex-U.S. Real Estate ETF | 36942 | 1763611  |
| Vanguard Real Estate ETF<sup>(b)</sup> | 47420 | 4335136  |
|  |  | 6098747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $463,238,793)** |  | 570862942 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 21.7%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 124752643 | 124752643  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $124,752,643)** |  | 124752643 |

---

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

56<br>

------

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

**GUIDEPATH CONSERVATIVE ALLOCATION FUND** 

**Consolidated Schedule OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(c)</sup> | 5652752 | $5652752  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $5,652,752)** |  | 5652752  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 121.9%**<br>**(Cost $593,644,188)** |  | $701268337  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (21.9)% |  | (125916186)  |
| **TOTAL NET ASSETS - 100.0%** |  | $575352151 |

---

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 September 30, 2025. The fair value of these securities was $122,370,761.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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

57<br>

------

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

**GUIDEPATH CONSERVATIVE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 40.6%**<br>|  |  |
| **Domestic Fixed Income Funds - 40.6%**<br>|  |  |
| Invesco Senior Loan ETF<sup>(a)</sup> | 73619 | $1540846  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 30437 | 1317922  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 94036 | 4779850  |
| iShares 0-5 Year TIPS Bond ETF | 18469 | 1908956  |
|  |  | 9547574  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $9,500,981)** |  | 9547574 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 7.4%**<br>|  |  |
| United States Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | $500000 | 496980  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | 500000 | 496157  |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 750000 | 734157  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,726,828)** |  | 1727294 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 52.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(b)(c)</sup> | 12233831 | 12233831  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $12,233,831)** |  | 12233831 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(b)</sup> | 1128454 | 1128454  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,128,454)** |  | 1128454  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.9%**<br>**(Cost $24,590,094)** |  | $24637153  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.9)% |  | (1143071)  |
| **TOTAL NET ASSETS - 100.0%** |  | $23494082 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $1,096,355.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 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.

58<br>

------

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

**GUIDEPATH FLEXIBLE INCOME ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 96.8%** | **INVESTMENT COMPANIES - 96.8%** | **INVESTMENT COMPANIES - 96.8%** |
| **Alternative Funds - 17.1%**<br>|  |  |
|  JPMorgan Hedged Equity Fund - Select Shares - Class I | 262872 | $9082233  |
|  JPMorgan Research Market Neutral Fund - Class I | 555785 | 8964811  |
|  Stone Ridge Diversified Alternatives Fund - Class I | 4641181 | 49474990  |
|  Vanguard Market Neutral Fund - Class Institutional | 1288566 | 18220330  |
|  |  | 85742364  |
| **Domestic Fixed Income Funds - 62.9%**<br>|  |  |
|  DFA Short Duration Real Return Portfolio - Class Institutional | 1050538 | 11503392  |
|  Eaton Vance Short Duration Income ETF<sup>(a)</sup> | 95969 | 4933287  |
|  iShares Broad USD High Yield Corporate Bond ETF | 1143326 | 43194856  |
| iShares Convertible Bond ETF<sup>(a)</sup> | 135574 | 13564179  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 118873 | 13250773  |
| JPMorgan Flexible Debt ETF<sup>(b)</sup> | 330589 | 16600504  |
|  JPMorgan Short Duration Core Plus Fund - Class I | 1928237 | 18241121  |
|  Pacer Aristotle Pacific Floating Rate High Income ETF | 191536 | 9076891  |
|  PIMCO Short Asset Investment Fund - Class Institutional | 1730699 | 17255065  |
| Schwab U.S. TIPS ETF | 657911 | 17730701  |
|  SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> | 82660 | 8099853  |
|  SPDR Bloomberg Short Term High Yield Bond ETF<sup>(a)</sup> | 358637 | 9181107  |
|  SPDR DoubleLine Short Duration Total Return Tactical ETF | 74448 | 3527719  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 11331646 | 63003949  |
| Vanguard Long-Term Treasury ETF<sup>(a)</sup> | 313020 | 17798317  |
| Vanguard Total Bond Market ETF | 58129 | 4323054  |
|  Xtrackers USD High Yield Corporate Bond ETF | 1164310 | 43207544  |
|  |  | 314492312  |
| **Emerging Markets Fixed Income Funds - 2.7%** | **Emerging Markets Fixed Income Funds - 2.7%** |  |
|  Vanguard Emerging Markets Government Bond ETF | 200069 | 13384616  |
| **International Equity Funds - 0.4%**<br>|  |  |
| iShares Core MSCI EAFE ETF | 20980 | 1831764  |
| **Opportunistic Fixed Income Funds - 13.7%** | **Opportunistic Fixed Income Funds - 13.7%** |  |
|  Eaton Vance Strategic Income Fund - Class I | 3734815 | 25471435  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| JPMorgan Income Fund - Class I | 1897623 | $16319557  |
|  Navigator Tactical Fixed Income Fund - Institutional Shares - Class I | 2792252 | 27001076  |
|  |  | 68792068  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $472,098,672)** |  | 484243124  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 6.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 34592522 | 34592522  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $34,592,522)** |  | 34592522  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(c)</sup> | 15590146 | 15590146  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,590,146)** |  | 15590146  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.8%**<br>**(Cost $522,281,340)** |  | $534425792  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.8)% |  | (34057135)  |
| **TOTAL NET ASSETS - 100.0%** |  | $500368657 |

---

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 September 30, 2025. The fair value of these securities was $33,806,997.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

59<br>

------

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

**GUIDEPATH GROWTH ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 99.1%** | **INVESTMENT COMPANIES - 99.1%** | **INVESTMENT COMPANIES - 99.1%** |
| **Domestic Equity Funds - 72.7%**<br>|  |  |
| AMCAP Fund - Class F-3 | 1170449 | $55479285  |
|  American Funds - New Economy Fund - Class F-3 | 522231 | 39047182  |
|  American Funds - New Perspective Fun - Class F-3 | 752653 | 55462991  |
|  American Funds - Smallcap World Fund, Inc. - Class F-3 | 710975 | 54688206  |
|  American Funds - The Growth Fund of America - Class F-3 | 1086615 | 95654737  |
|  American Funds - The Investment Company of America - Class F-3 | 553155 | 36945227  |
|  American Funds Fundamental Investors - Class F-3 | 400035 | 37359238  |
| Invesco QQQ Trust Series 1 | 19219 | 11538511  |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap <br>ETF<sup>(a)</sup> | 793790 | 94326066  |
| Schwab U.S. Large-Cap ETF<sup>(a)</sup> | 6598887 | 173814684  |
| Schwab U.S. Large-Cap Growth ETF | 3008833 | 96011861  |
|  SPDR S&P 600 Small Cap Growth ETF<sup>(a)</sup> | 118485 | 11174320  |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Growth <br>ETF | 488425 | 58855213  |
| Vanguard Russell 2000 Growth<sup>(a)</sup> | 125493 | 29337578  |
| Vanguard S&P 500 ETF | 374938 | 229604532  |
| Vanguard Value ETF<sup>(a)</sup> | 24330 | 4537302  |
|  |  | 1083836933  |
| **Emerging Market Equity Funds - 4.8%** | **Emerging Market Equity Funds - 4.8%** |  |
|  iShares Core MSCI Emerging Markets ETF | 1084299 | 71476990  |
| **International Equity Funds - 19.0%**<br>|  |  |
| iShares Core MSCI Europe ETF | 60243 | 4103753  |
| iShares MSCI ACWI ETF<sup>(a)</sup> | 434919 | 60123203  |
|  iShares MSCI EAFE Min Vol Factor ETF<sup>(a)</sup> | 42720 | 3623938  |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders Canada <br>ETF | 222962 | 19448975  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(a)</sup> | 196137 | 27959329  |
|  Vanguard FTSE Developed Markets ETF | 2787558 | 167030475  |
|  |  | 282289673  |
| **Real Estate Funds - 2.6%**<br>|  |  |
|  Vanguard Global ex-U.S. Real Estate ETF | 330645 | 15784992  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 249888 | 22844761  |
|  |  | 38629753  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $809,546,552)** |  | 1476233349 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 9.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(b)</sup> | 138613330 | $138613330  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $138,613,330)** |  | 138613330  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(b)</sup> | 15334067 | 15334067  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,334,067)** |  | 15334067  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.4%**<br>**(Cost $963,493,949)** |  | $1630180746  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.4)% |  | (139721175)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1490459571 |

---

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 September 30, 2025. The fair value of these securities was $136,204,843.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

60<br>

------

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

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 48.8%**<br>|  |  |
| **Aerospace & Defense - 0.6%**<br>|  |  |
| General Dynamics Corp. | 628 | $214148  |
| Lockheed Martin Corp. | 1108 | 553125  |
|  |  | 767273  |
| **Air Freight & Logistics - 0.4%**<br>|  |  |
| United Parcel Service, Inc. - Class B | 6217 | 519306  |
| **Banks - 1.7%**<br>|  |  |
| Citizens Financial Group, Inc. | 7344 | 390407  |
| Huntington Bancshares, Inc. | 29841 | 515354  |
| M&T Bank Corp. | 1161 | 229437  |
| Regions Financial Corp. | 19027 | 501742  |
| US Bancorp | 8163 | 394518  |
|  |  | 2031458  |
| **Beverages - 2.5%**<br>|  |  |
| Coca-Cola Co. | 24352 | 1615024  |
| PepsiCo, Inc. | 9913 | 1392182  |
|  |  | 3007206  |
| **Biotechnology - 2.1%**<br>|  |  |
| AbbVie, Inc. | 10676 | 2471921  |
| **Building Products - 0.6%**<br>|  |  |
| Johnson Controls International PLC | 6549 | 720063  |
| **Capital Markets - 1.4%**<br>|  |  |
| Blackrock, Inc. | 649 | 756649  |
| CME Group, Inc. | 3225 | 871363  |
|  |  | 1628012  |
| **Chemicals - 0.9%**<br>|  |  |
| Air Products and Chemicals, Inc. | 2180 | 594530  |
| CF Industries Holdings, Inc. | 1230 | 110331  |
| LyondellBasell Industries NV - Class A | 6380 | 312875  |
|  |  | 1017736  |
| **Communications Equipment - 1.1%**<br>|  |  |
| Cisco Systems, Inc. | 18959 | 1297175  |
| **Consumer Finance - 0.1%**<br>|  |  |
| Synchrony Financial | 2107 | 149702  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.8%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.8%** |  |
| Kroger Co. | 8314 | 560447  |
| Target Corp. | 4645 | 416656  |
|  |  | 977103  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.9%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.9%** |  |
| Verizon Communications, Inc. | 23766 | 1044516  |
| **Electric Utilities - 0.9%**<br>|  |  |
| American Electric Power Co., Inc. | 2582 | 290475  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Edison International | 11136 | $615598  |
| Xcel Energy, Inc. | 2771 | 223481  |
|  |  | 1129554  |
| **Electrical Equipment - 0.7%**<br>|  |  |
| Emerson Electric Co. | 6367 | 835223  |
| **Food Products - 1.2%**<br>|  |  |
| Archer-Daniels-Midland Co. | 3112 | 185911  |
| General Mills, Inc. | 10178 | 513174  |
| Mondelez International, Inc. - Class A | 12108 | 756387  |
|  |  | 1455472  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Norfolk Southern Corp. | 2489 | 747721  |
| Union Pacific Corp. | 2571 | 607707  |
|  |  | 1355428  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 1.8%** | &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 1.8%** |  |
| Abbott Laboratories | 10432 | 1397262  |
| Medtronic PLC | 7239 | 689442  |
|  |  | 2086704  |
| **Health Care Providers & Services - 2.6%** | **Health Care Providers & Services - 2.6%** |  |
| Cardinal Health, Inc. | 3949 | 619835  |
| Cigna Group | 2620 | 755215  |
| UnitedHealth Group, Inc. | 5030 | 1736859  |
|  |  | 3111909  |
| **Hotels, Restaurants & Leisure - 2.0%**<br>|  |  |
| McDonald's Corp. | 5318 | 1616087  |
| Starbucks Corp. | 3545 | 299907  |
| Yum! Brands, Inc. | 3212 | 488224  |
|  |  | 2404218  |
| **Household Durables - 0.1%**<br>|  |  |
| Garmin Ltd. | 531 | 130743  |
| **Household Products - 2.7%**<br>|  |  |
| Colgate-Palmolive Co. | 14553 | 1163367  |
| Kimberly-Clark Corp. | 2428 | 301898  |
| Procter & Gamble Co. | 11408 | 1752839  |
|  |  | 3218104  |
| **Industrial Conglomerates - 0.5%**<br>|  |  |
| Honeywell International, Inc. | 2634 | 554457  |
| **Insurance - 1.4%**<br>|  |  |
| Aflac, Inc. | 6616 | 739007  |
| Fidelity National Financial, Inc. | 1002 | 60611  |
| Hartford Insurance Group, Inc. | 4312 | 575178  |
| Travelers Cos., Inc. | 1167 | 325850  |
|  |  | 1700646  |
| **IT Services - 2.4%**<br>|  |  |
| Accenture PLC - Class A | 5220 | 1287252  |
| International Business Machines Corp. | 5480 | 1546237  |
|  |  | 2833489  |

---

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

61<br>

------

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

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Machinery - 1.6%**<br>|  |  |
| Caterpillar, Inc. | 1428 | $681370  |
| Cummins, Inc. | 1816 | 767024  |
| Illinois Tool Works, Inc. | 1745 | 455026  |
|  |  | 1903420  |
| **Media - 0.9%**<br>|  |  |
| Comcast Corp. - Class A | 11512 | 361707  |
| Omnicom Group, Inc. | 8642 | 704582  |
|  |  | 1066289  |
| **Multi-Utilities - 1.3%**<br>|  |  |
| Ameren Corp. | 4159 | 434117  |
| Consolidated Edison, Inc. | 2462 | 247480  |
| DTE Energy Co. | 2542 | 359515  |
| Sempra | 6261 | 563365  |
|  |  | 1604477  |
| **Oil, Gas & Consumable Fuels - 4.4%**<br>|  |  |
| Chevron Corp. | 12631 | 1961468  |
| ConocoPhillips | 5969 | 564608  |
| Coterra Energy, Inc. | 7122 | 168435  |
| Exxon Mobil Corp. | 17173 | 1936256  |
| Kinder Morgan, Inc. | 20536 | 581374  |
|  |  | 5212141  |
| **Personal Care Products - 0.2%**<br>|  |  |
| Kenvue, Inc. | 13802 | 224006  |
| **Pharmaceuticals - 3.0%**<br>|  |  |
| Johnson & Johnson | 9090 | 1685468  |
| Merck & Co., Inc. | 12883 | 1081270  |
| Pfizer, Inc. | 34065 | 867976  |
|  |  | 3634714  |
| **Professional Services - 0.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 2528 | 741968  |
| Paychex, Inc. | 1943 | 246295  |
|  |  | 988263  |
|  **Semiconductors & Semiconductor Equipment - 1.9%**<br>|  |  |
| QUALCOMM, Inc. | 8151 | 1356000  |
| Texas Instruments, Inc. | 4902 | 900645  |
|  |  | 2256645  |
| **Software - 0.1%**<br>|  |  |
| Gen Digital, Inc. | 4262 | 120998  |
| **Specialty Retail - 2.5%**<br>|  |  |
| Home Depot, Inc. | 5331 | 2160068  |
| Lowe's Cos., Inc. | 3121 | 784338  |
|  |  | 2944406  |
|  **Technology Hardware, Storage & Peripherals - 0.9%**<br>|  |  |
| Dell Technologies, Inc. - Class C | 4371 | 619677  |
| HP, Inc. | 14672 | 399518  |
|  |  | 1019195  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Trading Companies & Distributors - 0.7%** | **Trading Companies & Distributors - 0.7%** |  |
| Ferguson Enterprises, Inc. | 2646 | $594239  |
| Watsco, Inc. | 608 | 245814  |
|  |  | 840053  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $48,821,172)** |  | 58262025  |
| **INVESTMENT COMPANIES - 48.1%**<br>|  |  |
| **Domestic Equity Funds - 47.3%**<br>|  |  |
| Schwab U.S. Large-Cap ETF<sup>(a)</sup> | 989358 | 26059690  |
| Vanguard High Dividend Yield ETF<sup>(b)</sup> | 215281 | 30343857  |
|  |  | 56403547  |
| **Domestic Fixed Income Funds - 0.8%**<br>|  |  |
| SPDR Bloomberg 1-3 Month T-Bill ETF | 10479 | 961448  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $53,525,293)** |  | 57364995  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 6.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 7622100 | 7622100  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,622,100)** |  | 7622100  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.0%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(c)</sup> | 3602116 | 3602116  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,602,116)** |  | 3602116  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%**<br>**(Cost $113,570,681)** |  | $126851236  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.3)% |  | (7522044)  |
| **TOTAL NET ASSETS - 100.0%** |  | $119329192 |

---

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.

62<br>

------

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

**GUIDEPATH GROWTH AND INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $7,435,782.

<sup>(b)</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>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

63<br>

------

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

**GUIDEPATH INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 97.0%** | **INVESTMENT COMPANIES - 97.0%** | **INVESTMENT COMPANIES - 97.0%** |
| **Domestic Fixed Income Funds - 81.8%** | **Domestic Fixed Income Funds - 81.8%** |  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF<sup>(a)(b)</sup> | 515600 | $27888804  |
|  iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 212111 | 21264128  |
|  iShares Preferred & Income Securities ETF<sup>(a)</sup> | 432199 | 13666132  |
|  VanEck Emerging Markets High Yield Bond ETF<sup>(a)</sup> | 624999 | 12531230  |
|  |  | 75350294  |
|  **Emerging Markets Fixed Income Funds - 15.2%**<br>|  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(a)</sup> | 147373 | 14028436  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $87,349,419)** |  | 89378730  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 33.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 31092983 | 31092983  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $31,092,983)** |  | 31092983  |
|  | **Shares** |  |
| **Money Market Funds - 2.9%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(c)</sup> | 2710738 | 2710738  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,710,738)** |  | 2710738  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 133.7%**<br>**(Cost $121,153,140)** |  | $123182451  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (33.7)% |  | (31064748)  |
| **TOTAL NET ASSETS - 100.0%** |  | $92117703 |

---

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 September 30, 2025. The fair value of these securities was $30,380,511.

<sup>(b)</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>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

64<br>

------

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

**GUIDEPATH MULTI-ASSET INCOME ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **INVESTMENT COMPANIES - 98.9%** | **INVESTMENT COMPANIES - 98.9%** |  |
| **Domestic Equity Funds - 31.8%** | **Domestic Equity Funds - 31.8%** |  |
|  BlackRock High Equity Income Fund - Class Institutional | 24526 | $721549  |
| Financial Select Sector SPDR Fund | 6659 | 358720  |
| Global X U.S. Preferred ETF<sup>(a)</sup> | 195385 | 3796331  |
| Invesco S&P 500 BuyWrite ETF | 57457 | 1270949  |
|  iShares Advantage Large Cap Income ETF | 28830 | 915064  |
| iShares Select Dividend ETF<sup>(a)</sup> | 26876 | 3819080  |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Premium Income <br>ETF | 15085 | 861353  |
| Schwab U.S. Dividend Equity ETF<sup>(a)</sup> | 364498 | 9950795  |
|  SPDR Portfolio S&P 500 High Dividend ETF<sup>(a)</sup> | 48207 | 2121108  |
| Vanguard High Dividend Yield ETF<sup>(a)</sup> | 27927 | 3936311  |
| Vanguard S&P 500 ETF | 1087 | 665657  |
| Vanguard Utilities ETF | 1886 | 357227  |
|  WisdomTree U.S. LargeCap Dividend Fund | 43764 | 3808781  |
|  WisdomTree U.S. SmallCap Dividend Fund<sup>(a)</sup> | 47439 | 1597746  |
|  |  | 34180671  |
| **Domestic Fixed Income Funds - 35.8%** | **Domestic Fixed Income Funds - 35.8%** |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 152617 | 6608316  |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond <br>ETF | 7116 | 686409  |
|  iShares Aaa - A Rated Corporate Bond ETF | 42875 | 2078151  |
| iShares Convertible Bond ETF<sup>(a)</sup> | 15806 | 1581390  |
| &nbsp;&nbsp;&nbsp; iShares Flexible Income Active <br>ETF<sup>(a)</sup> | 32251 | 1717043  |
|  iShares High Yield Corporate Bond Buywrite Strategy ETF | 55526 | 1686325  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 8922 | 994535  |
|  iShares Investment Grade Systematic Bond ETF<sup>(a)</sup> | 30116 | 1386691  |
|  Schwab 5-10 Year Corporate Bond ETF<sup>(a)</sup> | 90191 | 2081608  |
| &nbsp;&nbsp;&nbsp; SPDR Portfolio Aggregate Bond <br>ETF | 16141 | 417245  |
|  SPDR Portfolio Long Term Corporate Bond ETF<sup>(a)</sup> | 61322 | 1417765  |
|  SPDR Portfolio Short Term Treasury ETF | 16009 | 469384  |
|  T Rowe Price Institutional Floating Rate Fund - Class I | 183388 | 1731180  |
|  Vanguard High-Yield Corporate Fund - Class Admiral | 1145792 | 6370604  |
|  Vanguard Intermediate-Term Treasury ETF | 21533 | 1292626  |
| Vanguard Long-Term Treasury ETF<sup>(a)</sup> | 72038 | 4096081  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 10616 | $498528  |
|  WisdomTree Floating Rate Treasury Fund | 65145 | 3274839  |
|  |  | 38388720  |
| **Emerging Market Equity Funds - 4.8%** | **Emerging Market Equity Funds - 4.8%** |  |
|  iShares Emerging Markets Dividend ETF | 175367 | 5206646  |
| **Emerging Markets Fixed Income Funds - 1.7%** | **Emerging Markets Fixed Income Funds - 1.7%** |  |
|  Vanguard Emerging Markets Government Bond ETF | 27577 | 1844901  |
| **International Equity Funds - 16.3%**<br>|  |  |
| iShares Global Infrastructure ETF | 5814 | 355352  |
|  iShares International Dividend Growth ETF<sup>(a)</sup> | 17466 | 1391516  |
|  iShares International Select Dividend ETF | 155658 | 5689300  |
|  Vanguard FTSE Developed Markets ETF | 30566 | 1831515  |
|  Vanguard International High Dividend Yield ETF | 96866 | 8202613  |
|  |  | 17470296  |
| **International Fixed Income Funds - 1.3%** | **International Fixed Income Funds - 1.3%** |  |
| Janus Henderson AAA CLO ETF | 26717 | 1356689  |
| **Multi-Asset Funds - 5.1%**<br>|  |  |
|  Loomis Sayles Global Allocation Fund - Class Y | 201432 | 5434635  |
| **Real Estate Funds - 2.1%**<br>|  |  |
| Vanguard Real Estate ETF<sup>(a)</sup> | 24142 | 2207062  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $87,799,825)** |  | 106089620 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 18.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(b)</sup> | 19771000 | 19771000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $19,771,000)** |  | 19771000 |

---

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

65<br>

------

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

**GUIDEPATH MULTI-ASSET INCOME ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds - 1.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(b)</sup> | 1200431 | $1200431  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,200,431)** |  | 1200431  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.4%**<br>**(Cost $108,771,256)** |  | $127061051  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.4)% |  | (19709811)  |
| **TOTAL NET ASSETS - 100.0%** |  | $107351240 |

---

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 September 30, 2025. The fair value of these securities was $19,346,695.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

66<br>

------

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

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 89.7%** | **SHORT-TERM INVESTMENTS - 89.7%** | **SHORT-TERM INVESTMENTS - 89.7%** |
| **Certificate of Deposit - 22.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of America NA, <br>4.24%, 02/17/2026 | $5000000 | $5003694  |
|  Bank of Montreal, 4.60% (SOFR + 0.36%), 05/07/2026 | 3000000 | 3002614  |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, 4.55% (SOFR + 0.31%), <br>10/03/2025 | 9000000 | 9000000  |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, <br>4.07%, 10/07/2025 | 10000000 | 10000000  |
|  Mitsubishi Trust & Banking Corp., 4.10%, 10/01/2025 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., <br>4.45%, 01/09/2026 | 3000000 | 3002417  |
| &nbsp;&nbsp;&nbsp; MUFG Bank Ltd., <br>4.45%, 11/10/2025 | 8000000 | 8000000  |
|  Nordea Bank ABP, 4.51% (SOFR + 0.27%), 11/14/2025 | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; Nordea Bank ABP, <br>3.98%, 03/25/2026 | 5000000 | 4999852  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., <br>4.50% (SOFR + 0.26%), <br>11/18/2025 | 3000000 | 3000036  |
|  Westpac Banking Corp., 4.64% (SOFR + 0.40%), 04/20/2026 | 8000000 | 8008774  |
|  |  | 64017387  |
| **Commercial Paper - 3.5%**<br>|  |  |
|  Credit Agricole Corporate and Investment Bank, 4.08%, 10/06/2025<sup>(a)</sup> | 10000000 | 9994347  |
|  | **Shares** |  |
| **Money Market Funds - 8.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund - Class IM, <br>4.09%<sup>(b)(c)</sup> | 22597209 | 22597209  |
|  | **Par** |  |
| **U.S. Treasury Bills - 55.5%**<br>|  |  |
| 4.01%, 10/02/2025<sup>(a)</sup> | $32000000 | 31996436  |
| 4.01%, 10/07/2025<sup>(a)</sup> | 90000000 | 89939983  |
| 4.12%, 10/16/2025<sup>(a)</sup> | 5000000 | 4991599  |
| 4.17%, 11/06/2025<sup>(a)</sup> | 8000000 | 7966960  |
| 4.15%, 12/09/2025<sup>(a)</sup> | 6000000 | 5955863  |
| 4.23%, 12/11/2025<sup>(a)</sup> | 9000000 | 8931840  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| 4.23%, 12/18/2025<sup>(a)</sup> | $2000000 | $1983274  |
| 4.19%, 12/26/2025<sup>(a)</sup> | 5000000 | 4954014  |
|  |  | 156719969  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENT** <br>**(Cost $253,299,188)** |  | 253328912  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 89.7%** <br>**(Cost $253,299,188)** |  | $253328912  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 10.3% |  | 29034893  |
| **TOTAL NET ASSETS - 100.0%** |  | $282363805 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

SOFR - Secured Overnight Financing Rate

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

<sup>(a)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

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

67<br>

------

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

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**September 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Treasury Ultra Short Notes | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp; 12/19/2025 | $14499844 | $(93558)  |
| 3 Month Canadian Overnight Repo Rate Average | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp; 06/16/2026 | 50403383 | 19756  |
| Arabica Coffee<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 12/18/2025 | 2389669 | 1809  |
| ASX SPI 200 Index | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 12/18/2025 | 11742519 | (68945)  |
| AUD/USD Cross Currency Rate | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp; 12/15/2025 | 7615300 | (36037)  |
| Australian Government 10 Year Bonds | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 12/15/2025 | 3750237 | (18927)  |
| Australian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp; 12/15/2025 | 5867806 | (22316)  |
| Brazilian Real/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp; 10/31/2025 | 5521880 | 32150  |
| Brent Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 10/31/2025 | 2707230 | (35871)  |
| British Pound/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp; 12/15/2025 | 21269394 | (232243)  |
| CAC40 10 Euro Index | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 10/17/2025 | 3151512 | (5374)  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 12/18/2025 | 15398793 | 24216  |
| Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 12/29/2025 | 728475 | 41317  |
| Crude Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 10/21/2025 | 1247400 | (6934)  |
| Crude Soybean Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 12/12/2025 | 1751946 | (116389)  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp; 12/19/2025 | 14006700 | 121692  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp; 12/19/2025 | 7351136 | 108464  |
| Euro/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp; 12/15/2025 | 40387600 | (123530)  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; 12/08/2025 | 8160517 | 22803  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp; 12/19/2025 | 12272577 | 98588  |
| FTSE China A50 Index | &nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp; 10/30/2025 | 6907555 | (49844)  |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 12/18/2025 | 2484396 | 80854  |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 12/19/2025 | 6735180 | (29161)  |
| German Stock Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 12/19/2025 | 4228529 | 5184  |
| Gold<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp; 12/29/2025 | 24401160 | 1794866  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 10/30/2025 | 5045214 | 59592  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp; 10/30/2025 | 6397779 | 81444  |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp; 10/17/2025 | 8375375 | 98000  |
| ICE European Climate Exchange Emissions<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp; 12/15/2025 | 4267168 | (20623)  |
| Lean Hogs<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp; 12/12/2025 | 1845480 | 10881  |
| Live Cattle<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp; 12/31/2025 | 7982350 | (182413)  |
| London Metals - Aluminum<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 12/15/2025 | 3686224 | 50438  |
| London Metals - Copper<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 12/15/2025 | 3081429 | 67993  |
| London Metals - Zinc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 12/15/2025 | 593828 | 10362  |
| Low Sulphur Gas Oil<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 11/12/2025 | 5496000 | 38049  |
| Mexican Peso/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp; 12/15/2025 | 19456140 | 297895  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp; 12/19/2025 | 16154740 | 48190  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp; 12/19/2025 | 13325060 | 188570  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 10/30/2025 | 5791500 | (5076)  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 12/19/2025 | 16933190 | 286580  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 12/11/2025 | 8518241 | 127140  |
| NY Harbor ULSD<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp; 10/31/2025 | 4294937 | (7016)  |
| OMXS30 Index | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp; 10/17/2025 | 4217847 | 25695  |
| Palladium<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 12/29/2025 | 1802360 | 183511  |
| Platinum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 01/28/2026 | 2729690 | 288420  |
| Reformulated Gasoline Blendstock<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 10/31/2025 | 2099152 | (34106)  |

---

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

68<br>

------

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

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 12/19/2025 | $9208125 | $133828  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp; 12/19/2025 | 23922562 | 279459  |
| S&P Mid Cap 400 Index | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 12/19/2025 | 6572400 | (46110)  |
| S&P/Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp; 12/18/2025 | 26495825 | 553047  |
| SGX FTSE Taiwan Index | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 10/30/2025 | 7013460 | (37024)  |
| SGX TSI Iron Ore<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp; 11/28/2025 | 3179906 | (67905)  |
| Silver<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 12/29/2025 | 10027600 | 1378918  |
| South African Rand/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp; 12/15/2025 | 13599500 | 130025  |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp; 12/19/2025 | 2857441 | 5272  |
| Swiss Franc/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 12/15/2025 | 11564112 | (76114)  |
| TOPIX Index | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 12/11/2025 | 8495791 | 32352  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp; 12/19/2025 | 25537500 | (121772)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp; 12/31/2025 | 42721680 | (88931)  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp; 12/31/2025 | 35379281 | (121508)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 12/19/2025 | 5829687 | (29431)  |
| U.S. Treasury Ultra Short Bonds | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 12/19/2025 | 1080562 | (11382)  |
| US Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 12/15/2025 | 337450 | (2318)  |
|  |  |  |  | $5036502 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp;(504) | &nbsp;&nbsp; 03/16/2026 | $144986909 | $6697  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp;(266) | &nbsp;&nbsp; 06/16/2026 | 64175825 | (26031)  |
| Australian 90 Day Bank Bills | &nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp; 03/12/2026 | 136486116 | 581  |
| Canadian Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp; 12/16/2025 | 20909000 | 88307  |
| Corn No. 2 Yellow<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp; 12/12/2025 | 3718725 | (43732)  |
| Cotton No.2<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(84) | &nbsp;&nbsp; 12/08/2025 | 2762340 | 65399  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp; 12/08/2025 | 8870772 | (185565)  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp;&nbsp;(162) | &nbsp;&nbsp; 12/08/2025 | 22407068 | (16815)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp; 12/08/2025 | 13283428 | (65700)  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;(669) | &nbsp;&nbsp; 12/08/2025 | 84026557 | 43642  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(143) | &nbsp;&nbsp; 12/08/2025 | 20373408 | (192355)  |
| Hard Red Winter Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp; 12/12/2025 | 2115438 | 171815  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp;(607) | &nbsp;&nbsp; 06/16/2026 | 196435176 | (15602)  |
| Indian Rupee/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp; 10/29/2025 | 7304050 | 40731  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 12/15/2025 | 5509281 | 37923  |
| Japanese Yen/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp; 12/15/2025 | 14053875 | 47661  |
| Korean Won/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp; 10/20/2025 | 178200 | 1206  |
| London Cocoa<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 12/11/2025 | 318069 | 6367  |
| London Metals - Nickel<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp; 12/15/2025 | 1642726 | 17837  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp; 12/29/2025 | 13194432 | (173847)  |
| Natural Gas<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp; 10/29/2025 | 1882710 | 9616  |
| New Zealand Dollar/US Dollar Cross Currency Rate | &nbsp;&nbsp;&nbsp;&nbsp;(140) | &nbsp;&nbsp; 12/15/2025 | 8140300 | 122103  |
| Soybean Meal<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp; 12/12/2025 | 5547990 | 269845  |
| Soybeans<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp; 11/14/2025 | 901575 | 12537  |

---

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

69<br>

------

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

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Sugar #11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(264) | &nbsp;&nbsp; 02/27/2026 | $4908288 | $25007  |
| Wheat<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(184) | &nbsp;&nbsp; 12/12/2025 | 4673600 | 267087  |
|  |  |  |  | $514714  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $5551216 |

---

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

<sup>(b)</sup> London Metal Exchange ("LME") futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund's consolidated Statement of Assets and Liabilities. 

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

70<br>

------

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

**GUIDEPATH MANAGED FUTURES STRATEGY FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| UBS AG | 12/17/2025 | NOK | 10000000 | USD | 1014834 | $(12572)  |
| UBS AG | 12/17/2025 | SEK | 14000000 | USD | 1516039 | (21545)  |
| UBS AG | 12/17/2025 | CNH | 10000000 | USD | 1413274 | (2560)  |
| UBS AG | 12/17/2025 | PLN | 2500000 | USD | 695533 | (8634)  |
| UBS AG | 12/17/2025 | PLN | 4000000 | USD | 1100638 | (1598)  |
| UBS AG | 12/17/2025 | SEK | 6000000 | USD | 648417 | (7920)  |
| UBS AG | 12/17/2025 | CNH | 10000000 | USD | 1414551 | (3837)  |
| UBS AG | 12/17/2025 | PLN | 2500000 | USD | 692534 | (5634)  |
| UBS AG | 12/17/2025 | SEK | 18000000 | USD | 1940464 | (18972)  |
| UBS AG | 12/17/2025 | CNH | 11000000 | USD | 1558378 | (6592)  |
| UBS AG | 12/17/2025 | NOK | 26000000 | USD | 2655638 | (49757)  |
| UBS AG | 12/17/2025 | PLN | 2500000 | USD | 691208 | (4308)  |
| UBS AG | 12/17/2025 | NOK | 6000000 | USD | 603598 | (2241)  |
| UBS AG | 12/17/2025 | CNH | 9000000 | USD | 1273708 | (4066)  |
| UBS AG | 12/17/2025 | NOK | 110000000 | USD | 11039951 | (15069)  |
| UBS AG | 12/17/2025 | PLN | 49500000 | USD | 13650261 | (49645)  |
| UBS AG | 12/17/2025 | SEK | 90000000 | USD | 9649280 | (41818)  |
| UBS AG | 12/17/2025 | SGD | 11375000 | USD | 8947696 | (77207)  |
| UBS AG | 12/17/2025 | TRY | 31500000 | USD | 703735 | 6328  |
| UBS AG | 12/17/2025 | USD | 8620084 | CNH | 61000000 | 14728  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $(312919) |

---

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.

71<br>

------

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

**GUIDEPATH TACTICAL ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 70.3%**<br>|  |  |
| **Airlines - 1.5%**<br>|  |  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 113081 | $10912317  |
| **Biotechnology - 5.8%**<br>|  |  |
| Exelixis, Inc.<sup>(a)</sup> | 419739 | 17335221  |
| United Therapeutics Corp.<sup>(a)</sup> | 61357 | 25721468  |
|  |  | 43056689  |
| **Consumer Finance - 2.6%**<br>|  |  |
| Synchrony Financial | 277291 | 19701526  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.2%** |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 150698 | 16395942  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 2.1%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 2.1%** | &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 2.1%** |
| AT&T, Inc. | 561564 | 15858567  |
| **Electric Utilities - 6.8%**<br>|  |  |
| NRG Energy, Inc. | 147765 | 23930542  |
| OGE Energy Corp. | 65688 | 3039384  |
| Vistra Corp. | 119629 | 23437713  |
|  |  | 50407639  |
| **Financial Services - 1.5%**<br>|  |  |
| MGIC Investment Corp. | 386713 | 10971048  |
| **Food Products - 3.1%**<br>|  |  |
| Ingredion, Inc. | 113993 | 13919685  |
| Pilgrim's Pride Corp. | 231861 | 9441380  |
|  |  | 23361065  |
| **Household Durables - 6.0%**<br>|  |  |
| DR Horton, Inc. | 89111 | 15101641  |
| PulteGroup, Inc. | 143473 | 18957088  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 162520 | 10727945  |
|  |  | 44786674  |
| **Household Products - 2.3%**<br>|  |  |
| Procter & Gamble Co. | 109480 | 16821602  |
| **Insurance - 10.2%**<br>|  |  |
| Aflac, Inc. | 201831 | 22544523  |
| Arch Capital Group Ltd. | 156716 | 14218843  |
| Everest Group Ltd. | 41815 | 14644867  |
| Hartford Insurance Group, Inc. | 184849 | 24657008  |
|  |  | 76065241  |
| **Interactive Media & Services - 6.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 91489 | 22240976  |
| Meta Platforms, Inc. - Class A | 35083 | 25764253  |
|  |  | 48005229  |
| **Machinery - 1.6%**<br>|  |  |
| Snap-on, Inc. | 33697 | 11677021  |
| **Media - 3.0%**<br>|  |  |
| Fox Corp. - Class A | 358880 | 22630973  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Metals & Mining - 1.6%**<br>|  |  |
| Newmont Corp. | 142434 | $12008611  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.3%** |
| NVIDIA Corp. | 197262 | 36805144  |
| QUALCOMM, Inc. | 59589 | 9913226  |
|  |  | 46718370  |
| **Software - 4.0%**<br>|  |  |
| Docusign, Inc.<sup>(a)</sup> | 93811 | 6762835  |
| Microsoft Corp. | 45071 | 23344524  |
|  |  | 30107359  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.2%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.2%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.2%** |
| Apple, Inc. | 92327 | 23509224  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $402,286,448)** |  | 522995097  |
| **INVESTMENT COMPANIES - 27.7%** | **INVESTMENT COMPANIES - 27.7%** |  |
| **Alternative Funds - 24.7%**<br>|  |  |
| ProShares Ultra S&P500<sup>(b)</sup> | 1427091 | 160019714  |
| ProShares UltraPro S&P 500<sup>(b)</sup> | 207546 | 23139304  |
|  |  | 183159018  |
| **Domestic Equity Funds - 3.0%**<br>|  |  |
| iShares Core S&P 500 ETF | 33686 | 22546040  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $188,338,364)** |  | 205705058 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 36570175 | 36570175  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $36,570,175)** |  | 36570175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds - 2.1%**<br>|  |  |
|  JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%<sup>(c)</sup> | 15213677 | 15213677  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,213,677)** |  | 15213677  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.0%** <br>**(Cost $642,408,664)** |  | $780484007  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.0)% |  | (37014760)  |
| **TOTAL NET ASSETS - 100.0%** |  | $743469247 |

---

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

72<br>

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

**GUIDEPATH TACTICAL ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $36,120,301.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

73<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $195890607 | $58057627 | $683996146 | $103270376 | $147035856  |
| Receivable for investments sold | 8480579 |  |  |  | —  |
| Interest receivable | 1169673 | 195 | 11431 | 2122 | 2521  |
| Receivable for fund shares sold | 168025 | 47163 | 472754 | 80155 | 87497  |
|  Variation margin on centrally cleared swap contracts | 10379 |  |  |  | —  |
| Cash | 3000 | 183679 |  |  | —  |
| Dividends receivable |  | 95881 | 281197 | 119964 | 328006  |
| Dividend tax reclaims receivable |  | 2280 | 395 | 16 | 391188  |
| Foreign currency, at value |  | 1506 |  |  | 154504  |
| Prepaid expenses and other assets | 17338 | 16507 | 35990 | 18491 | 23513  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 205739601 | 58404838 | 684797913 | 103491124 | 148023085  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | 31959925 |  |  |  | 13607  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 535400 | 1393672 | 13034590 | 5633782 | 4039689  |
| Payable to adviser | 87419 | 18656 | 329767 | 63319 | 138651  |
| Payable for capital shares redeemed | 52975 | 43763 | 778270 | 120312 | 93467  |
|  Payable for distribution and shareholder servicing fees | 10980 | 8147 | 42255 | 6368 | 22411  |
| Variation margin on futures contracts | 668 |  |  |  | —  |
| Payable to Broker for Futures | 3750  | —  | —  | —  |  |
| Interest payable | 260 | 1202 |  |  | 47259  |
| Deferred foreign capital gains tax |  | 254111 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other <br>liabilities | 77646 | 88100 | 166962 | 55200 | 97639  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 32729023 | 1807651 | 14351844 | 5878981 | 4452723  |
| **NET ASSETS** | $173010578 | $56597187 | $670446069 | $97612143 | $143570362  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $199516597 | $36821725 | $217047726 | $55799188 | $70348033  |
|  Total distributable earnings/(accumulated losses) | (26506019) | 19775462 | 453398343 | 41812955 | 73222329  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $173010578 | $56597187 | $670446069 | $97612143 | $143570362  |
| **Service Class**<br>|  |  |  |  |  |
| Net assets | $173010578 | $56597187 | $670446069 | $97612143 | $143570362  |
| Shares issued and outstanding<sup>(a)</sup> | 20773860 | 4089775 | 18349710 | 4630609 | 10883873  |
| Net asset value per share | $8.33 | $13.84 | $36.54 | $21.08 | $13.19  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $205418387 | $38009839 | $399334017 | $66903869 | $106289697  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $1508 | $— | $— | $154035  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $522729 | $1379395 | $12471562 | $5456801 | $3960900 |

---

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

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

74<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $135752423 | $701268337 | $24637153 | $534425792 | $1630180746  |
| Receivable for fund shares sold | 242708 | 170823 | 25298 | 500454 | 422142  |
| Dividends receivable | 221968 | 670776 |  | 492056 | 688987  |
| Interest receivable | 5093 | 22357 | 42485 | 58500 | 45841  |
| Cash |  | 19157 |  |  | —  |
| Receivable for investments sold |  | 17701511 |  |  | —  |
| Prepaid expenses and other assets | 19356 | 81609 | 8846 | 40324 | 81499  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 136241548 | 719934570 | 24713782 | 535517126 | 1631419215  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 21505833 | 124752643 | 1128454 | 34592522 | 138613330  |
| Payable to adviser | 48226 | 236221 | 7649 | 199472 | 619346  |
| Payable for capital shares redeemed | 44615 | 198007 | 67421 | 268957 | 945919  |
|  Payable for distribution and shareholder servicing fees | 12979 | 47059 | 5 | 41445 | 133601  |
| Interest payable | 1513 |  |  |  | 22097  |
| Payable for investments purchased |  | 17682409 |  |  | 463390  |
| Deferred capital gains tax |  | 1572099 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other <br>liabilities | 85208 | 93981 | 16171 | 46073 | 161961  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 21698374 | 144582419 | 1219700 | 35148469 | 140959644  |
| **NET ASSETS** | $114543174 | $575352151 | $23494082 | $500368657 | $1490459571  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $137151527 | $466618713 | $23999916 | $548102973 | $783751850  |
|  Total distributable earnings/(accumulated losses) | (22608353) | 108733438 | (505834) | (47734316) | 706707721  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $114543174 | $575352151 | $23494082 | $500368657 | $1490459571  |
| **Institutional Shares**<br>|  |  |  |  |  |
| Net assets | $— | $— | $23494082 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 2436396 |  | —  |
| Net asset value per share | $— | $— | $9.64 | $— | $—  |
| **Service Class**<br>|  |  |  |  |  |
| Net assets | $114543174 | $575352151 | $— | $500368657 | $1490459571  |
| Shares issued and outstanding<sup>(a)</sup> | 11723160 | 47042971 |  | 56652271 | 72368084  |
| Net asset value per share | $9.77 | $12.23 | $— | $8.83 | $20.60  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $131747114 | $593644188 | $24590094 | $522281340 | $963493949  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $21025530 | $122370761 | $1096355 | $33806997 | $136204843 |

---

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

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

75<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $126851236 | $123182451 | $127061051 | $253328912 | $780484007  |
| Receivable for fund shares sold | 105212 | 79112 | 208862 | 221794 | 339767  |
| Dividends receivable | 76902 |  | 48446 |  | 127091  |
| Interest receivable | 12208 | 9589 | 3903 | 345579 | 49771  |
| Dividend tax reclaims receivable | 1937 |  |  |  | —  |
| Restricted Cash |  |  |  | 2900054 | —  |
|  Receivable for open forward currency contracts |  |  |  | 21056 | —  |
| Variation margin on futures contracts |  |  |  | 613711 | —  |
|  Receivable for unsettled open futures contracts |  |  |  | 146630 | —  |
| Deposit at broker for future contracts |  |  |  | 30732995 | —  |
| Prepaid expenses and other assets | 13467 | 15168 | 29164 | 11829 | 24555  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 127060962 | 123286320 | 127351426 | 288322560 | 781025191  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 7622100 | 31092983 | 19771001 |  | 36570175  |
| Payable to adviser | 66233 | 50668 | 52625 | 285366 | 363852  |
| Payable for capital shares redeemed | 5146 | 5031 | 143304 | 136275 | 452639  |
|  Payable for distribution and shareholder servicing fees | 87 | 42 | 8939 | 22344 | 59096  |
|  Payable for open forward currency contracts |  |  |  | 333975 | —  |
| Payable for investments purchased |  |  |  | 4996675 | —  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other <br>liabilities | 38204 | 19893 | 24317 | 184120 | 110182  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7731770 | 31168617 | 20000186 | 5958755 | 37555944  |
| **NET ASSETS** | $119329192 | $92117703 | $107351240 | $282363805 | $743469247  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $92233770 | $98776946 | $95433686 | $368559652 | $572622606  |
|  Total distributable earnings/(accumulated losses) | 27095422 | (6659243) | 11917554 | (86195847) | 170846641  |
| Total net assets | $119329192 | $92117703 | $107351240 | $282363805 | $743469247  |
| **Institutional Shares**<br>|  |  |  |  |  |
| Net assets | $119329192 | $92117703 | $— | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 8664512 | 10636067 |  |  | —  |
| Net asset value per share | $13.77 | $8.66 | $— | $— | $—  |
| **Service Class**<br>|  |  |  |  |  |
| Net assets | $— | $— | $107351240 | $282363805 | $743469247  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 9189951 | 41302221 | 52098809  |
| Net asset value per share | $— | $— | $11.68 | $6.84 | $14.27  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $113570681 | $121153140 | $108771256 | $253299188 | $642408664  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $7435782 | $30380511 | $19346695 | $— | $36120301 |

---

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

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

76<br>

------

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $81491 | $1062951 | $3619578 | $662610 | $3972793  |
| Less: Dividend withholding taxes |  | (116456) | (4080) | (1438) | (391568)  |
| Less: Issuance fees |  | (467) | (7) | (9) | (2)  |
| Interest income | 3690644 |  |  |  | 503  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3772135 | 946028 | 3615491 | 661163 | 3581726  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 335416 | 143626 | 1266106 | 261622 | 527171  |
| Administrative service fees | 208461 | 64768 | 696888 | 117478 | 274188  |
| Fund administration and accounting fees | 114376 | 67250 | 97519 | 45992 | 78481  |
| Shareholder service costs - Service Class | 83854 | 26114 | 281357 | 47139 | 110057  |
| Federal and state registration fees | 16683 | 14946 | 22633 | 15526 | 16410  |
| Custodian fees | 16323 | 82754 | 18383 | 2957 | 41045  |
| Legal fees | 13786 | 4453 | 45597 | 6771 | 7808  |
| Audit fees | 13298 | 37099 | 12444 | 12688 | 14579  |
| Reports to shareholders | 11926 | 8452 | 51904 | 14979 | 45239  |
| Trustees' fees | 9241 | 2716 | 38024 | 5278 | 9816  |
| Transfer agent fees | 2256 | 1982 | 3368 | 2073 | 2195  |
| Compliance fees | 2013 | 610 | 7937 | 1129 | 2323  |
| Interest expense | 260 | 9718 | 199 | 2912 | 56799  |
| Other expenses and fees | 2082 | 1198 | 4962 | 1287 | 1498  |
| &nbsp;&nbsp;&nbsp; Total expenses | 829975 | 465686 | 2547321 | 537831 | 1187609  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (40867)  | (91366)  | —  |  | (8829) |
| &nbsp;&nbsp;&nbsp; Expense recoupment by Adviser |  |  |  |  | 118238  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by the voluntary <br>agreement |  | (5223) | (56271) | (9428) | (22011)  |
| &nbsp;&nbsp;&nbsp; Security lending credit | (621) | (9455) | (64482) | (23015) | (8685)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 788487 | 359642 | 2426568 | 505388 | 1266322  |
| **Net investment income** | 2983648 | 586386 | 1188923 | 155775 | 2315404  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 74224 | 2239216 | 152367204 | 4978444 | 27648529  |
| &nbsp;&nbsp;&nbsp; Taxes withheld |  | (124884) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (301441) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 2275 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 17139 |  |  | (884067)  |
| Net realized gain (loss) | (224942) | 2131471 | 152367204 | 4978444 | 26764462  |

---

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

77<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuideMark** <br>**Core Fixed** <br>**Income Fund** | **GuideMark** <br>**Emerging** <br>**Markets Fund** | **GuideMark** <br>**Large Cap** <br>**Core Fund** | **GuideMark** <br>**Small/Mid Cap** <br>**Core Fund** | **GuideMark** <br>**World ex-US** <br>**Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $2152194 | $7502931 | $(63530806) | $9499507 | $3547622  |
| &nbsp;&nbsp;&nbsp; Future contracts | 202855 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 58808 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax |  | 90052 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 2252 |  |  | 27353  |
|  Net change in unrealized appreciation (depreciation) | 2413857 | 7595235 | (63530806) | 9499507 | 3574975  |
| **Net realized and unrealized gain (loss)** | 2188915 | 9726706 | 88836398 | 14477951 | 30339437  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE)** <br>**IN NET ASSETS RESULTING** <br>**FROM OPERATIONS** | $5172563 | $10313092 | $90025321 | $14633726 | $32654841 |

---

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

78<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Absolute Return** <br>**Allocation Fund** | **GuidePath** <br>**Conservative** <br>**Allocation Fund** <br>(Consolidated) | **GuidePath** <br>**Conservative** <br>**Income Fund** | **GuidePath** <br>**Flexible Income** <br>**Allocation Fund** | **GuidePath** <br>**Growth** <br>**Allocation Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $3555640 | $9640252 | $498161 | $9550476 | $8713781  |
| Interest income | &nbsp;&nbsp; — | 3 | 48454 |  | —  |
| Other income | &nbsp;&nbsp; — | 2 |  |  | 4  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 3555640 | 9640257 | 546615 | 9550476 | 8713785  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 236532 | 689209 | 43218 | 546836 | 1780888  |
| Administrative service fees | &nbsp;&nbsp; 168884 | 688934 | 30851 | 546836 | 1780175  |
| Shareholder service costs - Service Class | &nbsp;&nbsp; 67581 | 275684 |  | 218735 | 712355  |
|  Shareholder service costs - Institutional Shares | &nbsp;&nbsp; — |  | 54 |  | —  |
| Custodian fees | &nbsp;&nbsp; 22639 | 30067 | 702 | 21223 | 40834  |
| Fund administration and accounting fees | &nbsp;&nbsp; 21697 | 74532 | 3992 | 38415 | 152670  |
| Reports to shareholders | &nbsp;&nbsp; 18516 | 32656 | 2166 | 16849 | 47150  |
| Legal fees | &nbsp;&nbsp; 15006 | 58194 | 1403 | 19062 | 79788  |
| Federal and state registration fees | &nbsp;&nbsp; 12656 | 14517 | 12413 | 27230 | 15831  |
| Interest expense | &nbsp;&nbsp; 12086 | 3787 | 700 |  | 25871  |
| Trustees' fees | &nbsp;&nbsp; 9377 | 30865 | 1253 | 20019 | 77820  |
| Audit fees | &nbsp;&nbsp; 8296 | 8784 | 8266 | 8601 | 9394  |
| Transfer agent fees | &nbsp;&nbsp; 2226 | 3173 | 1890 | 2714 | 5187  |
| Compliance fees | &nbsp;&nbsp; 1949 | 6741 | 183 | 4614 | 17023  |
| Other expenses and fees | &nbsp;&nbsp; 2230 | 8118 | 767 | 6096 | 9791  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 599675 | 1925261 | 107858 | 1477230 | 4754777  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp; (88459) |  | (26214) |  | —  |
| &nbsp;&nbsp;&nbsp; Security lending credit | &nbsp;&nbsp; (32823) | (166526) | (1917) | (71413) | (179193)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 478393 | 1758735 | 79727 | 1405817 | 4575584  |
| **Net investment income** | &nbsp;&nbsp; 3077247 | 7881522 | 466888 | 8144659 | 4138201  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 764160 | 4777675 | (53849) | (249072) | 25031390  |
| &nbsp;&nbsp;&nbsp; Taxes withheld | &nbsp;&nbsp; —  | (226000)  | —  | —  |  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | &nbsp;&nbsp; — | 587393 |  |  | 3292575  |
| Net realized gain (loss) | &nbsp;&nbsp; 764160 | 5139068 | (53849) | (249072) | 28323965  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 199435 | 33276726 | 25826 | 4634356 | 234420521  |
| &nbsp;&nbsp;&nbsp; Deferred capital gains tax | &nbsp;&nbsp; — | (1572099) |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 199435 | 31704627 | 25826 | 4634356 | 234420521  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 963595 | 36843695 | (28023) | 4385284 | 262744486  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE)** <br>**IN NET ASSETS RESULTING** <br>**FROM OPERATIONS** | &nbsp;&nbsp; $4040842 | $44725217 | $438865 | $12529943 | $266882687 |

---

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

79<br>

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $1669752 | $2041124 | &nbsp;&nbsp; $2570750 | $272591 | $7491380  |
| Less: Dividend withholding taxes | (610) |  | &nbsp;&nbsp; — |  | —  |
| Interest income |  |  | &nbsp;&nbsp; — | 5237937 | —  |
| Less: Interest withholding taxes |  |  | &nbsp;&nbsp; — | (3042) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1669142 | 2041124 | &nbsp;&nbsp; 2570750 | 5507486 | 7491380  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 247505 | 201272 | &nbsp;&nbsp; 183503 | 1324412 | 1194513  |
| Administrative service fees | 137417 | 111773 | &nbsp;&nbsp; 131021 | 315189 | 852882  |
| Fund administration and accounting fees | 15396 | 11587 | &nbsp;&nbsp; 15402 | 44582 | 78592  |
| Custodian fees | 15025 | 2684 | &nbsp;&nbsp; 10820 | 6738 | 23423  |
| Federal and state registration fees | 12990 | 12592 | &nbsp;&nbsp; 13301 | 13820 | 17446  |
| Audit fees | 11316 | 8296 | &nbsp;&nbsp; 8296 | 16958 | 9028  |
| Legal fees | 6771 | 5490 | &nbsp;&nbsp; 7259 | 25650 | 39498  |
| Trustees' fees | 5979 | 5122 | &nbsp;&nbsp; 5887 | 14341 | 37030  |
| Reports to shareholders | 2834 | 2714 | &nbsp;&nbsp; 4694 | 35906 | 46442  |
| Transfer agent fees | 2073 | 2073 | &nbsp;&nbsp; 2043 | 2470 | 3477  |
| Compliance fees | 1006 | 853 | &nbsp;&nbsp; 1251 | 2990 | 8114  |
|  Shareholder service costs - Institutional Shares | 269 | 226 | &nbsp;&nbsp; — |  | —  |
| Shareholder service costs - Service Class |  |  | &nbsp;&nbsp; 52429 | 126135 | 341289  |
| Interest expense |  | 5563 | &nbsp;&nbsp; 465 |  | —  |
| Other expenses and fees | 1035 | 913 | &nbsp;&nbsp; 1624 | 2283 | 4813  |
| &nbsp;&nbsp;&nbsp; Total expenses | 459616 | 371158 | &nbsp;&nbsp; 437995 | 1931474 | 2656547  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (2188) | (2049) | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Expense recoupment by Adviser | 6082  | —  | &nbsp;&nbsp; —  | —  |  |
| &nbsp;&nbsp;&nbsp; Security lending credit | (29002) | (29683) | &nbsp;&nbsp; (91263) | (771) | (12799)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 434508 | 339426 | &nbsp;&nbsp; 346732 | 1930703 | 2643748  |
| **Net investment income** | 1234634 | 1701698 | &nbsp;&nbsp; 2224018 | 3576783 | 4847632  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1362442 | 975221 | &nbsp;&nbsp; 1776137 | 14668 | 35724200  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  |  | &nbsp;&nbsp; — | (27719332) | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | &nbsp;&nbsp; — | 1219076 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp; — | (905675) | —  |
| Net realized gain (loss) | 1362442 | 975221 | &nbsp;&nbsp; 1776137 | (27391263) | 35724200  |

---

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

80<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **GuidePath** <br>**Growth and** <br>**Income Fund** | **GuidePath** <br>**Income Fund** | **GuidePath** <br>**Multi-Asset** <br>**Income** <br>**Allocation Fund** | **GuidePath** <br>**Managed Futures** <br>**Strategy Fund** <br>(Consolidated) | **GuidePath** <br>**Tactical** <br>**Allocation Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $4621580 | $(391972) | &nbsp;&nbsp; $3571901 | $18240 | $32073102  |
| &nbsp;&nbsp;&nbsp; Future contracts |  |  | &nbsp;&nbsp; — | 8974751 | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | &nbsp;&nbsp; — | (374173) | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp; — | (4837) | —  |
|  Net change in unrealized appreciation (depreciation) | 4621580 | (391972) | &nbsp;&nbsp; 3571901 | 8613981 | 32073102  |
| **Net realized and unrealized gain (loss)** | 5984022 | 583249 | &nbsp;&nbsp; 5348038 | (18777282) | 67797302  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE)** <br>**IN NET ASSETS RESULTING** <br>**FROM OPERATIONS** | $7218656 | $2284947 | &nbsp;&nbsp; $7572056 | $(15200499) | $72644934 |

---

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

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark Core Fixed** <br>**Income Fund** | **GuideMark Core Fixed** <br>**Income Fund** | **GuideMark Emerging** <br>**Markets Fund**  | **GuideMark Emerging** <br>**Markets Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2983648 | $6001758 | $586386 | $943843  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (224942) | (931171) | 2131471 | 581975  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2413857 | 2096652 | 7595235 | 1768834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 5172563 | 7167239 | 10313092 | 3294652  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class | (3130682) | (6553125) |  | (1356041)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3130682) | (6553125) |  | (1356041)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 23410531 | 42135733 | 8153932 | 7116219  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3130665 | 6553089 |  | 1353908  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (22915059) | (54223823) | (6467017) | (13741159)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3626137 | (5535001) | 1686915 | (5271032)  |
| **Net increase (decrease) in net assets** | 5668018 | (4920887) | 12000007 | (3332421)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 167342560 | 172263447 | 44597180 | 47929601  |
| &nbsp;&nbsp;&nbsp; End of the period | $173010578 | $167342560 | $56597187 | $44597180  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 2847175 | 5129014 | 695646 | 617260  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class | 378882 | 797988 |  | 120411  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (2786018) | (6594028) | (523334) | (1196387)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 440039 | (667026) | 172312 | (458716) |

---

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

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**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark Large** <br>**Cap Core Fund** | **GuideMark Large** <br>**Cap Core Fund** | **GuideMark Small/Mid** <br>**Cap Core Fund**  | **GuideMark Small/Mid** <br>**Cap Core Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1188923 | $3219685 | $155775 | $223191  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 152367204 | 33007725 | 4978444 | 7268081  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (63530806) | (85104146) | 9499507 | (10929293)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 90025321 | 27717264 | 14633726 | (3438021)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class |  | (31527674) |  | (8312014)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (31527674) |  | (8312014)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 171208701 | 144001887 | 9353754 | 19300249  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 31527671 |  | 8312014  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (308694626) | (177702588) | (16265870) | (28938155)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (137485925) | (2173030) | (6912116) | (1325892)  |
| **Net increase (decrease) in net assets** | (47460604) | (5983440) | 7721610 | (13075927)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 717906673 | 723890113 | 89890533 | 102966460  |
| &nbsp;&nbsp;&nbsp; End of the period | $670446069 | $717906673 | $97612143 | $89890533  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 4862364 | 4433364 | 494547 | 954747  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class |  | 949057 |  | 422874  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (9789513) | (5510604) | (845043) | (1446525)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (4927149) | (128183) | (350496) | (68904) |

---

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

83<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuideMark World ex-US Fund** | **GuideMark World ex-US Fund** | **GuidePath Absolute Return** <br>**Allocation Fund**  | **GuidePath Absolute Return** <br>**Allocation Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2315404 | $2123665 | $3077247 | $9166295  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26764462 | 3921967 | 764160 | (193106)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3574975 | 2001700 | 199435 | 2053649  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 32654841 | 8047332 | 4040842 | 11026838  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class |  | (3178682) |  | (9957282)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (3178682) |  | (9957282)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  |  | (89)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 136694952 | 23555972 | 23946857 | 77565986  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 3178673 |  | 9957282  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (141822703) | (33008102) | (121682589) | (84112832)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (5127751) | (6273457) | (97735732) | 3410347  |
| **Net increase (decrease) in net assets** | 27527090 | (1404807) | (93694890) | 4479903  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 116043272 | 117448079 | 208238064 | 203758161  |
| &nbsp;&nbsp;&nbsp; End of the period | $143570362 | $116043272 | $114543174 | $208238064  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  |  | (9)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 11446206 | 2151755 | 2509498 | 8167166  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class |  | 303627 |  | 1075301  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (10907683) | (3025036) | (12865608) | (8870836)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 538523 | (569654) | (10356110) | 371622 |

---

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

84<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Conservative** <br>**Allocation Fund (Consolidated)** | **GuidePath Conservative** <br>**Allocation Fund (Consolidated)** | **GuidePath Conservative** <br>**Income Fund**  | **GuidePath Conservative** <br>**Income Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7881522 | $17113782 | $466888 | $929014  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5139068 | 1907734 | (53849) | 49911  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31704627 | 16512202 | 25826 | (37556)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 44725217 | 35533718 | 438865 | 941369  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares |  |  | (475009) | (938383)  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class |  | (16649348) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (16649348) | (475009) | (938383)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares |  |  | 17034537 | 18441799  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 475009 | 938383  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  | (9723142) | (17729345)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 59955606 | 128758973 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 16649348 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (88644904) | (136055881) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (28689298) | 9352440 | 7786404 | 1650837  |
| **Net increase (decrease) in net assets** | 16035919 | 28236810 | 7750260 | 1653823  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 559316232 | 531079422 | 15743822 | 14089999  |
| &nbsp;&nbsp;&nbsp; End of the period | $575352151 | $559316232 | $23494082 | $15743822  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares |  |  | 1765441 | 1906310  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Shares |  |  | 49328 | 97094  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares |  |  | (1008422) | (1831425)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 5135409 | 11453570 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class |  | 1498187 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (7709729) | (12134051) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (2574320) | 817706 | 806347 | 171979 |

---

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

85<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Flexible Income** <br>**Allocation Fund** | **GuidePath Flexible Income** <br>**Allocation Fund** | **GuidePath Growth** <br>**Allocation Fund**  | **GuidePath Growth** <br>**Allocation Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,**<br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8144659 | $13740797 | $4138201 | $12933923  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (249072) | (1772007) | 28323965 | 57589775  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4634356 | 1150543 | 234420521 | (6444528)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 12529943 | 13119333 | 266882687 | 64079170  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class | (7625111) | (14734776) |  | (60039606)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7625111) | (14734776) |  | (60039606)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  | (44) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 306521425 | 91717976 | 113782659 | 278179791  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of <br>distributions | 7625110 | 14734776 |  | 60039606  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (81265483) | (107925949) | (224216680) | (287859885)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 232881052 | (1473241) | (110434021) | 50359512  |
| **Net increase (decrease) in net assets** | 237785884 | (3088684) | 156448666 | 54399076  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 262582773 | 265671457 | 1334010905 | 1279611829  |
| &nbsp;&nbsp;&nbsp; End of the period | $500368657 | $262582773 | $1490459571 | $1334010905  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  | (5) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 35389184 | 10215242 | 6149382 | 15574468  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class | 869995 | 1656412 |  | 3347622  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (9315884) | (12043859) | (11908628) | (16211565)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 26943295 | (172210) | (5759246) | 2710525 |

---

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)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Growth and Income Fund** | **GuidePath Growth and Income Fund** | **GuidePath Income Fund**  | **GuidePath Income Fund**  |
|  | **Period Ended**<br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended**<br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1234634 | $1338953 | $1701698 | $4108773  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1362442 | 15159750 | 975221 | 1701005  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4621580 | (8953731) | (391972) | (115067)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 7218656 | 7544972 | 2284947 | 5694711  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | (1394797) | (1219975) | (1710109) | (4148561)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Institutional Shares |  |  |  | (19847)  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1394797) | (1219975) | (1710109) | (4168408)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares | 16847476 | 21772858 | 11615201 | 31073688  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1394797 | 1219975 | 1710109 | 4168408  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares | (9571055) | (33940188) | (18627165) | (19548903)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8671218 | (10947355) | (5301855) | 15693193  |
| **Net increase (decrease) in net assets** | 14495077 | (4622358) | (4727017) | 17219496  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 104834115 | 109456473 | 96844720 | 79625224  |
| &nbsp;&nbsp;&nbsp; End of the period | $119329192 | $104834115 | $92117703 | $96844720  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Shares | 1300209 | 1705078 | 1356959 | 3668492  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Shares | 105322 | 95098 | 200133 | 489230  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Shares | (738391) | (2805328) | (2188749) | (2290831)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 667140 | (1005152) | (631657) | 1866891 |

---

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)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **GuidePath Multi-Asset Income** <br>**Allocation Fund** | **GuidePath Multi-Asset Income** <br>**Allocation Fund** | **GuidePath Managed Futures** <br>**Strategy Fund (Consolidated)**  | **GuidePath Managed Futures** <br>**Strategy Fund (Consolidated)**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended**<br>**March 31,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended**<br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2224018 | $4371674 | $3576783 | $9029375  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1776137 | 1884692 | (27391263) | (44654785)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3571901 | 1453528 | 8613981 | (13537662)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** <br>**from operations** | 7572056 | 7709894 | (15200499) | (49163072)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class | (2350079) | (4479990) |  | (39597)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2350079) | (4479990) |  | (39597)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  |  | (1398)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 9518620 | 20526870 | 92761378 | 83327481  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2350079 | 4479991 |  | 39597  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (16555706) | (25937085) | (42093815) | (77076162)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4687007) | (930224) | 50667563 | 6289518  |
| **Net increase (decrease) in net assets** | 534970 | 2299680 | 35467064 | (42913151)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 106816270 | 104516590 | 246896741 | 289809892  |
| &nbsp;&nbsp;&nbsp; End of the period | $107351240 | $106816270 | $282363805 | $246896741  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  |  | (153)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 832258 | 1864751 | 14058909 | 10316785  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class | 205905 | 410167 |  | 5002  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (1469528) | (2362854) | (6393738) | (9482756)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (431365) | (87936) | 7665171 | 838878 |

---

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

88<br>

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

**GUIDEMARK FUNDS & GUIDEPATH FUNDS** 

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

---

| | | |
|:---|:---|:---|
|  | **GuidePath Tactical Allocation Fund**  | **GuidePath Tactical Allocation Fund**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4847632 | $4709509  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35724200 | 34495221  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32073102 | (13053877)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 72644934 | 26150853  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Service Class |  | (40005997)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (40005997)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 105705897 | 169406514  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 40005996  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (79445639) | (146353852)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26260258 | 63058658  |
| **Net increase (decrease) in net assets** | 98905192 | 49203514  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 644564055 | 595360541  |
| &nbsp;&nbsp;&nbsp; End of the period | $743469247 | $644564055  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Service Class | 8041004 | 12352444  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Service Class |  | 2954653  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Service Class | (6002956) | (10730688)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2038048 | 4576409 |

---

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

89<br>

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

**GUIDEMARK CORE FIXED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.23 | $8.20 | $8.27 | $9.01 | $9.70 | $9.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.29 | 0.26 | 0.20 | 0.11 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.05 | (0.06) | (0.74) | (0.57) | 0.14  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.34 | 0.20 | (0.54) | (0.46) | 0.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15) | (0.31) | (0.27) | (0.20) | (0.12) | (0.18)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.11) | (0.17)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.15) | (0.31) | (0.27) | (0.20) | (0.23) | (0.35)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.33 | $8.23 | $8.20 | $8.27 | $9.01 | $9.70  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.09% | 4.25% | 2.56% | (6.02)% | (4.88)% | 2.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $173011 | $167343 | $172263 | $170248 | $200560 | $188034  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | 0.99% | 1.00% | 0.99% | 0.99% | 1.28%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | 0.94% | 0.94% | 0.94% | 0.94% | 1.19%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | —% | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.57% | 3.49% | 3.29% | 2.33% | 1.14% | 1.10%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 107% | 191% | 267% | 252% | 264% | 283% |

---

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

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

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

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

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

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

90<br>

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

**GUIDEMARK EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $11.38 | $10.95 | $10.30 | $13.57 | $16.50 | $10.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.23 | 0.22 | 0.33 | 0.22 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | 0.54 | 0.80 | (1.87) | (1.73) | 5.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | 0.77 | 1.02 | (1.54) | (1.51) | 6.01  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.34) | (0.37) | (0.49) | (0.26) | (0.03)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (1.24) | (1.16) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.34) | (0.37) | (1.73) | (1.42) | (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.84 | $11.38 | $10.95 | $10.30 | $13.57 | $16.50  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21.57% | 7.07% | 10.03% | (11.02)% | (9.75)% | 57.85%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $56597 | $44597 | $47930 | $45699 | $71780 | $96896  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.76%<sup>(g)</sup> | 1.76%<sup>(g)</sup> | 1.88%<sup>(g)</sup> | 1.84% | 1.40% | 1.55%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.38%<sup>(g)</sup> | 1.34%<sup>(g)</sup> | 1.34%<sup>(g)</sup> | 1.40% | 1.39% | 1.64%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.04% | 0.01% | 0.01% | 0.01% | 0.00%<sup>(h)</sup> | 0.00%<sup>(h)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.34% | 1.33% | 1.33% | 1.39% | 1.39% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.25% | 1.96% | 2.09% | 2.83% | 1.33% | 0.34%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 40% | 30% | 44% | 44% | 48% | 58% |

---

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

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

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

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

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

<sup>(f)</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>(g)</sup> The effect of the voluntary expense waiver on the Service Class shares was 0.06%.

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

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

91<br>

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

**GUIDEMARK LARGE CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.84 | $30.93 | $23.82 | $28.80 | $26.58 | $16.11  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.14 | 0.17 | 0.20 | 0.10 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | 1.15 | 7.15 | (2.88) | 3.05 | 10.51  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | 1.29 | 7.32 | (2.68) | 3.15 | 10.57  |
| Net investment income | &nbsp;&nbsp; — | (0.13) | (0.20) | (0.16) | (0.12) | (0.10)  |
| Net realized gains | &nbsp;&nbsp; — | (1.25) | (0.01) | (2.14) | (0.81) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (1.38) | (0.21) | (2.30) | (0.93) | (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.54 | $30.84 | $30.93 | $23.82 | $28.80 | $26.58  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 18.47% | 3.85% | 30.82% | (8.81)% | 11.59% | 65.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $670446 | $717907 | $723890 | $607842 | $691939 | $602159  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.86%<sup>(g)</sup> | 0.88%<sup>(g)</sup> | 0.89%<sup>(g)</sup> | 0.90% | 0.89% | 1.15%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.86%<sup>(g)</sup> | 0.85%<sup>(g)</sup> | 0.82%<sup>(g)</sup> | 0.87% | 0.89% | 1.10%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | —% | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.42% | 0.43% | 0.65% | 0.82% | 0.33% | 0.26%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 53% | 18% | 19% | 46% | 25% | 34% |

---

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

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

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

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

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

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

<sup>(g)</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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**[**TABLE OF CONTENTS**](#TOC)**

**GUIDEMARK SMALL/MID CAP CORE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $18.05 | $20.39 | $16.76 | $19.12 | $21.07 | $10.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.04 | 0.07 | 0.09 | 0.00<sup>(b)</sup> | (0.04)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | (0.61) | 3.69 | (2.08) | 0.44 | 10.72  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | (0.57) | 3.76 | (1.99) | 0.44 | 10.68  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.09) | (0.07) | (0.06) | (0.04) | (0.02)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (1.68) | (0.06) | (0.31) | (2.35) | (0.36)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.77) | (0.13) | (0.37) | (2.39) | (0.38)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $21.08 | $18.05 | $20.39 | $16.76 | $19.12 | $21.07  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 16.81% | (3.51)% | 22.44% | (10.34)% | 1.38% | 99.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $97612 | $89891 | $102966 | $95301 | $107106 | $92756  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.12%<sup>(g)</sup> | 1.15%<sup>(g)</sup> | 1.16%<sup>(g)</sup> | 1.17% | 1.17% | 1.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.07%<sup>(g)</sup> | 1.07%<sup>(g)</sup> | 1.04%<sup>(g)</sup> | 1.06% | 1.14% | 1.31%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.01% | 0.00%<sup>(h)</sup> | 0.01% | —% | —% | 0.00%<sup>(h)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.07% | 1.07% | 1.03% | 1.06% | 1.14% | 1.31%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.33% | 0.23% | 0.37% | 0.52% | 0.01% | (0.25)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 24% | 18% | 16% | 25% | 36% | 38% |

---

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

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

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

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

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

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

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

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

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

93<br>

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

**GUIDEMARK WORLD EX-US FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.22 | $10.76 | $9.73 | $10.31 | $10.45 | $7.30  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.20 | 0.19 | 0.23 | 0.13 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | 0.57 | 1.19 | (0.53) | (0.15) | 3.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | 0.77 | 1.38 | (0.30) | (0.02) | 3.35  |
| Net investment income | &nbsp;&nbsp; — | (0.31) | (0.23) | (0.21) | (0.12) | (0.20)  |
| Net realized gains | &nbsp;&nbsp; — |  | (0.12) | (0.07) |  | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.31) | (0.35) | (0.28) | (0.12) | (0.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.19 | $11.22 | $10.76 | $9.73 | $10.31 | $10.45  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 17.60% | 7.29% | 14.42% | (2.70)% | (0.27)% | 45.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $143570 | $116043 | $117488 | $109715 | $125034 | $138024  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 1.06%<sup>(f)</sup> | 1.20%<sup>(f)</sup> | 1.24%<sup>(f)</sup> | 1.26% | 1.25% | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 1.15%<sup>(f)</sup> | 1.10%<sup>(f)</sup> | 1.10%<sup>(f)</sup> | 1.14% | 1.14% | 1.37%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.05% | 0.01% | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup> | 0.00%<sup>(g)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp; 1.10% | 1.09% | 1.10% | 1.14% | 1.14% | 1.37%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.10% | 1.84% | 1.91% | 2.49% | 1.19% | 0.89%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 112% | 33% | 30% | 54% | 34% | 46% |

---

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

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

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

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

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

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

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

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

94<br>

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

**GUIDEPATH ABSOLUTE RETURN ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.43 | $9.39 | $9.39 | $10.08 | $10.58 | $10.01  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.42 | 0.40 | 0.28 | 0.23 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.08 | 0.05 | (0.75) | (0.52) | 0.63  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 0.50 | 0.45 | (0.47) | (0.29) | 0.83  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.46) | (0.45) | (0.22) | (0.21) | (0.26)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.46) | (0.45) | (0.22) | (0.21) | (0.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.77 | $9.43 | $9.39 | $9.39 | $10.08 | $10.58  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.61% | 5.45% | 4.72% | (4.56)% | (2.80)% | 8.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $114543 | $208238 | $203758 | $224227 | $236003 | $212656  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.89% | 0.81% | 0.84% | 0.86% | 0.82% | 1.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.71% | 0.65%<sup>(f)</sup> | 0.55% | 0.58% | 0.55% | 0.81%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.02% | 0.00%<sup>(h)</sup> | 0.00%<sup>(h)</sup> | 0.03% | 0.00%<sup>(h)</sup> | 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.69% | 0.65% | 0.55% | 0.55% | 0.55% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 4.55% | 4.42% | 4.20% | 3.01% | 2.14% | 1.85%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 29% | 55% | 53% | 153% | 28% | 65% |

---

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

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

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

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

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

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

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

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

95<br>

------

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

**GUIDEPATH CONSERVATIVE ALLOCATION FUND (CONSOLIDATED)** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.27 | $10.88 | $10.17 | $10.98 | $11.07 | $9.14  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.35 | 0.34 | 0.27 | 0.21 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.38 | 0.71 | (0.87) | 0.10 | 1.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 0.73 | 1.05 | (0.60) | 0.31 | 2.16  |
| Net investment income | &nbsp;&nbsp; — | (0.34) | (0.34) | (0.17) | (0.20) | (0.19)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.04) | (0.20) | (0.04)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.34) | (0.34) | (0.21) | (0.40) | (0.23)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.23 | $11.27 | $10.88 | $10.17 | $10.98 | $11.07  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 8.49% | 6.78% | 10.48% | (5.39)% | 2.60% | 23.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $575352 | $559316 | $531079 | $428328 | $509796 | $461124  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.70% | 0.68% | 0.70% | 0.71% | 0.70% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.64% | 0.56%<sup>(g)</sup> | 0.45% | 0.45% | 0.45% | 0.70%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(h)</sup> | &nbsp;&nbsp; 2.86% | 3.11% | 3.26% | 2.63% | 1.81% | 1.90%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 17% | 14% | 20% | 48% | 28% | 38% |

---

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

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

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

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

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

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

<sup>(g)</sup> Effective August 1, 2024 the expense limitation was changed from 0.45% to 0.75%.

<sup>(h)</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.

96<br>

------

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

**GUIDEPATH CONSERVATIVE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.66 | $9.66 | $9.63 | $9.78 | $9.94 | $9.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.44 | 0.43 | 0.20 | 0.05 | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.02) | (0.01) | 0.02 | (0.13) | (0.16) | 0.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.43 | 0.45 | 0.07 | (0.11) | 0.07  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18) | (0.43) | (0.42) | (0.22) | (0.05) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.18) | (0.43) | (0.42) | (0.22) | (0.05) | (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.64 | $9.66 | $9.66 | $9.63 | $9.78 | $9.94  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.70% | 4.50% | 4.82% | 0.71% | (1.12)% | 0.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $23494 | $15744 | $14090 | $11781 | $10912 | $15926  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.87% | 0.90% | 0.92% | 0.95% | 1.06% | 1.14%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.01% | —% | —% | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.64% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 3.78% | 4.49% | 4.48% | 2.12% | 0.50% | 0.30%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 397% | 216% | 259% | 398% | 161% | 191% |

---

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

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

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

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

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

<sup>(f)</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

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

97<br>

------

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

**GUIDEPATH FLEXIBLE INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.84 | $8.89 | $8.97 | $9.99 | $10.50 | $9.30  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.46 | 0.47 | 0.23 | 0.21 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.03) | (0.02) | (0.10) | (0.96) | (0.44) | 1.18  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.44 | 0.37 | (0.73) | (0.23) | 1.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.14) | (0.49) | (0.45) | (0.22) | (0.21) | (0.23)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.07) | (0.07) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.14) | (0.49) | (0.45) | (0.29) | (0.28) | (0.23)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.83 | $8.84 | $8.89 | $8.97 | $9.99 | $10.50  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 1.49% | 5.02% | 4.19% | (7.27)% | (2.33)% | 15.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $500369 | $262583 | $265671 | $295107 | $347767 | $279838  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | 0.70% | 0.71% | 0.70% | 0.70% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.64% | 0.56%<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; —% | —% | 0.01% | 0.00%<sup>(h)</sup> | —% | 0.00%<sup>(h)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp; 0.64% | 0.56% | 0.49% | 0.50% | 0.50% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(g)</sup> | &nbsp;&nbsp; 3.72% | 5.08% | 5.25% | 2.48% | 2.03% | 2.41%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 104% | 81% | 247% | 484% | 196% | 212% |

---

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

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

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

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

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

<sup>(f)</sup> Effective August 1, 2024 the expense limitation was changed from 0.50% to 0.80%.

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

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

98<br>

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

**GUIDEPATH GROWTH ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $17.07 | $16.97 | $13.90 | $16.03 | $15.64 | $10.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.05 | 0.17 | 0.17 | 0.13 | 0.12 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.48 | 0.72 | 3.21 | (1.72) | 0.73 | 5.78  |
| **Total from investment operations** | 3.53 | 0.89 | 3.38 | (1.59) | 0.85 | 5.85  |
| Net investment income |  | (0.18) | (0.26) | (0.03) | (0.13) | (0.07)  |
| 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 period** | $20.60 | $17.07 | $16.97 | $13.90 | $16.03 | $15.64  |
| Total return<sup>(c)</sup> | 20.62% | 5.04% | 24.46% | (9.69)% | 5.22% | 58.23%  |
|  **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $1490460 | $1334011 | $1279612 | $950179 | $1136476 | $1075230  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment and securities lending credit including interest expense<sup>(e)</sup> | 0.67% | 0.66% | 0.67% | 0.69% | 0.68% | 0.94%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment and securities lending credit including interest expense<sup>(e)</sup> | 0.64% | 0.64% | 0.62% | 0.64% | 0.64% | 0.90%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | 0.00%<sup>(f)</sup> | —% | —% | 0.01% | —% | 0.00%<sup>(f)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | 0.64% | 0.64% | 0.62% | 0.63% | 0.64% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(g)</sup> | 0.58% | 0.95% | 1.14% | 0.92% | 0.75% | 0.48%  |
| Portfolio turnover rate<sup>(c)</sup> | 5% | 17% | 19% | 23% | 17% | 40% |

---

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

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

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

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

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

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

<sup>(g)</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.

99<br>

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

**GUIDEPATH GROWTH AND INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $13.11 | $12.16 | $10.46 | $11.02 | $11.68 | $8.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.17 | 0.26 | 0.24 | 0.11 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.94 | 1.70 | (0.58) | 0.89 | 2.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 1.11 | 1.96 | (0.34) | 1.00 | 3.09  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17) | (0.16) | (0.26) | (0.22) | (0.14) | (0.13)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (1.52) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.17) | (0.16) | (0.26) | (0.22) | (1.66) | (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.77 | $13.11 | $12.16 | $10.46 | $11.02 | $11.68  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 6.38% | 9.14% | 19.08% | (3.02)% | 7.90% | 35.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $119329 | $104834 | $109456 | $106817 | $116834 | $86833  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.84% | 0.87% | 0.94% | 0.94% | 0.87% | 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.79% | 0.81% | 0.88% | 0.89% | 0.81% | 0.80%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; —% | 0.02% | 0.09% | 0.10% | 0.02% | 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 2.24% | 1.35% | 2.41% | 2.26% | 0.92% | 1.28%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 55% | 87% | 123% | 73% | 174% | 109% |

---

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

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

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

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

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

<sup>(f)</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

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

100<br>

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

**GUIDEPATH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.59 | $8.47 | $8.46 | $9.20 | $9.95 | $9.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.38 | 0.31 | 0.17 | 0.21 | 0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.12 | (0.00)<sup>(c)</sup> | (0.74) | (0.75) | 0.09  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.50 | 0.31 | (0.57) | (0.54) | 0.27  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17) | (0.38) | (0.30) | (0.17) | (0.21) | (0.18)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | (0.00)<sup>(c)</sup> |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.17) | (0.38) | (0.30) | (0.17) | (0.21) | (0.18)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.66 | $8.59 | $8.47 | $8.46 | $9.20 | $9.95  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.74% | 6.14% | 3.82% | (6.21)% | (5.53)% | 2.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $92118 | $96845 | $79625 | $56634 | $44470 | $38032  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.83% | 0.81% | 0.84% | 0.85% | 0.88% | 0.92%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.76% | 0.62% | 0.79% | 0.79% | 0.79% | 0.80%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.01% | —% | —% | —% | —% | 0.01%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 0.62% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 3.80% | 4.45% | 3.75% | 1.97% | 2.11% | 1.85%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 186% | 81% | 289% | 301% | 223% | 194% |

---

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

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

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

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

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

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

<sup>(g)</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

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

101<br>

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

**GUIDEPATH MULTI-ASSET INCOME ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.10 | $10.77 | $10.17 | $11.37 | $11.33 | $9.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.46 | 0.41 | 0.37 | 0.31 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 0.35 | 0.60 | (1.17) | 0.05 | 2.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 0.81 | 1.01 | (0.80) | 0.36 | 2.54  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25) | (0.48) | (0.41) | (0.40) | (0.32) | (0.27)  |
| **Total distributions** | &nbsp;&nbsp; (0.25) | (0.48) | (0.41) | (0.40) | (0.32) | (0.27)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $11.68 | $11.10 | $10.77 | $10.17 | $11.37 | $11.33  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 7.58% | 7.64% | 10.15% | (6.92)% | 3.09% | 28.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $107351 | $106816 | $104517 | $88872 | $111888 | $132821  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.84% | 0.83% | 0.85% | 0.85% | 0.84% | 1.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.66% | 0.71% | 0.71% | 0.59% | 0.70% | 0.96%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup> | 0.01% | 0.00%<sup>(f)</sup> | 0.00%<sup>(f)</sup>  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp; 0.66% | 0.71% | 0.71% | 0.58% | 0.70% | 0.96%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(g)</sup> | &nbsp;&nbsp; 4.24% | 4.19% | 4.03% | 3.58% | 2.69% | 2.61%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 22% | 47% | 28% | 66% | 24% | 73% |

---

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

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

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

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

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

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

<sup>(g)</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.

102<br>

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

**GuidePath Managed Futures Strategy Fund (Consolidated)** 

**Financial Highlights** 

**Service Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited)  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited)  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp; $7.34  | $8.84  | $8.25  | $9.89  | $9.27  | $8.65  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.09  | 0.28  | 0.31  | 0.16  | (0.14)  | (0.13)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | &nbsp;&nbsp; (0.59)  | (1.78)  | 0.29  | 0.54  | 1.57  | 1.05  |
| **Total from investment operations**  | &nbsp;&nbsp; (0.50)  | (1.50)  | 0.60  | 0.70  | 1.43  | 0.92  |
| Net investment income  | &nbsp;&nbsp; —  | (0.00)<sup>(c)</sup>  | (0.01)  | (1.04)  | (0.20)  | —  |
| Net realized gains  | &nbsp;&nbsp; —  | —  | —  | (1.30)  | (0.61)  | (0.30)  |
| **Total distributions**  | &nbsp;&nbsp; —  | (0.00)<sup>(c)</sup>  | (0.01)  | (2.34)  | (0.81)  | (0.30)  |
| **Net asset value, end of period**  | &nbsp;&nbsp; $6.84  | $7.34  | $8.84  | $8.25  | $9.89  | $9.27  |
| Total return<sup>(d)</sup>  | &nbsp;&nbsp; (6.85)%  | (16.97)%  | 7.23%  | 5.04%  | 16.94%  | 10.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands)  | &nbsp;&nbsp; $282364  | $246897  | $289808  | $498939  | $251273  | $207653  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup>  | &nbsp;&nbsp; 1.53%  | 1.52%  | 1.50%  | 1.52%  | 1.54%  | 1.80%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup>  | &nbsp;&nbsp; 1.53%  | 1.52%  | 1.50%  | 1.52%  | 1.54%  | 1.81%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | &nbsp;&nbsp; 2.84%  | 3.37%  | 3.66%  | 1.52%  | (1.47)%  | (1.48)%  |
| Portfolio turnover rate<sup>(d)</sup>  | &nbsp;&nbsp; 0%  | 0%  | 0%  | 0%  | 0%  | 0% |

---

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

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

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

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

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

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

103<br>

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

**GUIDEPATH TACTICAL ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERVICE CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.88 | $13.09 | $10.56 | $11.40 | $11.39 | $9.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.10 | 0.09 | 0.15 | 0.05 | 0.01  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | 0.55 | 2.58 | (0.49) | 1.15 | 1.94  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | 0.65 | 2.67 | (0.34) | 1.20 | 1.95  |
| Net investment income | &nbsp;&nbsp; — | (0.17) | (0.14) |  | (0.05) | (0.01)  |
| Net realized gains | &nbsp;&nbsp; — | (0.69) |  | (0.50) | (1.14) | (0.51)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.86) | (0.14) | (0.50) | (1.19) | (0.52)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $14.27 | $12.88 | $13.09 | $10.56 | $11.40 | $11.39  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 10.83% | 4.59% | 25.45% | (2.90)% | 10.32% | 19.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $743469 | $644564 | $595361 | $500975 | $518623 | $469311  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.78% | 0.78% | 0.79% | 0.80% | 0.81% | 1.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment and securities lending credit including interest expense<sup>(e)</sup> | &nbsp;&nbsp; 0.77% | 0.76% | 0.77% | 0.79% | 0.78% | 1.05%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp; 1.42% | 0.74% | 0.79% | 1.38% | 0.39% | 0.09%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 135% | 274% | 333% | 248% | 406% | 443% |

---

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

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

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

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

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

<sup>(f)</sup> Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

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

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)** 

1. Organization

GPS Funds I and GPS Funds II (the "Trusts") are organized as Delaware statutory trusts under Declarations of Trusts dated January 2, 2001 and October 20, 2010, respectively. The Trusts are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. GPS Funds I is comprised of the following 5 funds: GuideMark Large Cap Core Fund, GuideMark Emerging Markets Fund, GuideMark Small/Mid Cap Core Fund, GuideMark World ex-US Fund, GuideMark Core Fixed Income. GPS Funds II is comprised of the following 10 funds: GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePath Multi-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Managed Futures Strategy Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund (collectively, the "Funds"). All of the Funds are classified and operate as diversified funds under the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund and GuidePath Absolute Return Allocation Fund were seeded on March 4, 2011 and the prospectus went effective on April 1, 2011. The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Tactical Allocation Fund and GuidePath Absolute Return Allocation Fund commenced operations on April 29, 2011. The GuidePath Multi-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePath Managed Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers 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." The Advisor believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund's direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

3. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

&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** 

**September 30, 2025 (Unaudited)(Continued)** 

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short term investments having a maturity of less than 60 days are generally valued at amortized cost, which approximates fair value.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation. These investments in mutual funds may include investments in affiliated mutual funds. Investments in mutual funds are generally priced using values supplied by the underlying funds themselves. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share.

Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security's last close and the time that a Fund next calculates its net asset value will be valued at their fair value in accordance with the requirements of Rule 2a-5. The Board designated the Advisor as Valuation Designee of the Trusts. The Valuation Designee has established a Valuation Committee to oversee the implementation of the valuation procedures on behalf of the Funds.

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities (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 period, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

<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** 

**September 30, 2025 (Unaudited)(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 September 30, 2025:

**GuideMark Core Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Fixed Income**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $62439937 | $— | $62439937  |
| &nbsp;&nbsp;&nbsp; Mortgage Backed Securities |  | 52625439 |  | 52625439  |
| &nbsp;&nbsp;&nbsp; Corporate Obligations |  | 42353764 |  | 42353764  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 22219277 |  | 22219277  |
| &nbsp;&nbsp;&nbsp; Asset Backed Securities |  | 9488732 |  | 9488732  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 2803830 |  | 2803830  |
| &nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1512471 |  | 1512471  |
| **Total Fixed Income** |  | 193443450 |  | 193443450  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
|  **Investments Purchased with Proceeds from Securities Lending\*** | $— | $— | $— | $535400  |
| **Money Market Funds** | 1911757 |  |  | 1911757  |
| **Total Investments in Securities** | $1911757 | $193443450 | $— | $195890607  |
| **Other Financial Instruments\*\***<br>|  |  |  |  |
| **Futures** | $59750 | $— | $— | $59750  |
| **Swaps** |  | 411853 |  | 411853 |

---

\* 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.

**GuideMark Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $— | $34926 | $— | $34926  |
| &nbsp;&nbsp;&nbsp; Bermuda |  | 76090 |  | 76090  |
| &nbsp;&nbsp;&nbsp; Brazil | 1495304 |  |  | 1495304  |
| &nbsp;&nbsp;&nbsp; Cayman Island |  | 84126 |  | 84126  |
| &nbsp;&nbsp;&nbsp; Chile |  | 931471 |  | 931471  |
| &nbsp;&nbsp;&nbsp; China | 674855 | 16234537 |  | 16909392  |
| &nbsp;&nbsp;&nbsp; Colombia | 216463 |  |  | 216463  |
| &nbsp;&nbsp;&nbsp; Czech Republic |  | 447503 |  | 447503  |
| &nbsp;&nbsp;&nbsp; Egypt |  | 249002 |  | 249002  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 277329 | 561514 |  | 838843  |
| &nbsp;&nbsp;&nbsp; Hungary |  | 495587 |  | 495587  |
| &nbsp;&nbsp;&nbsp; India |  | 6766545 |  | 6766545  |
| &nbsp;&nbsp;&nbsp; Indonesia |  | 333383 |  | 333383  |
| &nbsp;&nbsp;&nbsp; Ireland | 525904 |  |  | 525904  |
| &nbsp;&nbsp;&nbsp; Luxembourg |  | 32829 |  | 32829  |
| &nbsp;&nbsp;&nbsp; Mexico | 1472075 |  |  | 1472075  |
| &nbsp;&nbsp;&nbsp; Peru | 179206 |  |  | 179206  |
| &nbsp;&nbsp;&nbsp; Philippines |  | 16865 |  | 16865  |
| &nbsp;&nbsp;&nbsp; Poland |  | 1192440 |  | 1192440  |
| &nbsp;&nbsp;&nbsp; Qatar |  | 567394 |  | 567394  |
| &nbsp;&nbsp;&nbsp; Republic of Korea |  | 23101 |  | 23101  |
| &nbsp;&nbsp;&nbsp; Russia |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Singapore |  | 98589 |  | 98589  |
| &nbsp;&nbsp;&nbsp; South Africa | 468125 | 1747039 |  | 2215164  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 6748372 |  | 6748372  |
| &nbsp;&nbsp;&nbsp; Tawain |  | 8836171 |  | 8836171  |
| &nbsp;&nbsp;&nbsp; Thailand |  | 260192 |  | 260192  |
| &nbsp;&nbsp;&nbsp; Turkey |  | 416671 |  | 416671  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(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; United Arab Emirates | $226498 | $861246 | $— | $1087744  |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 130082 |  | 130082  |
| &nbsp;&nbsp;&nbsp; United States |  | 141634 |  | 141634  |
| **Total Common Stocks** | 5535759 | 47287309 | 0 | 52823068  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | 2747286 |  |  | 2747286  |
| **Total Investment Companies** | 2747286 |  |  | 2747286  |
| **Preferred Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | 601077 |  |  | 601077  |
| &nbsp;&nbsp;&nbsp; Colombia | 256078 |  |  | 256078  |
| &nbsp;&nbsp;&nbsp; India |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; South Korea |  | 154343 |  | 154343  |
| **Total Preferred Stocks** | 857155 | 154343 | 0 | 1011498  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 1393672  |
| **Money Market Funds** | 82103 |  |  | 82103  |
| **Total Investments in Securities** | $9222303 | $47441652 | $0 | $58057627 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

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

---

| | |
|:---|:---|
| **Description** | **Common Stock**  |
| Balance as of April 1, 2025 | &nbsp;&nbsp; $0  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp; —  |
| **Balance as of September 30, 2025** | &nbsp;&nbsp; $0  |
|  Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2025. | &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** 

**September 30, 2025 (Unaudited)(Continued)** 

**GuideMark Large Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $644056514 | $— | $3538 | $644060052  |
| Investment Companies | 21440648 |  |  | 21440648  |
| Real Estate Investment Trusts | 1289553 |  |  | 1289553  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 13034590  |
| Money Market Funds | 4171303 |  |  | 4171303  |
| **Total Investments in Securities** | $670958018 | $— | $3538 | $683996146 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

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

---

| | |
|:---|:---|
| **Description** | **Common Stock**  |
| Balance as of April 1, 2025 | &nbsp;&nbsp;&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; 0  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; $3538  |
|  Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 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 Small/Mid Cap Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $91420918 | $— | $4469 | $91425387  |
| Real Estate Investment Trusts | 2321362 |  |  | 2321362  |
| Investment Companies | 3140937 |  |  | 3140937  |
| Rights |  |  | 1511 | 1511  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 5633783  |
| Money Market Funds | 747397 |  |  | 747397  |
| **Total Investments in Securities** | $97630614 | $— | $5980 | $103270377 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

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

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

---

| | |
|:---|:---|
| **Description** | **Common Stocks**  |
| Balance as of April 1, 2025 | &nbsp;&nbsp;&nbsp; $5013  |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp;&nbsp;&nbsp;(15)  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp; (31551)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 32533  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp; —  |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp; $5980  |
|  Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2025. | &nbsp;&nbsp;&nbsp; $32533 |

---

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 | $— | $5217310 | $— | $5217310  |
| &nbsp;&nbsp;&nbsp; Austria |  | 557279 |  | 557279  |
| &nbsp;&nbsp;&nbsp; Belgium |  | 1462389 |  | 1462389  |
| &nbsp;&nbsp;&nbsp; Canada | 17300146 |  |  | 17300146  |
| &nbsp;&nbsp;&nbsp; Denmark |  | 2026370 |  | 2026370  |
| &nbsp;&nbsp;&nbsp; Finland |  | 1121988 |  | 1121988  |
| &nbsp;&nbsp;&nbsp; France |  | 9092728 |  | 9092728  |
| &nbsp;&nbsp;&nbsp; Germany | 21 | 15130329 |  | 15130350  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 592994 | 3316214 |  | 3909208  |
| &nbsp;&nbsp;&nbsp; Ireland |  | 362045 |  | 362045  |
| &nbsp;&nbsp;&nbsp; Israel | 1044040 | 3151685 |  | 4195725  |
| &nbsp;&nbsp;&nbsp; Italy |  | 6940372 |  | 6940372  |
| &nbsp;&nbsp;&nbsp; Japan | 1205966 | 21526726 |  | 22732692  |
| &nbsp;&nbsp;&nbsp; Luxembourg |  | 29242 |  | 29242  |
| &nbsp;&nbsp;&nbsp; Netherlands |  | 803657 |  | 803657  |
| &nbsp;&nbsp;&nbsp; New Zealand |  | 5105774 |  | 5105774  |
| &nbsp;&nbsp;&nbsp; Norway |  | 1793782 |  | 1793782  |
| &nbsp;&nbsp;&nbsp; Poland |  | 361483 |  | 361483  |
| &nbsp;&nbsp;&nbsp; Portugal |  | 319678 |  | 319678  |
| &nbsp;&nbsp;&nbsp; Singapore | 282393 | 1422828 |  | 1705221  |
| &nbsp;&nbsp;&nbsp; Spain |  | 6595851 |  | 6595851  |
| &nbsp;&nbsp;&nbsp; Sweden | 758726 | 3225906 |  | 3984632  |
| &nbsp;&nbsp;&nbsp; Switzerland |  | 11059546 |  | 11059546  |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 15564799 |  | 15564799  |
| **Total Common Stocks** | 21184286 | 116187981 |  | 137372267  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investment Companies**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | $4593739 | $— | $— | $4593739  |
| **Total Investment Companies** | 4593739 |  |  | 4593739  |
| **Warrants** |  |  | 0 | 0  |
|  **Investments Purchased with Proceeds from Securities Lending\*** |  |  |  | 4039689  |
| **Money Market Funds** | 1030161 |  |  | 1030161  |
| **Total Investments in Securities** | $26808186 | $116187981 | $0 | $147035856 |

---

\* 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** | **Warrants**  |
| Balance as of April 1, 2025 | $0  |
| &nbsp;&nbsp;&nbsp; Purchases | —  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | —  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | —  |
| &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 September 30, 2025** | $0  |
|  Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 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.

**GuidePath Absolute Return Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $113142150 | $— | $— | $113142150  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 21505833  |
| Money Market Funds | 1104440 |  |  | 1104440  |
| **Total Investments in Securities** | $114246590 | $— | $— | $135752423 |

---

\* 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** 

**September 30, 2025 (Unaudited)(Continued)** 

**GuidePath Conservative Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $570862942 | $— | $— | $570862942  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 124752643  |
| Money Market Funds | 5652752 |  |  | 5652752  |
| **Total Investments in Securities** | $576515694 | $— | $— | $701268337 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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

**GuidePath Conservative Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $9547574 | $— | $— | $9547574  |
| U.S. Treasury Securities |  | 1727294 |  | 1727294  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 1128454  |
| Money Market Funds | 12233831 |  | 12233831  |  |
| **Total Investments in Securities** | $21781405 | $1727294 | $— | $24637153 |

---

\* 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 | $484243124 | $— | $— | $484243124  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 34592522  |
| Money Market Funds | 15590146 |  |  | 15590146  |
| **Total Investments in Securities** | $499833270 | $— | $— | $534425792 |

---

\* 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** 

**September 30, 2025 (Unaudited)(Continued)** 

**GuidePath Growth Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $1476233349 | $— | $— | $1476233349  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 138613330  |
| Money Market Funds | 15334067 |  |  | 15334067  |
| **Total Investments in Securities** | $1491567416 | $— | $— | $1630180746 |

---

\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. 

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

**GuidePath Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $58262025 | $— | $— | $58262025  |
| Investment Companies | 57364995 |  |  | 57364995  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 7622100  |
| Money Market Funds | 3602116 |  |  | 3602116  |
| **Total Investments in Securities** | $119229136 | $— | $— | $126851236 |

---

\* 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 | $89378730 | $— | $— | $89378730  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 31092983  |
| Money Market Funds | 2710738 |  |  | 2710738  |
| **Total Investments in Securities** | $92089468 | $— | $— | $123182451 |

---

\* 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** 

**September 30, 2025 (Unaudited)(Continued)** 

**GuidePath Multi-Asset Income Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investment Companies | $106089620 | $— | $— | $106089620  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 19771000  |
| Money Market Funds | 1200431 |  |  | 1200431  |
| **Total Investments in Securities** | $107290051 | $— | $— | $127061051 |

---

\* 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 Managed Futures Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Certificates of Deposit | $— | $64017387 | $— | $64017387  |
| Commercial Paper |  | 9994347  |  | 9994347 |
| Money Market Funds | 22597209 |  |  | 22597209  |
| U.S. Treasury Bills |  | 156719969 |  | 156719969  |
| **Total Investments in Securities** | $22597209 | $230731703 | $— | $253328912  |
| **Other Financial Instruments\***<br>|  |  |  |  |
| Futures | $5551216 | $— | $— | $5551216  |
| Forward Currency Contracts | $— | $312919 | $— | $312919 |

---

\* 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 Tactical Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $522995097 | $— | $— | $522995097  |
| Investment Companies | 205705058 |  |  | 205705058  |
|  Investments Purchased with Proceeds from Securities Lending\* |  |  |  | 36570175  |
| Money Market Funds | 15213677 |  |  | 15213677  |
| **Total Investments in Securities** | $743913832 | $— | $— | $780484007 |

---

\* 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 Subsidiaries* – The GuidePath<sup></sup>Managed Futures Strategy Fund may invest up to 25% of its total assets in GuidePath
 Managed Futures Strategy Cayman Fund Ltd. (the "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<sup></sup>Managed Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts
 and transactions have been eliminated in

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

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 3.08% of its total assets invested in the Subsidiary as of September 30, 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.

The GuidePath Conservative Allocation Fund may invest up to 25% of its total assets in GuidePath Conservative Allocation Fund LLC (the "Delaware Subsidiary"). The Delaware Subsidiary, which is organized as a Delaware limited liability company, is wholly-owned and controlled by GuidePath Conservative Allocation Fund. The financial statements of the GuidePath Conservative Allocation Fund include the operations of the Subsidiary.

All intercompany accounts and transactions have been eliminated in consolidation. The Delaware Subsidiary acts as an investment vehicle in order to invest in commodity-linked instruments consistent with the Fund's investment objectives and policies. The GuidePath Conservative Allocation Fund had 1.39% of its total assets invested in the Delaware Subsidiary as of September 30, 2025. With respect to the Delaware Subsidiary, because such Subsidiary is itself subject to U.S. federal income tax (as well as applicable state and local income taxes) on its taxable income, the Fund's after-tax returns may be affected.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *ASU 2023-07 Segment Reporting* – Each Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280)
 — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The
 segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund,
 as set forth in the applicable Fund's prospectus. Subject to the oversight of each Trust's Board of Trustees, the President
 of the Trusts, together with the other Executive Officers of the Trusts, collectively act as the Chief Operating Decision Maker ("CODM")
 of the Trusts. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's
 performance and to make decisions for each Fund's single segment is consistent with that presented with each Fund's financial
 statements.

&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. Except as noted below, this evaluation did
 not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

The GuidePath Absolute Return Allocation Fund filed an amendment to its registration statement (the "Amendment) to implement material strategy changes after the reporting period. As disclosed in the Amendment, the Fund plans to reposition its portfolio to place a materially greater emphasis on alternatives, including unlisted interval funds, and expects to turnover most of its current positioning in fixed income funds. Shareholders will bear transaction and similar costs in connection with this repositioning and the acquired fund fees and expenses incurred by the Fund are also anticipated to change as a result of changes to the Fund's mix of underlying fund investments.

&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 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.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

&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. Income,
 other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based
 on its relative net assets.

&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 recorded using the effective yield method is accrued daily. Withholding taxes on foreign dividends and taxes on capital gains,
 which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided in
 accordance with the Trusts' understanding of the applicable country's tax rules and rates. Realized gains and losses on investment
 transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as
 an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses
 from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income. Distributions from underlying investment
 companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(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

&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 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 which the futures contract is originally struck. A stock index futures contract does not involve the physical

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

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**

The below disclosures with respect to each Fund's use of derivatives are intended 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 period, the Fund used fixed income derivatives including U.S. Treasury futures and credit default swaps on investment grade fixed income indices (CDX and CMBX), for both hedging and investment purposes, primarily duration management, risk management, and the pursuit of relative value opportunities. Futures contracts used in the Fund during the period included those based on short, medium, and long-term U.S. Treasury debt.

The Fund used futures contracts during the period primarily to manage interest rate risk. The Fund used investment grade CDX, CMBX, 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** 

**September 30, 2025 (Unaudited)(Continued)** 

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and Liabilities Location** | **Value** | **Statement of Assets and Liabilities Location** | **Value**  |
|  Interest Rate Contracts - Swaps | Variation margin receivable on swap contracts | $6629 | Variation margin payable on swap contracts | $—  |
|  Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 63297 | Unrealized depreciation on futures contracts\*\* | 3547  |
| **Total** |  | $69926 |  | $3547 |

---

\* 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 period ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount of Realized Gain or (Loss) on** <br>**Derivatives**  | **Amount of Realized Gain or (Loss) on** <br>**Derivatives**  | **Amount of Realized Gain or (Loss) on** <br>**Derivatives**  |
|  | **Futures** <br>**Contracts** | **Swaps** | **Total**  |
| Interest Rate Contracts | $(301441) | 2275 | $(299166)  |
| **Total** | $(301441) | $2275 | $(299166) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  | **Change in Unrealized Appreciation or** <br>(Depreciation) on Derivatives  |
|  | **Futures** <br>**Contracts** | **Swaps** | **Total**  |
| Interest Rate Contracts | 202855 | 58808 | 261663  |
| **Total** | $202855 | $58808 | $261663 |

---

**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. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the period ended September 30, 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** 

**September 30, 2025 (Unaudited)(Continued)** 

Consolidated Statement of Assets and Liabilities -- Values of Derivative Instruments as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and Liabilities Location** | **Value** | **Statement of Assets and Liabilities Location** | **Value**  |
| Commodity Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | $4712074 | Unrealized depreciation on futures contracts\*\* | $670531  |
| Equity Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 155618 | Unrealized depreciation on futures contracts\*\* | 1030516  |
|  Foreign Exchange Contracts - Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 21056 | Unrealized depreciation on forward currency contracts | 333975  |
|  Foreign Exchange Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 760078 | Unrealized depreciation on futures contracts\*\* | 467924  |
| Interest Rate Contracts - Futures\* | Unrealized appreciation on futures contracts\*\* | 2333951 | Unrealized depreciation on futures contracts\*\* | 241534  |
| **Total** |  | $7982777 |  | $2744480 |

---

\* 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 period ended September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Futures** <br>**Contracts** | **Forward Currency** <br>**Contracts**  |
| Commodity Contracts | $(7363950) | &nbsp;&nbsp;&nbsp; $—  |
| Equity Contracts | (9373679) | &nbsp;&nbsp;&nbsp; —  |
| Foreign Exchange Contracts | (1798307) | &nbsp;&nbsp;&nbsp; 1219076  |
| Interest Rate Contracts | (9183396) | &nbsp;&nbsp;&nbsp; —  |
| **Total** | $(27719332) | &nbsp;&nbsp;&nbsp; $1219076 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Futures** <br>**Contracts** | **Forward Currency** <br>**Contracts**  |
| Commodity Contracts | $3756534 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Equity Contracts | 3198127 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Foreign Exchange Contracts | 381448 | &nbsp;&nbsp;&nbsp;&nbsp; (374173)  |
| Interest Rate Contracts | 1638642 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | $8974751 | &nbsp;&nbsp;&nbsp;&nbsp; $(374173) |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

**Volume Disclosures**

The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Long Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $2726223 | $635739493  |
| Forwards | $— | $95905196  |
| Swaps | $4530000 | $— |

---

---

| | | |
|:---|:---|:---|
| **Short Positions** | **GuideMark** <br>**Core** <br>**Fixed Income** <br>**Fund** | **GuidePath** <br>**Managed** <br>**Futures Strategy** <br>**Fund**  |
| Futures | $(11895750) | $(365211390)  |
| Forwards | $— | $(49677445) |

---

**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 September 30, 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 related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Assets and Liabilities**  | **Gross Amounts not** <br>**offset in the Statement** <br>**of Assets and Liabilities**  | |
| **Assets** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
| **Description/Counterparty**<br>|  |  |  |  |  |  |
| Swaps<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; $6629 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6629 | $— | $— | $6629  |
|  | &nbsp;&nbsp; $6629 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6629 | $— | $— | $6629 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp;&nbsp; $668  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $668  | &nbsp;&nbsp;&nbsp; $(668) | $—  | $—  |
|  | &nbsp;&nbsp;&nbsp; $668  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $668  | &nbsp;&nbsp;&nbsp; $(668) | $—  | $— |

---

\* 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 September 30, 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 | $21056 | &nbsp;&nbsp;&nbsp; $(21056) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | $—  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 760341 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 760341 | &nbsp;&nbsp; — |  | 760341  |
|  | $781397 | &nbsp;&nbsp;&nbsp; $(21056) | &nbsp;&nbsp;&nbsp; $760341 | &nbsp;&nbsp; $— | $— | $760341 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(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 | $333975 | &nbsp;&nbsp;&nbsp; $(21056) | &nbsp;&nbsp;&nbsp; $312919 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(312919) | $—  |
| Futures\*<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
|  | $333975 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $312919 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(312919) | $— |

---

\* 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;(N) *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;(O) *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;(P) *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** 

**September 30, 2025 (Unaudited)(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;(Q) *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;(R) *Short Sales* – Although not currently part of any Fund's principal investment strategy, each Fund has the ability to make equity short
 sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;(S) *Trustee Compensation* – Effective April 1, 2025, for the services performed as Trustees of the consolidated Board of GPS Funds I and GPS Funds II,
 the Independent Trustees receive a retainer fee of $117,000 per year, $6,000 for each quarterly meeting and annual agreement renewal review
 meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $3,000 for each special meeting
 attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated
 proportionally to each Fund within the Trusts based on total assets under management.

The "interested persons" who serve as Trustees of the Trusts receive no compensation from the Trusts for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trusts who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(T) *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;(U) *Participatory Notes ("participation notes")* – Each Fund may invest in participation notes. Participation notes are unsecured,
 bearer securities typically issued by financial institutions, the return of which is generally linked to the performance of the underlying
 listed shares of a company in an emerging market (for example, the shares in a company incorporated in India and listed on the Bombay
 Stock Exchange). Participation notes are often used to gain exposure to securities of companies in the markets that restrict foreign ownership
 of local companies.

The terms of participation notes vary widely. Investors in participation notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. Participation notes are not currently regulated by the governments of the countries upon which securities the notes are based. These instruments, issued by brokers with global registration, bear counterparty risk and may bear additional liquidity risk. These securities have been deemed to be liquid as of September 30, 2025.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

4. Investment Advisor

Each Trust has an Investment Advisory Agreement (the "Agreement") with AssetMark, Inc. (the "Advisor" or "AssetMark"), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. The Cayman subsidiary of the GuidePath Managed Futures Strategy Fund also has an Investment Advisory Agreement with AssetMark, with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Fund. Under the terms of the Agreement, the Funds compensate the Advisor monthly for its management services at the following annual contractual rates, based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| Core Fixed Income Fund | 0.40%  |
| Emerging Markets Fund | 0.59%  |
| Large Cap Core Fund | 0.45%  |
| Small/Mid Cap Core Fund | 0.57%  |
| World ex-US Fund | 0.50%  |
| Absolute Return Allocation Fund | 0.35%  |
| Conservative Allocation Fund | 0.25%  |
| Conservative Income Fund | 0.35%  |
| Flexible Income Allocation Fund | 0.25%  |
| Growth Allocation Fund | 0.25%  |
| Growth and Income Fund | 0.45%  |
| Income Fund | 0.45%  |
| Multi-Asset Income Allocation Fund | 0.35%  |
| Managed Futures Strategy Fund | 1.05%  |
| Tactical Allocation Fund | 0.35% |

---

Effective April 1, 2023, AssetMark implemented a voluntary fee waiver with respect to the Emerging Markets Fund, Large Cap Core Fund, Small/Mid Cap Core Fund and World ex-US Fund. The voluntary fee waiver may be discontinued by the Advisor at any time. Pursuant to the voluntary waiver, AssetMark is waiving a portion of its advisory fees as a percentage of the average daily net assets of the Fund at the rate specified below. AssetMark will not have any right to seek reimbursement or recoupment from the Funds of any fees waived pursuant to the voluntary waiver.

---

| | |
|:---|:---|
| Emerging Markets Fund | 0.060%  |
| Large Cap Core Fund | 0.020%  |
| Small/Mid Cap Core Fund | 0.035%  |
| World ex-US Fund | 0.041% |

---

AssetMark also provides certain administrative services to the shares of the Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, 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

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

necessary to ensure that the Fund's net annual operating expenses (excluding taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not exceed the following rates ("Expense Limits"), based on daily net assets of each class of each Fund:

---

| | |
|:---|:---|
|  | **Single Class**  |
| Core Fixed Income Fund | 0.94%  |
| Emerging Markets Fund | 1.40%  |
| Large Cap Core Fund | 0.99%  |
| Small/Mid Cap Core Fund | 1.20%  |
| World ex-US Fund | 1.14%  |
| Absolute Return Allocation Fund | 0.69%  |
| Conservative Allocation Fund | 0.75%  |
| Conservative Income Fund | 0.64%  |
| Flexible Income Allocation Fund | 0.80%  |
| Growth Allocation Fund | 0.75%  |
| Growth and Income Fund | 0.79%  |
| Income Fund | 0.79%  |
| Multi-Asset Income Allocation Fund | 0.85%  |
| Managed Futures Strategy Fund | 1.65% |
| Tactical Allocation Fund | 0.85% |

---

Any such contractual waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund's Expense Limits at the time of the waiver, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years after the end of the calendar month in which the fee or expense was waived or reimbursed. As of September 30, 2025, Large Cap Core Fund, Small/Mid Cap Core Fund, Growth Allocation Fund, Income Fund, Managed Futures Strategy Fund, Multi-Asset Income Allocation Fund and Tactical Allocation Fund have recouped all potential recoverable waivers or reimbursed expenses.

The Advisor is currently waiving fees and, in some cases, reimbursing expenses in the Funds listed below in order to keep these Funds at their Expense Limits. Waived expenses subject to potential recovery are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year of** <br>**Expiration** <br>**03/31/2026** | **Year of** <br>**Expiration** <br>**03/31/2027** | **Year of** <br>**Expiration** <br>**03/31/2028** | **Year of** <br>**Expiration** <br>**03/31/2029**  |
| Core Fixed Income Fund | $32661  | $84536  | $78457  | $40867  |
| Emerging Markets Fund | 118425  | 213513  | 160528  | 91365  |
| World ex-US Fund | —  | 103629  | 60652  | 8829  |
| Absolute Return Allocation Fund | —  | —  | 75699  | 88459  |
| Conservative Income Fund | 15019  | 24854  | 50414  | 26214  |
| Growth and Income Fund | —  | 3334  | 46185  | 2188 |

---

Additionally, the following amounts are subject to potential recovery if each Fund begins operating below the previous expense limits, which were changed on August 1, 2024, 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<sup>\*</sup>**  |
| Absolute Return Allocation Fund | &nbsp;&nbsp; 0.55% | $417164 | $476268 | $148542  |
| Conservative Allocation Fund | &nbsp;&nbsp; 0.45% | 357705 | 789646 | 308782  |
| Flexible Income Allocation Fund | &nbsp;&nbsp; 0.50% | 108944 | 374053 | 96576 |

---

<sup>\*</sup> Recoupment can only be utilized before August 1, 2027.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

Sub-advisory services are provided to certain of the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund's average daily net assets that is allocated to the sub-advisor.

5. Service, Custody, and Line of Credit Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") and a Custody Agreement with U.S. Bank, N.A. ("USB" or the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.

The Funds have established a line of credit ("LoC") with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the unencumbered securities in the Funds' portfolios as collateral. The LoC was renewed July 25, 2025 and will mature, unless renewed, on July 24, 2026. Borrowing under the LoC is limited to the lesser of 30% of the gross market value of a Fund, 30% of specific marketable securities acceptable to USB, or $250,000,000 for all Funds. The interest rate paid by the Funds on outstanding borrowings is equal to the prime rate, which was 7.50% at September 30, 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, 2025 to September 30, 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**  |
| Core Fixed Income Fund | $7066 | &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | $431000  |
| Emerging Markets Fund | 254951 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 6278000  |
| Large Cap Core Fund | 66989 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 11306000  |
| Small/Mid Cap Core Fund | 76393 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 4660000  |
| World ex-US Fund | 1532546 | &nbsp;&nbsp;&nbsp;&nbsp; 7.29% | 77000000  |
| Absolute Return Allocation Fund | 318383 | &nbsp;&nbsp;&nbsp;&nbsp; 7.47% | 50750000  |
| Conservative Allocation Fund | 99333 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 18178000  |
| Conservative Income Fund | 18361 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 845000  |
| Growth Allocation Fund | 698809 | &nbsp;&nbsp;&nbsp;&nbsp; 7.28% | 36998000  |
| Income Fund | 145907 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 8566000  |
| Multi-Asset Income Allocation Fund | 15383 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 1666000 |

---

As of September 30, 2025, no Funds had outstanding borrowings.

6. Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. 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

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

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 period ended September 30, 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** <br>**Collateral**  |
| Core Fixed Income Fund | $535400  |
| Emerging Markets Fund | 1393672  |
| Large Cap Core Fund | 13034590  |
| Small/Mid Cap Core Fund | 5633782  |
| World ex-US Fund | 4039689  |
| Absolute Return Allocation Fund | 21505833  |
| Conservative Allocation Fund | 124752643  |
| Conservative Income Fund | 1128454  |
| Flexible Income Allocation Fund | 34592522  |
| Growth Allocation Fund | 138613330  |
| Growth and Income Fund | 7622100  |
| Income Fund | 31092983  |
| Multi-Asset Income Allocation Fund | 19771000  |
| Managed Futures Strategy Fund | —  |
| Tactical Allocation Fund | 36570175  |
|  Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities). | $440286173 |

---

7. Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2025 are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Core Fixed Income Fund\* | $204704055 | $196609352  |
| Emerging Markets Fund | 22706298 | 20723994  |
| Large Cap Core Fund | 316250172 | 451617407  |
| Small/Mid Cap Core Fund | 22659730 | 29791117  |
| World ex-US Fund | 221174296 | 224181361  |
| Absolute Return Allocation Fund | 41117578 | 134911905  |
| Conservative Allocation Fund | 96872362 | 113964479  |
| Conservative Income Fund | 44375040 | 41309523  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Flexible Income Allocation Fund | $641093970 | $416772272  |
| Growth Allocation Fund | 70916616 | 174790950  |
| Growth and Income Fund | 63881305 | 57881338  |
| Income Fund | 162005987 | 168187368  |
| Multi-Asset Income Allocation Fund | 22711253 | 27664984  |
| Managed Futures Strategy Fund |  | —  |
| Tactical Allocation Fund | 963520637 | 754211762 |

---

\* Included in these amounts were $170,799,105 of purchases and $166,589,604 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, 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. Regional Risk

To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will have increased exposure to the risks affecting that specific geographic region. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region where a substantial portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or reduction in the value of the Fund's investments. In addition, adverse economic events in a certain region can impact securities of issuers in other countries whose economies appear to be unrelated. There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. The Chinese economy is heavily dependent on its large export sector and its economic growth may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services it produces. Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE"). VIEs are common and are well known to Chinese officials and regulators, but historically the VIE structure has not been formally recognized under Chinese law. There is uncertainty as to whether Chinese courts or arbitration bodies would enforce the contractual rights of foreign investors in a VIE structure and whether Chinese officials and regulators will reverse their acceptance of the VIE structure generally, or with respect to certain industries.

10. 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.

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

11. Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to CFC income reversal, partnerships, distributions in excess, return of capital distributions, net operating loss, non-deductible excise tax paid, and utilization of earnings and profits on redemption of shares. On the Statements of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings** <br>(Loss) | **Capital Stock**  |
| Large Cap Core Fund | $(3660827) | $3660827  |
| Emerging Markets Fund | 16074 | (16074)  |
| Small/Mid Cap Core Fund | (999302) | 999302  |
| World ex-US Fund | (1174781) | 1174781  |
| Core Fixed Income Fund | 6 | (6)  |
| Growth Allocation Fund | (7605300) | 7605300  |
| Conservative Allocation Fund | 8576 | (8576)  |
| Tactical Allocation Fund | (5293234) | 5293234  |
| Absolute Return Allocation Fund | 116 | (116)  |
| Multi-Asset Income Allocation Fund | 41 | (41)  |
| Flexible Income Allocation Fund | 9778 | (9778)  |
| Managed Futures Strategy Fund | 16541964 | (16541964)  |
| Conservative Income Fund | 6 | (6)  |
| Income Fund | 19921 | (19921)  |
| Growth and Income Fund | (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** 

**September 30, 2025 (Unaudited)(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**  |
| Core Fixed Income Fund | $6553125  | $—  | $—  |
| Emerging Markets Fund | 1356041  | —  | —  |
| Large Cap Core Fund | 2859176  | 28668498  | —  |
| Small/Mid Cap Core Fund | 473309  | 7838705  | —  |
| World ex-US Fund  | 3178682  | —  | —  |
| Absolute Return Allocation Fund | 9957282  | —  | —  |
| Conservative Allocation Fund | 16649348  | —  | —  |
| Conservative Income Fund | 938383  | —  | —  |
| Flexible Income Allocation Fund | 14734776  | —  | —  |
| Growth Allocation Fund | 20893619  | 39145987  | —  |
| Growth and Income Fund | 1219975  | —  | —  |
| Income Fund | 4148561  | —  | 19847  |
| Multi-Asset Income Allocation Fund | 4479990  | —  | —  |
| Managed Futures Strategy Fund | 39597  | —  | —  |
| Tactical Allocation Fund | 26015477  | 13990520  |  |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(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**  |
| Core Fixed Income Fund | $5432714 | $— | $—  |
| Emerging Markets Fund | 1517844 |  | —  |
| Large Cap Core Fund | 4859950 | 274361 | —  |
| Small/Mid Cap Core Fund | 307484 | 401308 | —  |
| World ex-US Fund | 2469488 | 1249060 | —  |
| Absolute Return Allocation Fund | 9346198 |  | —  |
| Conservative Allocation Fund | 13791295 |  | —  |
| Conservative Income Fund | 801360 |  | —  |
| Flexible Income Allocation Fund | 13686362 |  | —  |
| Growth Allocation Fund | 17741325 | 3507849 | —  |
| Growth and Income Fund | 2225905 |  | —  |
| Income Fund | 2693828 |  | —  |
| Multi-Asset Income Allocation Fund | 3496696 |  | —  |
| Managed Futures Strategy Fund | 554416 |  | —  |
| Tactical Allocation Fund | 6818603 |  |  |

---

At March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Fixed** <br>**Income Fund**  | **Emerging** <br>**Markets Fund**  | **Large Cap** <br>**Core Fund**  | **Small/Mid Cap** <br>**Core Fund**  | **World ex-US** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $197932119  | $34435606  | $404882680  | $71811016  | $79740305  |
| Gross Unrealized Appreciation  | $1220371  | $15289877  | $371193709  | $35742126  | $40267499  |
| Gross Unrealized Depreciation  | (13217388)  | (3672672)  | (23442093)  | (9116279)  | (4337817)  |
|  Net Unrealized Appreciation/(Depreciation)  | (11997017)  | 11617205  | 347751616  | 26625847  | 35929682  |
| Undistributed Ordinary Income  | 222403  | —  | 969763  | —  | 2362193  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term Cap <br>Gains  | —  | —  | 14651643  | 666057  | 2275613  |
| Other Accumulated Gains/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | (16773286)  | (2154835)  | —  | (112675)  | —  |
| Total Distributable Earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | $(28547900)  | $9462370  | $363373022  | $27179229  | $40567488 |

---

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**GuideMark Funds & GuidePath Funds** 

**Notes to Financial Statements** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return** <br>**Allocation** <br>**Fund**  | **Conservative** <br>**Allocation** <br>**Fund**  | **Conservative** <br>**Income Fund**  | **Flexible Income** <br>**Allocation Fund**  | **Growth** <br>**Allocation** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $244191602  | $616132513  | $15975775  | $338017003  | $1129438002  |
| Gross Unrealized Appreciation  | $5117353  | $82941201  | $35342  | $8537656  | $436852904  |
| Gross Unrealized Depreciation  | (5787187)  | (24162170)  | (18279)  | (2028021)  | (27246276)  |
|  Net Unrealized Appreciation/(Depreciation)  | (669834)  | 58779031  | 17063  | 6509635  | 409606628  |
| Undistributed Ordinary Income  | 1359916  | 6788097  | 14814  | 170631  | 1647543  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term Cap <br>Gains  | —  | —  | —  | —  | 28573424  |
| Other Accumulated Gains/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | (27339277)  | (1558907)  | (501567)  | (59319414)  | (2561)  |
| Total Distributable Earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | $(26649195)  | $64008221  | $(469690)  | $(52639148)  | $439825034 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth and** <br>**Income Fund**  | **Income** <br>**Fund**  | **Multi-Asset** <br>**Income** <br>**Allocation** <br>**Fund**  | **Managed** <br>**Futures** <br>**Strategy Fund**  | **Tactical** <br>**Allocation** <br>**Fund**  |
| Cost of Portfolio<sup>\*</sup>  | $98594218  | $110536104  | $130133390  | $221226765  | $570569178  |
| Gross Unrealized Appreciation  | $9776416  | $2423646  | $15474858  | $478459  | $111917374  |
| Gross Unrealized Depreciation  | (2171172)  | (1282203)  | (4410627)  | (2479230)  | (21176204)  |
|  Net Unrealized Appreciation/(Depreciation)  | 7605244  | 1141443  | 11064231  | (2000771)  | 90741170  |
| Undistributed Ordinary Income  | 1531840  | —  | 154246  | —  | —  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term Cap <br>Gains  | 12134479  | —  | —  | —  | 7463098  |
| Other Accumulated Gains/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses)  | —  | (8375524)  | (4522900)  | (68994577)  | (2561)  |
| Total Distributable Earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss)  | $21271563  | $(7234081)  | $6695577  | $(70995348)  | $98201707 |

---

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.

<sup>\*</sup> Portfolio includes investments and derivative contracts

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**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

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**  |
| Core Fixed Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.92%  |
| Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Small/Mid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94.79%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.76%  |
| Conservative Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Flexible Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%  |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.24%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Multi-Asset Income Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.91%  |
| Tactical Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.82% |

---

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**  |
| Core Fixed Income Fund | &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; 0.00%  |
| Large Cap Core Fund | &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; 27.51%  |
| World ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Absolute Return Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Conservative Allocation Fund | &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; 0.00%  |
| Flexible Income Allocation Fund | &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; 36.05%  |
| Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Income Fund | &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; 0.00%  |
| Multi-Asset Income Allocation Fund | &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; 65.69% |

---

135<br>

------

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

**GuideMark Funds & GuidePath Funds** 

**Additional Information** 

**September 30, 2025 (Unaudited)(Continued)** 

2. Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 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 | &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 Fund's proxy voting records on the SEC's website at http://www.sec.gov.

4. Availability of Quarterly Portfolio Holdings Schedules

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds' Part F of Form N-PORT is available without charge, upon request on the SEC's website (http://www.sec.gov) and is available by calling (888) 278-5809.

136<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>**

Not applicable

**<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 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been 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. Not applicable for semi-annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](gpsi-efp19521_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) *Change 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.](gpsi-efp19521_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) GPS Funds I

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Carrie E. Hansen |
|  | Carrie E. Hansen, Principal Executive Officer<br>|

---

Date <u>11/24/25</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<br>|

---

Date <u>11/24/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Patrick R. Young |
|  | Patrick R. Young, Vice President/Treasurer<br>|

---

Date <u>11/24/25</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Carrie E. Hansen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of GPS Funds I:

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/24/25 | /s/ Carrie E. Hansen |
|  |  | Carrie E. Hansen |
|  |  | Principal Executive Officer/President |

---

**<u>CERTIFICATIONS</u>**

I, Patrick R. Young, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of GPS Funds I;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/24/25 | /s/ Patrick R. Young |
|  |  | Patrick R. Young |
|  |  | Vice President/Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the GPS Funds I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the GPS Funds I for the period ended September 30, 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 I Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Carrie E. Hansen | /s/ Patrick R. Young |
| Carrie E. Hansen | Patrick R. Young |
| Principal Executive Officer/President | Vice President/Treasurer |
| GPS Funds I | GPS Funds I |

---

Dated: <u>11/24/25</u> Dated: <u>11/24/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by GPS Funds I for purposes of Section 18 of the Securities Exchange Act of 1934.