GPS Funds I NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

GPS Funds I

(Exact name of registrant as specified in charter)

1655 Grant Street, 10th Floor

Concord, CA 94520

(Address of principal executive offices) (Zip code)

Patrick R Young

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

(Name and address of agent for service)

800-664-5345

Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2024

Date of reporting period: April 1, 2023 through September 30, 2023

Item 1. Reports to Stockholders.

(a)

GuideMark^® Funds

GuidePath^® Funds

Investment Advisor

AssetMark, Inc.

SEMI-ANNUAL REPORT

September 30, 2023

GUIDEMARK^® LARGE CAP CORE FUND

GUIDEMARK^® EMERGING MARKETS FUND

GUIDEMARK^® SMALL/MID CAP CORE FUND

GUIDEMARK^® WORLD EX-US FUND

GUIDEMARK^® CORE FIXED INCOME FUND

GUIDEPATH^® GROWTH ALLOCATION FUND

GUIDEPATH^® CONSERVATIVE ALLOCATION FUND

GUIDEPATH^® TACTICAL ALLOCATION FUND

GUIDEPATH^® ABSOLUTE RETURN ALLOCATION FUND

GUIDEPATH^® MULTI-ASSET INCOME ALLOCATION FUND

GUIDEPATH^® FLEXIBLE INCOME ALLOCATION FUND

GUIDEPATH^® MANAGED FUTURES STRATEGY FUND

GUIDEPATH^® CONSERVATIVE INCOME FUND

GUIDEPATH^® INCOME FUND

GUIDEPATH^® GROWTH AND INCOME FUND

Dear Shareholder:

Enclosed is the Semi-Annual Report for the GuideMark and GuidePath Funds covering the period from April 1, 2023 to September 30, 2023.

Market Review

For the 6-month reporting period ending September 30, 2023, U.S. equities returned 5.2%¹. Falling inflation and a surprisingly resilient economy led markets higher in a sharp reversal from the prior 6-month period. Most of the market’s gains however have been generated by a narrow group of artificial intelligence related technology stocks during the 6-month period ending September 30, 2023. International developed market equities underperformed U.S. equities, returning (1.0)%² in U.S. dollar terms for the 6-month period ending September 30, 2023, driven by weakness in the European economy. Emerging markets equities also trailed U.S. equities for the 6-month period ending September 30, 2023, returning (1.8)%³ as China’s reopening did not pan out as expected and additionally, China faced a downturn in its housing market.

Within U.S. equities, 7 out of 11 sectors posted positive returns for the 6-month period ending September 30, 2023. Communication Services was the best performing sector with gains of 16.5%⁴ led primarily by the enthusiasm around artificial intelligence. The worst performing sector for the 6-month period was Utilities which fell 11.5%.⁴ Utilities struggled as investors sought higher yields in fixed income markets making the dividend yields of utilities companies less attractive in comparison.

Within equity styles, U.S. large cap growth stocks outperformed U.S. large cap value stocks for the 6-month reporting period by 5.5%⁵. Falling inflation and increasing market expectations of lower interest rates in the future have favored growth stocks, and marks a reversal from the prior 6-month period. Across the capitalization spectrum, small cap stocks underperformed large-cap stocks by 6.9%.⁶

Looking at broader asset class returns for the 6-month period ending September 30, 2023, commodities gained 2.0%⁷ due to rising oil prices. Gold prices fell 6.3%⁸ as a robust US dollar took the shine out of gold. Real estate investment trusts (REITs) returned (13.4)%⁹ over the same period and were hurt by higher interest rates.

Within fixed income, U.S. core bonds returned (4.1)% for the 6-month period ending September 30, 2023¹⁰. U.S. core bonds continued to remain under pressure due to rising interest rates. High yield bonds (which carry less interest rate sensitivity) gained 2.2% for the same period.¹¹ Finally, emerging market bonds fell 1.2%¹² in U.S. dollar terms for the 6-month period ending September 30, 2023.

Fund Review

Looking across the fund family, 10 of the 15 funds performed in line with or outperformed their benchmarks over the 6-month period.

Performance of the GuideMark Funds was generally favorable during the reporting period. The GuideMark Small/Mid Cap Core Fund outperformed its benchmark as all three factors (value, quality, and momentum) contributed to the relative outperformance. The GuideMark Large Cap Core Fund underperformed its benchmark primarily as a result of its exposure to the momentum factor. GuideMark World ex-US Fund and GuideMark Emerging Markets Fund each outperformed its respective benchmark over the reporting period due to its exposure to the value factor. The GuideMark Core Fixed Income Fund outperformed its benchmark due to its security selection within corporate credit.

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, and the GuidePath Flexible Income Allocation Fund each outperformed its respective benchmark, generally as a result of broad diversification, including exposure to large-cap equities, and in particular growth-oriented equities within the large cap equity allocation, along with floating rate notes, high yield bonds and short-term bonds within fixed income.

The GuidePath Tactical Allocation Fund underperformed its benchmark due to its security selection within and underweight allocation to the Communication Services sector and its underweight allocation to the Technology and Consumer Discretionary sectors. The Fund’s higher total equity positioning relative to its benchmark also detracted from relative performance during the period. The GuidePath Absolute Return Fund and GuidePath Multi-Asset Income Allocation Fund each underperformed its benchmark due to exposures to U.S. and developed markets dividend equity, global REITs, long-term Treasuries and mortgage-backed securities. The GuidePath Managed Futures Strategy Fund underperformed its benchmark for the

Source: Zephyr Style Advisor. US equities represented by S&P 500 Index.

Source: Zephyr Style Advisor. International developed market equities represented by MSCI EAFE Index USD.

Source: Zephyr Style Advisor. Emerging market equities represented by MSCI Emerging Markets Index.

⁴

Source: Zephyr Style Advisor. Communication Services represented by S&P 500 Sector Communication Services TR USD; Utilities represented by S&P 500 Sector Utilities TR USD.

⁵

Source: Zephyr Style Advisor. Large cap growth stocks represented by S&P 500 Growth Index and large cap value stocks represented by S&P 500 Value Index.

⁶

Source: Zephyr Style Advisor. Large cap stocks represented by S&P 500 Index and small cap stocks represented by S&P 600 Index.

⁷

Source: Zephyr Style Advisor. Commodities represented by Bloomberg Commodity Index.

⁸

Source: Zephyr Style Advisor. Gold represented by Bloomberg Gold Subindex.

⁹

Source: Zephyr Style Advisor. REITs represented by S&P 1500 Diversified REITS Index.

¹⁰

Source Zephyr Style Advisor. US core bonds represented by Bloomberg US Aggregate Bond Index.

¹¹

Source: Zephyr Style Advisor. High yield bonds represented by Bloomberg US Corporate High Yield Bond Index.

¹²

Source: Zephyr Style Advisor. Emerging market bonds represented by Bloomberg Emerging Markets Aggregate Bond Index.

reporting period largely due to a lag in the second quarter of 2023, resulting from short positions in energy and agricultural commodities and long positions in precious metals.

Each of the three GuidePath income-focused funds, the GuidePath Conservative Income Fund, the GuidePath Income Fund and the GuidePath Growth and Income Fund outperformed its respective benchmark for the reporting period. The GuidePath Conservative Income Fund benefited from its exposure to floating rate notes and bank loans, and a target allocation to cash equivalents that beat the returns of short-term Treasuries as the Federal Reserve continued raising interest rates during the reporting period. Exposure to high yield bonds and emerging market bonds benefited the returns of the GuidePath Income Fund. Exposure to U.S. large-cap equity and master limited partnerships (MLPs) lifted returns in the GuidePath Growth and Income Fund, as did the volatility targeting component and the put-write strategy as markets experienced normalized volatility and generally trended higher during the period.

Looking Ahead

After several interest rate increases, the conventional wisdom holds that the economy is likely to enter a period of slowing. However, how much of that slowdown is already “priced” into current market levels? Getting that question wrong can be very costly to your investment returns. In our view, a sensible plan is to prepare for some ups and downs, and to follow a disciplined investment strategy.

Please contact your financial advisor to discuss any questions you may have about your investment strategy or changes in your financial goals. We thank you for including the funds in your portfolio and appreciate the trust you have placed in us.

Sincerely,

Carrie E. Hansen

Trustee, Chairperson and President of the Funds

Important Information

Past performance is no guarantee of future results and it is not possible to invest directly in any index.

The AssetMark platform provides fee-based investment advisory programs. Investors are advised to refer to the appropriate Disclosure Brochure, which can be obtained from your financial advisor, for a full description of the services provided, including all applicable fees.

The prospectus includes additional information about the GuideMark and GuidePath Funds including investment objectives, risk factors, fees, and charges as well as other important information that should be carefully read and considered before investing. You may obtain a prospectus by contacting your registered representative.

AssetMark, Inc. is an investment advisor registered with the Securities and Exchange Commission. The Principal Underwriter for the GuideMark and GuidePath Funds is AssetMark Brokerage^®, LLC (AssetMark Brokerage), a member of the Financial Industry Regulatory Authority, Inc. AssetMark Brokerage is an affiliate of AssetMark, Inc. and shares its address. ^©2023 AssetMark, Inc. All rights reserved.

Investment Terms

Market Capitalization or Market Cap refers to the total value of an issuer’s outstanding shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares.

Small Cap stocks generally refer to shares of companies with a market cap between $300 million and $2 billion.

Mid Cap stocks generally refer to shares of companies with a market cap between $2 billion and $10 billion.

Large Cap stocks generally refer to shares of companies with a market cap of $10 billion or greater.

Investment Factors:

Value refers to how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow.

Momentum refers to whether a company’s share price is trending up or down.

Quality refers to profitability.

Volatility is a statistical measure of the dispersion of returns for a given security, market index or portfolio over a period of time. Low volatility means that the value of a security, market index or portfolio stays relatively stable. High volatility means that the value of a security, market index or portfolio experiences rapid increases and dramatic falls and may move erratically.

Inflation is the measure of average prices of a “basket” of consumer goods over time.

GuideMark Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on September 30, 2013. Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

RUSSELL 1000^® INDEX – The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. As of April 28, 2023, the market capitalization of the companies in the Russell 1000^® Index ranged from $2.4 billion to $2.7 trillion.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMark Large Cap Core Fund⁽²⁾
Service Shares		20.37	%		8.49	%		10.29	%		5.83	%
Russell 1000^® Index		21.19	%		9.63	%		11.63	%		7.99	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuideMark Large Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned 4.99%, underperforming the Russell 1000 Index at 5.16%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the momentum factor was the largest detractor for the period.

•

As a result of the Fund’s factor-based investment approach, security selection within the consumer discretionary sector detracted from Fund performance.

•

The Fund’s dedicated allocation to the value factor benefited Fund performance for the period.

Components of Portfolio Holdings*

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* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Apple, Inc.		6.01	%
	2	Microsoft Corp.		5.50	%
	3	Vanguard S&P 500 ETF		2.80	%
	4	Amazon.com, Inc.		2.28	%
	5	NVIDIA Corp.		2.22	%
	6	Alphabet, Inc. – Class A		1.65	%
	7	Meta Platforms, Inc. – Class A		1.43	%
	8	Alphabet, Inc. – Class C		1.41	%
	9	Berkshire Hathaway, Inc. – Class B		1.33	%
	10	Tesla, Inc.		1.01	%

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

GuideMark Emerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

MSCI EMERGING MARKETS INDEX – The MSCI Emerging Markets Index measures the equity market performance of countries considered to represent emerging markets. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMarkEmerging Markets Fund⁽²⁾
Service Shares		14.87	%		0.56	%		4.22	%		3.83	%
MSCI Emerging Markets Index		12.17	%		0.94	%		2.45	%		7.90	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuideMarkEmerging Markets Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -0.42%, outperforming the MSCI Emerging Markets Index at -1.78%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to the value and quality factors contributed to performance.

•

As a result of the Fund’s factor-based investment approach, security selection within the materials sector contributed to the Fund’s performance.

•

Security selection within the healthcare sector as a result of the factor-based process detracted from the Fund’s returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Taiwan Semiconductor Manufacturing Co., Ltd.		5.83	%
	2	Samsung Electronics Co., Ltd.		3.54	%
	3	Tencent Holdings, Ltd.		3.41	%
	4	iShares MSCI Saudi Arabia ETF		3.11	%
	5	iShares Core MSCI Emerging Markets ETF		2.57	%
	6	Alibaba Group Holdings, Ltd.		2.08	%
	7	Reliance Industries, Ltd.		0.84	%
	8	Turkiye IS Bankasi – Series C		0.83	%
	9	Vale SA		0.72	%
	10	Meituan		0.72	%

GuideMarkSmall/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

RUSSELL 2500^TM INDEX – The Russell 2500^TM Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. As of April 28, 2023, the market capitalization of the companies in the Russell 2500^TM Index ranged from $159.5 million to $15.8 billion.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMarkSmall/Mid Cap Core Fund⁽²⁾
Service Shares		13.48	%		5.16	%		7.67	%		7.33	%
Russell 2500^TM Index		11.28	%		4.55	%		7.90	%		8.26	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuideMarkSmall/Mid Cap Core Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned 1.47%, outperforming the Russell 2500 Index at 0.19%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocation to all three factors contributed to performance.

•

During the reporting period, the Fund’s relative performance benefited from security section in the industrials sector.

•

As a result of the Fund’s factor-based investment approach, security selection within the technology sector detracted from the Fund’s performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard Extended Market ETF		3.26	%
	2	Builders FirstSource, Inc.		0.51	%
	3	Reliance Steel & Aluminum Co.		0.36	%
	4	Deckers Outdoor Corp.		0.32	%
	5	PulteGroup, Inc.		0.31	%
	6	First Citizens BancShares, Inc. – Class A		0.28	%
	7	Snap-On, Inc.		0.27	%
	8	Veritiv Corp.		0.27	%
	9	APA Corp.		0.27	%
	10	Super Micro Computer, Inc.		0.26	%

GuideMarkWorld ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

MSCI WORLD EX-USA INDEX – The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 developed markets countries excluding the U.S. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMarkWorld ex-US Fund⁽²⁾
Service Shares		25.58	%		2.14	%		3.04	%		2.80	%
MSCI World ex-USA Index		24.70	%		3.98	%		4.36	%		5.49	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuideMarkWorld ex-US Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -0.72%, outperforming the MSCI World ex-USA Index at -0.86%.

•

As part of the Fund’s equal weighted three-factor investment approach, the Fund’s dedicated allocations to the value and momentum factors contributed to performance.

•

As a result of the Fund’s factor-based investment approach, security selection within the energy sector contributed to the Fund’s performance.

•

The Fund’s dedicated exposure to the quality factor detracted from performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares MSCI EAFE ETF		3.00	%
	2	Novo Nordisk AS – Series B		1.94	%
	3	Nestle SA		1.30	%
	4	AstraZeneca PLC		1.08	%
	5	LVMH Moet Hennessy Louis Vuitton SE		1.07	%
	6	Novartis AG		1.07	%
	7	Shell PLC		1.07	%
	8	Roche Holdings AG – Non-Voting Shares		1.01	%
	9	Total SA		0.95	%
	10	ASML Holding NV		0.92	%

GuideMarkCore Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

BLOOMBERG U.S. AGGREGATE BOND INDEX – The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate debt securities, mortgage- and asset-backed securities. All securities contained in the Bloomberg U.S. Aggregate Bond Index have a minimum term to maturity of one year.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuideMarkCore Fixed Income Fund⁽²⁾
Service Shares		0.99	%		(0.41	)%		0.49	%		2.65	%
Bloomberg U.S. Aggregate Bond Index		0.64	%		0.10	%		1.13	%		3.39	%

⁽¹⁾	Inception date is June 29, 2001.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuideMarkCore Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -3.90%, outperforming the Bloomberg US Aggregate Bond Index at -4.05%.

•

Security selection within and an overweight allocation to investment grade corporate credit benefited performance.

•

The Fund’s yield curve positioning detracted from performance over the period as interest rates continued to rise during the period.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Percentages expressed exclude derivative instruments, such as futures and swap contracts.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Federal National Mortgage Association, 5.500%, 10/15/2041		4.15	%
	2	U.S. Treasury Note, 1.875%, 02/28/2029		2.88	%
	3	U.S. Treasury Note, 2.00%, 11/15/2026		2.52	%
	4	Federal Home Loan Mortgage Corp., 2.000%, 01/01/2052		2.29	%
	5	Federal National Mortgage Association, 6.000%, 10/15/2041		2.06	%
	6	Federal National Mortgage Association, 4.500%, 10/15/2041		2.04	%
	7	Federal National Mortgage Association, 5.000%, 10/15/2041		1.97	%
	8	Federal National Mortgage Association, 1.500%, 10/15/2035		1.74	%
	9	U.S. Treasury Bond, 3.125%, 02/15/2043		1.38	%
	10	Government National Mortgage Association, 5.000%, 10/15/2048		1.38	%

GuidePathGrowth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

S&P^® TARGET RISK AGGRESSIVE INDEX – The S&P^® Target Risk Aggressive Index is designed to measure the performance of an investment benchmark strategy which seeks to emphasize exposure to equity securities, maximizing opportunities for long-term capital accumulation, while also allocating a portion of exposure to fixed income to enhance portfolio efficiency.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuidePathGrowth Allocation Fund⁽²⁾
Service Shares		19.03	%		5.94	%		6.37	%		6.03	%
S&P^® Target Risk Aggressive Index		17.25	%		5.62	%		7.16	%		7.30	%

⁽¹⁾	Inception date is April 29, 2011.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePathGrowth Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned 2.81%, outperforming the S&P^® Target Risk Aggressive Index at 1.16%.

•

Exposure to large cap equity, and in particular growth equity, benefited returns as large cap stocks held up well and growth outpaced value within large cap equity for the period.

•

Performance benefited from a small exposure to technology stocks that saw strong returns during the first half of the period due to excitement surrounding artificial intelligence developments.

•

Global REITs exposure had a negative impact on returns as central banks continued to raise interest rates leading to increased borrowing costs. International and small cap equity exposure also detracted from performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard S&P 500 ETF		17.75	%
	2	Vanguard FTSE Developed Markets ETF		10.30	%
	3	American Funds – The Growth Fund of America – Class F3		6.22	%
	4	Schwab U.S. Large-Cap Growth ETF		6.21	%
	5	iShares Core MSCI Emerging Markets ETF		5.87	%
	6	AMCAP Fund – Class F3		4.96	%
	7	Vanguard Russell 1000 Growth ETF		4.96	%
	8	American Funds – Fundamental Investors – Class F3		4.95	%
	9	Schwab U.S. Large-Cap ETF		4.90	%
	10	iShares Core S&P Small-Cap ETF		4.50	%

GuidePath Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

S&P^® TARGET RISK CONSERVATIVE INDEX – The S&P^® Target Risk Conservative Index seeks to emphasize exposure to fixed income securities in order to produce a current income stream and avoid excessive volatility of returns. Equity securities are included to protect long-term purchasing power.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuidePath Conservative Allocation Fund⁽²⁾
Service Shares		9.03	%		3.15	%		3.34	%		3.53	%
S&P^® Target Risk Conservative Index		7.42	%		2.61	%		3.51	%		3.78	%

⁽¹⁾	Inception date is April 29, 2011.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Conservative Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -1.10%, outperforming the S&P^® Target Risk Conservative Index at -1.44%.

•

US large cap equity positioning benefited returns as the US economy remained resilient despite higher interest rates. Exposure to floating rate notes, high yield bonds, emerging market bonds and short-term Treasuries all contributed to Fund performance.

•

International equities and REITs exposure detracted from returns, with the latter being adversely impacted by higher interest rates and the expectation of rates staying higher for longer. Long-term Treasuries and mortgage-backed securities also dampened returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard High-Yield Corporate Fund – Admiral Shares		8.69	%
	2	WisdonTree Floating Rate Treasury Fund		8.49	%
	3	Vanguard S&P 500 ETF		5.42	%
	4	iShares Core Aggressive Allocation ETF		4.80	%
	5	American Funds – The Income Fund of America – Class F3		4.71	%
	6	American Funds – Capital Income Builder – Class F3		4.68	%
	7	Vanguard Value ETF		4.19	%
	8	iShares Core Growth Allocation ETF		4.04	%
	9	American Funds – Multi-Sector Income Fund – Class F3		4.01	%
	10	American Funds – The Bond Fund of America – Class F3		3.84	%

GuidePath Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

S&P 500^® DAILY RISK CONTROL 10% INDEX – The S&P 500^® Daily Risk Control 10% Index represents a portfolio of the S&P 500^® Low Volatility Index plus an interest accruing cash component. The index is dynamically rebalanced to target a 10% level of volatility. Volatility is calculated as a function of historical returns.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾
GuidePath Tactical Allocation Fund⁽²⁾
Service Shares		9.14	%		3.40	%		4.65	%		4.36	%
S&P 500^® Daily Risk Control 10% Index		12.01	%		4.49	%		7.94	%		7.35	%

⁽¹⁾	Inception date is April 29, 2011.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Tactical Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned 2.49%, underperforming the S&P^® 500 Daily Risk Control 10% Index at 3.59%.

•

Security selection in and an underweight allocation to communication services, which was the top performing sector for the period, detracted from returns. An underweight allocation to the technology and consumer discretionary sectors also detracted from returns.

•

Higher total equity positioning relative to the benchmark detracted from performance during the period.

•

Security selection in the financials, industrials, and consumer staples sectors benefited performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	iShares Core S&P 500 ETF		14.57	%
	2	ProShares Ultra S&P 500 ETF		11.61	%
	3	Microsoft Corp.		4.58	%
	4	Apple, Inc.		4.30	%
	5	Aflac, Inc.		3.28	%
	6	Builders FirstSource, Inc.		3.21	%
	7	Regeneron Pharmaceuticals, Inc.		3.05	%
	8	Expeditors International of Washington, Inc.		3.04	%
	9	Procter & Gamble Co.		3.04	%
	10	Hartford Financials Services Group, Inc.		3.02	%

GuidePath Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Ten Year			Since Inception⁽¹⁾⁽²⁾
GuidePath Absolute Return Allocation Fund⁽³⁾
Service Shares		3.35	%		0.10	%		1.59	%		1.42	%
Institutional Shares		3.54	%		0.55	%		2.12	%		1.91	%
FTSE 3-Month Treasury Bill Index		4.71	%		1.74	%		1.12	%		0.91	%

⁽¹⁾	Inception date is April 29, 2011 for Service Shares and September 13, 2012 for Institutional Shares.

⁽²⁾	The return shown for the FTSE 3-Month Treasury Bill Index is annualized from the inception date of the Service Shares. The FTSE 3-Month Treasury Bill Index average annual return from the inception date of the Institutional Shares is 1.02%.

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

GuidePath Absolute Return Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -1.00% underperforming the FTSE 3- Month Treasury Bill Index at 2.65%.

•

Exposure to long-term Treasuries, mortgage-backed securities, core fixed income and emerging market government bonds drove negative performance during the period as central banks continued to raise interest rates.

•

Exposure to floating rate notes and a small exposure to US large cap equity benefitted returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR Bloomberg Investment Grade Floating Rate ETF		14.20	%
	2	DoubleLine Total Return Bond Fund – Institutional Shares		9.88	%
	3	Vanguard Mortgage-Backed Securities ETF		8.88	%
	4	Vanguard Intermediate-Term Corporate Bond ETF		8.44	%
	5	BlackRock Low Duration Bond Portfolio – Insitutional Shares		7.31	%
	6	DoubleLine Low Duration Bond Fund – Institutional Shares		7.30	%
	7	Vanguard Short-Term Corporate Bond ETF		6.30	%
	8	Vanguard High-Yield Corporate Fund – Admiral Shares		5.99	%
	9	SPDR Portfolio Short Term Treasury ETF		4.05	%
	10	T. Rowe Price Institutional Floating Rate Fund – Investor Shares		3.77	%

GuidePath Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

MORNINGSTAR MULTI-ASSET HIGH INCOME INDEX – The Morningstar Multi-Asset High Income Index is a broadly diversified index that seeks to deliver high current income while maintaining long-term capital appreciation.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
GuidePath Multi-Asset Income Allocation Fund⁽²⁾
Service Shares		8.49	%		1.73	%		2.83	%		3.22	%
Morningstar Multi-Asset High Income Index		10.26	%		(0.25	)%		2.36	%		2.16	%

⁽¹⁾	Inception date is August 31, 2012.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Multi-Asset Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -1.48%, underperforming the Morningstar Multi-Asset High Income Index at 1.75%.

•

U.S. and developed markets dividend equity exposure detracted from performance. Global REITs exposure hurt returns as central banks continued to raise interest rates leading to increased borrowing costs.

•

Floating rate notes, high yield bonds and convertible bonds benefited performance. Exposure to emerging market dividend equity also helped returns.

•

Exposure to long-term Treasuries and mortgage-backed Securities dampened returns.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Vanguard High-Yield Corporate Fund – Admiral Shares		11.72	%
	2	Schwab US Dividend Equity ETF		6.38	%
	3	iShares Emerging Markets Dividend ETF		6.12	%
	4	Vanguard High Dividend Yield ETF		5.69	%
	5	iShares 0-5 Year High Yield Corporate Bond ETF		5.29	%
	6	Loomis Sayles Global Allocation Fund – Class Y		4.98	%
	7	iShares International Select Dividend ETF		4.77	%
	8	Global X US Preferred ETF		4.67	%
	9	WisdomTree U.S. Large Cap Dividend Fund		4.60	%
	10	iShares Select Dividend ETF		4.48	%

GuidePath Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾⁽²⁾
GuidePath Flexible Income Allocation Fund⁽³⁾
Service Shares		2.61	%		1.34	%		1.86	%		1.47	%
Institutional Shares		2.64	%		1.76	%		2.44	%		2.05	%
Bloomberg U.S. Aggregate Bond Index		0.64	%		0.10	%		1.13	%		0.87	%

⁽¹⁾	Inception date is August 31, 2012 for Service Shares and September 13, 2012 for Institutional Shares.

⁽²⁾	The return shown for the Bloomberg U.S. Aggregate Bond Index is from the inception date of the Service Shares. The Bloomberg U.S. Aggregate Bond Index return from the inception date of the Institutional Shares is 0.91%.

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

GuidePath Flexible Income Allocation Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned -0.55%, outperforming the Bloomberg U.S. Aggregate Bond Index at -4.05%.

•

Sizeable positioning in high yield and short-term bonds was a primary driver of outperformance.

•

Exposure to diversified alternatives and an allocation to the home construction sub-sector within equities lifted performance.

•

Exposure to long-term Treasuries hurt returns as the Federal Reserve continued raising interest rates.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR Portfolio Short Term Treasury ETF		16.16	%
	2	Vanguard High-Yield Corporate Fund – Admiral Shares		13.04	%
	3	Stone Ridge Diversified Alternatives Fund		9.90	%
	4	Xtrackers USD High Yield Corporate Bond ETF		7.78	%
	5	iShares Broad USD High Yield Corporate Bond ETF		7.77	%
	6	SPDR Bloomberg High Yield Bond ETF		6.74	%
	7	Schwab U.S. TIPS ETF		6.37	%
	8	JPMorgan Short Duration Core Plus Fund		6.05	%
	9	iShares Convertible Bond ETF		4.75	%
	10	JP Morgan Unconstrained Debt Fund – Select Shares		3.79	%

GuidePath Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on January 19, 2016 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

FTSE 3-MONTH TREASURY BILL INDEX – The FTSE 3-Month Treasury Bill Index tracks the performance of U.S. Treasury Bills with a remaining maturity of three months.

SG TREND INDEX – The SG Trend Index is designed to track the 10 largest (by AUM) trend following commodity trading advisors and be representative of the trend followers in the managed futures space. Managers must meet the following criteria: must be open to new investment, must report returns on a daily basis, must be an industry recognized trend follower as determined at the discretion of the SG Index Committee, and must exhibit significant correlation to trend following peers and the SG Trend Indicator. Currently, one of the ten managers whose performance is tracked by the SG Trend Index is AlphaSimplex Group LLC, sub-advisor to the GuidePath Managed Futures Strategy Fund.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Year			Since Inception⁽¹⁾
GuidePath Managed Futures Strategy Fund⁽²⁾
Service Shares		(11.32	)%		9.46	%		3.70	%
Institutional Shares		(10.83	)%		10.10	%		4.32	%
FTSE 3-Month Treasury Bill Index		4.71	%		1.74	%		1.44	%
SG Trend Index		(5.18	)%		9.09	%		4.08	%

⁽¹⁾	Inception date is January 19, 2016 for Service Shares and Institutional Shares.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Managed Futures Strategy Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund’s Service Shares returned 5.79%, underperforming the SG Trend Index at 8.90%.

•

Most of the Fund’s underperformance occurred during the second quarter of 2023 due to losses from short positions to energy and agricultural commodities and long positions to precious metals.

•

Short positions to global bonds and long positions to U.S. and Japanese equities generated gains and contributed to performance.

•

The Fund’s use of forwards and futures to implement its strategy had a negative impact on performance.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio.

Percentages expressed exclude derivative instruments, such as futures and forward currency contracts.

Top Ten Holdings


Rank	Security/Holding	% of Net Assets
The GuidePath Managed Futures Strategy Fund did not hold any long term investments as of September 30, 2023.

GuidePath Conservative Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

This chart assumes an initial gross investment of $10,000 made on April 30, 2018 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index.

BLOOMBERG U.S. Treasury 1-3 YEAR BOND INDEX – The Bloomberg U.S. Treasury 1-3 Year Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. Separate trading of registered interest and principal securities (STRIPS) are excluded from the Index because their inclusion would result in double-counting.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Years			Since Inception⁽¹⁾
GuidePath Conservative Income Fund⁽²⁾
Shares		3.86	%		0.73	%		0.82	%
Bloomberg U.S. Treasury 1-3 Year Bond Index		2.44	%		1.03	%		1.06	%

⁽¹⁾	Inception date for the Fund is April 30, 2018.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Conservative Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund returned 1.95%, outperforming the Bloomberg U.S. Treasury 1-3 Year Bond Index at 0.10%.

•

Exposure to floating rate notes and bank loans throughout the period benefitted returns.

•

A target allocation of 50% to cash equivalents beat the returns of short-term Treasuries as the Federal Reserve continued raising interest rates.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	SPDR Bloomberg Investment Grade Floating Rate ETF		14.92	%
	2	iShares 0-5 Year High Yield Corporate Bond ETF		7.31	%
	3	Invesco Senior Loan ETF		4.98	%
	4	iShares 0-5 Year High Yield Corporate Bond ETF		3.66	%
	5	iShares 0-5 Year TIPS Bond ETF		2.32	%

GuidePath Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Years			Since Inception⁽¹⁾
GuidePath Income Fund⁽²⁾
Shares		0.70	%		(1.95	)%		(1.60	)%
Bloomberg U.S. Aggregate Bond Index		0.64	%		0.10	%		0.21	%

⁽¹⁾	Inception date for the Fund is April 30, 2018.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund returned -2.67%, outperforming the Bloomberg U.S. Aggregate Bond Index at -4.05%.

•

Exposure to high yield bonds, emerging market bonds and intermediate-term US Treasuries benefited returns.

•

Bond market returns were negative across most sectors for the reporting period. Significant detractors included emerging market bonds, intermediate-term US Treasuries and investment grade corporate bonds.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Schwab Intermediate-Term U.S. Treasury ETF		43.03	%
	2	SPDR Bloomberg High Yield Bond ETF		18.14	%
	3	VanEck Vectors Emerging Markets High Yield Bond ETF		13.47	%
	4	iShares Core U.S. Aggregate Bond ETF		11.36	%
	5	iShares J.P. Morgan USD Emerging Markets Bond ETF		9.38	%

GuidePath Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

LOGO

MSCI USA HIGH DIVIDEND YIELD INDEX – The MSCI USA High Dividend Yield Index is based on the MSCI USA Index, its parent index, and includes large and mid cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.


AVERAGE ANNUAL TOTAL RETURN (for periods ended September 30)
	One Year			Five Years			Since Inception⁽¹⁾
GuidePath Growth and Income Fund⁽²⁾
Shares		13.28	%		4.83	%		5.38	%
MSCI USA High Dividend Yield Index		12.62	%		5.74	%		7.03	%

⁽¹⁾	Inception date for the Fund is April 30, 2018^.

⁽²⁾	The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

GuidePath Growth and Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

•

For the 6 months ended September 30, 2023, the Fund returned 3.19%, outperforming the MSCI USA High Dividend Yield Index at -0.66%.

•

Exposure to US large-cap equity, MLPs and international high dividend yield equity benefited returns.

•

The Fund’s put-write strategy contributed to returns, as the collection of the option premiums benefitted from the positive trend in the market during the period.

•

The Fund’s volatility targeting component contributed to returns as markets experienced normalized volatility.

Components of Portfolio Holdings*

LOGO

* Pie chart represents percentages of total portfolio, less investments purchased with proceeds from securities lending collateral.

Percentages expressed exclude derivative instruments, such as options written.

Top Ten Holdings


Rank		Security/Holding	% of Net Assets
	1	Schwab U.S. Large-Cap ETF		13.28	%
	2	Vanguard International High Dividend Yield ETF		13.24	%
	3	Global X MLP ETF		6.59	%
	4	Broadcom, Inc.		1.35	%
	5	Johnson & Johnson		1.22	%
	6	Home Depot, Inc.		1.19	%
	7	Procter & Gamble, Co.		1.19	%
	8	Merck & Co., Inc.		1.14	%
	9	Texas Instruments, Inc.		1.12	%
	10	PepsiCo, Inc.		1.11	%

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Unaudited)

September 30, 2023

As a shareholder of the GuideMark & GuidePath Funds (the “Funds”), you incur ongoing costs, including management fees, service fees, and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from April 1, 2023 to September 30, 2023, except as otherwise noted below.

Actual Expenses

The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The example includes, but is not limited to, management fees, shareholder servicing fees, fund accounting fees, custody fees and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expenses ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Fund		Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio¹ based on the period April 1, 2023 – September 30, 2023		Expenses Paid During Period² April 1, 2023 – September 30, 2023
INSTITUTIONAL SHARES
GuidePath Absolute Return Allocation Fund	Actual	$	1,000.00	$	990.20		0.27%	$	1.34
GuidePath Absolute Return Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.65		0.27%	$	1.37
GuidePath Flexible Income Allocation Fund	Actual	$	1,000.00	$	993.00		0.23%	$	1.15
GuidePath Flexible Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,023.85		0.23%	$	1.16
GuidePath Managed Futures Strategy Fund	Actual	$	1,000.00	$	1,061.80		1.13%	$	5.82
GuidePath Managed Futures Strategy Fund	Hypothetical³	$	1,000.00	$	1,019.35		1.13%	$	5.70

¹	The expense ratio excludes the securities lending credit.

²	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Funds & GuidePath Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

September 30, 2023


Fund		Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio¹ based on the period April 1, 2023 – September 30, 2023		Expenses Paid During Period² April 1, 2023 – September 30, 2023
SINGLE CLASS SHARES
GuidePath Conservative Income Fund	Actual	$	1,000.00	$	1,019.50		0.86%	$	4.34
GuidePath Conservative Income Fund	Hypothetical³	$	1,000.00	$	1,020.70		0.86%	$	4.34
GuidePath Income Fund	Actual	$	1,000.00	$	973.30		0.89%	$	4.39
GuidePath Income Fund	Hypothetical³	$	1,000.00	$	1,020.55		0.89%	$	4.50
GuidePath Growth and Income Fund	Actual	$	1,000.00	$	1,031.90		1.09%	$	5.54
GuidePath Growth and Income Fund	Hypothetical³	$	1,000.00	$	1,019.55		1.09%	$	5.50

¹	The expense ratio excludes the securities lending credit.

²	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

³	5% annualized return before expenses.


Fund		Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio¹ based on the period April 1, 2023 – September 30, 2023		Expenses Paid During Period² April 1, 2023 – September 30, 2023
SERVICE SHARES
GuideMark Large Cap Core Fund	Actual	$	1,000.00	$	1,049.90		0.87%	$	4.46
GuideMark Large Cap Core Fund	Hypothetical³	$	1,000.00	$	1,020.65		0.87%	$	4.39
GuideMark Emerging Markets Fund	Actual	$	1,000.00	$	995.80		1.36%	$	6.79
GuideMark Emerging Markets Fund	Hypothetical³	$	1,000.00	$	1,018.20		1.36%	$	6.86
GuideMark Small/Mid Cap Core Fund	Actual	$	1,000.00	$	1,014.70		1.13%	$	5.69
GuideMark Small/Mid Cap Core Fund	Hypothetical³	$	1,000.00	$	1,019.35		1.13%	$	5.70
GuideMark World ex-US Fund	Actual	$	1,000.00	$	992.80		1.11%	$	5.53
GuideMark World ex-US Fund	Hypothetical³	$	1,000.00	$	1,019.45		1.11%	$	5.60
GuideMark Core Fixed Income Fund	Actual	$	1,000.00	$	961.00		0.95%	$	4.66
GuideMark Core Fixed Income Fund	Hypothetical³	$	1,000.00	$	1,020.25		0.95%	$	4.80
GuidePath Growth Allocation Fund	Actual	$	1,000.00	$	1,028.10		0.68%	$	3.45
GuidePath Growth Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.60		0.68%	$	3.44
GuidePath Conservative Allocation Fund	Actual	$	1,000.00	$	989.00		0.51%	$	2.54
GuidePath Conservative Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.45		0.51%	$	2.58
GuidePath Tactical Allocation Fund	Actual	$	1,000.00	$	1,024.90		0.80%	$	4.05
GuidePath Tactical Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.00		0.80%	$	4.04
GuidePath Absolute Return Allocation Fund	Actual	$	1,000.00	$	990.00		0.61%	$	3.03
GuidePath Absolute Return Allocation Fund	Hypothetical³	$	1,000.00	$	1,021.95		0.61%	$	3.08
GuidePath Multi-Asset Income Allocation Fund	Actual	$	1,000.00	$	985.20		0.86%	$	4.27
GuidePath Multi-Asset Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,020.70		0.86%	$	4.34
GuidePath Flexible Income Allocation Fund	Actual	$	1,000.00	$	994.50		0.59%	$	2.94
GuidePath Flexible Income Allocation Fund	Hypothetical³	$	1,000.00	$	1,022.05		0.59%	$	2.98
GuidePath Managed Futures Strategy Fund	Actual	$	1,000.00	$	1,057.90		1.51%	$	7.77
GuidePath Managed Futures Strategy Fund	Hypothetical³	$	1,000.00	$	1,017.45		1.51%	$	7.62

¹	The expense ratio excludes the securities lending credit.

²	Expenses are (net of waiver, if applicable) equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

³	5% annualized return before expenses.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 95.41%
		Aerospace & Defense - 1.26%
	1,733	Axon Enterprise, Inc. (a)	$	344,850
	5,826	BWX Technologies, Inc.		436,833
	2,687	Curtiss-Wright Corp.		525,658
	3,085	General Dynamics Corp.		681,692
	578	HEICO Corp. - Class A		74,689
	7,193	Hexcel Corp.		468,552
	15,130	Howmet Aerospace, Inc.		699,762
	1,770	Huntington Ingalls Industries, Inc.		362,107
	1,241	L3Harris Technologies, Inc.		216,083
	2,079	Lockheed Martin Corp.		850,228
	283	Northrop Grumman Corp.		124,574
	9,798	Raytheon Technologies Corp.		705,162
	14,058	Textron, Inc.		1,098,492
	4,420	The Boeing Co. (a)		847,226
	556	TransDigm Group, Inc. (a)		468,780

				7,904,688

		Air Freight & Logistics - 0.31%
	7,207	C.H. Robinson Worldwide, Inc. (b)		620,739
	1,872	Expeditors International of Washington, Inc.		214,587
	2,843	FedEx Corp.		753,168
	4,525	XPO, Inc. (a)(b)		337,836

				1,926,330

		Airlines - 0.16%
	23,501	United Airlines Holdings, Inc. (a)		994,092

		Auto Components - 0.10%
	16,194	BorgWarner, Inc.		653,752

		Automobile Components - 0.01%
	3,238	Phinia, Inc.		86,746

		Automobiles - 1.43%
	22,031	Harley-Davidson, Inc.		728,345
	25,303	Tesla, Inc. (a)		6,331,317
	19,943	Thor Industries, Inc. (b)		1,897,177

				8,956,839

		Banks - 1.94%
	45,952	Bank of America Corp.		1,258,166
	30,702	Citigroup, Inc.		1,262,773
	6,939	Citizens Financial Group, Inc.		185,965
	6,671	Comerica, Inc.		277,180
	3,353	Commerce Bancshares Inc.		160,877
	1,926	Cullen Frost Bankers, Inc.		175,670
	155	First Citizens BancShares, Inc. - Class A		213,915
	17,390	First Horizon Corp.		191,638
	22,529	FNB Corp.		243,088
	29,791	JPMorgan Chase & Co.		4,320,291
	31,947	KeyCorp		343,750
	5,790	Popular, Inc. - ADR		364,828
	13,484	Regions Financial Corp.		231,925
	11,477	Synovus Financial Corp.		319,061
	12,728	Truist Financial Corp.		364,148
	2,578	U.S. Bancorp		85,229
	28,790	Wells Fargo & Co.		1,176,359
	12,504	Western Alliance Bancorp		574,809
	2,597	Wintrust Financial Corp.		196,074
	5,360	Zions Bancorp NA (b)		187,010

				12,132,756


Number of Shares			Value
		Beverages - 1.27%
	1,634	Boston Beer Co., Inc. - Class A (a)	$	636,492
	3,643	Brown-Forman Corp. - Class A		211,658
	2,684	Brown-Forman Corp. - Class B		154,840
	633	Constellation Brands, Inc. - Class A		159,092
	23,419	Molson Coors Brewing Co. - Class B (b)		1,489,214
	12,678	Monster Beverage Corp. (a)		671,300
	17,481	PepsiCo, Inc.		2,961,981
	30,299	The Coca-Cola Co.		1,696,138

				7,980,715

		Biotechnology - 1.59%
	6,735	Amgen, Inc.		1,810,099
	2,039	Biogen, Inc. (a)		524,043
	1,719	Exact Sciences Corp. (a)		117,270
	37,670	Exelixis, Inc. (a)		823,090
	17,824	Gilead Sciences, Inc.		1,335,731
	10,362	Incyte Corp. (a)		598,613
	1,832	Moderna, Inc. (a)		189,227
	1,545	Regeneron Pharmaceuticals, Inc. (a)		1,271,473
	17,461	Roivant Sciences Ltd. - ADR (a)(b)		203,944
	2,296	Seagen, Inc. (a)		487,096
	3,702	United Therapeutics Corp. (a)		836,171
	5,127	Vertex Pharmaceuticals, Inc. (a)		1,782,863

				9,979,620

		Broadline Retail - 0.02%
	7,884	Coupang, Inc. (a)		134,028

		Building Products - 1.43%
	4,380	A. O. Smith Corp.		289,649
	2,364	Advanced Drainage Systems, Inc. (b)		269,094
	28,867	Builders FirstSource, Inc. (a)		3,593,653
	3,939	Carrier Global Corp.		217,433
	6,661	Johnson Controls International PLC - ADR		354,432
	1,985	Lennox International, Inc.		743,263
	9,739	Masco Corp.		520,550
	14,179	Owens Corning, Inc.		1,934,157
	2,209	Trane Technologies PLC - ADR		448,228
	9,093	Trex Co., Inc. (a)(b)		560,402

				8,930,861

		Capital Markets - 1.80%
	3,324	Affiliated Managers Group, Inc.		433,250
	3,761	Ameriprise Financial, Inc.		1,239,926
	5,046	Ares Management Corp. - Class A (b)		519,082
	283	BlackRock, Inc.		182,957
	853	Cboe Global Markets, Inc.		133,247
	6,362	Evercore, Inc. - Class A		877,192
	1,497	FactSet Research Systems, Inc.		654,578
	12,432	Franklin Resources, Inc. (b)		305,579
	1,117	Intercontinental Exchange, Inc.		122,892
	72,988	Invesco Ltd. - ADR		1,059,786
	12,374	Janus Henderson Group PLC - ADR		319,497
	3,658	LPL Financial Holdings, Inc.		869,324
	2,500	Moody’s Corp.		790,425
	8,216	Morgan Stanley		671,001
	5,168	NASDAQ OMX Group, Inc.		251,113
	2,698	Northern Trust Corp. (b)		187,457
	4,850	Raymond James Financial, Inc.		487,085
	2,738	SEI Investments Co.		164,910
	8,726	State Street Corp.		584,293

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Capital Markets (Continued)
	9,102	Stifel Financial Corp.	$	559,227
	8,463	The Bank of New York Mellon Corp.		360,947
	9,361	The Charles Schwab Corp.		513,919

				11,287,687

		Chemicals - 1.03%
	1,803	Air Products & Chemicals, Inc.		510,970
	7,063	CF Industries Holdings, Inc.		605,582
	12,363	Dow, Inc.		637,436
	2,597	DuPont de Nemours, Inc.		193,710
	2,662	Linde PLC - ADR		991,196
	738	NewMarket Corp.		335,820
	12,679	Olin Corp.		633,696
	6,058	RPM International, Inc.		574,359
	27,849	The Mosaic Co.		991,424
	7,601	Westlake Chemical Corp.		947,617

				6,421,810

		Commercial Services & Supplies - 0.69%
	205,857	ADT, Inc.		1,235,142
	2,738	Cintas Corp.		1,317,006
	3,484	Clean Harbors, Inc. (a)		583,082
	8,168	Copart, Inc. (a)		351,959
	755	MSA Safety, Inc.		119,026
	18,949	Rollins, Inc.		707,366

				4,313,581

		Communications Equipment - 1.27%
	5,464	Arista Networks, Inc. (a)		1,004,993
	44,251	Cisco Systems, Inc.		2,378,934
	2,096	F5, Inc. (a)		337,749
	6,819	Juniper Networks, Inc.		189,500
	3,094	Motorola Solutions, Inc.		842,311
	4,311	Palo Alto Networks, Inc. (a)		1,010,671
	14,898	Qualcomm, Inc.		1,654,572
	3,562	Ubiquiti, Inc. (b)		517,559

				7,936,289

		Construction & Engineering - 0.43%
	10,326	AECOM		857,471
	2,140	EMCOR Group, Inc.		450,234
	2,388	KBR, Inc. (b)		140,749
	5,246	MasTec, Inc. (a)		377,555
	3,867	Quanta Services, Inc.		723,400
	4,077	WillScot Mobile Mini Holdings Corp. (a)		169,562

				2,718,971

		Construction Materials - 0.06%
	1,087	Eagle Materials, Inc.		181,007
	934	Vulcan Materials Co.		188,687

				369,694

		Consumer Finance - 1.30%
	56,139	Ally Financial, Inc.		1,497,789
	6,569	American Express Co.		980,029
	15,363	Capital One Financial Corp.		1,490,979
	710	Credit Acceptance Corp. (a)(b)		326,685
	7,853	Discover Financial Services		680,305
	31,579	OneMain Holdings, Inc.		1,266,002
	33,642	SLM Corp.		458,204
	47,912	Synchrony Financial		1,464,670

				8,164,663


Number of Shares			Value
		Consumer Staples Distribution & Retail - 0.19%
	44,128	Albertsons Cos, Inc. - Class A	$	1,003,912
	6,003	Grocery Outlet Holding Corp. (a)		173,187

				1,177,099

		Containers & Packaging - 0.19%
	8,343	Ardagh Group SA - ADR (a)(c)(d)(f)		—
	5,470	Berry Global Group, Inc.		338,648
	4,191	Graphic Packaging Holding Co.		93,375
	2,423	Silgan Holdings, Inc.		104,456
	18,273	WestRock Co.		654,173

				1,190,652

		Distributors - 0.26%
	5,638	Genuine Parts Co.		814,014
	16,411	LKQ Corp.		812,509

				1,626,523

		Diversified Consumer Services - 0.32%
	8,659	Grand Canyon Education, Inc. (a)(b)		1,012,064
	23,006	H&R Block, Inc. (b)		990,638

				2,002,702

		Diversified Financial Services - 0.35%
	6,074	Apollo Global Management, Inc.		545,202
	23,931	Equitable Holdings, Inc.		679,401
	10,284	Jefferies Financial Group, Inc.		376,703
	8,526	Voya Financial, Inc. (b)		566,553

				2,167,859

		Diversified Telecommunication Services - 0.32%
	95,328	AT&T, Inc.		1,431,827
	17,961	Verizon Communications, Inc.		582,116

				2,013,943

		Electric Utilities - 0.44%
	5,777	Constellation Energy Corp.		630,155
	121,558	Hawaiian Electric Industries, Inc.		1,496,379
	38,518	PG&E Corp. (a)		621,295

				2,747,829

		Electrical Equipment - 0.81%
	4,333	Acuity Brands, Inc.		737,953
	3,121	Agilent Technologies, Inc.		348,990
	2,627	AMETEK, Inc.		388,166
	2,896	Eaton Corp. PLC - ADR		617,659
	2,298	Emerson Electric Co.		221,918
	2,018	Enphase Energy, Inc. (a)		242,463
	2,389	Hubbell, Inc.		748,736
	12,151	nVent Electric PLC - ADR		643,881
	1,387	Regal Rexnord Corp.		198,175
	1,227	Rockwell Automation, Inc. (b)		350,762
	497	Roper Industries, Inc.		240,687
	3,228	Sensata Technologies Holding PLC - ADR		122,083
	5,403	Vertiv Holdings Co.		200,992

				5,062,465

		Electronic Equipment, Instruments & Components - 0.95%
	7,464	Amphenol Corp. - Class A		626,901
	1,960	Arrow Electronics, Inc. (a)		245,470
	2,930	Avnet, Inc.		141,197
	1,894	CDW Corp.		382,133
	3,738	Cognex Corp.		158,641
	4,045	Coherent Corp. (a)		132,029
	3,043	Dolby Laboratories, Inc. - Class A		241,188

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Electronic Equipment, Instruments & Components (Continued)
	7,721	Jabil, Inc.	$	979,718
	3,941	Keysight Technologies, Inc. (a)		521,434
	11,309	National Instruments Corp.		674,243
	15,037	TD SYNNEX Corp.		1,501,595
	6,713	Vontier Corp.		207,566
	461	Zebra Technologies Corp. - Class A (a)		109,040

				5,921,155

		Energy Equipment & Services - 0.19%
	5,339	Baker Hughes Co.		188,574
	12,574	Schlumberger, Ltd. - ADR		733,064
	12,333	TechnipFMC PLC - ADR (b)		250,853

				1,172,491

		Entertainment - 0.72%
	3,690	Electronic Arts, Inc.		444,276
	2,530	Netflix, Inc. (a)		955,328
	40,582	Playtika Holding Corp. (a)		390,805
	2,454	Spotify Technology SA - ADR (a)		379,487
	2,803	The Walt Disney Co. (a)		227,183
	7,187	TKO Group Holdings, Inc. (b)		604,139
	137,869	Warner Bros Discovery, Inc. - Series A (a)(b)		1,497,257

				4,498,475

		Financial Services - 0.34%
	83,122	Corebridge Financial, Inc. (b)		1,641,659
	96,688	UWM Holdings Corp. (b)		468,937

				2,110,596

		Food & Staples Retailing - 2.35%
	6,956	BJ’s Wholesale Club Holdings, Inc. (a)(b)		496,450
	4,345	Casey’s General Stores, Inc.		1,179,754
	5,759	Costco Wholesale Corp.		3,253,605
	30,171	CVS Health Corp.		2,106,539
	29,574	Kroger Co.		1,323,436
	10,815	Performance Food Group Co. (a)(b)		636,571
	13,672	SYSCO Corp.		903,036
	32,902	US Foods Holding Corp. (a)		1,306,209
	3,143	Walgreens Boots Alliance, Inc.		69,900
	21,491	Walmart, Inc.		3,437,056

				14,712,556

		Food Products - 1.03%
	13,453	Archer-Daniels-Midland Co.		1,014,625
	828	Bunge, Ltd. - ADR		89,631
	2,487	Campbell Soup Co. (b)		102,166
	1,855	Darling International, Inc. (a)		96,831
	31,288	Flowers Foods, Inc.		693,968
	1,780	Freshpet, Inc. (a)(b)		117,266
	4,284	Ingredion, Inc.		421,546
	1,446	Kellogg Co.		86,052
	6,551	Lamb Weston Holdings, Inc.		605,705
	8,527	Mondelez International, Inc. - Class A		591,774
	12,414	Post Holdings, Inc. (a)(b)		1,064,376
	4,385	The Hershey Co.		877,351
	3,750	The J.M. Smucker Co.		460,913
	6,971	The Kraft Heinz Co.		234,504

				6,456,708

		Gas Utilities - 0.09%
	14,315	EQT Corp.		580,903


Number of Shares			Value
		Ground Transportation - 0.04%
	9,554	Schneider National, Inc. - Class B	$	264,550

		Health Care Equipment & Supplies - 1.06%
	1,637	Align Technology, Inc. (a)		499,809
	10,412	Boston Scientific Corp. (a)		549,754
	3,246	Danaher Corp.		805,333
	4,524	DENTSPLY SIRONA, Inc.		154,540
	3,678	DexCom, Inc. (a)		343,157
	8,629	Edwards Lifesciences Corp. (a)		597,817
	5,153	Globus Medical, Inc. - Class A (a)		255,846
	1,747	Hologic, Inc. (a)		121,242
	2,149	IDEXX Laboratories, Inc. (a)(b)		939,693
	1,333	Insulet Corp. (a)		212,600
	1,769	Intuitive Surgical, Inc. (a)		517,061
	5,991	Novocure Ltd. - ADR (a)		96,755
	1,138	Penumbra, Inc. (a)		275,294
	1,982	ResMed, Inc.		293,078
	969	Shockwave Medical, Inc. (a)		192,928
	1,946	Stryker Corp.		531,783
	4,022	Tandem Diabetes Care, Inc. (a)		83,537
	477	West Pharmaceutical Services, Inc.		178,975

				6,649,202

		Health Care Providers & Services - 3.15%
	4,223	Amedisys, Inc. (a)		394,428
	2,943	AmerisourceBergen Corp.		529,652
	3,247	Anthem, Inc.		1,413,809
	8,553	Cardinal Health, Inc.		742,571
	27,801	Centene Corp. (a)		1,914,933
	1,178	Chemed Corp.		612,207
	7,964	Cigna Corp.		2,278,262
	895	DaVita, Inc. (a)		84,604
	5,009	Encompass Health Corp.		336,404
	2,409	HCA Healthcare, Inc.		592,566
	7,263	Henry Schein, Inc. (a)		539,278
	2,317	Humana, Inc.		1,127,267
	2,082	Laboratory Corp. of America Holdings		418,586
	2,444	McKesson Corp.		1,062,773
	856	Molina Healthcare, Inc. (a)		280,674
	10,378	Premier, Inc. - Class A		223,127
	2,505	Quest Diagnostics, Inc.		305,259
	5,343	Tenet Healthcare Corp. (a)		352,050
	11,890	UnitedHealth Group, Inc.		5,994,819
	4,196	Universal Health Services, Inc. - Class B		527,563

				19,730,832

		Health Care Technology - 0.07%
	1,123	Inspire Medical Systems, Inc. (a)		222,848
	11,551	Teladoc Health, Inc. (a)(b)		214,733

				437,581

		Hotels, Restaurants & Leisure - 1.46%
	1,224	Airbnb, Inc. - Class A (a)(b)		167,945
	5,739	Boyd Gaming Corp.		349,103
	5,708	Caesars Entertainment, Inc. (a)		264,566
	165	Chipotle Mexican Grill, Inc. (a)		302,252
	2,383	Darden Restaurants, Inc. (b)		341,293
	2,309	Domino’s Pizza, Inc.		874,626
	5,032	DraftKings, Inc. - Class A (a)		148,142
	2,541	Hyatt Hotels Corp. - Class A		269,549
	4,399	Las Vegas Sands Corp.		201,650
	1,742	Marriott International, Inc. - Class A		342,408

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
	��	Hotels, Restaurants & Leisure (Continued)
	3,034	Marriott Vacations Worldwide Corp. (b)	$	305,311
	5,144	McDonald’s Corp.		1,355,135
	13,342	MGM Resorts International		490,452
	58,775	Penn Entertainment, Inc. (a)		1,348,886
	2,114	Royal Caribbean Cruises Ltd. - ADR (a)		194,784
	6,472	Starbucks Corp.		590,700
	1,768	Texas Roadhouse, Inc. (b)		169,905
	2,291	Wingstop, Inc.		412,014
	1,806	Wynn Resorts Ltd.		166,893
	6,813	Yum! Brands, Inc.		851,216

				9,146,830

		Household Durables - 1.10%
	3,357	DR Horton, Inc.		360,777
	901	Garmin, Ltd. - ADR		94,785
	11,585	Lennar Corp. - Class A		1,300,185
	10,454	Lennar Corp. - Class B (b)		1,068,712
	5,703	Mohawk Industries, Inc. (a)		489,375
	98	NVR, Inc. (a)		584,403
	9,389	PulteGroup, Inc.		695,256
	14,750	Tempur Sealy International, Inc.		639,265
	20,671	Toll Brothers, Inc.		1,528,827
	494	TopBuild Corp. (a)		124,290

				6,885,875

		Household Products - 0.87%
	2,917	Clorox Co.		382,302
	13,377	Colgate-Palmolive Co.		951,239
	2,245	Kimberly-Clark Corp.		271,308
	26,426	The Procter & Gamble Co.		3,854,496

				5,459,345

		Independent Power and Renewable Electricity Producers - 0.22%
	17,587	Brookfield Renewable Corp. - Class A - ADR (b)		421,033
	10,359	Clearway Energy, Inc. - Class C		206,351
	10,125	Clearway Energy, Inc. - Class C		214,245
	16,037	Vistra Corp. (b)		532,108

				1,373,737

		Industrial Conglomerates - 0.61%
	2,850	3M Co.		266,817
	2,727	Carlisle Companies, Inc.		707,002
	10,441	General Electric Co.		1,154,253
	2,865	Honeywell International, Inc.		529,280
	309	Seaboard Corp.		1,159,677

				3,817,029

		Insurance - 3.83%
	8,281	Aflac, Inc.		635,567
	2,958	American Financial Group, Inc.		330,320
	25,785	American International Group, Inc.		1,562,571
	1,979	Aon PLC - Class A - ADR		641,631
	8,628	Arch Capital Group, Ltd. - ADR (a)		687,738
	3,800	Arthur J. Gallagher & Co.		866,134
	2,459	Assured Guaranty, Ltd. - ADR		148,819
	23,803	Berkshire Hathaway, Inc. - Class B (a)		8,338,191
	2,064	Chubb, Ltd. - ADR		429,683
	8,141	CNA Financial Corp.		320,348
	1,230	Everest Group Ltd. - ADR		457,154
	3,785	Globe Life, Inc.		411,543


Number of Shares			Value
		Insurance (Continued)
	4,677	Hartford Financial Services Group, Inc.	$	331,646
	5,876	Loews Corp.		372,010
	168	Markel Corp. (a)		247,378
	8,724	Marsh & McLennan Cos., Inc.		1,660,177
	6,647	MetLife, Inc.		418,163
	25,640	Old Republic International Corp.		690,742
	1,676	Primerica, Inc.		325,161
	15,200	Principal Financial Group, Inc.		1,095,464
	3,297	Reinsurance Group of America, Inc.		478,691
	997	RenaissanceRe Holdings Ltd. - ADR		197,326
	937	RLI Corp.		127,329
	6,185	Ryan Specialty Holdings, Inc. (a)(b)		299,354
	5,150	The Progressive Corp.		717,395
	1,983	The Travelers Cos., Inc.		323,844
	30,546	Unum Group		1,502,558
	1,437	W.R. Berkley Corp.		91,235
	186	White Mountains Insurance Group Ltd. - ADR		278,198

				23,986,370

		Interactive Media & Services - 4.83%
	78,835	Alphabet, Inc. - Class A (a)		10,316,348
	67,055	Alphabet, Inc. - Class C (a)		8,841,202
	11,622	Match Group, Inc. (a)		455,292
	29,892	Meta Platforms, Inc. - Class A (a)		8,973,877
	31,325	Pinterest, Inc. - Class A (a)		846,715
	15,540	TripAdvisor, Inc. (a)		257,653
	5,597	Zillow Group, Inc. - Class A (a)		250,689
	6,011	Zillow Group, Inc. - Class C (a)		277,468

				30,219,244

		Internet & Direct Marketing Retail - 2.80%
	112,535	Amazon.com, Inc. (a)		14,305,449
	492	Booking Holdings, Inc. (a)		1,517,303
	5,477	eBay, Inc.		241,481
	6,469	Etsy, Inc. (a)		417,768
	2,939	Expedia Group, Inc. (a)		302,923
	12,445	Wayfair, Inc. - Class A (a)(b)		753,794

				17,538,718

		IT Services - 3.67%
	7,973	Accenture PLC - Class A - ADR		2,448,588
	5,531	Akamai Technologies, Inc. (a)		589,273
	7,417	Amdocs Ltd. - ADR		626,662
	5,749	Booz Allen Hamilton Holding Corp.		628,193
	3,279	CACI International, Inc. - Class A (a)		1,029,376
	14,162	Cognizant Technology Solutions Corp. - Class A		959,334
	15,370	Concentrix Corp.		1,231,291
	123,178	DXC Technology Co. (a)		2,565,798
	1,505	EPAM Systems, Inc. (a)		384,813
	1,771	Euronet Worldwide, Inc. (a)		140,582
	5,056	Fiserv, Inc. (a)		571,126
	487	FleetCor Technologies, Inc. (a)		124,351
	2,805	Gartner, Inc. (a)		963,826
	5,124	Genpact, Ltd. - ADR		185,489
	3,806	GoDaddy, Inc. - Class A (a)(b)		283,471
	3,174	Leidos Holdings, Inc.		292,516
	8,811	MasterCard, Inc. - Class A		3,488,363
	5,565	Paychex, Inc.		641,811
	5,042	Science Applications International Corp.		532,133
	36,755	The Western Union Co.		484,431
	1,131	T-Mobile USA, Inc. (a)		158,396

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	4,454	VeriSign, Inc. (a)	$	902,069
	16,217	Visa, Inc. - Class A (b)		3,730,072

				22,961,964

		Leisure Products - 0.32%
	17,833	Mattel, Inc. (a)		392,861
	1,427	Polaris, Inc. (b)		148,608
	1,472	Pool Corp. (b)		524,179
	19,673	YETI Holdings, Inc. (a)(b)		948,632

				2,014,280

		Life Sciences Tools & Services - 0.50%
	3,733	10X Genomics, Inc. - Class A (a)		153,986
	11,646	Avantor, Inc. (a)		245,498
	2,723	Bruker Corp.		169,643
	985	IQVIA Holdings, Inc. (a)		193,799
	581	Mettler-Toledo International, Inc. (a)		643,788
	2,328	Thermo Fisher Scientific, Inc.		1,178,364
	1,994	Waters Corp. (a)		546,775

				3,131,853

		Machinery - 2.47%
	1,851	AGCO Corp.		218,936
	12,055	Allison Transmission Holdings, Inc.		711,968
	2,937	Caterpillar, Inc.		801,801
	1,039	Crane Co. (b)		92,305
	3,427	Crane NXT Co.		190,438
	1,664	Cummins, Inc.		380,157
	2,039	Deere & Co.		769,478
	9,498	Donaldson Co., Inc.		566,461
	14,290	Esab Corp.		1,003,444
	2,729	Fortive Corp.		202,383
	131,680	Gates Industrial Corp PLC - ADR (a)		1,528,805
	5,597	Graco, Inc.		407,909
	3,905	Illinois Tool Works, Inc.		899,361
	4,557	Ingersoll Rand, Inc.		290,372
	1,760	ITT, Inc.		172,322
	5,119	Lincoln Electric Holdings, Inc. (b)		930,583
	2,270	Nordson Corp.		506,596
	11,912	Oshkosh Corp.		1,136,762
	8,041	Otis Worldwide Corp.		645,773
	9,302	PACCAR, Inc.		790,856
	1,926	Parker-Hannifin Corp.		750,215
	1,928	Pentair PLC - ADR		124,838
	2,044	Snap-on, Inc.		521,343
	3,656	The Timken Co.		268,679
	5,584	The Toro Co. (b)		464,030
	1,832	Valmont Industries, Inc.		440,065
	6,174	Wabtec Corp.		656,111

				15,471,991

		Marine - 0.05%
	3,493	Kirby Corp. (a)		289,220

		Media - 1.64%
	37,405	Comcast Corp. - Class A		1,658,538
	29,269	Fox Corp. - Class A		913,193
	31,121	Fox Corp. - Class B		898,775
	58,655	Liberty Media Corp-Liberty SiriusXM (a)		1,493,356
	57,491	Liberty Media Corp-Liberty SiriusXM - Class A (a)(b)		1,463,146


Number of Shares			Value
		Media (Continued)
	44,145	News Corp. - Class A	$	885,549
	40,748	News Corp. - Class B (b)		850,411
	7,065	Nexstar Media Group, Inc.		1,012,909
	2,681	Omnicom Group, Inc.		199,681
	84,549	Sirius XM Holdings, Inc. (b)		382,161
	4,878	The Interpublic Group of Companies, Inc.		139,803
	8,350	The New York Times Co. - Class A		344,020

				10,241,542

		Metals & Mining - 1.14%
	73,643	Cleveland-Cliffs, Inc. (a)		1,151,040
	9,522	Nucor Corp.		1,488,765
	6,398	Reliance Steel & Aluminum Co.		1,677,748
	1,625	Southern Copper Corp.		122,346
	13,343	Steel Dynamics, Inc.		1,430,636
	38,862	United States Steel Corp. (b)		1,262,238

				7,132,773

		Multiline Retail - 0.98%
	2,830	Burlington Stores, Inc. (a)(b)		382,899
	4,707	Dollar General Corp.		498,001
	3,988	Dollar Tree, Inc. (a)		424,523
	51,243	Kohl’s Corp. (b)		1,074,053
	165,829	Macy’s, Inc. (b)		1,925,275
	73,608	Nordstrom, Inc.		1,099,703
	6,457	Target Corp.		713,950

				6,118,404

		Oil, Gas & Consumable Fuels - 4.62%
	25,738	Antero Midstream Corp.		308,341
	27,087	Antero Resources Corp. (a)		687,468
	19,839	APA Corp.		815,383
	5,363	Cabot Oil & Gas Corp.		145,069
	2,554	Cheniere Energy, Inc.		423,862
	5,765	Chesapeake Energy Corp. (b)		497,116
	21,282	Chevron Corp.		3,588,571
	14,321	ConocoPhillips		1,715,656
	14,590	Devon Energy Corp.		695,943
	3,471	Diamondback Energy, Inc.		537,588
	10,037	EOG Resources, Inc.		1,272,290
	51,037	Exxon Mobil Corp.		6,000,930
	4,967	Hess Corp.		759,951
	22,678	HF Sinclair Corp.		1,291,059
	20,137	Marathon Oil Corp.		538,665
	14,879	Marathon Petroleum Corp.		2,251,788
	3,704	Occidental Petroleum Corp.		240,315
	6,520	ONEOK, Inc.		413,564
	7,656	Ovintiv, Inc.		364,196
	15,129	Phillips 66		1,817,749
	3,162	Pioneer Natural Resources Co.		725,837
	11,115	Range Resources Corp.		360,237
	162,415	Southwestern Energy Co. (a)		1,047,577
	6,923	Targa Resources Corp.		593,440
	12,955	Valero Energy Corp.		1,835,853

				28,928,448

		Paper & Forest Products - 0.06%
	7,258	Louisiana-Pacific Corp.		401,150

		Personal Care Products - 0.04%
	125,154	Olaplex Holdings, Inc. (a)		244,050

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Personal Products - 0.22%
	83,307	Coty, Inc. - Class A (a)	$	913,878
	3,254	The Estee Lauder Cos., Inc. - Class A		470,366

				1,384,244

		Pharmaceuticals - 4.43%
	13,436	Abbott Laboratories		1,301,277
	26,086	AbbVie, Inc.		3,888,379
	35,762	Bristol-Myers Squibb Co.		2,075,626
	36,096	Elanco Animal Health, Inc. (a)		405,719
	11,642	Eli Lilly & Co. (b)		6,253,267
	3,875	Horizon Therapeutics PLC - ADR (a)		448,299
	2,516	Jazz Pharmaceuticals PLC - ADR (a)		325,671
	31,348	Johnson & Johnson		4,882,451
	35,269	Merck & Co., Inc.		3,630,944
	3,999	Perrigo Co PLC - ADR		127,768
	47,654	Pfizer, Inc.		1,580,683
	2,426	Royalty Pharma PLC - Class A - ADR		65,842
	201,945	Viatris, Inc.		1,991,178
	4,299	Zoetis, Inc. (b)		747,940

				27,725,044

		Professional Services - 0.44%
	42,979	Dun & Bradstreet Holdings, Inc.		429,360
	2,315	FTI Consulting, Inc. (a)		413,019
	13,663	ManpowerGroup, Inc.		1,001,771
	10,463	Robert Half, Inc.		766,729
	568	Verisk Analytics, Inc.		134,184

				2,745,063

		Real Estate Management & Development - 0.01%
	953	CBRE Group, Inc. - Class A (a)		70,389

		Road & Rail - 0.50%
	1,036	J.B. Hunt Transport Services, Inc.		195,307
	8,988	Knight-Swift Transportation Holdings, Inc.		450,748
	5,668	Landstar System, Inc.		1,002,896
	2,124	Old Dominion Freight Line, Inc.		869,013
	486	Saia, Inc. (a)		193,744
	9,264	Uber Technologies, Inc. (a)		426,051

				3,137,759

		Semiconductors & Semiconductor Equipment - 5.76%
	11,623	Advanced Micro Devices, Inc. (a)		1,195,077
	16,911	Allegro MicroSystems, Inc. (a)		540,137
	3,577	Analog Devices, Inc.		626,297
	13,089	Applied Materials, Inc.		1,812,172
	5,348	Broadcom, Inc.		4,441,942
	11,566	Cirrus Logic, Inc. (a)		855,421
	1,151	First Solar, Inc. (a)		185,990
	19,238	Intel Corp.		683,911
	3,171	KLA-Tencor Corp.		1,454,411
	2,202	Lam Research Corp.		1,380,148
	9,114	Lattice Semiconductor Corp. (a)		783,166
	7,401	Microchip Technology, Inc.		577,648
	12,937	Micron Technology, Inc.		880,104
	7,699	MKS Instruments, Inc.		666,271
	1,600	Monolithic Power Systems, Inc.		739,200
	31,886	NVIDIA Corp.		13,870,091
	17,003	ON Semiconductor Corp. (a)(b)		1,580,429
	7,249	Qorvo, Inc. (a)		692,062
	7,732	Skyworks Solutions, Inc.		762,298


Number of Shares			Value
		Semiconductors & Semiconductor Equipment (Continued)
	7,059	Teradyne, Inc. (b)	$	709,147
	10,294	Texas Instruments, Inc.		1,636,849

				36,072,771

		Software - 9.82%
	6,001	Adobe Systems, Inc. (a)		3,059,910
	5,948	Alteryx, Inc. - Class A (a)		224,180
	38,214	AppLovin Corp. - Class A (a)(b)		1,527,032
	4,644	Atlassian Corp. - Class A (a)		935,812
	3,212	Autodesk, Inc. (a)		664,595
	7,846	Cadence Design System, Inc. (a)		1,838,318
	4,629	Datadog, Inc. - Class A (a)		421,656
	11,768	DocuSign, Inc. (a)		494,256
	34,397	Dropbox, Inc. - Class A (a)		936,630
	4,833	Elastic NV - ADR (a)		392,633
	1,413	Fair Isaac Corp. (a)		1,227,233
	18,088	Fortinet, Inc. (a)		1,061,404
	7,015	Gen Digital, Inc.		124,025
	1,678	HubSpot, Inc. (a)		826,415
	15,025	Informatica, Inc. - Class A (a)		316,577
	2,045	Intuit, Inc.		1,044,872
	2,996	Jack Henry & Associates, Inc.		452,815
	5,113	Manhattan Associates, Inc. (a)		1,010,636
	109,048	Microsoft Corp.		34,431,906
	5,866	New Relic, Inc. (a)(f)		502,247
	20,581	Nutanix, Inc. - Class A (a)		717,865
	10,139	Oracle Corp.		1,073,923
	17,369	Pegasystems, Inc.		753,988
	21,692	RingCentral, Inc. - Class A (a)		642,734
	8,133	salesforce.com, Inc. (a)		1,649,210
	2,067	ServiceNow, Inc. (a)		1,155,370
	11,043	Smartsheet, Inc. - Class A (a)		446,800
	4,353	Splunk, Inc. (a)		636,626
	4,607	SS&C Technologies Holdings, Inc.		242,052
	2,941	Synopsys, Inc. (a)		1,349,831
	2,806	VMware, Inc. - Class A (a)		467,143
	1,466	Workday, Inc. - Class A (a)		314,970
	7,380	Zoom Video Communications, Inc. - Class A (a)		516,157

				61,459,821

		Specialty Retail - 4.09%
	2,873	Advance Auto Parts, Inc. (b)		160,687
	16,697	AutoNation, Inc. (a)		2,527,926
	642	AutoZone, Inc. (a)(b)		1,630,674
	16,766	Bath & Body Works, Inc.		566,691
	7,733	Best Buy Co., Inc.		537,212
	797	CarMax, Inc. (a)(b)		56,372
	7,880	Dick’s Sporting Goods, Inc. (b)		855,610
	2,505	Floor & Decor Holdings, Inc. - Class A (a)(b)		226,702
	7,342	GameStop Corp. - Class A (a)(b)		120,849
	855	Lithia Motors, Inc. (b)		252,507
	9,813	Lowe’s Cos., Inc.		2,039,534
	2,117	O’Reilly Automotive, Inc. (a)		1,924,057
	11,588	Penske Automotive Group, Inc. (b)		1,935,891
	291,149	Petco Health & Wellness Co, Inc. (a)(b)		1,190,799
	5,183	Ross Stores, Inc.		585,420
	2,391	Sherwin-Williams Co.		609,825
	145,682	The Gap, Inc. (b)		1,548,600
	12,073	The Home Depot, Inc.		3,647,978
	17,885	The TJX Cos., Inc.		1,589,619
	4,309	Tractor Supply Co. (b)		874,942

See notes to financial statements.

GuideMark Large Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	2,927	Ulta Beauty, Inc. (a)	$	1,169,190
	27,593	Victoria’s Secret & Co. (a)		460,251
	7,041	Williams Sonoma, Inc. (b)		1,094,171

				25,605,507

		Technology Hardware, Storage & Peripherals - 7.15%
	219,916	Apple, Inc.		37,651,818
	36,512	Hewlett Packard Enterprise Co.		634,213
	8,397	HP, Inc.		215,803
	11,395	International Business Machines Corp.		1,598,719
	81,451	NCR Corp. (a)		2,196,734
	6,077	NetApp, Inc.		461,123
	18,395	Pure Storage, Inc. - Class A (a)		655,230
	29,616	Teradata Corp. (a)		1,333,312

				44,746,952

		Textiles, Apparel & Luxury Goods - 1.50%
	10,991	Capri Holdings Ltd. - ADR (a)		578,237
	7,250	Carter’s, Inc. (b)		501,337
	6,335	Columbia Sportswear Co. (b)		469,424
	1,814	Crocs, Inc. (a)		160,049
	2,479	Deckers Outdoor Corp. (a)		1,274,429
	3,166	lululemon athletica, Inc. (a)		1,220,841
	12,032	NIKE, Inc. - Class B		1,150,500
	11,479	PVH Corp.		878,258
	5,968	Ralph Lauren Corp. (b)		692,825
	12,142	Skechers USA, Inc. - Class A (a)		594,351
	21,603	Tapestry, Inc.		621,086
	84,910	Under Armour, Inc. - Class A (a)		581,634
	74,351	Under Armour, Inc. - Class C (a)		474,359
	10,118	VF Corp. (b)		178,785

				9,376,115

		Thrifts & Mortgage Finance - 0.09%
	35,667	MGIC Investment Corp.		595,282

		Tobacco - 0.32%
	20,158	Altria Group, Inc.		847,644
	12,657	Philip Morris International, Inc.		1,171,785

				2,019,429

		Trading Companies & Distributors - 0.90%
	2,823	Air Lease Corp.		111,255
	7,941	Core & Main, Inc. - Class A (a)		229,098
	14,970	Fastenal Co.		817,961
	2,943	Ferguson PLC - ADR		484,035
	8,002	MSC Industrial Direct Co., Inc. - Class A		785,396
	3,415	SiteOne Landscape Supply, Inc. (a)(b)		558,182
	760	United Rentals, Inc.		337,873
	1,961	W.W. Grainger, Inc.		1,356,698
	1,989	Watsco, Inc. (b)		751,285
	1,627	WESCO International, Inc.		233,995

				5,665,778

		Total Common Stocks (Cost $376,205,642)		597,384,220

		INVESTMENT COMPANIES - 2.80%
		Exchange Traded Funds - 2.80%
	44,612	Vanguard S&P 500 ETF (b)		17,519,132

		Total Investment Companies (Cost $12,988,105)		17,519,132


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 0.89%
	13,991	Annaly Capital Management, Inc. (b)	$	263,171
	3,358	Boston Properties, Inc. (b)		199,734
	5,185	EPR Properties (b)		215,385
	15,408	Highwoods Properties, Inc. (b)		317,559
	16,370	Host Hotels & Resorts, Inc. (b)		263,066
	2,392	Iron Mountain, Inc.		142,204
	16,166	Kilroy Realty Corp. (b)		511,007
	140,437	Park Hotels & Resorts, Inc. (b)		1,730,184
	2,108	Realty Income Corp.		105,273
	105,140	Rithm Capital Corp.		976,751
	9,456	Starwood Property Trust, Inc. (b)		182,974
	30,562	Vornado Realty Trust (b)		693,146

		Total Real Estate Investment Trusts (Cost $5,745,842)		5,600,454

		SHORT TERM INVESTMENTS - 0.41%
		Money Market Funds - 0.41%
	2,609,497	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (e)		2,609,497

		Total Short Term Investments (Cost $2,609,497)		2,609,497


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.58%
	59,966,673	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (e)		59,966,673

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $59,966,673)		59,966,673

		Total Investments (Cost $457,515,759) - 109.09%		683,079,976
		Liabilities in Excess of Other Assets - (9.09)%		(56,925,906	)

		TOTAL NET ASSETS - 100.00%	$	626,154,070

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d)

As of September 30, 2023, the Valuation Committee has fair valued this security. The value of this security was $0, which represents 0.00% of total assets.

(e)

Seven-day yield as of September 30, 2023.

(f)

This security has been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $502,247, which represents 0.08% of total net assets.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 91.80%
		Bermuda - 0.11%
	18,888	Alibaba Health Information Technology Ltd. (a)	$	11,670
	24,264	Commercial Bank PSQC/The		35,990

				47,660

		Brazil - 3.53%
	12,706	Ambev SA		33,164
	8,712	B3 SA - Brasil Bolsa Balcao		21,266
	8,245	Banco Bradesco SA		20,717
	15,847	Banco do Brasil SA		148,963
	3,586	Banco Santander Brasil SA		18,599
	30,372	BB Seguridade Participacoes SA		189,004
	6,602	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		80,500
	2,999	CPFL Energia SA		20,184
	3,257	Equatorial Energia SA		20,812
	13,627	Natura & Co Holding SA (a)		39,554
	34,877	Petroleo Brasileiro SA		261,792
	5,802	PRIO SA/Brazil (a)		54,251
	30,480	Raia Drogasil SA		167,421
	2,452	Suzano SA		26,381
	4,548	Telefonica Brasil SA		38,879
	23,720	Vale SA		318,481
	5,513	Vibra Energia SA		20,729
	10,178	WEG SA		73,583

				1,554,280

		Cayman Islands - 7.53%
	18,671	3SBio, Inc.		15,594
	11,327	Akeso, Inc. (a)		51,908
	84,250	Alibaba Group Holding Ltd. (a)		913,454
	10,326	Baidu, Inc. - Class A (a)		173,793
	2,905	BeiGene Ltd. (a)		40,080
	16,912	C&D International Investment Group Ltd.		40,988
	84,652	China Feihe Ltd.		49,741
	64,482	China Medical System Holdings Ltd.		97,322
	16,923	Chow Tai Fook Jewellery Group Ltd.		25,408
	39,759	Country Garden Services Holdings Co Ltd.		40,604
	4,403	Daqo New Energy Corp. - ADR (a)		133,279
	26,212	Dongyue Group Ltd.		19,630
	11,614	East Buy Holding Ltd. (a)		54,536
	63,486	Greentown China Holdings Ltd.		65,649
	46,955	Haidilao International Holding Ltd.		125,198
	9,211	JD.com, Inc. - Class A		134,009
	35,061	Jiumaojiu International Holdings Ltd.		47,445
	1,223	JOYY, Inc. - ADR		46,609
	8,698	Kuaishou Technology (a)		69,199
	37,325	Lufax Holding Ltd. - ADR		39,564
	21,802	Meituan - Class B (a)		315,610
	2,592	MINISO Group Holding Ltd. - ADR		67,133
	5,922	NetEase, Inc.		118,744
	19,958	New Oriental Education & Technology Group, Inc. (a)		118,110
	507	Parade Technologies Ltd.		15,518
	2,721	PDD Holdings, Inc. - ADR (a)		266,848
	4,242	Qifu Technology, Inc. - ADR		65,157
	1,214	Silergy Corp.		11,507
	138,091	Topsports International Holdings Ltd.		104,403
	15,083	Zhen Ding Technology Holding Ltd.		46,048

				3,313,088


Number of Shares			Value
		Chile - 0.43%
	688	Banco de Credito e Inversiones SA	$	17,618
	42,726	Cencosud SA		80,985
	3,758	Cia Cervecerias Unidas SA		23,859
	1,069,263	Enel Chile SA		64,925

				187,387

		China - 20.80%
	15,200	360 Security Technology, Inc. - Class A (a)(g)		20,468
	22,900	37 Interactive Entertainment Network Technology Group Co Ltd. - Class A (g)		68,449
	71,800	Agricultural Bank of China, Ltd. - Class A (g)		35,421
	283,724	Agricultural Bank of China, Ltd. - Series H		105,507
	35,800	Aluminum Corp of China Ltd. - Class A (g)		30,874
	11,207	ANTA Sports Products Ltd.		125,399
	40,754	AviChina Industry & Technology Co Ltd. - Series H		19,298
	28,900	Bank of Beijing Co., Ltd. - Class A (g)		18,335
	549,990	Bank of China, Ltd. - Series A		191,605
	58,600	Bank of China, Ltd. - Series H (g)		30,288
	90,100	Bank of Communications Co., Ltd. - Series A (g)		71,190
	134,298	Bank of Communications Co., Ltd. - Series H		81,114
	6,400	Beijing E-Hualu Information Technology Co., Ltd. - Class A (a)(g)		30,358
	700	Beijing Kingsoft Office Software, Inc. - Class A (g)		35,647
	3,857	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A (a)		25,434
	15,707	Beijing Yanjing Brewery Co., Ltd. - Class A (g)		21,699
	1,600	Bloomage Biotechnology Corp., Ltd. - Class A (g)		19,088
	1,202	BYD Co., Ltd. - Series H		37,034
	12,800	By-health Co., Ltd. - Series A (g)		33,354
	4,290	Canmax Technologies Co., Ltd. - Class A (g)		15,162
	1,500	Changchun High & New Technology Industry Group, Inc. - Class A (g)		28,672
	782,685	China Cinda Asset Management Co., Ltd. - Series H		78,628
	250,317	China CITIC Bank Corp., Ltd. - Series H		116,160
	126,433	China Coal Energy Co., Ltd. - Series H		98,991
	222,759	China Communications Services Corp., Ltd. - Series H		93,459
	549,881	China Construction Bank Corp. - Series H		309,117
	100,600	China Everbright Bank Co, Ltd. - A Shares (g)		42,347
	301,145	China Everbright Bank Co., Ltd. - H Shares		90,193
	10,938	China Merchants Bank Co., Ltd. - Series H		45,410
	11,100	China Merchants Shekou Industrial Zone Holdings Co., Ltd. - Class A (g)		18,908
	4,800	China National Medicines Corp Ltd. - Class A (g)		21,849
	4,030	China National Software & Service Co., Ltd. - Class A (g)		20,900
	7,485	China Pacific Insurance Group Co., Ltd. - A Shares		18,634
	6,000	China Pacific Insurance Group Co., Ltd. - H Shares (g)		23,680
	84,000	China Petroleum & Chemical Corp. - Class A (g)		69,840
	191,920	China Petroleum & Chemical Corp. - Series H		104,382
	46,600	China Railway Signal & Communication Corp Ltd. - Class A (g)		33,725
	194,967	China Resources Pharmaceutical Group Ltd.		129,169

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		China (Continued)
	5,826	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A (g)	$	40,082
	2,798	China Shenhua Energy Co., Ltd. - Series A (g)		11,997
	12,708	China Shenhua Energy Co., Ltd. - Series H		41,120
	165,563	China Tower Corp Ltd. - Series H		15,816
	105,400	China United Network Communications Ltd. - Class A (g)		71,208
	3,700	Chongqing Brewery Co., Ltd. - Class A (g)		43,291
	112,436	COSCO Shipping Holdings Co., Ltd. - Series H		114,925
	490,042	Country Garden Holdings Co., Ltd. (a)		56,503
	34,000	CRRC Corp Ltd. - Series A (g)		27,209
	84,937	CRRC Corp Ltd. - Series H		40,931
	139,272	CSPC Pharmaceutical Group Ltd.		101,856
	24,100	Daqin Railway Co., Ltd. - Class A (g)		24,065
	11,160	DaShenLin Pharmaceutical Group Co., Ltd. - Class A (g)		38,615
	4,600	Dong-E-E-Jiao Co., Ltd. - Class A (g)		30,965
	165,161	Dongfeng Motor Group Co., Ltd. - Series H		64,970
	4,800	Ecovacs Robotics Co., Ltd. - Class A (g)		32,040
	5,600	Eoptolink Technology Inc., Ltd. - Class A (g)		35,316
	20,500	Foxconn Industrial Internet Co., Ltd. - Class A (g)		55,595
	1,100	G-bits Network Technology Xiamen Co., Ltd. - Class A (g)		55,063
	54,200	Gemdale Corp. - Class A (g)		50,964
	12,300	Giant Network Group Co., Ltd. - Class A (g)		21,872
	6,600	Gree Electric Appliances Inc of Zhuhai - Class A (g)		32,927
	146,500	Greenland Holdings Corp Ltd. (a) - Class A (g)		55,138
	18,800	GRG Banking Equipment Co., Ltd. - Class A (g)		31,266
	3,000	Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A (g)		25,706
	38,358	Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A (g)		50,542
	2,697	Hangzhou Robam Appliances Co., Ltd. - Class A (g)		10,003
	17,300	Henan Shenhuo Coal & Power Co., Ltd. - Class A (g)		40,653
	10,100	Hisense Visual Technology Co., Ltd. - Class A (g)		31,142
	3,900	Hithink RoyalFlush Information Network Co., Ltd. - Class A (g)		80,381
	4,212	Huadong Medicine Co., Ltd. - Class A (g)		24,416
	9,800	Huagong Tech Co., Ltd. - Class A (g)		45,151
	17,700	Huaibei Mining Holdings Co., Ltd. - Class A (g)		33,934
	63,100	Huaxia Bank Co., Ltd. - Class A (g)		49,490
	8,100	Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A (g)		30,319
	8,446	Hubei Xingfa Chemicals Group Co., Ltd. - Class A (g)		22,944
	5,200	Hundsun Technologies, Inc. - Class A (g)		23,222
	4,600	IEIT Systems Co., Ltd. - Class A (g)		23,686
	2,800	Iflytek Co., Ltd. - Class A (g)		19,500
	269,446	Industrial & Commercial Bank of China Ltd. - Series H		129,237
	8,200	Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A (g)		50,695
	9,200	Jiangsu Nhwa Pharmaceutical Co., Ltd. - Class A (g)		33,391


Number of Shares			Value
		China (Continued)
	18,000	Jiangxi Copper Co., Ltd. - Class A (g)	$	47,561
	33,415	Jiangxi Copper Co., Ltd. - Series H		52,122
	706	JiuGui Liquor Co., Ltd. - Class A (g)		8,587
	21,371	Joincare Pharmaceutical Group Industry Co., Ltd. - Class A (g)		36,341
	19,668	Jointown Pharmaceutical Group Co., Ltd. - Class A (g)		29,163
	5,700	Kunlun Tech Co., Ltd. - Class A (a)(g)		29,906
	200	Kweichow Moutai Co., Ltd. - Class A (g)		49,603
	140,696	Lenovo Group Ltd.		144,260
	12,460	Li Ning Co Ltd.		52,029
	5,100	LONGi Green Energy Technology Co., Ltd. - Class A (g)		19,134
	1,019	Luzhou Laojiao Co., Ltd. - Class A (g)		30,480
	73,746	Metallurgical Corp of China Ltd. - Class A (g)		37,161
	25,169	Nongfu Spring Co., Ltd. - Class A		144,347
	74,600	Offshore Oil Engineering Co., Ltd. - Class A (g)		66,249
	7,300	People.cn Co., Ltd. - Class A (g)		38,443
	25,900	People’s Insurance Co Group of China, Ltd - Series A (g)		21,029
	120,428	People’s Insurance Co. Group of China, Ltd. - Series H		43,081
	61,600	PetroChina Co., Ltd. - Class A (g)		67,320
	272,281	PetroChina Co., Ltd. - Series H		204,056
	88,570	PICC Property & Casualty Co., Ltd. - Series H		113,413
	29,743	Ping An Insurance Group Co. of China, Ltd. - Series H		168,692
	2,600	Sangfor Technologies, Inc. - Class A (a)(g)		33,266
	25,100	Seazen Holdings Co., Ltd. - Class A (a)(g)		45,986
	2,145	SG Micro Corp. - Class A (g)		22,836
	15,400	Shaanxi Coal Industry Co., Ltd. - Class A (g)		39,033
	28,200	Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A (g)		32,550
	17,620	Shandong Buchang Pharmaceuticals Co., Ltd. - Class A (g)		43,349
	44,000	Shandong Nanshan Aluminum Co., Ltd. - Class A (g)		18,963
	4,500	Shanghai Bairun Investment Holding Group Co., Ltd. - Class A (g)		17,814
	5,280	Shanghai Baosight Software Co., Ltd. - Class A (g)		32,733
	49,800	Shanghai Construction Group Co., Ltd. - Class A (g)		18,782
	9,200	Shanxi Coal International Energy Group Co., Ltd. - Class A (g)		23,748
	9,700	Shanxi Lu’an Environmental Energy Development Co., Ltd. - Class A (g)		25,305
	1,100	Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A (g)		36,304
	10,600	Shenzhen Kaifa Technology Co., Ltd. - Class A (g)		25,056
	2,739	Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A (g)		11,127
	7,600	Shenzhen SED Industry Co., Ltd. - Class A (g)		23,200
	8,190	Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A (g)		26,361
	11,300	Sichuan Kelun Pharmaceutical Co., Ltd. - Class A (g)		45,144
	26,740	Sichuan Road and Bridge Group Co., Ltd. - Class A (g)		31,736

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		China (Continued)
	3,200	Sichuan Swellfun Co., Ltd. - Class A (g)	$	26,611
	17,239	Sinopharm Group Co., Ltd. - Series H		49,981
	15,736	Sinotruk Hong Kong Ltd.		30,262
	2,700	Suzhou TFC Optical Communication Co., Ltd. - Class A (g)		35,265
	3,902	TAL Education Group - ADR (a)		35,547
	38,749	Tencent Holdings Ltd.		1,502,065
	55,234	Tingyi Cayman Islands Holding Corp.		77,076
	15,900	Tongwei Co., Ltd. - Class A (g)		70,395
	63,184	Uni-President China Holdings, Ltd.		44,355
	8,600	Unisplendour Corp, Ltd. (a) - Class A (g)		27,794
	12,949	Vipshop Holdings Ltd. - ADR (a)		207,313
	57,190	Want Want China Holdings, Ltd.		37,274
	3,739	Weibo Corp. - ADR		46,887
	101,100	Wuchan Zhongda Group Co., Ltd. - Class A (g)		65,749
	5,900	WUS Printed Circuit Kunshan Co., Ltd. - Class A (g)		18,210
	47,200	Xiamen C & D, Inc. - Class A (g)		64,376
	1,686	Xinjiang Daqo New Energy Co., Ltd. - Class A (g)		9,345
	8,166	Yankuang Energy Group Co., Ltd. - Class A (g)		22,675
	39,945	Yankuang Energy Group Co., Ltd. - Series H		75,355
	4,694	Yifeng Pharmacy Chain Co., Ltd. - Class A (g)		22,608
	10,373	Yihai International Holding Ltd.		17,797
	1,381	YongXing Special Materials Technology Co., Ltd. - Class A (g)		8,604
	2,665	Yum China Holdings, Inc.		148,494
	1,000	Yunnan Botanee Bio-Technology Group Co., Ltd. - Class A (g)		12,824
	10,900	Yunnan Tin Co., Ltd. - Class A (g)		21,423
	8,000	Yunnan Yuntianhua Co., Ltd. - Class A (g)		18,770
	29,300	Yutong Bus Co., Ltd. - Class A (g)		53,253
	35,383	Zhaojin Mining Industry Co., Ltd. - Series H		48,778
	6,812	Zhejiang Supor Co., Ltd. - Class A (g)		45,309
	8,261	Zhejiang Weixing New Building Materials Co., Ltd. - Class A (g)		20,705
	3,300	Zhongji Innolight Co., Ltd. - Class A (g)		52,680
	23,000	Zhongjin Gold Corp, Ltd. - Class A (g)		34,346
	11,276	ZTE Corp. - Class A		33,932
	6,900	ZTE Corp. - Series H (g)		30,981

				9,151,243

		Colombia - 0.10%
	5,832	Bancolombia SA		44,440

		Czech Republic - 0.10%
	755	CEZ AS		32,068
	467	Komercni Banka AS		13,578

				45,646

		Egypt - 0.55%
	83,542	Commercial International Bank Egypt SAE		162,338
	48,347	Eastern Co SAE		37,807
	84,863	EFG Holding S.A.E. (a)		40,504

				240,649

		Hong Kong - 1.57%
	18,706	AAC Technologies Holdings, Inc.		31,903
	72,294	Aluminum Corp of China Ltd. - Series H		40,215
	148,467	Bosideng International Holdings Ltd.		63,734
	6,357	BYD Electronic International Co., Ltd.		28,880


Number of Shares			Value
		Hong Kong (Continued)
	17,164	China Mengniu Dairy Co., Ltd.	$	57,251
	3,589	China Resources Beer Holdings Co Ltd.		19,605
	75,979	China Taiping Insurance Holdings Co Ltd.		75,247
	128,661	CITIC Ltd.		117,771
	43,625	Far East Horizon Ltd.		31,381
	17,354	Geely Automobile Holdings Ltd.		20,351
	26,844	Kingboard Holdings Ltd.		60,126
	25,900	Kunlun Energy Co Ltd.		22,288
	4,079	Orient Overseas International Ltd.		54,330
	59,913	Sino Biopharmaceutical Ltd.		21,566
	40,795	Yuexiu Property Co Ltd.		46,893

				691,541

		Hungary - 0.41%
	18,405	MOL Hungarian Oil & Gas Plc		139,407
	1,140	OTP Bank Nyrt		41,101

				180,508

		India - 15.27%
	14,227	Adani Power Ltd. (a)		64,361
	6,826	Ambuja Cements Ltd.		34,801
	1,052	Asian Paints Ltd.		39,985
	15,017	Aurobindo Pharma Ltd.		165,026
	8,128	Axis Bank Ltd.		101,175
	536	Bajaj Finance Ltd.		50,276
	43,180	Bank of Baroda		110,874
	31,943	Bharat Electronics Ltd.		53,072
	1,875	Bharat Forge Ltd.		24,607
	6,818	Bharat Petroleum Corp Ltd.		28,441
	6,905	Bharti Airtel Ltd.		76,896
	1,317	Britannia Industries Ltd.		71,921
	13,667	CG Power & Industrial Solutions Ltd.		72,637
	2,073	Cholamandalam Investment and Finance Co Ltd.		30,323
	6,423	Cipla Ltd/India		91,605
	24,459	Coal India Ltd.		86,747
	4,611	Colgate-Palmolive India Ltd.		111,197
	1,380	Cummins India Ltd.		28,125
	2,041	Dabur India Ltd.		13,524
	488	Divi’s Laboratories Ltd.		22,075
	1,820	Dr Reddy’s Laboratories Ltd.		122,140
	687	Eicher Motors Ltd. (a)		28,462
	1,899	Godrej Consumer Products Ltd. (a)		22,654
	11,573	HCL Technologies Ltd.		171,528
	12,284	HDFC Bank Ltd.		225,290
	34,332	Hindalco Industries Ltd.		202,648
	2,418	Hindustan Aeronautics Ltd.		56,021
	2,222	Hindustan Unilever Ltd.		65,898
	25,648	ICICI Bank Ltd.		293,844
	28,379	IDFC First Bank Ltd. (a)		32,502
	13,962	Indian Hotels Co Ltd.		68,932
	32,698	Indian Oil Corp Ltd.		35,763
	17,068	Infosys Ltd.		293,319
	22,942	ITC Ltd.		122,580
	14,051	Jindal Steel & Power Ltd.		118,164
	13,124	Jio Financial Services Ltd. (a)		36,539
	6,165	JSW Steel Ltd.		57,671
	4,166	Jubilant Foodworks Ltd.		26,667
	5,027	Larsen & Toubro Ltd.		182,645
	1,787	LTIMindtree Ltd.		111,654
	4,882	Mahindra & Mahindra Ltd.		91,166
	9,039	Marico Ltd.		61,024

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		India (Continued)
	265	Maruti Suzuki India Ltd.	$	33,787
	2,743	Max Healthcare Institute Ltd.		18,737
	2,739	Mphasis Ltd.		78,087
	35	MRF Ltd.		45,165
	3,914	Muthoot Finance Ltd.		58,925
	446	Nestle India Ltd.		120,707
	33,542	NTPC Ltd.		99,004
	108,248	Oil & Natural Gas Corp Ltd.		249,206
	185	Page Industries Ltd.		86,670
	10,783	Petronet LNG Ltd.		31,080
	418	Pidilite Industries Ltd.		12,260
	52,053	Power Finance Corp Ltd.		157,613
	34,735	Power Grid Corp of India Ltd.		83,374
	29,194	REC Ltd.		100,847
	13,124	Reliance Industries Ltd.		369,502
	40,174	Samvardhana Motherson International Ltd.		46,278
	810	Shriram Finance Ltd.		18,693
	462	Siemens Ltd.		20,397
	16,763	State Bank of India		120,410
	2,268	Sun Pharmaceutical Industries Ltd.		31,572
	848	Supreme Industries Ltd.		42,037
	5,564	Tata Consultancy Services Ltd.		235,592
	668	Tata Elxsi Ltd.		57,967
	19,415	Tata Motors Ltd.		146,853
	94,928	Tata Steel Ltd.		146,826
	8,295	Tech Mahindra Ltd.		121,780
	526	Titan Co Ltd.		19,897
	979	Torrent Pharmaceuticals Ltd.		22,716
	1,602	Tube Investments of India Ltd.		57,490
	4,657	TVS Motor Co Ltd.		85,098
	514	UltraTech Cement Ltd.		50,972
	5,608	UPL Ltd.		41,526
	11,304	Varun Beverages Ltd.		128,338
	13,386	Vedanta Ltd.		35,682
	7,253	Wipro Ltd.		35,322

				6,715,189

		Indonesia - 2.10%
	1,018,586	Adaro Energy Indonesia Tbk PT		187,362
	38,164	Astra International Tbk PT		15,329
	123,856	Bank Central Asia Tbk PT		70,565
	156,868	Bank Mandiri Persero Tbk PT		61,057
	250,664	Bank Rakyat Indonesia Persero Tbk PT		84,657
	60,603	Indah Kiat Pulp & Paper Tbk PT		43,457
	38,460	Indofood CBP Sukses Makmur Tbk PT		27,563
	213,509	Indofood Sukses Makmur Tbk PT		91,399
	510,158	Kalbe Farma Tbk PT		57,816
	518,150	Sumber Alfaria Trijaya Tbk PT		99,153
	429,426	Telkom Indonesia Persero Tbk PT		104,096
	337,039	Unilever Indonesia Tbk PT		81,550

				924,004

		Luxembourg - 0.08%
	1,563	Reinet Investments SCA		34,319

		Mexico - 2.52%
	88,214	Alfa SAB de CV - Series A		57,502
	7,584	Arca Continental SAB de CV		69,092
	284,957	Cemex SAB de CV (a)		185,584
	6,128	Coca-Cola Femsa SAB de CV		47,864


Number of Shares			Value
		Mexico (Continued)
	8,812	Fomento Economico Mexicano SAB de CV	$	96,061
	1,743	Gruma SAB de CV - Series B		29,772
	1,061	Grupo Aeroportuario del Pacifico SAB de CV - Series B		17,420
	966	Grupo Aeroportuario del Sureste SAB de CV - Series B		23,671
	31,512	Grupo Bimbo SAB de CV - Series A		151,489
	6,053	Grupo Carso SAB de CV - Series A1		43,947
	10,427	Grupo Financiero Banorte SAB de CV - Series O		87,395
	20,662	Grupo Financiero Inbursa SAB de CV - Series O (a)		40,618
	10,922	Grupo Mexico SAB de CV - Series B		51,616
	10,386	Kimberly-Clark de Mexico SAB de CV - Series A		20,680
	26,029	Orbia Advance Corp SAB de CV		54,037
	34,632	Wal-Mart de Mexico SAB de CV		130,718

				1,107,466

		Netherlands - 0.09%
	3,862	NEPI Rockcastle NV		21,234
	3,790	Pepco Group NV (a)		17,508

				38,742

		Peru - 0.17%
	222	Credicorp Ltd. - ADR		28,410
	639	Southern Copper Corp.		48,110

				76,520

		Philippines - 0.06%
	11,081	BDO Unibank, Inc.		27,734

		Poland - 0.65%
	1,019	CD Projekt SA		29,115
	1,499	Dino Polska SA (a)		121,484
	18	LPP SA		53,424
	4,186	ORLEN SA		56,083
	3,345	Powszechna Kasa Oszczednosci Bank Polski SA (a)		26,462

				286,568

		Qatar - 0.73%
	51,676	Ooredoo QPSC		151,763
	7,520	Qatar Islamic Bank SAQ		38,349
	30,367	Qatar National Bank QPSC		128,489

				318,601

		Republic of Korea - 12.92%
	817	Amorepacific Corp.		73,826
	270	BGF retail Co., Ltd.		28,226
	516	CJ CheilJedang Corp.		117,133
	792	CosmoAM&T Co Ltd. (a)		87,206
	2,559	Coway Co Ltd.		78,123
	2,527	DB Insurance Co., Ltd.		167,438
	1,136	Doosan Bobcat, Inc.		42,877
	617	Ecopro BM Co Ltd.		115,258
	96	Ecopro Co Ltd.		63,724
	1,006	F&F Co Ltd / New		84,157
	3,022	GS Holdings Corp.		89,164
	3,983	Hana Financial Group, Inc.		124,781
	806	Hankook Tire & Technology Co Ltd.		23,576
	229	Hanmi Pharm Co Ltd.		50,762
	1,102	Hanmi Semiconductor Co Ltd.		42,892

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Republic of Korea (Continued)
	944	Hanwha Aerospace Co Ltd. (g)	$	73,054
	776	Hanwha Ocean Co Ltd. (a)		17,708
	1,891	HD Hyundai Co Ltd.		92,871
	5,400	HMM Co Ltd.		65,136
	892	Hotel Shilla Co., Ltd.		55,824
	284	Hyundai Glovis Co Ltd.		38,762
	462	Hyundai Mobis Co Ltd.		82,226
	352	Hyundai Motor Co.		49,774
	1,919	Hyundai Steel Co.		53,982
	14,389	Industrial Bank of Korea		119,397
	852	JYP Entertainment Corp.		70,747
	3,072	KB Financial Group, Inc.		125,297
	2,002	Kia Corp.		120,501
	682	Korea Aerospace Industries Ltd.		24,617
	1,658	Korea Investment Holdings Co., Ltd.		65,101
	2,682	Korean Air Lines Co., Ltd.		43,179
	660	KT&G Corp.		42,149
	124	LG Chem Ltd.		45,401
	1,085	LG Electronics, Inc.		80,960
	105	LG Energy Solution Ltd. (a)		37,029
	184	LG H&H Co Ltd.		60,703
	85	LG Innotek Co., Ltd.		15,402
	15,796	LG Uplus Corp.		121,296
	4,857	Meritz Financial Group, Inc.		198,773
	379	NCSoft Corp.		62,312
	2,319	NH Investment & Securities Co Ltd.		17,553
	1,210	Orion Corp/Republic of Korea		115,339
	14,241	Pan Ocean Co Ltd.		52,142
	467	POSCO Future M Co Ltd.		123,544
	274	POSCO Holdings, Inc.		107,947
	1,185	Posco International Corp.		62,256
	394	Samsung C&T Corp.		31,414
	277	Samsung Electro-Mechanics Co., Ltd.		28,147
	30,783	Samsung Electronics Co., Ltd.		1,556,208
	2,697	Samsung Engineering Co Ltd. (a)		60,351
	214	Samsung Fire & Marine Insurance Co Ltd.		41,158
	433	Samsung Life Insurance Co Ltd.		22,525
	173	Samsung SDI Co., Ltd.		65,379
	1,950	Samsung Securities Co Ltd.		53,054
	4,772	Shinhan Financial Group Co., Ltd.		125,590
	347	SK Biopharmaceuticals Co Ltd. (a)		22,157
	1,272	SK Hynix, Inc.		107,694
	767	S-Oil Corp.		44,859
	10,501	Woori Financial Group, Inc.		95,192

				5,683,853

		Russian Federation - 0.00%
	1,813	Magnit PJSC (a)(b)(c)(g)		0
	5,197	PhosAgro PJSC (a)(b)(c)(g)		0
	33	PhosAgro PJSC - GDR (a)(b)(c)(f)(g)		0
	994	Polyus PJSC - GDR (b)(c)(f)(g)		0
	13,382	Rosneft Oil Co PJSC (a)(b)(c)(g)		0
	120,116	Sberbank of Russia PJSC (a)(b)(c)(g)		0
	128,418,000	VTB Bank PJSC (a)(b)(c)(g)		0

				0

		South Africa - 3.40%
	10,461	Absa Group Ltd.		96,407
	1,496	African Rainbow Minerals Ltd.		13,439
	356	Anglo American Platinum Ltd.		13,287


Number of Shares			Value
		South Africa (Continued)
	5,009	Bid Corp Ltd.	$	111,578
	4,392	Bidvest Group Ltd/The		63,157
	222	Capitec Bank Holdings Ltd.		20,073
	3,652	Clicks Group Ltd.		49,889
	6,101	Exxaro Resources Ltd.		55,438
	27,764	FirstRand Ltd.		93,493
	1,806	Gold Fields Ltd.		19,575
	11,963	Impala Platinum Holdings Ltd.		62,317
	3,130	Kumba Iron Ore Ltd.		75,219
	13,769	MTN Group Ltd.		81,981
	720	Naspers Ltd. - N Shares		115,192
	7,077	Nedbank Group Ltd.		75,626
	95,141	Old Mutual Ltd.		60,601
	34,684	OUTsurance Group Ltd.		78,330
	24,798	Pepkor Holdings Ltd.		22,533
	4,523	Remgro Ltd.		35,475
	2,901	Sasol Ltd.		39,823
	4,548	Shoprite Holdings Ltd.		57,559
	12,983	Sibanye Stillwater Ltd.		19,931
	9,042	Standard Bank Group Ltd.		87,737
	41,122	Woolworths Holdings Ltd/South Africa		147,319

				1,495,979

		Taiwan, Province of China - 14.26%
	3,162	Accton Technology Corp.		48,512
	51,605	Acer, Inc.		58,147
	5,661	Advantech Co., Ltd.		60,617
	518	Airtac International Group		15,738
	35,637	ASE Technology Holding Co Ltd.		121,646
	4,604	Asustek Computer, Inc.		52,389
	9,609	Catcher Technology Co., Ltd.		54,381
	5,033	Chailease Holding Co., Ltd.		28,259
	135,776	China Development Financial Holding Corp. (a)		49,636
	4,797	Chunghwa Telecom Co., Ltd.		17,242
	108,209	Compal Electronics, Inc.		103,114
	21,430	CTBC Financial Holding Co., Ltd.		16,282
	10,125	Delta Electronics, Inc.		101,978
	6,109	E Ink Holdings, Inc.		34,064
	2,098	eMemory Technology, Inc.		131,720
	38,043	Eva Airways Corp.		35,096
	30,495	Evergreen Marine Corp Taiwan Ltd.		109,669
	77,139	Far Eastern New Century Corp.		68,797
	18,027	Feng TAY Enterprise Co., Ltd.		102,313
	20,930	First Financial Holding Co., Ltd.		17,223
	25,858	Fubon Financial Holding Co., Ltd.		48,684
	5,351	Gigabyte Technology Co Ltd.		47,034
	1,873	Global Unichip Corp.		79,756
	47,915	Hon Hai Precision Industry Co., Ltd.		154,441
	75,196	Inventec Corp.		114,642
	13,066	Lite-On Technology Corp.		49,330
	8,587	MediaTek, Inc.		196,324
	9,860	Micro-Star International Co., Ltd.		50,161
	2,565	momo.com, Inc.		40,065
	1,817	Nan Ya Printed Circuit Board Corp.		15,059
	7,162	Nien Made Enterprise Co., Ltd.		68,759
	9,424	Novatek Microelectronics Corp.		123,752
	27,362	Pegatron Corp.		64,959
	62,450	Pou Chen Corp.		55,490
	11,257	President Chain Store Corp.		91,512
	25,633	Quanta Computer, Inc.		191,840
	9,730	Realtek Semiconductor Corp.		119,469

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Taiwan, Province of China (Continued)
	11,225	Synnex Technology International Corp.	$	22,294
	139,991	Taiwan Business Bank		57,293
	157,315	Taiwan Semiconductor Manufacturing Co., Ltd.		2,565,217
	11,481	Unimicron Technology Corp.		61,943
	103,791	Uni-President Enterprises Corp.		225,586
	80,218	United Microelectronics Corp.		112,639
	493	Voltronic Power Technology Corp.		24,279
	34,333	Walsin Lihwa Corp.		39,205
	60,078	Wistron Corp.		190,259
	836	Wiwynn Corp.		38,983
	34,709	WPG Holdings Ltd.		65,192
	53,140	Yang Ming Marine Transport Corp.		74,876
	75,069	Yuanta Financial Holding Co Ltd.		58,315

				6,274,181

		Thailand - 0.94%
	6,760	Advanced Info Service PCL - NVDR		42,216
	230,816	Banpu Public Co., Ltd. - NVDR		50,595
	6,853	Bumrungrad Hospital PCL - NVDR		50,317
	40,200	Delta Electronics Thailand PCL - NVDR		90,869
	6,767	Electricity Generating PCL - NVDR		22,460
	45,073	Home Product Center PCL - NVDR		15,436
	115,383	Krung Thai Bank PCL - NVDR		60,062
	38,520	Osotspa PCL - NVDR		26,390
	7,808	PTT Exploration & Production PCL - NVDR		36,433
	380,545	TMBThanachart Bank PCL - NVDR		17,937

				412,715

		Turkey - 2.43%
	63,174	Akbank TAS		76,953
	10,664	BIM Birlesik Magazalar AS		106,683
	29,640	Haci Omer Sabanci Holding AS		64,473
	31,213	KOC Holding AS		166,848
	17,755	Turk Hava Yollari AO (a)		156,713
	21,177	Turkcell Iletisim Hizmetleri AS		41,089
	391,400	Turkiye Is Bankasi - Series C		366,555
	135,465	Yapi ve Kredi Bankasi AS		90,940

				1,070,254

		United Arab Emirates - 0.99%
	14,982	Abu Dhabi Commercial Bank PJSC		35,283
	17,866	Abu Dhabi Islamic Bank PJSC		54,770
	42,123	Abu Dhabi National Oil Co for Distribution PJSC		43,006
	11,515	Aldar Properties PJSC		18,061
	44,885	Americana Restaurants International Plc		50,102
	89,456	Emaar Properties PJSC		195,769
	6,269	Emirates NBD Bank PJSC		30,380
	2,632	First Abu Dhabi Bank PJSC		9,746

				437,117

		United Kingdom - 0.06%
	1,682	Anglogold Ashanti Plc		27,024

		Total Common Stocks (Cost $34,745,151)		40,386,708

		INVESTMENT COMPANIES - 5.67%
		China - 2.56%
	23,716	iShares Core MSCI Emerging Markets ETF		1,128,644

		Saudi Arabia - 3.11%
	35,275	iShares MSCI Saudi Arabia ETF (d)		1,366,554

		Total Investment Companies (Cost $2,287,956)		2,495,198


Number of Shares			Value
		PREFERRED STOCKS - 2.49%
		Brazil - 1.79%
	28,116	Banco Bradesco SA - Preference Shares	$	79,707
	4,834	Centrais Eletricas Brasileiras SA - Preference Shares		38,814
	31,709	Cia Energetica de Minas Gerais - Preference Shares		78,097
	19,190	Gerdau SA - Preference Shares		91,816
	37,716	Itau Unibanco Holding SA - Preference Shares		203,866
	43,220	Petroleo Brasileiro SA - Preference Shares		296,471

				788,771

		Chile - 0.15%
	1,083	Sociedad Quimica y Minera de Chile SA - Class B		64,324

		Colombia - 0.10%
	6,458	Bancolombia SA - Preference Shares		42,974

		Republic of Korea - 0.45%
	302	Hyundai Motor Co. - 1st Preference Shares		23,477
	202	Hyundai Motor Co. - 2nd Preference Shares		15,835
	3,950	Samsung Electronics Co., Ltd. - Preference Shares		159,131

				198,443

		Total Preferred Stocks (Cost $796,627)		1,094,512

		REAL ESTATE INVESTMENT TRUSTS - 0.14%
		Mexico - 0.14%
	36,979	Fibra Uno Administracion SA de CV		61,853

		Total Real Estate Investment Trusts (Cost $49,441)		61,853

		RIGHTS - 0.01%
		Chile - 0.00% (h)
	0	Banco de Credito e Inversiones SA (a)		0

		Republic of Korea - 0.01%
	41	CosmoAM&T Co Ltd. (a)(b)(c)		818
	256	Hanwha Ocean Co Ltd. (a)(b)(c)		1,728

				2,546

		Total Rights (Cost $3,668)		2,546

		SHORT TERM INVESTMENTS - 0.35%
		Money Market Funds - 0.35%
	154,100	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (e)		154,100

		Total Short Term Investments (Cost $154,100)		154,100


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 2.19%
	961,950	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (e)		961,950

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $961,950)		961,950

		Total Investments (Cost $38,998,893) - 102.65%		45,156,867
		Liabilities in Excess of Other Assets - (2.65)%		(1,166,156	)

		TOTAL NET ASSETS - 100.00%	$	43,990,711

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(c)

As of September 30, 2023, the Valuation Committee has fair valued these securities. The value of these securities were $2,546, which represents 0.01% of total net assets.

(d)

All or portion of this security is on loan.

(e)

Seven-day yield as of September 30, 2023.

(f)

Regulation S securities, as defined under the Securities Act of 1933. Such securities are treated as liquid according to the Fund’s liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets.

(g)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $3,712,289, which represents 8.44% of total net assets.

(h)

Less than 0.01%.

Glossary of Terms


ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
NVDR	-	Non-Voting Depositary Receipt

See notes to financial statements.

GuideMark Emerging Markets Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2023


COMMON STOCKS
Aerospace & Defense			0.51%
Air Freight & Logistics			0.09%
Airlines			0.53%
Auto Components			0.64%
Automobiles			1.54%
Banks			11.49%
Beverages			1.87%
Biotechnology			0.35%
Building Products			0.05%
Capital Markets			1.02%
Chemicals			0.85%
Commercial Services & Supplies			0.09%
Communications Equipment			0.52%
Construction & Engineering			0.75%
Construction Materials			0.90%
Consumer Finance			0.60%
Distributors			0.15%
Diversified Consumer Services			0.47%
Diversified Financial Services			1.69%
Diversified Telecommunication Services			1.23%
Electric Utilities			0.50%
Electrical Equipment			0.82%
Electronic Equipment, Instruments & Components			2.40%
Energy Equipment & Services			0.15%
Entertainment			0.90%
Food & Staples Retailing			2.18%
Food Products			2.81%
Ground Transportation			0.05%
Health Care Providers & Services			0.50%
Health Care Technology			0.03%
Hotels, Restaurants & Leisure			1.06%
Household Durables			1.09%
Household Products			0.29%
Independent Power and Renewable Electricity Producers			0.42%
Industrial Conglomerates			1.39%
Insurance			2.44%
Interactive Media & Services			0.76%
Internet & Direct Marketing Retail			1.49%
IT Services			5.81%
Life Sciences Tools & Services			0.05%
Machinery			0.79%
Marine			1.07%
Media			0.09%
Metals & Mining			3.99%
Multiline Retail			3.84%
Oil, Gas & Consumable Fuels			5.99%
Paper & Forest Products			0.16%
Personal Products			0.83%
Pharmaceuticals			2.93%



Real Estate Management & Development			1.52%
Semiconductors & Semiconductor Equipment			12.36%
Software			0.76%
Specialty Retail			0.65%
Technology Hardware, Storage & Peripherals			3.10%
Textiles, Apparel & Luxury Goods			1.46%
Tobacco			0.46%
Trading Companies & Distributors			0.34%
Transportation Infrastructure			0.09%
Water Utilities			0.18%
Wireless Telecommunication Services			0.71%

TOTAL COMMON STOCKS			91.80%

INVESTMENT COMPANIES
Exchange Traded Funds			5.67%

TOTAL INVESTMENT COMPANIES			5.67%

PREFERRED STOCKS
Automobiles			0.09%
Banks			0.74%
Electric Utilities			0.27%
Electrical Equipment			0.15%
Metals & Mining			0.21%
Oil, Gas & Consumable Fuels			0.67%
Semiconductors & Semiconductor Equipment			0.36%

TOTAL PREFERRED STOCKS			2.49%

REAL ESTATE INVESTMENT TRUSTS
Equity Real Estate Investment Trusts (REITs)			0.14%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.14%

RIGHTS
Banks			0.00%
Machinery			0.01%
Technology Hardware, Storage & Peripherals			0.00%

TOTAL RIGHTS			0.01%

SHORT TERM INVESTMENTS
Money Market Funds			0.35%

TOTAL SHORT TERM INVESTMENTS			0.35%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Private Investment Funds			2.19%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			2.19%

TOTAL INVESTMENTS			102.65%
Liabilities in Excess of Other Assets			(2.65)%

TOTAL NET ASSETS			100.00%

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 92.28%
		Aerospace & Defense - 1.05%
	1,220	AAR Corp. (a)	$	72,627
	173	AeroVironment, Inc. (a)		19,295
	938	Axon Enterprise, Inc. (a)		186,653
	453	BWX Technologies, Inc.		33,966
	567	Curtiss-Wright Corp.		110,922
	684	Ducommun, Inc. (a)		29,761
	647	Hexcel Corp.		42,145
	485	Huntington Ingalls Industries, Inc.		99,221
	560	Moog, Inc. - Class A		63,258
	1,112	Parsons Corp. (a)		60,437
	2,897	Textron, Inc.		226,371
	1,164	V2X, Inc. (a)		60,132

				1,004,788

		Air Freight & Logistics - 0.36%
	636	Forward Air Corp.		43,718
	1,186	GXO Logistics, Inc. (a)(b)		69,559
	850	Hub Group, Inc. - Class A (a)		66,759
	8,035	Radiant Logistics, Inc. (a)		45,398
	1,527	XPO, Inc. (a)(b)		114,006

				339,440

		Airlines - 0.17%
	879	Alaska Air Group, Inc. (a)		32,593
	4,413	American Airlines Group, Inc. (a)		56,531
	2,954	JetBlue Airways Corp. (a)		13,588
	3,835	Joby Aviation, Inc. (a)		24,736
	750	SkyWest, Inc. (a)		31,455

				158,903

		Auto Components - 0.87%
	1,357	Adient Plc - ADR (a)		49,802
	3,589	American Axle & Manufacturing Holdings, Inc. (a)		26,056
	2,858	BorgWarner, Inc.		115,377
	807	Dana, Inc.		11,839
	404	Dorman Products, Inc. (a)		30,607
	381	Fox Factory Holding Corp. (a)		37,749
	2,920	Gentex Corp.		95,017
	4,193	Goodyear Tire & Rubber Co. (a)		52,119
	506	LCI Industries (b)		59,415
	513	Lear Corp.		68,845
	2,834	Modine Manufacturing Co. (a)		129,656
	894	Standard Motor Products, Inc.		30,056
	1,319	Stoneridge, Inc. (a)		26,472
	147	Visteon Corp. (a)		20,296
	1,020	XPEL, Inc. (a)(b)		78,652

				831,958

		Automobile Components - 0.02%
	571	Phinia, Inc.		15,297

		Automobiles - 0.18%
	1,852	Harley-Davidson, Inc.		61,227
	722	Thor Industries, Inc. (b)		68,684
	674	Winnebago Industries, Inc.		40,069

				169,980

		Banks - 4.65%
	624	Amerant Bancorp, Inc.		10,883
	1,128	Ameris Bancorp		43,304
	2,420	Associated Banc-Corp.		41,406


Number of Shares			Value
		Banks (Continued)
	478	Atlantic Union Bankshares Corp.	$	13,757
	195	BancFirst Corp.		16,912
	2,010	Banco Latinoamericano de Comercio Exterior SA - Class E - ADR		42,612
	3,049	Bancorp, Inc. (a)		105,190
	590	Bank of Hawaii Corp. (b)		29,317
	1,000	Bank of NT Butterfield & Son, Ltd. - ADR		27,080
	1,563	Bank OZK (b)		57,940
	1,297	BankUnited, Inc.		29,442
	429	BOK Financial Corp.		34,311
	993	Business First Bancshares, Inc.		18,629
	943	Byline Bancorp, Inc.		18,587
	2,799	Cadence Bank (b)		59,395
	481	Camden National Corp.		13,574
	1,993	Capital Bancorp, Inc.		38,126
	1,275	Cathay General Bancorp		44,319
	815	Central Pacific Financial Corp.		13,594
	340	City Holding Co.		30,719
	933	Civista Bancshares, Inc.		14,461
	1,331	CNB Financial Corp.		24,104
	1,036	Coastal Financial Corp. (a)		44,455
	2,289	Columbia Banking System, Inc.		46,467
	2,369	Comerica, Inc.		98,432
	1,459	Commerce Bancshares, Inc.		70,003
	304	Community Bank Systems, Inc.		12,832
	1,094	ConnectOne Bancorp, Inc.		19,506
	500	Cullen Frost Bankers, Inc.		45,605
	2,096	Customers Bancorp, Inc. (a)		72,207
	1,254	CVB Financial Corp.		20,779
	988	Dime Community Bancshares, Inc.		19,720
	579	Eagle Bancorp, Inc.		12,420
	2,505	East West Bancorp, Inc.		132,039
	417	Enterprise Bancorp, Inc.		11,417
	1,168	Enterprise Financial Services Corp.		43,800
	1,035	Equity Bancshares, Inc. - Class A		24,912
	421	Esquire Financial Holdings, Inc.		19,235
	1,462	Financial Institutions, Inc.		24,605
	5,140	First BanCorp/Puerto Rico - ADR		69,184
	462	First Bancorp/Southern Pines		13,001
	2,391	First Bank		25,775
	1,247	First Busey Corp.		23,967
	195	First Citizens BancShares, Inc. - Class A		269,119
	2,384	First Commonwealth Financial Corp.		29,109
	676	First Community Bankshares, Inc.		19,908
	1,512	First Financial Bancorp		29,635
	1,365	First Financial Bankshares, Inc. (b)		34,289
	792	First Financial Corp.		26,778
	1,585	First Hawaiian, Inc.		28,609
	7,822	First Horizon Corp.		86,198
	450	First Interstate BancSystem, Inc. - Class A		11,223
	4,067	FNB Corp.		43,883
	3,010	Fulton Financial Corp.		36,451
	571	German American Bancorp, Inc.		15,468
	1,277	Glacier Bancorp, Inc.		36,394
	1,511	Hancock Whitney Corp.		55,892
	2,112	Hanmi Financial Corp.		34,278
	1,650	HBT Financial, Inc.		30,096
	682	Heartland Financial U.S.A., Inc.		20,071
	1,176	Hilltop Holdings, Inc.		33,351
	932	Home BancShares, Inc.		19,516

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Banks (Continued)
	1,149	HomeTrust Bancshares, Inc.	$	24,899
	3,219	Hope Bancorp, Inc.		28,488
	383	Independent Bank Corp.		18,801
	1,337	Independent Bank Corp.		24,521
	668	International Bancshares Corp.		28,951
	1,757	Kearny Financial Corp.		12,176
	573	Lakeland Financial Corp.		27,195
	876	Live Oak Bancshares, Inc.		25,360
	2,399	Luther Burbank Corp.		20,152
	1,080	Mercantile Bank Corp.		33,383
	1,438	Metrocity Bankshares, Inc.		28,300
	348	Metropolitan Bank Holding Corp. (a)		12,625
	822	Mid Penn Bancorp, Inc.		16,547
	1,269	Midland States Bancorp, Inc.		26,065
	488	MidWestOne Financial Group, Inc.		9,921
	727	NBT Bancorp, Inc.		23,039
	1,158	Oak Valley Bancorp (b)		29,043
	1,437	OFG Bancorp - ADR		42,909
	2,825	Old National Bancorp		41,076
	1,813	Old Second Bancorp, Inc.		24,675
	716	Origin Bancorp, Inc.		20,671
	709	Orrstown Financial Services, Inc.		14,896
	963	Pacific Premier Bancorp, Inc.		20,955
	229	Park National Corp.		21,645
	671	Peapack-Gladstone Financial Corp.		17,211
	874	Pinnacle Financial Partners, Inc.		58,593
	546	Plumas Bancorp		18,640
	1,178	Popular, Inc. - ADR		74,226
	551	Preferred Bank		34,300
	738	Premier Financial Corp.		12,590
	756	Prosperity Bancshares, Inc.		41,262
	586	QCR Holdings, Inc.		28,433
	1,313	RBB Bancorp		16,780
	435	Republic Bancorp, Inc. - Class A		19,162
	1,011	S&T Bancorp, Inc.		27,378
	695	Sandy Spring Bancorp, Inc.		14,894
	985	ServisFirst Bancshares, Inc. (b)		51,387
	1,182	Simmons First National Corp. - Class A		20,047
	865	SmartFinancial, Inc.		18,485
	1,398	South Plains Financial, Inc.		36,963
	424	Southern First Bancshares, Inc. (a)		11,423
	547	Southside Bancshares, Inc.		15,699
	1,043	SouthState Corp. (b)		70,256
	549	Stock Yards Bancorp, Inc.		21,570
	1,277	Summit Financial Group, Inc.		28,784
	2,558	Synovus Financial Corp.		71,112
	675	Texas Capital Bancshares, Inc. (a)		39,758
	1,049	TowneBank		24,054
	340	Triumph Financial, Inc. (a)		22,029
	507	Trustmark Corp.		11,017
	669	UMB Financial Corp.		41,511
	1,208	United Bankshares, Inc.		33,329
	2,294	United Community Banks, Inc. (b)		58,291
	643	Univest Financial Corp.		11,175
	5,260	Valley National Bancorp (b)		45,026
	909	Veritex Holdings, Inc.		16,317
	527	Washington Trust Bancorp, Inc.		13,876
	1,620	Webster Financial Corp.		65,302
	980	WesBanco, Inc.		23,932


Number of Shares			Value
		Banks (Continued)
	1,329	West BanCorp, Inc.	$	21,676
	679	Westamerica BanCorp		29,367
	1,946	Western Alliance Bancorp		89,458
	851	Wintrust Financial Corp.		64,251
	2,824	Zions Bancorp NA (b)		98,529

				4,432,677

		Beverages - 0.48%
	171	Boston Beer Co., Inc. - Class A (a)		66,610
	690	Celsius Holdings, Inc. (a)		118,404
	252	Coca-Cola Consolidated, Inc.		160,353
	1,321	National Beverage Corp. (a)		62,113
	3,800	Primo Water Corp. - ADR		52,440

				459,920

		Biotechnology - 2.67%
	1,008	89bio, Inc. (a)		15,563
	3,712	ACADIA Pharmaceuticals, Inc. (a)(b)		77,358
	4,854	Achillion Pharmaceuticals, Inc. (a)(c)(d)(e)		2,233
	1,181	Aduro Biotech, Inc. (a)(c)(d)(e)		—
	4,144	Alkermes Plc - ADR (a)		116,073
	1,560	Amicus Therapeutics, Inc. (a)		18,970
	334	Apellis Pharmaceuticals, Inc. (a)		12,705
	2,385	Arcturus Therapeutics Holdings, Inc. (a)		60,937
	4,991	CareDx, Inc. (a)		34,937
	10,835	Catalyst Pharmaceuticals, Inc. (a)		126,661
	8,285	Dynavax Technologies Corp. (a)(b)		122,369
	4,530	Eagle Pharmaceuticals, Inc. (a)		71,438
	3,690	Emergent BioSolutions, Inc. (a)		12,546
	4,304	Entrada Therapeutics, Inc. (a)		68,003
	1,576	Exact Sciences Corp. (a)		107,515
	8,793	Exelixis, Inc. (a)		192,127
	1,156	Halozyme Therapeutics, Inc. (a)		44,159
	1,536	ImmunoGen, Inc. (a)		24,376
	1,006	Immunovant, Inc. (a)		38,620
	8,366	Ironwood Pharmaceuticals, Inc. - Class A (a)		80,565
	16,096	Karyopharm Therapeutics, Inc. (a)		21,569
	1,118	Kiniksa Pharmaceuticals Ltd. - ADR (a)		19,420
	167	Krystal Biotech, Inc. (a)		19,372
	909	Ligand Pharmaceuticals, Inc. - Class B (a)		54,467
	4,233	MacroGenics, Inc. (a)		19,726
	7,439	MannKind Corp. (a)		30,723
	12,644	MiMedx Group, Inc. (a)		92,175
	334	Morphic Holding, Inc. (a)		7,652
	1,419	Myriad Genetics, Inc. (a)		22,761
	588	Natera, Inc. (a)		26,019
	713	Neurocrine Biosciences, Inc. (a)		80,212
	6,566	OPKO Health, Inc. (a)		10,506
	40,126	Organogenesis Holdings, Inc. (a)(b)		127,601
	674	Protagonist Therapeutics, Inc. (a)		11,242
	16,809	Protalix BioTherapeutics, Inc. (a)		27,903
	1,676	PTC Therapeutics, Inc. (a)(b)		37,559
	6,802	Radius Health, Inc. (a)(c)(d)(e)		544
	186	Repligen Corp. (a)(b)		29,576
	2,110	Roivant Sciences Ltd. - ADR (a)(b)		24,645
	508	Sarepta Therapeutics, Inc. (a)		61,580
	1,271	TG Therapeutics, Inc. (a)		10,626
	976	United Therapeutics Corp. (a)		220,449
	2,634	UroGen Pharma Ltd. - ADR (a)		36,902
	18,379	Vanda Pharmaceuticals, Inc. (a)		79,397
	588	Vaxcyte, Inc. (a)		29,976

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares		��		Value
			COMMON STOCKS (Continued)
			Biotechnology (Continued)
	2,767		Vericel Corp. (a)	$	92,750
	1,068		Viking Therapeutics, Inc. (a)		11,823
	1,057		Vir Biotechnology, Inc. (a)		9,904
	8,965		Voyager Therapeutics, Inc. (a)		69,479
	4,799		Y-mAbs Therapeutics, Inc. (a)		26,155

					2,539,868

			Broadline Retail - 0.02%
	1,251		Savers Value Village, Inc. (a)		23,356

			Building Products - 2.77%
	2,043		A O Smith Corp.		135,103
	907		AAON, Inc.		51,581
	1,137		Advanced Drainage Systems, Inc. (b)		129,425
	1,101		Allegion Plc - ADR		114,724
	936		American Woodmark Corp. (a)		70,771
	1,381		Apogee Enterprises, Inc.		65,017
	216		Armstrong World Industries, Inc.		15,552
	686		AZEK Co Inc/The (a)		20,402
	3,927		Builders FirstSource, Inc. (a)		488,872
	224		CSW Industrials, Inc.		39,254
	2,177		Fortune Brands Innovations, Inc.		135,322
	1,583		Griffon Corp.		62,798
	1,371		Insteel Industries, Inc.		44,503
	2,042		Janus International Group, Inc. (a)		21,849
	2,275		JELD-WEN Holding, Inc. (a)		30,394
	473		Lennox International, Inc.		177,110
	716		Masonite International Corp. - ADR (a)		66,745
	2,034		Masterbrand, Inc. (a)		24,713
	1,609		Owens Corning, Inc.		219,484
	614		Patrick Industries, Inc.		46,087
	3,031		PGT Innovations, Inc. (a)		84,110
	2,745		Quanex Building Products Corp.		77,327
	2,869		Resideo Technologies, Inc. (a)		45,330
	865		Simpson Manufacturing Co., Inc.		129,586
	1,851		Trex Co., Inc. (a)(b)		114,077
	2,059		UFP Industries, Inc.		210,842
	689		Zurn Elkay Water Solutions Corp.		19,306

					2,640,284

			Capital Markets - 2.56%
	895		Affiliated Managers Group, Inc.		116,654
	1,629		Artisan Partners Asset Management, Inc. - Class A		60,957
	975		Avantax, Inc. (a)		24,941
	2,111		Brightsphere Investment Group, Inc.		40,932
	2,029		Carlyle Group, Inc.		61,195
	1,160		Cboe Global Markets, Inc.		181,204
	1,025		Cohen & Steers, Inc.		64,257
	334		Diamond Hill Investment Group, Inc.		56,302
	1,980		Donnelley Financial Solutions, Inc. (a)		111,434
	1,019		Evercore, Inc. - Class A		140,500
	521		FactSet Research Systems, Inc.		227,813
	859		Hamilton Lane, Inc.		77,688
	1,127		Houlihan Lokey, Inc.		120,724
	4,225		Invesco, Ltd. - ADR		61,347
	2,781		Janus Henderson Group Plc - ADR		71,805
	510		MarketAxess Holdings, Inc.		108,956
	1,269		Moelis & Co. - Class A		57,270
	76		Morningstar, Inc. (b)		17,802


Number of Shares			Value
		Capital Markets (Continued)
	4,517	Open Lending Corp. (a)	$	33,065
	341	Piper Sandler Cos		49,551
	1,011	PJT Partners, Inc. - Class A		80,314
	5,159	Robinhood Markets, Inc. - Class A (a)		50,610
	4,346	Sculptor Capital Management, Inc.		50,414
	1,754	SEI Investments Co.		105,643
	1,047	Silvercrest Asset Management Group, Inc.		16,616
	2,110	Stifel Financial Corp.		129,638
	828	StoneX Group, Inc. (a)		80,250
	926	TPG, Inc.		27,891
	777	Valhi, Inc.		10,303
	3,300	Virtu Financial, Inc. - Class A		56,991
	293	Virtus Investment Partners, Inc.		59,183
	5,681	WisdomTree, Inc.		39,767
	2,169	XP, Inc. - Class A - ADR		49,996

				2,442,013

		Chemicals - 1.13%
	1,698	AdvanSix, Inc.		52,774
	2,040	American Vanguard Corp. (b)		22,297
	1,053	Avient Corp.		37,192
	2,211	Axalta Coating Systems, Ltd. - ADR (a)		59,476
	565	Cabot Corp.		39,138
	3,196	Element Solutions, Inc. (b)		62,674
	580	H.B. Fuller Co.		39,794
	948	Hawkins, Inc.		55,790
	3,147	Huntsman Corp.		76,787
	461	Ingevity Corp. (a)		21,948
	464	Innospec, Inc.		47,421
	1,084	Koppers Holdings, Inc.		42,872
	2,242	Livent Corp. (a)(b)		41,275
	460	Minerals Technologies, Inc.		25,190
	81	NewMarket Corp.		36,858
	2,726	Olin Corp.		136,245
	746	Orion SA - ADR		15,875
	1,698	RPM International, Inc.		160,987
	2,871	Tronox Holdings Plc - ADR		38,586
	1,971	Valvoline, Inc.		63,545

				1,076,724

		Commercial Services & Supplies - 1.31%
	835	ABM Industries, Inc.		33,408
	4,135	ACCO Brands Corp.		23,735
	1,161	ACV Auctions, Inc. (a)		17,624
	6,829	ADT, Inc. (b)		40,974
	1,147	Avery Dennison Corp.		209,523
	2,399	BrightView Holdings, Inc. (a)		18,592
	280	Casella Waste Systems, Inc. - Class A (a)		21,364
	1,217	Cimpress Plc - ADR (a)		85,202
	670	Clean Harbors, Inc. (a)		112,131
	896	Comfort Systems USA, Inc.		152,687
	2,045	Deluxe Corp.		38,630
	1,097	Heritage-Crystal Clean, Inc. (a)		49,749
	2,111	HNI Corp.		73,104
	3,635	Interface, Inc.		35,659
	290	McGrath RentCorp		29,070
	2,274	MillerKnoll, Inc.		55,599
	476	MSA Safety, Inc. (b)		75,042
	3,927	NL Industries, Inc.		18,653
	2,956	Steelcase, Inc. - Class A (b)		33,019
	718	Stericycle, Inc. (a)		32,102

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Services & Supplies (Continued)
	246	Tetra Tech, Inc.	$	37,399
	720	The Brinks Co.		52,301

				1,245,567

		Communications Equipment - 1.21%
	922	Aviat Networks, Inc. (a)		28,766
	2,439	Calix, Inc. (a)		111,804
	2,972	Cambium Networks Corp. - ADR (a)		21,785
	1,529	Ciena Corp. (a)		72,261
	1,147	Clearfield, Inc. (a)		32,873
	1,906	Comtech Telecommunications Corp.		16,677
	1,468	Digi International, Inc. (a)		39,636
	4,859	DZS, Inc. (a)		10,204
	1,814	EchoStar Corp. - Class A (a)		30,385
	8,801	Extreme Networks, Inc. (a)		213,072
	996	F5, Inc. (a)		160,495
	3,420	Harmonic, Inc. (a)(b)		32,935
	4,509	Infinera Corp. (a)(b)		18,848
	613	InterDigital, Inc.		49,187
	5,889	Juniper Networks, Inc.		163,655
	251	Lumentum Holdings, Inc. (a)		11,340
	1,293	NETGEAR, Inc. (a)		16,279
	1,833	NetScout Systems, Inc. (a)		51,361
	14,036	Ribbon Communications, Inc. (a)		37,616
	490	ViaSat, Inc. (a)		9,045
	2,605	Viavi Solutions, Inc. (a)		23,810

				1,152,034

		Construction & Engineering - 1.56%
	2,048	AECOM		170,066
	3,348	API Group Corp. (a)		86,814
	862	Arcosa, Inc.		61,978
	1,209	Bowman Consulting Group, Ltd. (a)		33,888
	2,539	Concrete Pumping Holdings, Inc. (a)		21,785
	388	Dycom Industries, Inc. (a)		34,532
	1,010	EMCOR Group, Inc.		212,494
	2,069	Fluor Corp. (a)(b)		75,932
	475	Granite Construction, Inc. (b)		18,059
	1,419	IES Holdings, Inc. (a)		93,469
	1,792	KBR, Inc. (b)		105,620
	909	MasTec, Inc. (a)		65,421
	559	MYR Group, Inc. (a)		75,331
	1,083	Northwest Pipe Co. (a)		32,674
	500	NV5 Global, Inc. (a)		48,115
	1,601	Primoris Services Corp.		52,401
	1,686	Sterling Infrastructure, Inc. (a)		123,887
	7,872	Tutor Perini Corp. (a)		61,638
	2,661	WillScot Mobile Mini Holdings Corp. (a)		110,671

				1,484,775

		Construction Materials - 0.20%
	526	Eagle Materials, Inc.		87,590
	593	Knife River Corp. (a)		28,956
	1,631	Summit Materials, Inc. (a)		50,789
	135	United States Lime & Minerals, Inc.		27,135

				194,470

		Consumer Finance - 1.04%
	2,327	Ally Financial, Inc.		62,084
	2,036	Atlanticus Holdings Corp. (a)		61,711


Number of Shares			Value
		Consumer Finance (Continued)
	4,512	Consumer Portfolio Services, Inc. (a)	$	40,924
	203	Credit Acceptance Corp. (a)(b)		93,404
	2,599	Enova International, Inc. (a)		132,211
	501	FirstCash Holdings, Inc.		50,291
	3,767	LendingClub Corp. (a)		22,979
	6,122	Navient Corp. (b)		105,421
	651	Nelnet, Inc. - Class A		58,147
	3,056	OneMain Holdings, Inc.		122,515
	12,418	OppFi, Inc. (a)		31,293
	648	PRA Group, Inc. (a)		12,448
	2,126	PROG Holdings, Inc. (a)(b)		70,605
	1,540	Regional Management Corp.		42,627
	6,455	SLM Corp.		87,917

				994,577

		Consumer Staples Distribution & Retail - 0.17%
	5,285	Albertsons Cos, Inc. - Class A		120,234
	1,608	Grocery Outlet Holding Corp. (a)		46,391

				166,625

		Containers & Packaging - 0.85%
	456	AptarGroup, Inc.		57,018
	1,281	Ardagh Group SA - ADR (a)(c)(d)(e)		—
	1,679	Berry Global Group, Inc.		103,947
	314	Crown Holdings, Inc.		27,783
	3,392	Graphic Packaging Holding Co.		75,574
	696	Greif, Inc. - Class A		46,500
	436	Greif, Inc. - Class B		29,020
	2,215	Myers Industries, Inc.		39,715
	3,037	O-I Glass, Inc. (a)		50,809
	1,166	Packaging Corp. of America		179,039
	1,249	Silgan Holdings, Inc.		53,845
	706	Sonoco Products Co.		38,371
	338	UFP Technologies, Inc. (a)		54,570
	1,419	WestRock Co.		50,800

				806,991

		Distributors - 0.02%
	2,813	Funko, Inc. (a)		21,519

		Diversified Consumer Services - 1.40%
	1,613	Adtalem Global Education, Inc. (a)		69,117
	231	Bright Horizons Family Solutions, Inc. (a)		18,817
	1,135	Chegg, Inc. (a)		10,124
	1,036	Coursera, Inc. (a)		19,363
	207	Duolingo, Inc. (a)		34,335
	6,121	Envela Corp. (a)		29,014
	2,598	Frontdoor, Inc. (a)		79,473
	112	Graham Holdings Co.		65,296
	840	Grand Canyon Education, Inc. (a)		98,179
	3,807	H&R Block, Inc. (b)		163,929
	1,493	Hillenbrand, Inc.		63,169
	850	Laureate Education, Inc.		11,985
	6,026	Lincoln Educational Services Corp. (a)		50,920
	1,233	Matthews International Corp. - Class A		47,976
	15,467	Nerdy, Inc. (a)		57,228
	8,341	Perdoceo Education Corp.		142,631
	946	Service Corp International		54,054
	523	Strategic Education, Inc. (b)		39,356
	2,317	Stride, Inc. (a)(b)		104,335
	3,358	Udemy, Inc. (a)		31,901
	12,746	WW International, Inc. (a)(b)		141,098

				1,332,300

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Diversified Financial Services - 0.71%
	1,609	Alerus Financial Corp.	$	29,252
	2,868	A-Mark Precious Metals, Inc.		84,118
	18,065	Douglas Elliman, Inc.		40,827
	775	Encore Capital Group, Inc. (a)		37,014
	6,371	Equitable Holdings, Inc.		180,873
	3,820	Jefferies Financial Group, Inc.		139,926
	1,560	Primis Financial Corp.		12,714
	2,295	Voya Financial, Inc. (b)		152,503

				677,227

		Diversified Telecommunication Services - 0.22%
	558	Cogent Communications Holdings, Inc.		34,540
	3,834	IDT Corp. - Class B (a)		84,540
	844	Iridium Communications, Inc.		38,393
	4,385	Ooma, Inc. (a)		57,049

				214,522

		Electric Utilities - 0.22%
	347	ALLETE, Inc.		18,322
	2,991	Genie Energy, Ltd.		44,057
	2,705	Hawaiian Electric Industries, Inc.		33,299
	740	OGE Energy Corp.		24,664
	819	Pinnacle West Capital Corp.		60,344
	635	PNM Resources, Inc.		28,327

				209,013

		Electrical Equipment - 2.17%
	856	Acuity Brands, Inc. (b)		145,785
	1,116	Allient, Inc.		34,507
	1,857	Array Technologies, Inc. (a)(b)		41,207
	1,540	Atkore, Inc. (a)(b)		229,753
	1,104	AZZ, Inc.		50,320
	1,016	Belden, Inc.		98,095
	1,196	Encore Wire Corp. (b)		218,222
	734	EnerSys		69,488
	1,477	Enovix Corp. (a)(b)		18,536
	799	Franklin Electric Co., Inc.		71,295
	14,577	GrafTech International, Ltd.		55,830
	685	Hubbell, Inc.		214,686
	4,811	LSI Industries, Inc.		76,399
	2,620	nVent Electric Plc - ADR		138,834
	637	Powell Industries, Inc.		52,807
	910	Preformed Line Products Co.		147,948
	849	Regal Rexnord Corp.		121,305
	1,492	Sensata Technologies Holding Plc - ADR		56,427
	2,001	Thermon Group Holdings, Inc. (a)		54,967
	2,444	Vertiv Holdings Co.		90,917
	849	Vicor Corp. (a)		49,998
	271	Woodward Governor Co.		33,674

				2,071,000

		Electronic Equipment, Instruments & Components - 2.26%
	3,654	Arlo Technologies, Inc. (a)		37,636
	1,052	Arrow Electronics, Inc. (a)		131,753
	1,446	Avnet, Inc.		69,683
	1,066	Benchmark Electronics, Inc.		25,861
	1,908	Cognex Corp.		80,976
	1,583	Coherent Corp. (a)		51,669
	1,302	CTS Corp.		54,345
	1,199	Dolby Laboratories, Inc. - Class A		95,033


Number of Shares			Value
		Electronic Equipment, Instruments & Components (Continued)
	549	Fabrinet - ADR (a)	$	91,474
	694	FARO Technologies, Inc. (a)		10,570
	832	Insight Enterprises, Inc. (a)(b)		121,056
	252	IPG Photonics Corp. (a)		25,588
	409	Itron, Inc. (a)		24,777
	1,851	Jabil, Inc.		234,873
	2,685	Knowles Corp. (a)		39,765
	216	Littelfuse, Inc.		53,421
	3,287	Luna Innovations, Inc. (a)		19,262
	384	Mesa Laboratories, Inc.		40,347
	788	Methode Electronics, Inc.		18,006
	3,428	Napco Security Technologies, Inc.		76,273
	2,266	National Instruments Corp.		135,099
	501	Novanta, Inc. - ADR (a)		71,863
	364	OSI Systems, Inc. (a)		42,967
	1,217	PC Connection, Inc.		64,963
	272	Plexus Corp. (a)		25,291
	1,144	Richardson Electronics, Ltd.		12,504
	1,430	Sanmina Corp. (a)		77,620
	1,282	ScanSource, Inc. (a)		38,857
	726	TD SYNNEX Corp.		72,498
	30,995	Tingo Group, Inc. (a)(b)		31,770
	3,515	TTM Technologies, Inc. (a)		45,273
	437	Universal Display Corp.		68,605
	2,848	Vishay Intertechnology, Inc.		70,403
	2,979	Vontier Corp.		92,111

				2,152,192

		Energy Equipment & Services - 1.31%
	3,136	Archrock, Inc.		39,514
	1,624	Bristow Group, Inc. (a)		45,748
	2,408	ChampionX Corp.		85,773
	8,676	Helix Energy Solutions Group, Inc. (a)(b)		96,911
	736	Helmerich & Payne, Inc.		31,030
	2,133	Liberty Energy, Inc.		39,503
	346	Nabors Industries Ltd. - ADR (a)		42,606
	5,229	National Energy Services Reunited Corp. - ADR (a)		30,014
	8,901	Newpark Resources, Inc. (a)		61,506
	990	Noble Corp Plc - ADR (b)		50,144
	3,407	NOV, Inc. (b)		71,206
	3,036	Oceaneering International, Inc. (a)		78,086
	4,821	Oil States International, Inc. (a)		40,352
	6,082	Patterson-UTI Energy, Inc.		84,175
	4,112	ProPetro Holding Corp. (a)		43,711
	3,744	RPC, Inc. (b)		33,471
	4,094	TechnipFMC Plc - ADR (b)		83,272
	9,166	TETRA Technologies, Inc. (a)		58,479
	440	Tidewater, Inc. (a)		31,271
	5,080	US Silica Holdings, Inc. (a)		71,323
	739	Valaris Ltd. - ADR (a)		55,410
	822	Weatherford International Plc - ADR (a)		74,251

				1,247,756

		Entertainment - 0.27%
	496	Atlanta Braves Holdings, Inc. (a)		17,722
	71,611	Loop Media, Inc. (a)		35,591
	96	Madison Square Garden Sports Corp.		16,925
	9,230	Playstudios, Inc. (a)		29,351
	3,749	Playtika Holding Corp. (a)		36,103
	2,021	The Marcus Corp.		31,325

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Entertainment (Continued)
	853	TKO Group Holdings, Inc. (b)	$	71,703
	3,235	Vivid Seats, Inc. - Class A (a)(b)		20,769

				259,489

		Financial Services - 0.45%
	2,298	Corebridge Financial, Inc.		45,385
	1,805	Enact Holdings, Inc.		49,150
	2,102	International Money Express, Inc. (a)		35,587
	2,576	Jackson Financial, Inc.		98,455
	746	Remitly Global, Inc. (a)		18,814
	608	Shift4 Payments, Inc. (a)(b)		33,665
	2,622	StoneCo Ltd. - ADR (a)		27,977
	3,053	Toast, Inc. (a)(b)		57,183
	8,003	UWM Holdings Corp.		38,814
	2,069	Velocity Financial, Inc. (a)		23,380

				428,410

		Food & Staples Retailing - 1.60%
	1,011	Andersons, Inc.		52,077
	2,977	BJ’s Wholesale Club Holdings, Inc. (a)(b)		212,468
	826	Casey’s General Stores, Inc.		224,276
	4,122	HF Foods Group, Inc. (a)		16,364
	1,257	Ingles Markets, Inc. - Class A		94,690
	3,381	Natural Grocers by Vitamin Cottage, Inc.		43,649
	3,422	Performance Food Group Co. (a)(b)		201,419
	396	PriceSmart, Inc.		29,474
	3,427	SpartanNash Co.		75,394
	4,490	Sprouts Farmers Market, Inc. (a)(b)		192,172
	1,091	The Chefs’ Warehouse, Inc. (a)		23,107
	3,654	United Natural Foods, Inc. (a)		51,668
	4,393	US Foods Holding Corp. (a)(b)		174,402
	2,516	Village Super Market, Inc. - Class A		56,962
	1,221	Weis Markets, Inc. (b)		76,923

				1,525,045

		Food Products - 0.69%
	1,132	Cal-Maine Foods, Inc. (b)		54,812
	1,901	Darling International, Inc. (a)		99,232
	4,417	Flowers Foods, Inc.		97,969
	1,120	Fresh Del Monte Produce, Inc. - ADR		28,941
	267	Freshpet, Inc. (a)(b)		17,590
	813	Ingredion, Inc.		79,999
	160	J&J Snack Foods Corp.		26,184
	383	John B. Sanfilippo & Son, Inc.		37,840
	291	Lancaster Colony Corp.		48,024
	467	Pilgrim’s Pride Corp. (a)		10,662
	749	Post Holdings, Inc. (a)(b)		64,219
	929	Simply Good Foods Co. (a)(b)		32,069
	488	TreeHouse Foods, Inc. (a)		21,267
	3,411	Vital Farms, Inc. (a)		39,499

				658,307

		Gas Utilities - 0.44%
	1,170	Brookfield Infrastructure Corp. - ADR (b)		41,348
	5,214	EQT Corp.		211,584
	462	National Fuel Gas Co.		23,982
	248	New Jersey Resources Corp.		10,076
	1,198	ONE Gas, Inc. (b)		81,800
	2,101	UGI Corp. (b)		48,323

				417,113


Number of Shares			Value
		Ground Transportation - 0.05%
	1,042	Hertz Global Holdings, Inc. (a)	$	12,764
	1,204	Lyft, Inc. (a)		12,690
	363	U-Haul Holding Co.		19,018

				44,472

		Health Care Equipment & Supplies - 2.31%
	3,514	Alphatec Holdings, Inc. (a)		45,577
	2,672	AngioDynamics, Inc. (a)		19,532
	1,594	Anika Therapeutics, Inc. (a)(b)		29,696
	942	AtriCure, Inc. (a)		41,260
	1,771	Avanos Medical, Inc. (a)		35,810
	216	Axonics, Inc. (a)		12,122
	16,980	Cerus Corp. (a)		27,508
	147	CONMED Corp.		14,825
	2,429	DENTSPLY SIRONA, Inc.		82,975
	3,004	Embecta Corp.		45,210
	390	Enovis Corp. (a)		20,565
	2,291	Envista Holdings Corp. (a)		63,873
	6,758	Figs, Inc. (a)		39,872
	1,659	Globus Medical, Inc. - Class A (a)		82,369
	626	Haemonetics Corp. (a)		56,077
	989	Inari Medical, Inc. (a)(b)		64,681
	1,633	Inmode Ltd. - ADR (a)		49,741
	3,347	Inogen, Inc. (a)		17,471
	479	Integer Holdings Corp. (a)		37,568
	1,044	Integra LifeSciences Holdings Corp. (a)		39,870
	1,234	iRadimed Corp.		54,753
	580	iRhythm Technologies, Inc. (a)		54,671
	7,288	KORU Medical Systems, Inc. (a)		19,678
	1,267	Lantheus Holdings, Inc. (a)		88,031
	1,238	LeMaitre Vascular, Inc.		67,446
	512	LivaNova Plc - ADR (a)		27,075
	591	Masimo Corp. (a)		51,819
	534	Merit Medical Systems, Inc. (a)		36,857
	952	Neogen Corp. (a)		17,650
	1,236	Nevro Corp. (a)		23,756
	640	Novocure Ltd. - ADR (a)		10,336
	9,244	OraSure Technologies, Inc. (a)		54,817
	3,139	Orthofix Medical, Inc. (a)		40,368
	474	Penumbra, Inc. (a)		114,665
	463	QuidelOrtho Corp. (a)(b)		33,817
	1,223	Sanara Medtech, Inc. (a)		38,072
	2,225	Semler Scientific, Inc. (a)		56,448
	620	Shockwave Medical, Inc. (a)		123,442
	1,859	SI-BONE, Inc. (a)		39,485
	1,248	Silk Road Medical, Inc. (a)		18,707
	1,258	STAAR Surgical Co. (a)		50,546
	1,118	SurModics, Inc. (a)		35,877
	6,807	Tactile Systems Technology, Inc. (a)		95,638
	1,260	Tandem Diabetes Care, Inc. (a)		26,170
	3,049	Tela Bio, Inc. (a)		24,392
	240	TransMedics Group, Inc. (a)		13,140
	242	Utah Medical Products, Inc.		20,812
	1,893	Varex Imaging Corp. (a)		35,569
	5,233	Zimvie, Inc. (a)		49,243
	6,439	Zynex, Inc. (a)(b)		51,512

				2,201,394

		Health Care Providers & Services - 2.42%
	442	Acadia Healthcare Co., Inc. (a)		31,077
	1,889	AdaptHealth Corp. (a)		17,190

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Providers & Services (Continued)
	539	Addus HomeCare Corp. (a)	$	45,917
	5,884	AirSculpt Technologies, Inc. (a)(b)		40,247
	3,375	Alignment Healthcare, Inc. (a)		23,422
	846	Amedisys, Inc. (a)		79,016
	1,381	AMN Healthcare Services, Inc. (a)(b)		117,634
	656	Apollo Medical Holdings, Inc. (a)		20,238
	258	Chemed Corp.		134,083
	356	CorVel Corp. (a)		70,007
	5,262	Cross Country Healthcare, Inc. (a)(b)		130,445
	1,089	DaVita, Inc. (a)		102,943
	804	Encompass Health Corp.		53,997
	1,010	Enhabit, Inc. (a)		11,362
	1,703	Fulgent Genetics, Inc. (a)		45,538
	553	HealthEquity, Inc. (a)		40,397
	2,936	Henry Schein, Inc. (a)		217,998
	4,078	InfuSystem Holdings, Inc. (a)		39,312
	6,333	Innovage Holding Corp. (a)		37,935
	4,771	Joint Corp. (a)		42,891
	707	National HealthCare Corp.		45,234
	1,573	National Research Corp. - Class A		69,794
	2,704	Option Care Health, Inc. (a)		87,474
	4,143	Owens & Minor, Inc. (a)		66,951
	2,306	Patterson Cos., Inc.		68,350
	3,785	Pediatrix Medical Group, Inc. (a)(b)		48,107
	1,565	Pennant Group, Inc. (a)		17,418
	3,193	PetIQ, Inc. (a)		62,902
	1,671	Premier, Inc. - Class A		35,927
	671	Progyny, Inc. (a)(b)		22,827
	955	R1 RCM, Inc. (a)(b)		14,392
	591	RadNet, Inc. (a)		16,660
	1,378	Select Medical Holdings Corp.		34,822
	926	Surgery Partners, Inc. (a)		27,086
	1,777	Tenet Healthcare Corp. (a)		117,087
	898	The Ensign Group, Inc. (b)		83,451
	995	Universal Health Services, Inc.		125,101
	245	US Physical Therapy, Inc. (b)		22,474
	5,109	Viemed Healthcare, Inc. - ADR (a)		34,384

				2,302,090

		Health Care Technology - 0.50%
	1,866	Computer Programs and Systems, Inc. (a)		29,744
	1,709	HealthStream, Inc.		36,880
	477	Inspire Medical Systems, Inc. (a)		94,656
	34,068	Multiplan Corp. (a)		57,234
	3,785	NextGen Healthcare, Inc. (a)		89,818
	419	Omnicell, Inc. (a)		18,872
	1,738	Phreesia, Inc. (a)		32,466
	3,703	Teladoc Health, Inc. (a)(b)		68,839
	3,872	Veradigm, Inc. (a)		50,878

				479,387

		Hotels, Restaurants & Leisure - 2.16%
	2,267	Aramark		78,665
	327	Biglari Holdings, Inc. - Class B (a)		54,282
	731	BJ’s Restaurants, Inc. (a)		17,149
	2,168	Bloomin’ Brands, Inc. (b)		53,311
	2,589	Bluegreen Vacations Holding Corp.		94,965
	1,258	Boyd Gaming Corp.		76,524
	1,010	Brinker International, Inc. (a)(b)		31,906
	8,377	Carrols Restaurant Group, Inc. (a)		55,204


Number of Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	3,819	Century Casinos, Inc. (a)	$	19,591
	478	Choice Hotels International, Inc. (b)		58,560
	480	Churchill Downs, Inc.		55,699
	1,016	Chuy’s Holdings, Inc. (a)(b)		36,149
	256	Cracker Barrel Old Country Store, Inc. (b)		17,203
	1,072	Dave & Buster’s Entertainment, Inc. (a)		39,739
	2,832	Everi Holdings, Inc. (a)		37,439
	677	Golden Entertainment, Inc.		23,140
	1,461	Hilton Grand Vacations, Inc. (a)(b)		59,463
	644	Hyatt Hotels Corp. - Class A		68,316
	3,157	Inspired Entertainment, Inc. (a)		37,758
	3,100	International Game Technology Plc		93,992
	214	Jack in the Box, Inc.		14,779
	427	Kura Sushi USA, Inc. (a)		28,233
	1,433	Light & Wonder, Inc. (a)		102,216
	597	Marriott Vacations Worldwide Corp. (b)		60,076
	498	Nathan’s Famous, Inc.		35,189
	1,978	Norwegian Cruise Line Holdings, Ltd. - ADR (a)		32,597
	3,028	ONE Group Hospitality, Inc. (a)(e)		16,654
	618	Papa John’s International, Inc.		42,160
	2,241	Penn Entertainment, Inc. (a)		51,431
	406	Planet Fitness, Inc. - Class A (a)		19,967
	3,399	PlayAGS, Inc. (a)		22,161
	623	RCI Hospitality Holdings, Inc.		37,791
	710	Red Rock Resorts, Inc.		29,110
	777	SeaWorld Entertainment, Inc. (a)		35,936
	265	Shake Shack, Inc. - Class A (a)		15,389
	8,027	Target Hospitality Corp. (a)(b)		127,469
	563	Texas Roadhouse, Inc. (b)		54,104
	855	The Wendy’s Co.		17,451
	790	Travel + Leisure Co.		29,017
	226	Vail Resorts, Inc.		50,147
	614	Wingstop, Inc.		110,422
	689	Wyndham Hotels & Resorts, Inc.		47,913
	709	Wynn Resorts, Ltd.		65,519

				2,054,786

		Household Durables - 2.35%
	1,900	Beazer Homes USA, Inc. (a)(b)		47,329
	285	Cavco Industries, Inc. (a)		75,713
	692	Century Communities, Inc.		46,212
	2,485	Ethan Allen Interiors, Inc. (b)		74,301
	6,318	GoPro, Inc. - Class A (a)		19,839
	2,156	Green Brick Partners, Inc. (a)(b)(e)		89,496
	358	Helen of Troy, Ltd. - ADR (a)(b)		41,728
	629	Hovnanian Enterprises, Inc. (a)		63,944
	635	Installed Building Products, Inc. (b)		79,305
	932	iRobot Corp. (a)		35,323
	1,178	KB Home		54,518
	5,380	Landsea Homes Corp. (a)		48,366
	2,098	La-Z-Boy, Inc. (b)		64,786
	716	Leggett & Platt, Inc.		18,194
	151	LGI Homes, Inc. (a)(b)		15,023
	1,726	Lovesac Co. (a)		34,382
	878	M.D.C Holdings, Inc.		36,200
	840	M/I Homes, Inc. (a)		70,594
	643	Meritage Homes Corp.		78,697
	686	Mohawk Industries, Inc. (a)		58,866
	3,985	PulteGroup, Inc.		295,089
	12,799	Purple Innovation, Inc. (a)		21,886

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	616	Roku, Inc. (a)(b)	$	43,483
	1,396	Skyline Champion Corp. (a)(b)		88,953
	2,136	Snap One Holdings Corp. (a)		19,737
	3,326	Sonos, Inc. (a)		42,939
	2,661	Taylor Morrison Home Corp. - Class A (a)		113,385
	3,862	Tempur Sealy International, Inc.		167,379
	1,872	Toll Brothers, Inc.		138,453
	528	TopBuild Corp. (a)		132,845
	4,096	Traeger, Inc. (a)		11,182
	3,387	Tri Pointe Homes, Inc. (a)		92,634
	2,153	Turtle Beach Corp. (a)		19,538

				2,240,319

		Household Products - 0.20%
	537	Central Garden & Pet Co. (a)		23,703
	890	Central Garden & Pet Co. - Class A (a)		35,680
	597	Energizer Holdings, Inc. (b)		19,128
	245	Spectrum Brands Holdings, Inc. (b)		19,196
	438	WD-40 Co. (b)		89,019

				186,726

		Independent Power and Renewable Electricity Producers - 0.35%
	956	Brookfield Renewable Corp. - ADR (b)		22,887
	2,339	Clearway Energy, Inc.		46,593
	2,378	Clearway Energy, Inc.		50,319
	1,295	NRG Energy, Inc.		49,883
	4,913	Vistra Corp.		163,013

				332,695

		Industrial Conglomerates - 0.37%
	747	Carlisle Companies, Inc.		193,667
	1,033	Otter Tail Corp. (b)		78,425
	8	Seaboard Corp.		30,024
	343	Standex International Corp.		49,972

				352,088

		Insurance - 2.96%
	2,420	Ambac Financial Group, Inc. (a)		29,185
	2,669	American Equity Investment Life Holding Co.		143,165
	1,435	American Financial Group, Inc.		160,246
	619	AMERISAFE, Inc.		30,993
	603	Assurant, Inc.		86,579
	1,300	Assured Guaranty, Ltd. - ADR		78,676
	1,392	Axis Capital Holdings, Ltd. - ADR		78,467
	733	Brighthouse Financial, Inc. (a)		35,873
	2,661	CNO Financial Group, Inc.		63,146
	2,200	Donegal Group, Inc. - Class A		31,361
	662	Employers Holdings, Inc.		26,447
	545	Everest Group Ltd. - ADR		202,560
	1,488	First American Financial Corp.		84,057
	11,950	Genworth Financial, Inc. (a)		70,027
	1,336	Globe Life, Inc.		145,263
	269	Goosehead Insurance, Inc. (a)		20,049
	3,853	Greenlight Capital Re, Ltd. - ADR (a)		41,381
	852	Horace Mann Educators Corp.		25,032
	249	Investors Title Co.		36,874
	326	Kemper Corp. (b)		13,702
	4,569	Kingsway Financial Services, Inc. (a)		34,496
	376	Kinsale Capital Group, Inc. (b)		155,713


Number of Shares			Value
		Insurance (Continued)
	4,760	MBIA, Inc. (a)	$	34,320
	132	National Western Life Group, Inc. - Class A		57,749
	6,325	Old Republic International Corp.		170,395
	709	Primerica, Inc.		137,553
	946	ProAssurance Corp.		17,870
	908	Reinsurance Group of America, Inc.		131,833
	354	RenaissanceRe Holdings, Ltd. - ADR		70,064
	780	RLI Corp.		105,994
	1,009	Ryan Specialty Holdings, Inc. (a)(b)		48,836
	338	Safety Insurance Group, Inc.		23,048
	2,429	Security National Financial Corp. (a)		19,043
	885	Selective Insurance Group, Inc.		91,305
	1,050	Stewart Information Services Corp.		45,990
	3,491	Tiptree, Inc. - Class A		58,509
	757	United Fire Group, Inc.		14,951
	3,551	Unum Group		174,674
	15	White Mountains Insurance Group, Ltd. - ADR		22,435

				2,817,861

		Interactive Media & Services - 0.55%
	3,229	Cargurus, Inc. (a)		56,572
	5,388	Cars.com, Inc. (a)		90,842
	10,815	DHI Group, Inc. (a)		33,094
	6,256	EverQuote, Inc. - Class A (a)		45,231
	1,795	MediaAlpha, Inc. (a)		14,827
	2,363	TripAdvisor, Inc. (a)		39,178
	18,058	TrueCar, Inc. (a)		37,380
	2,787	Yelp, Inc. - Class A (a)		115,911
	1,698	Zillow Group, Inc. - Class C (a)		78,380
	791	ZoomInfo Technologies, Inc. (a)(b)		12,972

				524,387

		Internet & Direct Marketing Retail - 0.30%
	5,674	1-800-Flowers.com, Inc. (a)		39,718
	9,844	CarParts.com, Inc. (a)		40,557
	6,393	Duluth Holdings, Inc. - Class B (a)		38,422
	3,825	Lands’ End, Inc. (a)		28,573
	1,348	PetMed Express, Inc.		13,817
	931	Shutterstock, Inc. (b)		35,424
	1,526	Wayfair, Inc. - Class A (a)(b)		92,430

				288,941

		Internet Software & Services - 0.03%
	1,558	Liquidity Services, Inc. (a)		27,452

		IT Services - 2.81%
	2,210	Amdocs Ltd. - ADR		186,723
	2,246	BigCommerce Holdings, Inc. (a)		22,168
	2,269	Booz Allen Hamilton Holding Corp. - Class A		247,934
	1,847	Bread Financial Holdings, Inc. (b)		63,167
	13,671	Brightcove, Inc. (a)		44,978
	529	CACI International, Inc. - Class A (a)		166,069
	1,526	Cass Information Systems, Inc. (b)		56,844
	1,007	Concentrix Corp.		80,671
	15,110	Conduent, Inc. (a)		52,583
	1,962	CSG Systems International, Inc.		100,297
	409	DigitalOcean Holdings, Inc. (a)(b)		9,828
	4,873	DXC Technology Co. (a)(b)		101,505
	639	Euronet Worldwide, Inc. (a)		50,724
	1,334	EVERTEC, Inc. - ADR		49,598
	3,725	ExlService Holdings, Inc. (a)		104,449
	3,389	Genpact, Ltd. - ADR		122,682

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	2,713	Gogo, Inc. (a)	$	32,366
	4,974	Grid Dynamics Holdings, Inc. (a)		60,583
	3,989	IBEX Holdings, Ltd. - ADR (a)		61,630
	14,346	Information Services Group, Inc.		62,836
	3,571	Kyndryl Holdings, Inc. (a)		53,922
	2,572	LiveRamp Holdings, Inc. (a)		74,176
	1,068	Maximus, Inc.		79,758
	1,573	Perficient, Inc. (a)		91,014
	42,452	Rackspace Technology, Inc. (a)		99,762
	578	Science Applications International Corp.		61,002
	5,812	SolarWinds Corp. (a)		54,865
	1,732	Squarespace, Inc. - Class A (a)		50,176
	4,254	The Hackett Group, Inc.		100,352
	6,648	The Western Union Co.		87,621
	14,591	Thoughtworks Holding, Inc. (a)		59,531
	422	TTEC Holdings, Inc.		11,065
	19,576	Unisys Corp. (a)		67,537
	2,139	Verra Mobility Corp. (a)(b)		39,999
	369	WEX, Inc. (a)(b)		69,405

				2,677,820

		Leisure Products - 1.25%
	1,131	Acushnet Holdings Corp.		59,988
	1,380	Brunswick Corp. (b)		109,020
	2,541	Clarus Corp.		19,210
	477	Hasbro, Inc.		31,549
	1,750	Hayward Holdings, Inc. (a)		24,675
	1,932	JAKKS Pacific, Inc. (a)		35,916
	509	Johnson Outdoors, Inc. - Class A		27,837
	856	Malibu Boats, Inc. - Class A (a)		41,961
	3,358	Marine Products Corp.		47,717
	2,894	MasterCraft Boat Holdings, Inc. (a)		64,305
	6,336	Mattel, Inc. (a)		139,582
	1,002	Polaris, Inc. (b)		104,348
	611	Pool Corp. (b)		217,577
	3,842	Smith & Wesson Brands, Inc.		49,600
	3,865	Solo Brands, Inc. - Class A (a)(b)		19,712
	817	Sturm Ruger & Co, Inc.		42,582
	2,451	Vista Outdoor, Inc. (a)		81,177
	1,459	YETI Holdings, Inc. (a)(b)		70,353

				1,187,109

		Life Sciences Tools & Services - 0.84%
	1,289	10X Genomics, Inc. (a)		53,171
	2,048	Bio-Techne Corp.		139,407
	1,583	Bruker Corp.		98,621
	503	Charles River Laboratories International, Inc. (a)		98,578
	20,361	Codexis, Inc. (a)		38,482
	14,450	Harvard Bioscience, Inc. (a)		62,135
	3,949	Maravai LifeSciences Holdings, Inc. (a)		39,490
	517	Medpace Holdings, Inc. (a)		125,181
	1,697	Pacific Biosciences of California, Inc. (a)		14,170
	3,173	QIAGEN NV - ADR (a)		128,507

				797,742

		Machinery - 3.81%
	1,016	AGCO Corp.		120,172
	225	Alamo Group, Inc.		38,893
	409	Albany International Corp.		35,288
	1,469	Allison Transmission Holdings, Inc.		86,759


Number of Shares			Value
		Machinery (Continued)
	506	Astec Industries, Inc.	$	23,838
	525	Badger Meter, Inc.		75,532
	840	Barnes Group, Inc.		28,535
	260	Chart Industries, Inc. (a)(b)		43,971
	1,868	CIRCOR International, Inc. (a)		104,141
	1,262	Columbus McKinnon Corp.		44,056
	4,221	Commercial Vehicle Group, Inc. (a)		32,755
	734	Crane Co. (b)		65,209
	734	Crane NXT Co.		40,788
	1,863	Donaldson Co., Inc.		111,109
	2,190	Energy Recovery, Inc. (a)		46,450
	547	EnPro Industries, Inc.		66,291
	1,166	Esab Corp.		81,877
	272	ESCO Technologies, Inc.		28,408
	753	Federal Signal Corp.		44,977
	1,122	Flowserve Corp.		44,622
	3,275	Gates Industrial Corp Plc - ADR (a)		38,023
	2,320	Graco, Inc.		169,082
	570	Helios Technologies, Inc. (b)		31,624
	640	ITT, Inc.		62,662
	449	John Bean Technologies Corp.		47,208
	293	Kadant, Inc. (b)		66,086
	1,046	Kennametal, Inc.		26,024
	866	Lincoln Electric Holdings, Inc. (b)		157,430
	154	Lindsay Corp.		18,123
	3,912	Manitowoc Co., Inc. (a)		58,876
	2,175	Mueller Industries, Inc. (b)		163,473
	1,838	Mueller Water Products, Inc. - Class A		23,306
	803	Nordson Corp.		179,205
	577	Omega Flex, Inc.		45,427
	905	Oshkosh Corp.		86,364
	1,428	Pentair Plc - ADR		92,463
	1,071	Proto Labs, Inc. (a)(b)		28,274
	143	RBC Bearings, Inc. (a)		33,481
	4,293	REV Group, Inc.		68,688
	2,159	Shyft Group, Inc.		32,320
	1,026	Snap-on, Inc.		261,692
	626	SPX Technologies, Inc. (a)		50,956
	591	Tennant Co.		43,823
	1,738	Terex Corp.		100,144
	610	The Middleby Corp. (a)		78,080
	970	The Timken Co.		71,285
	4,666	Titan International, Inc. (a)		62,664
	1,609	Toro Co. (b)		133,708
	1,035	TriMas Corp.		25,627
	379	Valmont Industries, Inc.		91,040
	1,575	Wabash National Corp. (b)		33,264
	510	Watts Water Technologies, Inc. - Class A		88,138

				3,632,231

		Marine - 0.23%
	882	Eagle Bulk Shipping, Inc. - ADR (b)		37,071
	747	Kirby Corp. (a)		61,852	��
	1,003	Matson, Inc.		88,986
	9,051	Safe Bulkers, Inc. - ADR		29,325

				217,234

		Marine Transportation - 0.05%
	2,455	Genco Shipping & Trading, Ltd. - ADR		34,345
	1,577	Golden Ocean Group, Ltd. - ADR		12,427

				46,772

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Media - 0.99%
	5,242	Advantage Solutions, Inc. (a)	$	14,887
	954	AMC Networks, Inc. - Class A (a)		11,238
	7,233	Entravision Communications Corp. - Class A		26,401
	2,882	Gambling.com Group, Ltd. - ADR (a)		37,697
	11,078	Gannett Co, Inc. (a)		27,141
	2,271	Gray Television, Inc.		15,715
	4,925	iHeartMedia, Inc. - Class A (a)		15,563
	870	John Wiley & Sons, Inc. - Class A		32,338
	4,323	Liberty Latin America Ltd. - ADR (a)		35,276
	2,759	Liberty Latin America Ltd. - ADR (a)		22,514
	656	Liberty Media Corp-Liberty SiriusXM (a)		16,702
	5,686	News Corp. - Class A		114,061
	2,667	News Corp. - Class B (b)		55,660
	543	Nexstar Media Group, Inc. - Class A (b)		77,850
	1,467	Scholastic Corp.		55,951
	1,227	Sinclair, Inc.		13,767
	726	TechTarget, Inc. (a)		22,041
	3,522	TEGNA, Inc.		51,316
	2,882	The E.W. Scripps Co. - Class A (a)		15,793
	4,652	The Interpublic Group of Companies, Inc.		133,326
	2,353	The New York Times Co. - Class A		96,944
	2,391	Thryv Holdings, Inc. (a)		44,879
	246	Value Line, Inc.		10,755

				947,815

		Metals & Mining - 1.92%
	1,211	Alcoa Corp.		35,192
	598	Alpha Metallurgical Resources, Inc.		155,319
	1,212	ATI, Inc. (a)(b)		49,874
	447	Carpenter Technology Corp.		30,043
	7,409	Cleveland-Cliffs, Inc. (a)(b)		115,803
	2,304	Commercial Metals Co.		113,841
	1,797	Constellium SE - ADR (a)		32,705
	867	Gibraltar Industries, Inc. (a)		58,531
	693	Haynes International, Inc.		32,238
	3,572	Hecla Mining Co.		13,966
	305	Materion Corp.		31,083
	2,390	Olympic Steel, Inc.		134,342
	1,307	Reliance Steel & Aluminum Co.		342,735
	328	Royal Gold, Inc.		34,876
	4,713	Ryerson Holding Corp.		137,101
	1,101	Schnitzer Steel Industries, Inc. - Class A		30,663
	6,980	SunCoke Energy, Inc.		70,847
	4,206	TimkenSteel Corp. (a)		91,354
	4,736	United States Steel Corp. (b)		153,825
	2,494	Warrior Met Coal, Inc.		127,394
	570	Worthington Industries, Inc.		35,237

				1,826,969

		Multiline Retail - 0.53%
	4,467	Big Lots, Inc.		22,826
	662	Dillard’s, Inc. - Class A (b)		218,996
	3,351	Kohl’s Corp. (b)		70,237
	8,172	Macy’s, Inc. (b)		94,877
	3,259	Nordstrom, Inc. (b)		48,690
	645	Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		49,781

				505,407

		Multi-Utilities - 0.15%
	625	Black Hills Corp.		31,619


Number of Shares			Value
		Multi-Utilities (Continued)
	2,372	MDU Resources Group, Inc.	$	46,444
	2,546	NiSource, Inc.		62,835

				140,898

		Oil & Gas - 0.03%
	6,919	VAALCO Energy, Inc.		30,374

		Oil, Gas & Consumable Fuels - 3.93%
	3,973	Amplify Energy Corp. (a)		29,202
	2,675	Antero Midstream Corp.		32,047
	3,521	Antero Resources Corp. (a)		89,363
	6,201	APA Corp. (b)		254,861
	377	Arch Resources, Inc.		64,339
	4,684	Berry Corp.		38,409
	1,483	California Resources Corp. (b)		83,063
	728	Callon Petroleum Co. (a)		28,479
	839	Centrus Energy Corp. (a)		47,622
	1,490	Chesapeake Energy Corp. (b)		128,483
	0	Chevron Corp.		0
	801	Chord Energy Corp.		129,818
	1,207	Civitas Resources, Inc. (b)		97,610
	2,890	CNX Resources Corp. (a)(b)		65,256
	3,364	Comstock Resources, Inc.		37,105
	1,996	CONSOL Energy, Inc.		209,400
	1,014	CVR Energy, Inc.		34,506
	1,258	Delek US Holdings, Inc.		35,740
	592	Denbury, Inc. (a)(b)		58,022
	1,922	DHT Holdings, Inc. - ADR		19,797
	2,077	Dorian LPG, Ltd. - ADR		59,672
	205	DT Midstream, Inc.		10,849
	3,214	Earthstone Energy, Inc. - Class A (a)		65,051
	3,362	Equitrans Midstream Corp.		31,502
	3,711	Evolution Petroleum Corp.		25,383
	337	Gulfport Energy Corp. (a)		39,988
	1,984	HF Sinclair Corp.		112,949
	803	International Seaways, Inc. - ADR		36,135
	4,521	Kosmos Energy, Ltd. (a)		36,982
	4,506	Magnolia Oil & Gas Corp. - Class A		103,232
	2,256	Matador Resources Co.		134,187
	2,607	Murphy Oil Corp. (b)		118,227
	832	NACCO Industries, Inc. - Class A		29,178
	1,224	Northern Oil and Gas, Inc. (b)		49,242
	3,466	Ovintiv, Inc. (b)		164,878
	1,042	Par Pacific Holdings, Inc. (a)		37,449
	2,757	PBF Energy, Inc. - Class A		147,582
	3,067	Peabody Energy Corp. (b)		79,711
	9,317	Permian Resources Corp. (b)		130,065
	4,183	Range Resources Corp.		135,571
	11,401	Ring Energy, Inc. (a)		22,232
	746	Scorpio Tankers, Inc. - ADR		40,374
	844	SilverBow Resources, Inc. (a)		30,190
	2,509	Sitio Royalties Corp. (b)		60,743
	2,769	SM Energy Co. (b)		109,791
	21,175	Southwestern Energy Co. (a)		136,579
	3,722	Talos Energy, Inc. (a)		61,190
	8,927	Teekay Corp. - ADR (a)		55,080
	56	Texas Pacific Land Corp.		102,119
	584	Vital Energy, Inc. (a)		32,365
	7,869	W&T Offshore, Inc. (a)		34,466
	1,111	World Kinect Corp. (b)		24,920

				3,741,004

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Other Financial Investment Activities - 0.04%
	4,706	SoFi Technologies, Inc. (a)(b)	$	37,601

		Paper & Forest Products - 0.44%
	2,267	Boise Cascade Co.		233,592
	1,153	Clearwater Paper Corp. (a)		41,796
	2,064	Louisiana-Pacific Corp.		114,077
	2,770	Resolute Forest Products (a)(c)(d)(e)		3,933
	522	Sylvamo Corp.		22,937

				416,335

		Personal Care Products - 0.09%
	6,302	Thorne HealthTech, Inc. (a)		64,217
	2,211	Waldencast Plc - ADR (a)(b)		20,828

				85,045

		Personal Products - 0.82%
	4,175	Beauty Health Co. (a)		25,133
	2,756	BellRing Brands, Inc. (a)		113,630
	3,902	Coty, Inc. - Class A (a)		42,805
	994	Edgewell Personal Care Co.		36,738
	1,874	elf Beauty, Inc. (a)		205,821
	3,785	Herbalife, Ltd. - ADR (a)		52,952
	658	Inter Parfums, Inc.		88,396
	546	Medifast, Inc. (b)		40,868
	4,728	Nature’s Sunshine Products, Inc. (a)		78,343
	1,975	Nu Skin Enterprises, Inc. - Class A		41,890
	929	USANA Health Sciences, Inc. (a)		54,449

				781,025

		Pharmaceutical and Medicine Manufacturing - 0.04%
	33,761	BARK, Inc. (a)		40,513

		Pharmaceuticals - 1.72%
	420	Akero Therapeutics, Inc. (a)		21,244
	35,658	Amneal Pharmaceuticals, Inc. (a)		150,477
	1,980	Amphastar Pharmaceuticals, Inc. (a)(b)		91,060
	28,712	Assertio Holdings, Inc. (a)(b)		73,503
	411	Catalent, Inc. (a)		18,713
	4,309	Collegium Pharmaceutical, Inc. (a)(b)		96,306
	5,510	Corcept Therapeutics, Inc. (a)		150,120
	9,211	Elanco Animal Health, Inc. (a)		103,532
	4,666	Evolus, Inc. (a)		42,647
	1,900	Harmony Biosciences Holdings, Inc. (a)(b)		62,263
	7,266	Innoviva, Inc. (a)(b)		94,385
	938	Intra-Cellular Therapies, Inc. (a)		48,860
	1,114	Jazz Pharmaceuticals Plc - ADR (a)		144,196
	10,374	Omeros Corp. (a)(b)		30,292
	25,268	Optinose, Inc. (a)		31,080
	1,911	Pacira BioSciences, Inc. (a)		58,629
	2,246	Perrigo Co Plc - ADR		71,760
	1,570	Phibro Animal Health Corp. - Class A		20,049
	1,992	Prestige Consumer Healthcare, Inc. (a)		113,922
	15,662	SIGA Technologies, Inc.		82,225
	2,950	Supernus Pharmaceuticals, Inc. (a)(b)		81,332
	1,497	Taro Pharmaceutical Industries, Ltd. - ADR (a)		56,452

				1,643,047

		Professional Services - 1.44%
	4,212	Alight, Inc. - Class A (a)		29,863
	965	ASGN, Inc. (a)		78,821
	1,010	CBIZ, Inc. (a)		52,419
	422	CRA International, Inc.		42,521


Number of Shares			Value
		Professional Services (Continued)
	379	Exponent, Inc. (b)	$	32,442
	751	Forrester Research, Inc. (a)		21,704
	1,236	Franklin Covey Co. (a)		53,049
	569	FTI Consulting, Inc. (a)		101,515
	981	Heidrick & Struggles International, Inc.		24,545
	648	Huron Consulting Group, Inc. (a)		67,496
	520	ICF International, Inc.		62,821
	3,798	Innodata, Inc. (a)		32,397
	705	Insperity, Inc. (b)		68,808
	1,821	Kelly Services, Inc. - Class A		33,124
	1,318	Kforce, Inc.		78,632
	850	Korn Ferry		40,324
	5,393	Legalzoom.com, Inc. (a)(b)		59,000
	903	ManpowerGroup, Inc.		66,208
	3,696	Resources Connection, Inc.		55,107
	2,408	Robert Half, Inc.		176,458
	610	TriNet Group, Inc. (a)(b)		71,053
	3,068	TrueBlue, Inc. (a)		45,008
	3,333	Upwork, Inc. (a)		37,863
	453	VSE Corp.		22,849
	837	Willdan Group, Inc. (a)		17,100

				1,371,127

		Real Estate Management & Development - 0.45%
	4,807	Anywhere Real Estate, Inc. (a)		30,909
	8,613	Compass, Inc. - Class A (a)		24,978
	4,494	Cushman & Wakefield Plc - ADR (a)		34,244
	6,875	eXp World Holdings, Inc. (b)		111,650
	2,406	Forestar Group, Inc. (a)		64,818
	523	Jones Lang LaSalle, Inc. (a)		73,837
	2,316	Marcus & Millichap, Inc.		67,951
	1,248	RE/MAX Holdings, Inc. - Class A		16,149

				424,536

		Road & Rail - 0.82%
	1,081	ArcBest Corp. (b)		109,884
	204	Avis Budget Group, Inc. (a)		36,657
	1,041	Covenant Logistics Group, Inc.		45,648
	5,512	Daseke, Inc. (a)		28,276
	2,390	Knight-Swift Transportation Holdings, Inc.		119,858
	856	Landstar System, Inc.		151,461
	2,085	PAM Transportation Services, Inc. (a)		44,932
	1,484	RXO, Inc. (a)		29,279
	874	Ryder System, Inc. (b)		93,474
	255	Saia, Inc. (a)		101,656
	485	Werner Enterprises, Inc. (b)		18,891

				780,016

		Semiconductors & Semiconductor Equipment - 2.23%
	514	Advanced Energy Industries, Inc. (b)		53,004
	2,084	Allegro MicroSystems, Inc. (a)		66,563
	481	Ambarella, Inc. - ADR (a)		25,507
	4,307	Amkor Technology, Inc.		97,338
	1,199	Axcelis Technologies, Inc. (a)		195,497
	561	CEVA, Inc. (a)		10,878
	1,474	Cirrus Logic, Inc. (a)		109,017
	1,566	Cohu, Inc. (a)		53,933
	1,130	Credo Technology Group Holding, Ltd. - ADR (a)		17,232
	1,179	Diodes, Inc. (a)		92,952
	823	Entegris, Inc.		77,288

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductors & Semiconductor Equipment (Continued)
	1,653	FormFactor, Inc. (a)	$	57,756
	728	Impinj, Inc. (a)		40,062
	1,577	inTEST Corp. (a)		23,923
	1,897	Kulicke & Soffa Industries, Inc. (b)		92,251
	2,076	Lattice Semiconductor Corp. (a)		178,391
	612	MACOM Technology Solutions Holdings, Inc. (a)(b)		49,927
	2,638	MaxLinear, Inc. - Class A (a)		58,695
	830	MKS Instruments, Inc.		71,828
	310	NVE Corp.		25,463
	919	Onto Innovation, Inc. (a)		117,191
	904	PDF Solutions, Inc. (a)		29,290
	4,972	Photronics, Inc. (a)		100,484
	1,112	Power Integrations, Inc. (b)		84,857
	726	Qorvo, Inc. (a)		69,311
	2,869	Rambus, Inc. (a)		160,062
	276	Silicon Laboratories, Inc. (a)		31,986
	2,529	SMART Global Holdings, Inc. - ADR (a)		61,581
	1,006	Ultra Clean Holdings, Inc. (a)(b)		29,848
	1,626	Veeco Instruments, Inc. (a)		45,707

				2,127,822

		Software - 5.81%
	16,427	2U, Inc. (a)		40,575
	39,284	8x8, Inc. (a)		98,996
	7,306	A10 Networks, Inc.		109,809
	2,670	ACI Worldwide, Inc. (a)		60,235
	6,699	Adeia, Inc.		71,545
	1,402	Agilysys, Inc. (a)		92,756
	959	Alarm.com Holdings, Inc. (a)		58,633
	1,157	Altair Engineering, Inc. - Class (a)		72,382
	824	Alteryx, Inc. - Class (a)		31,057
	2,127	American Software, Inc. - Class A		24,375
	601	Appfolio, Inc. - Class A (a)		109,761
	877	Appian Corp. (a)(b)		40,000
	5,272	AppLovin Corp. (a)(b)		210,669
	1,874	Asana, Inc. - Class A (a)		34,313
	298	Aspen Technology, Inc. (a)(b)		60,869
	1,396	Bentley Systems, Inc.		70,023
	420	BILL Holdings, Inc. (a)(b)		45,599
	909	Blackbaud, Inc. (a)		63,921
	3,874	Box, Inc. - Class A (a)(b)		93,790
	737	Cerence, Inc. (a)		15,013
	859	Ceridian HCM Holding, Inc. (a)(b)		58,283
	1,629	CommVault Systems, Inc. (a)		110,137
	1,776	Confluent, Inc. (a)		52,587
	2,983	Consensus Cloud Solutions, Inc. (a)		75,112
	2,612	CoreCard Corp. (a)		52,240
	2,156	Couchbase, Inc. (a)(b)		36,997
	2,920	CS Disco, Inc. (a)		19,389
	22,543	CXApp, Inc. (a)		40,803
	10,452	Digital Turbine, Inc. (a)(b)		63,235
	3,875	Domo, Inc. - Class A (a)		38,014
	1,295	DoubleVerify Holdings, Inc. (a)		36,195
	6,270	Dropbox, Inc. (a)		170,732
	2,638	Dynatrace, Inc. (a)		123,274
	5,747	Ebix, Inc. (b)		56,780
	11,137	eGain Corp. (a)		68,270
	890	Elastic NV - ADR (a)		72,304


Number of Shares			Value
		Software (Continued)
	824	Envestnet, Inc. (a)	$	36,281
	896	ePlus, Inc. (a)		56,914
	1,234	Everbridge, Inc. (a)		27,666
	2,057	EverCommerce, Inc. (a)		20,632
	723	Five9, Inc. (a)		46,489
	975	Freshworks, Inc. (a)		19,422
	4,079	Gen Digital, Inc.		72,117
	605	Gitlab, Inc. (a)		27,358
	352	Globant SA - ADR (a)		69,643
	383	Guidewire Software, Inc. (a)		34,470
	1,092	Informatica, Inc. - Class A (a)		23,008
	1,025	Jack Henry & Associates, Inc.		154,918
	3,807	LivePerson, Inc. (a)		14,809
	1,209	Manhattan Associates, Inc. (a)		238,971
	63	MicroStrategy, Inc. - Class A (a)(b)		20,682
	4,010	Mitek Systems, Inc. (a)		42,987
	1,181	Model N, Inc. (a)		28,828
	2,046	N-able, Inc. (a)		26,393
	1,102	New Relic, Inc. (a)(e)		94,353
	3,423	Nutanix, Inc. - Class A (a)		119,394
	2,018	OneSpan, Inc. (a)		21,693
	1,038	PagerDuty, Inc. (a)		23,345
	1,362	Pegasystems, Inc.		59,124
	1,065	Procore Technologies, Inc. (a)		69,566
	1,970	Progress Software Corp.		103,583
	695	PROS Holdings, Inc. (a)		24,061
	1,397	PTC, Inc. (a)		197,927
	683	Qualys, Inc. (a)		104,192
	1,025	Rapid7, Inc. (a)(b)		46,924
	1,451	Red Violet, Inc. (a)		29,034
	18,493	Rimini Street, Inc. (a)		40,685
	3,447	RingCentral, Inc. - Class A (a)		102,135
	1,799	Riot Platforms, Inc. (a)(b)		16,785
	1,100	Sapiens International Corp NV - ADR		31,273
	4,580	SEMrush Holdings, Inc. (a)		38,930
	1,286	SentinelOne, Inc. (a)		21,682
	2,281	Smartsheet, Inc. (a)		92,289
	1,361	SoundThinking, Inc. (a)		24,362
	2,145	Sprinklr, Inc. (a)		29,687
	1,168	Sprout Social, Inc. - Class A (a)(b)		58,260
	762	SPS Commerce, Inc. (a)		130,005
	1,579	Tenable Holdings, Inc. (a)		70,739
	2,564	UiPath, Inc. - Class A (a)		43,870
	2,078	Varonis Systems, Inc. (a)		63,462
	2,616	Verint Systems, Inc. (a)		60,142
	6,911	Veritone, Inc. (a)		17,830
	1,122	Workiva, Inc. (a)		113,703
	3,228	Xperi, Inc. (a)		31,828
	10,139	Yext, Inc. (a)		64,180
	8,822	Zeta Global Holdings Corp. (a)		73,664
	743	Ziff Davis, Inc. (a)		47,322
	3,228	Zuora, Inc. - Class A (a)		26,599

				5,532,889

		Specialty Retail - 4.91%
	4,468	Aaron’s Co Inc.		46,780
	3,108	Abercrombie & Fitch Co. - Class A (a)		175,198
	2,730	Academy Sports & Outdoors, Inc. (b)		129,047
	576	Advance Auto Parts, Inc. (b)		32,216
	3,995	American Eagle Outfitters, Inc.		66,357

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	378	America’s Car-Mart, Inc. (a)(b)	$	34,394
	570	Asbury Automotive Group, Inc. (a)		131,140
	1,252	AutoNation, Inc. (a)(b)		189,553
	3,917	Bath & Body Works, Inc.		132,395
	3,864	Big 5 Sporting Goods Corp. (b)		27,087
	909	Boot Barn Holdings, Inc. (a)		73,802
	2,827	Build-A-Bear Workshop, Inc.		83,142
	4,189	Caleres, Inc. (b)		120,476
	1,919	Camping World Holdings, Inc. - Class A		39,167
	373	Carvana Co. (a)(b)		15,658
	12,365	Chico’s FAS, Inc. (a)(b)		92,490
	4,179	Designer Brands, Inc. (b)		52,906
	9,912	Destination XL Group, Inc. (a)		44,406
	1,401	Dick’s Sporting Goods, Inc. (b)		152,121
	6,307	EVgo, Inc. (a)(b)		21,318
	663	Five Below, Inc. (a)(b)		106,677
	1,440	Floor & Decor Holdings, Inc. - Class A (a)(b)		130,320
	1,866	Foot Locker, Inc. (b)		32,375
	4,972	GameStop Corp. - Class A (a)(b)		81,839
	1,394	Genesco, Inc. (a)		42,963
	591	Group 1 Automotive, Inc. (b)		158,808
	1,392	Guess?, Inc. (b)		30,123
	2,397	Haverty Furniture Cos., Inc.		68,986
	1,720	Hibbett, Inc. (b)		81,717
	1,492	J Jill, Inc. (a)		44,163
	6,209	Leslie’s, Inc. (a)(b)		35,143
	500	Lithia Motors, Inc. - Class A (b)		147,665
	1,827	MarineMax, Inc. (a)(b)		59,962
	396	Monro, Inc. (b)		10,997
	585	Murphy USA, Inc. (b)		199,912
	2,083	National Vision Holdings, Inc. (a)(b)		33,703
	2,017	ODP Corp. (a)		93,084
	842	Penske Automotive Group, Inc. (b)		140,664
	4,579	Petco Health & Wellness Co, Inc. (a)(b)		18,728
	3,524	Revolve Group, Inc. (a)		47,962
	1,206	REX American Resources Corp. (a)		49,108
	315	RH (a)		83,273
	5,338	Sally Beauty Holdings, Inc. (a)(b)		44,732
	2,422	Shoe Carnival, Inc.		58,201
	2,149	Signet Jewelers, Ltd. - ADR		154,320
	2,011	Sleep Number Corp. (a)		49,450
	1,367	Sonic Automotive, Inc. - Class A (b)		65,288
	6,041	Sportsman’s Warehouse Holdings, Inc. (a)(b)		27,124
	12,732	Stitch Fix, Inc. (a)		43,925
	1,628	The Buckle, Inc. (b)		54,359
	4,077	The Cato Corp. - Class A		31,230
	1,432	The Children’s Place, Inc. (a)		38,707
	5,188	The Gap, Inc. (b)		55,148
	5,677	Tile Shop Holdings, Inc. (a)		31,167
	4,339	Tilly’s, Inc. - Class A (a)		35,233
	13,505	Torrid Holdings, Inc. (a)		29,846
	2,702	Upbound Group, Inc. (b)		79,574
	2,024	Urban Outfitters, Inc. (a)		66,164
	1,992	Victoria’s Secret & Co. (a)		33,227
	2,256	Warby Parker, Inc. (a)		29,689
	1,516	Williams Sonoma, Inc. (b)		235,586
	330	Winmark Corp. (b)		123,133
	2,120	Zumiez, Inc. (a)		37,736

				4,681,664


Number of Shares			Value
		Technology Hardware, Storage & Peripherals - 1.08%
	4,463	Avid Technology, Inc. (a)	$	119,921
	1,343	Corsair Gaming, Inc. (a)		19,514
	1,798	CPI Card Group, Inc. (a)		33,299
	1,200	IonQ, Inc. (a)		17,856
	3,469	NCR Corp. (a)		93,559
	5,014	Pure Storage, Inc. - Class A (a)		178,599
	915	Super Micro Computer, Inc. (a)(b)		250,911
	1,256	Synaptics, Inc. (a)		112,336
	3,443	Teradata Corp. (a)		155,004
	2,946	Xerox Holdings Corp.		46,223

				1,027,222

		Textiles, Apparel & Luxury Goods - 2.08%
	3,391	Capri Holdings Ltd. - ADR (a)		178,400
	737	Carter’s, Inc. (b)		50,964
	846	Columbia Sportswear Co. (b)		62,689
	2,014	Crocs, Inc. (a)		177,695
	585	Deckers Outdoor Corp. (a)		300,743
	15,337	Fossil Group, Inc. (a)		31,594
	2,482	G-III Apparel Group, Ltd. (a)		61,851
	5,673	Hanesbrands, Inc.		22,465
	2,060	Kontoor Brands, Inc.		90,455
	2,555	Movado Group, Inc.		69,879
	970	Oxford Industries, Inc. (b)		93,246
	1,411	PVH Corp.		107,956
	996	Ralph Lauren Corp. (b)		115,626
	830	Rocky Brands, Inc.		12,201
	2,379	Skechers USA, Inc. (a)		116,452
	1,971	Steven Madden, Ltd. (b)		62,619
	5,543	Tapestry, Inc. (b)		159,361
	6,655	Under Armour, Inc. - Class A (a)		45,587
	7,580	Under Armour, Inc. - Class C (a)(b)		48,360
	213	UniFirst Corp.		34,721
	6,063	Vera Bradley, Inc. (a)		40,076
	3,152	VF Corp. (b)		55,696
	1,087	Weyco Group, Inc.		27,555
	2,333	Wolverine World Wide, Inc. (b)		18,804

				1,984,995

		Thrifts & Mortgage Finance - 1.25%
	898	Axos Financial, Inc. (a)(b)		33,998
	832	Bank7 Corp.		18,728
	1,240	Berkshire Hills Bancorp, Inc.		24,862
	1,990	Bridgewater Bancshares, Inc. (a)		18,865
	2,098	Essent Group Ltd. - ADR		99,214
	586	Federal Agricultural Mortgage Corp. - Class C		90,420
	1,039	Flushing Financial Corp.		13,642
	850	Home Bancorp, Inc.		27,090
	2,008	Merchants Bancorp		55,662
	7,781	MGIC Investment Corp.		129,865
	2,350	Mr Cooper Group, Inc. (a)		125,866
	9,716	New York Community Bancorp, Inc. (b)		110,180
	2,749	NMI Holdings, Inc. - Class A (a)		74,470
	1,703	Northwest Bancshares, Inc.		17,422
	648	Pathward Financial, Inc.		29,866
	1,127	PennyMac Financial Services, Inc. (b)		75,058
	1,422	Provident Financial Services, Inc.		21,742
	4,194	Radian Group, Inc.		105,311
	411	Southern Missouri Bancorp, Inc.		15,902
	1,191	WaFd, Inc.		30,514
	458	Walker & Dunlop, Inc. (b)		34,002

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Thrifts & Mortgage Finance (Continued)
	1,034	Waterstone Financial, Inc.	$	11,322
	685	WSFS Financial Corp.		25,003

				1,189,004

		Tobacco - 0.08%
	990	Turning Point Brands, Inc.		22,859
	415	Universal Corp.		19,592
	3,407	Vector Group, Ltd.		36,251

				78,702

		Trading Companies & Distributors - 2.81%
	721	Air Lease Corp.		28,415
	2,166	Alta Equipment Group, Inc.		26,122
	996	Applied Industrial Technologies, Inc.		153,992
	1,572	Beacon Roofing Supply, Inc. (a)		121,311
	1,602	BlueLinx Holdings, Inc. (a)		131,508
	2,258	Core & Main, Inc. (a)		65,143
	2,406	DXP Enterprises, Inc. (a)		84,066
	551	FTAI Aviation, Ltd. - ADR		19,588
	236	GATX Corp.		25,684
	2,319	Global Industrial Co.		77,686
	2,452	GMS, Inc. (a)		156,854
	1,102	H&E Equipment Services, Inc.		47,595
	336	Herc Holdings, Inc.		39,964
	9,305	Hudson Technologies, Inc. (a)		123,756
	611	Kaman Corp.		12,006
	3,893	Karat Packaging, Inc.		89,773
	4,114	MRC Global, Inc. (a)		42,168
	1,485	MSC Industrial Direct Co., Inc. - Class A		145,753
	6,286	NOW, Inc. (a)		74,615
	2,160	Rush Enterprises, Inc. - Class A		88,172
	1,561	Rush Enterprises, Inc. - Class B		70,698
	1,014	SiteOne Landscape Supply, Inc. (a)(b)		165,738
	1,587	Textainer Group Holdings, Ltd. - ADR		59,116
	2,662	Titan Machinery, Inc. (a)		70,756
	650	Transcat, Inc. (a)		63,681
	954	Triton International, Ltd. - ADR (c)(d)(e)		78,481
	1,514	Veritiv Corp. (b)		255,715
	519	Watsco, Inc. - Class A (b)		196,037
	988	WESCO International, Inc.		142,094
	1,336	Xometry, Inc. (a)		22,685

				2,679,172

		Water Utilities - 0.02%
	244	American States Water Co.		19,198

		Wireless Telecommunication Services - 0.03%
	1,576	Telephone and Data Systems, Inc.		28,857

		Total Common Stocks (Cost $65,348,936)		87,926,883

		INVESTMENT COMPANIES - 3.26%
		International Equity Funds - 3.26%
	21,670	Vanguard Extended Market ETF		3,105,961

		Total Investment Companies (Cost $2,710,503)		3,105,961

		REAL ESTATE INVESTMENT TRUSTS - 3.80%
		Real Estate Investment Trusts - 3.80%
	2,287	Acadia Realty Trust		32,818
	483	Agree Realty Corp.		26,681
	677	American Assets Trust, Inc.		13,168


Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	1,957	American Homes 4 Rent - Class A	$	65,931
	1,519	Americold Realty Trust, Inc.		46,193
	5,448	Annaly Capital Management, Inc. (b)		102,477
	6,603	Apartment Investment and Management Co. (a)		44,900
	3,391	Apollo Commercial Real Estate Finance, Inc.		34,351
	4,839	Apple Hospitality REIT, Inc. (b)		74,230
	4,100	Arbor Realty Trust, Inc. (b)		62,238
	1,690	Armada Hoffler Properties, Inc.		17,306
	1,865	Blackstone Mortgage Trust, Inc. (b)		40,564
	562	Boston Properties, Inc. (b)		33,428
	11,688	Braemar Hotels & Resorts, Inc.		32,376
	3,238	Brandywine Realty Trust		14,700
	4,302	Brixmor Property Group, Inc.		89,396
	1,826	Broadstone Net Lease, Inc.		26,112
	650	Camden Property Trust		61,477
	1,596	CBL & Associates Properties, Inc.		33,484
	4,458	Chatham Lodging Trust		42,663
	3,267	City Office REIT, Inc.		13,885
	1,579	COPT Defense Properties		37,628
	4,177	CoreCivic, Inc. (a)		46,991
	2,150	Cousins Properties, Inc.		43,795
	948	CubeSmart (b)		36,147
	4,239	DiamondRock Hospitality Co. (b)		34,039
	1,770	Douglas Emmett, Inc. (b)		22,585
	1,084	Easterly Government Properties, Inc.		12,390
	170	EastGroup Properties, Inc.		28,310
	5,645	Empire State Realty Trust, Inc. - Class A		45,386
	1,398	EPR Properties (b)		58,073
	567	Equity LifeStyle Properties, Inc. (b)		36,124
	1,203	Essential Properties Realty Trust, Inc.		26,021
	260	Federal Realty Investment Trust		23,564
	597	First Industrial Realty Trust, Inc.		28,411
	1,492	Gaming and Leisure Properties, Inc.		67,961
	539	Getty Realty Corp.		14,946
	1,216	Gladstone Commercial Corp.		14,787
	1,307	Global Medical REIT, Inc.		11,724
	4,780	Hersha Hospitality Trust		47,131
	1,400	Highwoods Properties, Inc. (b)		28,854
	8,419	Host Hotels & Resorts, Inc. (b)		135,293
	3,005	Hudson Pacific Properties, Inc.		19,983
	1,665	Independence Realty Trust, Inc. (b)		23,427
	1,544	JBG SMITH Properties		22,326
	1,696	Kilroy Realty Corp. (b)		53,611
	6,128	Kimco Realty Corp. (b)		107,792
	3,552	Kite Realty Group Trust		76,084
	216	Lamar Advertising Co. - Class A		18,030
	1,583	LXP Industrial Trust (b)		14,089
	5,334	Macerich Co.		58,194
	5,837	Medical Properties Trust, Inc. (b)		31,812
	415	National Storage Affiliates Trust		13,172
	394	NexPoint Residential Trust, Inc.		12,679
	952	NNN REIT, Inc.		33,644
	2,535	Office Properties Income Trust		10,393
	1,106	Omega Healthcare Investors, Inc. (b)		36,675
	3,416	Orion Office REIT, Inc.		17,797
	7,463	Paramount Group, Inc.		34,479
	2,989	Park Hotels & Resorts, Inc. (b)		36,824
	2,889	Pebblebrook Hotel Trust (b)		39,261
	1,052	Phillips Edison & Co, Inc. (b)		35,284
	1,431	Physicians Realty Trust (b)		17,444

See notes to financial statements.

GuideMark Small/Mid Cap Core Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued)
		Real Estate Investment Trusts (Continued)
	3,538	Piedmont Office Realty Trust, Inc. - Class A	$	19,884
	1,082	Plymouth Industrial REIT, Inc.		22,668
	1,113	Postal Realty Trust, Inc.		15,025
	846	PotlatchDeltic Corp.		38,400
	2,811	Ready Capital Corp. (b)		28,419
	1,810	Regency Centers Corp.		107,586
	1,973	Retail Opportunity Investments Corp.		24,426
	361	Rexford Industrial Realty, Inc.		17,815
	8,954	Rithm Capital Corp.		83,183
	2,198	RLJ Lodging Trust		21,518
	3,658	RPT Realty		38,628
	471	Ryman Hospitality Properties, Inc.		39,225
	2,930	Sabra Health Care REIT, Inc.		40,844
	8,877	Service Properties Trust (b)		68,264
	3,318	SITE Centers Corp.		40,911
	439	SL Green Realty Corp. (b)		16,375
	1,424	Spirit Realty Capital, Inc.		47,747
	836	STAG Industrial, Inc. (b)		28,850
	3,266	Starwood Property Trust, Inc. (b)		63,197
	5,458	Summit Hotel Properties, Inc.		31,656
	3,469	Sunstone Hotel Investors, Inc. (b)		32,435
	2,574	Tanger Factory Outlet Centers, Inc. (b)		58,172
	334	Terreno Realty Corp.		18,971
	10,316	The Geo Group, Inc. (a)(b)		84,385
	3,497	Uniti Group, Inc.		16,506
	1,406	Urban Edge Properties (b)		21,456
	2,160	Veris Residential, Inc.		35,640
	2,380	Vornado Realty Trust (b)		53,978
	4,727	Whitestone REIT		45,521
	3,015	Xenia Hotels & Resorts, Inc. (b)		35,517

		Total Real Estate Investment Trusts (Cost $4,460,912)		3,618,740

		SHORT TERM INVESTMENTS - 0.64%
		Money Market Funds - 0.64%
	608,786	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (f)		608,786

		Total Money Market Funds (Cost $608,786)		608,786



Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 19.90%
	18,966,169	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (f)	$	18,966,169

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $18,966,169)		18,966,169

		Total Investments (Cost $92,095,306) - 119.88%		114,226,539
		Liabilities in Excess of Other Assets - (19.88)%		(18,938,691	)

		TOTAL NET ASSETS - 100.00%	$	95,287,848

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d)

As of September 30, 2023, the Valuation Committee has fair valued these securities. The value of these securities were $85,191, which represents 0.09% of total net assets.

(e)

These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities total $285,694, which represents 0.30% of the total assets.

(f)

Seven-day yield as of September 30, 2023.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 95.46%
		Australia - 4.88%
	1,541	Ampol, Ltd.	$	33,270
	1,362	Aristocrat Leisure, Ltd.		35,584
	8,393	Australia & New Zealand Banking Group, Ltd.		137,659
	20,936	BHP Billiton, Ltd.		588,110
	30,278	BlueScope Steel, Ltd.		374,948
	10,485	Brambles, Ltd.		96,321
	1,623	Cochlear, Ltd.		265,820
	26,268	Coles Group, Ltd.		262,177
	4,886	Commonwealth Bank of Australia		312,099
	7,418	Endeavour Group, Ltd.		25,045
	9,558	Fortescue Metals Group, Ltd.		127,055
	8,917	IDP Education Ltd.		122,031
	10,764	Insurance Australia Group, Ltd.		39,047
	1,054	Macquarie Group, Ltd.		112,871
	35,223	Medibank Private, Ltd.		77,742
	12,127	National Australia Bank, Ltd.		225,130
	3,569	Newcrest Mining, Ltd.		56,235
	16,215	Northern Star Resources, Ltd.		107,672
	68,891	Pilbara Minerals Ltd.		187,948
	15,039	Qantas Airways, Ltd. (a)		49,787
	4,790	QBE Insurance Group, Ltd.		47,983
	1,187	REA Group, Ltd.		117,231
	1,735	Rio Tinto, Ltd.		125,142
	15,953	Santos, Ltd.		80,420
	1,563	Sonic Healthcare, Ltd.		29,845
	4,939	Suncorp Group, Ltd.		44,005
	32,663	Telstra Corp., Ltd.		80,699
	102,440	The Lottery Corp., Ltd.		309,575
	6,295	Transurban Group - Stapled Security		51,151
	3,984	Washington H Soul Pattinson & Co., Ltd.		83,109
	6,713	Wesfarmers, Ltd.		227,195
	11,645	Westpac Banking Corp.		157,412
	2,028	WiseTech Global, Ltd.		84,183
	6,680	Woodside Energy Group, Ltd.		155,317
	13,689	Woolworths, Ltd.		327,731

				5,157,549

		Austria - 0.58%
	3,307	Erste Group Bank AG		114,214
	5,668	OMV AG		270,730
	8,288	voestalpine AG		225,643

				610,587

		Belgium - 0.66%
	4,191	Ageas SA		172,612
	3,233	Anheuser-Busch InBev SA		179,225
	1,528	KBC Group NV		95,128
	6	Lotus Bakeries NV		48,749
	801	Solvay SA		88,518
	1,401	UCB SA		114,755

				698,987

		Canada - 9.63%
	323	Agnico Eagle Mines, Ltd.		14,677
	5,917	Alimentation Couche-Tard, Inc.		300,500
	25,402	ARC Resources, Ltd.		405,460
	2,981	Bank of Montreal		251,473
	1,961	Brookfield Asset Management Ltd. - Class A		65,345
	1,596	BRP, Inc. - Subordinate Voting Shares		120,806
	1,250	Canadian Imperial Bank of Commerce		48,252
	168	Canadian National Railway Co.		18,193


Number of Shares			Value
		Canada (Continued)
	7,088	Canadian Natural Resources, Ltd.	$	458,391
	1,666	Canadian Pacific Kansas City Ltd.		123,835
	28,169	Cenovus Energy, Inc.		586,504
	1,931	CGI, Inc. (a)		190,335
	282	Constellation Software, Inc.		582,181
	450	Descartes Systems Group, Inc. (a)		33,028
	5,138	Dollarama, Inc.		353,995
	4,894	Element Fleet Management Corp.		70,226
	15,431	Empire Co., Ltd. - Series A		419,787
	2,452	Enbridge, Inc.		81,327
	363	Fairfax Financial Holdings, Ltd.		296,325
	1,918	First Quantum Minerals, Ltd.		45,315
	513	FirstService Corp.		74,617
	258	Franco-Nevada Corp.		34,444
	2,699	George Weston, Ltd.		299,319
	674	GFL Environmental, Inc. - Subordinate Voting Shares		21,402
	4,541	Great-West Lifeco, Inc.		129,920
	2,575	iA Financial Corp., Inc.		161,524
	5,230	Imperial Oil, Ltd.		322,137
	5,094	Loblaw Cos., Ltd.		432,798
	3,814	Lundin Mining Corp.		28,445
	220	Magna International, Inc.		11,790
	18,940	Manulife Financial Corp.		346,100
	1,993	Metro, Inc.		103,505
	517	National Bank of Canada		34,345
	3,503	Nutrien, Ltd.		216,331
	5,757	Parkland Corp. (a)		168,397
	1,887	Pembina Pipeline Corp.		56,739
	4,813	Power Corp. of Canada		122,535
	1,749	Quebecor, Inc. - Class B		37,485
	2,233	Restaurant Brands International, Inc.		148,702
	7,250	Royal Bank of Canada		633,591
	5,107	Saputo, Inc.		106,784
	1,811	Shopify, Inc. - Class A (a)		98,853
	1,387	Stantec, Inc.		89,996
	1,085	Sun Life Financial, Inc.		52,938
	13,180	Suncor Energy, Inc.		453,258
	305	Teck Resources, Ltd. - Class B (a)		13,127
	866	TFI International, Inc.		111,220
	3,384	The Bank of Nova Scotia		151,679
	7,554	The Toronto-Dominion Bank		455,103
	1,187	Thomson Reuters Corp.		145,210
	1,733	Tourmaline Oil Corp.		87,208
	1,869	West Fraser Timber Co., Ltd.		135,691
	3,022	WSP GLOBAL, Inc.		426,518

				10,177,666

		Denmark - 3.31%
	173	A.P. Moeller - Maersk AS - Class A		306,158
	176	A.P. Moeller - Maersk AS - Class B		316,605
	182	Carlsberg AS - Series B		22,947
	361	Coloplast AS - Series B		38,200
	5,071	Danske Bank AS		117,678
	154	DSV AS		28,696
	273	Genmab AS (a)		96,656
	22,470	Novo Nordisk A/S - Series B		2,045,922
	3,087	Pandora AS		318,552
	591	Rockwool International AS - B Shares		142,836
	1,447	Demant A/S (a)		59,749

				3,493,999

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Finland - 0.51%
	7,849	Nokia OYJ	$	29,513
	17,312	Nordea Bank Abp		189,804
	8,195	Orion OYJ - Class B		321,947

				541,264

		France - 9.90%
	1,553	Accor SA		52,234
	1,255	Air Liquide SA		211,382
	1,168	Alstom SA		27,760
	1,231	Arkema SA		121,181
	12,537	AXA SA		371,959
	1,596	BioMerieux		154,398
	6,047	BNP Paribas SA		384,506
	28,778	Bollore SA		154,457
	826	Bureau Veritas SA		20,482
	718	Capgemini SE		125,287
	18,033	Carrefour SA		309,719
	6,816	Cie de Saint-Gobain		407,940
	22,232	Credit Agricole SA		273,338
	562	Danone SA		30,999
	1,041	Dassault Aviation SA		196,072
	1,454	Dassault Systemes SE		54,005
	2,264	Edenred		141,627
	3,602	Eiffage SA		341,893
	10,663	Engie SA		163,530
	620	EssilorLuxottica SA		107,846
	4,440	Eurazeo SE		264,203
	291	Hermes International		530,443
	4,309	Ipsen SA		564,573
	296	Kering SA		134,491
	11,463	La Francaise des Jeux SAEM		372,314
	1,643	L’Oreal SA		680,879
	1,503	LVMH Moet Hennessy Louis Vuitton SE		1,134,511
	1,090	Orange SA		12,503
	1,978	Publicis Groupe SA		149,720
	128	Remy Cointreau SA		15,605
	1,496	Renault SA		61,211
	1,214	Safran SA		190,245
	5,846	Sanofi-Aventis SA		627,716
	130	Sartorius Stedim Biotech		30,927
	878	Schneider Electric SE		144,688
	367	SEB SA		34,236
	7,335	Societe Generale SA		177,490
	251	Sodexo SA		25,840
	1,200	Thales SA		168,652
	15,281	Total SA		1,004,716
	8,405	Valeo SA		144,229
	2,687	Vinci SA		297,266
	607	Wendel SA		47,980

				10,465,053

		Germany - 8.08%
	1,947	adidas AG		341,521
	1,278	Allianz SE		304,134
	4,590	Bayer AG		220,432
	3,555	Bayerische Motoren Werke AG		361,071
	956	Bechtle AG		44,521
	780	Beiersdorf AG		100,612
	682	Carl Zeiss Meditec AG		59,452
	21,293	Commerzbank AG		241,662


Number of Shares			Value
		Germany (Continued)
	5,744	Daimler AG	$	399,764
	1,367	Daimler Truck Holding AG		47,331
	31,754	Deutsche Bank AG		348,985
	782	Deutsche Boerse AG		135,049
	38,688	Deutsche Lufthansa AG (a)		306,154
	11,721	Deutsche Post AG		475,586
	20,409	Deutsche Telekom AG		428,116
	11,378	E.ON SE		134,556
	7,795	Fresenius Medical Care AG & Co. KGaA		335,122
	10,793	Fresenius SE & Co. KGaA		335,233
	773	Hannover Rueck SE		169,611
	2,840	HeidelbergCement AG		219,959
	11,068	HelloFresh SE (a)		328,880
	2,061	Infineon Technologies AG		68,262
	1,861	Knorr-Bremse AG		117,982
	985	Merck KGaA		164,207
	559	MTU Aero Engines AG		101,240
	555	Muenchener Rueckversicherungs-Gesellschaft AG		216,146
	4,753	Nemetschek SE		289,261
	3,492	Puma SE		215,919
	466	Rational AG		294,840
	986	Rheinmetall AG		253,650
	3,600	SAP SE		465,991
	2,063	Siemens AG		294,821
	17,153	Siemens Energy AG (a)		223,550
	2,766	Talanx AG		175,060
	68,374	Telefonica Deutschland Holding AG		122,292
	8,891	Zalando SE (a)		197,543

				8,538,515

		Hong Kong - 1.81%
	11,454	AIA Group, Ltd.		92,630
	26,522	BOC Hong Kong Holdings, Ltd.		72,402
	47,360	CK Hutchison Holdings, Ltd.		251,438
	4,485	Galaxy Entertainment Group, Ltd.		26,837
	4,480	Hong Kong Exchange & Clearing, Ltd.		166,265
	6,802	Jardine Matheson Holdings, Ltd.		315,215
	114,139	New World Development Co., Ltd.		221,303
	15,765	Sino Land Co., Ltd.		17,730
	129,012	SITC International Holdings Co., Ltd.		216,457
	19,476	Swire Pacific, Ltd. - Class A		131,181
	10,078	Techtronic Industries Co., Ltd.		97,289
	585,065	WH Group, Ltd.		306,234

				1,914,981

		Ireland - 0.79%
	36,067	AIB Group PLC		161,660
	15,858	Bank of Ireland Group PLC		155,022
	2,200	CRH PLC - ADR (a)		120,406
	1,985	DCC PLC		111,140
	4,966	James Hardie Industries PLC (a)		129,877
	206	Kingspan Group PLC		15,430
	213	Kingspan Group PLC		15,907
	744	Flutter Entertainment PLC (a)		121,369

				830,811

		Isle Of Man - 0.02%
	1,543	Entain PLC		17,500

		Israel - 0.64%
	2,155	Bank Leumi Le-Israel BM		17,856
	158	Check Point Software Technologies, Ltd. - ADR (a)		21,058

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Israel (Continued)
	228	Elbit Systems, Ltd.	$	45,191
	8,906	ICL Group, Ltd.		49,144
	405	Mizrahi Tefahot Bank, Ltd.		14,707
	198	Monday.com Ltd. - ADR (a)		31,526
	37,883	Teva Pharmaceutical Industries, Ltd. - ADR (a)(b)		386,407
	1,151	Wix.com, Ltd. - ADR (a)		105,662

				671,551

		Italy - 1.82%
	12,098	Assicurazioni Generali SpA		246,949
	7,670	Enel SpA		47,038
	24,355	Eni SpA		391,234
	6,120	FinecoBank Banca Fineco SpA		73,901
	52,897	Intesa Sanpaolo SpA		135,481
	6,366	Mediobanca Banca di Credito Finanziario SpA		83,930
	5,603	Moncler SpA		324,722
	19,325	Poste Italiane SpA		202,938
	4,534	Prysmian SpA		181,987
	9,915	UniCredit SpA		236,239

				1,924,419

		Japan - 21.12%
	14,864	Advantest Corp.		414,609
	2,376	Aeon Co., Ltd.		47,064
	4,076	Aisin Seiki Co., Ltd.		154,012
	4,923	Ajinomoto Co., Inc.		189,824
	3,487	ANA Holdings, Inc. (a)(b)		73,011
	4,238	Asahi Group Holdings, Ltd.		158,309
	18,469	Astellas Pharma, Inc.		255,641
	4,568	Bandai Namco Holdings, Inc.		92,915
	6,639	BayCurrent Consulting, Inc.		221,230
	2,016	Bridgestone Corp.		78,559
	4,787	Brother Industries, Ltd.		77,109
	3,405	Canon, Inc.		82,022
	6,014	Capcom Co., Ltd.		216,454
	21,048	Chiba Bank Ltd.		152,916
	1,659	Chubu Electric Power Co., Inc.		21,119
	4,663	Chugai Pharmaceutical Co., Ltd.		143,779
	8,680	Concordia Financial Group Ltd.		39,542
	19,405	CyberAgent, Inc.		104,458
	5,669	Dai-ichi Life Holdings, Inc.		117,033
	7,283	Daiichi Sankyo Co., Ltd.		199,389
	237	Daikin Industries, Ltd.		37,155
	834	Daito Trust Construction Co., Ltd.		87,848
	1,887	Daiwa House Industry Co., Ltd.		50,646
	3,664	Denso Corp.		58,792
	756	Dentsu, Inc.		22,235
	975	Disco Corp.		180,137
	3,306	Don Quijote Co., Ltd.		69,383
	1,252	East Japan Railway Co.		71,648
	3,987	Eisai Co., Ltd.		220,975
	846	Fast Retailing Co., Ltd.		184,272
	1,009	Fujitsu, Ltd.		118,670
	716	GMO Payment Gateway, Inc.		39,068
	2,175	Hakuhodo DY Holdings, Inc.		17,866
	556	Hamamatsu Photonics KK		23,382
	2,172	Hankyu Hanshin Holdings, Inc.		74,110
	314	Hikari Tsushin, Inc.		47,821
	681	Hitachi Construction Machinery Co., Ltd.		20,666
	4,390	Hitachi, Ltd.		272,082


Number of Shares			Value
		Japan (Continued)
	57,837	Honda Motor Co., Ltd.	$	650,649
	769	Hoshizaki Corp.		26,695
	3,432	Hoya Corp.		351,497
	681	IBIDEN Co., Ltd.		36,120
	2,618	Iida Group Holdings Co., Ltd.		43,444
	33,793	Inpex Corp.		506,839
	3,295	Isuzu Motors, Ltd.		41,423
	11,870	ITOCHU Corp.		428,672
	8,006	Japan Airlines Co., Ltd.		155,550
	5,641	Japan Post Bank Co., Ltd.		49,087
	43,419	Japan Post Holdings Co., Ltd.		347,358
	17,610	Japan Post Insurance Co., Ltd.		296,171
	9,060	Japan Tobacco, Inc.		208,453
	14,429	JFE Holdings, Inc.		211,303
	5,052	Kajima Corp.		82,237
	1,400	Kao Corp.		51,891
	5,648	Kawasaki Kisen Kaisha Ltd. (b)		192,743
	3,371	KDDI Corp.		103,188
	2,014	Keisei Electric Railway Co., Ltd.		69,762
	278	Keyence Corp.		102,812
	4,431	Kintetsu Group Holdings Co., Ltd.		125,631
	3,453	Kirin Holdings Co., Ltd.		48,344
	1,988	Komatsu, Ltd.		53,619
	2,794	Kose Corp.		202,515
	30,501	Marubeni Corp.		475,457
	8,136	MatsukiyoCocokara & Co.		145,740
	25,078	Mazda Motor Corp.		284,748
	1,805	McDonald’s Holdings Co. Japan, Ltd.		68,968
	7,043	MISUMI Group, Inc.		109,677
	26,015	Mitsubishi Chemical Holdings Corp.		163,896
	13,599	Mitsubishi Corp.		647,997
	6,630	Mitsubishi Electric Corp.		81,910
	362	Mitsubishi Heavy Industries, Ltd.		20,191
	44,033	Mitsubishi UFJ Financial Group, Inc.		373,143
	37,633	Mitsubishi UFJ Lease & Finance Co., Ltd.		250,752
	15,869	Mitsui & Co., Ltd.		575,568
	10,675	Mitsui OSK Lines, Ltd. (b)		293,339
	18,464	Mizuho Financial Group, Inc.		313,481
	19,351	MonotaRO Co., Ltd.		206,305
	1,282	MS & AD Insurance Group Holdings, Inc.		46,914
	560	NEC Corp.		30,925
	2,612	NGK Insulators, Ltd.		34,618
	2,382	Nintendo Co., Ltd.		98,979
	3,881	NIPPON EXPRESS HOLDINGS, Inc.		202,510
	8,838	Nippon Steel & Sumitomo Metal Corp.		207,058
	321,026	Nippon Telegraph & Telephone Corp.		379,978
	14,153	Nippon Yusen Kabushiki Kaisha		367,480
	976	Nissan Chemical Industries, Ltd.		41,489
	1,204	Nissin Foods Holdings Co., Ltd.		100,044
	803	Nitori Holdings Co., Ltd.		89,531
	24,250	Obayashi Corp.		213,397
	10,704	Olympus Corp.		138,975
	1,468	OMRON Corp.		65,328
	3,301	Ono Pharmaceutical Co., Ltd.		63,308
	1,906	Oracle Corp.		141,187
	2,982	Oriental Land Co., Ltd.		97,832
	7,117	ORIX Corp.		132,891
	729	Otsuka Holdings Co., Ltd.		25,883
	20,055	Panasonic Corp.		226,376
	144,020	Persol Holdings Co., Ltd.		233,920

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Japan (Continued)
	12,383	Recruit Holdings Co., Ltd.	$	378,858
	4,716	Renesas Electronics Corp. (a)		72,037
	34,608	Resona Holdings, Inc.		191,354
	9,748	Ricoh Co., Ltd.		84,105
	249	Secom Co., Ltd.		16,892
	3,298	Seiko Epson Corp.		51,794
	3,875	Sekisui House, Ltd.		77,118
	5,745	Seven & I Holdings Co., Ltd.		224,918
	3,295	Shin-Etsu Chemical Co., Ltd.		95,705
	7,729	Shiseido Co., Ltd.		270,856
	18,261	Shizuoka Financial Group, Inc.		148,818
	7,525	SoftBank Corp.		85,170
	1,941	SoftBank Group Corp.		81,766
	644	Sompo Holdings, Inc.		27,600
	1,109	Sony Corp.		90,689
	2,410	Square Enix Holdings Co., Ltd.		82,580
	15,388	Subaru Corp.		299,212
	9,264	Sumitomo Corp.		184,890
	10,196	Sumitomo Mitsui Financial Group, Inc.		500,889
	4,317	Sumitomo Mitsui Trust Holdings, Inc.		162,522
	611	Suntory Beverage & Food, Ltd.		18,595
	293	Suzuki Motor Corp.		11,785
	2,203	Sysmex Corp.		104,680
	1,357	T&D Holdings, Inc.		22,316
	1,209	Taisei Corp.		42,552
	1,551	Taiyo Nippon Sanso Corp.		36,722
	9,964	Takeda Pharmaceutical Co., Ltd.		308,849
	1,513	The Kansai Electric Power Co., Inc.		20,947
	2,406	TIS, Inc.		52,906
	3,809	Tobu Railway Co Ltd.		97,897
	8,800	Tokio Marine Holdings, Inc.		203,753
	2,516	Tokyo Electron, Ltd.		343,666
	11,827	Tokyo Gas Co., Ltd.		268,149
	1,396	Toppan Printing Co., Ltd.		33,394
	6,682	Toray Industries, Inc.		34,767
	361	Toyota Industries Corp.		28,416
	15,513	Toyota Motor Corp.		278,308
	3,681	Toyota Tsusho Corp.		216,502
	1,795	Trend Micro, Inc.		67,947
	842	Unicharm Corp.		29,771
	14,448	Welcia Holdings Co., Ltd.		249,501
	1,595	West Japan Railway Co.		66,002
	5,026	Yakult Honsha Co., Ltd.		122,066
	4,481	Yamaha Motor Co., Ltd.		117,792
	844	Yaskawa Electric Corp.		30,393
	879	Yokogawa Electric Corp.		16,965
	7,430	Zensho Holdings Co Ltd.		322,645
	14,823	ZOZO, Inc.		271,427

				22,318,035

		Jersey - 0.39%
	73,315	Glencore PLC		417,496

		Luxembourg - 0.13%
	751	Eurofins Scientific SE		42,324
	5,727	Tenaris SA		90,464

				132,788

		Macau - 0.06%
	21,135	Sands China, Ltd. (a)		64,271


Number of Shares			Value
		Netherlands - 4.38%
	10,389	ABN AMRO Group NV	$	146,823
	16	Adyen NV (a)		11,863
	2,252	AerCap Holdings NV - ADR (a)		141,133
	1,225	Airbus SE		163,964
	15,970	ArcelorMittal		399,826
	96	ASM International NV		40,089
	1,656	ASML Holding NV		974,971
	1,020	BE Semiconductor Industries NV		99,763
	12,207	CNH Industrial NV		148,189
	3,469	Davide Campari-Milano NV		40,838
	2,663	EXOR NV		235,539
	518	Ferrari NV		152,699
	1,272	Ferrovial SE		38,868
	668	Heineken Holding NV		50,341
	152	Heineken NV		13,400
	11,801	ING Groep NV		155,538
	1,835	JDE Peet’s NV		51,256
	16,450	Koninklijke Ahold Delhaize NV		495,798
	2,637	Koninklijke Philips NV (a)		52,614
	1,999	Prosus NV		58,893
	506	Qiagen NV (a)		20,417
	4,762	Randstad Holding NV		263,082
	18,849	Stellantis NV		360,929
	3,906	STMicroelectronics NV		168,439
	2,164	Universal Music Group NV		56,472
	2,409	Wolters Kluwer NV		291,671

				4,633,415

		New Zealand - 0.29%
	1,088	EBOS Group Ltd.		22,289
	12,639	Fisher & Paykel Healthcare Corp., Ltd.		162,956
	1,714	Xero, Ltd. (a)		123,267

				308,512

		Norway - 0.66%
	1,872	Aker BP ASA		51,690
	2,519	DNB Bank ASA		50,611
	10,682	Equinor ASA		350,071
	6,408	Gjensidige Forsikring ASA		94,028
	2,889	Kongsberg Gruppen ASA		119,066
	886	Yara International ASA		33,455

				698,921

		Portugal - 0.44%
	7,146	Galp Energia SGPS SA		105,848
	16,087	Jeronimo Martins SGPS SA		361,285

				467,133

		Singapore - 1.79%
	7,071	DBS Group Holdings, Ltd.		173,661
	187,604	Genting Singapore Ltd.		115,815
	11,790	Jardine Cycle & Carriage, Ltd.		274,874
	32,790	Keppel Corp., Ltd.		162,830
	19,839	Oversea-Chinese Banking Corp., Ltd.		185,535
	30,965	SembCorp Industries Ltd.		115,094
	552,950	Seatrium Ltd. (a)		54,068
	33,509	Singapore Airlines, Ltd.		158,069
	24,983	Singapore Exchange, Ltd.		177,730
	6,132	United Overseas Bank, Ltd.		127,718
	126,928	Wilmar International, Ltd.		345,408

				1,890,802

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS (Continued)
		Spain - 2.33%
	8,391	ACS, Actividades de Construccion y Servicios SA	$	301,654
	470	Amadeus IT Holdings SA		28,389
	45,232	Banco Bilbao Vizcaya Argentaria SA		366,059
	108,430	Banco Santander SA		412,909
	24,079	CaixaBank SA		95,931
	2,519	Iberdrola SA		28,174
	14,978	Industria de Diseno Textil SA		557,362
	1,219	Naturgy Energy Group SA		33,163
	21,834	Repsol SA		359,148
	67,751	Telefonica SA		276,786

				2,459,575

		Sweden - 2.20%
	3,993	Alfa Laval AB		136,792
	1,962	Assa Abloy AB - Series B		42,632
	14,765	Atlas Copco AB - A Shares		198,304
	11,710	Atlas Copco AB - B Shares		136,949
	2,900	EPIROC AB		46,392
	2,120	EPIROC AB		40,253
	2,941	Essity AB - Class B		63,429
	767	Evolution AB		77,397
	30,767	Hennes & Mauritz AB - B Shares		436,282
	599	Indutrade AB		11,063
	3,853	Investor AB		73,764
	1,712	Saab AB - Series B		87,133
	3,262	Securitas AB - B Shares		25,793
	5,280	Skandinaviska Enskilda Banken AB - Class A		62,947
	4,057	Svenska Handelsbanken AB - Class A		36,099
	9,391	Swedbank AB - A Shares		172,620
	3,749	Swedish Orphan Biovitrum AB (a)		76,602
	34,143	Telefonaktiebolaget LM Ericsson - B Shares (b)		166,337
	4,919	Volvo AB - A Shares		102,151
	6,262	Volvo AB - B Shares		128,982
	49,589	Volvo Car AB - Class B (a)		200,579

				2,322,500

		Switzerland - 7.17%
	4,065	ABB, Ltd.		145,093
	234	Baloise Holding AG		33,878
	712	Banque Cantonale Vaudoise		125,342
	1,104	BKW AG		115,525
	1,752	Cie Financiere Richemont SA		213,364
	2,925	Coca-Cola HBC AG		79,981
	153	EMS-Chemie Holding AG		103,680
	382	Geberit AG		190,495
	310	Helvetta Holding		43,303
	1,592	Julius Baer Group, Ltd.		101,901
	1,187	Kuehne & Nagel International AG		337,263
	3,774	LafargeHolcim, Ltd.		241,570
	2,971	Logitech International SA		204,400
	12,134	Nestle SA		1,373,521
	11,069	Novartis AG		1,130,462
	288	Partners Group Holding AG		323,307
	529	Roche Holding AG		155,413
	3,897	Roche Holdings AG - Non-Voting Shares		1,063,885
	2,900	SGS SA		243,384
	444	Sonova Holding AG		105,084
	1,111	Straumann Holding AG		141,407
	145	Swiss Life Holding AG		90,216
	652	Swiss Re AG		66,961


Number of Shares			Value
		Switzerland (Continued)
	1,072	The Swatch Group AG - Group I	$	52,355
	350	The Swatch Group AG - Group N		89,643
	15,965	UBS Group AG		393,253
	487	VAT Group AG		173,783
	522	Zurich Insurance Group AG		238,844

				7,577,313

		United Kingdom - 11.87%
	13,090	3i Group PLC		329,486
	8,419	Admiral Group PLC		243,308
	681	Ashtead Group PLC		41,298
	2,198	Associated British Foods PLC		55,223
	8,426	AstraZeneca PLC		1,136,544
	54,377	Auto Trader Group PLC		408,590
	22,094	BAE Systems PLC		268,485
	117,452	Barclays PLC		226,382
	30,562	Barratt Developments PLC		163,863
	2,152	Berkeley Group Holdings PLC		107,471
	112,519	BP PLC		725,295
	10,175	British American Tobacco PLC		319,484
	3,422	Bunzl PLC		121,871
	13,702	Burberry Group PLC		317,545
	125,229	Centrica PLC		235,546
	64,356	Coca-Cola European Partners PLC - ADR		91,283
	6,855	Compass Group PLC		166,863
	4,370	Diageo PLC		161,115
	4,417	Experian PLC		144,470
	21,282	GSK PLC		385,075
	17,164	Haleon PLC		71,147
	28,067	Hargreaves Lansdown PLC		263,971
	4,111	Hikma Pharmaceuticals PLC		104,392
	74,301	HSBC Holdings PLC		581,438
	9,056	Imperial Brands PLC		183,715
	8,800	Informa PLC		80,357
	1,144	InterContinental Hotels Group PLC		84,604
	114,711	J. Sainsbury PLC		353,258
	185,307	JD Sports Fashion PLC		336,618
	37,023	Kingfisher PLC		100,504
	51,867	Legal & General Group PLC		139,955
	346,606	Lloyds Banking Group PLC		186,265
	234	London Stock Exchange Group PLC		23,453
	10,587	Melrose Industries PLC		60,350
	43,379	NatWest Group PLC		124,089
	3,778	Next PLC		335,079
	1,587	Reckitt Benckiser Group PLC		111,917
	10,539	RELX PLC		355,587
	4,111	Rio Tinto PLC		258,142
	52,481	Rolls-Royce Holdings PLC (a)		140,618
	35,586	Shell PLC		1,127,877
	4,774	Smith & Nephew PLC		59,248
	1,936	Smiths Group PLC		38,116
	17,403	St. James’s Place PLC		175,579
	21,287	Standard Chartered PLC		195,789
	89,024	Tesco PLC		286,346
	29,375	The Sage Group PLC		353,498
	7,363	Unilever PLC		364,226
	396,042	Vodafone Group PLC		371,252
	3,161	Wise PLC - Class A (a)		26,361

				12,542,948

		Total Common Stocks (Cost $80,242,796)		100,876,591

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 3.29%
		Canada - 0.29%
	8,909	iShares MSCI Canada ETF	$	300,371

		Japan - 3.00%
	45,114	iShares MSCI EAFE ETF (b)		3,172,732

		Total Investment Companies (Cost $3,585,528)		3,473,103

		PREFERRED STOCKS - 0.33%
		Germany - 0.33%
	3,083	Bayerische Motoren Werke AG - Preference Shares		286,968
	934	Henkel AG & Co. KGaA - Preference Shares		66,509

		Total Preferred Stocks (Cost $296,168)		353,477

		REAL ESTATE INVESTMENT TRUSTS - 0.03%
		Australia - 0.03%
	10,739	Stockland		26,877

		Total Real Estate Investment Trusts (Cost $27,944)		26,877

		WARRANTS - 0.00% (d)
		Canada - 0.00%
	282	Constellation Software, Inc. (a)(e)(f)		0

		Total Warrants (Cost $0)		0

		SHORT TERM INVESTMENTS - 0.27%
		Money Market Funds - 0.27%
	282,228	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (c)		282,228

		Total Money Market Funds (Cost $282,228)		282,228


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 3.95%
	4,169,557	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (c)	$	4,169,557

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $4,169,557)		4,169,557

		Total Investments (Cost $88,604,221) - 103.33%		109,181,833
		Liabilities in Excess of Other Assets - (3.33)%		(3,507,703	)

		TOTAL NET ASSETS - 100.00%	$	105,674,130

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of September 30, 2023.

(d)

Less than 0.1%.

(e)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(f)

As of September 30, 2023, the Valuation Committee has fair valued these securities. The value of these securites were $0, which represents 0.00% of total net assets.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuideMark World ex-US Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY (Unaudited)

September 30, 2023


COMMON STOCKS
Aerospace & Defense			1.70%
Air Freight & Logistics			0.79%
Airlines			0.44%
Auto Components			0.42%
Automobiles			3.05%
Banks			9.74%
Beverages			0.83%
Biotechnology			0.16%
Building Products			0.81%
Capital Markets			2.48%
Chemicals			1.13%
Commercial Services & Supplies			0.45%
Communications Equipment			0.19%
Construction & Engineering			1.74%
Construction Materials			0.67%
Consumer Staples Distribution & Retail			0.14%
Distributors			0.26%
Diversified Consumer Services			0.12%
Diversified Financial Services			0.79%
Diversified Telecommunication Services			1.33%
Electric Utilities			0.57%
Electrical Equipment			0.55%
Electronic Equipment, Instruments & Components			0.52%
Energy Equipment & Services			0.09%
Entertainment			0.34%
Financial Services			0.30%
Food & Staples Retailing			4.57%
Food Products			2.93%
Gas Utilities			0.29%
Ground Transportation			0.32%
Health Care Equipment & Supplies			1.60%
Health Care Providers & Services			0.68%
Hotels, Restaurants & Leisure			2.00%
Household Durables			0.80%
Household Products			0.24%
Industrial Conglomerates			1.11%
Insurance			4.99%
Interactive Media & Services			0.50%
Internet & Direct Marketing Retail			0.50%
IT Services			0.72%
Leisure Products			0.20%
Life Sciences Tools & Services			0.09%
Machinery			1.83%
Marine			1.26%
Marine Transportation			0.66%
Media			0.39%
Metals & Mining			3.24%
Multiline Retail			0.93%
Multi-Utilities			0.49%



Oil & Gas			0.38%
Oil, Gas & Consumable Fuels			7.05%
Paper & Forest Products			0.13%
Passenger Airlines			0.26%
Personal Products			1.25%
Pharmaceuticals			9.11%
Professional Services			2.04%
Real Estate Management & Development			0.55%
Road & Rail			0.43%
Semiconductors & Semiconductor Equipment			2.24%
Software			2.22%
Specialty Retail			1.66%
Technology Hardware, Storage & Peripherals			0.50%
Textiles, Apparel & Luxury Goods			3.58%
Tobacco			0.67%
Trading Companies & Distributors			2.88%
Transportation Infrastructure			0.05%
Wireless Telecommunication Services			0.51%

TOTAL COMMON STOCKS			95.46%

INVESTMENT COMPANIES
International Equity Funds			3.29%

TOTAL INVESTMENT COMPANIES			3.29%

PREFERRED STOCKS
Automobiles			0.27%
Household Products			0.06%

TOTAL PREFERRED STOCKS			0.33%

REAL ESTATE INVESTMENT TRUSTS
Real Estate Investment Trusts			0.03%

TOTAL REAL ESTATE INVESTMENT TRUSTS			0.03%

WARRANTS
Software			0.00%

TOTAL WARRANTS			0.00%

SHORT TERM INVESTMENTS
Money Market Funds			0.27%

TOTAL SHORT TERM INVESTMENTS			0.27%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
Private Investment Funds			3.95%

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL			3.95%

TOTAL INVESTMENTS			103.33%
Liabilities in Excess of Other Assets			(3.33)%

TOTAL NET ASSETS			100.00%

Percentages are stated as a percent of net assets.

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Principal Amount			Value
		ASSET BACKED SECURITIES - 9.17%
		Affirm Asset Securitization Trust
	167	Series 2020-Z1A, 3.460%, 10/15/2024 (Callable 10/15/2023) (c)(g)	$	166
	6,783	Series 2020-Z2A, 1.900%, 01/15/2025 (Callable 10/15/2023) (c)(g)		6,734
	145,000	Series 2023-A1A, 6.610%, 01/18/2028 (Callable 01/15/2025) (c)(g)		144,352
	285,000	Aligned Data Centers Issuer LLC Series 2023-1 A-2, 6.000%, 08/17/2048 (Callable 08/15/2026) (c)		274,478
		American Credit Acceptance Receivables Trust
	25,000	Series 2022-3B, 4.550%, 10/13/2026 (Callable 04/13/2025) (c)		24,848
	125,000	Series 2023-3B, 6.090%, 11/12/2027 (Callable 12/12/2026) (c)		124,869
	150,000	AmeriCredit Automobile Receivables Trust Series 2019-3D, 2.580%, 09/18/2025 (Callable 03/18/2024)		147,538
	86,195	Amur Equipment Finance Receivables XI LLC Series 2022-2 A-2, 5.300%, 06/21/2028 (Callable 06/20/2026) (c)		85,432
	300,000	ARI Fleet Lease Trust Series 2023-A A-2, 5.410%, 02/17/2032 (Callable 06/15/2026) (c)		297,514
	99,122	Avant Loans Funding Trust Series 2021-REV1 A, 1.210%, 07/15/2030 Callable 10/15/2023) (c)(g)		97,873
	140,000	Avis Budget Rental Car Funding AESOP LLC Series 2023-7 A, 6.300%, 08/21/2028 (c)		139,741
	450,000	Bain Capital Credit CLO Ltd. Series 2017-2A AR2, 6.793% (3 Month LIBOR USD + 1.442%, 1.180% Floor), 07/25/2034 (Callable 10/25/2023) (a)(c)		446,354
	33,725	BHG Securitization Trust Series 2021-B A, 0.900%, 10/17/2034 Callable 02/17/2028) (c)(g)		32,442
	260,000	BlueMountain CLO, Ltd. Series 2019-24A AR, 6.688% (3 Month LIBOR USD + 1.362%, 1.100% Floor ), 04/20/2034 (Callable 10/20/2023) (a)(c)		257,678
	380,000	Carvana Auto Receivables Trust Series 2022-P2, 4.130%, 04/12/2027 (Callable 10/10/2027)		372,791
		CF Hippolyta Issuer LLC
	89,945	Series 2020-1 A1, 1.690%, 07/15/2060 (Callable 10/15/2023) (c)		81,782
	87,644	Series 2020-1 A2, 1.990%, 07/15/2060 (Callable 07/15/2024) (c)		73,602
	94,245	Series 2021-1A A1, 1.530%, 03/15/2061 (Callable 03/15/2024) (c)		82,853
	107,484	Series 2022-1A A1, 5.970%, 08/15/2062 (c)		104,712
	232,436	Chesapeake Funding II LLC Series 2023-1A A-1, 5.650%, 05/15/2035 (Callable 11/15/2025) (c)		230,987
	65,000	CNH Equipment Trust Series 2023-A A4, 4.770%, 10/15/2030 (Callable 08/15/2027)		63,424
	321,191	CPS Auto Receivables Trust Series 2023-B A, 5.910%, 08/16/2027 (Callable 06/15/2027) (c)		320,719


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	604,238	DB Master Finance LLC Series 2021-1A A23, 2.791%, 11/20/2051 (Callable 11/20/2027) (c)(g)	$	467,453
	110,000	DLLAA LLC Series 2023-1, 5.640%, 02/22/2028 (Callable 12/20/2027) (c)		110,071
		Domino’s Pizza Master Issuer LLC
	180,975	Series 2018-1, 4.116%, 07/25/2048 (Callable 10/25/2023) (c)(g)		172,166
	72,375	Series 2019-1, 3.668%, 10/25/2049 (Callable 10/25/2026) (c)(g)		62,777
	185,725	Series 2021-1A A2I, 2.662%, 04/25/2051 (Callable 10/25/2025) (c)(g)		156,939
	58,034	Drive Auto Receivables Trust Series 2019-4, 2.700%, 02/16/2027 (Callable 12/15/2023)		57,587
	110,000	DT Auto Owner Trust Series 2023-2A-B, 5.410%, 02/15/2029 (Callable 09/15/2026) (c)		108,450
	145,000	Enterprise Fleet Financing 2023-1 LLC Series 2023-1 A3, 5.420%, 10/22/2029 (Callable 12/20/2026) (c)		143,014
		Exeter Automobile Receivables Trust
	114,294	Series 2019-4, 2.580%, 09/15/2025 (Callable 05/15/2024) (c)		112,565
	46,483	Series 2020-1, 2.730%, 12/15/2025 (Callable 08/15/2024) (c)		45,653
	98,766	Series 2022-1, 2.180%, 06/15/2026 (Callable 05/15/2026)		98,096
	120,000	Series 2022-4, 4.570%, 01/15/2027 (Callable 05/15/2026)		118,815
	62,000	Series 2022-6, 6.030%, 08/16/2027 (Callable 09/15/2026)		61,647
	60,000	Series 2023-3, 6.110%, 09/15/2027 (Callable 10/15/2028)		59,816
		Flagship Credit Auto Trust
	53,000	Series 2023-1, 5.050%, 01/18/2028 (Callable 02/15/2027) (c)		51,792
	136,000	Series 2023-2, 5.210%, 05/15/2028 (Callable 08/15/2028) (c)		133,050
	204,000	Series 2022-3, 4.690%, 07/17/2028 (Callable 08/15/2026) (c)		197,844
	452,444	Galaxy XXIII CLO Ltd. Series 2017-23A AR, 6.477% (3 Month LIBOR USD + 1.132%, 0.870% Floor), 04/24/2029 (Callable 10/24/2023) (a)(c)		450,816
	40,000	GLS Auto Receivables Issuer Trust Series 2022-3 B, 4.920%, 01/15/2027 (Callable 05/15/2026) (c)		39,392
	300,000	GTP Acquisition Partners I LLC Series 2015-1-2, 3.482%, 06/16/2025 (Callable 12/15/2023) (c)		287,194
	370,000	Hertz Vehicle Financing III LLC Series 2023-3 B, 5.940%, 02/25/2028 (c)		370,119
	150,000	Kubota Credit Owner Trust 2023-1 Series 2023 A-3, 5.020%, 06/15/2027 (Callable 11/15/2026) (c)		147,817
	1,683	LCM XX LP Series 2015-20R, 6.628% (3 Month LIBOR USD + 1.302%, 0.000% Floor), 10/20/2027 (Callable 10/20/2023) (a)(c)		1,683

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	216,307	Madison Park Funding XLI Ltd. Series 2015-12R, 6.437% (3 Month LIBOR USD + 1.092%, 0.000% Floor), 04/22/2027 (Callable 10/22/2023) (a)(c)	$	216,163
		Navient Private Education Refi Loan Trust
	108,586	Series 2021-E A, 0.970%, 12/16/2069 (Callable 10/15/2029) (c)		90,995
	179,554	Series 2021-F A, 1.110%, 02/18/2070 (Callable 03/15/2030) (c)		149,877
	225,070	Series 2023-A A, 5.510%, 10/15/2071 (Callable 10/15/2032) (c)		220,723
	280,000	Octagon 61 Ltd. Series 2023-61, 7.419% (TSFR3M + 2.350%, 2.350% Floor), 04/20/2036 (Callable 04/20/2025) (a)(c)		283,330
	88,516	OZLM VII, Ltd. Series 2014-7R, 6.580% (3 Month LIBOR USD + 1.272%, 1.010% Floor), 07/17/2029 (Callable 10/17/2023) (a)(c)		88,167
	420,000	Regatta VI Funding Ltd. Series 2016-1A AR2, 6.748% (3 Month LIBOR USD + 1.422%, 1.160% Floor), 04/20/2034 (Callable 10/20/2023) (a)(c)		417,783
	415,000	Retained Vantage Data Centers Issuer LLC 5.000%, 09/15/2048 (Callable 09/15/2028) (c)		374,936
		RR, Ltd.
	420,000	Series 2023-23R A2R, 7.999% (TSFR3M + 2.650%, 2.650% Floor), 10/15/2035 (a)(c)		419,975
	250,000	Series 2023-26A A2, 6.982% (TSFR3M + 2.250%, 2.250% Floor), 04/15/2038 (Callable 04/15/2025) (a)(c)		251,498
		Santander Drive Auto Receivables Trust
	95,000	Series 2022-5, 4.430%, 03/15/2027 (Callable 11/15/2025)		93,205
	65,000	Series 2022-6, 4.720%, 06/15/2027 (Callable 11/15/2025)		63,788
	305,000	Series 2022-4, 4.420%, 11/15/2027 (Callable 12/15/2025)		298,172
	255,000	Series 2022-7, 5.950%, 01/17/2028 (Callable 10/15/2025)		253,790
	115,000	Series 2023-1, 4.980%, 02/15/2028 (Callable 12/15/2025)		113,071
	190,000	Series 2023-3, 5.610%, 07/17/2028 (Callable 04/15/2028)		188,414
	195,000	Series 2023-4, 5.770%, 12/15/2028 (Callable 02/15/2028)		194,503
	155,000	SFS Auto Receivables Securitization Trust Series 2023-1, 5.470%, 12/20/2029 (Callable 12/20/2026) (c)		153,129
		Sound Point CLO, Ltd.
	121,088	Series 2018-3, 6.520% (3 Month LIBOR USD + 1.212%, 0.000% Floor), 04/15/2029 (Callable 10/15/2023) (a)(c)		120,901
	410,000	Series 2021-1A A, 6.683% (3 Month LIBOR USD + 1.332%, 1.332% Floor), 04/25/2034 (Callable 10/25/2023) (a)(c)		404,107
	270,000	Stack Infrastructure Issuer LLC Series 2023-2 A-2, 5.900%, 07/25/2048 (Callable 06/25/2026) (c)		260,973


Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
	100,000	Summit Issuer LLC Series 2020-1, 2.290%, 12/20/2050 (Callable 12/20/2024) (c)	$	90,096
	725,085	Taco Bell Funding LLC Series 2021-1A A2II, 2.294%, 08/25/2051 (Callable 02/25/2026) (c)(g)		593,831
	250,000	Texas Debt Capital CLO, Ltd. Series 2023-I B, 7.122% (TSFR3M + 2.300%, 2.300% Floor), 04/20/2036 (Callable 04/20/2025) (a)(c)		250,424
	405,000	THL Credit Wind River CLO Ltd. Series 2020-1A, 7.018% (3 Month LIBOR USD + 1.692%, 1.430% Floor), 10/20/2033 (Callable 10/20/2023) (a)(c)		404,377
		Upstart Securitization Trust
	2,038	Series 2021-3, 0.830%, 07/20/2031 (Callable 10/20/2024) (c)		2,031
	27,164	Series 2021-4, 0.840%, 09/20/2031 (Callable 01/20/2025) (c)		26,889
		Venture CLO, Ltd.
	410,000	Series 2021-42A A1A, 6.700% (3 Month LIBOR USD + 1.392%, 1.130% Floor), 04/15/2034 (Callable 10/15/2023) (a)(c)		402,737
	180,000	Series 2021-43A A1, 6.810% (3 Month LIBOR USD + 1.502%, 1.240% Floor), 04/15/2034 (Callable 10/15/2023) (a)(c)		178,391
	175,644	Voya CLO, Ltd. Series 2015-1R, 6.472% (3 Month LIBOR USD + 1.162%, 0.900% Floor), 01/18/2029 (Callable 10/18/2023) (a)(c)		175,345
	370,000	Wellfleet CLO X, Ltd. Series 2019-XA A1R, 6.758% (3 Month LIBOR USD + 1.432%, 0.000% Floor), 07/20/2032 (Callable 10/20/2023) (a)(c)		367,202
	75,400	Wendy’s Funding LLC Series 2018-1, 3.884%, 03/15/2048 (Callable 03/15/2024) (c)(g)		67,718
		Westlake Automobile Receivables Trust
	225,000	Series 2022-2 B, 4.310%, 09/15/2027 (Callable 11/15/2025) (c)		220,755
	60,000	Series 2023-1, 5.410%, 01/18/2028 (Callable 03/15/2026) (c)		59,276
	98,500	Wingstop Funding LLC Series 2020-1, 2.841%, 12/05/2050 (Callable 06/05/2024) (c)(g)		85,504
	100,000	World Omni Auto Receivables Trust Series 2023-A B, 5.030%, 05/15/2029 (Callable 07/15/2026)		97,587

		Total Asset Backed Securities (Cost $14,785,291)		14,545,308

		COLLATERALIZED MORTGAGE OBLIGATIONS - 15.91%
	209,191,510	Asset Backed Trust Series 2021-NPL2 A-1, 2.116%, 06/25/2061 (Callable 07/25/2024) (c)(k)		192,254
	80,153	Ajax Mortgage Loan Trust Series 2021-C A, 2.115%, 01/25/2061 (Callable 10/25/2023) (c)(k)		75,627
		Angel Oak Mortgage Trust
	71,892	Series 2020-R1, 0.990%, 04/25/2053 (Callable 10/25/2023) (b)(c)		64,753

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	148,411	Series 2021-4 A1, 1.035%, 01/20/2065 (Callable 10/25/2023) (b)(c)	$	117,898
	26,602	Series 2020-6 TR, 1.261%, 05/25/2065 (Callable 10/25/2023) (b)(c)		23,648
	91,075	Series 2021-1, 0.909%, 01/25/2066 (Callable 10/25/2023) (b)(c)		74,757
	93,575	Series 2021-2 A1, 0.985%, 04/25/2066 (Callable 10/25/2023) (b)(c)		76,032
	173,702	Series 2021-3 A1, 1.068%, 05/25/2066 (Callable 10/25/2023) (b)(c)		142,861
	229,910	Series 2021-5 A1, 0.951%, 07/25/2066 (Callable 10/25/2023) (b)(c)		187,608
	170,708	Series 2021-8, 1.820%, 11/25/2066 (Callable 12/25/2023) (b)(c)		141,121
	426,820	Series 2022-1, 2.881%, 12/25/2066 (Callable 01/25/2025) (c)(k)		367,147
	100,000	Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd. Series 2021-FL2 A, 6.547% (1 Month LIBOR USD + 1.214%, 1.100% Floor), 05/15/2036 (Callable 12/15/2023) (a)(c)		99,309
		Arroyo Mortgage Trust
	57,329	Series 2019-3, 2.962%, 10/25/2048 (Callable 10/25/2023) (b)(c)		52,009
	60,997	Series 2019-2, 3.347%, 04/25/2049 (Callable 10/25/2023) (b)(c)		56,155
		BANK
	2,125,813	Series 2019-BNK23, 0.806%, 12/15/2052 (Callable 09/15/2029) (b)(j)		70,642
	997,624	Series 2023-BNK45, 1.204%, 02/15/2056 (Callable 10/15/2032) (b)(j)		63,837
	978,637	Series 2019-BNK18, 1.033%, 05/15/2062 (Callable 02/15/2029) (b)(j)		37,645
	1,151,444	Series 2019-BNK20, 0.935%, 09/15/2062 (Callable 07/15/2029) (b)(j)		42,917
	1,304,817	Series 2019-BNK22, 0.708%, 11/15/2062 (Callable 08/15/2029) (b)(j)		37,522
	982,477	Series 2019-BNK24, 0.754%, 11/15/2062 (Callable 09/15/2029) (b)(j)		31,095
	972,165	Series 2020-BNK26, 1.335%, 03/15/2063 (Callable 12/15/2029) (b)(j)		53,822
	1,520,842	Series 2020-BNK28, 1.876%, 03/15/2063 (Callable 07/15/2030) (b)(j)		137,104
		BBCMS Mortgage Trust
	90,000	Series 2022-C15, 3.662%, 04/15/2055 (Callable 04/15/2032) (b)		76,650
	100,000	Series 2022-C16, 4.600%, 06/15/2055 (Callable 06/15/2032) (b)		91,372
	125,000	Series 2022-C18 A4, 5.439%, 12/15/2055 (Callable 12/15/2032) (b)		122,039
	40,000	Series 2022-C18 A5, 5.710%, 12/15/2055 (Callable 12/15/2032) (b)		39,522
		Benchmark Mortgage Trust
	223,572	Series 2019-B11, 3.410%, 05/15/2052 (Callable 06/15/2029)		218,379
	959,824	Series 2019-B12, 1.161%, 08/15/2052 (Callable 05/15/2029) (b)(j)		34,216
	392,610	Series 2020-B18, 1.912%, 07/15/2053 (Callable 05/15/2030) (b)(j)		26,786


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	749,599	Series 2020-B22, 1.627%, 01/15/2054 (Callable 11/15/2030) (b)(j)	$	60,632
	1,837,133	Series 2023-B39, 0.724%, 07/15/2056 (Callable 03/15/2033) (b)(j)		74,621
	1,418,320	Series 2019-B10, 1.356%, 03/15/2062 (Callable 01/15/2029) (b)(j)		66,370
	250,000	Benefit Street Partners CLO XXXI, Ltd. Series B-1, 7.220% (TSFR3M + 2.350%, 2.350% Floor), 04/25/2036 (Callable 04/25/2025) (a)(c)		251,495
	112,793	BINOM Securitization Trust Series 2021-INV1, 2.034%, 06/25/2056 (Callable 12/25/2024) (b)(c)		95,225
		BRAVO Residential Funding Trust
	62,916	Series 2021-NQM1 A1, 0.941%, 02/25/2049 (Callable 09/25/2027) (b)(c)		54,942
	50,299	Series 2021-NQM2 A1, 0.970%, 03/25/2060 (Callable 07/25/2024) (b)(c)		46,220
	283,732	Series 2021-C A1, 1.620%, 03/01/2061 (10/25/2023) (Callable 10/25/2023) (c)(k)		250,763
		CAMB Commercial Mortgage Trust
	150,000	Series 2019-LIFE A, 6.450% (1 Month LIBOR USD + 1.117%, 1.070% Floor), 12/15/2037 (a)(c)		149,375
	100,000	Series 2019-LIFE C, 6.830% (1 Month LIBOR USD + 1.497%, 1.450% Floor), 12/15/2037 (a)(c)		99,039
	130,000	CCG Receivables Trust 2023-1 Series 2023-1, 5.820%, 09/16/2030 (Callable 06/14/2026) (c)		129,895
	4,000	Chase Mortgage Finance Trust Series 2007-A1, 4.425%, 02/25/2037 (Callable 05/25/2029) (b)		3,858
		Citigroup Commercial Mortgage Trust
	376,000	Series 2014-GC19, 4.023%, 03/11/2047 (Callable 03/10/2024)		374,127
	296,312	Series 2016-P3, 3.329%, 04/15/2049 (Callable 04/15/2026)		276,165
	505,000	Series 2016-P4, 2.902%, 07/10/2049 (Callable 07/10/2026)		461,545
	31,896	Citigroup Mortgage Loan Trust, Inc. Series 2018-RP1, 3.000%, 09/25/2064 *Callable 12/25/2033) (b)(c)		30,455
		COLT Mortgage Loan Trust
	292,392	Series 2020-RPL1 A1, 1.390%, 01/25/2065 (Callable 10/25/2023) (b)(c)		239,185
	61,737	Series 2020-2R A1, 1.325%, 10/26/2065 (Callable 10/25/2023) (b)(c)		54,245
	151,074	Series 2021-1 A1, 0.910%, 06/25/2066 (Callable 10/25/2023) (b)(c)		119,792
	273,583	Series 2021-3 A1, 0.956%, 09/27/2066 (Callable 10/25/2023) (b)(c)		208,873
	342,519	Series 2021-HX1 A1, 1.110%, 10/25/2066 (Callable 10/25/2023) (b)(c)		273,305
	413,906	Series 2022-1 A1, 2.284%, 12/27/2066 (Callable 01/25/2024) (b)(c)		350,954
	87,009	Series 2022-4 A-1, 4.301%, 03/25/2067 (Callable 04/25/2025) (b)(c)		80,950
		COMM Mortgage Trust
	120,000	Series 2013-300P, 4.353%, 08/10/2030 (Callable 08/10/2024) (c)		109,720

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	100,000	Series A, 2.819%, 01/10/2039 (Callable 01/10/2027) (c)	$	84,881
	100,000	Series C, 3.376%, 01/10/2039 (Callable 01/10/2027) (c)		79,329
		Connecticut Avenue Securities Trust
	49,805	Series 2022-R08 1M-1, 7.865% (SOFR30A + 2.550%, 2.550% Floor), 07/25/2042 (Callable 07/25/2027) (a)(c)		50,764
	99,734	Series 2023-R03, 7.815% (SOFR30A + 2.500%, 0.000% Floor), 04/25/2043 (Callable 04/25/2028) (a)(c)		100,928
	70,600	Series 2023-R04, 7.615% (SOFR30A + 2.300%, 0.000% Floor), 05/25/2043 (Callable 05/25/2028) (a)(c)		71,555
	202,633	Series 2023-R05, 7.215% (SOFR30A + 1.900%, 1.900% Floor), 06/25/2043 (Callable 06/25/2028) (a)(c)		203,474
	90,880	Series 2023-R06, 7.015% (SOFR30A + 1.700%, 0.000% Floor), 07/25/2043 (Callable 07/25/2028) (a)(c)		91,517
		Countrywide Home Loans, Inc.
	4,625	Series 2004-HYB6, 4.795%, 11/20/2034 (Callable 10/20/2023) (b)		4,338
	57,206	Series 2005-11, 6.034% (1 Month LIBOR USD + 0.714%, 0.600 Floor, 10.500% Cap), 03/25/2035 (Callable 10/25/2023) (a)		37,875
	176,727	CSAIL Commercial Mortgage Trust Series 2016-C6, 2.960%, 01/15/2049 (Callable 05/15/2026)		170,642
		CSMC Trust
	97,069	Series 2020-NET, 2.257%, 08/15/2037 (c)		87,015
	22,559	Series 2017-FHA1, 3.250%, 04/25/2047 (Callable 07/25/2037) (b)(c)		19,877
	192,739	Series 2020-RPL4, 2.000%, 01/25/2060 (Callable 01/25/2040) (b)(c)		164,579
	99,076	Series 2021-RPL4 A1, 1.796%, 12/27/2060 (Callable 10/25/2023) (b)(c)		92,724
	102,535	Series 2020-NQM1, 1.208%, 05/25/2065 (Callable 10/25/2023) (c)(k)		91,897
	171,193	Series 2021-NQM2, 1.179%, 02/25/2066 (Callable 03/25/2024) (b)(c)		142,505
	136,495	Series 2021-NQM5 A1, 0.938%, 05/25/2066 (Callable 07/25/2024) (b)(c)		103,844
	343,394	Series 2021-NQM6 A1, 1.174%, 07/25/2066 (Callable 09/25/2024) (b)(c)		269,324
	176,695	Series 2021-NQM8, 1.841%, 10/25/2066 (Callable 11/25/2024) (b)(c)		144,174
	455,582	Series 2022-NQM1, 2.265%, 11/25/2066 (Callable 01/25/2025) (b)(c)		376,015
		DBGS Mortgage Trust
	215,000	Series 2018-C1, 4.466%, 10/15/2051 (Callable 10/15/2028)		196,527
	11,122,161	Series 2018-C1, 0.325%, 10/15/2051 (Callable 07/15/2028) (b)(j)		89,196
		DBJPM Mortgage Trust
	182,304	Series 2016-C1, 3.038%, 05/10/2049 (Callable 04/10/2026)		174,756
	475,000	Series 2016-C3, 2.890%, 08/10/2049 (Callable 08/10/2026)		432,560
	309,040	Series 2020-C9, 1.824%, 09/15/2053 (Callable 06/15/2030) (b)(j)		18,463


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	60,785	Deephaven Residential Mortgage Trust Series 2021-2 A1, 0.899%, 04/25/2066 (Callable 10/25/2023) (b)(c)	$	52,151
		Ellington Financial Mortgage Trust
	64,674	Series 2021-2 A1, 0.931%, 06/25/2066 (Callable 06/25/2024) (b)(c)		50,690
	211,554	Series 2022-1, 2.206%, 01/25/2067 (Callable 02/25/2025) (b)(c)		172,795
	285,000	Elmwood CLO 19, Ltd. Series 2022-6A BR, 0.000% (TSFR3M + 2.400%, 2.400% Floor), 10/17/2036 (a)(c)		285,000
	250,000	Elmwood CLO 23, Ltd. Series 2023-2A B, 7.307% (TSFR3M + 2.250%, 2.250% Floor), 04/16/2036 (Callable 04/16/2025) (a)(c)		252,247
		FirstKey Homes Trust
	114,353	Series 2022-SFR1, 4.145%, 05/17/2039 (c)		108,037
	482,273	Series 2022-SFR2, 4.250%, 07/17/2039 (c)		452,424
		GCAT Trust
	106,691	Series 2021-NQM1, 0.874%, 01/25/2066 (Callable 02/25/2024) (b)(c)		88,899
	131,504	Series 2021-NQM2 A1, 1.036%, 05/25/2066 (Callable 10/25/2023) (b)(c)		104,851
	167,152	Series 2021-NQM3 A1, 1.091%, 05/25/2066 (Callable 06/25/2024) (b)(c)		134,154
	237,639	Series 2021-NQM4, 1.093%, 08/25/2066 (Callable 09/25/2024) (b)(c)		179,694
	128,264	Series 2021-NQM7, 1.915%, 08/25/2066 (Callable 05/25/2030) (b)(c)		109,163
		GS Mortgage Securities Trust
	145,000	Series 2012-BWTR, 2.954%, 11/05/2034 (Callable 11/05/2024) (c)		107,810
	35,000	Series 2015-GC34, 3.506%, 10/10/2048 (Callable 10/10/2025)		32,839
	1,432,505	Series 2020-GC45, 0.778%, 02/13/2053 (Callable 10/13/2029) (b)(j)		41,520
	220,000	Hawaii Hotel Trust 2019-MAUI Series 2019-MAUI, 6.529% (1 Month LIBOR USD + 1.197%, 1.150% Floor), 05/15/2038 (a)(c)		218,523
		Imperial Fund Mortgage Trust
	135,379	Series 2021-NQM2 A-1, 1.073%, 09/25/2056 (Callable 08/25/2024) (b)(c)		103,936
	453,122	Series 2022-NQM2, 3.638%, 03/25/2067 (Callable 03/25/2025) (c)(k)		404,471
	90,000	JPMBB Commercial Mortgage Securities Trust Series 2020-NNN, 2.812%, 01/16/2037 (Callable 01/16/2025) (c)		82,004
		Legacy Mortgage Asset Trust
	74,660	Series 2021-GS4 A1, 1.650%, 11/25/2060 (Callable 10/25/2023) (c)(k)		67,965
	129,224	Series 2021-GS3 A1, 1.750%, 07/25/2061 (Callable 10/25/2023) (c)(k)		120,979
	520,974	Life 2021-BMR Mortgage Trust Series A, 6.146% (1 Month LIBOR USD + 0.814%, 0.700% Floor), 03/15/2038 (a)(c)		510,988
	260,000	MF1, Ltd. Series 2022-FL8, 7.077% (SOFR30A + 1.750%, 1.750% Floor), 02/19/2037 (Callable 02/17/2024) (a)(c)(g)		255,312

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		MFRA Trust
	97,741	Series 2021-NQM2, 1.029%, 11/25/2064 (Callable 07/25/2024) (b)(c)	$	79,976
	21,515	Series 2020-NQM3 A1, 1.014%, 01/26/2065 (Callable 11/25/2023) (b)		19,081
	70,692	Series 2021-NQM1 A-1, 1.153%, 04/25/2065 (Callable 03/25/2024) (b)(c)		61,819
		Mill City Mortgage Loan Trust
	32,336	Series 2018-2, 3.500%, 05/25/2058 (Callable 04/25/2034) (b)(c)		31,634
	167,317	Series 2019-GS1, 2.750%, 07/25/2059 (Callable 04/25/2049) (b)(c)		157,443
	38,604	Series 2017-3, 2.750%, 01/25/2061 (Callable 12/25/2033) (b)(c)		37,481
	36,304	Series 2018-1, 3.250%, 05/25/2062 (Callable 11/25/2033) (b)(c)		35,049
	60,316	Morgan Stanley ABS Capital I, Inc. Trust Series 2003-NC10, 6.454% (1 Month LIBOR USD + 1.134%, 1.020% Floor), 10/25/2033 (Callable 10/25/2023) (a)		59,423
	175,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, 3.325%, 05/15/2049 (Callable 05/15/2026)		162,614
	250,000	New Economy Assets Phase 1 Sponsor LLC Series 2021-1 A-1, 1.910%, 10/20/2061 (Callable 10/20/2024) (c)		215,951
		New Residential Mortgage Loan Trust
	30,773	Series 2016-2, 3.750%, 11/26/2035 (Callable 05/25/2030) (b)(c)		28,534
	66,701	Series 2018-4, 6.184% (1 Month LIBOR USD + 0.864%, 0.750% Floor), 01/25/2048 (Callable 02/25/2030) (a)(c)		64,875
	28,284	Series 2016-4, 3.750%, 11/25/2056 (Callable 02/25/2034) (b)(c)		25,884
	279,261	Series 2021-NQM3 A1, 1.156%, 11/27/2056 (Callable 10/25/2023) (b)(c)		225,586
	20,805	Series 2017-4, 4.000%, 05/25/2057 (Callable 11/25/2030) (b)(c)		19,028
	18,916	Series 2017-5, 6.934% (1 Month LIBOR USD + 1.614%, 1.500% Floor), 06/25/2057 (Callable 01/25/2030) (a)(c)		18,816
	75,421	Series 2018-1, 4.000%, 12/25/2057 (Callable 09/25/2032) (b)(c)		70,378
	159,058	Series 2018-3, 4.500%, 05/25/2058 (Callable 02/25/2034) (b)(c)		150,027
	60,251	Series 2021-NQM2R A-1, 0.941%, 10/25/2058 (Callable 05/25/2024) (b)(c)		53,385
	114,925	Series 2019-3, 3.750%, 11/25/2058 (Callable 03/25/2035) (b)(c)		104,537
	81,842	Series 2019-5, 3.500%, 08/25/2059 (Callable 08/25/2035) (b)(c)		74,814
	21,967	Series 2019-NQM4, 2.492%, 09/25/2059 (Callable 10/25/2023) (b)(c)		20,339
	408,591	Series 2022-NQM1, 2.277%, 04/25/2061 (Callable 01/25/2024) (b)(c)		343,274
	282,072	NMLT Trust Series 2021-INV1 A1, 1.185%, 05/25/2056 (Callable 05/25/2024) (b)(c)		225,712


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		OBX Trust
	170,518	Series 2021-NQM3 A1, 1.054%, 07/25/2061 (Callable 08/25/2024) (b)(c)	$	127,883
	368,395	Series 2022-NQM1, 2.305%, 11/25/2061 (Callable 01/25/2025) (b)(c)		306,651
	161,863	Series 2021-NQM1, 1.072%, 02/25/2066 (Callable 03/25/2024) (b)(c)		131,986
		Pretium Mortgage Credit Partners LLC
	135,709	Series 2021-NPL3 A1, 1.868%, 07/25/2051 (Callable 10/25/2023) (c)(k)		126,177
	127,367	Series 2021-RN2 A1, 1.744%, 07/25/2051 (Callable 10/25/2023) (c)(k)		118,770
	154,922	Series 2021-NPL2 A-1, 1.992%, 06/27/2060 (Callable 10/27/2023) (c)(k)		144,146
	248,460	Series 2021-RN1 A1, 1.992%, 02/25/2061 (Callable 06/25/2024) (c)(k)		235,497
		Progress Residential Trust
	371,588	Series 2021-SFR3, 1.637%, 05/17/2026 (c)		330,597
	397,382	Series 2021-SFR1, 1.052%, 04/17/2038 (c)		350,391
	327,529	Series 2021-SFR8, 1.510%, 10/17/2038 (c)		285,720
	109,253	Series 2022-SFR3, 3.200%, 04/17/2039 (Callable 04/17/2025) (c)		99,313
	98,731	Series 2022-SFR5, 4.451%, 06/17/2039 (c)		93,423
	143,988	Series 2022-SFR7, 4.750%, 10/27/2039 (c)		136,574
	299,229	Series 2022-SFR4, 4.438%, 05/17/2041 (c)		277,710
		PRPM Trust
	47,719	Series 2020-6, 2.363%, 11/25/2025 (Callable 10/25/2023) (c)(k)		46,585
	111,382	Series 2021-3 A1, 1.867%, 04/25/2026 (Callable 10/25/2023) (c)(k)		105,015
	174,757	Series 2021-4 A1, 1.867%, 04/25/2026 (Callable 10/25/2023) (c)(k)		161,487
	170,631	Series 2021-5 A1, 1.793%, 06/25/2026 (Callable 10/25/2023) (c)(k)		158,226
	151,383	Series 2021-6 A1, 1.793%, 07/25/2026 (Callable 10/25/2023) (c)(k)		142,427
	242,952	Series 2021-7 A1, 1.867%, 08/25/2026 (Callable 10/25/2023) (c)(k)		224,279
	312,767	Series 2021-9, 2.363%, 10/25/2026 (Callable 10/25/2023) (c)(k)		292,990
	155,000	SBA Tower Trust Series 2019-1, 2.836%, 01/15/2025 (Callable 01/15/2024) (c)		148,413
	63,243	Seasoned Credit Risk Transfer Trust Series Series 2019-3, 3.500%, 10/25/2058 (Callable 07/25/2045)		55,451
		SG Commercial Mortgage Securities Trust
	355,000	Series 2020-COVE, 2.632%, 03/15/2037 (c)		330,175
	75,000	Series 2016-C5, 3.055%, 10/10/2048 (Callable 07/10/2026)		68,405
	239,059	SG Residential Mortgage Trust Series 2021-1 A-1, 1.160%, 07/25/2061 (Callable 10/25/2023) (b)(c)		182,570
		Starwood Mortgage Residential Trust
	18,356	Series 2020-3, 1.486%, 04/25/2065 (Callable 10/25/2023) (b)(c)		17,005
	121,713	Series 2021-1, 1.219%, 05/25/2065 (Callable 10/25/2023) (b)(c)		105,764

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	48,793	Series 2021-2 A1, 0.943%, 05/25/2065 (Callable 10/25/2023) (b)(c)	$	43,104
	272,700	Series 2021-6, 1.920%, 11/25/2066 (Callable 11/25/2024) (b)(c)		216,935
	175,475	Toorak Mortgage Corp. Series 2021-1 A1, 2.240%, 06/25/2024 (Callable 10/25/2023) (c)(k)		171,051
		Towd Point Mortgage Trust
	34,239	Series 2022-EBO1, 2.161%, 01/25/2052 (Callable 10/25/2023) (b)(c)		33,828
	20,955	Series 2018-1, 3.000%, 01/28/2058 (Callable 10/25/2023) (b)(c)		20,201
	72,809	Series 2018-2, 3.250%, 03/25/2058 (Callable 07/25/2028) (b)(c)		69,738
	191,399	Series 2019-1, 3.750%, 03/25/2058 (Callable 10/25/2027) (b)(c)		179,008
	73,081	Series 2018-3, 3.750%, 05/25/2058 (Callable 08/25/2028) (b)(c)		69,296
	132,289	Series 2020-4, 1.750%, 10/25/2060 (Callable 10/25/2029) (c)		114,867
	415,340	Series 2021-R1 A1, 2.918%, 11/30/2060 (b)(c)		340,324
	41,330	Triangle Re 2021-3 Ltd. Series 2021-3, 7.215% (SOFR30A + 1.900%, 1.900% Floor), 02/25/2034 (Callable 12/25/2025) (a)(c)		41,392
	74,293	Tricolor Auto Securitization Trust 2023-1 Series 2023-1, 6.480%, 08/17/2026 (Callable 08/15/2025) (c)		74,145
	505,000	Tricon Residential Trust Series 2022-SFR1, 3.856%, 04/17/2039 (c)		468,322
		VCAT Asset Securitization LLC
	44,842	Series 2021-NPL2 A1, 2.115%, 03/27/2051 (Callable 10/25/2023) (c)(k)		42,876
	141,403	Series 2021-NPL3 A1, 1.743%, 05/25/2051 (Callable 10/25/2023) (c)(k)		132,043
	194,058	Series 2021-NPL4 A1, 1.868%, 08/25/2051 (Callable 10/25/2023) (c)(k)		181,963
	260,290	Series 2021-NPL5, 1.868%, 08/25/2051 (Callable 10/25/2023) (c)(k)		246,453
	335,128	Series 2021-NPL6, 1.917%, 09/25/2051 (Callable 10/25/2023) (c)(k)		309,816
		Vericrest Opportunity Loan Transferee
	182,931	Series 2021-R2 A1, 2.116%, 04/25/2051 (Callable 10/25/2023) (c)(k)		171,066
	75,982	Series 2021-NPL9, 1.992%, 05/25/2051 (Callable 10/25/2023) (c)(k)		70,609
	169,276	Series 2021-CF1 A1, 1.992%, 08/25/2051 (Callable 10/25/2023) (c)(k)		149,128
		Verus Securitization Trust
	32,257	Series 2019-4, 3.142%, 11/25/2059 (Callable 10/25/2023) (b)(c)		31,029
	77,062	Series 2021-R2 A-1, 0.918%, 02/25/2064 (Callable 10/25/2023) (b)(c)		65,747
	77,351	Series 2021-2, 1.031%, 02/25/2066 (Callable 10/25/2023) (b)(c)		64,836
	117,546	Series 2021-4, 0.938%, 07/25/2066 (Callable 07/25/2024) (b)(c)		89,254
	296,972	Series 2021-5 A-1, 1.013%, 09/25/2066 (Callable 09/25/2024) (b)(c)		234,345


Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	189,176	Series 2021-8, 1.824%, 11/25/2066 (Callable 12/25/2025) (b)(c)	$	156,644
	281,547	Series 2022-1 A-1, 2.724%, 01/25/2067 (Callable 01/25/2025) (c)(k)		243,496
	265,000	Wells Fargo Commercial Mortgage Trust 2015-NXS1 Series A-5, 3.148%, 05/15/2048 (Callable 04/15/2025)		252,337

		Total Collateralized Mortgage Obligations (Cost $28,575,253)		25,224,832

		CORPORATE OBLIGATIONS - 25.77%
		Aerospace & Defense - 0.19%
		Boeing Co.
	108,000	5.040%, 05/01/2027 (Callable 03/01/2027)		105,411
	35,000	5.150%, 05/01/2030 (Callable 02/01/2030)		33,477
	169,000	Northrop Grumman Corp. 5.150%, 05/01/2040 (Callable 11/01/2039)		154,249

				293,137

		Banks - 5.17%
		Bank of America Corp.
	260,000	5.933% (SOFR + 1.340%), 09/15/2027 (Callable 09/15/2026) (a)		258,528
	205,000	5.202% (SOFR + 1.630%), 04/25/2029 (Callable 04/25/2028) (a)		197,782
	210,000	2.592% (SOFR + 2.150%), 04/29/2031 (Callable 04/29/2030) (a)		169,019
	820,000	1.922% (SOFR + 1.370%), 10/24/2031 (Callable 10/24/2030) (a)		619,367
	515,000	2.687% (SOFR + 1.320%), 04/22/2032 (Callable 04/22/2031) (a)		405,332
	115,000	2.299% (SOFR + 1.220%), 07/21/2032 (Callable 07/21/2031) (a)		87,218
	100,000	2.572% (SOFR + 1.210%), 10/20/2032 (Callable 10/20/2031) (a)		76,914
		Barclays PLC
	200,000	6.224% (SOFR + 2.980%), 05/09/2034 (Callable 05/09/2033) (a)		189,641
	200,000	7.119% (SOFR + 3.570%), 06/27/2034 (Callable 06/27/2033) (a)(e)		192,896
		BNP Paribas SA
	200,000	2.219% (SOFR + 2.074%), 06/09/2026 (Callable 06/09/2025) (a)(c)		186,716
	235,000	5.125% (1 Year CMT Rate + 1.450%), 01/13/2029 (Callable 01/13/2028) (a)(c)		227,035
	250,000	BPCE SA 2.045% (SOFR + 1.087%), 10/19/2027 (Callable 10/19/2026) (a)(c)		220,375
	200,000	Danske Bank AS 5.375%, 01/12/2024 (c)		199,341
	285,000	Deutsche Bank AG/New York NY 2.129% (SOFR + 1.870%), 11/24/2026 (Callable 11/24/2025) (a)		257,850
		HSBC Holdings PLC
	200,000	1.589% (SOFR + 1.290%), 05/24/2027 (Callable 05/24/2026) (a)		176,779
	200,000	5.887% (SOFR + 1.570%), 08/14/2027 (Callable 08/14/2026) (a)		197,664

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Banks (Continued)
	520,000	5.402% (SOFR + 2.870%), 08/11/2033 (Callable 08/11/2032) (a)	$	479,607
	620,000	6.547% (SOFR + 2.980%), 06/20/2034 (Callable 06/20/2033) (a)(e)		588,714
	35,000	Huntington Bancshares, Inc. 6.208% (SOFR + 2.020%), 08/21/2029 (Callable 08/21/2028) (a)		34,266
	200,000	Intesa Sanpaolo SpA 6.625%, 06/20/2033 (c)		188,250
		JPMorgan Chase & Co.
	105,000	3.782% (3 Month LIBOR USD + 1.599%), 02/01/2028 (Callable 02/01/2027) (a)		97,856
	115,000	4.323% (SOFR + 1.560%), 04/26/2028 (Callable 04/26/2027) (a)		109,152
	60,000	4.851% (SOFR + 1.990%), 07/25/2028 (Callable 07/25/2027) (a)		57,859
	80,000	3.509% (3 Month LIBOR USD + 1.207%), 01/23/2029 (Callable 01/23/2028) (a)		72,618
	175,000	5.299% (SOFR + 1.450%), 07/24/2029 (Callable 07/24/2028) (a)		170,373
	105,000	2.739% (SOFR + 1.510%), 10/15/2030 (Callable 10/15/2029) (a)		87,911
	235,000	2.545% (SOFR + 1.180%), 11/08/2032 (Callable 11/08/2031) (a)		182,020
	500,000	Manufacturers & Traders Trust Co. 4.700%, 01/27/2028 (Callable 12/27/2027)		462,114
	200,000	NatWest Group PLC 5.847% (1 Year CMT Rate + 1.350%), 03/02/2027 (Callable 03/02/2026) (a)		197,500
	135,000	Royal Bank of Canada 5.200%, 08/01/2028 (e)		131,455
	490,000	Societe Generale SA 6.221% (1 Year CMT Rate + 3.200%), 06/15/2033 (Callable 06/15/2032) (a)(c)		444,445
	200,000	Standard Chartered PLC 7.767% (1 Year CMT Rate + 3.450%), 11/16/2028 (Callable 11/16/2027) (a)(c)		209,728
		Wells Fargo & Co.
	75,000	3.000%, 04/22/2026		69,901
	135,000	3.000%, 10/23/2026		124,006
	175,000	4.808% (SOFR + 1.980%), 07/25/2028 (Callable 07/25/2027) (a)		167,113
	250,000	5.574% (SOFR + 1.740%), 07/25/2029 (Callable 07/25/2028) (a)		244,244
	100,000	2.879% (TSFR3M + 1.432%), 10/30/2030 (Callable 10/30/2029) (a)		83,508
	110,000	3.350% (SOFR + 1.500%), 03/02/2033 (Callable 03/02/2032) (a)		88,950
	95,000	4.897% (SOFR + 2.100%), 07/25/2033 (Callable 07/25/2032) (a)		86,032
	80,000	5.389% (SOFR + 2.020%), 04/24/2034 (Callable 04/24/2033) (a)		74,843
	90,000	5.013% (SOFR + 4.502%), 04/04/2051 (Callable 04/04/2050) (a)		75,634

				8,190,556

		Beverages - 0.06%
	105,000	Bacardi, Ltd / Bacardi-Martini BV 5.400%, 06/15/2033 (Callable 03/15/2033) (c)		98,555


Principal Amount			Value
		Biotechnology - 0.56%
		Amgen, Inc.
	95,000	5.150%, 03/02/2028 (Callable 02/02/2028)	$	93,479
	40,000	5.250%, 03/02/2030 (Callable 01/02/2030)		39,100
	170,000	5.250%, 03/02/2033 (Callable 12/02/2032)		162,617
	70,000	5.750%, 03/02/2063 (Callable 09/02/2062)		64,559
		CSL Finance PLC
	85,000	4.050%, 04/27/2029 (Callable 02/27/2029) (c)		79,353
	55,000	4.250%, 04/27/2032 (Callable 01/27/2032) (c)		49,815
		Gilead Sciences, Inc.
	160,000	1.650%, 10/01/2030 (Callable 07/01/2030)		125,042
	150,000	5.250%, 10/15/2033 (Callable 07/15/2033)		146,454
	135,000	McKesson Corp. 5.100%, 07/15/2033 (Callable 04/15/2033)		129,134

				889,553

		Capital Markets - 2.08%
		BP Capital Markets America, Inc.
	20,000	3.633%, 04/06/2030 (Callable 01/06/2030)		18,024
	115,000	2.721%, 01/12/2032 (Callable 10/12/2031)		93,569
	125,000	4.812%, 02/13/2033 (Callable 11/13/2032)		117,160
	100,000	4.893%, 09/11/2033 (Callable 06/11/2033)		93,974
	125,000	2.939%, 06/04/2051 (Callable 12/04/2050)		76,500
	45,000	3.379%, 02/08/2061 (Callable 08/08/2060) (e)		28,327
	55,000	Intercontinental Exchange, Inc. 4.350%, 06/15/2029 (Callable 04/15/2029)		51,856
		Morgan Stanley
	40,000	2.475% (SOFR + 1.000%), 01/21/2028 (Callable 01/21/2027) (a)		35,697
	35,000	5.123% (SOFR + 1.730%), 02/01/2029 (Callable 02/01/2028) (a)		33,729
	245,000	5.164% (SOFR + 1.590%), 04/20/2029 (Callable 04/20/2028) (a)		236,065
	55,000	5.449% (SOFR + 1.630%), 07/20/2029 (Callable 07/20/2028) (a)(e)		53,661
	210,000	2.699% (SOFR + 1.143%), 01/22/2031 (Callable 01/22/2030) (a)		171,851
	285,000	1.794% (SOFR + 1.034%), 02/13/2032 (Callable 02/13/2031) (a)		211,325
	145,000	1.928% (SOFR + 1.020%), 04/28/2032 (Callable 04/28/2031) (a)		107,811
	60,000	2.511% (SOFR + 1.200%), 10/20/2032 (Callable 10/20/2031) (a)		45,962
	30,000	5.948% (5 Year CMT Rate + 2.430%), 01/19/2038 (Callable 01/19/2033) (a)		28,069
		The Goldman Sachs Group, Inc.
	65,000	4.482% (SOFR + 1.725%), 08/23/2028 (Callable 08/23/2027) (a)		61,553
	70,000	1.992% (SOFR + 1.090%), 01/27/2032 (Callable 01/27/2031) (a)		52,588
	465,000	2.615% (SOFR + 1.281%), 04/22/2032 (Callable 04/22/2031) (a)		363,475
	290,000	2.383% (SOFR + 1.248%), 07/21/2032 (Callable 07/21/2031) (a)		221,056
	40,000	2.650% (SOFR + 1.264%), 10/21/2032 (Callable 10/21/2031) (a)		30,900
		UBS Group AG
	250,000	6.442% (SOFR + 3.700%), 08/11/2028 (Callable 08/11/2027) (a)(c)		249,922
	750,000	6.537% (SOFR + 3.920%), 08/12/2033 (Callable 08/12/2032) (a)(c)		742,586

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Capital Markets (Continued)
	195,000	Willis North America, Inc. 2.950%, 09/15/2029 (Callable 06/15/2029)	$	166,457

				3,292,117

		Chemicals - 0.34%
		Celanese US Holdings LLC
	230,000	6.165%, 07/15/2027 (Callable 06/15/2027)		226,940
	115,000	6.550%, 11/15/2030 (Callable 09/15/2030)		112,584
	235,000	The Sherwin-Williams Co. 2.300%, 05/15/2030 (Callable 02/15/2030)		191,487

				531,011

		Commercial Services & Supplies - 0.11%
	180,000	Waste Management, Inc. 4.875%, 02/15/2029 (Callable 01/15/2029)		176,210

		Consumer Finance - 0.71%
	60,000	American Express Co. 5.043% (SOFR + 1.835%), 05/01/2034 (Callable 05/01/2033) (a)		55,380
		American Tower Corp.
	150,000	3.650%, 03/15/2027 (Callable 02/15/2027)		139,112
	105,000	5.800%, 11/15/2028 (Callable 10/25/2023)		104,233
	145,000	3.800%, 08/15/2029 (Callable 05/15/2029)		129,252
		Capital One Financial Corp.
	30,000	5.468% (SOFR + 2.080%), 02/01/2029 (Callable 02/01/2028) (a)		28,578
	130,000	6.312% (SOFR + 2.640%), 06/08/2029 (Callable 06/08/2028) (a)		127,154
	60,000	3.273% (SOFR + 1.790%), 03/01/2030 (Callable 03/01/2029) (a)		50,232
	205,000	5.247% (SOFR + 2.600%), 07/26/2030 (Callable 07/26/2029) (a)		190,215
	90,000	6.377% (SOFR + 2.860%), 06/08/2034 (Callable 06/08/2033) (a)		85,043
		Nasdaq, Inc.
	70,000	5.350%, 06/28/2028 (Callable 05/28/2028)		68,772
	155,000	5.550%, 02/15/2034 (Callable 11/15/2033)		148,057

				1,126,028

		Diversified Consumer Services - 0.08%
		Howard University
	100,000	2.901%, 10/01/2031		81,422
	75,000	3.476%, 10/01/2041		51,446

				132,868

		Diversified Financial Services - 0.73%
	290,000	Athene Global Funding 2.646%, 10/04/2031 (c)		215,518
	300,000	DAE Funding LLC 1.550%, 08/01/2024 (Callable 07/01/2024) (c)		287,397
	340,000	Equitable Financial Life Global Funding 1.800%, 03/08/2028 (c)		285,076
		National Rural Utilities Cooperative Finance Corp.
	185,000	4.150%, 12/15/2032 (Callable 09/15/2032)		164,972
	45,000	5.800%, 01/15/2033 (Callable 07/15/2032)		44,998
		Shell International Finance BV
	180,000	3.250%, 04/06/2050 (Callable 10/06/2049)		120,172
	50,000	3.000%, 11/26/2051 (Callable 05/26/2051)		31,431

				1,149,564


Principal Amount			Value
		Diversified Telecommunication Services - 0.55%
		AT&T, Inc.
	50,000	2.550%, 12/01/2033 (Callable 09/01/2033)	$	36,748
	140,000	5.400%, 02/15/2034 (Callable 11/15/2033)		130,872
	160,000	4.500%, 05/15/2035 (Callable 11/15/2034)		137,170
	148,000	3.500%, 09/15/2053 (Callable 03/15/2053)		91,740
	51,000	3.550%, 09/15/2055 (Callable 03/15/2055)		31,143
	53,000	3.800%, 12/01/2057 (Callable 06/01/2057)		33,629
		Verizon Communications, Inc.
	37,000	2.550%, 03/21/2031 (Callable 10/25/2023)		29,482
	420,000	2.355%, 03/15/2032 (Callable 12/15/2031)		320,543
	85,000	2.650%, 11/20/2040 (Callable 05/20/2040)		53,808

				865,135

		Electric Utilities - 4.44%
	165,000	Alabama Power Co. 3.450%, 10/01/2049 (Callable 04/01/2049)		110,070
	65,000	Cleco Corporate Holdings LLC 3.375%, 09/15/2029 (Callable 06/15/2029)		54,386
	130,000	Consolidated Edison Co. of New York, Inc. 3.200%, 12/01/2051 (Callable 06/01/2051)		81,535
		Duke Energy Carolinas LLC
	150,000	2.550%, 04/15/2031 (Callable 01/15/2031)		123,107
	156,000	5.300%, 02/15/2040		144,666
		Duke Energy Corp.
	50,000	2.450%, 06/01/2030 (Callable 03/01/2030)		40,657
	474,000	2.550%, 06/15/2031 (Callable 03/15/2031)		376,329
	175,000	4.500%, 08/15/2032 (Callable 05/15/2032)		157,591
	45,000	5.000%, 08/15/2052 (Callable 02/15/2052)		37,495
	55,000	Duke Energy Indiana, Inc. 4.900%, 07/15/2043 (Callable 01/15/2043)		47,318
	95,000	Duke Energy Ohio, Inc. 5.250%, 04/01/2033 (Callable 01/01/2033)		91,853
	40,000	Edison International 5.250%, 11/15/2028 (Callable 10/15/2028)		38,520
	45,000	Evergy Metro, Inc. 2.250%, 06/01/2030 (Callable 03/01/2030)		36,364
		Evergy, Inc.
	80,000	2.450%, 09/15/2024 (Callable 08/15/2024)		77,306
	155,000	2.900%, 09/15/2029 (Callable 06/15/2029)		132,566
		Eversource Energy
	45,000	4.750%, 05/15/2026		44,018
	45,000	5.450%, 03/01/2028 (Callable 02/01/2028)		44,527
	285,000	5.125%, 05/15/2033 (Callable 02/15/2033)		265,838
	155,000	Exelon Corp. 5.150%, 03/15/2028 (Callable 02/15/2028)		152,170
	60,000	Florida Power & Light Co. 5.100%, 04/01/2033 (Callable 01/01/2033)		58,125
		Georgia Power Co.
	60,000	4.650%, 05/16/2028 (Callable 03/16/2028)		57,936
	120,000	4.700%, 05/15/2032 (Callable 02/15/2032)		111,387
	150,000	4.950%, 05/17/2033 (Callable 11/17/2032)		140,774
	50,000	4.750%, 09/01/2040		42,587
	120,000	ITC Holdings Corp. 2.950%, 05/14/2030 (Callable 02/14/2030) (c)		99,659
	65,000	Kentucky Utilities Co. 5.450%, 04/15/2033 (Callable 01/15/2033)		63,601
	65,000	Louisville Gas and Electric Co. 5.450%, 04/15/2033 (Callable 01/15/2033)		63,599
	75,000	Monongahela Power Co. 5.850%, 02/15/2034 (Callable 11/15/2033) (c)		73,718

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Electric Utilities (Continued)
	35,000	National Grid PLC 5.602%, 06/12/2028 (Callable 05/12/2028)	$	34,650
		NextEra Energy Capital Holdings, Inc.
	30,000	6.051%, 03/01/2025		30,058
	305,000	4.625%, 07/15/2027 (Callable 06/15/2027)		294,205
	445,000	2.250%, 06/01/2030 (Callable 03/01/2030)		356,687
	40,000	5.050%, 02/28/2033 (Callable 11/28/2032)		37,364
	125,000	Oglethorpe Power Corp. 5.050%, 10/01/2048 (Callable 04/01/2048)		102,465
	60,000	Ohio Edison Co. 5.500%, 01/15/2033 (Callable 10/15/2032) (c)		57,566
	160,000	Ohio Power Co. 5.000%, 06/01/2033 (Callable 03/01/2033)		150,381
		Pacific Gas and Electric Co.
	490,000	5.450%, 06/15/2027 (Callable 05/15/2027)		472,051
	115,000	6.100%, 01/15/2029 (Callable 12/15/2028)		112,436
	155,000	4.550%, 07/01/2030 (Callable 01/01/2030)		137,114
	470,000	2.500%, 02/01/2031 (Callable 11/01/2030)		357,987
	120,000	3.250%, 06/01/2031 (Callable 03/01/2031)		95,587
	120,000	6.150%, 01/15/2033 (Callable 10/15/2032)		113,974
	360,000	6.400%, 06/15/2033 (Callable 03/15/2033) (e)		347,836
	95,000	4.950%, 07/01/2050 (Callable 01/01/2050)		70,657
	45,000	PPL Capital Funding, Inc. 4.125%, 04/15/2030 (Callable 01/15/2030)		40,500
		Puget Energy, Inc.
	135,000	3.650%, 05/15/2025 (Callable 02/15/2025)		129,480
	45,000	4.100%, 06/15/2030 (Callable 03/15/2030)		39,266
		Southern California Edison Co.
	165,000	4.900%, 06/01/2026 (Callable 05/01/2026)		162,157
	40,000	5.850%, 11/01/2027 (Callable 10/01/2027)		40,248
	70,000	5.300%, 03/01/2028 (Callable 02/01/2028)		69,157
	90,000	2.850%, 08/01/2029 (Callable 05/01/2029)		77,769
	225,000	2.250%, 06/01/2030 (Callable 03/01/2030)		180,954
	110,000	2.750%, 02/01/2032 (Callable 11/01/2031)		88,089
	1,000	4.125%, 03/01/2048 (Callable 09/01/2047)		742
	45,000	3.650%, 02/01/2050 (Callable 08/01/2049)		30,430
	160,000	Southwestern Electric Power Co. 5.300%, 04/01/2033 (Callable 01/01/2033)		151,270
		The Southern Co.
	155,000	4.850%, 06/15/2028 (Callable 04/15/2028)		149,934
	35,000	5.200%, 06/15/2033 (Callable 12/15/2032)		33,115
	60,000	5.700%, 03/15/2034 (Callable 09/15/2033)		58,842
	210,000	Virginia Electric and Power Co. 5.000%, 04/01/2033 (Callable 01/01/2033)		197,384
	55,000	Xcel Energy, Inc. 4.600%, 06/01/2032 (Callable 12/01/2031)		49,968

				7,038,025

		Electrical Equipment - 0.21%
		Regal Rexnord Corp.
	250,000	6.050%, 04/15/2028 (Callable 03/15/2028) (c)		243,381
	100,000	6.300%, 02/15/2030 (Callable 12/15/2029) (c)		96,697

				340,078

		Electronic Equipment, Instruments & Components - 0.06%
		CDW LLC / CDW Finance Corp.
	60,000	2.670%, 12/01/2026 (Callable 11/01/2026)		54,192
	55,000	3.569%, 12/01/2031 (Callable 09/01/2031)		45,358

				99,550


Principal Amount			Value
		Energy Equipment & Services - 0.08%
	140,000	Schlumberger Investment SA 4.850%, 05/15/2033 (Callable 02/15/2033)	$	132,375

		Equity Real Estate Investment Trusts (REITs) - 0.32%
		Crown Castle, Inc.
	100,000	3.800%, 02/15/2028 (Callable 11/15/2027)		91,808
	225,000	4.800%, 09/01/2028 (Callable 08/01/2028)		213,784
		VICI Properties LP
	75,000	4.950%, 02/15/2030 (Callable 12/15/2029)		68,700
	145,000	5.125%, 05/15/2032 (Callable 02/15/2032)		129,955

				504,247

		Food Products - 0.49%
	65,000	BAT Capital Corp. 6.343%, 08/02/2030 (Callable 06/02/2030)		64,066
		Cargill, Inc.
	165,000	2.125%, 11/10/2031 (Callable 08/10/2031) (c)		128,644
	70,000	4.000%, 06/22/2032 (Callable 03/22/2032) (c)		62,613
	90,000	4.750%, 04/24/2033 (Callable 01/24/2033) (c)		85,012
		Conagra Brands, Inc.
	175,000	5.300%, 10/01/2026		173,335
	230,000	4.850%, 11/01/2028 (Callable 08/01/2028)		219,744
	45,000	General Mills, Inc. 4.950%, 03/29/2033 (Callable 12/29/2032)		42,209

				775,623

		Health Care Equipment & Supplies - 0.24%
	200,000	Alcon Finance Corp. 2.750%, 09/23/2026 (Callable 07/23/2026) (c)		184,027
		GE HealthCare Technologies, Inc.
	100,000	5.857%, 03/15/2030 (Callable 01/15/2030)		99,226
	105,000	5.905%, 11/22/2032 (Callable 08/22/2032)		104,235

				387,488

		Health Care Providers & Services - 0.60%
	70,000	CommonSpirit Health 2.760%, 10/01/2024 (Callable 07/01/2024)		67,834
		CVS Health Corp.
	65,000	5.125%, 02/21/2030 (Callable 12/21/2029)		62,554
	55,000	5.250%, 02/21/2033 (Callable 11/21/2032) (e)		52,145
	100,000	4.125%, 04/01/2040 (Callable 10/01/2039)		77,755
		HUMANA, Inc.
	165,000	3.700%, 03/23/2029 (Callable 02/23/2029) (e)		150,617
	60,000	5.875%, 03/01/2033 (Callable 12/01/2032)		59,782
		Kaiser Foundation Hospitals
	70,000	2.810%, 06/01/2041 (Callable 12/01/2040)		47,055
	70,000	3.002%, 06/01/2051 (Callable 12/01/2050)		44,097
	15,000	Sutter Health 3.361%, 08/15/2050 (Callable 02/15/2050)		9,823
		UnitedHealth Group, Inc.
	85,000	5.300%, 02/15/2030 (Callable 12/15/2029)		84,546
	100,000	4.200%, 05/15/2032 (Callable 02/15/2032)		91,336
	65,000	5.350%, 02/15/2033 (Callable 11/15/2032)		64,361
	10,000	3.500%, 08/15/2039 (Callable 02/15/2039)		7,705
	80,000	5.875%, 02/15/2053 (Callable 08/15/2052)		80,310
	30,000	4.950%, 05/15/2062 (Callable 11/15/2061)		25,879
	25,000	6.050%, 02/15/2063 (Callable 08/15/2062)		25,295

				951,094

		Hotels, Restaurants & Leisure - 0.13%
	135,000	Equinix, Inc. 3.200%, 11/18/2029 (Callable 08/18/2029)		115,735

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Hotels, Restaurants & Leisure (Continued)
	105,000	GLP Capital LP / GLP Financing II, Inc. 5.300%, 01/15/2029 (Callable 10/15/2028)	$	97,446

				213,181

		Industrial Conglomerates - 0.05%
	90,000	NXP BV / NXP Funding LLC / NXP USA, Inc. 4.300%, 06/18/2029 (Callable 03/18/2029)		82,505

		Insurance - 0.75%
		Aon Corp / Aon Global Holdings PLC
	70,000	2.800%, 05/15/2030 (Callable 02/15/2030)		58,325
	45,000	5.350%, 02/28/2033 (Callable 11/28/2032)		43,197
	70,000	3.900%, 02/28/2052 (Callable 08/28/2051)		50,068
	190,000	Brighthouse Financial Global Funding 1.750%, 01/13/2025 (c)		179,284
		Corebridge Financial, Inc.
	150,000	3.850%, 04/05/2029 (Callable 02/05/2029)		134,888
	35,000	6.050%, 09/15/2033 (Callable 06/15/2033) (c)		34,057
		Marsh & McLennan Cos, Inc.
	90,000	4.750%, 03/15/2039 (Callable 09/15/2038)		79,121
	70,000	4.050%, 10/15/2023		69,921
	130,000	MetLife, Inc. 5.375%, 07/15/2033 (Callable 04/15/2033)		125,197
	360,000	Metropolitan Life Global Funding I 2.400%, 01/11/2032 (c)		283,336
	130,000	Principal Financial Group, Inc. 5.375%, 03/15/2033 (Callable 12/15/2032)		125,011

				1,182,405

		Internet & Direct Marketing Retail - 0.04%
	70,000	Amazon.com, Inc. 3.875%, 08/22/2037 (Callable 02/22/2037)		59,834

		Machinery - 0.15%
	40,000	Ingersoll Rand, Inc. 5.700%, 08/14/2033 (Callable 05/14/2033)		38,727
	245,000	Otis Worldwide Corp. 2.565%, 02/15/2030 (Callable 11/15/2029)		203,363

				242,090

		Media - 1.59%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	210,000	2.250%, 01/15/2029 (Callable 11/15/2028)		171,529
	29,000	3.500%, 03/01/2042 (Callable 09/01/2041)		18,015
	150,000	5.375%, 05/01/2047 (Callable 11/01/2046)		114,326
	55,000	5.750%, 04/01/2048 (Callable 10/01/2047)		43,922
	75,000	5.125%, 07/01/2049 (Callable 01/01/2049)		54,568
	160,000	4.800%, 03/01/2050 (Callable 09/01/2049)		111,805
	45,000	3.700%, 04/01/2051 (Callable 10/01/2050) (e)		26,190
	170,000	3.900%, 06/01/2052 (Callable 12/01/2051)		101,652
	70,000	4.400%, 12/01/2061 (Callable 06/01/2061)		43,155
		Comcast Corp.
	225,000	4.800%, 05/15/2033 (Callable 02/15/2033)		211,263
	35,000	3.200%, 07/15/2036 (Callable 01/15/2036)		27,013
	255,000	3.750%, 04/01/2040 (Callable 10/01/2039)		197,572
	75,000	2.937%, 11/01/2056 (Callable 05/01/2056)		42,707
		Cox Communications, Inc.
	101,000	3.150%, 08/15/2024 (Callable 06/15/2024) (c)		98,418
	120,000	2.600%, 06/15/2031 (Callable 03/15/2031) (c)		93,571
		Discovery Communications LLC
	18,000	4.125%, 05/15/2029 (Callable 02/15/2029)		16,095


Principal Amount			Value
		Media (Continued)
	70,000	3.625%, 05/15/2030 (Callable 02/15/2030)	$	59,296
	179,000	5.200%, 09/20/2047 (Callable 03/20/2047)		135,754
	103,000	5.300%, 05/15/2049 (Callable 11/15/2048)		78,917
	75,000	4.650%, 05/15/2050 (Callable 11/15/2049)		53,009
		Paramount Global
	15,000	4.950%, 01/15/2031 (Callable 10/15/2030)		12,905
	295,000	4.200%, 05/19/2032 (Callable 02/19/2032) (e)		234,723
	130,000	4.375%, 03/15/2043		84,149
	40,000	5.850%, 09/01/2043 (Callable 03/01/2043)		31,128
		Time Warner Cable, Inc.
	30,000	5.500%, 09/01/2041 (Callable 03/01/2041)		23,446
	50,000	4.500%, 09/15/2042 (Callable 03/15/2042) (e)		34,606
		Warnermedia Holdings, Inc.
	210,000	4.279%, 03/15/2032 (Callable 12/15/2031) (e)		178,405
	310,000	5.141%, 03/15/2052 (Callable 09/15/2051)		230,108

				2,528,247

		Metals & Mining - 0.52%
	205,000	Anglo American Capital PLC 3.875%, 03/16/2029 (Callable 01/16/2029) (c)		183,875
	120,000	BHP Billiton Finance USA Ltd. 4.900%, 02/28/2033 (Callable 11/28/2032)		114,147
	200,000	Corp Nacional del Cobre de Chile 5.950%, 01/08/2034 (Callable 10/08/2033) (c)		194,112
		Glencore Funding LLC
	175,000	6.375%, 10/06/2030 (Callable 08/06/2030) (c)		174,685
	75,000	2.850%, 04/27/2031 (Callable 01/27/2031) (c)		59,604
	110,000	5.700%, 05/08/2033 (Callable 02/08/2033) (c)		104,470

				830,893

		Multi Utilities - 0.69%
	55,000	Arizona Public Service Co. 5.550%, 08/01/2033 (Callable 05/01/2033)		53,430
		Berkshire Hathaway Energy Co.
	65,000	6.125%, 04/01/2036		65,405
	80,000	4.600%, 05/01/2053 (Callable 11/01/2052)		62,530
		Dominion Energy, Inc.
	79,000	3.375%, 04/01/2030 (Callable 01/01/2030)		68,029
	341,000	5.375%, 11/15/2032 (Callable 08/15/2032) (e)		326,096
	10,000	6.300%, 03/15/2033		10,177
		NiSource, Inc.
	474,000	3.600%, 05/01/2030 (Callable 02/01/2030)		413,492
	25,000	5.400%, 06/30/2033 (Callable 03/30/2033)		23,999
	70,000	Sempra 3.400%, 02/01/2028 (Callable 11/01/2027)		63,777

				1,086,935

		Oil, Gas & Consumable Fuels - 2.42%
	50,000	Boston Gas Co. 3.757%, 03/16/2032 (Callable 12/16/2031) (c)		42,121
	45,000	Canadian Natural Resources Ltd. 2.950%, 07/15/2030 (Callable 04/15/2030)		37,363
	75,000	Cheniere Energy Partners LP 4.500%, 10/01/2029 (Callable 10/01/2024)		68,057
	65,000	Columbia Pipelines Holding Co., LLC 6.042%, 08/15/2028 (Callable 07/15/2028) (c)		64,735
		Columbia Pipelines Operating Co., LLC
	20,000	5.927%, 08/15/2030 (Callable 06/15/2030) (c)		19,756
	105,000	6.036%, 11/15/2033 (Callable 08/15/2033) (c)		102,626
	35,000	6.544%, 11/15/2053 (Callable 05/15/2053) (c)		34,219

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Oil, Gas & Consumable Fuels (Continued)
		ConocoPhillips Co.
	120,000	5.050%, 09/15/2033 (Callable 06/15/2033)	$	115,107
	80,000	3.800%, 03/15/2052 (Callable 09/15/2051)		58,057
	50,000	5.700%, 09/15/2063 (Callable 03/15/2063)		47,682
	125,000	Diamondback Energy, Inc. 6.250%, 03/15/2033 (Callable 12/15/2032)		125,197
		Enbridge, Inc.
	270,000	5.700%, 03/08/2033 (Callable 12/08/2032)		258,889
	55,000	2.500%, 08/01/2033 (Callable 05/01/2033)		40,846
		Energy Transfer LP
	45,000	5.250%, 04/15/2029 (Callable 01/15/2029)		43,188
	115,000	6.250%, 04/15/2049 (Callable 10/15/2048)		105,771
		Enterprise Products Operating LLC
	50,000	2.800%, 01/31/2030 (Callable 10/31/2029)		42,480
	90,000	5.350%, 01/31/2033 (Callable 10/31/2032)		88,106
		Equinor ASA
	95,000	3.625%, 04/06/2040 (Callable 10/06/2039)		73,372
	70,000	3.700%, 04/06/2050 (Callable 10/06/2049)		51,123
	186,624	Galaxy Pipeline Assets Bidco, Ltd. 2.940%, 09/30/2040 (c)		144,272
		Hess Corp.
	80,000	7.875%, 10/01/2029		86,818
	70,000	7.300%, 08/15/2031		74,279
	100,000	KeySpan Gas East Corp. 5.994%, 03/06/2033 (Callable 12/06/2032) (c)		96,691
		MPLX LP
	70,000	2.650%, 08/15/2030 (Callable 05/15/2030)		56,578
	35,000	4.950%, 09/01/2032 (Callable 06/01/2032)		31,906
	70,000	5.200%, 03/01/2047 (Callable 09/01/2046)		57,214
		Occidental Petroleum Corp.
	65,000	6.625%, 09/01/2030 (Callable 03/01/2030)		65,932
	55,000	6.450%, 09/15/2036		54,332
		ONEOK, Inc.
	45,000	4.350%, 03/15/2029 (Callable 12/15/2028)		41,540
	65,000	3.100%, 03/15/2030 (Callable 12/15/2029)		54,451
	30,000	6.100%, 11/15/2032 (Callable 08/15/2032)		29,668
	50,000	5.200%, 07/15/2048 (Callable 01/15/2048)		40,890
		Ovintiv, Inc.
	30,000	5.650%, 05/15/2028 (Callable 04/15/2028)		29,368
	45,000	7.375%, 11/01/2031		47,215
	60,000	6.250%, 07/15/2033 (Callable 04/15/2033)		58,081
	60,000	Pioneer Natural Resources Co. 5.100%, 03/29/2026		59,274
	45,000	Plains All American Pipeline LP / PAA Finance Corp. 3.550%, 12/15/2029 (Callable 09/15/2029)		38,718
	45,000	Sabine Pass Liquefaction LLC 4.500%, 05/15/2030 (Callable 11/15/2029)		41,293
		Southern California Gas Co.
	300,000	5.200%, 06/01/2033 (Callable 03/01/2033)		284,201
	50,000	5.750%, 06/01/2053 (Callable 12/01/2052)		46,687
		Southern Co. Gas Capital Corp.
	10,000	2.450%, 10/01/2023		9,992
	35,000	5.750%, 09/15/2033 (Callable 10/25/2023)		34,348
	5,000	Sunoco Logistics Partners Operations LP 5.300%, 04/01/2044 (Callable 10/01/2043)		4,078
	15,000	Targa Resources Corp. 6.125%, 03/15/2033 (Callable 12/15/2032)		14,737


Principal Amount			Value
		Oil, Gas & Consumable Fuels (Continued)
	280,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.000%, 01/15/2032 (Callable 07/15/2026)	$	235,918
	245,000	The Brooklyn Union Gas Co. 4.866%, 08/05/2032 (Callable 05/05/2032) (c)		219,059
		The Williams Companies, Inc.
	95,000	2.600%, 03/15/2031 (Callable 12/15/2030)		75,801
	130,000	4.650%, 08/15/2032 (Callable 05/15/2032)		118,375
	120,000	5.650%, 03/15/2033 (Callable 12/15/2032)		116,051
	120,000	TransCanada PipeLines Ltd. 2.500%, 10/12/2031 (Callable 07/12/2031)		93,034
	25,000	Transcontinental Gas Pipe Line Co., LLC 3.250%, 05/15/2030 (Callable 02/15/2030)		21,473
	40,000	Western Midstream Operating LP 4.050%, 02/01/2030 (Callable 11/01/2029)		35,010

				3,835,979

		Personal Products - 0.30%
		Estee Lauder Cos Inc/The
	130,000	4.375%, 05/15/2028 (Callable 04/15/2028)		125,310
	70,000	4.650%, 05/15/2033 (Callable 02/15/2033)		65,434
	30,000	5.150%, 05/15/2053 (Callable 11/15/2052)		27,035
	275,000	Haleon US Capital LLC 3.375%, 03/24/2027 (Callable 02/24/2027)		255,278

				473,057

		Pharmaceuticals - 0.16%
		Royalty Pharma PLC
	260,000	2.200%, 09/02/2030 (Callable 06/02/2030)		202,049
	15,000	2.150%, 09/02/2031 (Callable 06/02/2031)		11,236
	60,000	3.350%, 09/02/2051 (Callable 03/02/2051)		34,744

				248,029

		Semiconductors & Semiconductor Equipment - 0.28%
		Broadcom, Inc.
	185,000	3.187%, 11/15/2036 (Callable 08/15/2036) (c)		132,954
	11,000	4.926%, 05/15/2037 (Callable 02/15/2037) (c)		9,489
	160,000	Intel Corp. 5.050%, 08/05/2062 (Callable 02/05/2062)		134,750
		Marvell Technology, Inc.
	30,000	2.450%, 04/15/2028 (Callable 02/15/2028)		25,938
	45,000	5.950%, 09/15/2033 (Callable 06/15/2033)		44,212
	125,000	NVIDIA Corp. 3.500%, 04/01/2040 (Callable 10/01/2039)		98,437

				445,780

		Software - 0.37%
		Oracle Corp.
	55,000	2.300%, 03/25/2028 (Callable 01/25/2028)		47,684
	40,000	6.150%, 11/09/2029 (Callable 09/09/2029)		40,658
	50,000	2.950%, 04/01/2030 (Callable 01/01/2030)		42,105
	185,000	4.300%, 07/08/2034 (Callable 01/08/2034)		159,261
	25,000	3.900%, 05/15/2035 (Callable 11/15/2034)		20,460
	50,000	3.800%, 11/15/2037 (Callable 05/15/2037)		38,222
	107,000	3.600%, 04/01/2040 (Callable 10/01/2039)		77,337
	187,000	3.600%, 04/01/2050 (Callable 10/01/2049)		121,464
	65,000	4.100%, 03/25/2061 (Callable 09/25/2060)		43,360

				590,551

		Specialty Retail - 0.37%
	215,000	O’Reilly Automotive, Inc. 4.700%, 06/15/2032 (Callable 03/15/2032)		197,188

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		CORPORATE OBLIGATIONS (Continued)
		Specialty Retail (Continued)
		Penske Truck Leasing Co. Lp / PTL Finance Corp.
	110,000	5.750%, 05/24/2026 (Callable 04/24/2026) (c)	$	108,448
	50,000	6.050%, 08/01/2028 (Callable 07/01/2028) (c)		49,416
	80,000	6.200%, 06/15/2030 (Callable 04/15/2030) (c)		78,912
	155,000	4.400%, 07/01/2027 (Callable 06/01/2027) (c)		145,370

				579,334

		Tobacco - 0.60%
		Philip Morris International, Inc.
	120,000	5.125%, 11/17/2027 (Callable 10/17/2027)		117,699
	250,000	4.875%, 02/15/2028 (Callable 01/15/2028)		242,341
	80,000	5.625%, 11/17/2029 (Callable 09/17/2029)		79,205
	220,000	5.125%, 02/15/2030 (Callable 12/15/2029)		210,994
	190,000	5.375%, 02/15/2033 (Callable 11/15/2032)		180,277
	130,000	5.625%, 09/07/2033 (Callable 06/07/2033)		125,100

				955,616

		Wireless Telecommunication Services - 0.33%
	105,000	Rogers Communications Inc/Ontario 3.800%, 03/15/2032 (Callable 12/15/2031)		87,330
		T-Mobile USA, Inc.
	65,000	2.050%, 02/15/2028 (Callable 12/15/2027)		55,933
	210,000	3.875%, 04/15/2030 (Callable 01/15/2030)		186,243
	110,000	5.050%, 07/15/2033 (Callable 04/15/2033)		102,125
	100,000	5.750%, 01/15/2034 (Callable 10/15/2033)		97,625

				529,256

		Total Corporate Obligations (Cost $45,498,411)		40,856,906

		FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.77%
		Bermuda Government International Bond
	200,000	2.375%, 08/20/2030 (Callable 05/20/2030)		162,580
	200,000	5.000%, 07/15/2032 (Callable 04/15/2032) (c)		186,846
	210,000	Hungary Government International Bond 5.250%, 06/16/2029 (c)		200,929
		Romanian Government International Bond
	246,000	3.000%, 02/27/2027 (c)		224,049
	338,000	3.000%, 02/14/2031		272,739
	200,000	Saudi Government International Bond 5.000%, 01/18/2053 (c)		166,563

		Total Foreign Government Debt Obligations (Cost $1,397,276)		1,213,706

		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY - 36.45%
		Federal Home Loan Mortgage Corp.
	505	Pool #G1-3624 5.000%, 08/01/2024		494
	82,000	Series K-068, 3.244%, 08/25/2027 (Callable 10/25/2027)		76,751
	333,072	Series K-110, 1.813%, 04/25/2030 (Callable 02/25/2030) (b)(j)		27,562
	1,318,507	Series K-111, 1.680%, 05/25/2030 (Callable 04/25/2030) (b)(j)		105,367
	929,565	Series K-114, 1.210%, 06/25/2030 (Callable 03/25/2030) (b)(j)		54,429
	297,964	Series K-122, 0.970%, 11/25/2030 (Callable 08/25/2030) (b)(j)		14,067
	45,768	Series 2329, 6.500%, 06/15/2031		45,893
	24,908	Series 2338, 6.500%, 07/15/2031		25,408


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	19,304	Pool #78-0447 5.141% (1 Year CMT Rate + 2.250%, 2.250% Floor, 9.363% Cap), 04/01/2033 (a)	$	19,391
	43	Pool #A4-3129 5.500%, 02/01/2036		42
	20,415	Series 4216, 1.700%, 10/15/2039		19,833
	27,012	Series 3883, 3.000%, 05/15/2041		24,810
	105,550	Pool #U9-0688 4.000%, 05/01/2042		96,596
	186,478	Pool #Q4-9389 3.500%, 07/01/2047		163,845
	160,939	Pool #Q5-2093 3.500%, 11/01/2047		141,372
	358,449	Series 5170, 2.000%, 07/25/2050		294,236
	1,670,964	Pool #SD-8123 3.000%, 01/01/2051		1,387,425
	1,815,770	Pool #QC-8858 2.500%, 10/01/2051		1,460,773
	4,760,371	Pool #QD-4104 2.000%, 01/01/2052		3,630,956
	145,461	Pool #QE-0827 2.000%, 04/01/2052		111,057
	1,068,383	Pool #SD-8246 5.000%, 09/01/2052		1,009,972
		Federal National Mortgage Association
	82,854	Pool #AJ8325 3.000%, 12/01/2026		80,145
	396	Pool #544859 4.585% (11th District Cost of Funds Index + 1.695%, 1.695% Floor, 13.695% Cap), 08/01/2029 (a)		391
	710,926	Series K-104, 1.245%, 01/25/2030 (Callable 04/25/2030) (b)(j)		38,689
	16,684	Pool #BC4938 2.500%, 04/01/2031		15,232
	36,740	Pool #786848 7.000%, 10/01/2031		37,033
	1,267	Pool #727181 5.000%, 08/01/2033		1,243
	589	Pool #730727 5.000%, 08/01/2033		577
	190	Pool #741862 5.500%, 09/01/2033		189
	221	Pool #766197 5.500%, 02/01/2034		217
	52	Pool #776974 5.500%, 04/01/2034		51
	29,364	Pool #888504 5.006% (1 Year CMT Rate + 2.006%, 2.006% Floor, 9.222% Cap), 04/01/2034 (a)		29,296
	99,232	Pool #MA1870 4.500%, 04/01/2034		93,238
	2,293	Pool #775776 5.500%, 05/01/2034		2,260
	1,398,623	Series 2019-M21, 1.282%, 06/25/2034 (b)(j)		95,558
	74,129	Pool #802783 4.605% (12 Month LIBOR USD + 1.612%, 1.612% Floor, 10.271% Cap), 10/01/2034 (a)		73,201
	1,668	Pool #781629 5.500%, 12/01/2034		1,663
	1,489	Pool #822815 5.500%, 04/01/2035		1,459
	2,225	Pool #357850 5.500%, 07/01/2035		2,219
	1,459	Pool #820242 5.000%, 07/01/2035		1,431
	247	Pool #838452 5.500%, 09/01/2035		241
	3,300,000	Pool #TBA 1.500%, 10/15/2035 (h)		2,750,988
	1,730	Pool #865854 6.000%, 03/01/2036		1,755
	2,327	Pool #891474 6.000%, 04/01/2036		2,346
	987	Pool #906000 6.000%, 01/01/2037		988
	23	Pool #928062 5.500%, 02/01/2037		23
	25	Pool #899119 5.500%, 04/01/2037		25
	136,995	Pool #AS9772 3.500%, 06/01/2037		122,926
	60	Pool #970131 5.500%, 03/01/2038		60
	37	Pool #985108 5.500%, 07/01/2038		37
	45	Pool #964930 5.500%, 08/01/2038		44
	23	Pool #987032 5.500%, 08/01/2038		23
	20	Pool #968371 5.500%, 09/01/2038		20
	15	Pool #993050 5.500%, 12/01/2038		14
	6,285	Pool #993579 4.000%, 05/01/2039		5,727
	1,082	Pool #AA5840 4.000%, 06/01/2039		993
	24,082	Pool #AA8715 4.000%, 06/01/2039		22,091

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	64,635	Pool #AD0586 4.500%, 12/01/2039	$	61,133
	147,216	Pool #AD4062 5.000%, 05/01/2040		143,894
	124,860	Pool #AD6929 5.000%, 06/01/2040		122,260
	3,260	Pool #AD9896 4.000%, 08/01/2040		2,991
	3,895	Pool #AB1500 4.000%, 09/01/2040		3,573
	3,681	Pool #AD9856 4.000%, 09/01/2040		3,377
	1,733	Pool #AE2559 4.000%, 09/01/2040		1,590
	604	Pool #AE2562 4.000%, 09/01/2040		554
	423	Pool #AE2566 4.000%, 09/01/2040		388
	7,008	Pool #AE4124 4.000%, 10/01/2040		6,429
	3,947	Pool #AE4888 4.000%, 10/01/2040		3,621
	5,285	Pool #AE3916 4.000%, 11/01/2040		4,848
	742	Pool #AE5147 4.000%, 11/01/2040		681
	9,173	Pool #AE8715 4.000%, 11/01/2040		8,416
	1,308	Pool #AH0006 4.000%, 12/01/2040		1,200
	4,430	Pool #AH0020 4.000%, 12/01/2040		4,064
	5,612	Pool #AH0599 4.000%, 12/01/2040		5,148
	1,330	Pool #AH0601 4.000%, 12/01/2040		1,220
	4,382	Pool #AH1263 4.000%, 01/01/2041		4,020
	20,105	Pool #AL5233 4.000%, 01/01/2041		18,446
	1,191	Pool #AH4659 4.000%, 02/01/2041		1,093
	21,293	Pool #AH5653 4.000%, 02/01/2041		19,533
	30,452	Pool #AL0934 5.000%, 02/01/2041		29,805
	51,075	Pool #AD1889 4.500%, 03/01/2041		48,307
	3,730	Pool #AH6150 4.000%, 03/01/2041		3,422
	28,754	Pool #AL0215 4.500%, 04/01/2041		27,196
	24,070	Pool #AL0187 5.000%, 05/01/2041		23,568
	4,443	Pool #AL0456 5.000%, 06/01/2041		4,350
	20,078	Pool #AI8842 4.500%, 08/01/2041		18,990
	15,326	Pool #AL0815 4.000%, 09/01/2041		14,087
	16,474	Series 2012-21, 2.000%, 09/25/2041		14,677
	7,346	Pool #AJ1562 4.000%, 10/01/2041		6,752
	3,362	Pool #AJ1972 4.000%, 10/01/2041		3,084
	191,091	Pool #AJ2212 4.500%, 10/01/2041		180,732
	8,094	Pool #AJ4756 4.000%, 10/01/2041		7,440
	3,300,000	Pool #TBA 6.000%, 10/15/2041 (h)		3,258,750
	3,300,000	Series Pool #TBA, Pool #000TBA 5.000%, 10/15/2041 (h)		3,115,406
	2,000,000	Pool #TBA 4.000%, 10/15/2041 (h)		1,782,969
	3,518,000	Pool #TBA 4.500%, 10/15/2041 (h)		3,232,162
	6,805,000	Pool #TBA 5.500%, 10/15/2041 (h)		6,581,179
	6,394	Pool #AJ3330 4.000%, 11/01/2041		5,877
	5,910	Pool #AJ4549 4.000%, 11/01/2041		5,432
	5,834	Pool #AJ4698 4.000%, 11/01/2041		5,362
	10,826	Pool #AJ5424 4.000%, 11/01/2041		9,951
	3,528	Pool #AJ7840 4.000%, 11/01/2041		3,234
	6,627	Pool #AB3995 4.000%, 12/01/2041		6,091
	6,276	Pool #AI0848 4.000%, 12/01/2041		5,768
	5,057	Pool #AJ4187 4.000%, 12/01/2041		4,648
	6,135	Pool #AJ5736 4.000%, 12/01/2041		5,639
	3,328	Pool #AJ5968 4.000%, 12/01/2041		3,053
	6,057	Pool #AJ6061 4.000%, 12/01/2041		5,568
	5,760	Pool #AJ7868 4.000%, 12/01/2041		5,295
	10,572	Pool #AJ8104 4.000%, 12/01/2041		9,698
	8,258	Pool #AJ8109 4.000%, 12/01/2041		7,590
	3,764	Pool #AJ8171 4.000%, 12/01/2041		3,453
	8,772	Pool #AJ8341 4.000%, 12/01/2041		8,063
	12,833	Pool #AJ8436 4.000%, 12/01/2041		11,796
	5,016	Pool #AJ8912 4.000%, 12/01/2041		4,610


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	5,431	Pool #AJ9248 4.000%, 12/01/2041	$	4,992
	28,533	Series 2012-18, 2.000%, 12/25/2041		25,088
	515,000	Series 2022-90, 4.500%, 12/25/2041		477,551
	3,899	Pool #AJ2446 4.000%, 01/01/2042		3,577
	9,185	Pool #AJ7538 4.000%, 01/01/2042		8,442
	2,642	Pool #AJ8001 4.000%, 01/01/2042		2,424
	7,022	Pool #AJ8369 4.000%, 01/01/2042		6,454
	7,894	Pool #AJ9162 4.000%, 01/01/2042		7,256
	40,873	Pool #AJ9330 4.000%, 01/01/2042		37,569
	2,383	Pool #AJ9779 4.000%, 01/01/2042		2,191
	6,588	Pool #AK0170 4.000%, 01/01/2042		6,055
	15,581	Pool #AK0543 4.000%, 01/01/2042		14,321
	6,889	Pool #AK0563 4.000%, 01/01/2042		6,332
	11,604	Pool #AK1827 4.000%, 01/01/2042		10,666
	93,545	Pool #AL2752 5.000%, 03/01/2042		91,096
	25,681	Series 2012-52, 3.500%, 05/25/2042		23,862
	16,591	Pool #AB5529 4.000%, 07/01/2042		15,176
	56,450	Pool #AB6228 3.500%, 09/01/2042		50,162
	366,130	Series 2012-120 ZB, 3.500%, 11/25/2042		324,685
	53,523	Series 415, 3.000%, 11/25/2042		47,292
	101,763	Series 4961, 2.500%, 12/15/2042		88,593
	156,349	Pool #AQ9316 2.500%, 01/01/2043		127,569
	33,396	Series 2015-48, 3.000%, 02/25/2043		31,326
	413,413	Pool #AT2720 3.000%, 05/01/2043		354,128
	253,240	Pool #AT5900 3.000%, 06/01/2043		216,923
	24,980	Series 2013-77, 1.700%, 06/25/2043		23,818
	161,632	Pool #AU1625 3.500%, 07/01/2043		143,322
	24,945	Series 2017-26, 3.500%, 07/25/2044		24,111
	172,311	Pool #AS5469 4.000%, 07/01/2045		157,571
	240,967	Pool #AZ0832 4.000%, 07/01/2045		220,432
	31,234	Pool #AS5597 3.500%, 08/01/2045		27,473
	22,583	Series 2016-38, 3.000%, 01/25/2046		19,860
	41,243	Series 2016-11, 2.500%, 03/25/2046		36,774
	126,749	Pool #AS7170 3.500%, 05/01/2046		111,308
	117,416	Pool #AS7242 3.500%, 05/01/2046		103,104
	221,485	Pool #BC9468 3.000%, 06/01/2046		187,666
	87,073	Pool #AS7492 4.000%, 07/01/2046		79,347
	50,000	Pool #TBA 2.500%, 10/15/2046 (h)		39,731
	158,828	Pool #AS8947 3.500%, 03/01/2047		139,414
	217,000	Series 2017-16, 3.000%, 03/25/2047		175,327
	16,274	Series 2017-34, 3.000%, 05/25/2047		15,187
	19,782	Pool #MA3038 4.500%, 06/01/2047		18,575
	1,261,126	Pool #CA0858 3.500%, 12/01/2047		1,106,344
	57,962	Series 2018-23, 3.500%, 04/25/2048		52,904
	370,528	Pool #BN5279 4.000%, 02/01/2049		336,500
	60,304	Series 2019-07, 3.500%, 03/25/2049		55,120
	76,420	Series 2019-14, 3.500%, 04/25/2049		70,280
	64,702	Series 2019-45, 3.000%, 08/25/2049		56,199
	1,150,000	Pool #TBA 2.000%, 03/25/2050 (h)		875,687
	1,950,917	Pool #MA4307 3.000%, 04/01/2051		1,624,098
	1,838,236	Pool #FM7678 2.500%, 06/01/2051		1,472,676
	356,622	Pool #BT7155 2.000%, 08/01/2051		272,885
	1,860,707	Pool #FS1108 2.500%, 09/01/2051		1,488,715
	1,860,524	Pool #FM9491 2.500%, 11/01/2051		1,482,852
	424,066	Pool #FS1069 2.000%, 12/01/2051		324,245
	778,209	Pool #BV1380 2.000%, 01/01/2052		594,603
	242,556	Pool #BT2317 2.000%, 03/01/2052		185,247
	859,834	Pool #BV2993 2.000%, 04/01/2052		657,273
	141,448	Pool #FS1598 2.000%, 04/01/2052		107,971

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Continued)
	2,310,552	Pool #MA4577 2.000%, 04/01/2052	$	1,763,034
	174,851	Pool #BV9804 2.000%, 05/01/2052		133,577
	1,064,622	Pool #MA4761 5.000%, 09/01/2052		1,006,583
	29,327	Series 2017-35, 3.500%, 04/25/2053		28,280
	34,478	Series 2017-84, 3.500%, 04/25/2053		32,770
	30,474	Series 2017-49, 4.000%, 07/25/2053		29,452
	42,394	Series 2018-70, 3.500%, 10/25/2056		39,826
	70,776	Series 2019-12, 3.500%, 11/25/2057		64,697
	185,038	Series 2020-1, 3.500%, 08/25/2058		167,208
		Freddie Mac Structured Agency Credit Risk Debt Notes
	28,719	Series 2022-HAQ2, 7.965% (SOFR30A + 2.650%, 0.000% Floor), 07/25/2042 (Callable 07/25/2027) (a)(c)		29,360
	117,655	Series 2023-HAQ2 FLT, 7.315% (SOFR30A + 2.000%, 0.000% Floor), 06/25/2043 (Callable 06/25/2028) (a)(c)		118,305
		Government National Mortgage Association
	5,281	Pool #614436X 5.000%, 08/15/2033		5,063
	10,616	Pool #736686X 5.000%, 02/15/2039		10,304
	270,359	Pool #723248X 5.000%, 10/15/2039		264,660
	6,248	Series 2015-56, 1.500%, 04/16/2040		6,198
	100,315	Pool #783403X 3.500%, 09/15/2041		90,337
	2,250,000	Pool #TBA 4.000%, 10/15/2041 (h)		2,028,691
	29,206	Series 2013-37, 2.000%, 01/20/2042		27,306
	1,125	Series 2015-151, 1.700%, 10/20/2045		1,121
	21,432	Pool #MA4587M 4.000%, 07/20/2047		19,648
	61,544	Pool #MA4652M 3.500%, 08/20/2047		54,733
	114,627	Pool #MA4778M 3.500%, 10/20/2047		101,862
	80,739	Pool #MA4779M 4.000%, 10/20/2047		74,045
	93,821	Pool #MA4780M 4.500%, 10/20/2047		88,170
	2,300,000	Pool #TBA 5.000%, 10/15/2048 (h)		2,181,227
	1,300,000	Pool #TBA 2.000%, 10/15/2050 (h)		1,030,024
	2,435,856	Pool #MA7650M 3.000%, 10/20/2051		2,075,455
	1,223,358	Pool #MA8199M 3.500%, 08/20/2052		1,074,065

		Total Mortgage Backed Securities - U.S. Government Agency (Cost $62,271,564)		57,791,505

		MUNICIPAL DEBT OBLIGATIONS - 1.74%
		California, GO,
	30,000	7.550%, 04/01/2039		35,366
	60,000	7.300%, 10/01/2039		68,137
	105,000	Chicago Transit Authority Sales & Transfer Tax Receipts, Series B, Revenue Bond, Series B, 6.899%, 12/01/2040		114,294
	20,000	Chicago Transit Authority Sales Tax Receipts Fund 3.912%, 12/01/2040		16,201
	203,414	Commonwealth of Massachusetts 4.110%, 07/15/2031		195,860
		County of Riverside CA
	345,000	2.963%, 02/15/2027		319,806
	345,000	3.070%, 02/15/2028		315,311
	155,000	Dallas Fort Worth International Airport Series A, 4.507%, 11/01/2051 (Callable 11/1/2032)		131,111
	125,000	District of Columbia 3.432%, 04/01/2042		91,761


Principal Amount			Value
		MUNICIPAL DEBT OBLIGATIONS (Continued)
		Metropolitan Transportation Authority
	255,000	5.175%, 11/15/2049	$	220,024
	100,000	5.000%, 11/15/2050 (Callable 05/15/2030)		97,530
	60,000	New York State Thruway Authority - Class M 2.900%, 01/01/2035		48,658
	265,000	New York Transportation Development Corp. 4.248%, 09/01/2035		250,427
	355,000	Philadelphia Authority for Industrial Development 6.550%, 10/15/2028		366,845
	250,000	State Board of Administration Finance Corp. 1.258%, 07/01/2025		232,158
	225,000	Texas Natural Gas Securitization Finance Corp. 5.102%, 04/01/2035		220,854
	35,000	University of California Medical Center, Series H Revenue Bond, 6.548%, 05/15/2048		37,793

		Total Municipal Debt Obligations (Cost $3,070,250)		2,762,136

		U.S. TREASURY OBLIGATIONS - 24.23%
		U.S. Treasury Bonds - 13.87%
	1,687,885	0.750%, 07/15/2028 (f)		1,571,832
	1,589,443	0.250%, 07/15/2029 (f)		1,417,412
	107,305	0.125%, 07/15/2030 (f)		93,056
	2,190,000	3.375%, 08/15/2042		1,773,772
	2,820,000	3.125%, 02/15/2043		2,182,085
	1,865,000	3.625%, 08/15/2043		1,555,490
	795,000	3.750%, 11/15/2043		674,554
	2,220,000	3.125%, 08/15/2044		1,695,612
	810,000	2.500%, 02/15/2045		549,740
	240,000	3.000%, 11/15/2045		177,403
	950,000	2.500%, 02/15/2046		637,112
	2,510,000	3.000%, 02/15/2047		1,841,418
	1,050,000	2.750%, 11/15/2047		731,473
	500,000	3.000%, 02/15/2048		365,391
	940,000	3.125%, 05/15/2048		703,219
	1,462,495	0.250%, 02/15/2050 (f)		860,014
	2,996,000	1.250%, 05/15/2050		1,411,280
	390,000	1.375%, 08/15/2050		190,079
	1,020,000	1.625%, 11/15/2050		533,607
	307,476	0.125%, 02/15/2052 (f)		168,657
	1,660,000	3.000%, 08/15/2052 (e)		1,208,558
	1,225,000	3.625%, 02/15/2053 (e)		1,012,252
	695,000	4.125%, 08/15/2053 (e)		630,278

				21,984,294

		U.S. Treasury Notes - 10.36%
	4,340,000	2.000%, 11/15/2026 (i)		3,993,224
	1,605,000	1.500%, 11/30/2028		1,375,849
	5,260,000	1.875%, 02/28/2029 (e)		4,569,419
	1,445,000	3.250%, 06/30/2029 (e)		1,343,286
	708,000	1.625%, 08/15/2029		601,053
	1,030,000	1.375%, 11/15/2031		807,464
	1,075,000	2.875%, 05/15/2032		943,942
	2,320,000	2.750%, 08/15/2032 (e)		2,009,428
	835,000	3.875%, 08/15/2033		789,271

				16,432,936

		Total U.S. Treasury Obligations (Cost $48,154,210)		38,417,230

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		SHORT TERM INVESTMENTS - 2.98%
		Money Market Funds - 2.98%
	4,726,440	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (d)	$	4,726,440

		Total Short Term Investments (Cost $4,726,440)		4,726,440

Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.72%
	12,240,206	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (d)		12,240,206

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $12,240,206)		12,240,206

		Total Investments (Cost $220,718,901) - 124.76%		197,778,269
		Liabilities in Excess of Other Assets - (24.76)%		(39,245,776	)

		TOTAL NET ASSETS - 100.00%	$	158,532,493

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

(a)

Variable rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. The rate reported is the rate in effect as of September 30, 2023.

(b)

Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of September 30, 2023.

(c)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The value of these securities total $41,565,963 which represents 26.22% of total net assets.

(d)

Seven-day yield as of September 30, 2023.

(e)

All or portion of this security is on loan.

(f)

Represents a U.S. Treasury Inflation Protected Security.

(g)

These securities have been deemed illiquid pursuant to the Fund’s liquidity guidelines. The value of these securities total $2,143,267, which represents 1.35% of total net assets.

(h)

Security purchased on a when-issued basis. On September 30, 2023, the total value of investments purchased on a when-issued basis was $26,876,814 or 16.95% of total net assets.

(i)

All or a portion of this security is held as collateral for certain swap, options written and futures contracts. The approximate value of the portion of this security held as collateral is $1,087,506.

(j)

Represents an interest-only security that entitles holders to receive only interest payments on the underlying mortgages. The yield-to-maturity of an interest-only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the underlying mortgages. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at September 30, 2023. These securities are considered liquid pursuant to the Fund’s liquidity guidelines and the value of these securities total $1,222,060, which represents 0.77% of total net assets.

(k)

Step-up bond; the interest rate shown is the rate in effect as of September 30, 2023.

Glossary of Terms


LIBOR	-	London Interbank Offered Rate
CMT	-	Constant Maturing Treasury Rate
SOFR	-	Secured Overnight Financing Rate
TSFR	-	Term Secured Overnight Financing Rate

See notes to financial statements.

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2023


Description	Number of Contracts Purchased/(Sold)			Long/Short		Notional Value			Settlement Month		Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Bond Future		71			Long		14,392,477			Dec-23	$	(31,997	)
U.S. Treasury 10 Year Note Future		(9	)		Short		(972,563	)		Dec-23		4,390
U.S. Treasury Ultra 10 Year Note Future		(62	)		Short		(6,916,875	)		Dec-23		135,572
U.S. Treasury Ultra Bond Future		(22	)		Short		(2,611,125	)		Dec-23		114,450

											$	222,415

GuideMark Core Fixed Income Fund

SCHEDULE OF OPEN SWAP CONTRACTS (Unaudited)

CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION⁽¹⁾

September 30, 2023


Reference Obligation	Implied Credit Spread at 9/30/2023⁽²⁾		Fixed Pay Rate		Maturity Date	Counterparty	Payment Frequency		Notional Amount⁽³⁾		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX-NAIGS41V1-5Y*		73.18%		1.000%	12/20/2028	Morgan Stanley		Quarterly	$	2,750,000	$	33,535	$	36,909	($	3,374	)

											$	33,535	$	36,909	($	3,374	)

INTEREST RATE SWAPS

June 30, 2023


Pay/Receive Floating Rate	Floating Rate Index and Rate at 09/30/2023		Floating Payment Frequency		Fixed Pay Rate	Fixed Payment Frequency	Maturity Date		Counterparty		Notional Amount		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Receive		USD-SOFR-COMPOUND** 5.31%		Annually	1.5600%	Annually		12/15/2051		Morgan Stanley	$	565,000	$	232,429	$	(3,307	)	$	235,736
Receive		USD-SOFR-COMPOUND** 5.31%		Annually	3.5900%	Annually		9/20/2053		Morgan Stanley		680,000		49,597		2,919			46,678
Receive		USD-SOFR-COMPOUND** 5.31%		Annually	2.9700%	Annually		3/15/2053		Morgan Stanley		990,000		177,227		3,143			174,084
Receive		USD-SOFR-COMPOUND** 5.31%		Annually	2.8800%	Annually		3/15/2053		Morgan Stanley		310,000		60,205		3,562			56,643

													$	519,458	$	6,317		$	513,141

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on U.S. municipal issues, corporate issues or sovereign issues of an emerging country as of year end serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

The maximum potential amount the Fund could be required to pay as seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Centrally cleared swap, clearing agent: ICE

Centrally cleared swap, clearing agent: LCH Group

See notes to financial statements.

GuidePath Growth Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.92%
		Domestic Equity Funds - 72.65%
	1,395,800	AMCAP Fund - Class F3	$	48,434,265
	734,964	American Funds - Fundamental Investors - Class F3		48,294,470
	484,849	American Funds - New Economy Fund - Class F3		24,169,706
	455,477	American Funds - New Perspective Fund - Class F3		24,158,486
	604,129	American Funds - SMALLCAP World Fund, Inc. - Class F3		36,459,156
	1,019,010	American Funds - The Growth Fund of America - Class F3		60,651,501
	20,391	Invesco QQQ Trust Series 1 (a)		7,305,484
	465,514	iShares Core S&P Small-Cap ETF		43,911,936
	945,388	Schwab U.S. Large-Cap ETF		47,836,633
	833,071	Schwab U.S. Large-Cap Growth ETF (a)		60,580,923
	453,813	SPDR S&P 600 Small Cap Growth ETF		33,250,878
	707,302	Vanguard Russell 1000 Growth ETF (a)		48,407,749
	111,803	Vanguard Russell 2000 Growth (a)		18,235,069
	441,052	Vanguard S&P 500 ETF (a)		173,201,120
	246,283	Vanguard Value ETF (a)		33,969,814

				708,867,190

		Emerging Markets Equity Funds - 5.87%
	1,203,870	iShares Core MSCI Emerging Markets ETF		57,292,173

		International Equity Funds - 17.96%
	39,321	iShares Core MSCI Europe ETF (a)		1,952,681
	326,131	iShares MSCI ACWI ETF		30,124,720
	178,866	iShares MSCI Switzerland ETF (a)		7,793,192
	288,516	JPMorgan BetaBuilders Canada ETF (a)		16,777,205
	170,444	Vanguard FTSE All World ex-US Small-Cap ETF (a)		18,101,153
	2,299,579	Vanguard FTSE Developed Markets ETF (a)		100,537,594

				175,286,545


Number of Shares			Value
		Real Estate Funds - 2.44%
	214,646	Vanguard Global ex-U.S. Real Estate ETF (a)	$	8,356,169
	204,245	Vanguard Real Estate ETF (a)		15,453,176

				23,809,345

		Total Investment Companies (Cost $702,536,302)		965,255,253

		SHORT TERM INVESTMENTS - 0.67%
		Money Market Funds - 0.67%
	6,541,707	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (b)		6,541,707

		Total Short Term Ivestments (Cost $6,541,707)		6,541,707


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 12.50%
	121,933,321	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)		121,933,321

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $121,933,321)		121,933,321

		Total Investments (Cost $831,011,330) - 112.09%		1,093,730,281
		Liabilities in Excess of Other Assets - (12.09)%		(117,936,669	)

		TOTAL NET ASSETS - 100.00%	$	975,793,612

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2023.

See notes to financial statements.

GuidePath Conservative Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.85%
		Alternative Funds - 1.47%
	168,450	SPDR Gold MiniShares Trust (a)(b)	$	6,175,377

		Emerging Markets Equity Funds - 1.38%
	121,330	iShares Core MSCI Emerging Markets ETF		5,774,095

		Emerging Markets Fixed Income Funds - 0.52%
	26,508	iShares J.P. Morgan USD Emerging Markets Bond ETF		2,187,440

		Domestic Equity Funds - 23.82%
	220,630	American Funds - Mutual Fund - Class F3		10,546,133
	210,181	American Funds - Washington Mutual Investors Fund - Class F3		11,089,168
	149,551	iShares Core S&P Small-Cap ETF		14,107,146
	186,237	iShares Edge MSCI Min Vol USA ETF		13,479,834
	100,363	Vanguard High Dividend Yield ETF		10,369,505
	57,873	Vanguard S&P 500 ETF		22,726,727
	127,265	Vanguard Value ETF (a)		17,553,662

				99,872,175

		Domestic Fixed Income Funds - 45.49%
	1,192,792	American Funds - High-Income Trust - Class F3		10,770,909
	1,914,727	American Funds - Multi-Sector Income Fund - Class F3		16,830,450
	1,479,195	American Funds - The Bond Fund of America - Class F3		16,093,638
	50,697	iShares 10+ Year Investment Grade Corporate Bond ETF (a)		2,389,857
	119,411	iShares 7-10 Year Treasury Bond ETF (a)		10,936,853
	259,240	iShares Broad USD High Yield Corporate Bond ETF (a)		8,998,220
	104,498	iShares Broad USD Investment Grade Corporate Bond ETF (a)		5,023,219
	168,728	iShares Core U.S. Aggregate Bond ETF		15,867,181
	26,686	iShares iBoxx High Yield Corporate Bond ETF (a)		1,967,292
	47,946	iShares TIPS Bond ETF		4,972,959
	39,766	SPDR Portfolio Short Term Treasury ETF		1,142,079
	7,103,053	Vanguard High-Yield Corporate Fund - Admiral Shares		36,438,660
	63,124	Vanguard Intermediate-Term Corporate Bond ETF (a)		4,796,162
	190,732	Vanguard Long-Term Treasury ETF		10,587,533
	125,143	Vanguard Mortgage-Backed Securities ETF (a)		5,478,761
	21,958	Vanguard Short-Term Corporate Bond ETF (a)		1,650,144
	17,263	Vanguard Total Bond Market ETF		1,204,612
	707,307	WisdomTree Floating Rate Treasury Fund (a)		35,591,688

				190,740,217

		Hybrid Funds - 18.23%
	319,444	American Funds - Capital Income Builder - Class F3		19,636,228
	903,098	American Funds - The Income Fund of America - Class F3		19,750,750
	317,093	iShares Core Aggressive Allocation ETF (a)		20,132,235
	342,829	iShares Core Growth Allocation ETF (a)		16,939,181

				76,458,394


Number of Shares			Value
		International Equity Funds - 6.32%
	57,874	iShares Core MSCI Europe ETF (a)	$	2,874,023
	50,026	iShares MSCI EAFE Min Vol Factor ETF		3,262,696
	91,932	iShares MSCI Switzerland ETF (a)		4,005,477
	50,831	JPMorgan BetaBuilders Canada ETF (a)		2,955,823
	306,481	Vanguard FTSE Developed Markets ETF (a)		13,399,349

				26,497,368

		International Fixed Income Funds - 0.63%
	47,644	SPDR Bloomberg International Treasury Bond ETF		1,011,959
	34,124	Vanguard Total International Bond ETF (a)		1,632,151

				2,644,110

		Real Estate Funds - 0.99%
	26,861	Vanguard Global ex-U.S. Real Estate ETF (a)		1,045,699
	41,290	Vanguard Real Estate ETF (a)		3,124,001

				4,169,700

		Total Investment Companies (Cost $398,641,676)		414,518,876

		SHORT TERM INVESTMENTS - 0.55%
		Money Market Funds - 0.55%
	2,304,322	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (c)		2,304,322

		Total Short Term Investments (Cost $2,304,322)		2,304,322


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.54%
	107,097,473	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (c)		107,097,473

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $107,097,473)		107,097,473

		Total Investments (Cost $508,043,471) - 124.94%		523,920,671
		Liabilities in Excess of Other Assets - (24.94)%		(104,580,000	)

		TOTAL NET ASSETS - 100.00%	$	419,340,671

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Seven-day yield as of September 30, 2023.

See notes to financial statements.

GuidePath Tactical Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 71.72%
		Air Freight & Logistics - 3.04%
	134,441	Expeditors International of Washington, Inc.	$	15,410,972

		Biotechnology - 8.66%
	59,086	Gilead Sciences, Inc.		4,427,905
	18,773	Regeneron Pharmaceuticals, Inc. (b)		15,449,428
	47,398	United Therapeutics Corp. (b)		10,705,786
	38,141	Vertex Pharmaceuticals, Inc. (b)		13,263,151

				43,846,270

		Building Products - 3.21%
	130,423	Builders FirstSource, Inc. (a)(b)		16,236,359

		Electric Utilities - 1.62%
	246,521	OGE Energy Corp.		8,216,545

		Food & Staples Retailing - 1.66%
	195,927	Sprouts Farmers Market, Inc. (a)(b)		8,385,676

		Food Products - 2.43%
	162,893	Archer-Daniels-Midland Co.		12,285,390

		Health Care Providers & Services - 2.47%
	62,178	Laboratory Corp of America Holdings (a)		12,500,887

		Household Durables - 5.60%
	119,341	DR Horton, Inc.		12,825,577
	162,281	PulteGroup, Inc.		12,016,908
	81,932	Taylor Morrison Home Corp. (b)		3,491,123

				28,333,608

		Household Products - 3.04%
	105,546	Procter & Gamble Co.		15,394,940

		Insurance - 10.84%
	216,265	Aflac, Inc. (a)		16,598,339
	142,869	Arch Capital Group Ltd. - ADR (b)		11,388,088
	215,765	Hartford Financial Services Group, Inc.		15,299,896
	235,847	Unum Group		11,601,314

				54,887,637

		Interactive Media & Services - 1.26%
	48,690	Alphabet, Inc. - Class A (b)		6,371,573

		Life Sciences Tools & Services - 2.27%
	46,319	Danaher Corp.		11,491,744

		Machinery - 1.66%
	32,950	Snap-on, Inc.		8,404,227

		Metals & Mining - 2.11%
	99,795	Steel Dynamics, Inc.		10,700,020

		Oil, Gas & Consumable Fuels - 2.41%
	52,591	Devon Energy Corp.		2,508,590
	180,809	PBF Energy, Inc. - Class A		9,678,706

				12,187,296

		Pharmaceuticals - 2.23%
	340,601	Pfizer, Inc.		11,297,735


Number of Shares			Value
		Professional Services - 2.89%
	126,008	Robert Half, Inc.	$	9,233,866
	51,264	Science Applications International Corp.		5,410,403

				14,644,269

		Road & Rail - 2.60%
	262,579	Knight-Swift Transportation Holdings, Inc.		13,168,337

		Semiconductors & Semiconductor Equipment - 2.84%
	154,412	ON Semiconductor Corp. (a)(b)		14,352,595

		Software - 4.58%
	73,428	Microsoft Corp.		23,184,891

		Technology Hardware, Storage & Peripherals - 4.30%
	126,990	Apple, Inc.		21,741,958

		Total Common Stocks (Cost $322,455,584)		363,042,929

		INVESTMENT COMPANIES - 26.18%
		Domestic Equity Funds - 14.57%
	171,757	iShares Core S&P 500 ETF		73,757,609

		Alternative Funds - 11.61%
	1,100,817	ProShares Ultra S&P500 (a)		58,761,611

		Total Investment Companies (Cost $135,767,182)		132,519,220

		SHORT TERM INVESTMENTS - 1.62%
		Money Market Funds - 1.62%
	8,193,036	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (c)		8,193,036

		Total Short Term Investments (Cost $8,193,036)		8,193,036


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 6.50%
	32,919,803	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (c)		32,919,803

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $32,919,803)		32,919,803

		Total Investments (Cost $499,335,605) - 106.02%		536,674,988
		Liabilities in Excess of Other Assets - (6.02)%		(30,467,676	)

		TOTAL NET ASSETS - 100.00%	$	506,207,312

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Non-income producing security.

(c)

Seven-day yield as of September 30, 2023.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

GuidePath Absolute Return Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.88%
		Domestic Equity Funds - 3.12%
	501,553	DoubleLine Shiller Enhanced CAPE - Institutional Shares	$	6,414,863

		Domestic Fixed Income Funds - 90.03%
	1,705,744	BlackRock Low Duration Bond Portfolio - Institutional Shares		15,044,664
	741,193	BlackRock Strategic Income Opportunities Portfolio - Institutional Shares		6,700,384
	516,595	DoubleLine Core Fixed Income Fund - Institutional Shares		4,582,193
	1,594,075	DoubleLine Low Duration Bond Fund - Institutional Shares		15,032,129
	2,418,140	DoubleLine Total Return Bond Fund - Institutional Shares		20,336,558
	72,307	iShares 7-10 Year Treasury Bond ETF (a)		6,622,598
	43,488	Schwab Short-Term U.S. Treasury ETF		2,082,640
	951,395	SPDR Bloomberg Investment Grade Floating Rate ETF (a)		29,226,854
	289,999	SPDR Portfolio Short Term Treasury ETF (a)		8,328,771
	828,010	T. Rowe Price Institutional Floating Rate Fund - Institutional Shares		7,766,738
	2,402,572	Vanguard High-Yield Corporate Fund - Admiral Shares		12,325,194
	228,607	Vanguard Intermediate-Term Corporate Bond ETF (a)		17,369,560
	35,493	Vanguard Long-Term Treasury ETF (a)		1,970,216
	417,365	Vanguard Mortgage-Backed Securities ETF (a)		18,272,240
	172,617	Vanguard Short-Term Corporate Bond ETF (a)		12,972,168
	95,214	Vanguard Total Bond Market ETF		6,644,033

				185,276,940

		Emerging Markets Fixed Income Funds - 2.46%
	85,716	Vanguard Emerging Markets Government Bond ETF		5,070,958


Number of Shares			Value
		Opportunistic Fixed Income Funds - 3.27%
	803,705	DoubleLine Flexible Income Fund - Institutional Shares	$	6,727,013

		Total Investment Companies (Cost $209,384,935)		203,489,774

		SHORT TERM INVESTMENTS - 0.56%
		Money Market Funds - 0.56%
	1,146,146	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (b)		1,146,146

		Total Short Term Investments (Cost $1,146,146)		1,146,146


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 24.71%
	50,852,453	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)		50,852,453

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $50,852,453)		50,852,453

		Total Investments (Cost $261,383,534) - 124.15%		255,488,373
		Liabilities in Excess of Other Assets - (24.15)%		(49,705,931	)

		TOTAL NET ASSETS - 100.00%	$	205,782,442

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2023.

See notes to financial statements.

GuidePath Multi-Asset Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 98.64%
		Domestic Equity Funds - 32.94%
	31,532	BlackRock High Equity Income Fund - Institutional Shares	$	821,087
	207,064	Global X US Preferred ETF		3,894,874
	34,708	iShares Select Dividend ETF		3,735,969
	75,141	Schwab US Dividend Equity ETF (a)		5,316,976
	76,996	SPDR Portfolio S&P 500 High Dividend ETF (a)		2,700,250
	45,894	Vanguard High Dividend Yield ETF (a)		4,741,768
	1,222	Vanguard S&P 500 ETF		479,879
	68,684	WisdomTree U.S. SmallCap Dividend Fund (a)		1,936,889
	62,289	WisdomTree US LargeCap Dividend Fund		3,830,151

				27,457,843

		Domestic Fixed Income Funds - 38.55%
	107,378	iShares 0-5 Year High Yield Corporate Bond ETF		4,405,720
	50,366	iShares Broad USD Investment Grade Corporate Bond ETF (a)		2,421,094
	37,171	iShares Convertible Bond ETF		2,758,460
	8,158	iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		832,279
	11,351	Schwab US TIPS ETF		573,112
	13,314	SPDR Portfolio Aggregate Bond ETF (a)		324,063
	47,177	SPDR Portfolio Long Term Corporate Bond ETF		1,002,039
	33,284	SPDR Portfolio Short Term Treasury ETF (a)		955,916
	154,350	T Rowe Price Institutional Floating Rate Fund - Institutional Shares		1,447,806
	1,904,965	Vanguard High-Yield Corporate Fund - Admiral Shares		9,772,472
	8,266	Vanguard Intermediate-Term Treasury ETF (a)		472,402
	31,617	Vanguard Long-Term Treasury ETF (a)		1,755,060
	48,494	Vanguard Mortgage-Backed Securities ETF (a)		2,123,067
	65,346	WisdomTree Floating Rate Treasury Fund (a)		3,288,211

				32,131,701

		Emerging Markets Equity Funds - 6.12%
	214,323	iShares Emerging Markets Dividend ETF		5,105,174

		Emerging Markets Fixed Income Funds - 1.84%
	25,975	Vanguard Emerging Markets Government Bond ETF		1,536,681

		International Equity Funds - 11.38%
	13,795	iShares International Dividend Growth ETF		818,181
	156,613	iShares International Select Dividend ETF (a)		3,977,971
	44,592	SPDR S&P Global Dividend ETF		2,433,715
	68,571	SPDR S&P International Dividend ETF		2,255,986

				9,485,853


Number of Shares			Value
		Multi-Asset Funds - 4.98%
	190,747	Loomis Sayles Global Allocation Fund - Class Y	$	4,148,743

		Opportunistic Fixed Income Funds - 0.67%
	61,543	BlackRock Strategic Income Opportunities Portfolio - Institutional Shares		556,350

		Real Estate Funds - 2.15%
	23,718	Vanguard Real Estate ETF (a)		1,794,504

		Total Investment Companies (Cost $77,967,486)		82,216,849

		SHORT TERM INVESTMENTS - 0.99%
		Money Market Funds - 0.99%
	822,875	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (b)		822,875

		Total Short Term Investments (Cost $822,875)		822,875


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.45%
	17,046,746	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)		17,046,746

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $17,046,746)		17,046,746

		Total Investments (Cost $95,837,107) - 120.07%		100,086,470
		Liabilities in Excess of Other Assets - (20.07)%		(16,731,876	)

		TOTAL NET ASSETS - 100.00%	$	83,354,594

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2023.

See notes to financial statements.

GuidePath Flexible Income Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 96.22%
		Alternative Funds - 13.42%
	237,353	JPMorgan Research Market Neutral Fund - Class I (a)(d)	$	3,387,028
	2,231,726	Stone Ridge Diversified Alternatives Fund - Class I		26,869,985
	458,719	Vanguard Market Neutral Fund - Institutional Shares (d)		6,169,765

				36,426,778

		Domestic Equity Fund - 1.26%
	119,470	Goldman Sachs US Equity Dividend and Premium Fund - Institutional Class		1,716,782
	128,671	JPMorgan Equity Premium Income Fund - Class I		1,707,464

				3,424,246

		Domestic Fixed Income Funds - 64.16%
	607,852	iShares Broad USD High Yield Corporate Bond ETF (b)		21,098,543
	173,769	iShares Convertible Bond ETF		12,895,397
	349,785	JPMorgan Core Bond Fund - Class I		3,420,897
	1,853,306	JPMorgan Short Duration Core Plus Fund - Class I		16,438,820
	342,784	Schwab US TIPS ETF		17,307,164
	202,585	SPDR Bloomberg High Yield Bond ETF (b)		18,313,684
	222,675	SPDR Bloomberg Short Term High Yield Bond ETF (b)		5,446,631
	1,527,829	SPDR Portfolio Short Term Treasury ETF		43,879,248
	623,084	Xtrackers USD High Yield Corporate Bond ETF (b)		21,122,548
	6,901,467	Vanguard High-Yield Corporate Fund - Admiral Shares		35,404,526

				195,327,458

		Opportunistic Fixed Income Funds - 9.61%
	859,140	Eaton Vance Short Duration Strategic Income Fund - Class I		5,515,678
	1,274,760	JPMorgan Income Fund - Class I		10,274,567
	1,107,808	JPMorgan Unconstrained Debt Fund - Class I (d)		10,291,540

				26,081,785

		Total Investment Companies (Cost $262,569,720)		261,260,267


Number of Shares			Value
		SHORT TERM INVESTMENTS - 3.47%
		Money Market Funds - 3.47%
	9,426,131	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (c)	$	9,426,131

		Total Short Term Investments (Cost $9,426,131)		9,426,131


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 25.16%
	68,327,553	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (c)		68,327,553

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $68,327,553)		68,327,553

		Total Investments (Cost $340,323,404) - 124.85%		339,013,951
		Liabilities in Excess of Other Assets - (24.85)%		(67,470,649	)

		TOTAL NET ASSETS - 100.00%	$	271,543,302

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of September 30, 2023.

(d)

Certain GuidePath Funds invest in securities of unaffiliated underlying funds in accordance with Section 12(d)(1)(F) of the Investment Company Act of 1940. Such investments are potentially illiquid, because an unaffiliated underlying fund, under the terms of Section 12(d)(1)(F), is not obligated to redeem its shares in an amount exceeding 1% of its total outstanding shares during any period of less than thirty days. Investments made in accordance with Section 12(d)(1)(F) that exceed 1% of the oustanding shares of each underlying fund, and therefore are potentially illiquid, amount to $2,881,610 or 1.06% of total net assets as of September 30, 2023.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Principal Amount			Value
		SHORT TERM INVESTMENTS - 89.63%
		Certificate of Deposits - 55.35%
		Bank of America NA
$	10,000,000	5.200%, 10/10/2023	$	10,000,000
	10,000,000	5.700%, 04/12/2024		10,012,727
		Bank of Montreal
	7,000,000	5.680% (SOFR + 0.370%), 01/03/2024 (a)		7,002,847
	8,000,000	5.960% (SOFR + 0.650%), 06/14/2024 (a)		8,010,428
	5,000,000	5.000%, 10/06/2023		5,000,000
		Bank of Nova Scotia
	5,000,000	5.730% (SOFR + 0.420%), 01/26/2024 (a)		5,002,586
	10,000,000	5.880% (SOFR + 0.570%), 08/21/2024 (a)		10,001,417
		CIBC
	5,000,000	5.600%, 03/06/2024		4,995,403
	10,000,000	5.810%, 03/26/2024		10,001,486
		Cooperatieve Centrale Raiffe
	10,000,000	5.020% (SOFR + 0.710%), 11/24/2023 (a)		10,000,000
	10,500,000	5.300%, 12/14/2023		10,493,173
	22,000,000	DNB Bank ASA 5.270%, 10/04/2023		22,000,000
		Mizuho Bank, Ltd.
	10,000,000	5.350%, 02/07/2024		9,982,261
	10,000,000	5.770% (SOFR + 0.450%), 10/25/2023 (a)		10,000,000
	10,000,000	MUFG Bank, Ltd. 5.650%, 01/08/2024		9,999,638
		Nordea Bank
	10,000,000	3.790% (SOFR + 0.770%), 10/23/2023 (a)		10,000,000
	5,000,000	5.580% (SOFR + 0.270%), 02/16/2024 (a)		4,999,398
	5,000,000	5.830% (SOFR + 0.520%), 03/08/2024 (a)		5,004,405
		Oversea Chinese Banking Corp., Ltd.
	3,000,000	5.550%, 10/10/2023		3,000,007
	17,000,000	5.670% (SOFR + 0.350%), 11/01/2023 (a)		17,000,000
	10,000,000	Royal Bank of Canada 5.960%, 09/20/2024		10,004,420
		Sumitomo Mitsui Banking Corp.
	5,000,000	5.740% (SOFR + 0.430%), 11/17/2023 (a)		5,000,036
	5,000,000	5.610% (SOFR + 0.300%), 02/07/2024 (a)		4,999,842
		Sumitomo Mitsui Trust Bank, Ltd.
	7,000,000	5.350%, 10/05/2023		7,000,000
	8,000,000	5.400%, 10/17/2023		8,000,035
		Skandinaviska Enskilda Bank
	10,000,000	5.690% (SOFR + 0.370%), 10/20/2023 (a)		10,000,010
	10,000,000	5.450%, 10/25/2023		10,000,000
	8,000,000	Svenska Handelsbanken - A Shares 5.100% (SOFR + 0.790%), 10/25/2023 (a)		8,000,000
		Toronto Dominion Bank
	7,000,000	5.890%, 05/22/2024		7,001,139
	2,000,000	5.791%, 07/02/2024 (d)		2,002,332
	11,000,000	5.970%, 10/07/2024		11,005,387
		Westpac Banking Corp.
	5,000,000	5.540% (SOFR + 0.230%), 02/22/2024 (a)		4,998,521
	10,000,000	5.790% (SOFR + 0.480%), 04/04/2024 (a)		10,004,588
	5,000,000	5.840%, 08/15/2024		4,995,720

				285,517,806


Number of Shares			Value
		Money Market Funds - 5.63%
	29,012,216	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.272% (b)(c)	$	29,012,216

				29,012,216


Principal Amount
		U.S. Treasury Bills - 28.65%
$	8,500,000	5.361%, 10/03/2023 (d)		8,497,531
	7,500,000	5.328%, 10/05/2023 (d)		7,495,638
	6,000,000	5.033%, 10/19/2023 (d)(e)		5,985,510
	7,500,000	5.379%, 10/24/2023 (d)		7,474,748
	11,000,000	5.393%, 10/31/2023 (d)		10,952,197
	10,000,000	5.162%, 11/02/2023 (d)(e)		9,955,911
	5,000,000	5.424%, 11/09/2023 (d)(e)		4,971,481
	2,500,000	5.434%, 11/14/2023 (d)		2,483,951
	4,000,000	5.410%, 11/16/2023 (d)		3,973,167
	12,500,000	5.436%, 11/21/2023 (d)		12,406,057
	6,000,000	5.464%, 12/05/2023 (d)(e)		5,943,443
	12,500,000	5.433%, 12/07/2023 (d)		12,378,370
	4,000,000	5.473%, 12/12/2023 (d)		3,958,163
	5,000,000	5.473%, 12/19/2023 (d)		4,942,610
	3,000,000	5.471%, 12/21/2023 (d)		2,964,642
	3,000,000	5.483%, 12/26/2023 (d)		2,962,467
	14,000,000	5.431%, 12/28/2023 (d)		13,820,513
	10,000,000	5.495%, 01/02/2024 (d)(e)		9,864,549
	14,000,000	5.505%, 01/16/2024 (d)		13,780,750
	3,000,000	5.490%, 02/15/2024 (d)		2,940,032

				147,751,730

		Total Short Term Investments (Cost $462,256,657)		462,281,752


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 7.26%
	37,452,500	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)		37,452,500

		Total Investments Purchased with Proceeds from Securities Lending Collateral (cost $37,452,500)		37,452,500

		Total Investments (Cost $499,709,157) - 96.89%		499,734,252
		Other Assets in Excess of Liabilities - 3.11%		16,035,319

		TOTAL NET ASSETS - 100.00%	$	515,769,571

Percentages are stated as a percent of net assets.

(a)

(b)

Seven-day yield as of September 30, 2023.

(c)

All or a portion of this security is held by GuidePath Managed Futures Strategy Cayman Fund Ltd.

(d)

Zero coupon bond. The effective yield is listed.

(e)

All or portion of this security is on loan.

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Unaudited)

September 30, 2023


Description	Number of Contracts Purchased /(Sold)			Long/Short		Notional Value			Settlement Month		Value / Unrealized Appreciation (Depreciation)
Brazilian Real Futures		132			Long		2,616,240			Oct-23	$	(32,214	)
Brent Crude Futures (a)		274			Long		25,262,800			Oct-23		693,342
CAC40 Index Futures		72			Long		5,443,865			Oct-23		(108,780	)
Cocoa Futures (a)		147			Long		5,024,460			Dec-23		(116,559	)
Cotton No. 2 Futures (a)		62			Long		2,701,650			Dec-23		(30,251	)
DAX^® Index Futures		7			Long		2,872,601			Dec-23		(67,637	)
DJIA E-Mini CBOT Futures		48			Long		8,094,000			Dec-23		(308,352	)
ECX Emissions Futures (a)		6			Long		518,074			Dec-23		(50,319	)
E-mini NASDAQ 100 Futures		52			Long		15,461,160			Dec-23		(654,008	)
E-mini S&P 500 Futures		94			Long		20,329,850			Dec-23		(873,561	)
Euro Stoxx 50^® Index Futures		143			Long		6,355,892			Dec-23		(116,630	)
Euro Stoxx 600 Futures		111			Long		2,659,259			Dec-23		(37,104	)
FTSE 100 Index Futures		90			Long		8,423,499			Dec-23		(645	)
FTSE JSE Top 40 Futures		10			Long		356,242			Dec-23		(11,012	)
FTSE MIB Index Futures		58			Long		8,671,639			Dec-23		(84,973	)
FTSE Taiwan Index Futures		105			Long		5,985,000			Oct-23		13,906
IBEX 35^® Index Futures		47			Long		4,690,807			Oct-23		(34,109	)
Live Cattle Futures (a)		205			Long		15,409,852			Dec-23		(20,363	)
LME Aluminium Futures (a)(b)		76			Long		4,469,750			Dec-23		225,482
LME Copper Futures (a)(b)		4			Long		827,000			Dec-23		(9,296	)
LME Zinc Futures (a)(b)		15			Long		994,781			Dec-23		36,636
Low Sulphur Gas Oil Futures (a)		142			Long		13,720,750			Nov-23		305,507
Mexican Peso Futures		820			Long		23,255,200			Dec-23		(53,906	)
MSCI EAFE Index Futures		19			Long		1,939,425			Dec-23		(66,822	)
Nikkei 225 Futures		55			Long		11,725,776			Dec-23		(270,973	)
NY Harbor ULSD Futures (a)		82			Long		11,367,266			Oct-23		598,931
OMXS30 Futures		101			Long		1,996,787			Oct-23		(28,251	)
RBOB Gasoline Futures (a)		117			Long		11,791,143			Oct-23		(624,945	)
S&P/TSX 60 Index Futures		17			Long		2,944,539			Dec-23		(106,474	)
SGX Iron Ore 62% Futures (a)		252			Long		2,952,684			Nov-23		17,570
Soybean Futures (a)		103			Long		6,566,250			Nov-23		(544,843	)
Soybean Meal Futures (a)		86			Long		3,278,320			Dec-23		(233,874	)
SPI 200 Index Futures		51			Long		5,808,832			Dec-23		(159,122	)
Sugar No. 11 Futures (a)		441			Long		13,079,002			Feb-24		(158,675	)
Topix Index Futures		120			Long		18,657,655			Dec-23		(182,817	)
WTI Crude Futures (a)		243			Long		22,061,970			Oct-23		1,034,730
3 Month CORRA Futures		(17	)		Short		(2,965,231	)		Jun-24		(1,522	)
3 Month SOFR Futures		(1,190	)		Short		(281,509,375	)		Jun-24		(39,921	)
Australian 10-Year Treasury Bond Futures		(536	)		Short		(32,911,344	)		Dec-23		852,640
Australian 3-Year Treasury Bond Futures		(596	)		Short		(36,752,561	)		Dec-23		292,360
Australian Dollar Futures		(701	)		Short		(45,249,550	)		Dec-23		(47,056	)
Bank Accept Futures		(100	)		Short		(17,361,495	)		Mar-24		(11,725	)
British Pound Futures		(354	)		Short		(27,014,625	)		Dec-23		144,390
Canadian 10-Year Bond Futures		(431	)		Short		(36,533,061	)		Dec-23		997,166
Canadian Dollar Futures		(395	)		Short		(29,164,820	)		Dec-23		(12,671	)
Coffee ‘C’ Futures (a)		(100	)		Short		(5,480,625	)		Dec-23		438,650
Copper Futures (a)		(60	)		Short		(5,606,250	)		Dec-23		(79,310	)
Corn Futures (a)		(499	)		Short		(11,894,913	)		Dec-23		175,584
E-mini Russell 2000 Futures		(114	)		Short		(10,252,020	)		Dec-23		(13,098	)
Euribor 3 Month Futures		(1,220	)		Short		(309,578,950	)		Dec-23		(9,720	)
Euro Fx Futures		(314	)		Short		(41,653,750	)		Dec-23		370,812
Euro-Bobl Futures		(496	)		Short		(60,698,842	)		Dec-23		498,933
Euro-BTP Futures		(76	)		Short		(8,816,916	)		Dec-23		19,638
Euro-BTP Futures - Short		(244	)		Short		(26,867,474	)		Dec-23		107,686
Euro-Bund Futures		(253	)		Short		(34,409,177	)		Dec-23		607,722
Euro-Buxl^® 30 Year Futures		(129	)		Short		(16,688,101	)		Dec-23		922,744
Euro-OAT Futures		(385	)		Short		(50,147,486	)		Dec-23		978,951
Euro-Schatz Futures		(1,996	)		Short		(221,557,372	)		Dec-23		551,484
FTSE China A50 Index Futures		(114	)		Short		(1,436,172	)		Oct-23		(12,180	)

See notes to financial statements.

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS (Continued) (Unaudited)

September 30, 2023


Description	Number of Contracts Purchased /(Sold)			Long/Short		Notional Value			Settlement Month		Value / Unrealized Appreciation (Depreciation)
Hang Seng Index Futures		(19	)		Short		(2,170,177	)		Oct-23	$	(25,264	)
ICE 3 Month Sonia Futures		(45	)		Short		(12,986,365	)		Mar-24		(133,876	)
Indian Rupee Futures		(292	)		Short		(7,021,432	)		Oct-23		(15,510	)
Japanese Yen Futures		(936	)		Short		(79,296,750	)		Dec-23		1,633,497
KC HRW Wheat Future (a)		(40	)		Short		(1,327,500	)		Dec-23		122,182
Lean Hogs Futures (a)		(7	)		Short		(200,972	)		Dec-23		3,145
LME Aluminium Futures (a)(b)		(139	)		Short		(8,174,938	)		Dec-23		(516,508	)
LME Copper Futures (a)(b)		(4	)		Short		(827,000	)		Dec-23		(8,419	)
LME Nickel Futures (a)(b)		(17	)		Short		(1,903,422	)		Dec-23		169,407
LME Zinc Futures (a)(b)		(32	)		Short		(2,122,200	)		Dec-23		(171,309	)
Long Gilt Futures		(160	)		Short		(18,381,650	)		Dec-23		26,506
MSCI Emerging Markets Index Futures		(84	)		Short		(4,013,100	)		Dec-23		35,966
MSCI Singapore Index Futures		(53	)		Short		(1,107,495	)		Oct-23		(16,744	)
Natural Gas Futures (a)		(117	)		Short		(3,426,900	)		Oct-23		5,318
New Zealand Dollar Futures		(483	)		Short		(28,987,240	)		Dec-23		(488,395	)
Palladium Futures (a)		(12	)		Short		(1,507,200	)		Dec-23		(40,015	)
Platinum Futures (a)		(16	)		Short		(732,720	)		Jan-24		28,182
South African Rand Futures		(316	)		Short		(8,306,850	)		Dec-23		(18,195	)
Swiss Franc Futures		(109	)		Short		(15,009,300	)		Dec-23		226,314
U.S. Treasury 10-Year Note Futures		(628	)		Short		(67,863,250	)		Dec-23		871,150
U.S. Treasury 2-Year Note Futures		(1,148	)		Short		(232,712,160	)		Dec-23		802,675
U.S. Treasury 5-Year Note Futures		(805	)		Short		(84,814,300	)		Dec-23		727,540
U.S. Treasury Long Bond Futures		(299	)		Short		(34,020,590	)		Dec-23		1,496,135
U.S. Treasury Ultra Bond Futures		(218	)		Short		(25,873,880	)		Dec-23		1,695,517
U.S. Ultra 10 Year Future		(544	)		Short		(60,690,000	)		Dec-23		1,302,304
Wheat Futures (a)		(166	)		Short		(4,494,450	)		Dec-23		570,789

											$	12,953,539

GuidePath Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (Unaudited)

September 30, 2023


Forward Expiration Date	Counterparty	Currency to be received	Amount of Currency to be received		Currency to be delivered	Amount of Currency to be delivered		Unrealized Appreciation (Depreciation)
12/20/2023	UBS AG	Chinese Yuan Renminbi		76,000,001	U.S. Dollar		10,469,849	$	(16,546	)
12/20/2023	UBS AG	Polish Zloty		68,500,000	U.S. Dollar		15,679,758		(53,993	)
12/20/2023	UBS AG	Singapore Dollar		5,375,000	U.S. Dollar		3,942,300		4,740
12/20/2023	UBS AG	Swedish Krona		112,000,000	U.S. Dollar		10,205,681		90,620
12/20/2023	UBS AG	U.S. Dollar		37,085,976	Chinese Yuan Renminbi		270,000,000		(50,757	)
12/20/2023	UBS AG	U.S. Dollar		17,784,390	Norwegian Krone		190,000,000		(20,005	)
12/20/2023	UBS AG	U.S. Dollar		12,468,716	Polish Zloty		54,500,000		36,539
12/20/2023	UBS AG	U.S. Dollar		38,134,140	Singapore Dollar		51,750,000		132,407
12/20/2023	UBS AG	U.S. Dollar		35,461,551	Swedish Krona		392,000,000		(578,329	)

								$	(455,324	)

See notes to financial statements.

GuidePath Conservative Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 33.19%
		Domestic Fixed Income Funds - 33.19%
	44,180	Invesco Senior Loan ETF (a)	$	927,338
	16,595	iShares 0-5 Year High Yield Corporate Bond ETF		680,893
	28,340	iShares 0-5 Year Investment Grade Corporate Bond ETF (a)		1,360,178
	4,463	iShares 0-5 Year TIPS Bond ETF		432,554
	90,416	SPDR Bloomberg Investment Grade Floating Rate ETF (a)		2,777,580

		Total Investment Companies (Cost $6,175,868)		6,178,543

		SHORT TERM INVESTMENTS - 47.39%
		Money Market Funds - 40.75%
	7,585,949	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (b)(c)		7,585,949


Principal Amount
		U.S. Treasury Notes - 6.64%
	750,000	0.500%, 11/30/2023		744,067
	500,000	2.250%, 03/31/2024		492,160

				1,236,227

		Total Short Term Investments (Cost $8,825,429)		8,822,176


Principal Amount			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 22.39%
	4,167,005	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)	$	4,167,005

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $4,167,005)		4,167,005

		Total Investments (Cost $19,168,302) - 102.97%		19,167,724
		Liabilities in Excess of Other Assets - (2.97)%		(553,011	)

		TOTAL NET ASSETS - 100.00%	$	18,614,713

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2023.

(c)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

See notes to financial statements.

GuidePath Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		INVESTMENT COMPANIES - 95.38%
		Domestic Fixed Income Funds - 72.54%
	86,116	iShares Core U.S. Aggregate Bond ETF	$	8,098,349
	639,611	Schwab Intermediate-Term U.S. Treasury ETF (a)(b)		30,662,951
	143,037	SPDR Bloomberg High Yield Bond ETF (b)		12,930,545

				51,691,845

		Emerging Markets Fixed Income Funds - 9.38%
	80,973	iShares JP Morgan USD Emerging Markets Bond ETF		6,681,892
	538,624	VanEck Vectors Emerging Markets High Yield Bond ETF (b)		9,598,280

				16,280,172

		Total Investment Companies (Cost $69,277,323)		67,972,017

		SHORT TERM INVESTMENTS - 4.19%
		Money Market Funds - 4.19%
	2,982,773	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (c)		2,982,773

		Total Money Market Funds (Cost $2,982,773)		2,982,773


Number of Units			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.96%
	14,939,420	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (c)	$	14,939,420

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $14,939,420)		14,939,420

		Total Investments (Cost $87,199,516) - 120.53%		85,894,210
		Liabilities in Excess of Other Assets - (20.53)%		(14,629,702	)

		TOTAL NET ASSETS - 100.00%	$	71,264,508

Percentages are stated as a percent of net assets.

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

All or portion of this security is on loan.

(c)

Seven-day yield as of September 30, 2023.

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023


Number of Shares			Value
		COMMON STOCKS - 33.58%
		Aerospace & Defense - 0.46%
	564	General Dynamics Corp.	$	124,627
	692	Lockheed Martin Corp.		283,000

				407,627

		Air Freight & Logistics - 0.45%
	2,613	United Parcel Service, Inc. - Class B		407,288

		Banks - 1.11%
	4,484	Citizens Financial Group, Inc.		120,171
	15,019	Huntington Bancshares Inc.		156,198
	659	M&T Bank Corp. (a)		83,331
	1,023	PNC Financial Services Group, Inc.		125,594
	9,152	Regions Financial Corp.		157,414
	7,608	Truist Financial Corp.		217,664
	4,113	US Bancorp (a)		135,976

				996,348

		Beverages - 2.20%
	17,549	Coca-Cola Co.		982,393
	5,862	PepsiCo, Inc.		993,257

				1,975,650

		Biotechnology - 1.23%
	6,313	AbbVie, Inc.		941,016
	588	Amgen, Inc.		158,031

				1,099,047

		Building Products - 0.27%
	4,570	Johnson Controls International PLC - ADR		243,170

		Capital Markets - 1.25%
	458	BlackRock, Inc.		296,092
	2,083	Blackstone, Inc. (a)		223,173
	910	CME Group, Inc.		182,200
	3,460	State Street Corp.		231,682
	1,762	T. Rowe Price Group, Inc.		184,781

				1,117,928

		Chemicals - 0.73%
	1,300	Air Products & Chemicals, Inc.		368,420
	2,977	LyondellBasell Industries NV - Class A - ADR		281,922

				650,342

		Communications Equipment - 0.82%
	13,714	Cisco Systems, Inc.		737,265

		Consumer Finance - 0.57%
	3,343	Capital One Financial Corp. (a)		324,438
	6,144	Synchrony Financial (a)		187,822

				512,260

		Diversified Telecommunication Services - 0.64%
	17,732	Verizon Communications, Inc.		574,694

		Electric Utilities - 0.48%
	2,004	American Electric Power Co, Inc.		150,741
	1,034	Eversource Energy (a)		60,127
	3,879	Xcel Energy, Inc.		221,956

				432,824

		Electrical Equipment - 0.44%
	4,080	Emerson Electric Co.		394,006


Number of Shares			Value
		Food Products - 0.56%
	2,508	Archer-Daniels-Midland Co.	$	189,153
	4,841	General Mills, Inc.		309,776

				498,929

		Health Care Equipment & Supplies - 0.43%
	4,897	Medtronic PLC - ADR		383,729

		Health Care Providers & Services - 0.41%
	5,271	CVS Health Corp.		368,021

		Hotels, Restaurants & Leisure - 1.53%
	2,122	McDonald’s Corp.		559,020
	4,101	Starbucks Corp.		374,298
	3,539	Yum! Brands, Inc.		442,163

				1,375,481

		Household Products - 1.83%
	5,177	Colgate-Palmolive Co.		368,136
	1,699	Kimberly-Clark Corp.		205,324
	7,304	Procter & Gamble Co. (a)		1,065,362

				1,638,822

		Industrial Conglomerates - 0.75%
	390	3M Co.		36,512
	3,462	Honeywell International, Inc.		639,570

				676,082

		Insurance - 0.75%
	4,341	Aflac, Inc. (a)		333,172
	2,925	Hartford Financial Services Group, Inc.		207,412
	833	Travelers Cos., Inc. (a)		136,037

				676,621

		IT Services - 1.32%
	1,679	Automatic Data Processing, Inc.		403,934
	4,501	International Business Machines Corp.		631,490
	1,278	Paychex, Inc.		147,392

				1,182,816

		Leisure Products - 0.07%
	889	Hasbro, Inc.		58,798

		Machinery - 0.70%
	580	Caterpillar, Inc. (a)		158,340
	1,124	Cummins, Inc.		256,789
	929	Illinois Tool Works, Inc.		213,958

				629,087

		Media - 0.96%
	17,108	Comcast Corp. - Class A		758,569
	7,849	Paramount Global - Class B (a)		101,252

				859,821

		Multiline Retail - 0.30%
	2,438	Target Corp.		269,570

		Multi-Utilities - 0.87%
	2,876	Ameren Corp.		215,211
	1,860	Consolidated Edison, Inc.		159,086
	1,693	DTE Energy Co.		168,081
	3,504	Sempra		238,377

				780,755

See notes to financial statements.

GuidePath Growth and Income Fund

SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

September 30, 2023


Number of Shares			Value
		Oil, Gas & Consumable Fuels - 2.95%
	4,497	Chevron Corp.	$	758,284
	8,067	Exxon Mobil Corp.		948,518
	18,429	Kinder Morgan, Inc.		305,553
	1,974	Marathon Petroleum Corp.		298,745
	2,365	Valero Energy Corp. (a)		335,144

				2,646,244

		Pharmaceuticals - 3.28%
	7,043	Johnson & Johnson		1,096,947
	9,944	Merck & Co., Inc.		1,023,735
	24,906	Pfizer, Inc.		826,132

				2,946,814

		Road & Rail - 0.38%
	1,667	Union Pacific Corp.		339,451

		Semiconductors & Semiconductor Equipment - 3.37%
	792	Analog Devices, Inc.		138,671
	1,463	Broadcom, Inc.		1,215,138
	12,472	Intel Corp.		443,380
	2,004	QUALCOMM, Inc.		222,564
	6,324	Texas Instruments, Inc.		1,005,579

				3,025,332

		Specialty Retail - 1.39%
	2,163	Advance Auto Parts, Inc. (a)		120,977
	845	Best Buy Co., Inc.		58,702
	3,545	Home Depot, Inc.		1,071,157

				1,250,836

		Technology Hardware, Storage & Peripherals - 0.20%
	6,995	HP, Inc.		179,772

		Tobacco - 0.36%
	3,534	Philip Morris International, Inc.		327,178

		Trading Companies & Distributors - 0.52%
	1,247	Watsco, Inc. (a)		471,017

		Total Common Stocks (Cost $26,564,714)		30,133,625

		INVESTMENT COMPANIES - 33.38%
		Domestic Equity Funds - 19.86%
	132,540	Global X MLP ETF (a)		5,909,959
	235,442	Schwab U.S. Large-Cap ETF (a)		11,913,365

				17,823,324


Number of Shares			Value
		Domestic Fixed Income Funds - 0.28%
	2,683	SPDR Bloomberg 1-3 Month T-Bill ETF (a)	$	246,353

		International Equity Funds - 13.24%
	191,952	Vanguard International High Dividend Yield ETF		11,879,909

		Total Investment Companies (Cost $28,979,799)		29,949,586

		SHORT TERM INVESTMENTS - 28.8%
		Money Market Funds - 22.19%
	19,913,113	JPMorgan U.S. Government Money Market Fund Effective Yield, 5.27% (b)		19,913,113


Principal Amount
		U.S. Treasury Notes - 6.61%
$	3,000,000	0.500%, 11/30/2023 (c)		2,976,267
	3,000,000	2.250%, 03/31/2024		2,952,962

				5,929,229

		Total Short Term Investments (Cost $25,859,910)		25,842,342


Number of Units
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 9.26%
	8,313,070	Mount Vernon Liquid Assets Portfolio, LLC Effective Yield, 5.50% (b)		8,313,070

		Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $8,313,070)		8,313,070

		Total Investments (Cost $89,717,493) - 105.02%		94,238,623
		Liabilities in Excess of Other Assets - (5.02)%		(4,505,546	)

		TOTAL NET ASSETS - 100.00%	$	89,733,077

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan.

(b)

Seven-day yield as of September 30, 2023

(c)

All or portion of this security is held as collateral for certain options written contracts. The approximate value of the portion on these securities held is $2,976,210.

Glossary of Terms


ADR		-		American Depositary Receipt

See notes to financial statements.

100

GuidePath Growth and Income Fund

SCHEDULE OF OPTIONS WRITTEN (Unaudited)

September 30, 2023


Notional Amount		Number of Contracts			Value
				Options on Equities
				Put Options
$	4,450,000		10	CBOE S&P 500 Index Counterparty: Interactive Brokers Expiration: October 13, 2023 Exercise Price: $4,450.00	$	(150,250	)
	4,420,000		10	S&P 500 Index Counterparty: Interactive Brokers Expiration: October 6, 2023 Exercise Price: $4,420.00		(128,300	)

				Total Written Options (Premiums Received $142,372)	$	(278,550	)

See notes to financial statements.

101

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2023 (Unaudited)


	Large Cap Core Fund		Emerging Markets Fund		Small/Mid Cap Core Fund
ASSETS:
Investments, at value (cost $457,515,759, $38,998,893 and $92,095,306, respectively)¹	$	683,079,976	$	45,156,867	$	114,226,539
Foreign currencies (cost $0, $13,301, and $0, respectively)		—		13,195		—
Income receivable		480,959		110,248		83,262
Receivable for dividend reclaims		616		623		—
Receivable for investment securities sold		2,955,213		—		—
Receivable for fund shares sold		485,992		6,362		65,320
Other assets		48,087		22,773		33,894

Total Assets		687,050,843		45,310,068		114,409,015

LIABILITIES:
Payable for collateral on securities loaned		59,966,673		961,950		18,966,169
Payable for fund shares redeemed		402,601		10,193		32,335
Payable to Investment Advisor		358,396		8,087		62,635
Payable to custodian		3,579		28,178		1,574
Accrued shareholder servicing fees		43,161		6,660		6,003
Deferred tax		—		243,660		—
Other accrued expenses		122,363		60,629		52,451

Total Liabilities		60,896,773		1,319,357		19,121,167

NET ASSETS	$	626,154,070	$	43,990,711	$	95,287,848

NET ASSETS CONSIST OF:
Capital stock		397,888,760		39,416,029		73,047,045
Total distributable earnings		228,265,310		4,574,682		22,240,803

Total Net Assets	$	626,154,070	$	43,990,711	$	95,287,848

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		25,036,931		4,289,067		5,601,706
Net assets		626,154,070		43,990,711		95,287,848
Net asset value, offering and redemption price per share	$	25.009	$	10.256	$	17.011

¹Includes loaned securities with a value of:	$	58,596,936	$	937,508	$	18,457,650

See notes to financial statements.

102

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2023 (Unaudited)


	World ex-US Fund		Core Fixed Income Fund			Growth Allocation Fund
ASSETS:
Investments, at value (cost $88,604,221, $220,718,901 and $831,011,330, respectively)¹	$	109,181,833	$	197,778,269		$	1,093,730,281
Foreign currencies (cost $154,203, $0, and $0, respectively)		153,266		—			—
Cash		—		3,000			—
Appreciation on swap agreements		—		513,141			—
Income receivable		306,347		1,118,086			1,067,991
Receivable for dividend and interest reclaims		358,919		3,119			—
Receivable for investment securities sold		—		703,001			3,235,301
Receivable for fund shares sold		45,677		198,723			1,204,506
Net swap premiums paid		—		43,226			—
Other assets		27,214		25,747			78,732

Total Assets		110,073,256		200,386,312			1,099,316,811

LIABILITIES:
Depreciation on swap agreements		—		3,374			—
Variation margin on futures		—		17,398			—
Payable for collateral on securities loaned		4,169,557		12,240,206			121,933,321
Payable for investment securities purchased (When issued securities of $0, $27,441,783, and $0, respectively)		—		28,753,065			—
Payable for fund shares redeemed		59,207		96,774			908,283
Payable to Investment Advisor		48,647		78,356			414,233
Payable to custodian		6,607		5,870			10,074
Accrued shareholder servicing fees		13,265		9,286			90,869
Due to broker for swaps for margin		—		567,423			—
Other accrued expenses		101,843		82,067			166,419

Total Liabilities		4,399,126		41,853,819			123,523,199

NET ASSETS	$	105,674,130	$	158,532,493		$	975,793,612

NET ASSETS CONSIST OF:
Capital stock		80,618,664		195,628,309			716,266,981
Total distributable earnings (loss)		25,055,466		(37,095,816	)		259,526,631

Total Net Assets	$	105,674,130	$	158,532,493		$	975,793,612

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		10,944,045		20,315,752			68,259,038
Net assets		105,674,130		158,532,493			975,793,612
Net asset value, offering and redemption price per share	$	9.656	$	7.803		$	14.295

¹Includes loaned securities with a value of:	$	4,010,690	$	11,993,666		$	119,152,806

See notes to financial statements.

103

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2023 (Unaudited)


	Conservative Allocation Fund		Tactical Allocation Fund		Absolute Return Allocation Fund
ASSETS:
Investments, at value (cost $508,043,471, $499,335,605 and $261,383,534, respectively)¹	$	523,920,671	$	536,674,988	$	255,488,373
Income receivable		686,224		572,472		441,618
Receivable for investment securities sold		1,852,998		2,001,535		886,341
Receivable for fund shares sold		577,054		675,863		152,758
Other assets		55,685		38,447		32,528

Total Assets		527,092,632		539,963,305		257,001,618

LIABILITIES:
Payable for collateral on securities loaned		107,097,473		32,919,803		50,852,453
Payable for fund shares redeemed		384,426		407,818		190,164
Payable to Investment Advisor		121,096		257,602		63,225
Payable to custodian		9,742		6,532		10,122
Accrued shareholder servicing fees		35,409		40,801		19,931
Other accrued expenses		103,815		123,437		83,281

Total Liabilities		107,751,961		33,755,993		51,219,176

NET ASSETS	$	419,340,671	$	506,207,312	$	205,782,442

NET ASSETS CONSIST OF:
Capital stock		410,839,194		493,104,396		235,567,674
Total distributable earnings (loss)		8,501,477		13,102,916		(29,785,232	)

Total Net Assets	$	419,340,671	$	506,207,312	$	205,782,442

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—		—		9
Net assets		—		—		84
Net asset value, offering and redemption price per share	$	—	$	—	$	9.333	²

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		41,715,519		46,759,617		22,127,361
Net assets		419,340,671		506,207,312		205,782,358
Net asset value, offering and redemption price per share	$	10.052	$	10.826	$	9.300

¹Includes loaned securities with a value of:	$	104,499,636	$	31,991,188	$	49,708,905

²Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

104

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2023 (Unaudited)


	Multi-Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed² Futures Strategy Fund
ASSETS:
Investments, at value (cost $95,837,107, $340,323,404 and $499,709,157, respectively)¹	$	100,086,470		$	339,013,951		$	499,734,252
Cash held as collateral for forwards		—			—			6,570,054
Income receivable		378,158			291,444			2,744,330
Deposits with broker for futures		—			—			49,649,396
Receivable for investment securities sold		—			2,440,821			—
Receivable for fund shares sold		67,035			650,321			506,601
Receivable for unsettled open futures contracts		—			—			431,525
Appreciation on forward currency contracts		—			—			264,306
Other assets		31,689			100,373			28,667

Total Assets		100,563,352			342,496,910			559,929,131

LIABILITIES:
Depreciation on forward currency contracts		—			—			719,630
Variation margin on futures		—			—			4,054,499
Payable for collateral on securities loaned		17,046,746			68,327,553			37,452,500
Payable for investment securities purchased		—			2,148,423			—
Payable for fund shares redeemed		82,581			270,570			480,340
Payable for unsettled open futures contracts		—			—			705,532
Payable to Investment Advisor		42,118			97,016			551,089
Payable to custodian		4,102			—			4,171
Accrued shareholder servicing fees		7,165			24,769			42,068
Other accrued expenses		26,046			85,277			149,731

Total Liabilities		17,208,758			70,953,608			44,159,560

NET ASSETS	$	83,354,594		$	271,543,302		$	515,769,571

NET ASSETS CONSIST OF:
Capital stock		88,192,002			326,905,498			568,291,780
Total distributable earnings (loss)		(4,837,408	)		(55,362,196	)		(52,522,209	)

Total Net Assets	$	83,354,594		$	271,543,302		$	515,769,571

Institutional Shares
Shares outstanding (unlimited shares of no par value authorized)		—			5			153
Net assets		—			42			1,385
Net asset value, offering and redemption price per share	$	—		$	8.400	³	$	9.052	³

Service Shares
Shares outstanding (unlimited shares of no par value authorized)		8,493,822			31,049,588			59,098,578
Net assets		83,354,594			271,543,260			515,768,186
Net asset value, offering and redemption price per share	$	9.814		$	8.745		$	8.727

¹Includes loaned securities with a value of:	$	16,636,560		$	66,751,835		$	36,719,450

²Consolidated Statement of Assets & Liabilities (see Note 3b).
³Differences in actual and calculated net asset value shown are due to rounding.

See notes to financial statements.

105

GuideMark Funds & GuidePath Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

September 30, 2023 (Unaudited)


	Conservative Income Fund			Income Fund			Growth & Income Fund
ASSETS:
Investments, at value (cost $19,168,302, $87,199,516, and $89,717,493 respectively)¹	$	19,167,724		$	85,894,210		$	94,238,623
Income receivable		45,199			13,595			191,039
Receivable for dividend reclaims		—			—			1,138
Receivable for investment securities sold		4,411,435			57,755			21,403,544
Receivable for fund shares sold		80,231			497,242			1,078,251
Other assets		11,982			22,064			15,170

Total Assets		23,716,571			86,484,866			116,927,765

LIABILITIES:
Options written, at value (premiums received $0, $0, and $604,110)		—			—			278,550
Payable for collateral on securities loaned		4,167,005			14,939,420			8,313,070
Payable for investment securities purchased		758,814			—			18,389,020
Payable for fund shares redeemed		152,743			210,970			116,465
Payable to Investment Advisor		8,612			51,566			52,265
Payable to custodian		177			473			3,565
Payable for audit and tax fees		8,106			8,106			10,854
Payable for legal fees		712			1,657			6,123
Payable for printing and mailing fees		884			1,835			4,641
Payable for transfer agent fees and expenses		330			346			412
Other accrued expenses		4,475			5,985			19,723

Total Liabilities		5,101,858			15,220,358			27,194,688

NET ASSETS	$	18,614,713		$	71,264,508		$	89,733,077

NET ASSETS CONSIST OF:
Capital stock		19,170,447			83,478,311			87,796,772
Total distributable earnings (loss)		(555,734	)		(12,213,803	)		1,936,305

Total Net Assets	$	18,614,713		$	71,264,508		$	89,733,077

Shares outstanding (unlimited shares of no par value authorized)		1,935,948			8,807,804			8,420,917
Net assets		18,614,713			71,264,508			89,733,077
Net asset value, offering and redemption price per share	$	9.615		$	8.091		$	10.656

¹Includes loaned securities with a value of:	$	4,077,500.00		$	14,600,007		$	8,089,127

See notes to financial statements.

106

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS

September 30, 2023 (Unaudited)


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $2,850, $157,372, and $1,455, respectively)	$	4,726,827		$	1,078,340		$	716,437
Interest income		106,442			5,854			17,626

Total investment income		4,833,269			1,084,194			734,063

EXPENSES:
Investment advisory fees		1,364,582			121,242			260,765
Administrative service fees – Service Shares		787,659			56,428			121,449
Shareholder servicing fees – Service Shares		317,344			22,876			48,741
Administration fees		54,967			15,796			18,968
Reports to shareholders		50,559			6,677			12,533
Fund accounting fees		47,707			59,157			33,368
Legal fees		45,018			10,248			10,187
Trustee fees and expenses		33,458			2,410			5,032
Federal and state registration fees		21,229			18,302			18,482
Custody fees		14,138			83,502			4,591
Audit and tax fees		11,895			28,705			12,261
Compliance fees		8,932			640			1,372
Transfer agent fees and expenses		7,626			2,195			2,714
Insurance fees		5,125			458			824
Miscellaneous expenses		1,159			915			915
Interest expenses		—			1,410			—

Total expenses		2,771,398			430,961			552,202

Fees waived by the Advisor (See Note 4)		—			(120,288	)		—
Less securities lending credit (See Note 6)		(113,842	)		(2,726	)		(41,779	)

Net expenses		2,657,556			307,947			510,423

Net investment income		2,175,713			776,247			223,640

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments (net of foreign capital gains tax of $0, $25,511, and $0, respectively)		(12,425	)		(1,404,181	)		701,921
Foreign currencies		—			10,658			—
Forward currency contracts		—			(203	)		—

Total		(12,425	)		(1,393,726	)		701,921

Net change in unrealized appreciation (depreciation) on:
Investments (net change in deferred foreign capital gains tax of $0, $131,011, and $0, respectively)		28,330,353			452,361			556,739
Foreign currencies		—			1,458			—

Total		28,330,353			453,819			556,739

Net realized and unrealized gain (loss)		28,317,928			(939,907	)		1,258,660

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,493,641		$	(163,660	)	$	1,482,300

See notes to financial statements.

107

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

September 30, 2023 (Unaudited)


	World ex-US Fund			Core Fixed Income Fund			Growth Allocation Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $233,332, $0, and $0, respectively)	$	2,074,447		$	—		$	7,321,071
Interest income		17,861			3,473,559			256,596

Total investment income		2,092,308			3,473,559			7,577,667

EXPENSES:
Investment advisory fees		253,079			334,035			1,244,229
Administrative service fees – Service Shares		137,355			206,934			1,230,887
Shareholder servicing fees – Service Shares		55,159			83,509			497,690
Administration fees		22,505			21,860			72,203
Reports to shareholders		34,913			11,131			46,354
Fund accounting fees		62,484			99,015			57,581
Legal fees		9,211			15,616			72,529
Trustee fees and expenses		5,825			8,937			51,515
Federal and state registration fees		17,720			19,184			20,620
Custody fees		57,123			17,505			31,680
Audit and tax fees		15,250			13,296			8,784
Compliance fees		1,555			2,378			13,870
Transfer agent fees and expenses		2,805			3,385			10,953
Insurance fees		977			1,342			8,144
Miscellaneous expenses		976			976			1,342
Interest expenses		99			—			—

Total expenses		677,036			839,103			3,368,381

Fees waived by the Advisor (See Note 4)		(63,894	)		(50,006	)		—
Less securities lending credit (See Note 6)		(6,947	)		(4,114	)		(231,004	)

Net expenses		606,195			784,983			3,137,377

Net investment income		1,486,113			2,688,576			4,440,290

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(25,200	)		(1,929,188	)		3,985,391
Foreign currencies		(3,648	)		—			—
Swaps		—			(38,799	)		—
Net long-term capital gain distributions received		—			—			480,063
Futures contracts		—			872,651			—
Options written		—			50,198			—

Total		(28,848	)		(1,045,138	)		4,465,454

Net change in unrealized depreciation on:
Investments		(2,175,307	)		(8,912,950	)		17,626,636
Foreign currencies		(12,328	)		—			—
Swaps		—			359,993			—
Futures contracts		—			371,462			—
Options written		—			(5,964	)

Total		(2,187,635	)		(8,187,459	)		17,626,636

Net realized and unrealized loss		(2,216,483	)		(9,232,597	)		22,092,090

NET DERCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(730,370	)	$	(6,544,021	)	$	26,532,380

See notes to financial statements.

108

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

September 30, 2023 (Unaudited)


	Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund
INVESTMENT INCOME:
Dividend income	$	7,653,529		$	3,635,991		$	4,904,146
Interest income		107,906			833,332			52,757

Total investment income		7,761,435			4,469,323			4,956,903

EXPENSES:
Investment advisory fees		539,936			906,776			379,090
Administrative service fees – Service Shares		539,713			647,158			270,652
Shareholder servicing fees – Service Shares		215,972			258,950			108,304
Administration fees		38,394			42,260			17,245
Reports to shareholders		29,428			39,948			20,942
Fund accounting fees		27,483			31,962			17,162
Legal fees		36,569			41,846			30,256
Trustee fees and expenses		22,844			27,174			11,895
Federal and state registration fees		19,612			20,131			21,196
Custody fees		26,310			20,103			36,512
Audit and tax fees		8,540			8,540			8,113
Compliance fees		6,097			7,225			3,110
Transfer agent fees and expenses		5,857			6,619			3,995
Insurance fees		4,642			3,995			1,829
Miscellaneous expenses		2,837			1,159			1,006

Total expenses		1,524,234			2,063,846			931,307

Fees waived by the Advisor (See Note 4)		(421,485	)		—			(265,949	)
Less securities lending credit (See Note 6)		(130,874	)		(58,043	)		(69,671	)

Net expenses		971,875			2,005,803			595,687

Net investment income		6,789,560			2,463,520			4,361,216

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(1,015,882	)		4,799,842			(673,080	)
Net long-term capital gain distributions received		273,593			—			—

Total		(742,289	)		4,799,842			(673,080	)

Net change in unrealized depreciation on:
Investments		(10,791,826	)		5,107,724			(5,786,466	)

Total		(10,791,826	)		5,107,724			(5,786,466	)

Net realized and unrealized gain (loss)		(11,534,115	)		9,907,566			(6,459,546	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,744,555	)	$	12,371,086		$	(2,098,330	)

See notes to financial statements.

109

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

September 30, 2023 (Unaudited)


	Multi- Asset Income Allocation Fund			Flexible Income Allocation Fund			Managed¹ Futures Strategy Fund
INVESTMENT INCOME:
Dividend income	$	2,208,336		$	5,989,803		$	—
Interest income		21,510			206,319			12,773,991

Total investment income		2,229,846			6,196,122			12,773,991

EXPENSES:
Investment advisory fees		153,242			353,790			2,688,717
Administrative service fees – Service Shares		109,458			353,783			640,157
Shareholder servicing fees – Service Shares		43,783			141,513			256,063
Administration fees		7,441			20,675			37,500
Reports to shareholders		3,659			12,871			35,684
Fund accounting fees		5,490			19,826			42,880
Legal fees		7,503			28,182			47,213
Trustee fees and expenses		4,758			15,616			27,849
Federal and state registration fees		17,782			20,347			30,246
Custody fees		10,337			13,802			10,856
Audit and tax fees		8,113			8,540			16,775
Compliance fees		1,250			4,024			7,287
Transfer agent fees and expenses		2,348			4,605			6,590
Insurance fees		731			2,561			2,805
Miscellaneous expenses		854			1,037			1,037
Interest expenses		—			18,089			—

Total expenses		376,749			1,019,261			3,851,659

Fees waived by the Advisor (See Note 4)		—			(178,129	)		—
Less securities lending credit (See Note 6)		(57,315	)		(115,473	)		(9,911	)

Net expenses		319,434			725,659			3,841,748

Net investment income		1,910,412			5,470,463			8,932,243

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(571,278	)		(3,588,706	)		—
Investments in affiliates		—			341,750			—
Foreign currencies		—			—			(428,072	)
Forward currency contracts		—			—			(1,723,584	)
Futures contracts		—			—			281,344

Total		(571,278	)		(3,246,956	)		(1,870,312	)

Net change in unrealized appreciation (depreciation) on:
Investments		(2,596,321	)		(3,735,045	)		82,934
Foreign currencies		—			—			361,547
Forward currency contracts		—			—			(48,706	)
Futures contracts		—			—			21,309,691

Total		(2,596,321	)		(3,735,045	)		21,705,466

Net realized and unrealized gain (loss)		(3,167,599	)		(6,982,001	)		19,835,154

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,257,187	)	$	(1,511,538	)	$	28,767,397

¹Consolidated Statement of Operations for the year (see Note 3b).

See notes to financial statements.

110

GuideMark Funds & GuidePath Funds

STATEMENTS OF OPERATIONS (Continued)

September 30, 2023 (Unaudited)


	Conservative Income Fund			Income Fund			Growth & Income Fund
INVESTMENT INCOME:
Dividend income	$	256,916		$	1,459,510		$	923,690
Interest income		236,647			62,902			651,312

Total investment income		493,563			1,522,412			1,575,002

EXPENSES:
Investment advisory fees		35,149			156,205			198,164
Administrative service fees		25,107			86,781			110,091
Shareholder servicing fees		61			218			329
Administration fees		1,434			4,606			9,085
Reports to shareholders		824			1,525			793
Fund accounting fees		1,282			3,539			6,708
Legal fees		1,403			4,697			8,448
Trustee fees and expenses		947			3,539			5,031
Federal and state registration fees		12,200			12,750			12,749
Custody fees		672			2,043			16,556
Audit and tax fees		8,113			8,113			10,858
Compliance fees		213			732			1,036
Transfer agent fees and expenses		2,043			2,226			2,348
Insurance fees		122			489			853
Miscellaneous expenses		488			519			549
Interest expenses		—			—			79,220

Total expenses		90,058			287,982			462,818

Fees waived by the Advisor (See Note 4)		(6,011	)		—			(4,874	)
Fees recouped by the Advisor (See Note 4)		2,710			22,124			19,925
Less securities lending credit (See Note 6)		(22,484	)		(35,879	)		(50,761	)

Net expenses		64,273			274,227			427,108

Net investment income		429,290			1,248,185			1,147,894

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on:
Investments		(48,642	)		(1,563,787	)		890,713
Options written		—			—			1,278,467
Futures contracts		—			—			1,300,373

Total		(48,642	)		(1,563,787	)		3,469,553

Net change in unrealized appreciation (depreciation) on:
Investments		(4,051	)		(1,665,714	)		(1,028,803	)
Options written		—			—			(592,308	)
Futures contracts		—			—			(145,604	)

Total		(4,051	)		(1,665,714	)		(1,766,715	)

Net realized and unrealized loss		(52,693	)		(3,229,501	)		1,702,838

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	376,597		$	(1,981,316	)	$	2,850,732

See notes to financial statements.

111

GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS


	Large Cap Core Fund						Emerging Markets Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	2,175,713		$	4,411,843		$	776,247		$	1,457,494
Net realized gain on investment transactions		(12,425	)		32,878,693			(1,393,726	)		408,628
Net change in unrealized appreciation (depreciation) on investments		28,330,353			(99,052,414	)		453,819			(9,652,701	)

Net increase (decrease) in net assets resulting from operations		30,493,641			(61,761,878	)		(163,660	)		(7,786,579	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		33			2,596			—			—
Shares issued to holders in reinvestment of dividends		—			158			—			—
Shares redeemed		(1,956	)		(192,141	)		—			—

Net decrease		(1,923	)		(189,387	)		—			—

Service Shares
Shares sold		53,081,065			280,903,875			2,482,005			7,279,116
Shares issued to holders in reinvestment of dividends		—			46,117,712			—			7,031,403
Shares redeemed		(65,262,347	)		(303,253,972	)		(4,026,898	)		(25,571,030	)

Net increase (decrease)		(12,181,282	)		23,767,615			(1,544,893	)		(11,260,511	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(158	)		—			—
Net dividends and distributions – Service Shares		—			(46,117,717	)		—			(7,033,679	)

Total dividends and distributions		—			(46,117,875	)		—			(7,033,679	)

INCREASE (DECREASE) IN NET ASSETS		18,310,436			(84,301,525	)		(1,708,553	)		(26,080,769	)
NET ASSETS:
Beginning of year		607,843,634			692,145,159			45,699,264			71,780,033

End of year	$	626,154,070		$	607,843,634		$	43,990,711		$	45,699,264

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		1			95			—			—
Shares issued to holders in reinvestment of dividends		—			7			—			—
Shares redeemed		(76	)		(7,078	)		—			—

Net decrease		(75	)		(6,976	)		—			—

Service Shares
Shares sold		2,130,388			11,356,474			239,056			652,729
Shares issued to holders in reinvestment of dividends		—			2,051,226			—			702,227
Shares redeemed		(2,612,068	)		(11,916,928	)		(387,156	)		(2,206,058	)

Net increase (decrease)		(481,680	)		1,490,772			(148,100	)		(851,102	)

See notes to financial statements.

112

GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Small/Mid Cap Core Fund						World ex-US Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	223,640		$	506,873		$	1,486,113		$	2,485,633
Net realized gain on investment transactions		701,921			1,256,717			(28,848	)		2,884,420
Net change in unrealized depreciation on investments		556,739			(12,936,836	)		(2,187,635	)		(9,276,405	)

Net increase (decrease) in net assets resulting from operations		1,482,300			(11,173,246	)		(730,370	)		(3,906,352	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			7			151
Shares issued to holders in reinvestment of dividends		—			—			—			8
Shares redeemed		—			—			(280	)		(26,154	)

Net decrease		—			—			(273	)		(25,995	)

Service Shares
Shares sold		8,375,403			26,442,019			6,998,728			38,594,673
Shares issued to holders in reinvestment of dividends		—			2,058,851			—			2,939,056
Shares redeemed		(9,870,805	)		(27,073,552	)		(10,309,020	)		(50,009,329	)

Net increase (decrease)		(1,495,402	)		1,427,318			(3,310,292	)		(8,475,600	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			—			(8	)
Net dividends and distributions – Service Shares		—			(2,058,851	)		—			(2,939,065	)

Total dividends and distributions		—			(2,058,851	)		—			(2,939,073	)

INCREASE (DECREASE) IN NET ASSETS		(13,102	)		(11,804,779	)		(4,040,935	)		(15,347,020	)
NET ASSETS:
Beginning of year		95,300,950			107,105,729			109,715,065			125,062,085

End of year	$	95,287,848		$	95,300,950		$	105,674,130		$	109,715,065

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			1			16
Shares issued to holders in reinvestment of dividends		—			—			—			1
Shares redeemed		—			—			(28	)		(2,652	)

Net decrease		—			—			(27	)		(2,635	)

Service Shares
Shares sold		491,891			1,544,637			703,892			4,197,627
Shares issued to holders in reinvestment of dividends		—			125,678			—			322,230
Shares redeemed		(575,272	)		(1,586,525	)		(1,039,489	)		(5,372,342	)

Net increase (decrease)		(83,381	)		83,790			(335,597	)		(852,485	)

See notes to financial statements.

113

GuideMark Funds & GuidePath Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Core Fixed Income Fund						Growth Allocation Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	2,688,576		$	4,223,597		$	4,440,290		$	8,852,678
Net realized gain (loss) on investment transactions		(1,045,138	)		(12,080,525	)		4,465,454			1,888,841
Net change in unrealized depreciation on investments		(8,187,459	)		(5,091,227	)		17,626,636			(120,272,532	)

Net increase (decrease) in net assets resulting from operations		(6,544,021	)		(12,948,155	)		26,532,380			(109,531,013	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		—			—			128			25,114
Shares issued to holders in reinvestment of dividends		—			—			—			278
Shares redeemed		—			—			(7,792	)		(757,103	)

Net decrease		—			—			(7,664	)		(731,711	)

Service Shares
Shares sold		16,066,665			46,197,572			91,916,571			242,390,203
Shares issued to holders in reinvestment of dividends		2,922,854			4,263,565			—			35,500,660
Shares redeemed		(21,237,763	)		(63,562,199	)		(92,833,433	)		(319,224,478	)

Net increase (decrease)		(2,248,244	)		(13,101,062	)		(916,862	)		(41,333,615	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			—			—			(278	)
Net dividends and distributions – Service Shares		(2,922,870	)		(4,263,587	)		—			(35,500,660	)

Total dividends and distributions		(2,922,870	)		(4,263,587	)		—			(35,500,938	)

INCREASE (DECREASE) IN NET ASSETS		(11,715,135	)		(30,312,804	)		25,607,854			(187,097,277	)
NET ASSETS:
Beginning of year		170,247,628			200,560,432			950,185,758			1,137,283,035

End of year	$	158,532,493		$	170,247,628		$	975,793,612		$	950,185,758

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		—			—			9			1,652
Shares issued to holders in reinvestment of dividends		—			—			—			21
Shares redeemed		—			—			(527	)		(50,994	)

Net decrease		—			—			(518	)		(49,321	)

Service Shares
Shares sold		1,971,755			5,508,964			6,319,756			17,445,883
Shares issued to holders in reinvestment of dividends		365,888			519,559			—			2,735,028
Shares redeemed		(2,617,553	)		(7,694,344	)		(6,400,241	)		(22,742,123	)

Net increase (decrease)		(279,910	)		(1,665,821	)		(80,485	)		(2,561,212	)

See notes to financial statements.

114

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Allocation Fund						Tactical Allocation Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	6,789,560		$	11,398,189		$	2,463,520		$	6,821,469
Net realized gain (loss) on investment transactions		(742,289	)		(12,597,587	)		4,799,842			(33,147,870	)
Net change in unrealized appreciation (depreciation) on investments		(10,791,826	)		(27,287,849	)		5,107,724			10,865,970

Net increase (decrease) in net assets resulting from operations		(4,744,555	)		(28,487,247	)		12,371,086			(15,460,431	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		359			6,520			4,879			42,267
Shares issued to holders in reinvestment of dividends		—			251			—			23,875
Shares redeemed		(11,052	)		(267,848	)		(568,668	)		(271,333	)

Net decrease		(10,693	)		(261,077	)		(563,789	)		(205,191	)

Service Shares
Shares sold		43,297,271			119,398,201			46,193,237			108,999,781
Shares issued to holders in reinvestment of dividends		—			8,621,246			—			22,530,273
Shares redeemed		(47,539,798	)		(172,393,902	)		(53,307,819	)		(111,208,633	)

Net increase (decrease)		(4,242,527	)		(44,374,455	)		(7,114,582	)		20,321,421

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(251	)		—			(23,875	)
Net dividends and distributions – Service Shares		—			(8,621,246	)		—			(22,530,274	)

Total dividends and distributions		—			(8,621,497	)		—			(22,554,149	)

INCREASE (DECREASE) IN NET ASSETS		(8,997,775	)		(81,744,276	)		4,692,715			(17,898,350	)
NET ASSETS:
Beginning of year		428,338,446			510,082,722			501,514,597			519,412,947

End of year	$	419,340,671		$	428,338,446		$	506,207,312		$	501,514,597

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		35			627			451			3,855
Shares issued to holders in reinvestment of dividends		—			25			—			2,263
Shares redeemed		(1,065	)		(25,517	)		(50,850	)		(24,401	)

Net decrease		(1,030	)		(24,865	)		(50,399	)		(18,283	)

Service Shares
Shares sold		4,215,329			11,742,067			4,204,361			10,065,407
Shares issued to holders in reinvestment of dividends		—			872,949			—			2,160,348
Shares redeemed		(4,639,121	)		(16,915,702	)		(4,873,309	)		(10,290,244	)

Net increase		(423,792	)		(4,300,686	)		(668,948	)		1,935,511

See notes to financial statements.

115

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Absolute Return Allocation Fund						Multi-Asset Income Allocation Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	4,361,216		$	9,670,588		$	1,910,412		$	3,396,392
Net realized gain (loss) on investment transactions		(673,080	)		(26,437,955	)		(571,278	)		(1,361,046	)
Net change in unrealized appreciation (depreciation) on investments		(5,786,466	)		1,390,097			(2,596,321	)		(9,822,082	)

Net increase (decrease) in net assets resulting from operations		(2,098,330	)		(15,377,270	)		(1,257,187	)		(7,786,736	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		449			6,756			—			—
Shares issued to holders in reinvestment of dividends		—			677			—			—
Shares redeemed		(27,023	)		(202,020	)		—			—

Net decrease		(26,574	)		(194,587	)		—			—

Service Shares
Shares sold		21,278,656			324,648,665			6,914,714			22,572,633
Shares issued to holders in reinvestment of dividends		—			7,994,097			1,764,022			3,695,270
Shares redeemed		(37,624,821	)		(321,055,015	)		(11,175,162	)		(37,801,710	)

Net increase (decrease)		(16,346,165	)		11,587,747			(2,496,426	)		(11,533,807	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		—			(677	)		—			—
Net dividends and distributions – Service Shares		—			(7,994,097	)		(1,764,022	)		(3,695,270	)

Total dividends and distributions		—			(7,994,774	)		(1,764,022	)		(3,695,270	)

INCREASE (DECREASE) IN NET ASSETS		(18,471,069	)		(11,978,884	)		(5,517,635	)		(23,015,813	)
NET ASSETS:
Beginning of year		224,253,511			236,232,395			88,872,229			111,888,042

End of year	$	205,782,442		$	224,253,511		$	83,354,594		$	88,872,229

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		48			709			—			—
Shares issued to holders in reinvestment of dividends		—			74			—			—
Shares redeemed		(2,871	)		(20,721	)		—			—

Net decrease		(2,823	)		(19,938	)		—			—

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		2,263,083			33,601,635			682,520			2,182,285
Shares issued to holders in reinvestment of dividends		—			870,248			176,508			369,390
Shares redeemed		(4,004,462	)		(34,015,775	)		(1,106,629	)		(3,648,647	)

Net increase (decrease)		(1,741,379	)		456,108			(247,601	)		(1,096,972	)

See notes to financial statements.

116

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Flexible Income Allocation Fund						Managed Futures Strategy Fund¹
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income (loss)	$	5,470,463		$	7,863,238		$	8,932,243		$	6,634,274
Net realized gain (loss) on investment transactions		(3,246,956	)		(46,735,438	)		(1,870,312	)		12,836,267
Net change in unrealized appreciation (depreciation) on investments		(3,735,045	)		13,157,873			21,705,466			(24,757,209	)

Net increase (decrease) in net assets resulting from operations		(1,511,538	)		(25,714,327	)		28,767,397			(5,286,668	)

CAPITAL SHARE TRANSACTIONS:
Institutional Shares
Shares sold		74			1,584			185			366,815
Shares issued to holders in reinvestment of dividends		94			313			—			35,142
Shares redeemed		(8,409	)		(1,275	)		(327,642	)		(203,416	)

Net increase (decrease)		(8,241	)		622			(327,457	)		198,541

Service Shares
Shares sold		34,585,739			122,385,834			59,926,792			498,941,528
Shares issued to holders in reinvestment of dividends		5,656,799			9,653,021			—			110,142,951
Shares redeemed		(56,637,856	)		(149,331,897	)		(71,867,648	)		(245,996,973	)

Net increase (decrease)		(16,395,318	)		(17,293,042	)		(11,940,856	)		363,087,506

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions – Institutional Shares		(94	)		(313	)		—			(35,142	)
Net dividends and distributions – Service Shares		(5,656,799	)		(9,653,021	)		—			(110,142,951	)

Total dividends and distributions		(5,656,893	)		(9,653,334	)		—			(110,178,093	)

INCREASE (DECREASE) IN NET ASSETS		(23,571,990	)		(52,660,081	)		16,499,084			247,821,286
NET ASSETS:
Beginning of year		295,115,292			347,775,373			499,270,487			251,449,201

End of year	$	271,543,302		$	295,115,292		$	515,769,571		$	499,270,487

CHANGES IN SHARES OUTSTANDING
Institutional Shares
Shares sold		8			170			21			35,855
Shares issued to holders in reinvestment of dividends		11			34			—			3,755
Shares redeemed		(940	)		(131	)		(38,651	)		(18,259	)

Net increase (decrease)		(921	)		73			(38,630	)		21,351

CHANGES IN SHARES OUTSTANDING
Service Shares
Shares sold		3,878,710			13,137,850			7,057,947			47,336,914
Shares issued to holders in reinvestment of dividends		642,209			1,074,891			—			12,187,999
Shares redeemed		(6,354,535	)		(16,137,435	)		(8,440,170	)		(24,444,350	)

Net increase (decrease)		(1,833,616	)		(1,924,694	)		(1,382,223	)		35,080,563

¹ Consolidated Statements of Changes in Net Assets (see note 3b).

See notes to financial statements.

117

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Conservative Income Fund						Income Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)						(Unaudited)
OPERATIONS:
Net investment income	$	429,290		$	346,164		$	1,248,185		$	1,085,564
Net realized loss on investment transactions		(48,642	)		(341,288	)		(1,563,787	)		(6,245,008	)
Net change in unrealized appreciation (depreciation) on investments		(4,051	)		50,611			(1,665,714	)		1,652,884

Net increase (decrease) in net assets resulting from operations		376,597			55,487			(1,981,316	)		(3,506,560	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		13,883,367			14,707,129			23,443,658			24,537,832
Shares issued to holders in reinvestment of dividends		428,563			333,851			1,268,383			1,084,689
Shares redeemed		(7,426,604	)		(13,893,111	)		(6,832,023	)		(8,867,473	)

Net increase (decrease)		6,885,326			1,147,869			17,880,018			16,755,048

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(428,563	)		(333,852	)		(1,268,384	)		(1,084,689	)

Total dividends and distributions		(428,563	)		(333,852	)		(1,268,384	)		(1,084,689	)

INCREASE (DECREASE) IN NET ASSETS		6,833,360			869,504			14,630,318			12,163,799
NET ASSETS:
Beginning of year		11,781,353			10,911,849			56,634,190			44,470,391

End of year	$	18,614,713		$	11,781,353		$	71,264,508		$	56,634,190

CHANGES IN SHARES OUTSTANDING
Shares sold		1,438,434			1,509,965			2,783,038			2,760,584
Shares issued to holders in reinvestment of dividends		44,578			34,676			153,569			127,816
Shares redeemed		(770,638	)		(1,437,264	)		(820,333	)		(1,028,707	)

Net increase (decrease)		712,374			107,377			2,116,274			1,859,693

See notes to financial statements.

118

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	Growth & Income Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(Unaudited)
OPERATIONS:
Net investment income	$	1,147,894		$	2,264,523
Net realized gain (loss) on investment transactions		3,469,553			(3,258,069	)
Net change in unrealized appreciation (depreciation) on investments		(1,766,715	)		(1,745,441	)

Net increase (decrease) in net assets resulting from operations		2,850,732			(2,738,987	)

CAPITAL SHARE TRANSACTIONS:
Shares sold		(31,131,393	)		27,064,823
Shares issued to holders in reinvestment of dividends		1,160,059			2,147,781
Shares redeemed		11,196,564			(34,342,235	)

Net increase (decrease)		(18,774,770	)		(5,129,631	)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net dividends and distributions		(1,160,059	)		(2,147,781	)

Total dividends and distributions		(1,160,059	)		(2,147,781	)

INCREASE (DECREASE) IN NET ASSETS		(17,084,097	)		(10,016,399	)
NET ASSETS:
Beginning of year		106,817,174			116,833,573

End of year	$	89,733,077		$	106,817,174

CHANGES IN SHARES OUTSTANDING
Shares sold		(2,929,781	)		2,586,598
Shares issued to holders in reinvestment of dividends		108,406			208,178
Shares redeemed		1,033,289			(3,184,948	)

Net increase (decrease)		(1,788,086	)		(390,172	)

See notes to financial statements.

119

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FINANCIAL HIGHLIGHTS


	Large Cap Core Fund
	Service
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$23.820		$28.797			$26.584			$16.106			$18.401			$17.503
Income from investment operations:
Net investment income¹		0.086		0.205			0.096			0.059			0.114			0.073
Net realized and unrealized gains (losses) on investments		1.103		(2.879	)		3.045			10.515			(2.202	)		1.184

Total from investment operations		1.189		(2.674	)		3.141			10.574			(2.088	)		1.257

Less distributions:
Distributions from net investment income		—		(0.161	)		(0.121	)		(0.096	)		(0.021	)		(0.076	)
Distributions from net realized gains		—		(2.142	)		(0.807	)		—			(0.186	)		(0.283	)

Total distributions		—		(2.303	)		(0.928	)		(0.096	)		(0.207	)		(0.359	)

Net asset value, end of period/year		$25.009		$23.820			$28.797			$26.584			$16.106			$18.401

Total return		4.99%		(8.81)%			11.59%			65.69%			(11.59)%			7.47%
Supplemental data and ratios:
Net assets, end of period/year		$626,154,070³		$607,841,824			$691,938,719			$602,158,947			$326,952,939			$332,500,169
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		0.87%⁴		0.90%			0.89%			1.15%			1.18%			1.22%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.84%⁴		0.87%			0.89%			1.10%			1.14%			1.19%
Ratio of net investment income (loss) to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.66%⁴		0.79%			0.33%			0.21%			0.55%			0.37%
After expense reimbursement (recapture) and securities lending credit		0.69%⁴		0.82%			0.33%			0.26%			0.59%			0.40%
Portfolio turnover rate		11.00%³		46.39%			25.18%			34.13%			28.54%			45.31%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

Not annualized.

⁴

Annualized.

See notes to financial statements.

120

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FINANCIAL HIGHLIGHTS


	Emerging Markets Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$10.299			$13.573			$16.502			$10.516			$13.278			$17.063
Income from investment operations:
Net investment income¹		0.181			0.324			0.214			0.049			0.175			0.109
Net realized and unrealized gains (losses) on investments		(0.224	)		(1.870	)		(1.727	)		5.968			(2.690	)		(2.028	)

Total from investment operations		(0.043	)		(1.546	)		(1.513	)		6.017			(2.515	)		(1.919	)

Less distributions:
Distributions from net investment income		—			(0.486	)		(0.258	)		(0.031	)		(0.247	)		(1.196	)
Distributions from net realized gains		—			(1.242	)		(1.158	)		—			—			(0.670	)

Total distributions		0.000			(1.728	)		(1.416	)		(0.031	)		(0.247	)		(1.866	)

Net asset value, end of period/year		$10.256			$10.299			$13.573			$16.502			$10.516			$13.278

Total return		(0.42)%⁴			(11.02)%			(9.75)%			57.85%³			(19.40)%			(10.05)%
Supplemental data and ratios:
Net assets, end of period/year		$43,990,711			$45,699,264			$71,780,033			$96,895,863			$64,153,851			$85,623,549
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.88%⁵			1.84%			1.40%			1.55%			1.79%			1.69%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.34%⁵			1.40%			1.39%			1.64%			1.65%			1.66%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		2.85%⁵			2.39%			1.32%			0.43%			1.20%			0.72%
After expense reimbursement (recapture) and securities lending credit		3.39%⁵			2.83%			1.33%			0.34%			1.34%			0.75%
Portfolio turnover rate		21.83%⁴			43.50%			47.80%			58.36%			42.60%			47.18%

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

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

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).

⁴

Not annualized.

⁵

Annualized.

See notes to financial statements.

121

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Small Mid Cap Core Fund
	Service
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$16.763		$19.122			$21.067			$10.765			$14.385			$14.908
Income from investment operations:
Net investment income (loss)¹		0.040		0.089			0.002			(0.040	)		(0.007	)		(0.022	)
Net realized and unrealized gains (losses) on investments		0.208		(2.074	)		0.447			10.720			(3.393	)		0.348

Total from investment operations		0.248		(1.985	)		0.449			10.680			(3.400	)		0.326

Less distributions:
Distributions from net investment income		—		(0.063	)		(0.046	)		(0.024	)		(0.016	)		—
Distributions from net realized gains		—		(0.311	)		(2.348	)		(0.354	)		(0.204	)		(0.849	)

Total distributions		—		(0.374	)		(2.394	)		(0.378	)		(0.220	)		(0.849	)

Net asset value, end of period/year		$17.011		$16.763			$19.122			$21.067			$10.765			$14.385

Total return		1.48%³		(10.34)%			1.38%			99.76%			(24.10)%			2.99%
Supplemental data and ratios:
Net assets, end of period/year		$95,287,848		$95,300,950			$107,105,729			$92,756,350			$52,904,611			$63,904,945
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.13%⁴		1.17%			1.17%			1.46%			1.50%			1.56%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.05%⁴		1.06%			1.14%			1.31%			1.39%			1.45%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		0.37%⁴		0.41%			(0.03)%			(0.40)%			(0.16)%			(0.25)%
After expense reimbursement (recapture) and securities lending credit		0.45%⁴		0.52%			0.01%			(0.25)%			(0.05)%			(0.14)%
Portfolio turnover rate		13.03%³		24.59%			36.38%			37.81%			26.54%			39.01%

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

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

Not annualized.

⁴

Annualized.

See notes to financial statements.

122

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	World ex-US Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.727			$10.306			$10.445			$7.303			$8.856			$9.507
Income from investment operations:
Net investment income¹		0.136			0.229			0.131			0.081			0.142			0.121
Net realized and unrealized gains (losses) on investments		(0.207	)	��	(0.526	)		(0.150	)		3.263			(1.538	)		(0.643	)

Total from investment operations		(0.071	)		(0.297	)		(0.019	)		3.344			(1.396	)		(0.522	)

Less distributions:
Distributions from net investment income		—			(0.210	)		(0.120	)		(0.202	)		(0.157	)		(0.129	)
Dividends from net realized gains		—			(0.07	)		—			—			—			—

Total distributions		—			(0.282	)		(0.120	)		(0.202	)		(0.157	)		(0.129	)

Net asset value, end of period/year		$9.656			$9.727			$10.306			$10.445			$7.303			$8.856

Total return		(0.73)%³			(2.70)%			(0.27)%			45.89%			(16.16)%			(5.36)%
Supplemental data and ratios:
Net assets, end of period/year		$105,674,130			$109,714,796			$125,033,842			$138,023,708			$110,561,165			$216,435,566
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.23%⁴			1.26%			1.25%			1.38%			1.36%			1.40%
After expense reimbursement (recapture) and securities lending credit including interest expense²		1.10%⁴			1.14%			1.14%			1.37%			1.35%			1.39%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		2.56%⁴			2.37%			1.08%			0.88%			1.58%			1.32%
After expense reimbursement (recapture) and securities lending credit		2.69%⁴			2.49%			1.19%			0.89%			1.59%			1.33%
Portfolio turnover rate		15.23%³			54.13%			33.89%			46.15%			25.52%			59.18%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

Not annualized.

⁴

Annualized.

See notes to financial statements.

123

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Core Fixed Income Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$8.266			$9.009			$9.700			$9.798			$9.270			$9.131
Income from investment operations:
Net investment income¹		0.132			0.194			0.110			0.112			0.170			0.176
Net realized and unrealized gains (losses) on investments		(0.452	)		(0.740	)		(0.571	)		0.141³			0.490			0.144

Total from investment operations		(0.320	)		(0.546	)		(0.461	)		0.253			0.660			0.320

Less distributions:
Distributions from net investment income		(0.143	)		(0.197	)		(0.124	)		(0.184	)		(0.108	)		(0.181	)
Distributions from net realized gains		—			—			(0.106	)		(0.167	)		(0.024	)		—

Total distributions		(0.143	)		(0.197	)		(0.230	)		(0.351	)		(0.132	)		(0.181	)

Net asset value, end of period/year		$7.803			$8.266			$9.009			$9.700			$9.798			$9.270

Total return		(3.90)%⁴			(6.02)%			(4.88)%			2.47%			7.16%			3.57%
Supplemental data and ratios:
Net assets, end of period/year		$158,532,493			$170,247,628			$200,560,432			$188,033,933			$135,386,961			$132,792,238
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and securities lending credit including interest expense²		1.01%⁵			0.99%			0.99%			1.28%			1.29%			1.34%
After expense reimbursement (recapture) and securities lending credit including interest expense²		0.94%⁵			0.94%			0.94%			1.19%			1.19%			1.19%
Ratio of net investment income to average net assets
Before expense reimbursement (recapture) and securities lending credit		3.15%⁵			2.28%			1.09%			1.01%			1.67%			1.80%
After expense reimbursement (recapture) and securities lending credit		3.22%⁵			2.33%			1.14%			1.10%			1.77%			1.95%
Portfolio turnover rate		139.28%⁴			252.14%			263.72%			283.45%			278.67%			239.11%

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

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

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

⁴

Not annualized.

⁵

Annualized.

See notes to financial statements.

124

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth Allocation Fund
	Service
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$13.904		$16.029			$15.636			$10.062			$11.477			$11.458
Income from investment operations:
Net investment income¹		0.056		0.127			0.126			0.064			0.128			0.160
Net realized and unrealized gains (losses) on investments		0.335		(1.718	)		0.726			5.780			(1.402	)		0.003⁵

Total from investment operations		0.391		(1.591	)		0.852			5.844			(1.274	)		0.163

Less distributions:
Distributions from net investment income		—		(0.028	)		(0.129	)		(0.072	)		(0.141	)		(0.132	)
Distributions from net realized gains		—		(0.506	)		(0.330	)		(0.198	)		—			(0.012	)

Total distributions		—		(0.534	)		(0.459	)		(0.270	)		(0.141	)		(0.144	)

Net asset value, end of period/year		$14.295		$13.904			$16.029			$15.636			$10.062			$11.477

Total return		2.81%⁶		(9.69)%			5.22%			58.23%			(11.35)%			1.61%
Supplemental data and ratios:
Net assets, end of period/year		$975,793,612		$950,178,503			$1,136,476,058			$1,075,230,154			$739,949,997			$788,314,442
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.68%⁷		0.69%			0.68%			0.94%			0.97%			1.00%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.63%⁷		0.64%			0.64%			0.90%			0.93%			0.95%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.85%⁷		0.87%			0.71%			0.44%			1.03%			1.35%
After expense reimbursement (recapture) and securities lending credit		0.90%⁷		0.92%			0.75%			0.48%			1.07%			1.40%
Portfolio turnover rate		4.89%⁶		22.84%			17.09%			39.58%			37.80%			53.89%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

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

⁴

Recognition of the net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies and exchange-traded funds in which the Fund invests.

⁵

⁶

Not annualized.

⁷

Annualized.

See notes to financial statements.

125

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Allocation Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$10.165			$10.978			$11.070			$9.137			$9.617			$9.482
Income from investment operations:
Net investment income¹		0.163			0.266			0.207			0.199			0.226			0.196
Net realized and unrealized gains (losses) on investments		(0.276	)		(0.865	)		0.098			1.959			(0.490	)		0.107

Total from investment operations		(0.113	)		(0.599	)		0.305			2.158			(0.264	)		0.303

Less distributions:
Distributions from net investment income		—			(0.175	)		(0.202	)		(0.189	)		(0.216	)		(0.153	)
Distributions from net realized gains		—			(0.039	)		(0.195	)		(0.036	)		—			(0.015	)

Total distributions		—			(0.214	)		(0.397	)		(0.225	)		(0.216	)		(0.168	)

Net asset value, end of period/year		$10.052			$10.165			$10.978			$11.070			$9.137			$9.617

Total return		(1.11)%⁶			(5.39)%			2.60%			23.67%			(2.99)%			3.35%
Supplemental data and ratios:
Net assets, end of period/year		$419,340,671			$428,327,883			$509,796,048			$461,123,761			$314,935,864			$337,130,990
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.71%⁵			0.71%			0.70%			0.96%			0.99%			1.02%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.45%⁵			0.45%			0.45%			0.70%			0.70%			0.70%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		2.88%⁵			2.37%			1.56%			1.64%			1.98%			1.75%
After expense reimbursement (recapture) and securities lending credit		3.14%⁵			2.63%			1.81%			1.90%			2.27%			2.07%
Portfolio turnover rate		3.54%⁶			48.39%			28.28%			38.17%			58.96%			69.19%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

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

⁴

⁵

Annualized.

⁶

Not Annualized.

See notes to financial statements.

126

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Tactical Allocation Fund
	Service
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$10.563		$11.400			$11.394			$9.960			$10.919			$10.907
Income from investment operations:
Net investment income¹		0.053		0.149			0.047			0.010			0.061			0.074
Net realized and unrealized gains (losses) on investments		0.210		(0.486	)		1.154			1.941			(0.515	)		0.410

Total from investment operations		0.263		(0.337	)		1.201			1.951			(0.454	)		0.484

Less distributions:
Distributions from net investment income		—		—			(0.053	)		(0.005	)		(0.058	)		(0.066	)
Distributions from net realized gains		—		(0.500	)		(1.142	)		(0.512	)		(0.447	)		(0.406	)

Total distributions		—		(0.500	)		(1.195	)		(0.517	)		(0.505	)		(0.472	)

Net asset value, end of period/year		$10.826		$10.563			$11.400			$11.394			$9.960			$10.919

Total return		2.49%⁶		(2.90)%			10.32%			19.96%			(4.83)%			4.96%
Supplemental data and ratios:
Net assets, end of year		506,207,312		$500,975,471			$518,623,186			$469,311,387			$323,199,482			$341,839,666
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.80%⁵		0.80%			0.81%			1.07%			1.10%			1.11%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.77%⁵		0.79%			0.78%			1.05%			1.06%			1.03%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.93%⁵		1.37%			0.36%			0.07%			0.50%			0.58%
After expense reimbursement (recapture) and securities lending credit		0.96%⁵		1.38%			0.39%			0.09%			0.54%			0.66%
Portfolio turnover rate		154.48%⁶		248.27%			406.19%			443.30%			500.28%			336.60%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

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

⁴

⁵

Annualized.

⁶

Not Annualized.

See notes to financial statements.

127

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Institutional
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.372			$10.053			$10.554			$10.005			$10.402			$10.335
Income from investment operations:
Net investment income¹		33.333			0.346			0.267			0.256			0.329			0.346
Net realized and unrealized gains (losses) on investments		(33.372	)		(0.775	)		(0.516	)		0.638²			(0.367	)		(0.003)²

Total from investment operations		(0.039	)		(0.429	)		(0.249	)		0.894			(0.038	)		0.343

Less distributions:
Dividends from net investment income		—			(0.252	)		(0.252	)		(0.345	)		(0.359	)		(0.276	)

Total distributions		—			(0.252	)		(0.252	)		(0.345	)		(0.359	)		(0.276	)

Net asset value, end of period/year		$9.333			$9.372			$10.053			$10.554			$10.005			$10.402

Total return		(0.42)%			(4.21)%			(2.46)%			8.92%			(0.53)%			3.43%
Supplemental data and ratios:
Net assets, end of period/year		$84			$26,541			$228,905			$476,449			$1,133,623			$667,898
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.50%			0.50%			0.47%			0.49%			0.50%			0.51%
After expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.20%			0.22%			0.20%			0.21%			0.21%			0.20%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.73%			3.31%			2.26%			2.15%			2.82%			3.04%
After expense reimbursement (recapture) and securities lending credit		4.03%			3.59%			2.53%			2.43%			3.11%			3.35%
Portfolio turnover rate		31.72%			152.99%			27.64%			65.03%			161.00%			146.82%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

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

⁴

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.02%, 0.00%, 0.01%, 0.01% and 0.00%, respectively.

⁵

⁶

Annualized.

⁷

Not Annualized.

See notes to financial statements.

128

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Absolute Return Allocation Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.394			$10.080			$10.578			$10.010			$10.402			$10.348
Income from investment operations:
Net investment income¹		0.197			0.286			0.227			0.195			0.266			0.283
Net realized and unrealized gains (losses) on investments		(0.291	)		(0.750	)		(0.515	)		0.634⁵			(0.368	)		(0.001)⁵

Total from investment operations		(0.094	)		(0.464	)		(0.288	)		0.829			(0.102	)		0.282

Less distributions:
Dividends from net investment income		—			(0.222	)		(0.210	)		(0.261	)		(0.290	)		(0.228	)

Total distributions		—			(0.222	)		(0.210	)		(0.261	)		(0.290	)		(0.228	)

Net asset value, end of period/year		$9.300			$9.394			$10.080			$10.578			$10.010			$10.402

Total return		(1.00)%⁷			(4.56)%			(2.80)%			8.26%			(1.11)%			2.81%
Supplemental data and ratios:
Net assets, end of period/year		$205,782,358			$224,226,970			$236,003,490			$212,656,486			$391,177,265			$312,866,645
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.86%⁶			0.86%			0.82%			1.09%			1.10%			1.11%
After expense reimbursement (recapture) and securities lending credit including interest expense³		0.55%⁶			0.58%			0.55%			0.81%			0.81%			0.80%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		3.72%⁶			2.73%			1.87%			1.57%			2.22%			2.44%
After expense reimbursement (recapture) and securities lending credit		4.03%⁶			3.01%			2.14%			1.85%			2.51%			2.75%
Portfolio turnover rate		31.72%⁷			152.99%			27.64%			65.03%			161.00%			146.82%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

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

⁴

⁵

⁶

Annualized.

⁷

Not Annualized.

See notes to financial statements.

129

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Multi-Asset Income Allocation Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$10.167			$11.373			$11.332			$9.056			$10.660			$10.603
Income from investment operations:
Net investment income¹		0.225			0.370			0.313			0.270			0.344			0.358
Net realized and unrealized gains (losses) on investments		(0.373	)		(1.169	)		0.044			2.272			(1.632	)		0.062

Total from investment operations		(0.148	)		(0.799	)		0.357			2.542			(1.288	)		0.420

Less distributions:
Distributions from net investment income		(0.205	)		(0.407	)		(0.316	)		(0.266	)		(0.313	)		(0.363	)
Distributions from net realized gains		—			—			—			—			(0.003	)		—

Total distributions		(0.205	)		(0.407	)		(0.316	)		(0.266	)		(0.316	)		(0.363	)

Net asset value, end of period/year		$9.814			$10.167			$11.373			$11.332			$9.056			$10.660

Total return		(1.48)%⁵			(6.92)%			3.09%			28.42%			(12.53)%			4.13%
Supplemental data and ratios:
Net assets, end of period/year		$83,354,594			$88,872,229			$111,888,042			$132,821,013			$112,044,753			$132,260,092
Ratio of expenses to average net assets²
Before expense reimbursement (recapture) and securities lending credit including interest expense³		0.86%⁶			0.85%			0.84%			1.09%			1.12%			1.15%
After expense reimbursement (recapture) and securities lending creditincluding interest expense³		0.73%⁶			0.59%			0.70%			0.96%			0.92%			0.82%
Ratio of net investment income to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		4.23%⁶			3.32%			2.55%			2.48%			2.99%			3.08%
After expense reimbursement (recapture) and securities lending credit		4.36%⁶			3.58%			2.69%			2.61%			3.19%			3.41%
Portfolio turnover rate		10.76%⁵			65.66%			24.21%			73.27%			85.15%			44.77%

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

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

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

⁴

⁵

Not annualized

⁶

Annualiized

See notes to financial statements.

130

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Institutional
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.021			$10.080			$10.582			$9.368			$9.422			$9.577
Income from investment operations:
Net investment income¹		21.000			0.270			0.254			0.511			0.391			0.426
Net realized and unrealized gains (losses) on investments		(21.425	)		(0.971	)		(0.453	)		0.989²			(0.076)²			(0.183	)

Total from investment operations		(0.425	)		(0.701	)		(0.199	)		1.500			0.315			0.243

Less distributions:
Dividends from net investment income		(0.196	)		(0.291	)		(0.236	)		(0.286	)		(0.369	)		(0.398	)
Dividends from net realized gains		—			(0.067	)		(0.067	)		—			—			—

Total distributions		(0.196	)		(0.358	)		(0.303	)		(0.286	)		(0.369	)		(0.398	)

Net asset value, end of period/year		$8.400			$9.021			$10.080			$10.582			$9.368			$9.422

Total return		(4.81)%⁷			(6.92)%			(2.02)%			16.10%			3.38%			2.58%
Supplemental data and ratios:
Net assets, end of period/year		$42			$8,353			$8,598			$7,747			$34,154			$26,280
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.29%⁶			0.30%			0.30%			0.37%			0.45%			0.56%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.15%⁶			0.14%			0.15%			0.15%			0.15%			0.16%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		4.05%⁶			2.74%			2.24%			4.84%			3.81%			4.07%
After expense reimbursement (recapture) and securities lending credit		4.19%⁶			2.89%			2.39%			5.06%			4.11%			4.47%
Portfolio turnover rate		120.26%⁷			483.66%			195.55%			211.84%			517.05%			380.48%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

⁴

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

⁵

⁶

Annualized.

⁷

Not Annualized.

See notes to financial statements.

131

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Flexible Income Allocation Fund
	Service
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$8.974			$9.991			$10.497			$9.304			$9.366			$9.525
Income from investment operations:
Net investment income¹		0.176			0.230			0.213			0.250			0.331			0.361
Net realized and unrealized gains (losses) on investments		(0.225	)		(0.960	)		(0.445	)		1.175²			(0.076)²			(0.173)²

Total from investment operations		(0.049	)		(0.730	)		(0.232	)		1.425			0.255			0.188

Less distributions:
Dividends from net investment income		(0.180	)		(0.220	)		(0.207	)		(0.232	)		(0.317	)		(0.347	)
Dividends from net realized gains		—			(0.067	)		(0.067	)		—			—			—

Total distributions		(0.180	)		(0.287	)		(0.274	)		(0.232	)		(0.317	)		(0.347	)

Net asset value, end of period/year		$8.745			$8.974			$9.991			$10.497			$9.304			$9.366

Total return		(0.55)%⁶			(7.27)%			(2.33)%			15.38%			2.76%			2.00%
Supplemental data and ratios:
Net assets, end of period/year		$271,543,260			$295,106,939			$347,766,775			$279,838,116			$98,516,379			$59,741,077
Ratio of expenses to average net assets³
Before expense reimbursement (recapture) and securities lending credit including interest expense⁴		0.71%⁷			0.70%			0.70%			0.99%			1.05%			1.15%
After expense reimbursement (recapture) and securities lending creditincluding interest expense⁴		0.50%⁷			0.50%			0.50%			0.75%			0.75%			0.77%
Ratio of net investment income to average net assets⁵
Before expense reimbursement (recapture) and securities lending credit		3.66%⁷			2.28%			1.83%			2.17%			3.20%			3.45%
After expense reimbursement (recapture) and securities lending credit		3.87%⁷			2.48%			2.03%			2.41%			3.50%			3.83%
Portfolio turnover rate		120.26%⁶			483.66%			195.55%			211.84%			517.05%			380.48%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

⁴

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.02%, respectively.

⁵

⁶

Not annualized.

⁷

Annualized.

See notes to financial statements.

132

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Institutional
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$8.550		$10.136			$9.504			$8.813			$8.067			$8.665
Income from investment operations:
Net investment income (loss)¹		0.124		0.241			(0.106	)		(0.084	)		0.063			0.081
Net realized and unrealized gains (losses) on investments		0.378		0.557³			1.607			1.079			1.097			(0.679	)

Total from investment operations		0.502		0.798			1.501			0.995			1.160			(0.598	)

Less distributions:
Dividends from net investment income		—		(1.085	)		(0.262	)		—			(0.131	)		—
Dividends from net realized gains		—		(1.299	)		(0.607	)		(0.304	)		(0.283	)		—

Total distributions		—		(2.384	)		(0.869	)		(0.304	)		(0.414	)		—

Net asset value, end of period/year		$9.052		$8.550			$10.136			$9.504			$8.813			$8.067

Total return		5.87%⁴		5.86%			17.34%			11.46%			14.70%			(6.90)%
Supplemental data and ratios:
Net assets, end of period/year		$1,385		$331,615			$176,686			$483,785			$1,220,564			$961,919
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.13%⁵		1.21%			1.19%			1.21%			1.25%			1.27%
After expense reimbursement (recapture) and fees waived including interest expense²		1.13%⁵		1.21%			1.19%			1.29%			1.30%			1.30%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		2.87%⁵		2.52%			(1.12)%			(0.87)%			0.79%			1.03%
After expense reimbursement (recapture) and fees waived		2.87%⁵		2.52%			(1.12)%			(0.95)%			0.74%			1.00%
Portfolio turnover rate		0.00%⁴		0.00%			0.00%			0.00%			0.00%			0.00%

Portfolio

Turnover is calculated for the Fund as a whole.

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

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

⁴

Not annualized

⁵

Annualized

See notes to financial statements.

133

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Managed Futures Strategy Fund (Consolidated)
	Service
	Period Ended September 30, 2023		Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$ 8.250		$ 9.893			$ 9.268			$ 8.648			$ 7.914			$ 8.551
Income from investment operations:
Net investment income (loss)¹		0.148		0.160			(0.136	)		(0.129	)		0.011			0.035
Net realized and unrealized gains (losses) on investments		0.329		0.542³			1.570			1.053			1.077			(0.672	)

Total from investment operations		0.477		0.702			1.434			0.924			1.088			(0.637	)

Less distributions:
Dividends from net investment income		—		(1.046	)		(0.202	)		—			(0.071	)		—
Dividends from net realized gains		—		(1.299	)		(0.607	)		(0.304	)		(0.283	)		—

Total distributions		—		(2.345	)		(0.809	)		(0.304	)		(0.354	)		—

Net asset value, end of period/year		$ 8.727		$ 8.250			$ 9.893			$ 9.268			$ 8.648			$ 7.914

Total return		5.78%⁴		5.04%			16.94%			10.84%			14.03%			(7.45)%
Supplemental data and ratios:
Net assets, end of period/year		$515,768,186		$498,938,872			$251,272,515			$207,653,403			$221,868,264			$156,397,141
Ratio of expenses to average net assets
Before expense reimbursement (recapture) and fees waived including interest expense²		1.50%⁵		1.52%			1.54%			1.80%			1.85%			1.87%
After expense reimbursement (recapture) and fees waived including interest expense²		1.50%⁵		1.52%			1.54%			1.81%			1.90%			1.90%
Ratio of net investment gain (loss) to average net assets
Before expense reimbursement (recapture) and fees waived		3.48%⁵		1.52%			(1.47)%			(1.47)%			0.18%			0.47%
After expense reimbursement (recapture) and fees waived		3.48%⁵		1.52%			(1.47)%			(1.48)%			0.13%			0.44%
Portfolio turnover rate		0.00%⁴		0.00%			0.00%			0.00%			0.00%			0.00%

Portfolio Turnover is calculated for the Fund as a whole.

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

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

⁴

Not annualized

⁵

Annualized

See notes to financial statements.

134

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Conservative Income Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			April 30, 2018¹ through March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$9.629			$9.776			$9.938			$9.899			$9.987			$10.000
Income from investment operations:
Net investment income²		0.222			0.204			0.049			0.029			0.177			0.153
Net realized and unrealized gains (losses) on investments		(0.036	)		(0.136	)		(0.159	)		0.044			(0.092	)		(0.020)⁷

Total from investment operations		0.186			0.068			(0.110	)		0.073			0.085			0.133

Less distributions:
Distributions from net investment income		(0.200	)		(0.215	)		(0.052	)		(0.034	)		(0.173	)		(0.144	)
Distributions from net realized gains		—			—			—			—			—			(0.002	)

Total distributions		(0.200	)		(0.215	)		(0.052	)		(0.034	)		(0.173	)		(0.146	)

Net asset value, end of period/year		$9.615			$9.629			$9.776			$9.938			$9.899			$9.987

Total return		1.95%³			0.71%			(1.12)%			0.74%			0.85%			1.34%³
Supplemental data and ratios:
Net assets, end of period/year		$18,614,713			$11,781,353			$10,911,849			$15,926,192			$6,724,818			$973,527
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit		0.90%⁵			0.95%			1.06%			1.14%			2.23%			43.40%⁵
After expense reimbursement (recapture) and securities lending credit		0.64%⁵			0.64%			0.64%			0.64%			0.64%			0.64%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		4.01%⁵			1.81%			0.08%			(0.20)%			0.18%			(41.09)%⁵
After expense reimbursement (recapture) and fees waived		4.27%⁵			2.12%			0.50%			0.30%			1.77%			1.67%⁵
Portfolio turnover rate		177.03%³			398.32%			161.18%			190.65%			190.99%			388.79%³

Commencement of operations.

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

Not annualized.

⁴

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

⁵

Annualized.

⁶

⁷

See notes to financial statements.

135

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Income Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			April 30, 2018¹ through March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$8.464			$9.204			$9.950			$9.857			$9.892			$10.000
Income from investment operations:
Net investment income²		0.142			0.169			0.208			0.186			0.284			0.079
Net realized and unrealized gains (losses) on investments		(0.366	)		(0.742	)		(0.745	)		0.090⁷			(0.048)⁷			0.016⁷

Total from investment operations		(0.224	)		(0.573	)		(0.537	)		0.276			0.236			0.095

Less distributions:
Distributions from net investment income		(0.149	)		(0.167	)		(0.209	)		(0.183	)		(0.266	)		(0.203	)
Distributions from net realized gains		—			—			—			—			(0.005	)		—

Total distributions		(0.149	)		(0.167	)		(0.209	)		(0.183	)		(0.271	)		(0.203	)

Net asset value, end of period/year		$8.091			$8.464			$9.204			$9.950			$9.857			$9.892

Total return		(2.67)%			(6.21)%			(5.53)%			2.79%			2.34%			0.99%³
Supplemental data and ratios:
Net assets, end of period/year		$71,264,508³			$56,634,190			$44,470,391			$38,031,721			$32,494,874			$3,619,628
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.83%⁵			0.85%			0.88%			0.92%			1.18%			16.23%⁵
After expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.79%⁵			0.79%			0.79%			0.80%			0.79%			0.79%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		3.56%⁵			1.91%			2.02%			1.73%			2.39%			(14.57)%⁵
After expense reimbursement (recapture) and fees waived		3.60%⁵			1.97%			2.11%			1.85%			2.79%			0.87%⁵
Portfolio turnover rate		217.00%³			300.76%			222.96%			194.13%			247.58%			801.50%³

Commencement of operations.

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

Not annualized.

⁴

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

⁵

Annualized.

⁶

⁷

⁸

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

See notes to financial statements.

136

GuideMark Funds & GuidePath Funds

FINANCIAL HIGHLIGHTS


	Growth & Income Fund
	Period Ended September 30, 2023			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			April 30, 2018¹ through March 31, 2019
	(Unaudited)
Per share data for a share of capital stock outstanding for the entire period/year and selected information for the period/year are as follows:
Net asset value, beginning of period/year		$10.463			$11.023			$11.683			$8.717			$9.772			$10.000
Income from investment operations:
Net investment income²		0.137			0.236			0.110			0.134			0.189			0.331
Net realized and unrealized gains (losses) on investments		0.201			(0.575	)		0.888			2.959			(1.094	)		(0.320)⁷

Total from investment operations		0.338			(0.339	)		0.998			3.093			(0.905	)		0.011

Less distributions:
Distributions from net investment income		(0.145	)		(0.221	)		(0.139	)		(0.127	)		(0.146	)		(0.239	)
Distributions from net realized gains (losses)		—			—			(1.519	)		—			(0.004	)		—

Total distributions		(0.145	)		(0.221	)		(1.658	)		(0.127	)		(0.150	)		(0.239	)

Net asset value, end of period/year		$10.656			$10.463			$11.023			$11.683			$8.717			$9.772

Total return		3.23%			(3.02)%			7.90%			35.67%			(9.45)%			0.14%³
Supplemental data and ratios:
Net assets, end of period/year		$89,733,077			$106,817,174			$116,833,573			$86,833,376			$33,927,659			$4,519,060
Ratio of expenses to average net assets⁴
Before expense reimbursement (recapture) and securities lending credit including interest expense⁸		1.05%			0.94%			0.87%			0.95%			1.34%			27.58%⁵
After expense reimbursement (recapture) and securities lending credit including interest expense⁸		0.97%			0.89%			0.81%			0.80%			0.79%			0.79%⁵
Ratio of net investment income to average net assets⁶
Before expense reimbursement (recapture) and fees waived		2.53%			2.21%			0.86%			1.13%			1.34%			(23.11)%⁵
After expense reimbursement (recapture) and fees waived		2.61%			2.26%			0.92%			1.28%			1.89%			3.68%⁵
Portfolio turnover rate		81.05%			73.19%			174.37%			108.96%			159.34%			123.50%³

Commencement of operations.

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

Not annualized.

⁴

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

⁵

Annualized.

⁶

⁷

⁸

Includes interest expense where applicable. See Note 5 in the Notes to the Financial Statements. Interest expense was 0.18%, 0.10%, 0.02%, 0.01%, 0.00% and 0.00%, respectively.

See notes to financial statements.

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GuideMark Funds & GuidePath Funds

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September 30, 2023

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, GuidePathMulti-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePathManaged 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 GuidePathMulti-Asset Income Allocation Fund and GuidePath Flexible Income Allocation Fund commenced operations on August 31, 2012. The GuidePathManaged Futures Strategy Fund commenced operations on January 19, 2016. The GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund commenced operations on April 30, 2018. Each Fund offers two classes of shares: Service Shares and Institutional Shares, except GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund, which are only offered with a single share class. Certain Fund classes were without shares as of the period end; any share activity related to those classes is presented in the Statements of Changes in Net Assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

Fund of Funds

The GuidePath Growth Allocation Fund, GuidePath Conservative Allocation Fund, GuidePath Absolute Return Allocation Fund, GuidePathMulti-Asset Income Allocation Fund, GuidePath Flexible Income Allocation Fund, GuidePath Conservative Income Fund, GuidePath Income Fund and GuidePath Growth and Income Fund each operate as a “Fund of Funds,” investing primarily or, in the case of the GuidePath Tactical Allocation Fund, between 10% and 100% of its assets, in registered investment companies, including mutual funds and exchange-traded funds (“ETFs”). The funds in which the Fund of Funds may invest are referred to herein as the “Underlying Funds.” The Advisor believes that investing in

Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Advisor or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

Significant Accounting Policies

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

(a)

Investment Valuation

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.

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

138

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

net asset value will be valued at their fair value in accordance with the requirements of Rule 2a-5. The Board designated the Advisor as Valuation Designee of the Trusts. The Valuation Designee has established a Valuation Committee to oversee the implementation of the valuation procedures on behalf of the Funds.

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

Level 1 – Quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts).

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

During the year, certain securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate obligations, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; (2) certain foreign common stocks, preferred stocks, participatory notes, and real estate investment trusts; and (3) certain over-the-counter derivative instruments, including forward currency contracts, 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.

Certain common stocks that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

Forward currency contracts and swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued using pricing vendors. Depending upon the instrument, its value may be provided by a pricing vendor using a series of techniques, including pricing models. The pricing models typically use inputs that are observed from active markets such as indices, spreads, interest rates, curves, dividends and exchange rates.

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: fair valued securities 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.

139

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2023:

GuideMark Large Cap Core Fund


	Level 1		Level 2		Level 3		Total
Common Stocks	$	597,384,220	$	—	$	0	$	597,384,220
Investment Companies		17,519,132		—		—		17,519,132
Real Estate Investment Trusts		5,600,454		—		—		5,600,454
Short Term Investments		2,609,497		—		—		2,609,497
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		59,966,673

Total Investments in Securities	$	623,113,303	$	—	$	0	$	683,079,976

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, 2023	$	0
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		—

Balance as of September 30, 2023	$	0

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2023.	$	—

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.

140

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

GuideMark Emerging Markets Fund


	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	339,200	$	2,787,632	$	—	$	3,126,832
Consumer Discretionary		1,026,046		4,357,372		—		5,383,418
Consumer Staples		796,152		2,987,760		0		3,783,912
Energy		316,042		2,381,065		0		2,697,107
Financials		1,185,148		6,395,033		0		7,580,181
Health Care		92,873		1,603,299		—		1,696,172
Industrials		216,123		2,686,635		—		2,902,758
Information Technology		156,965		9,315,437		—		9,472,402
Materials		697,648		1,891,957		0		2,589,605
Real Estate		21,234		645,401		0		666,635
Utilities		153,564		334,122		—		487,686

Total Common Stocks		5,000,995		35,385,713		0		40,386,708
Investment Companies		2,495,198		—		—		2,495,198
Preferred Stocks
Consumer Discretionary		—		39,312		—		39,312
Energy		296,471		—		—		296,471
Financials		326,547		—		—		326,547
Industrials		—		64,324		—		64,324
Information Technology		—		159,131		—		159,131
Materials		91,816		—		—		91,816
Utilities		116,911		—		—		116,911

Total Preferred Stocks		831,745		262,767		—		1,094,512
Real Estate Investment Trusts		61,853		—		—		61,853
Rights		0		—		2,546		2,546
Short Term Investments		154,100		—		—		154,100
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		961,950

Total Investments in Securities	$	8,543,891	$	35,648,480	$	2,546	$	45,156,867

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			Rights
Balance as of April 1, 2023	$	22,633		$	—
Purchases		—			—
Sales proceeds and paydowns		(204,172	)		—
Accreted discounts, net		—			—
Corporate Actions		—			3,669
Realized gain (loss)		(1,479,494	)		—
Change in unrealized appreciation (depreciation)		1,661,033			(1,123	)
Transfers into/(out of) Level 3		—			—

Balance as of September 30, 2023	$	0		$	2,546

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2023.	$	22		$	(1,123	)

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.

141

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

GuideMark Small/Mid Cap Core Fund

Level 1

Level 2

Level 3

Total

Common Stocks

87,841,692

—

85,191

87,926,883

Investment Companies

3,105,961

—

3,105,961

Real Estate Investment Trusts

3,618,740

—

3,618,740

Short Term Investments

608,786

—

608,786

Investments Purchased with Proceeds from Securities Lending Collateral*

—

18,966,169

Total Investments in Securities

95,175,179

—

85,191

114,226,539

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, 2023	$	6,710
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		78,481	*

Balance as of September 30, 2023	$	85,191

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2023.	$	18,169

One common stock transferred from Level 1 to Level 3 due to a lack of observable market data.

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
Communication Services	$	—	$	3,047,992	$	—	$	3,047,992
Consumer Discretionary		663,269		14,099,926		—		14,763,195
Consumer Staples		1,953,935		9,412,081		—		11,366,016
Energy		2,619,421		5,336,026		—		7,955,447
Financials		2,749,130		16,582,374		—		19,331,504
Health Care		386,407		11,936,645		—		12,323,052
Industrials		1,077,507		16,881,033		—		17,958,540
Information Technology		1,062,643		5,652,957		—		6,715,600
Materials		608,436		4,857,922		—		5,466,358
Real Estate		74,617		458,063		—		532,680
Utilities		—		1,416,207		—		1,416,207

Total Common Stocks		11,195,365		89,681,226		—		100,876,591
Investment Companies		3,473,103		—		—		3,473,103
Preferred Stocks		—		353,477		—		353,477
Real Estate Investment Trusts		—		26,877		—		26,877
Short Term Investments		282,228		—		—		282,228
Warrants		—		—		0		0
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		4,169,557

Total Investments in Securities	$	14,950,696	$	90,061,580	$	0	$	109,181,833

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

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GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

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, 2023	$	—
Purchases		—
Sales proceeds and paydowns		—
Accreted discounts, net		—
Corporate Actions		0
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into/(out of) Level 3		—

Balance as of September 30, 2023	$	0

Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at September 30, 2023.	$	—

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

GuideMark Core Fixed Income Fund


	Level 1		Level 2			Level 3		Total
Fixed Income
Asset Backed Securities	$	—	$	14,545,308		$	—	$	14,545,308
Collateralized Mortgage Obligations		—		25,224,832			—		25,224,832
Corporate Obligations		—		40,856,906			—		40,856,906
Foreign Government Debt Obligations		—		1,213,706			—		1,213,706
Mortgage Backed Securities – U.S. Government Agency		—		57,791,505			—		57,791,505
Municipal Debt Obligations		—		2,762,136			—		2,762,136
U.S. Treasury Obligations		—		38,417,230			—		38,417,230

Total Fixed Income		—		180,811,623			—		180,811,623
Short Term Investments		4,726,440		—			—		4,726,440
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—			—		12,240,206

Total Investments in Securities	$	4,726,440	$	180,811,623		$	—	$	197,778,269

Other Financial Instruments**
Futures	$	222,415	$	—		$	—	$	222,415
Swaps		—		(509,767	)		—		(509,767	)

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.

GuidePath Growth Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

965,255,253

—

965,255,253

Short Term Investments

6,541,707

—

6,541,707

Investments Purchased with Proceeds from Securities Lending Collateral*

—

121,933,321

Total Investments in Securities

971,796,960

—

1,093,730,281

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

143

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

GuidePath Conservative Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

414,518,876

—

414,518,876

Short Term Investments

2,304,322

—

2,304,322

Investments Purchased with Proceeds from Securities Lending Collateral*

—

107,097,473

Total Investments in Securities

416,823,198

—

523,920,671

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

GuidePath Tactical Allocation Fund

Level 1

Level 2

Level 3

Total

Common Stocks

363,042,929

—

363,042,929

Investment Companies

132,519,220

—

132,519,220

Short Term Investments

8,193,036

—

8,193,036

Investments Purchased with Proceeds from Securities Lending Collateral*

—

32,919,803

Total Investments in Securities

503,755,185

—

536,674,988

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

GuidePath Absolute Return Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

203,489,774

—

203,489,774

Short Term Investments

1,146,146

—

1,146,146

Investments Purchased with Proceeds from Securities Lending Collateral*

—

50,852,453

Total Investments in Securities

204,635,920

—

255,488,373

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

GuidePath Multi-Asset Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

82,216,849

—

82,216,849

Short Term Investments

822,875

—

822,875

Investments Purchased with Proceeds from Securities Lending Collateral*

—

17,046,746

Total Investments in Securities

83,039,724

—

100,086,470

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

144

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

GuidePath Flexible Income Allocation Fund

Level 1

Level 2

Level 3

Total

Investment Companies

261,260,267

—

261,260,267

Short Term Investments

9,426,131

—

9,426,131

Investments Purchased with Proceeds from Securities Lending Collateral*

—

68,327,553

Total Investments in Securities

270,686,398

—

339,013,951

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

GuidePath Managed Futures Strategy Fund

Level 1

Level 2

Level 3

Total

Short Term Investments

23,135,205

439,146,547

—

462,281,752

Investments Purchased with Proceeds from Securities Lending Collateral*

—

37,452,500

Total Investments in Securities

23,135,205

439,146,547

—

499,734,252

Other Financial Instruments**

Futures

12,953,539

—

12,953,539

Forward Currency Contracts

—

(455,324

)

—

(455,324

)

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

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

GuidePath Conservative Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

6,178,543

—

6,178,543

Short Term Investments

7,585,949

1,236,227

—

8,822,176

Investments Purchased with Proceeds from Securities Lending Collateral*

—

4,167,005

Total Investments in Securities

13,764,492

1,236,227

—

19,167,724

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

GuidePath Income Fund

Level 1

Level 2

Level 3

Total

Investment Companies

67,972,017

—

67,972,017

Short Term Investments

2,982,773

—

2,982,773

Investments Purchased with Proceeds from Securities Lending Collateral*

—

14,939,420

Total Investments in Securities

70,954,790

—

85,894,210

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

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

GuidePath Growth & Income Fund

Level 1

Level 2

Level 3

Total

Common Stocks

30,133,625

—

30,133,625

Investment Companies

29,949,586

—

29,949,586

Short Term Investments

19,913,113

5,929,229

—

25,842,342

Investments Purchased with Proceeds from Securities Lending Collateral*

—

8,313,070

Total Investments in Securities

79,996,324

5,929,229

—

94,238,623

Other Financial Instruments**

Options Written

(278,550

)

—

(278,550

)

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as written options. Written options are reflected at fair value.

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

(b)

Consolidation of Subsidiary

The GuidePathManaged 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 GuidePathManaged Futures Strategy Fund. The financial statements of the GuidePathManaged Futures Strategy Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The GuidePathManaged Futures Strategy Fund had 3.22% of its total assets invested in the Subsidiary as of September 30, 2023.

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

(c)

Subsequent Events Evaluation

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

(d)

Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and

additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest.

(e)

Federal Income Taxes

The Funds intend to continue to comply with the requirements of sub-chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

The Funds have adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years. The Funds have reviewed all open tax years and major jurisdictions and concluded that no provision for income tax is required in the Funds’ financial statements. As of and during the year ended March 31, 2023, 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, 2023, the Funds did not incur any interest or penalties. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(f)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

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September 30, 2023

disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

(g)

Indemnifications

Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

(h)

Expenses

Many expenses of the Funds can be directly attributed to a specific Fund. Additionally, some expenses can be directly attributed to a specific Trust, in which case the expense is apportioned among the Funds within that Trust based on relative net assets. Expenses that cannot be directly attributed to a specific Fund or Trust are apportioned among all the Funds based on relative net assets. 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.

(i)

Organization and Offering Costs

Organization costs consist of costs incurred to establish a Fund and enable it legally to do business. The Funds expense organizational costs as incurred. These expenses were advanced by the Advisor, and the Advisor has agreed to reimburse the Funds for these expenses, subject to potential recovery (see Note 4). Offering costs are accounted for as deferred costs until operations begin. Offering costs include legal fees regarding the preparation of the initial registration statement. Offering costs are then amortized to expense over twelve months on a straight-line basis.

(j)

Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date. 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.

(k)

Distributions to Shareholders

The Funds, with the exception of the Core Fixed Income Fund, Multi-Asset Income Allocation Fund, Flexible Income Allocation Fund, Conservative Income Fund, Income Fund and Growth and Income Fund will distribute any net investment income at least annually. The Core Fixed Income Fund, Multi-Asset Income Allocation Fund and Flexible Income Allocation Fund will distribute any net investment income quarterly. The Conservative Income Fund, Income Fund and Growth and Income Fund will generally distribute any net investment income monthly. All of the Funds will generally distribute any net realized long or short-term capital gains at least annually. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

(l)

Derivatives

Each Fund may invest in derivative instruments including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.

Forward Currency Contracts

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

Options

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

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September 30, 2023

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

Futures

Each Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

The Funds may purchase or sell other types of futures contracts, including those based on particular interest rates, securities,

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

Futures contracts are valued at the daily quoted settlement prices.

Swaps

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

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

Derivative Instruments and Hedging Activities

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

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

GuideMark Core Fixed Income Fund

During the 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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September 30, 2023

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2023


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Credit Contracts – Swaps	Appreciation on swap agreements	$	—	Depreciation on swap agreements	$	3,374

Interest Rate Contracts – Swaps	Appreciation on swap agreements		513,141	Depreciation on swap agreements		—

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		254,412	Unrealized depreciation on futures contracts**		31,997
Total		$	767,553		$	35,371

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, 2023

Amount of Realized Gain or (Loss) on Derivatives
	Futures Contracts		Swaps			Options		Total
Credit Contracts	$	—	$	(31,256	)	$	50,197	$	18,941
Interest Rate Contracts		872,651		(7,543	)		—		865,108

Total	$	872,651	$	(38,799	)	$	50,197	$	884,049


Change in Unrealized Appreciation or (Depreciation) on Derivatives
	Futures Contracts		Swaps			Options			Total
Credit Contracts	$	—	$	(3,373	)	$	(5,964	)	$	(9,337	)
Interest Rate Contracts		371,462		363,366			—			734,828

Total	$	371,462	$	359,993		$	(5,964	)	$	725,491

GuidePath Managed Futures Strategy Fund

The Fund uses a set of proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments, and may have both short and long exposures within an asset class based on an analysis of asset price trends. Under normal market conditions, the Fund will make extensive use of derivative instruments, in particular futures contracts, to capture the exposures suggested by its absolute return strategy while also adding value through volatility management. These market exposures, which are expected to change over time, may include exposures to global equity and fixed income securities, securities indices, currencies, commodities and other instruments. During the period ended September 30, 2023, 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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September 30, 2023

Consolidated Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2023


	Asset 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**	$	4,425,454	Unrealized depreciation on futures contracts**	$	2,604,685

Equity Contracts – Futures*	Unrealized appreciation on futures contracts**		49,873	Unrealized depreciation on futures contracts**		3,196,752

Foreign Exchange Contracts – Forward Currency Contracts	Unrealized appreciation on forward currency contracts		264,306	Unrealized depreciation on forward currency contracts		719,630

Foreign Exchange Contracts – Futures*	Unrealized appreciation on futures contracts**		2,375,013	Unrealized depreciation on futures contracts**		649,752

Interest Rate Contracts – Futures*	Unrealized appreciation on futures contracts**		12,751,151	Unrealized depreciation on futures contracts**		196,763
Total		$	19,865,797		$	7,367,582

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, 2023

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts			Forward Currency Contracts
Commodity Contracts	$	(8,946,456	)	$	—
Equity Contracts		10,247,766			—
Foreign Exchange Contracts		(3,893,434	)		(1,723,584	)
Interest Rate Contracts		2,873,468			—

Total	$	281,344		$	(1,723,584	)

Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts			Forward Currency Contracts
Commodity Contracts	$	4,036,238		$	—
Equity Contracts		(5,435,879	)		—
Foreign Exchange Contracts		2,651,569			(48,706	)
Interest Rate Contracts		20,057,763			—

Total	$	21,309,691		$	(48,706	)

GuidePath Growth and Income Fund

During the period, the Fund used equity derivatives including S&P 500 Index futures and S&P 500 Index and ETFs options, for both hedging and investment purposes, primarily risk management, and the pursuit of excess premium opportunities. The Fund used futures contracts during the period primarily to manage portfolio risk (volatility). The Fund wrote collateralized put options in an attempt to generate returns through receiving the option premiums; together with investments in fixed income instruments, it intended to lower the volatility relative to as if the Fund held the S&P 500 index.

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September 30, 2023

Statement of Assets and Liabilities – Values of Derivative Instruments as of September 30, 2023


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value

Equity Contracts – Options	Options written, at value	$	—	Options written, at value	$	278,550
Total			$ —		$	278,550

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, 2023

Amount of Realized Gain (Loss) on Derivatives
	Futures Contracts		Options Written
Equity Contracts	$	1,300,373	$	1,278,467

Total	$	1,300,373	$	1,278,467


Change in Unrealized Appreciation (Depreciation) on Derivatives
	Futures Contracts			Options Written
Equity Contracts	$	(145,604	)	$	(592,308	)

Total	$	(145,604	)	$	(592,308	)

Volume Disclosures

The average monthly value outstanding of options written during the period ended September 30, 2023 were as follows:


	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund		GuidePath Growth and Income Fund
Options Written	$	(6,319	)	$	—	$	(147,714	)

The average monthly notional amount outstanding of futures, forwards and swaps during the period ended September 30, 2023 were as follows:


Long Positions	GuideMark Core Fixed Income Fund		GuidePath Managed Futures Strategy Fund		GuidePath Growth and Income Fund
Futures	$	19,317,684	$	535,756,788	$	14,021,450
Forwards	$	—	$	169,274,298	$	—
Swaps	$	3,959,286	$	—	$	—


Short Positions	GuideMark Core Fixed Income Fund			GuidePath Managed Futures Strategy Fund			GuidePath Growth and Income Fund
Futures	$	(13,346,708	)	$	(1,564,944,965	)	$	—
Forwards	$	—		$	(156,551,352	)	$	—

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.

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September 30, 2023

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, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Statements of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities, except in the case of futures contracts.


Assets							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount
Description / Counterparty
Swaps
Morgan Stanley	$	513,141	$	—	$	513,141	$	(3,374	)	$	—	$	509,767

	$	513,141	$	—	$	513,141	$	(3,374	)	$	—	$	509,767


Liabilities							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged		Net Amount
Description / Counterparty
Futures*
Citigroup	$	17,398	$	—	$	17,398	$	(17,398	)	$	—	$	—
Swaps
Morgan Stanley		3,374		—		3,374		(3,374	)		—		—

	$	20,772	$	—	$	20,772	$	(20,772	)	$	—	$	—

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

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September 30, 2023

The table below, as of September 30, 2023, discloses both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statement of Assets and Liabilities, and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to collateral held at clearing brokers and counterparties. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Consolidated Statement of Assets and Liabilities, except in the case of futures contracts.


Assets								Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities			Net Amounts Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount
Description / Counterparty
Forward
UBS AG	$	264,306	$	—		$	264,306	$	(264,306	)	$	—	$	—
Futures*
Goldman Sachs		2,381,577		(1,950,052	)		431,525		(431,525	)		—		—

	$	2,645,883	$	(1,950,052	)	$	695,831	$	(695,831	)	$	—	$	—


Liabilities								Gross Amounts not offset in the Consolidated Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities			Net Amounts Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged			Net Amount
Description / Counterparty
Forward
UBS AG	$	719,630	$	—		$	719,630	$	(264,306	)	$	(455,324	)	$	—
Futures*
Goldman Sachs		6,710,083		(1,950,052	)		4,760,031		(431,525	)		—			4,328,506

	$	7,429,713	$	(1,950,052	)	$	5,479,661	$	(695,831	)	$	(455,324	)	$	4,328,506

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.

GuidePath Growth and Income Fund

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September 30, 2023


Liabilities							Gross Amounts not offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged		Net Amount
Description / Counterparty
Options Written
Interactive Brokers	$	278,550	$	—	$	278,550	$	(278,550	)	$	—	$	—

	$	278,550	$	—	$	278,550	$	(278,550	)	$	—	$	—

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 7 for collateral related to securities on loan.

(m)

Securities Purchased or Sold on a Forward-Commitment Basis The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

(n)

Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive 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.

(o)

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the

portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.

The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

(p)

Restricted and Illiquid Securities

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of it’s net assets in illiquid investments that are assets. The Advisor, with the assistance of the sub-advisors and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the applicable Board of Trustees. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted

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September 30, 2023

securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds’ liquidity guidelines.

(q)

Auction Rate Securities

The Core Fixed Income Fund and each of the GPS Funds II portfolios may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities.

(r)

Short Sales

Although not currently part of any Fund’s principal investment strategy, each Fund has the ability to make equity short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

(s)

Trustee Compensation

Effective April 1, 2023, for the services performed as Trustees of the consolidated Board of GPS Funds I and GPS Funds II, the Independent Trustees receive a retainer fee of $110,000 per year, $5,000 for each quarterly meeting and annual agreement renewal review meeting, whether held in-person or telephonically, $5,000 for each special meeting attended in person and $2,500 for each special meeting attended telephonically, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The fees are allocated proportionally to each Fund within the Trusts based on total assets under management.

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

(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.

(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, 2023.

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:


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

AssetMark has agreed to a voluntary fee waiver for the Large Cap Core Fund, Emerging Markets Fund, Small/Mid Cap Core Fund and World ex-US Fund. 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 reimburse or recoup these fees.


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

155

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

AssetMark also provides certain administrative services to the shares of the Conservative Income Fund, Income Fund and Growth and Income Fund, and to the Service Shares of the remaining Funds, pursuant to Administrative Services Agreements between the Funds and AssetMark, for which AssetMark receives a 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, 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, 2024, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s net annual operating expenses (excluding taxes, interest, trading costs, acquired fund expenses, expenses paid with securities lending expense offset credits and non-routine expenses) do not

exceed the following rates (“Expense Limits”), based on daily net assets of each class of each Fund:


	Service Class		Institutional Class		Single Class
Large Cap Core Fund		0.99%		0.64%		—
Emerging Markets Fund		1.40%		1.05%		—
Small/Mid Cap Core Fund		1.20%		0.85%		—
World ex-US Fund		1.14%		0.79%		—
Core Fixed Income Fund		0.94%		0.59%		—
Growth Allocation Fund		0.75%		0.40%		—
Conservative Allocation Fund		0.45%		0.10%		—
Tactical Allocation Fund		0.85%		0.50%		—
Absolute Return Allocation Fund		0.55%		0.20%		—
Multi-Asset Income Allocation Fund		0.85%		0.50%		—
Flexible Income Allocation Fund		0.50%		0.15%		—
Managed Futures Strategy Fund		1.65%		1.30%		—
Conservative Income Fund		—		—		0.64%
Income Fund		—		—		0.79%
Growth and Income Fund		—		—		0.79%

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, 2023, Large Cap Core Fund, Emerging Markets Fund Service Class Shares, Small/Mid Cap Core Fund, Growth Allocation Fund, Tactical Allocation Fund, Multi-Asset Income Allocation Fund and Managed Futures Strategy Fund have recouped all potential recoverable waivers or reimbursed expenses.

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


	Year of Expiration 03/31/2024		Year of Expiration 03/31/2025		Year of Expiration 03/31/2026		Year of Expiration 03/31/2027
Emerging Markets Fund	$	—	$	—	$	219,516	$	120,288
World ex-US Fund		8		144,468		110,947		63,895
Core Fixed Income Fund		64,543		89,424		80,939		50,006
Conservative Allocation Fund		426,905		812,082		671,969		421,305
Absolute Return Allocation Fund		215,528		312,450		692,243		265,949
Flexible Income Allocation Fund		204,733		212,963		308,528		178,129
Conservative Income Fund		18,386		53,047		31,182		6,011
Income Fund		1,010		2,324		18,873		—
Growth and Income Fund		49,716		43,413		2,958		4,874

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.

156

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

Service, Custody, and Line of Credit Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services.

The Funds have established a line of credit (“LoC”) with USB to be used for temporary or emergency purposes, primarily for financing

redemption payments, using the securities in the Funds’ portfolios as collateral. The LoC was renewed July 25, 2023 and will mature, unless renewed, on July 24, 2024. 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 8.50% at September 30, 2023. 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, 2023 to September 30, 2023, the details of the borrowings were as follows:


Fund	Average Daily Borrowings		Weighted Average Annualized Interest Rate			Maximum Borrowings
Emerging Markets Fund	$	33,344		8.32	%		1,226,000
World ex-US Fund		2,443		8.00	%		447,000
Conservative Allocation Fund		10,492		8.00	%		960,000
Multi-Asset Income Allocation Fund		4,131		8.25	%		252,000
Flexible Income Allocation Fund		634,814		8.13	%		58,763,000
Growth and Income Fund		455,738		8.00	%		13,900,000

As of September 30, 2023, no Funds had outstanding borrowings.

Securities Lending

The Trusts, on behalf of certain of the Funds, entered into securities lending arrangements with the Custodian. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned for domestic securities, and 105% of the value of securities loaned with respect to foreign securities. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of

the net securities lending revenue is credited to the Funds to be used as an offset against costs and other charges incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement.

During the period ended September 30, 2023, 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.

157

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

Secured Borrowings


Securities Lending Transactions
Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral
Large Cap Core Fund	$	59,966,673
Emerging Markets Fund		961,950
Small/Mid Cap Core Fund		18,966,169
World ex-US Fund		4,169,557
Core Fixed Income Fund		12,240,206
Growth Allocation Fund		121,933,321
Conservative Allocation Fund		107,097,473
Tactical Allocation Fund		32,919,803
Absolute Return Allocation Fund		50,852,453
Multi-Asset Income Allocation Fund		17,046,746
Flexible Income Allocation Fund		68,327,553
Managed Futures Strategy Fund		37,452,500
Conservative Income Fund		4,167,005
Income Fund		14,939,420
Growth & Income Fund		8,313,070

Amounts related to agreements not included in offsetting disclosure in Note 3 (Offsetting Assets and Liabilities).	$	559,353,899

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the period ended September 30, 2023 are summarized below.


	Purchases		Sales
Large Cap Core Fund	$	69,239,227	$	77,998,551
Emerging Markets Fund		9,918,089		11,475,626
Small/Mid Cap Core Fund		13,051,853		12,588,788
World ex-US Fund		16,559,897		18,909,597
Core Fixed Income Fund*		263,648,338		265,065,670
Growth Allocation Fund		51,310,425		48,089,358


	Purchases		Sales
Conservative Allocation Fund	$	17,767,208	$	15,065,746
Tactical Allocation Fund		876,455,030		742,897,058
Absolute Return Allocation Fund		73,776,430		85,632,944
Multi-Asset Income Allocation Fund		9,298,478		11,855,928
Flexible Income Allocation Fund		330,697,819		349,599,986
Managed Futures Strategy Fund		—		—
Conservative Income Fund		18,716,684		16,464,127
Income Fund		160,209,172		144,192,745
Growth and Income Fund		50,185,859		58,014,997

Included in these amounts were $242,729,828 of purchases and $243,698,748 of sales of U.S. Government Securities.

Transactions with Affiliates

The GuidePath Flexible Income Allocation Fund owned 5% or more of the voting securities of the following company during the period ended September 30, 2023. As a result, this company is deemed to be an affiliated company. The below table represents fair value:


Issuer	Value as of April 1, 2023		Purchases		Sales		Realized Gain (Loss)
iShares MSCI Kokasui ETF¹	$	10,010,370	$	102,406	$	10,170,759	$	341,750

	$	10,010,370	$	102,406	$	10,170,759	$	341,750


Issuer	Change in Unrealized Appreciation (Depreciation)			Dividend Income		Fair Value as of September 30, 2023		Share Balance as of September 30, 2023
iShares MSCI Kokasui ETF¹	$	(283,767	)	$	—	$	—		—

	$	(283,767	)	$	—	$	—		—

No longer an affiliate as of September 30, 2023.

158

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

Ukraine/Russia War

On February 24, 2022, Russia commenced a military attack on Ukraine. This has led to various countries, including the US, imposing economic sanctions on certain Russian individuals and entities. In response to these events, the Russian government has imposed capital controls to restrict movements of capital entering and exiting the country. The conflict and related events have and may continue to result in price volatility and liquidity constraints. Future market disruptions as a result of the war cannot be predicted, but could be significant and may include adverse effects on global economic growth as well as the markets for certain securities and commodities, such as oil and natural gas, among other sectors. The duration of the conflict, potential for escalation and ultimate effects on the Funds cannot currently be predicted.

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.

11.

Tailored Shareholder Reporting

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

12.

Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

159

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

These differences are primarily due to CFC income reversal, partnerships and equalization. On the Statements of Assets and Liabilities, the following adjustments were made:


	Total Distributable Earnings (Loss)			Capital Stock
Large Cap Core Fund	$	(1,144,681	)	$	1,144,681
Emerging Markets Fund		499,425			(499,425	)
Small/Mid Cap Core Fund		—			—
World ex-US Fund		(1,451,625	)		1,451,625
Core Fixed Income Fund		—			—
Growth Allocation Fund		(6,212,695	)		6,212,695
Conservative Allocation Fund		14,294			(14,294	)
Tactical Allocation Fund		—			—
Absolute Return Allocation Fund		16,347			(16,437	)
Multi-Asset Income Allocation Fund		—			—
Flexible Income Allocation Fund		1,659			(1,659	)
Managed Futures Strategy Fund		10,032,796			(10,032,796	)
Conservative Income Fund		—			—
Income Fund		554			(554	)
Growth and Income Fund		—			—

The Funds intend to utilize capital loss carryforwards to offset future realized capital gains. Losses are carried forward indefinitely and any corresponding loss character is retained. Capital loss carryforwards available for Federal income tax purposes are as follows:


	Capital losses
	Short Term		Long Term		Utilized
Large Cap Core Fund	$	—	$	—	$	—
Emerging Markets Fund		—		—		—
Small/Mid Cap Core Fund		—		—		—
World ex-US Fund		—		—		—
Core Fixed Income Fund		7,636,772		6,023,841		—
Growth Allocation Fund		—		—		—
Conservative Allocation Fund		2,603,613		7,701,402		—
Tactical Allocation Fund		7,351,658		8,645,327		—
Absolute Return Allocation Fund		11,046,175		14,359,697		—
Multi-Asset Income Allocation Fund		565,064		4,491,439		144,419
Flexible Income Allocation Fund		38,986,676		9,472,286		—
Managed Futures Strategy Fund		—		—		—
Conservative Income Fund		462,161		50,222		—
Income Fund		5,421,355		1,014,747		—
Growth and Income Fund		1,022,669		3,079,690		—

Additionally, at March 31, 2023, the Funds deferred on a tax basis losses as follows:


	Ordinary Late Year Loss		Capital Loss
Large Cap Core Fund	$	—	$	—
Emerging Markets Fund		87,320		506,958
Small/Mid Cap Core Fund		77,932		364,519
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		7,759,883		71,122,613
Conservative Income Fund		—		—
Income Fund		—		—
Growth and Income Fund		—		—

160

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

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, 2023 and March 31, 2022 are as follows:


	Year Ended March 31, 2023
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap Core Fund	$	3,230,813	$	42,887,062	$	—
Emerging Markets Fund		1,979,243		5,054,436		—
Small/Mid Cap Core Fund		415,207		1,643,644		—
World ex-US Fund		2,185,741		753,332		—
Core Fixed Income Fund		4,236,587		—		—
Growth Allocation Fund		2,497,998		33,002,940		—
Conservative Allocation Fund		7,210,860		1,410,637		—
Tactical Allocation Fund		13,932,446		8,621,703		—
Absolute Return Allocation Fund		7,994,774		—		—
Multi-Asset Income Allocation Fund		3,695,270		—		—
Flexible Income Allocation Fund		7,455,369		2,197,965		—
Managed Futures Strategy Fund		77,138,457		33,039,636		—
Conservative Income Fund		333,852		—		—
Income Fund		1,084,689		—		—
Growth and Income Fund		2,147,781		—		—


	Year Ended March 31, 2022
	Ordinary Income Distributions				Long-Term Capital Gain Distributions
Large Cap Core Fund	$	4,380,405	$	17,492,713	$	—
Emerging Markets Fund		2,454,324		5,150,349		—
Small/Mid Cap Core Fund		1,322,987		10,865,602		—
World ex-US Fund		1,530,013		—		—
Core Fixed Income Fund		2,772,722		1,924,511		—
Growth Allocation Fund		15,113,758		16,949,619		—
Conservative Allocation Fund		11,536,921		6,206,078		—
Tactical Allocation Fund		39,531,728		9,786,060		—
Absolute Return Allocation Fund		4,479,391		—		—
Multi-Asset Income Allocation Fund		3,347,756		—		—
Flexible Income Allocation Fund		8,322,123		—		—
Managed Futures Strategy Fund		14,193,380		5,162,678		—
Conservative Income Fund		69,357		—		6,986
Income Fund		918,444		—		—
Growth and Income Fund		6,681,000		8,349,427		78,293

161

GuideMark Funds & GuidePath Funds

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

September 30, 2023

At March 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Large Cap Core Fund			Emerging Markets Fund			Small/Mid Cap Core Fund			World ex-US Fund			Core Fixed Income Fund
Cost of Portfolio*	$	509,500,945		$	44,091,727		$	100,968,953		$	93,420,022		$	219,518,983

Gross Unrealized Appreciation	$	220,341,637		$	11,760,660		$	31,665,485		$	26,493,785		$	1,281,587
Gross Unrealized Depreciation		(23,779,628	)		(6,428,040	)		(10,464,474	)		(4,426,421	)		(15,630,736	)

Net Unrealized Appreciation/(Depreciation)		196,562,009			5,332,620			21,201,011			22,067,364			(14,349,149	)

Undistributed Ordinary Income		1,209,660			—			—			2,469,488			380,837
Undistributed Long-Term Cap Gains		—			—			—			1,248,984			—
Other Accumulated Gains/(Losses)		—			(594,278	)		(442,508	)		—			(13,660,613	)

Total Distributable Earnings/(Loss)		197,771,669			4,738,342			20,758,503			25,785,836			(27,628,925	)


	Growth Allocation Fund			Conservative Allocation Fund			Tactical Allocation Fund			Absolute Return Allocation Fund			Multi-Asset Income Allocation Fund
Cost of Portfolio*	$	878,808,763		$	468,284,753		$	593,708,303		$	254,307,846		$	104,704,992

Gross Unrealized Appreciation	$	251,635,775		$	42,492,539		$	36,602,716		$	3,348,597		$	9,524,974
Gross Unrealized Depreciation		(25,648,838	)		(24,730,031	)		(26,685,211	)		(8,355,908	)		(6,484,319	)

Net Unrealized Appreciation/(Depreciation)		225,986,937			17,762,508			9,917,505			(5,007,311	)		3,040,655

Undistributed Ordinary Income		7,014,607			5,795,832			6,818,603			2,733,574			199,649
Undistributed Long-Term Cap Gains		—			—			—			—			—
Other Accumulated Gains/(Losses)		(7,293	)		(10,312,308	)		(16,004,278	)		(25,413,165	)		(5,056,503	)

Total Distributable Earnings/(Loss)		232,994,251			13,246,032			731,830			(27,686,902	)		(1,816,199	)


	Flexible Income Allocation Fund			Managed Futures Strategy Fund			Conservative Income Fund			Income Fund			Growth and Income Fund
Cost of Portfolio*	$	354,174,661		$	486,451,185		$	13,104,358		$	59,316,553		$	114,776,202

Gross Unrealized Appreciation	$	3,456,496		$	2,827,097		$	17,217		$	439,125		$	7,465,863
Gross Unrealized Depreciation		(3,587,424	)		(2,107,540	)		(17,749	)		(2,886,328	)		(3,166,694	)

Net Unrealized Appreciation/(Depreciation)		(130,928	)		719,557			(532	)		(2,447,203	)		4,299,169

Undistributed Ordinary Income		396,125			—			9,147			9,202			48,822
Undistributed Long-Term Cap Gains		—			—			—			—			—
Other Accumulated Gains/(Losses)		(48,458,962	)		(82,009,163	)		(512,383	)		(6,526,102	)		(4,102,359	)

Total Distributable Earnings/(Loss)		(48,193,765	)		(81,289,606	)		(503,768	)		(8,964,103	)		245,632

The differences between book-basis and tax-basis unrealized appreciation and depreciation is primarily attributable to the tax deferral of losses on wash sales and other temporary differences.

Portfolio includes investments and derivative contracts

162

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION

September 30, 2023

Additional Information

Shareholder Notification of Federal Tax Status (Unaudited)

The Funds designated the following percentages of dividends during the fiscal year ended March 31, 2023 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:


	Dividends received deduction % for corporate shareholders		% of dividends as qualified income
Large Cap Core Fund		100.00%		100.00%
Emerging Markets Fund		0.00%		92.27%
Small/Mid Cap Core Fund		100.00%		100.00%
World ex-US Fund		0.00%		100.00%
Core Fixed Income Fund		0.00%		0.00%
Growth Allocation Fund		44.75%		93.98%
Conservative Allocation Fund		14.16%		33.85%
Tactical Allocation Fund		11.85%		12.13%
Absolute Return Allocation Fund		0.07%		0.53%
Multi-Asset Income Allocation Fund		27.67%		49.47%
Flexible Income Allocation Fund		2.13%		2.16%
Managed Futures Strategy Fund		0.00%		0.00%
Conservative Income Fund		0.00%		0.00%
Income Fund		3.15%		3.17%
Growth and Income Fund		51.63%		82.41%

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for each Fund were as follows (unaudited).


	% of dividends as short-term capital gain
Large Cap Core Fund		0.00%
Emerging Markets Fund		0.00%
Small/Mid Cap Core Fund		0.00%
World ex-US Fund		0.00%
Core Fixed Income Fund		0.00%
Growth Allocation Fund		26.52%
Conservative Allocation Fund		2.33%
Tactical Allocation Fund		100.00%
Absolute Return Allocation Fund		0.00%
Multi-Asset Income Allocation Fund		0.00%
Flexible Income Allocation Fund		0.00%
Managed Futures Strategy Fund		36.29%
Conservative Income Fund		0.00%
Income Fund		0.00%
Growth and Income Fund		0.00%

Foreign Tax Credit Pass Through (Unaudited)

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended March 31, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.


	Creditable Foreign Taxes Paid		Per Share Amount		Portion of Ordinary Income Distribution Derived from Foreign Sourced Income*
Emerging Markets Fund	$	255,855	$	0.0577		96.68	%
World ex-US Fund		357,876		0.0317		97.57	%

The Funds listed above did not derive any income from “ineligible foreign sources” as defined under Section 901(j) of the Internal Revenue Code.

163

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2023

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.

Disclosure Regarding Fund Trustees and Officers (Unaudited)

Name, Address
and Year of Birth

Position(s) Held
with the Trusts

Term of Office and
Length of Time Served

Principal Occupation
During Past Five Years or Longer

# of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Director/
Trustee Positions

GPS Funds I and GPS Funds II

Independent Trustees

David M. Dunford

Year of Birth: 1949

c/o AssetMark, Inc.

1655 Grant Street

10th Floor

Concord, CA 94520

Lead Independent Trustee

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

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

Trustee, Savos Investments Trust (“Savos”) (2015-2022).

Paul S. Feinberg

Year of Birth: 1942

c/o AssetMark, Inc.

1655 Grant Street

10th Floor

Concord, CA 94520

Independent Trustee

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

Retired; formerly, President, CitiStreet Funds, Inc. (2000-2005); Executive Vice President and General Counsel, CitiStreet Associates LLC (insurance agency), CitiStreet Equities LLC (broker-dealer), CitiStreet Financial Services LLC (registered investment advisor) and CitiStreet Funds Management LLC (registered investment advisor) (1990-2005).

Trustee, Savos (2015-2022).

Dennis G. Schmal

Year of Birth: 1947

c/o AssetMark, Inc.

1655 Grant Street

10th Floor

Concord, CA 94520

Independent Trustee

Indefinite Term (since 2007 for GPS Funds I and since 2013 for GPS Funds II)

Self-employed consultant (1999-present); formerly, Partner, Arthur Andersen LLP (audit services) (1972-1999).

Trustee, Savos (2015-2022); Director, Blue Calypso, Inc. (2015-2019); Director, Owens Realty Mortage Inc. (2013-2019); Director, Cambria ETF Series Trust (2013-present); Director, Wells Fargo GAI Hedge Funds (2008-2019); Director, First Guarantee Mortgage Corporation (2021-present).

Interested Trustee

Carrie E. Hansen*

Year of Birth: 1970

c/o AssetMark, Inc.

1655 Grant Street

10th Floor

Concord, CA 94520

Interested Trustee and Chairperson

President

Indefinite Term since 2014

Renewed 1-Year Term since 2008

President, GPS Funds I (2008-present) and GPS Funds II (2011-present); President, Savos (2008-2022); Executive Vice President and Chief Operating Officer, AssetMark (2008-present); President, AssetMark Brokerage^®, LLC (2014-present).

Trustee, Savos (2008-2022); Director and Chairperson, AssetMark Trust Co. (2008-present); Director, AssetMark, Inc. (2013-present); Treasurer, Acalanes Booster Club (2017-2019); Director, Rheumatology Research Foundation (2021-present).

164

GuideMark Funds & GuidePath Funds

ADDITIONAL INFORMATION (Continued)

September 30, 2023


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

John Koval Year of Birth: 1966 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Chief Compliance Officer and AML Compliance Officer	Renewed 1-Year Term since 2013	Chief Compliance Officer, GPS Funds I, GPS Funds II (2013-present), and Savos (2013-2022); Interim Chief Compliance Officer, GPS Funds I, GPS Funds II, and Savos (2012- 2013); Senior Compliance Officer, AssetMark (2011-2012); Chief Operating Officer, SEAL Capital, Inc. (2009-2010); Chief Compliance Officer, Cliffwood Partners LLC (2004-2009).

Patrick R. Young Year of Birth: 1982 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Vice President and Treasurer	Renewed 1-Year Term since 2014	Vice President and Treasurer, GPS Funds I, GPS Funds II (2014-present), and Savos (2014-2022); Director of Mutual Fund Operations and Finance, AssetMark (2016-present); Manager of Fund Administration, AssetMark (2014-2016); Senior Fund Administration Officer, AssetMark (2008-2014).

Christine Villas-Chernak Year of Birth: 1968 c/o AssetMark, Inc. 1655 Grant Street 10th Floor Concord, CA 94520	Secretary	Renewed 1-Year Term since 2014	Secretary, GPS Funds I (2006-2013 and 2014-present), GPS Funds II (2011-2013 and 2014-present), Savos (2009-2010 and 2014-2022) Deputy Chief Compliance Officer, GPS Funds I (2009-present), GPS Funds II (2011-present) and GVIT (2009-2012); Senior Compliance Officer, AssetMark (2005-2009).

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

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

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

Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Holdings Schedules (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds’ Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809.

165

GuideMark Funds

GuidePath Funds

GUIDEMARK FUNDS & GUIDEPATH FUNDS

GuideMark Large Cap Core Fund

GuideMark Emerging Markets Fund

GuideMark Small/Mid Cap Core Fund

GuideMark World ex-US Fund

GuideMark Core Fixed Income Fund

GuidePath Growth Allocation Fund

GuidePath Conservative Allocation Fund

GuidePath Tactical Allocation Fund

GuidePath Absolute Return Allocation Fund

GuidePath Multi-Asset Income Allocation Fund

GuidePath Flexible Income Allocation Fund

GuidePath Managed Futures Strategy Fund

GuidePath Conservative Income Fund

GuidePath Income Fund

GuidePath Growth and Income Fund

Investment Advisor

AssetMark, Inc.

1655 Grant Street, 10th Floor

Concord, CA 94520

Legal Counsel

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

342 North Water St.

Suite 830

Milwaukee, WI 53202

Transfer Agent, Fund Accountant and Fund Administrator

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Distributor

AssetMark Brokerage, LLC

1655 Grant Street, 10th Floor

Concord, CA 94520

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

Semi-Annual Report

September 30, 2023

(b)	Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

None.

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

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

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

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

(b)

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		GPS Funds I


By (Signature and Title)		/s/ Carrie E. Hansen
		Carrie E. Hansen, Principal Executive Officer/President


Date		11/29/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Carrie E. Hansen
		Carrie E. Hansen, Principal Executive Officer/President


Date		11/29/2023


By (Signature and Title)		/s/ Patrick R. Young
		Patrick R Young, Vice President/Treasurer


Date		11/29/2023

GPS Funds I N-CSRSCertified semi-annual shareholder report (management investment company)