ck0001131042-20240331
4973/31/2024GPS FUNDS
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GuideMark®
Funds
GuidePath®
Funds
Prospectus
July 31,
2024
GuideMark®
Large Cap Core Fund (Ticker:
GMLGX)
GuideMark®
Emerging Markets Fund (Ticker:
GMLVX)
GuideMark®
Small/Mid
Cap Core Fund (Ticker:
GMSMX)
GuideMark®
World
ex-US Fund (Ticker:
GMWEX)
GuideMark®
Core
Fixed Income Fund (Ticker:
GMCOX)
GuidePath®
Growth Allocation Fund (Ticker:
GPSTX)
GuidePath®
Conservative Allocation Fund (Ticker:
GPTCX)
GuidePath®
Tactical Allocation Fund (Ticker:
GPTUX)
GuidePath®
Absolute Return Allocation Fund (Ticker:
GPARX)
GuidePath®
Multi-Asset Income Allocation Fund (Ticker:
GPMIX)
GuidePath®
Flexible
Income Allocation Fund (Ticker:
GPIFX)
GuidePath®
Managed Futures Strategy Fund (Ticker:
GPMFX)
GuidePath®
Conservative
Income Fund (Ticker:
GPICX)
GuidePath®
Income
Fund (Ticker:
GPINX)
GuidePath®
Growth
and Income Fund (Ticker:
GPIGX)
The
Securities and Exchange Commission and the Commodity Futures Trading Commission
have not approved or disapproved these securities or passed upon the adequacy of
this Prospectus. Any representation to the contrary is a criminal
offense.
Table
of Contents
SUMMARY
SECTION
GUIDEMARK®
LARGE
CAP CORE FUND
Investment
Objective
GuideMark® Large Cap Core Fund (the “Fund”) seeks capital appreciation over the
long term.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below.
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.45% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.44% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.19% |
Total
Annual Fund Operating Expenses(1) |
0.89% |
(1)Note
that the amount of Total Annual Fund Operating Expenses shown in the above table
will differ from the Ratio of Expenses to Average Net Assets included in the
“Financial Highlights” section of the Prospectus which reflects the operating
expenses of the Fund and includes the expense reductions generated when the Fund
loaned its portfolio securities.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the
same. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$91 |
$284 |
$493 |
$1,096 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 19.47% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
Under normal
circumstances, the Fund invests at least 80% of its assets in the securities of
large capitalization companies. The Fund considers “large
capitalization companies” to be companies, at the time of purchase, whose market
capitalizations are within the range of the market capitalizations in the
Russell 1000®
Index.
The
Fund also may invest in derivatives such as futures, forwards and other similar
instruments in order to “equitize” cash balances by gaining exposure to relevant
equity markets. To the extent that derivatives have economic characteristics
similar to the securities of large capitalization companies, they will be
counted as such for purposes of the Fund’s 80% investment policy.
The
sub-advisor uses a rules-based methodology that emphasizes quantitatively-based
stock selection, portfolio construction and efficient implementation. The Fund
seeks to capture common sources of active equity returns, including the
following factors: value (i.e., how attractively a stock is priced relative to
its “fundamentals,” such as book value and free cash flow), momentum (i.e.,
whether a company’s share price is trending up or down) and quality (i.e.,
profitability). The sub-advisor seeks to capitalize on the low correlations in
returns across these factors by diversifying exposure to securities selected
based on such factors. The sub-advisor may, in its discretion, make changes to
its quantitative techniques, or use other quantitative techniques that are based
on the sub-advisor’s proprietary research.
The
sub-advisor constructs the Fund’s portfolio by investing in the securities
comprising the Russell 1000®
Index
and adjusting the relative weight of each security based on the security’s
attractiveness when evaluated based on the factors as described above, subject
to the Fund being constrained to long-only positions. Based on the sub-advisor’s
judgment, the Fund expects that its portfolio will be overweight with respect to
certain securities (i.e., the Fund will hold a greater percentage of those
securities than the index) and underweight with respect to others (i.e., the
Fund will hold a lesser percentage of those securities than the index), and that
such weightings may change over time. The
percentage
of the Fund’s portfolio exposed to any single security will vary from time to
time as the weightings of the securities within the Fund change. The degree to
which components of the Fund represent certain sectors or industries may change
over time.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing in
the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. Different
risks may be more significant at different times depending on market conditions
or other factors. The following risks could affect the value of your investment
in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor or a sub-advisor may
fail to produce the intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Equity
Risk: Common stocks are susceptible to general stock market fluctuations
and to volatile increases and decreases in value. The stock market may
experience declines or stocks in the Fund’s portfolio may not increase their
earnings at the rate anticipated. The Fund’s NAV and investment return will
fluctuate based upon changes in the value of its portfolio
securities.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s sub-advisor believes are their full
value.
•Quantitative
Investment Techniques Risk:
Quantitative models may contain design flaws. In addition, quantitative
investment techniques may rely on inaccurate assumptions or data inputs, and the
Fund may be adversely affected by errors or limitations in the construction and
implementation of these techniques.
•Information
Technology Sector Risk.
The information technology (IT) sector has historically been relatively volatile
due to the rapid pace of product development within the sector. Products and
services of IT companies may not achieve commercial success or may become
obsolete quickly. Stock prices of companies operating within this sector may be
subject to abrupt or erratic movements. Additionally, these companies are
subject to significant competitive pressures, such as new market entrants,
aggressive pricing and tight profit margins. The activities of these companies
may also be adversely affected by changes in government
regulations.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The bar chart and table that follow illustrate annual returns for
Service Shares of the Fund for periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance and an additional index with
characteristics relevant to the Fund's investments.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategies on October 9,
2015. The performance set forth below prior to such date is attributable to the
previous investment strategies and different sub-advisors.
GUIDEMARK®
LARGE
CAP CORE FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s Service
Shares as of June 30,
2024 was 13.44%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended June 30,
2020 |
24.25 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-21.48 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average Annual
Total Returns for Periods Ended December 31,
2023 |
|
| One
Year |
Five
Years |
Ten
Years |
Large
Cap Core Fund – Service Shares |
|
| |
Return Before
Taxes |
25.29% |
14.88% |
10.52% |
Return After
Taxes on Distributions |
25.06% |
14.10% |
9.82% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
15.13% |
11.90% |
8.53% |
Russell
1000®
Index
(reflects no deduction for fees, expenses or
taxes) |
26.53% |
15.52% |
11.80% |
Russell
3000®
Index
(1)
(reflects no deduction for fees, expenses or
taxes) |
25.96% |
15.16% |
11.48% |
(1)
Effective
July 31, 2024, the Fund added this broad-based securities market index intended
to reflect the overall applicable securities market.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, and do not reflect the impact of state and local
taxes. Actual
after-tax returns depend on your tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements such as
401(k) plans and individual retirement accounts because such accounts are only
subject to taxes upon withdrawal.
Investment
Advisor and Sub-Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”) is the sub-advisor for the Fund.
Portfolio
Manager:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Position
with GSAM |
Length
of Service to the Fund |
Karhan
E. Akcoglu |
Vice
President |
Since
2021 |
Andrew
Alford |
Managing
Director |
Since
2023 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEMARK®
EMERGING
MARKETS FUND
Investment
Objective
GuideMark®
Emerging Markets Fund (the “Fund”) seeks capital appreciation over
the long term.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.59% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
1.29% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
1.04% |
Acquired
Fund Fees and Expenses(1)
|
0.03% |
Total
Annual Fund Operating Expenses(2) |
1.91% |
Fee
Waiver and/or Expense Assumption(3) |
-0.48% |
Total
Annual Fund Operating Expenses (After Fee Waiver and/or Expense
Assumption)(2)(3) |
1.43% |
(1)“Acquired Fund
Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs
from investing in the shares of other investment companies, including money
market funds and other mutual funds, closed end funds, business development
companies or certain exchange-traded funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
(3)AssetMark,
Inc. (“AssetMark” or the “Advisor”) has contractually agreed through
July 31, 2025 to waive its advisory fees
and/or assume expenses otherwise payable by the Fund to the extent necessary to
ensure that Total Annual Fund Operating Expenses (excluding taxes, interest,
trading costs, AFFE, expenses paid with securities lending expense offset
credits and non-routine expenses) do not exceed 1.40% of average daily net
assets. This expense limitation agreement may not be terminated prior to July
31, 2025 unless the Board of Trustees consents to an earlier revision or
termination. Under the expense limitation agreement, AssetMark may recoup waived
fees and expenses borne for a three-year period under specified conditions. No
recoupment will be paid to AssetMark if the Fund’s current Total Annual Fund
Operating Expenses exceed the expense limitation in effect at the time fees were
waived or expenses were reimbursed.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return and that the Fund’s operating expenses remain the same. The Example
reflects adjustments made to the Fund’s operating expenses due to the fee waiver
and/or expense assumption by the Advisor for the 1-year number
only. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$146 |
$554 |
$987 |
$2,194 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 43.80% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
Under normal
circumstances, the Fund invests at least 80% of its assets in securities and
other instruments that provide exposure to emerging market
countries. For purposes of this policy, securities and other
instruments that provide exposure to emerging market countries include: (i)
securities issued by entities which are located, incorporated or have
significant business activities in or are impacted by economic developments in
developing or emerging market countries, (ii) securities denominated in, or
linked to, currencies or interest rates of an emerging market country or
countries, and (iii) derivatives or pooled structures (such as exchange-traded
funds (“ETFs”)) that are linked to
emerging
markets. The Fund considers emerging market countries to be those defined by the
MSCI Emerging Markets Index. The Fund will, under normal circumstances, seek
exposure to a minimum of three emerging market countries.
The
Fund mainly invests in equity securities of issuers in emerging market
countries. The Fund’s investments in equity securities may include common
stocks, unit stocks, stapled securities, ETFs and preferred stocks of companies
of any size capitalization. The Fund also may invest in depositary receipts,
including American Depositary Receipts (“ADRs”) of foreign companies and Global
Depositary Receipts (“GDRs”). Depositary receipts are typically issued by a U.S.
or foreign bank or trust company and evidence ownership of underlying securities
issued by a foreign corporation.
The
Fund also may invest in derivatives such as futures, forwards and other similar
instruments in order to (i) “equitize” cash balances by gaining exposure to
relevant equity markets; and (ii) hedge exposure to foreign currencies. The Fund
may engage in currency futures and currency forwards for the purpose of hedging
exposures within the Fund to non-dollar-denominated assets. In general, the use
of currency derivatives for hedging may reduce the overall risk level of the
Fund, albeit at a cost that may lower overall performance.
The
sub-advisor uses a rules-based methodology that emphasizes quantitatively-based
stock selection, portfolio construction and efficient implementation. The Fund
seeks to capture common sources of active equity returns, including the
following factors: value (i.e., how attractively a stock is priced relative to
its “fundamentals,” such as book value and free cash flow), momentum (i.e.,
whether a company’s share price is trending up or down) and quality (i.e.,
profitability). The sub-advisor seeks to capitalize on the low correlations in
returns across these factors by diversifying exposure to securities selected
based on such factors. The sub-advisor may, in its discretion, make changes to
its quantitative techniques, or use other quantitative techniques that are based
on the sub-advisor’s proprietary research.
The
sub-advisor constructs the Fund’s portfolio by investing in the securities
comprising the MSCI Emerging Markets
Index
and adjusting the relative weight of each security based on the security’s
attractiveness when evaluated based on the factors as described above, subject
to the Fund being constrained to long-only positions. Based on the sub-advisor’s
judgment, the Fund expects that its portfolio will be overweight with respect to
certain securities (i.e., the Fund will hold a greater percentage of those
securities than the index) and underweight with respect to others (i.e., the
Fund will hold a lesser percentage of those securities than the index), and that
such weightings may change over time. The percentage of the Fund’s portfolio
exposed to any single security will vary from time to time as the weightings of
the securities within the Fund change. The degree to which components of the
Fund represent certain sectors or industries may change over time.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing in
the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. Different
risks may be more significant at different times depending on market conditions
or other factors. The following risks could affect the value of your investment
in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor or a sub-advisor may
fail to produce the intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Emerging
Markets Risk:
In addition to the risks generally associated with investing in foreign
securities, countries with emerging markets may also have relatively unstable
governments, social and legal systems that do not protect shareholders,
economies based on only a few industries and securities markets that trade a
small number of issues. Additionally, trading in the currencies of emerging
market countries may face periods of limited liquidity or the political risk of
exchange controls or currency repatriation
restrictions.
•Regional
Risk.
To the extent that the Fund invests a significant portion of its assets in a
specific geographic region, the Fund will have increased exposure to the risks
affecting that specific geographic region. In the event of economic or political
turmoil or a deterioration of diplomatic relations in a region where a
substantial portion of the Fund’s assets are invested, the Fund may experience
substantial illiquidity or reduction in the value of the Fund’s investments. In
addition, adverse economic events in a certain region can impact securities of
issuers in other countries whose economies appear to be unrelated. There are
special risks associated with investments in China, Hong Kong and Taiwan,
including exposure to currency fluctuations, less liquidity, expropriation,
confiscatory taxation, nationalization and exchange control regulations
(including currency blockage). Inflation and rapid fluctuations in inflation and
interest rates have had, and may continue to have, negative effects on the
economy and securities markets of China, Hong Kong and Taiwan. The Chinese
economy is heavily dependent on its large export sector and its economic growth
may be adversely affected by trade disputes with key trading partners and
escalating tariffs imposed on goods and services it produces. Investments in
Chinese companies may be made through a special structure known as a variable
interest entity (“VIE”). VIEs are common and are are well known to Chinese
officials and regulators, but historically the VIE structure has not been
formally recognized under Chinese law. There is uncertainty as to whether
Chinese courts or arbitration bodies would enforce the contractual rights of
foreign investors in a VIE structure and whether Chinese officials and
regulators will reverse their acceptance of the VIE structure generally, or with
respect to certain industries.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s sub-advisor believes are their full
value.
•Quantitative
Investment Techniques Risk:
Quantitative models may contain design flaws. In addition, quantitative
investment techniques may rely on inaccurate assumptions or data inputs, and the
Fund may be adversely affected by errors or limitations in the construction and
implementation of these techniques.
•Foreign
Securities Risk:
The risks of investing in foreign securities, ADRs and GDRs can increase the
potential for losses in the Fund and may 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.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund's
assets.
•Derivatives
Risk: A derivative is an instrument with a value based on the performance
of an underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue. For example, with currency derivatives, there
may be an imperfect correlation between a Fund’s portfolio holdings of
securities denominated in a particular currency and the currencies underlying
the currency derivatives entered into by the Fund.
•Liquidity
Risk: Liquidity risk is the risk that certain investments may be
difficult or impossible to buy or sell at the time and price that a Fund would
like to buy or sell the security.
•Exchange-Traded
Funds Risk: An ETF may represent a portfolio of securities, or may use
derivatives in pursuit of its stated objective. The risks of owning an ETF
generally reflect the risks of owning the underlying securities held by the ETF,
although a lack of liquidity in an ETF could result in it being more volatile.
In addition, ETF shares may trade at a premium or discount relative to their net
asset value. ETFs have management fees and other expenses which the Fund will
indirectly bear.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The
bar chart and table that follow illustrate annual returns for Service Shares of
the Fund for periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategies on October 9,
2015. The performance set forth below prior to such date is attributable to the
previous investment strategies and different
sub-advisors.
GUIDEMARK®
EMERGING
MARKETS FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s Service
Shares as of June 30,
2024 was 8.60%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended December 31,
2020 |
19.40 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-25.06 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
|
| One
Year |
Five
Years |
Ten
Years |
Emerging
Markets Fund – Service Shares |
|
| |
Return Before
Taxes |
11.08% |
3.56% |
4.03% |
Return After
Taxes on Distributions |
10.29% |
2.37% |
2.94% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
7.28% |
2.99% |
3.18% |
MSCI
Emerging Markets Index
(reflects no deduction for fees, expenses or
taxes) |
10.27% |
4.07% |
3.05% |
After-tax returns are calculated using the historical highest
individual federal marginal income tax rates, and do not reflect the impact of
state and local taxes. Actual
after-tax returns depend on your tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements such as
401(k) plans and individual retirement accounts because such accounts are only
subject to taxes upon withdrawal. In certain
cases, the figure representing “Return After Taxes on Distributions and Sale of
Fund Shares” may be higher than the other return figures for the same
period. A higher after-tax return results when a capital loss occurs
upon redemption and provides an assumed tax deduction that benefits the
investor.
Investment
Advisor and Sub-Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”) is the sub-advisor for the Fund.
Portfolio
Manager:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Position
with GSAM |
Length
of Service to the Fund |
Karhan
E. Akcoglu |
Vice
President |
Since
2021 |
Andrew
Alford |
Managing
Director |
Since
2023 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEMARK®
SMALL/MID
CAP CORE FUND
Investment
Objective
GuideMark®
Small/Mid Cap Core Fund (the “Fund”) seeks capital appreciation over
the long term.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.57% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.59% |
Administrative
Service Fees |
0.25% |
All
Other Expenses
|
0.34% |
Total
Annual Fund Operating Expenses(1) |
1.16% |
(1)Note
that the amount of Total Annual Fund Operating Expenses shown in the above table
will differ from the Ratio of Expenses to Average Net Assets included in the
“Financial Highlights” section of the Prospectus which reflects the operating
expenses of the Fund and includes the expense reductions generated when the Fund
loaned its portfolio securities.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the
same. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$118 |
$368 |
$638 |
$1,409 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 16.37% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
Under normal
circumstances, the Fund invests at least 80% of its assets in the securities of
small-to-medium capitalization companies. The Fund considers
“small-to-medium capitalization companies” to be companies, at the time of
purchase, whose market capitalizations are within the range of the market
capitalizations in the Russell 2500TM
Index.
The
Fund may invest in derivatives such as futures, forwards and other similar
instruments in order to “equitize” cash balances by gaining exposure to relevant
equity markets. To the extent that derivatives have economic characteristics
similar to the securities of small-to-medium capitalization companies, they will
be counted as such for purposes of the Fund’s 80% investment
policy.
The
sub-advisor uses a rules-based methodology that emphasizes quantitatively-based
stock selection, portfolio construction and efficient implementation. The Fund
seeks to capture common sources of active equity returns, including the
following factors: value (i.e., how attractively a stock is priced relative to
its “fundamentals,” such as book value and free cash flow), momentum (i.e.,
whether a company’s share price is trending up or down) and quality (i.e.,
profitability). The sub-advisor seeks to capitalize on the low correlations in
returns across these factors by diversifying exposure to securities selected
based on such factors. The sub-advisor may, in its discretion, make changes to
its quantitative techniques, or use other quantitative techniques that are based
on the sub-advisor’s proprietary research.
The
sub-advisor constructs the Fund’s portfolio by investing in the securities
comprising the Russell 2500TM
Index
and adjusting the relative weight of each security based on the security’s
attractiveness when evaluated based on the factors as described above, subject
to the Fund being constrained to long-only positions. Based on the sub-advisor’s
judgment, the Fund expects that its portfolio will be overweight with respect to
certain securities (i.e., the Fund will hold a greater percentage of those
securities than the index) and underweight with respect to others (i.e., the
Fund will hold a lesser percentage of those securities than the index), and that
such weightings may change over time. The percentage of the Fund’s portfolio
exposed to any single security will vary from time to time as the weightings of
the securities within the Fund change. The degree to which components of the
Fund represent certain sectors or industries may change over time.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing in
the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. Different
risks may be more significant at different times depending on market conditions
or other factors. The following risks could affect the value of your investment
in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor or a sub-advisor may
fail to produce the intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s sub-advisor believes are their full
value.
•Quantitative
Investment Techniques Risk:
Quantitative models may contain design flaws. In addition, quantitative
investment techniques may rely on inaccurate assumptions or data inputs, and the
Fund may be adversely affected by errors or limitations in the construction and
implementation of these techniques.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund’s
assets.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Liquidity
Risk: Liquidity risk is the risk that certain investments may be
difficult or impossible to buy or sell at the time and price that a Fund would
like to buy or sell the security.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The
bar chart and table that follow illustrate annual returns for Service Shares of
the Fund for periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance and an additional index with
characteristics relevant to the Fund's investments.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategies on October 9,
2015. The performance set forth below prior to such date is attributable to the
previous investment strategies and different
sub-advisors.
GUIDEMARK®
SMALL/MID
CAP CORE FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s Service
Shares as of June 30,
2024 was 2.12%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended June 30,
2020 |
27.45 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-29.92 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
|
| One
Year |
Five
Years |
Ten
Years |
Small/Mid
Cap Core Fund – Service Shares |
|
| |
Return Before
Taxes |
17.74% |
12.46% |
8.22% |
Return After
Taxes on Distributions |
17.56% |
11.56% |
6.62% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
10.64% |
9.95% |
6.24% |
Russell
2500TM
Index
(reflects no deduction for fees, expenses or
taxes) |
17.42% |
11.67% |
8.36% |
Russell
3000®
Index (1)
(reflects no deduction for fees, expenses or
taxes) |
25.96% |
15.16% |
11.48% |
(1)
Effective
July 31, 2024, the Fund added this broad-based securities market index intended
to reflect the overall applicable securities
market.
After-tax returns are calculated using the historical highest
individual federal marginal income tax rates, and do not reflect the impact of
state and local taxes. Actual
after-tax returns depend on your tax situation and may differ from those shown.
In addition, the after-tax returns shown are not relevant to investors who hold
their Fund shares through tax-advantaged arrangements such as 401(k) plans and
individual retirement accounts because such accounts are only subject to taxes
upon withdrawal.
Investment
Advisor and Sub-Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”) is the sub-advisor for the Fund.
Portfolio
Manager:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Position
with GSAM |
Length
of Service to the Fund |
Karhan
E. Akcoglu |
Vice
President |
Since
2021 |
Andrew
Alford |
Managing
Director |
Since
2023 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEMARK®
WORLD
EX-US FUND
Investment
Objective
GuideMark®
World ex-US Fund (the “Fund”) seeks capital appreciation over the
long term.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.50% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.74% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.49% |
Acquired
Fund Fees and Expenses(1)
|
0.01% |
Total
Annual Fund Operating Expenses(2) |
1.25% |
Fee
Waiver and/or Expense Assumption(3) |
-0.09% |
Total
Annual Fund Operating Expenses (After Fee Waiver and/or Expense
Assumption)(2)(3) |
1.16% |
(1)“Acquired
Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund
incurs from investing in the shares of other investment companies, including
money market funds and other mutual funds, closed end funds, business
development companies or certain exchange-traded funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
(3)AssetMark,
Inc. (“AssetMark” or the “Advisor”) has contractually agreed through
July 31, 2025, to waive its advisory fees
and/or assume expenses otherwise payable by the Fund to the extent necessary to
ensure that Total Annual Fund Operating Expenses (excluding taxes, interest,
trading costs, acquired fund fees and expenses, expenses paid with securities
lending expense offset credits and non-routine expenses) do not exceed 1.14% of
average daily net assets. This expense limitation agreement may not be
terminated prior to July 31, 2025 unless the Board of Trustees consents to an
earlier revision or termination. Under the expense limitation agreement,
AssetMark may recoup waived fees and expenses borne for a three-year period
under specified conditions. No recoupment will be paid to AssetMark if the
Fund’s current Total Annual Fund Operating Expenses exceed the expense
limitation in effect at the time fees were waived or expenses were
reimbursed.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the same. The
Example reflects adjustments made to the Fund’s operating expenses due to the
fee waiver and/or expense assumption by the Advisor for the 1-year number
only. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$118 |
$388 |
$678 |
$1,503 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 30.33% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
Under normal
circumstances, the Fund invests at least 80% of its assets in equity
securities. The Fund invests primarily in equity securities
incorporated or traded outside the United States. Generally, the Fund’s assets
will be invested in securities of companies located in developed countries. The
Fund considers developed countries to be those defined by the MSCI World ex-USA
Index. The Fund will, under normal circumstances, invest in a minimum of three
countries outside of the United States.
The
Fund’s investments in equity securities may include common stocks, unit stocks,
stapled securities, exchange-traded funds (“ETFs”) and preferred stocks of
companies of any size capitalization. The Fund also may invest in depositary
receipts, including American Depositary Receipts (“ADRs”) of foreign companies
and Global Depositary Receipts (“GDRs”). Depositary receipts are typically
issued by a U.S. or foreign bank or trust company and evidence ownership of
underlying securities issued by a foreign corporation.
The
Fund also may invest in derivatives such as futures, forwards and other similar
instruments in order to (i) “equitize” cash balances by gaining exposure to
relevant equity markets; and (ii) hedge exposure to foreign currencies. The Fund
may engage in currency futures and currency forwards for the purpose of hedging
exposures within the Fund to non-dollar-denominated assets. In general, the use
of currency derivatives for hedging may reduce the overall risk level of the
Fund, albeit at a cost that may lower overall performance. To the extent that
derivatives have economic characteristics similar to equity securities, they
will be counted as such for purposes of the Fund’s 80% investment policy.
The
sub-advisor uses a rules-based methodology that emphasizes quantitatively-based
stock selection, portfolio construction and efficient implementation. The Fund
seeks to capture common sources of active equity returns, including the
following factors: value (i.e., how attractively a stock is priced relative to
its “fundamentals,” such as book value and free cash flow), momentum (i.e.,
whether a company’s share price is trending up or down) and quality (i.e.,
profitability). The sub-advisor seeks to capitalize on the low correlations in
returns across these factors by diversifying exposure to securities selected
based on such factors. The sub-advisor may, in its discretion, make changes to
its quantitative techniques, or use other quantitative techniques that are based
on the sub-advisor’s proprietary research.
The
sub-advisor constructs the Fund’s portfolio by investing in the securities
comprising the MSCI World ex-USA
Index
and adjusting the relative weight of each security based on the security’s
attractiveness when evaluated based on the factors as described above, subject
to the Fund being constrained to long-only positions. Based on the sub-advisor’s
judgment, the Fund expects that its portfolio will be overweight with respect to
certain securities (i.e., the Fund will hold a greater percentage of those
securities than the index) and underweight with respect to others (i.e., the
Fund will hold a lesser percentage of those securities than the index), and that
such weightings may change over time. The percentage of the Fund’s portfolio
exposed to any single security will vary from time to time as the weightings of
the securities within the Fund change. The degree to which components of the
Fund represent certain sectors or industries may change over time.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing in
the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. Different
risks may be more significant at different times depending on market conditions
or other factors. The following risks could affect the value of your investment
in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor or a sub-advisor may
fail to produce the intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Value
Investment Risk: The
Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s sub-advisor believes are their full
value.
•Quantitative
Investment Techniques Risk:
Quantitative models may contain design flaws. In addition, quantitative
investment techniques may rely on inaccurate assumptions or data inputs, and the
Fund may be adversely affected by errors or limitations in the construction and
implementation of these techniques.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund’s
assets.
•Foreign
Securities Risk:
The risks of investing in ADRs, GDRs and foreign securities can increase the
potential for losses in the Fund and may 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.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage, and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. In addition, the use of currency derivatives may not
match or fully offset changes in the value of the underlying
non-dollar-denominated or bank assets. The use of derivatives could also result
in a loss if the counterparty to the transaction does not perform as promised,
including because of such counterparty’s bankruptcy or insolvency. The
investment results achieved by the use of derivatives by the Fund may not match
or fully offset changes in the value of the underlying currency, security, index
or other reference asset that it was attempting to hedge or the investment
opportunity the Fund was
attempting to pursue. For example, with currency derivatives, there
may be an imperfect correlation between a Fund’s portfolio holdings of
securities denominated in a particular currency and the currencies underlying
the currency derivatives entered into by the Fund.
•Liquidity
Risk: Liquidity risk is the risk that certain investments may be
difficult or impossible to buy or sell at the time and price that a Fund would
like to buy or sell the security.
•Exchange-Traded
Funds Risk: An ETF may represent a portfolio of securities, or may use
derivatives in pursuit of its stated objective. The risks of owning an ETF
generally reflect the risks of owning the underlying securities held by the ETF,
although a lack of liquidity in an ETF could result in it being more volatile.
In addition, ETF shares may trade at a premium or discount relative to their net
asset value. ETFs have management fees and other expenses which the Fund will
indirectly bear.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The
bar chart and table that follow illustrate annual returns for Service Shares of
the Fund for periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategies on October 9,
2015. The performance set forth below prior to such date is attributable to the
previous investment strategies and different
sub-advisors.
GUIDEMARK®
WORLD
EX-US FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s Service
Shares as of June 30,
2024 was 5.17%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended December 31,
2022 |
17.76 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-22.94 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
|
| One
Year |
Five
Years |
Ten
Years |
World
ex-US Fund – Service Shares |
|
| |
Return Before
Taxes |
16.10% |
7.18% |
3.34% |
Return After
Taxes on Distributions |
15.34% |
6.83% |
3.04% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
10.34% |
5.82% |
2.75% |
MSCI
World ex-USA Index
(reflects no deduction for fees, expenses or
taxes) |
18.60% |
9.02% |
4.85% |
After-tax returns are calculated using the historical highest
individual federal marginal income tax rates, and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on your tax situation and
may differ from those shown. In addition, the after-tax returns
shown are not relevant to investors who
hold their Fund shares through tax-advantaged arrangements such as 401(k) plans
and individual retirement accounts because such accounts are only subject to
taxes upon withdrawal.
Investment
Advisor and Sub-Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”) is the sub-advisor for the Fund.
Portfolio
Manager:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Position
with GSAM |
Length
of Service to the Fund |
Karhan
E. Akcoglu |
Vice
President |
Since
2021 |
Andrew
Alford |
Managing
Director |
Since
2023 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEMARK®
CORE
FIXED INCOME FUND
Investment
Objective
GuideMark®
Core
Fixed Income Fund
(the “Fund”) seeks to provide current income consistent with low
volatility of principal.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees (fees
paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.40% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.60% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.35% |
Acquired
Fund Fees and Expenses(1)
|
0.01% |
Total
Annual Fund Operating Expenses(2) |
1.01% |
Fee
Waiver and/or Expense Assumption(3) |
-0.05% |
Total
Annual Fund Operating Expenses (After Fee Waiver and/or Expense
Assumption)(2)(3) |
0.96% |
(1)“Acquired Fund
Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs
from investing in the shares of other investment companies, including money
market funds and other mutual funds, closed end funds, business development
companies or certain exchange-traded funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
(3)AssetMark,
Inc. (“AssetMark” or the “Advisor”) has contractually agreed through
July 31, 2025, to waive its advisory fees
and/or assume expenses otherwise payable by the Fund to the extent necessary to
ensure that Total Annual Fund Operating Expenses (excluding taxes, interest,
trading costs, acquired fund fees and expenses, expenses paid with securities
lending expense offset credits and non-routine expenses) do not exceed 0.94% of
average daily net assets. This expense limitation agreement may not be
terminated prior to July 31, 2025 unless the Board of Trustees consents to an
earlier revision or termination. Under the expense limitation agreement,
AssetMark may recoup waived fees and expenses borne for a three-year period
under specified conditions. No recoupment will be paid to AssetMark if the
Fund’s current Total Annual Fund Operating Expenses exceed the expense
limitation in effect at the time fees were waived or expenses were
reimbursed.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the same. The
Example reflects adjustments made to the Fund’s operating expenses due to the
fee waiver and/or expense assumption by the Advisor for the 1-year number
only. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$98 |
$317 |
$553 |
$1,232 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year,
the Fund’s portfolio turnover rate was 267.22% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
Under normal
circumstances, the Fund will invest at least 80% of its assets in fixed income
securities.
The
Fund will primarily invest in fixed income securities that are rated investment
grade or better (i.e., rated in one of the four highest rating categories by a
Nationally Recognized Statistical Rating Organization (“NRSRO”) or determined to
be of comparable quality by the Fund’s sub-advisor if the security is unrated).
The fixed income securities in which the Fund invests may have maturities of any
length.
The
Fund is designed to allow the sub-advisor to invest in the core sectors of the
U.S. domestic fixed income market (as defined by the Fund’s benchmark index)
while seeking to maintain the Fund’s duration within a relatively close range to
the duration of the Fund’s benchmark index. Duration is a measure of the
sensitivity of the price of a debt security (or a portfolio of debt securities)
to changes in
interest
rates. The prices of debt securities with shorter durations generally will be
less affected by changes in interest rates than the prices of debt securities
with longer durations.
The
sub-advisor combines top-down views with bottom-up driven research to manage the
Fund’s assets. Top-down views set by the portfolio management team determine
risk targets, sector allocation, duration and yield curve positioning. Sector
teams are responsible for credit research and building bottom-up driven sector
portfolios that meet the targets set by the portfolio management
team.
While
the Fund will primarily invest in fixed income securities that are rated
investment grade, the Fund may, at times, hold debt securities that are rated
below investment grade as a result of downgrades in the rating of the securities
subsequent to their purchase by the Fund.
The
Fund may buy and sell certain types of exchange-traded and over-the-counter
derivative instruments for duration and risk management purposes and otherwise
in pursuit of the Fund’s investment objective. The types of derivatives in which
the Fund may invest include, but are not limited to, futures contracts, swaps
agreements and options.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing in
the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. Different
risks may be more significant at different times depending on market conditions
or other factors. The following risks could affect the value of your investment
in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor or a sub-advisor may
fail to produce the intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies or issuers in which the Fund
invests.
•Interest
Rate Risk: The market value of fixed income securities will fluctuate with
changes in interest rates. For example, when interest rates rise, the market
value of fixed income securities declines. If the market value of the Fund’s
investments decreases, investors in the Fund may lose money. The Fund may face a
heightened level of interest rate risk due to certain changes in general
economic conditions, inflation and monetary policy, including interest rate
changes by the Federal Reserve.
•Mortgage-
and Asset-Backed Securities Risk: Mortgage- and asset-backed securities are subject to prepayment
risk, which is the risk that the borrower will prepay some or all of the
principal owed to the issuer. If that happens, the Fund may have to replace the
security by investing the proceeds in a less attractive
security.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage, and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Debt/Fixed
Income Securities Risk: An
increase in interest rates typically causes a fall in the value of the debt
securities in which the Fund may invest. Conversely, very low or negative
interest rates may heighten the Fund's susceptibility to interest rate risk and
diminish yield and performance.The value of your investment in the Fund may
change in response to changes in the credit ratings of the debt securities in
the Fund's portfolio. Moreover, rising interest rates or lack of market
participants may lead to decreased liquidity in the bond and loan markets,
making it more difficult for the Fund to sell its holdings at a time when the
Fund's manager might wish to sell. Lower rated securities ("junk bonds") are
generally subject to greater risk of loss of your money than higher rated
securities. Issuers may (increase) decrease prepayments of principal when
interest rates (fall) increase, affecting the maturity of the debt security and
causing the value of the security to decline. To the extent the Fund or an
Underlying Fund invests in derivatives tied to fixed income markets, the Fund or
Underlying Fund may be more substantially exposed to these risks than a fund
that does not invest in derivatives.
•Credit
Risk: Individual issues of fixed income securities may be subject to the
credit risk of the issuer. The issuer of a fixed income security may experience
financial problems, causing it to be unable to meet its payment
obligations.
•Tax
Risk Inflation-Indexed Securities: Any
increase in the principal amount of an inflation-indexed security may be
included for tax purposes in the Fund’s gross income, even though no cash
attributable to such gross income has been received by the Fund. In such event,
the Fund may be required to make annual distributions to shareholders that
exceed the cash it has otherwise received. In order to pay such distributions,
the Fund may be required to raise cash by selling portfolio investments. The
sale of such investments could result in capital gains to the Fund and
additional capital gain distributions to shareholders. In addition, adjustments
during the taxable year for deflation to an inflation-indexed bond held by the
Fund may cause amounts previously distributed to shareholders in the taxable
year as income to be characterized as a return of
capital.
•U.S.
Government Agency Obligations Risk:
Government agency obligations have different levels of credit support and,
therefore, different degrees of credit risk. Some securities issued by agencies
and instrumentalities of the U.S. Government are supported by the full faith and
credit of the United States, but others are neither insured nor guaranteed by
the U.S. Government. For example, Connecticut Avenue Securities issued by the
Federal National Mortgage Association and Structured Agency Credit Risk debt
notes issued by the Federal Home
Loan
Mortgage Association carry no guarantee whatsoever and the risk of default
associated with these securities would be borne by the Fund. The U.S. Department
of the Treasury has the authority to provide financial support to these debt
obligations, but no assurance can be given that the U.S. Government will do
so.
•Liquidity
Risk: Liquidity risk is the risk that certain investments may be
difficult or impossible to buy or sell at the time and price that a Fund would
like to buy or sell the security.
•Inflation-Indexed
Securities Risk:
Inflation-indexed securities have a tendency to react to changes in real
interest rates. Real interest rates represent nominal (stated) interest rates
lowered by the anticipated effect of inflation. In general, the price of an
inflation-indexed security can decrease when real interest rates increase, and
can increase when real interest rates decrease. Interest payments on
inflation-indexed securities will fluctuate as the principal and/or interest is
adjusted for inflation and can be unpredictable.
•Maturity
Risk:
The Fund may invest in fixed income securities with a range of maturities.
Generally, the longer a security’s maturity, the greater the risk that interest
rate fluctuations may adversely affect the value of the
security.
•Portfolio
Turnover Risk:
Depending on market and other conditions, the Fund may experience a high
portfolio turnover, which may result in higher brokerage costs and transaction
costs (which could reduce investment returns). Distributions of net short-term
capital gains are taxable as ordinary income when Fund shares are held in a
taxable account. A fund with a high portfolio turnover rate (a measure of how
frequently assets within a fund are bought and sold) is more likely to generate
short-term capital gains than a fund with a low portfolio turnover
rate.
•Variable
Rate Securities Risk:
Changes in interest rates on variable rate securities may lag behind changes in
market rates, causing the value of such securities to decline during periods of
rising interest rates until their interest rates reset to market rates. During
periods of declining interest rates, interest rates on variable rate securities
generally reset downward, and their market value is unlikely to rise to the same
extent as the value of comparable fixed rate securities. Newly originated
variable rate securities (including reissuances and restructured loans) may
possess lower levels of credit document protections than has historically been
the case. Accordingly, in the event of default the Fund may experience lower
levels of recoveries than has historically been the
norm.
•Collateralized
Debt Obligations Risk:
Collateralized debt obligations (“CDOs”) are subject to the following risks: (i)
the possibility that distributions from collateral securities will not be
adequate to make interest or other payments; (ii) the quality of the collateral
may decline in value or quality or go into default or be downgraded; (iii) a
Fund may invest in tranches of a CDO that are subordinate to other classes; and
(iv) the risk of disputes with the issuer, difficulty in valuing the security or
unexpected investment results.
•Extension
Risk: As
interest rates rise, repayments of principal on certain debt securities,
including, but not limited to, floating rate loans and mortgage-related
securities, may occur at a slower rate than expected and the expected maturity
of those securities could lengthen as a result. Securities that are subject to
extension risk generally have a greater potential for loss when prevailing
interest rates rise, which could cause their values to fall sharply.
Interest-only and principal-only securities are especially sensitive to interest
rate changes, which can affect not only their prices but can also change the
income flows and repayment assumptions about those
investments.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The bar chart and table that follow illustrate annual returns for
Service Shares of the Fund for periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future.
GUIDEMARK®
CORE
FIXED INCOME FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s Service
Shares as of June 30,
2024 was -0.17%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended December 31,
2023 |
7.08 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2022 |
-6.30 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
|
| One
Year |
Five
Years |
Ten
Years |
Core
Fixed Income Fund – Service Shares |
|
| |
Return Before
Taxes |
6.11% |
0.83% |
1.20% |
Return
After Taxes on Distributions |
4.64% |
-0.16% |
0.26% |
Return
After Taxes on Distributions and Sale of Fund
Shares |
3.60% |
0.26% |
0.55% |
Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses or
taxes) |
5.53% |
1.10% |
1.81% |
After-tax returns are calculated using the historical highest
individual federal marginal income tax rates, and do not reflect the impact of
state and local taxes. Actual
after-tax returns depend on your tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements such as
401(k) plans and individual retirement accounts because such accounts are only
subject to taxes upon withdrawal. In certain
cases, the figure representing “Return After Taxes on Distributions and Sale of
Fund Shares” may be higher than the other return figures for the same
period. A higher after-tax return results when a capital loss occurs
upon redemption and provides an assumed tax deduction that benefits the
investor.
Investment
Advisor and Sub-Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Wellington Management Company LLP (“Wellington Management”) is the sub‑advisor
for the Fund.
Portfolio
Managers:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Position
with Wellington Management |
Length
of Service to the Fund |
Campe
Goodman, CFA |
Senior
Managing Director and Fixed Income Portfolio Manager |
Since
2012 |
Joseph
F. Marvan, CFA |
Senior
Managing Director and Fixed Income Portfolio Manager |
Since
2012 |
Robert
D. Burn, CFA |
Senior
Managing Director and Fixed Income Portfolio Manager |
Since
2016 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEPATH®
GROWTH
ALLOCATION FUND
Investment
Objective
GuidePath®
Growth
Allocation Fund (the “Fund”) seeks to maximize total return, consisting of a
combination of long-term capital appreciation and current income, while
moderating risk and volatility in the portfolio.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.25% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.42% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.17% |
Acquired
Fund Fees and Expenses(1) |
0.16% |
Total
Annual Fund Operating Expenses(2) |
0.83% |
(1)“Acquired
Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund
incurs from investing in the shares of other investment companies, including
money market funds and other mutual funds, closed end funds, business
development companies or certain exchange-traded
funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the
same. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$85 |
$265 |
$460 |
$1,025 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 18.58% of the average value of its
portfolio.
Principal Investment
Strategies of the Fund
The
Fund operates as a fund of funds, investing primarily in registered mutual
funds, including exchange-traded funds (“ETFs”). The funds in which the Fund may
invest are referred to herein as the “Underlying Funds.” The Advisor believes
that investing in Underlying Funds provides the Fund with an efficient means of
creating a portfolio that provides investors with indirect exposure to a broad
range of securities. By investing in the Fund, 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, the Fund may buy Underlying Funds managed by the
Advisor or its affiliates, which, in turn, invest in various securities,
including ETFs. The Fund may also invest directly in securities and other
exchange-traded products, such as exchange-traded notes (“ETNs”).
In
seeking to maximize total return, under normal circumstances, the Fund’s assets
are allocated, either directly or indirectly via the Underlying Funds, among
various asset classes, including domestic and international equity securities
(including American Depositary Receipts (“ADRs”) and Global Depositary Receipts
(“GDRs”)) and domestic and international fixed income securities. The intention
is to capture broad capital market returns, while seeking to balance the pursuit
of maximum total return against the control of risk in the
portfolio.
In
addition to the general allocation into equity, fixed income and cash equivalent
asset classes, the Fund’s assets are also typically allocated among a variety of
sub-asset classes. The Fund’s equity investments typically include, either
directly or indirectly via the Underlying Funds, a mix of weightings of larger
and smaller capitalization equity securities, growth and value stocks, and
equity securities from developed and emerging international markets. The Fund’s
fixed income investments may be expected to be allocated, either directly or
indirectly via the Underlying Funds, among corporate bonds, mortgage-backed or
asset-backed securities, securities issued by the U.S. and foreign
governments
or their agencies and instrumentalities, and to higher-yielding bonds (sometimes
referred to as “junk bonds”), including emerging market debt. Typically, a
significant portion of the Fund’s fixed income allocation will be in
non-investment grade fixed income investments with varying
maturities.
The
Advisor’s asset allocation decisions are based on different factors and
analytical approaches, derived from asset allocation approaches developed by
various research providers and considered by the Advisor in constructing the
Fund’s portfolio.
The
Fund’s asset allocation mix among equity, fixed income and cash equivalent money
market securities is intended to generally remain consistent for longer periods
of time. Under normal circumstances, the Fund is expected to allocate between
65% and 100% of its assets to equity securities or investments that provide
exposure to equity securities. Over time, the asset allocation mix may change as
a result of changing capital market assumptions. Under normal market conditions,
the Fund is expected to allocate approximately 99% of its assets to equity
securities or investments that provide exposure to equity securities and 1% of
its assets to fixed income securities or investments that provide exposure to
fixed income securities, including cash equivalents. The
Fund also may allocate significant assets to international equity markets: up to
45% to developed international markets and up to 35% to emerging markets.
The
Fund may invest in Underlying Funds that use derivatives for risk management
purposes or as part of their investment strategies. An Underlying Fund may use
derivatives to enhance returns, to manage or adjust the risk profile of the
Underlying Fund, to replace more traditional direct investments, or to obtain
exposure to certain markets.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing
in the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. The Fund is
subject to a number of risks either directly or indirectly through its
investments in Underlying Funds. For purposes of this section, the term “Fund”
should be read to mean the Fund and the Underlying Funds. The following risks
could affect the value of your investment in the Fund:
•Fund
of Funds Risk:
The Fund is subject to fund of funds risk, which means that the ability of the
Fund to meet its investment objective is directly related to the ability of the
Underlying Funds to meet their investment objectives. There can be no
assurance that either the Fund or the Underlying Funds will achieve their
investment objectives. Additionally, each Fund may invest in other investment
companies for which the Advisor or an affiliate serves as investment advisor
(i.e., affiliated Underlying Funds). Such investments in the Underlying Funds
could create a conflict of interest for the Advisor in managing the Fund’s
assets. By investing in the Fund, you will indirectly bear fees and expenses of
the Underlying Funds in addition to the Fund’s direct fees and
expenses.
•Management
Risk:
An investment or allocation strategy used by the Advisor may fail to produce the
intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Exchange-Traded
Funds Risk: An ETF may represent a portfolio of securities, or may use
derivatives in pursuit of its stated objective. The risks of owning an ETF
generally reflect the risks of owning the underlying securities held by the ETF,
although a lack of liquidity in an ETF could result in it being more volatile.
In addition, ETF shares may trade at a premium or discount relative to their net
asset value. ETFs have management fees and other expenses which the Fund will
indirectly bear.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s Advisor believes are their full
value.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund’s
assets.
•Foreign
Securities Risk:
The risks of investing in foreign securities (including ADRs and GDRs) can
increase the potential for losses in the Fund and may 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.
•Foreign
Exchange Trading Risk: The
trading of foreign currencies directly generates risks separate from those faced
from the risks of inactive or indirect exposures to non-dollar denominated
instruments, insofar as the Fund may experience a loss from the buying and
selling of currencies without any related exposure to non-dollar-denominated
assets.
•Emerging
Markets Risk:
In addition to the risks generally associated with investing in foreign
securities described above, countries with emerging markets may also have
relatively unstable governments, fewer shareholder protections, and more limited
economies and securities markets.
•Interest
Rate Risk:
The market value of fixed income securities will fluctuate with changes in
interest rates. For example, when interest rates rise, the market value of fixed
income securities declines. If the market value of the Fund’s investments
decreases, investors in the Fund may lose money. The Fund may face a heightened
level of interest rate risk due to changes in general economic conditions,
inflation and monetary policy, including interest rate changes by the Federal
Reserve.
•High-Yield
Debt Securities Risk: High-yield debt securities or “junk bonds” are debt securities rated
below investment grade by an NRSRO. Junk bonds are subject to greater credit
risk than higher-grade securities, have a greater risk of default and are
considered speculative. Issuers of junk bonds are more likely to experience
financial difficulties that may impair their ability to make principal and
interest payments.
•Mortgage-
and Asset-Backed Securities Risk: Mortgage- and asset-backed securities are subject to prepayment
risk, which is the risk that the borrower will prepay some or all of the
principal owed to the issuer. If that happens, the Fund may have to replace the
security by investing the proceeds in a less attractive
security.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage, and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Credit
Risk: Individual issues of fixed income securities may be subject to the
credit risk of the issuer. This means that the issuer of a fixed income
security, or in the case of a municipal security, the underlying municipality,
may experience financial problems, causing it to be unable to meet its payment
obligations.
•U.S.
Government Agency Obligations Risk:
Government agency obligations have different levels of credit support and,
therefore, different degrees of credit risk. Some securities issued by agencies
and instrumentalities of the U.S. Government are supported by the full faith and
credit of the United States, but others are neither insured nor guaranteed by
the U.S. Government. The U.S. Department of the Treasury has the authority to
provide financial support to these debt obligations, but no assurance can be
given that the U.S. Government will do so.
•Debt/Fixed
Income Securities Risk: An
increase in interest rates typically causes a fall in the value of the debt
securities in which the Fund may invest. Conversely, very low or negative
interest rates may heighten the Fund's susceptibility to interest rate risk and
diminish yield and performance.The value of your investment in the Fund may
change in response to changes in the credit ratings of the debt securities in
the Fund's portfolio. Moreover, rising interest rates or lack of market
participants may lead to decreased liquidity in the bond and loan markets,
making it more difficult for the Fund to sell its holdings at a time when the
Fund's manager might wish to sell. Lower rated securities ("junk bonds") are
generally subject to greater risk of loss of your money than higher rated
securities. Issuers may (increase) decrease prepayments of principal when
interest rates (fall) increase, affecting the maturity of the debt security and
causing the value of the security to decline. To the extent the Fund or an
Underlying Fund invests in derivatives tied to fixed income markets, the Fund or
Underlying Fund may be more substantially exposed to these risks than a fund
that does not invest in derivatives.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The bar chart and table that follow illustrate annual returns for
Service Shares of the Fund for the periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance and an additional index with
characteristics relevant to the Fund's investments.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategy on January 19,
2016. The performance set forth below prior to January 19, 2016 is attributable
to the previous investment strategies.
GUIDEPATH®
GROWTH
ALLOCATION FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s
Service Shares as of June 30, 2024 was
10.60%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended June 30,
2020 |
21.01 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-20.68 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
| One
Year |
Five
Years |
Ten
Years |
Growth
Allocation Fund – Service Shares |
|
| |
Return Before
Taxes |
24.18% |
11.57% |
6.94% |
Return
After Taxes on Distributions |
23.60% |
10.95% |
6.02% |
Return
After Taxes on Distributions and Sale of Fund
Shares |
14.73% |
9.17% |
5.34% |
S&P®
Target Risk Aggressive Index
(reflects no deduction for fees, expenses or
taxes) |
18.69% |
10.05% |
7.47% |
MSCI
All Country World Index (ACWI)
(1)
(reflects no deduction for fees, expenses or
taxes) |
22.81% |
12.27% |
8.48% |
(1)
Effective
July 31, 2024, the Fund added this broad-based securities market index intended
to reflect the overall applicable securities market.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, and do not reflect the impact of state and local
taxes. Actual
after-tax returns depend on your tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements such as
401(k) plans and individual retirement accounts because such accounts are only
subject to taxes upon withdrawal.
Investment
Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Portfolio
Managers:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Title |
Length
of Service to the Fund |
Selwyn
Crews |
Director,
Investment Strategies |
Since
Inception |
Christian
Chan |
Senior
Vice President, Chief Investment Officer |
Since
2022 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEPATH®
CONSERVATIVE
ALLOCATION FUND
Investment
Objective
GuidePath®
Conservative Allocation Fund (the “Fund”) seeks to maximize total return,
consisting of a combination of long-term capital appreciation and current
income, while moderating risk and volatility in the
portfolio.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.25% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.45% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.20% |
Acquired
Fund Fees and Expenses(1) |
0.15% |
Total
Annual Fund Operating Expenses(2) |
0.85% |
(1)“Acquired
Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund
incurs from investing in the shares of other investment companies, including
money market funds and other mutual funds, closed end funds, business
development companies or certain exchange-traded
funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year, and that the Fund’s operating expenses remain the
same. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$87 |
$271 |
$471 |
$1,049 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. The Fund does not pay
transaction costs when buying and selling shares of other mutual funds, however,
the underlying funds pay transaction costs when buying and selling securities
for their portfolio. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was 19.92% of the average value of
its portfolio.
Principal Investment
Strategies of the Fund
The
Fund operates as a fund of funds, investing primarily in registered mutual
funds, including exchange-traded funds (“ETFs”). The funds in which the Fund may
invest are referred to herein as the “Underlying Funds.” The Advisor believes
that investing in Underlying Funds provides the Fund with an efficient means of
creating a portfolio that provides investors with indirect exposure to a broad
range of securities. By investing in the Fund, 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, the Fund may buy Underlying Funds managed by the
Advisor or its affiliates, which, in turn, invest in various securities,
including ETFs. The Fund may also invest directly in securities and other
exchange-traded products, such as exchange-traded notes (“ETNs”).
In
seeking to maximize total return, under normal circumstances, the Fund’s assets
are allocated, either directly or indirectly via the Underlying Funds, into a
diversified portfolio consisting of domestic and international equity securities
(including American Depositary Receipts (“ADRs”) and Global Depositary Receipts
(“GDRs”)) and domestic and international fixed income securities. The intention
is to capture broad capital market returns over the long term, while seeking to
balance the pursuit of maximum total return against the control of risk in the
portfolio.
In
addition to the general strategic allocation into equity, fixed income and cash
equivalent asset classes, the Fund’s assets are also typically allocated among a
variety of sub-asset classes. The Fund’s equity investments typically include,
either directly or indirectly via the Underlying Funds, a mix of weightings of
larger and smaller capitalization equity securities, growth and value stocks,
and equity securities
from
developed and emerging international markets. The Fund’s fixed income
investments may be expected to be allocated, either directly or indirectly via
the Underlying Funds, among corporate bonds, mortgage-backed or asset-backed
securities, securities issued by the U.S. and foreign governments or their
agencies and instrumentalities, and to higher-yielding bonds (sometimes referred
to as “junk bonds”), including emerging market debt. A significant portion of
the Fund’s fixed income allocation may be in non-investment grade fixed income
investments with varying maturities. The Fund may also allocate a portion of its
assets to commodities related investments.
The
Advisor’s asset allocation decisions will be based on different factors and
analytical approaches, derived from asset allocation approaches developed by
various research providers and considered by the Advisor in constructing the
Fund’s portfolio.
Under
normal circumstances, the Fund is expected to allocate between 15% and 55% of
its assets to equity securities and investments that provide exposure to equity
securities and between 45% and 85% of its assets to fixed income securities and
investments that provide exposure to fixed income securities. Over time, the
asset allocation mix may change as a result of changing capital market
assumptions or short-term market opportunities. Under normal market conditions,
the Fund is expected to allocate approximately 35% of its assets to equity
securities and investments that provide exposure to equity securities and 65% of
its assets to fixed income securities and investments that provide exposure to
fixed income securities, including cash equivalents. For
example, if the Advisor believes that the stock market is undervalued, it may
increase the equity allocation, or if the Advisor believes that the stock market
is overvalued, it may decrease the equity allocation. Within these ranges, the
Advisor has the ability to overweight or underweight certain asset classes in
pursuit of increased return or reduced risk in the short to intermediate term.
The Fund’s portfolio will be rebalanced periodically as a result of asset class
performance causing drift away from the targeted asset allocation
mix.
The
Fund may invest in Underlying Funds that use derivatives to earn income and
enhance returns, to manage or adjust their risk profile, to replace more
traditional direct investments, or to obtain exposure to certain
markets.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing
in the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. The Fund is
subject to a number of risks either directly or indirectly through its
investments in Underlying Funds. For purposes of this section, the term “Fund”
should be read to mean the Fund and the Underlying Funds. The following risks
could affect the value of your investment in the Fund:
•Fund
of Funds Risk:
The Fund is subject to fund of funds risk, which means that the ability of the
Fund to meet its investment objective is directly related to the ability of the
Underlying Funds to meet their investment objectives. There can be no
assurance that either the Fund or the Underlying Funds will achieve their
investment objectives. Additionally, each Fund may invest in other investment
companies for which the Advisor or an affiliate serves as investment advisor
(i.e., affiliated Underlying Funds). Such investments in the Underlying Funds
could create a conflict of interest for the Advisor in managing the Fund’s
assets. By investing in the Fund, you will indirectly bear fees and expenses of
the Underlying Funds in addition to the Fund’s direct fees and
expenses.
•Management
Risk:
An investment or allocation strategy used by the Advisor may fail to produce the
intended results.
•Market
Risk:
The value of the Fund’s investments and the net asset values of the shares of
the Fund will fluctuate in response to various market and economic factors
related to the equity and fixed income markets as well as the financial
condition and prospects of companies in which the Fund
invests.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Exchange-Traded
Funds Risk: An ETF may represent a portfolio of securities, or may use
derivatives in pursuit of its stated objective. The risks of owning an ETF
generally reflect the risks of owning the underlying securities held by the ETF,
although a lack of liquidity in an ETF could result in it being more volatile.
In addition, ETF shares may trade at a premium or discount relative to their net
asset value. ETFs have management fees and other expenses which the Fund will
indirectly bear.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s Advisor believes are their full
value.
•Growth
Investment Risk: The Fund’s investments in growth-oriented securities may be subject
to greater price volatility and may be more sensitive to changes in the issuer’s
current or expected earnings than other equity securities.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund’s
assets.
•Foreign
Securities Risk:
The risks of investing in foreign securities (including ADRs and GDRs) can
increase the potential for losses in the Fund and may 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.
•Foreign
Exchange Trading Risk: The
trading of foreign currencies directly generates risks separate from those faced
from the risks of inactive or indirect exposures to non-dollar denominated
instruments, insofar as the Fund may experience a loss from the buying and
selling of currencies without any related exposure to non-dollar-denominated
assets.
•Emerging
Markets Risk:
In addition to the risks generally associated with investing in foreign
securities described above, countries with emerging markets may also have
relatively unstable governments, fewer shareholder protections, and more limited
economies and securities markets.
•Interest
Rate Risk: The market value of fixed income securities will fluctuate with
changes in interest rates. For example, when interest rates rise, the market
value of fixed income securities declines. If the market value of the Fund’s
investments decreases, investors in the Fund may lose money. The Fund may face a
heightened level of interest rate risk due to changes in general economic
conditions, inflation and monetary policy, including interest rate changes by
the Federal Reserve.
•High-Yield
Debt Securities Risk: High-yield debt securities or “junk bonds” are debt securities rated
below investment grade by an NRSRO. Junk bonds are subject to greater credit
risk than higher-grade securities, have a greater risk of default and are
considered speculative. Issuers of junk bonds are more likely to experience
financial difficulties that may impair their ability to make principal and
interest payments.
•Mortgage-
and Asset-Backed Securities Risk: Mortgage- and asset-backed securities are subject to prepayment
risk, which is the risk that the borrower will prepay some or all of the
principal owed to the issuer. If that happens, the Fund may have to replace the
security by investing the proceeds in a less attractive
security.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage, and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Credit
Risk: Individual issues of fixed income securities may be subject to the
credit risk of the issuer. This means that the issuer of a fixed income
security, or in the case of a municipal security, the underlying municipality,
may experience financial problems, causing it to be unable to meet its payment
obligations.
•Commodities
Risk:
The Fund’s investment in commodity-linked investments and other
commodity/natural resource-related securities may subject the Fund to greater
volatility than investments in traditional securities. Commodity-linked
investments may have a substantial risk of loss with respect to both principal
and interest, and their returns may deviate significantly from the return of the
underlying commodity, instruments, or measures. The ability of the Fund to
invest in commodity-linked investments without exposing the Fund to Fund-level
tax is limited under the Internal Revenue Code of 1986, as
amended.
•U.S.
Government Agency Obligations Risk:
Government agency obligations have different levels of credit support and,
therefore, different degrees of credit risk. Some securities issued by agencies
and instrumentalities of the U.S. Government are supported by the full faith and
credit of the United States, but others are neither insured nor guaranteed by
the U.S. Government. The U.S. Department of the Treasury has the authority to
provide financial support to these debt obligations, but no assurance can be
given that the U.S. Government will do so.
•Debt/Fixed
Income Securities Risk: An
increase in interest rates typically causes a fall in the value of the debt
securities in which the Fund may invest. Conversely, very low or negative
interest rates may heighten the Fund's susceptibility to interest rate risk and
diminish yield and performance.The value of your investment in the Fund may
change in response to changes in the credit ratings of the debt securities in
the Fund's portfolio. Moreover, rising interest rates or lack of market
participants may lead to decreased liquidity in the bond and loan markets,
making it more difficult for the Fund to sell its holdings at a time when the
Fund's manager might wish to sell. Lower rated securities ("junk bonds") are
generally subject to greater risk of loss of your money than higher rated
securities. Issuers may (increase) decrease prepayments of principal when
interest rates (fall) increase, affecting the maturity of the debt security and
causing the value of the security to decline. To the extent the Fund or an
Underlying Fund invests in derivatives tied to fixed income markets, the Fund or
Underlying Fund may be more substantially exposed to these risks than a fund
that does not invest in derivatives.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The bar chart and table that follow illustrate annual returns for
Service Shares of the Fund for the periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance and an additional index with
characteristics relevant to the Fund's investments.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategy on January 19,
2016. The performance set forth below prior to January 19, 2016 is attributable
to the previous investment strategies.
GUIDEPATH®
CONSERVATIVE
ALLOCATION FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s
Service Shares as of June 30, 2024 was
3.91%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended June 30,
2020 |
9.61 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-10.61 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
| One
Year |
Five
Years |
Ten
Years |
Conservative
Allocation Fund – Service Shares |
|
| |
Return Before
Taxes |
10.65% |
5.96% |
3.59% |
Return
After Taxes on Distributions |
9.45% |
5.08% |
2.42% |
Return
After Taxes on Distributions and Sale of Fund
Shares |
6.50% |
4.39% |
2.51% |
S&P®
Target Risk Conservative Index
(reflects no deduction for fees, expenses or
taxes) |
11.21% |
4.86% |
4.02% |
Bloomberg
U.S. Aggregate Bond Index (1)
(reflects no deduction for fees, expenses or
taxes) |
5.53% |
1.10% |
1.81% |
(1)
Effective
July 31, 2024, the Fund added this broad-based securities market index intended
to reflect the overall applicable securities
market.
After-tax returns are calculated using the historical highest
individual federal marginal income tax rates, and do not reflect the impact of
state and local taxes. Actual
after-tax returns depend on your tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to
investors who hold their Fund shares through tax-advantaged arrangements such as
401(k) plans and individual retirement accounts because such accounts are only
subject to taxes upon withdrawal. In
certain cases, the figure representing “Return After Taxes on Distributions and
Sale of Fund Shares” may be higher than the other return figures for the same
period. A higher after-tax return results when a capital loss occurs upon
redemption and provides an assumed tax deduction that benefits the
investor.
Investment
Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Portfolio
Managers:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Title |
Length
of Service to the Fund |
Selwyn
Crews |
Director,
Investment Strategies |
Since
Inception |
Christian
Chan |
Senior
Vice President, Chief Investment Officer |
Since
2022 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEPATH®
TACTICAL
ALLOCATION FUND
Investment
Objective
GuidePath®
Tactical Allocation Fund (the “Fund”) seeks to maximize total return, consisting
of a combination of long-term capital appreciation and current income, while
moderating risk and volatility in the portfolio.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.35% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.44% |
Administrative
Service Fees |
0.25% |
All
Other Expenses |
0.19% |
Acquired
Fund Fees and Expenses(1) |
0.11% |
Total
Annual Fund Operating Expenses(2) |
0.90% |
(1)“Acquired
Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund
incurs from investing in the shares of other investment companies, including
money market funds and other mutual funds, closed end funds, business
development companies or certain exchange-traded
funds.
(2)Note that the amount of Total Annual Fund Operating Expenses
shown in the above table will differ from the Ratio of Expenses to Average Net
Assets included in the “Financial Highlights” section of the Prospectus which
reflects the operating expenses of the Fund and does not include indirect
expenses such as AFFE, but includes the expense reductions generated when the
Fund loaned its portfolio securities.
Example
The following Example is intended to help you compare the cost of
investing in Service Shares of the Fund with the cost of investing in other
mutual funds. The Example assumes that you invest $10,000 in Service Shares of
the Fund for the time periods indicated and then redeem all of your shares at
the end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the
same. Although your actual
costs may be higher or lower, based on these assumptions your costs would
be:
|
|
|
|
|
|
|
|
|
|
| |
1
Year |
3
Years |
5
Years |
10
Years |
$92 |
$287 |
$498 |
$1,108 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher
taxes when Fund shares are held in a taxable account. The Fund does not pay
transaction costs when buying and selling shares of other mutual funds, however,
the underlying funds pay transaction costs when buying and selling securities
for their portfolio. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was 333.31% of the average value of
its portfolio.
Principal Investment
Strategies of the Fund
In
seeking to maximize total return, under normal circumstances, the Fund’s assets
are allocated into a diversified portfolio consisting of domestic and
international equity securities (including American Depositary Receipts (“ADRs”)
and Global Depositary Receipts (“GDRs”)), domestic and international fixed
income securities, exchange-traded funds (“ETFs”), mutual funds and cash
equivalent money market securities. The Fund’s allocation to individual
securities may range from 0% to 90% of the Fund’s assets.
The
asset classes in which the Fund may invest include growth and value stocks,
equity securities from developed and emerging international markets,
commodity-related securities and domestic and international real estate
securities, corporate bonds, mortgage- backed or asset-backed securities,
securities issued by the U.S. and foreign governments or their agencies and
instrumentalities, and higher-yielding bonds (sometimes referred to as “junk
bonds”), including emerging market debt. The Fund may invest in debt obligations
of any maturity. A significant portion of the Fund’s fixed income allocation may
be in non-investment grade fixed income investments with varying maturities, but
these allocations may vary significantly over time.
The
Fund may allocate assets to various fixed income and equity securities and
sectors. Using this type of strategy, the Fund seeks to tactically avoid risk by
reducing exposure to unattractive sectors at the appropriate times, while also
increasing exposure to attractive sectors on a timely basis.
The
Fund may invest in investment companies (collectively, referred to herein as
“Underlying Funds”) when AssetMark, Inc. (“AssetMark”
or
the “Advisor”) believes that investing in Underlying Funds would provide the
Fund with an efficient means of creating exposure to a broad range of
securities. The Fund’s allocation to Underlying Funds may range from 10% to 100%
of the Fund’s assets. The Fund may also invest in other exchange-traded
products, such as exchange-traded notes (“ETNs”). The ETFs and ETNs in which the
Fund invests may include inverse, leveraged, and inverse-leveraged ETFs and
ETNs. Inverse ETFs and ETNs are designed to correlate inversely with the
performance of an index. Leveraged and inverse-leveraged ETFs and ETNs seek
investment results that correspond to two or more times the performance of an
index or inverse of the performance of an index, respectively. By investing in
the Fund, you will indirectly bear fees and expenses of Underlying Funds in
which the Fund may invest in addition to the Fund’s direct fees and expenses. In
order to obtain exposure to certain markets, asset classes or active management
styles, the Fund may buy Underlying Funds managed by the Advisor or its
affiliates, which, in turn, invest in various securities, including ETFs. The
Fund may invest in Underlying Funds that use alternative strategies (e.g.,
long/short strategies - equity and fixed income, market- neutral strategies, and
absolute return/global macro strategies) and/or use derivatives for risk
management purposes or as part of their investment strategies. An Underlying
Fund may use derivatives to earn income and enhance returns, to manage or adjust
its risk profile, to replace more traditional direct investments, or to obtain
exposure to certain markets.
The
Advisor’s asset allocation decisions will be based on different factors and
analytical approaches, including tactical volatility managed asset allocation
approaches developed by various research providers selected by the Advisor. The
Advisor may utilize a combination of internal and external research constructing
the Fund’s portfolio.
The
Fund’s asset allocation mix among equity, fixed income and cash equivalent money
market securities is intended to change frequently over time. The Fund does not
have a set target asset allocation mix among equities, fixed income securities
and cash equivalent investments. If the Advisor believes that the stock market
conditions are unfavorable or overvalued, it may significantly increase the
allocation to more defensive asset classes such as fixed income or cash
equivalent securities. The Advisor also has broad latitude to allocate assets to
equity securities in pursuit of perceived opportunities for additional return.
Based on these judgments, the Fund’s asset allocation mix may significantly
change over time in response to opportunities as they are
identified.
The
Fund lends its portfolio securities to seek to generate additional
income.
Principal Risks of Investing
in the Fund
The
risks associated with an investment in the Fund can increase during times of
significant market volatility. There is the risk that you could lose all or a
portion of the money you have invested in the Fund. The Fund is
subject to a number of risks either directly or indirectly through its
investments in Underlying Funds. For purposes of this section, the term “Fund”
should be read to mean the Fund and the Underlying Funds. The following risks
could affect the value of your investment in the Fund:
•Management
Risk:
An investment or allocation strategy used by the Advisor may fail to produce the
intended results.
•Market
Risk: The
value of the Fund’s investments and the net asset values of the shares of the
Fund will fluctuate in response to various market and economic factors related
to the equity and fixed income markets as well as the financial condition and
prospects of companies in which the Fund invests.
•Value
Investment Risk:
The Fund’s investments in value-oriented securities may be out of favor and
potentially undervalued in the marketplace due to adverse business, industry or
other developments. The Fund’s investments in value-oriented securities may not
reach what the Fund’s Advisor believes are their full
value.
•Growth
Investment Risk:
The Fund’s investments in growth-oriented securities may be subject to greater
price volatility and may be more sensitive to changes in the issuer’s current or
expected earnings than other equity securities.
•Investments
in Underlying Funds Risk:
To the extent that the Fund allocates a substantial portion of its assets to
Underlying Funds, the ability of the Fund to meet its investment objective will
depend on the ability of the Underlying Funds to meet their investment
objectives. There can be no assurance that either the Fund or the Underlying
Funds will achieve their investment objectives. Additionally, the Fund may
invest in other investment companies for which the Advisor or an affiliate
serves as investment advisor (i.e., affiliated Underlying Funds). Such
investments in the Underlying Funds could create a conflict of interest for the
Advisor in managing the Fund’s assets. By investing in the Fund, you will
indirectly bear fees and expenses of the Underlying Funds in addition to the
Fund’s direct fees and expenses.
•Exchange-Traded
Funds Risk: An
ETF may represent a portfolio of securities, or may use derivatives in pursuit
of its stated objective. The risks of owning an ETF generally reflect the risks
of owning the underlying securities held by the ETF, although a lack of
liquidity in an ETF could result in it being more volatile. In addition, ETF
shares may trade at a premium or discount relative to their net asset value.
ETFs have management fees and other expenses which the Fund will indirectly
bear.
•Exchange-Traded
Notes Risk:
ETNs are debt securities that are traded on an exchange (e.g., the New York
Stock Exchange) whose returns are linked to the performance of a particular
market benchmark or strategy. An ETN generally reflects the risks associated
with the assets composing the underlying market benchmark or strategy it is
designed to track. ETNs also are subject to issuer and fixed- income
risks.
•Equity
Risk:
Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value. The stock market may experience
declines or stocks in the Fund’s portfolio may not increase their earnings at
the rate anticipated. The Fund’s NAV and investment return will fluctuate based
upon changes in the value of its portfolio
securities.
•Alternative
Strategies Risk: Certain
Underlying Funds that use alternative investment strategies may be subject to
risks including, but not limited to, derivatives risk, liquidity risk, credit
risk and commodities risk. Certain alternative strategies involve the risk that
a
counterparty
to a transaction will not perform as promised, which could result in losses to
the Fund. Furthermore, alternative strategies may employ leverage, involve
extensive short positions and/or focus on narrow segments of the market, which
may magnify the overall risks and volatility associated with such
investments.
•Small
and Medium Capitalization Company Risk:
Small and medium capitalization companies often have narrower markets, fewer
products or services to offer and more limited managerial and financial
resources than do larger, more established companies. As a result, their
performance can be more volatile, and they face a greater risk of business
failure, which could increase the volatility and risk of loss of the Fund’s
assets.
•Foreign
Securities Risk:
The risks of investing in foreign securities (including ADRs and GDRs) can
increase the potential for losses in the Fund and may 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.
•Foreign
Exchange Trading Risk: The
trading of foreign currencies directly generates risks separate from those faced
from the risks of inactive or indirect exposures to non-dollar denominated
instruments, insofar as the Fund may experience a loss from the buying and
selling of currencies without any related exposure to non-dollar-denominated
assets.
•Emerging
Markets Risk:
In addition to the risks generally associated with investing in foreign
securities described above, countries with emerging markets may also have
relatively unstable governments, fewer shareholder protections, and more limited
economies and securities markets.
•Interest
Rate Risk: The
market value of fixed income securities will fluctuate with changes in interest
rates. For example, when interest rates rise, the market value of fixed income
securities declines. If the market value of the Fund’s investments decreases,
investors in the Fund may lose money. The Fund may face a heightened level of
interest rate risk due to changes in general economic conditions, inflation and
monetary policy, including interest rate changes by the Federal
Reserve.
•High-Yield
Debt Securities Risk: High-yield
debt securities or “junk bonds” are debt securities rated below investment grade
by an NRSRO. Junk bonds are subject to greater credit risk than higher-grade
securities, have a greater risk of default and are considered speculative.
Issuers of junk bonds are more likely to experience financial difficulties that
may impair their ability to make principal and interest
payments.
•Leveraged
and Inverse ETF/ETN Risk:
Inverse ETFs/ETNs generally use derivatives and short sales that, in
combination, are designed to produce returns that move in the opposite direction
of the indices they track. To the extent the Fund invests in ETFs/ETNs that seek
to provide investment results that are the inverse of the performance of an
underlying index, the Fund will indirectly be subject to the risk that the
performance of such ETF/ETN will fall as the performance of that ETF or ETN’s
benchmark rises, a result that is the opposite from traditional mutual funds.
The Fund’s use of leveraged and inverse-leveraged ETFs and ETNs has the economic
effect of creating financial leverage. Financial leverage magnifies exposure to
the swings in prices of an asset class and results in increased volatility,
which means the Fund will have the potential for greater gains, as well as the
potential for greater losses, than if the Fund had not invested in these
instruments at all.
•Mortgage-
and Asset-Backed Securities Risk:
Mortgage- and asset-backed securities are subject to prepayment risk, which is
the risk that the borrower will prepay some or all of the principal owed to the
issuer. If that happens, the Fund may have to replace the security by investing
the proceeds in a less attractive security.
•Derivatives
Risk:
A derivative is an instrument with a value based on the performance of an
underlying currency, security, index or other reference asset. The use of
derivatives involves risks different from, or greater than, the risks associated
with investing in more traditional investments. Derivatives involve costs, may
create leverage, and may be illiquid, volatile, and difficult to value. The Fund
may not be able to close out or sell a derivative position at a particular time
or at an anticipated price. The use of derivatives could also result in a loss
if the counterparty to the transaction does not perform as promised, including
because of such counterparty’s bankruptcy or insolvency. The investment results
achieved by the use of derivatives by the Fund may not match or fully offset
changes in the value of the underlying currency, security, index or other
reference asset that it was attempting to hedge or the investment opportunity
the Fund was attempting to pursue.
•Credit
Risk: Individual
issues of fixed income securities may be subject to the credit risk of the
issuer. This means that the issuer of a fixed income security, or in the case of
a municipal security, the underlying municipality, may experience financial
problems, causing it to be unable to meet its payment
obligations.
•U.S.
Government Agency Obligations Risk: Government
agency obligations have different levels of credit support and, therefore,
different degrees of credit risk. Some securities issued by agencies and
instrumentalities of the U.S. Government are supported by the full faith and
credit of the United States, but others are neither insured nor guaranteed by
the U.S. Government. The U.S. Department of the Treasury has the authority to
provide financial support to these debt obligations, but no assurance can be
given that the U.S. Government will do so.
•Commodities
Risk: The
Fund’s investment in commodity-linked investments and other commodity/natural
resource-related securities may subject the Fund to greater volatility than
investments in traditional securities. Commodity-linked investments may have a
substantial risk of loss with respect to both principal and interest, and their
returns may deviate significantly from the return of the underlying commodity,
instruments, or measures. The ability of the Fund to invest in commodity-linked
investments without exposing
the
Fund to Fund-level tax is limited under the Internal Revenue Code of 1986, as
amended.
•Real
Estate Risk: The
value of real estate-linked derivative instruments and other real estate-related
securities such as real estate investment trusts (“REITs”) may be affected by
risks similar to those associated with direct ownership of real estate, in
addition to the risks of poor performance by a REIT’s manager, changes to tax
laws, and failure by the REIT to qualify for favorable treatment. To the extent
the Fund invests in REITs, you will indirectly bear fees and expenses of the
underlying REITs in addition to the Fund’s direct fees and expenses. REITs may
have limited diversification and may not exhibit the same (or any) correlation
with inflation that real estate or other real estate securities
exhibit.
•Debt/Fixed
Income Securities Risk: An
increase in interest rates typically causes a fall in the value of the debt
securities in which the Fund may invest. Conversely, very low or negative
interest rates may heighten the Fund's susceptibility to interest rate risk and
diminish yield and performance.The value of your investment in the Fund may
change in response to changes in the credit ratings of the debt securities in
the Fund's portfolio. Moreover, rising interest rates or lack of market
participants may lead to decreased liquidity in the bond and loan markets,
making it more difficult for the Fund to sell its holdings at a time when the
Fund's manager might wish to sell. Lower rated securities ("junk bonds") are
generally subject to greater risk of loss of your money than higher rated
securities. Issuers may (increase) decrease prepayments of principal when
interest rates (fall) increase, affecting the maturity of the debt security and
causing the value of the security to decline. To the extent the Fund or an
Underlying Fund invests in derivatives tied to fixed income markets, the Fund or
Underlying Fund may be more substantially exposed to these risks than a fund
that does not invest in derivatives.
•Portfolio
Turnover Risk: Depending
on market and other conditions, the Fund may experience a high portfolio
turnover, which may result in higher brokerage costs and transaction costs
(which could reduce investment returns). Distributions of net short-term capital
gains are taxable as ordinary income when Fund shares are held in a taxable
account. A fund with a high portfolio turnover rate (a measure of how frequently
assets within a fund are bought and sold) is more likely to generate short-term
capital gains than a fund with a low portfolio turnover
rate.
•Securities
Lending Risk:
When the Fund lends its portfolio securities, the Fund is subject to the risk
that the borrower may fail to return the securities in a timely manner or at
all, resulting in a loss to the Fund and/or a delay in recovering the loaned
securities. The Fund could also lose money in connection with securities lending
transactions if it does not recover the loaned securities and/or the value of
the collateral falls, including the value of investments made with cash
collateral. Securities lending also may have certain adverse tax consequences.
The Fund is not obligated to engage in securities lending, and may discontinue
its securities lending activities at any time.
Performance
The
bar chart and table that follow illustrate annual returns for Service Shares of
the Fund for the periods ended December 31. This information is intended to give you some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Fund’s average annual returns over time compare
with those of a broad measure of market performance and an additional index with
characteristics relevant to the Fund's investments.
The Fund’s past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the
future. The Fund changed its investment strategy on January 19,
2016 and again on November 22, 2019. The performance set forth below prior to
such dates is attributable to the previous investment
strategies.
GUIDEPATH®
TACTICAL
ALLOCATION FUND – SERVICE SHARES
Calendar
Year Returns as of 12/31
The
year-to-date performance of the Fund’s
Service Shares as of June 30, 2024 was
13.64%.
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter: |
Quarter
ended December 31,
2023 |
10.42 |
% |
Worst
Quarter: |
Quarter
ended March 31,
2020 |
-14.32 |
% |
|
|
|
|
|
|
|
|
|
|
| |
Average
Annual Total Returns for Periods Ended December 31,
2023 |
| One
Year |
Five
Years |
Ten
Years |
Tactical
Allocation Fund – Service Shares |
|
| |
Return Before
Taxes |
14.86% |
8.46% |
5.22% |
Return
After Taxes on Distributions |
14.47% |
6.90% |
3.98% |
Return
After Taxes on Distributions and Sale of Fund
Shares |
8.98% |
6.22% |
3.77% |
S&P
500®
Daily Risk Control 10% Index
(reflects no deduction for fees, expenses or
taxes) |
17.35% |
8.74% |
7.88% |
S&P
500®
Index
(1)
(reflects no deduction for fees, expenses or
taxes) |
26.29% |
15.69% |
12.03% |
FTSE
3-Month Treasury Bill Index
(1)
(reflects no deduction for fees, expenses or
taxes) |
5.26% |
1.91% |
1.26% |
(1)
Effective
July 31, 2024, the Fund added this broad-based securities market index intended
to reflect the overall applicable securities market.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, and do not reflect the impact of state and local
taxes. Actual
after-tax returns depend on your tax situation and may differ from those shown.
In addition, the after- tax returns shown are not relevant to investors who hold
their Fund shares through tax-advantaged arrangements such as 401(k) plans and
individual retirement accounts because such accounts are only subject to taxes
upon withdrawal.
Investment
Advisor
AssetMark,
Inc. (“AssetMark” or the “Advisor”) is the investment advisor for the Fund.
Portfolio
Managers:
The Fund’s investment decisions are made by the following portfolio
managers:
|
|
|
|
|
|
|
| |
Portfolio
Manager |
Title |
Length
of Service to the Fund |
Selwyn
Crews |
Director,
Investment Strategies |
Since
Inception |
Christian
Chan |
Senior
Vice President, Chief Investment Officer |
Since
2022 |
Purchase
and Sale of Fund Shares: Financial
institutions and intermediaries on behalf of their clients may purchase or sell
shares through U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank
Global Fund Services, the Fund’s transfer agent (or its authorized agent).
Institutions and intermediaries that use certain proprietary systems of the
Advisor may place orders to buy or sell electronically through those systems.
Transactions will only occur on days the New York Stock Exchange is open. The
Fund has no investment minimums, however, the financial institutions and
intermediaries that sell the Fund’s shares may have established minimum values
for the accounts that they handle.
Tax
Information: The
Fund’s distributions are taxable, and generally will be taxed as ordinary
income, capital gains, or some combination of both, unless you are investing
through a tax-advantaged arrangement, such as a 401(k) plan or an individual
retirement account. Withdrawals from such tax-advantaged arrangements may be
subject to tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), AssetMark and/or its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
GUIDEPATH®
ABSOLUTE
RETURN ALLOCATION FUND
Investment
Objective
GuidePath® Absolute Return Allocation Fund (the “Fund”) seeks to achieve
consistent absolute positive returns over time regardless of the market
environment.
Fees and Expenses of the
Fund
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below:
|
|
|
|
| |
Shareholder
Fees
(fees paid directly from your investment) |
None |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
|
Management
Fees |
0.35% |
Distribution
and/or Service (12b-1) Fees |
None |
Other
Expenses |
0.49% |
|