UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

 

Investment Company Act file number: 811-10267

 

GPS Funds I

 

(Exact name of registrant as specified in charter)

 

2300 Contra Costa Boulevard, Suite 600

Pleasant Hill, CA 94523-3967

 

(Address of principal executive offices) (Zip code)

 

Starr E. Frohlich

2300 Contra Costa Boulevard, Suite 600

Pleasant Hill, CA 94523

 

(Name and address of agent for service)

 

(800) 664-5345

 

Registrant’s telephone number, including area code

 

Date of fiscal year end: March 31, 2013

 

Date of reporting period: June 30, 2013

 

Item 1. Schedule of Investments.

 

GuideMark SM Large Cap Growth Fund
Schedule of Investments
June 30, 2013 (Unaudited)

 

Number of
Shares
      Value  
      COMMON STOCKS - 99.42%        
               
      Aerospace & Defense - 5.08%        
  34,170   Boeing Co.   $ 3,500,375  
  33,358   Honeywell International, Inc.     2,646,623  
  26,086   United Technologies Corp.     2,424,433  
            8,571,431  
               
      Automobiles - 0.61%        
  66,479   Ford Motor Co.     1,028,430  
               
      Beverages - 2.28%        
  16,065   Anheuser-Busch InBev NV - ADR     1,450,027  
  59,733   The Coca-Cola Co.     2,395,890  
            3,845,917  
               
      Biotechnology - 5.43%        
  39,112   Amgen, Inc.     3,858,790  
  6,703   Biogen Idec, Inc. (b)     1,442,485  
  16,782   Celgene Corp. (b)     1,961,984  
  37,027   Gilead Sciences, Inc. (b)     1,896,153  
            9,159,412  
               
      Chemicals - 1.41%        
  24,061   Monsanto Co.     2,377,227  
               
      Commercial Services & Supplies - 0.37%        
  15,668   The ADT Corp.     624,370  
               
      Communications Equipment - 6.58%        
  423,502   Cisco Systems, Inc.     10,295,334  
  13,050   Qualcomm, Inc.     797,094  
            11,092,428  
               
      Computers & Peripherals - 5.63%        
  6,993   Apple, Inc.     2,769,787  
  6,496   International Business Machines Corp.     1,241,451  
  79,313   NetApp, Inc. (b)     2,996,445  
  11,143   QLogic Corp. (b)     106,527  
  24,869   SanDisk Corp. (b)     1,519,496  
  13,667   Western Digital Corp. (a)     848,584  
            9,482,290  
               
      Consumer Finance - 1.38%        
  31,106   American Express Co.     2,325,484  
               
      Diversified Financial Services - 2.41%        
  155,570   Bank of America Corp.     2,000,630  
  2,711   IntercontinentalExchange, Inc. (a)(b)     481,908  
  29,890   JPMorgan Chase & Co.     1,577,893  
            4,060,431  
               
      Diversified Telecommunication Services - 2.37%        
  79,500   Verizon Communications, Inc.     4,002,030  
               
      Energy Equipment & Services - 1.26%        
  16,906   Oceaneering International, Inc.     1,220,613  
  18,758   Transocean Ltd. - ADR (b)     899,446  
            2,120,059  
               
      Food & Staples Retailing - 4.72%        
  18,416   Costco Wholesale Corp.     2,036,257  
  30,730   CVS Caremark Corp.     1,757,142  
  55,792   Wal-Mart Stores, Inc.     4,155,946  
            7,949,345  
 
    Food Products - 0.77%      
  17,311   Green Mountain Coffee Roasters, Inc. (b)     1,299,364  
               
      Health Care Equipment & Supplies - 3.30%        
  5,668   Becton, Dickinson & Co.     560,168  
  7,476   C.R. Bard, Inc.     812,492  
  47,217   Medtronic, Inc.     2,430,259  
  23,590   Zimmer Holdings, Inc. (a)     1,767,835  
            5,570,754  
               
      Health Care Providers & Services - 2.46%        
  20,782   Aetna, Inc.     1,320,488  
  16,309   Express Scripts Holding Co. (b)     1,006,102  
  15,844   McKesson Corp.     1,814,138  
            4,140,728  
               
      Hotels, Restaurants & Leisure - 1.78%        
  20,187   Starwood Hotels & Resorts Worldwide, Inc.     1,275,616  
  19,308   Wyndham Worldwide Corp.     1,104,997  
  4,872   Wynn Resorts Ltd.     623,616  
            3,004,229  
               
      Household Products - 0.33%        
  9,869   Colgate-Palmolive Co.     565,395  
               
      Industrial Conglomerates - 2.32%        
  22,560   3M Co.     2,466,936  
  38,325   General Electric Co.     888,757  
  16,685   Tyco International Ltd. - ADR     549,770  
            3,905,463  
               
      Internet & Catalog Retail - 1.16%        
  3,787   Amazon.com, Inc. (b)     1,051,612  
  1,092   Priceline.com, Inc. (b)     903,226  
            1,954,838  
               
      Internet Software & Services - 6.65%        
  38,524   eBay, Inc. (b)     1,992,461  
  6,274   Google, Inc. (b)     5,523,442  
  45,577   IAC/InterActiveCorp     2,167,642  
  61,019   Yahoo, Inc. (b)     1,532,187  
            11,215,732  
               
      IT Services - 2.58%        
  3,387   Alliance Data Systems Corp. (b)     613,148  
  23,734   Paychex, Inc.     866,766  
  15,677   Visa, Inc.     2,864,972  
            4,344,886  
               
      Life Sciences Tools & Services - 0.28%        
  29,653   Bruker Corp. (b)     478,896  
               
      Machinery - 2.34%        
  24,799   Danaher Corp.     1,569,777  
  11,041   Dover Corp.     857,444  
  4,064   Illinois Tool Works, Inc. (a)     281,107  
  12,921   Parker Hannifin Corp.     1,232,663  
            3,940,991  
               
      Media - 4.85%        
  66,051   Comcast Corp.     2,766,216  
  61,199   News Corp.     1,995,087  
  34,194   Omnicom Group, Inc.     2,149,777  
  378,054   Sirius XM Radio, Inc. (a)     1,266,481  
            8,177,561  
               
      Metals & Mining - 0.10%        
  25,310   Allied Nevada Gold Corp. (b)     164,009  
               
      Multiline Retail - 0.77%        
  25,546   Dollar Tree, Inc. (b)     1,298,759  
 
      Oil & Gas - 0.69%        
  33,378   Valero Energy Corp.     1,160,553  
               
      Pharmaceuticals - 4.94%        
  64,496   Abbott Laboratories     2,249,620  
  45,502   Eli Lilly & Co.     2,235,058  
  25,732   Johnson & Johnson     2,209,350  
  35,019   Merck & Co., Inc.     1,626,633  
            8,320,661  
               
      Road & Rail - 0.49%        
  33,268   Hertz Global Holdings, Inc. (a)(b)     825,046  
               
      Semiconductor & Semiconductor Equipment - 4.70%        
  62,956   Altera Corp.     2,076,918  
  52,935   Broadcom Corp.     1,787,086  
  43,326   Intel Corp.     1,049,356  
  38,068   Microchip Technology, Inc. (a)     1,418,033  
  40,261   Xilinx, Inc.     1,594,738  
            7,926,131  
               
      Software - 9.26%        
  17,416   BMC Software, Inc. (b)     786,158  
  37,232   Check Point Software Technologies Ltd. - ADR (b)     1,849,686  
  11,831   Intuit, Inc.     722,046  
  228,092   Microsoft Corp.     7,876,017  
  7,223   NetSuite, Inc. (a)(b)     662,638  
  111,596   Oracle Corp.     3,428,229  
  6,000   Red Hat, Inc. (b)     286,920  
            15,611,694  
               
      Specialty Retail - 8.64%        
  3,612   CST Brands, Inc. (b)     111,286  
  47,112   Home Depot, Inc.     3,649,767  
  79,822   Lowe’s Companies, Inc.     3,264,720  
  21,795   O’Reilly Automotive, Inc. (b)     2,454,553  
  11,251   PetSmart, Inc.     753,704  
  5,698   Sherwin Williams Co.     1,006,267  
  21,134   The Buckle, Inc. (a)     1,099,391  
  14,268   The Gap, Inc.     595,403  
  32,410   The TJX Companies, Inc.     1,622,444  
            14,557,535  
               
      Tobacco - 1.48%        
  28,764   Philip Morris International, Inc.     2,491,538  
      Total Common Stocks (Cost $127,175,286)     167,593,617  
               
      SHORT TERM INVESTMENTS - 0.42%        
               
      Money Market Funds - 0.42%        
  702,832   Federated Prime Obligations Fund     702,832  
      Total Short Term Investments (Cost $702,832)     702,832  
               
      INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 4.32%        
               
      Money Market Funds - 4.28%        
  7,219,634   First American Government Obligations Fund     7,219,634  
  20,508   Reserve Primary Fund (c)     792  
      Total Money Market Funds (Cost $7,237,326)     7,220,426  

 

Principal
Amount
           
      Cash - 0.04%        
$ 63,761   Cash     63,761  
      Total Cash (Cost $63,761)     63,761  
               
      Total Investments Purchased as Securities Lending Collateral (Cost $7,301,087)     7,284,187  
 
  Total Investments (Cost $135,179,205) - 104.16%     175,580,636  
  Liabilities in Excess of Other Assets - (4.16)%     (7,012,736 )
  TOTAL NET ASSETS - 100.00%   $ 168,567,900  

 

Percentages are stated as a percent of net assets.

 

ADR American Depositary Receipt
(a) All or portion of this security is on loan.
(b) Non-income producing security.
(c) As of June 30, 2013, the Fund has fair valued this security and deemed it illiquid. The value of this security was $792, which represents 0.00% of total net assets.
   
  The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 135,179,205  
Gross unrealized appreciation     41,949,397  
Gross unrealized depreciation     (1,547,966 )
Net unrealized appreciation   $ 40,401,431  

 

  * Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 

GuideMark SM Large Cap Value Fund
Schedule of Investments
June 30, 2013 (Unaudited)

 

Number of
Shares
      Value  
      COMMON STOCKS - 99.93%        
               
      Aerospace & Defense - 3.91%        
  25,200   General Dynamics Corp.   $ 1,973,916  
  31,000   Honeywell International, Inc.     2,459,540  
  44,600   Raytheon Co.     2,948,952  
            7,382,408  
               
      Auto Components - 1.68%        
  62,500   Delphi Automotive Plc     3,168,125  
               
      Automobiles - 2.50%        
  45,000   Daimler AG - ADR (a)     2,717,550  
  60,200   General Motors Co. (b)     2,005,262  
            4,722,812  
               
      Building Products - 0.24%        
  22,900   Masco Corp.     446,321  
               
      Capital Markets - 3.51%        
  26,400   Ameriprise Financial, Inc.     2,135,232  
  172,100   E*TRADE Financial Corp. (b)     2,178,786  
  35,700   State Street Corp.     2,327,997  
            6,642,015  
               
      Chemicals - 2.57%        
  40,400   E.I. du Pont de Nemours & Co.     2,121,000  
  42,700   Rockwood Holdings, Inc.     2,734,081  
            4,855,081  
               
      Commercial Banks - 6.44%        
  153,600   Fifth Third Bancorp (a)     2,772,480  
  244,300   First Niagara Financial Group, Inc.     2,460,101  
  41,200   PNC Financial Services Group, Inc.     3,004,304  
  95,600   Wells Fargo & Co.     3,945,412  
            12,182,297  
               
      Construction Materials - 1.24%        
  115,500   CRH Plc - ADR (a)     2,345,805  
               
      Consumer Finance - 7.90%        
  41,000   American Express Co.     3,065,160  
  83,500   Capital One Financial Corp.     5,244,635  
  49,800   Discover Financial Services     2,372,472  
  185,800   SLM Corp.     4,247,388  
            14,929,655  
               
      Diversified Financial Services - 6.53%        
  257,600   Bank of America Corp.     3,312,736  
  98,980   Citigroup, Inc.     4,748,071  
  81,300   JPMorgan Chase & Co.     4,291,827  
            12,352,634  
               
      Diversified Telecommunication Services - 2.44%        
  102,100   AT&T, Inc.     3,614,340  
  19,900   Verizon Communications, Inc.     1,001,766  
            4,616,106  
               
      Electrical Equipment - 2.86%        
  45,000   Eaton Corp. Plc     2,961,450  
  44,800   Emerson Electric Co.     2,443,392  
            5,404,842  
               
      Electronic Equipment & Instruments - 0.99%        
  64,100   Molex, Inc. (a)     1,880,694  
               
      Energy Equipment & Services - 2.51%        
  27,300   National Oilwell Varco, Inc.     1,880,970  
  70,500   SeaDrill Ltd. (a)     2,872,170  
            4,753,140  
               
      Food & Staples Retailing - 2.06%        
  24,900   CVS Caremark Corp.     1,423,782  
  56,100   Walgreen Co.     2,479,620  
            3,903,402  
 
      Gas Utilities - 0.30%        
  13,800   ONEOK, Inc.     570,078  
               
      Health Care Equipment & Supplies - 3.01%        
  31,700   Baxter International, Inc.     2,195,859  
  67,900   Medtronic, Inc.     3,494,813  
            5,690,672  
               
      Health Care Providers & Services - 6.32%        
  47,800   Cardinal Health, Inc.     2,256,160  
  28,600   CIGNA Corp.     2,073,214  
  62,500   Omnicare, Inc.     2,981,875  
  43,400   UnitedHealth Group, Inc.     2,841,832  
  22,000   WellPoint, Inc.     1,800,480  
            11,953,561  
               
      Hotels, Restaurants & Leisure - 4.25%        
  79,700   Carnival Corp. - ADR     2,732,913  
  151,600   International Game Technology     2,533,236  
  83,300   Royal Caribbean Cruises Ltd.     2,777,222  
            8,043,371  
               
      Household Durables - 1.38%        
  33,800   Stanley Black & Decker, Inc.     2,612,740  
               
      Industrial Conglomerates - 1.55%        
  88,700   Tyco International Ltd. - ADR     2,922,665  
               
      Insurance - 2.96%        
  74,600   American International Group, Inc. (b)     3,334,620  
  74,600   XL Group Plc     2,261,872  
            5,596,492  
               
      Leisure Equipment & Products - 0.72%        
  30,200   Hasbro, Inc. (a)     1,353,866  
               
      Machinery - 4.76%        
  28,300   Illinois Tool Works, Inc.     1,957,511  
  30,650   ITT Corp.     901,417  
  61,989   Pentair Ltd.     3,576,145  
  35,700   SPX Corp.     2,569,686  
            9,004,759  
               
      Multiline Retail - 1.51%        
  41,400   Target Corp.     2,850,804  
               
      Oil & Gas - 6.84%        
  64,400   BP Plc - ADR     2,688,056  
  41,400   ConocoPhillips     2,504,700  
  89,100   Marathon Oil Corp.     3,081,078  
  31,800   Occidental Petroleum Corp.     2,837,514  
  30,850   Phillips 66     1,817,373  
            12,928,721  
               
      Pharmaceuticals - 5.24%        
  33,100   Johnson & Johnson     2,841,966  
  41,700   Merck & Co., Inc.     1,936,965  
  96,800   Pfizer, Inc.     2,711,368  
  46,800   Sanofi Aventis - ADR     2,410,668  
            9,900,967  
               
      Semiconductor & Semiconductor Equipment - 2.84%        
  72,100   Microchip Technology, Inc. (a)     2,685,725  
  76,800   Texas Instruments, Inc.     2,678,016  
            5,363,741  
               
      Software - 2.82%        
  81,200   CA, Inc.     2,324,756  
  86,900   Microsoft Corp.     3,000,657  
            5,325,413  
               
      Specialty Retail - 0.81%        
  40,900   Rent-A-Center, Inc.     1,535,795  
               
      Textiles, Apparel & Luxury Goods - 1.50%        
  55,100   Hanesbrands, Inc. (b)     2,833,242  
 
      Thrifts & Mortgage Finance - 3.06%        
  195,200   New York Community Bancorp, Inc. (a)     2,732,800  
  205,200   People’s United Financial, Inc. (a)     3,057,480  
            5,790,280  
               
      Tobacco - 2.68%        
  77,200   Altria Group, Inc.     2,701,228  
  27,300   Philip Morris International, Inc.     2,364,726  
            5,065,954  
      Total Common Stocks (Cost $142,056,316)     188,928,458  
               
      SHORT TERM INVESTMENTS - 0.01%        
               
      Money Market Funds - 0.01%        
  24,987   Federated Prime Obligations Fund     24,987  
      Total Short Term Investments (Cost $24,987)     24,987  
               
      INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 5.90%        
               
      Money Market Funds - 5.85%        
  11,048,819   First American Government Obligations Fund     11,048,819  
  23,460   Reserve Primary Fund (c)     906  
      Total Money Market Funds (Cost $11,069,062)     11,049,725  

 

Principal
Amount
           
      Cash - 0.05%        
$ 97,579   Cash     97,579  
      Total Cash (Cost $97,579)     97,579  
               
      Total Investments Purchased as Securities Lending Collateral (Cost $11,166,641)     11,147,304  
               
      Total Investments (Cost $153,247,944) - 105.84%     200,100,749  
      Liabilities in Excess of Other Assets - (5.84)%     (11,046,580 )
      TOTAL NET ASSETS - 100.00%   $ 189,054,169  

 

Percentages are stated as a percent of net assets.

 

ADR   American Depositary Receipt
(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   As of June 30, 2013, the Fund has fair valued this security and deemed it illiquid. The value of this security was $906, which represents 0.00% of total net assets.
     
    The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 153,247,944  
Gross unrealized appreciation     47,576,661  
Gross unrealized depreciation     (723,856 )
Net unrealized appreciation   $ 46,852,805  

 

  * Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 

GuideMark SM Small/Mid Cap Core Fund
Schedule of Investments
June 30, 2013 (Unaudited)

 

Number of
Shares
      Value  
      COMMON STOCKS - 94.04%        
               
      Aerospace & Defense - 2.39%        
  14,700   BE Aerospace, Inc. (b)   $ 927,276  
  10,720   Triumph Group, Inc.     848,488  
            1,775,764  
               
      Airlines - 1.25%        
  7,100   Copa Holdings SA     930,952  
               
      Biotechnology - 4.03%        
  15,900   Amarin Corp. - ADR (a)(b)     92,220  
  34,180   Ariad Pharmaceuticals, Inc. (b)     597,808  
  5,980   BioMarin Pharmaceutical, Inc. (b)     333,624  
  12,620   Coronado Biosciences, Inc. (b)     108,532  
  14,240   Medivation, Inc. (b)     700,608  
  8,310   Onyx Pharmaceuticals, Inc. (b)     721,474  
  3,080   Pharmacyclics, Inc. (b)     244,768  
  14,530   Repligen Corp. (b)     119,727  
  15,540   Sunesis Pharmaceuticals, Inc. (b)     80,964  
            2,999,725  
               
      Building Products - 0.74%        
  14,170   Fortune Brands Home & Security, Inc. (b)     548,946  
               
      Capital Markets - 4.39%        
  44,360   FXCM, Inc.     727,948  
  22,600   Invesco Ltd.     718,680  
  33,890   Raymond James Financial, Inc.     1,456,592  
  10,710   Walter Investment Management Corp. (b)     362,105  
            3,265,325  
               
      Chemicals - 3.08%        
  11,080   Ashland, Inc.     925,180  
  18,580   Innospec, Inc.     746,545  
  9,610   Rockwood Holdings, Inc.     615,328  
            2,287,053  
               
      Commercial Banks - 6.64%        
  10,420   BBCN Bancorp, Inc.     148,172  
  29,272   CVB Financial Corp.     344,239  
  18,010   East West Bancorp, Inc.     495,275  
  63,480   FirstMerit Corp.     1,271,504  
  21,020   Hanmi Financial Corp. (b)     371,423  
  96,570   Huntington Bancshares, Inc.     760,972  
  18,750   Investors Bancorp, Inc.     395,250  
  11,640   SCBT Financial Corp.     586,540  
  6,790   SVB Financial Group (b)     565,743  
            4,939,118  
               
      Commercial Services & Supplies - 0.31%        
  7,620   Multi-Color Corp.     231,191  
               
      Communications Equipment - 3.99%        
  23,010   ADTRAN, Inc. (a)     566,276  
  50,800   Juniper Networks, Inc. (b)     980,948  
  20,910   NetGear, Inc. (b)     638,591  
  10,140   Palo Alto Networks, Inc. (b)     427,503  
  22,770   Riverbed Technology, Inc. (b)     354,301  
            2,967,619  
               
      Computers & Peripherals - 1.26%        
  28,480   NCR Corp. (b)     939,555  
               
      Construction & Engineering - 0.84%        
  19,320   KBR, Inc.     627,900  
               
      Construction Materials - 1.37%        
  6,770   Eagle Materials, Inc.     448,648  
  5,790   Martin Marietta Materials, Inc.     569,852  
            1,018,500  
               
      Consumer Finance - 0.61%        
  32,740   DFC Global Corp. (b)     452,139  
 
      Containers & Packaging - 1.81%        
  10,630   AptarGroup, Inc.     586,882  
  7,580   Rock-Tenn Co.     757,091  
            1,343,973  
               
      Diversified Financial Services - 0.93%        
  43,350   Interactive Brokers Group, Inc.     692,299  
               
      Electric Utilities - 1.94%        
  30,590   Great Plains Energy, Inc.     689,498  
  24,510   Portland General Electric Co.     749,761  
            1,439,259  
               
      Electrical Equipment - 1.72%        
  21,320   AMETEK, Inc.     901,836  
  3,360   InvenSense, Inc. (b)     51,677  
  5,020   Regal Beloit Corp.     325,497  
            1,279,010  
               
      Energy Equipment & Services - 2.38%        
  6,120   Dril-Quip, Inc. (b)     552,575  
  22,570   Forum Energy Technologies, Inc. (b)     686,805  
  9,290   Tidewater, Inc.     529,251  
            1,768,631  
               
      Food & Staples Retailing - 1.22%        
  16,810   United Natural Foods, Inc. (b)     907,572  
               
      Food Products - 0.92%        
  20,610   Hillshire Brands Co.     681,779  
               
      Gas Utilities - 1.35%        
  24,460   Atmos Energy Corp.     1,004,327  
               
      Health Care Equipment & Supplies - 0.96%        
  6,380   Haemonetics Corp. (b)     263,813  
  5,820   Teleflex, Inc.     450,992  
            714,805  
               
      Health Care Providers & Services - 2.03%        
  10,660   Air Methods Corp.     361,161  
  41,280   Health Management Associates, Inc., Class A (b)     648,922  
  7,410   Universal Health Services, Inc.     496,173  
            1,506,256  
               
      Hotels, Restaurants & Leisure - 1.81%        
  11,890   Darden Restaurants, Inc.     600,207  
  13,030   Wyndham Worldwide Corp.     745,707  
            1,345,914  
               
      Household Durables - 3.17%        
  33,090   D.R. Horton, Inc.     704,155  
  19,115   Jarden Corp. (b)     836,282  
  24,940   Toll Brothers, Inc. (b)     813,792  
            2,354,229  
               
      Industrial Conglomerates - 0.92%        
  11,030   Carlisle Companies, Inc.     687,279  
               
      Insurance - 5.19%        
  28,500   Axis Capital Holdings Ltd.     1,304,730  
  7,700   Platinum Underwriters Holdings Ltd.     440,594  
  15,620   Reinsurance Group of America     1,079,498  
  20,920   StanCorp Financial Group, Inc.     1,033,657  
            3,858,479  
               
      Internet & Catalog Retail - 0.85%        
  10,550   Expedia, Inc.     634,582  
               
      IT Services - 3.18%        
  21,870   ExlService Holdings, Inc. (b)     646,477  
  8,950   Fleetcor Technologies, Inc. (b)     727,635  
  40,550   Total System Services, Inc.     992,664  
            2,366,776  
               
      Leisure Equipment & Products - 1.11%        
  25,800   Brunswick Corp. (a)     824,310  
               
      Life Sciences Tools & Services - 0.79%        
  36,290   Bruker Corp. (b)     586,083  
               
      Machinery - 4.82%        
  14,160   Colfax Corp. (b)     737,877  
  11,970   Flowserve Corp. (a)     646,500  
  12,230   IDEX Corp.     658,096  
 
  11,900   Nordson Corp.     824,789  
  9,960   SPX Corp.     716,921  
            3,584,183  
               
      Media - 1.06%        
  43,910   Regal Entertainment Group (a)     785,989  
               
      Multi-Utilities - 1.48%        
  14,970   Alliant Energy Corp.     754,787  
  12,930   NRG Energy, Inc.     345,231  
            1,100,018  
               
      Oil & Gas - 3.44%        
  9,340   Berry Petroleum Co. (a)     395,269  
  6,980   Concho Resources, Inc. (b)     584,366  
  20,610   Diamondback Energy, Inc. (b)     686,725  
  26,870   Rex Energy Corp. (b)     472,375  
  14,890   Western Refining, Inc.     417,962  
            2,556,697  
               
      Personal Products - 1.04%        
  12,680   Nu Skin Enterprises, Inc.     775,002  
               
      Pharmaceuticals - 2.07%        
  21,430   Cempra Holdings, Inc. (b)     167,797  
  16,230   Endo Health Solutions, Inc. (b)     597,102  
  3,710   Salix Pharmaceuticals Ltd. (b)     245,416  
  8,900   Theravance, Inc. (a)(b)     342,917  
  9,500   Warner Chilcott Plc     188,860  
            1,542,092  
               
      Road & Rail - 1.01%        
  8,890   Genesee & Wyoming, Inc. (b)     754,228  
               
      Semiconductor & Semiconductor Equipment - 2.86%        
  19,620   Cavium, Inc. (b)     693,959  
  30,460   Monolithic Power Systems, Inc.     734,391  
  22,500   NXP Semiconductors NV (b)     697,050  
            2,125,400  
               
      Software - 2.66%        
  21,030   Bottomline Technologies, Inc. (b)     531,849  
  15,840   Guidewire Software, Inc. (a)(b)     666,072  
  13,990   Sourcefire, Inc. (a)(b)     777,144  
            1,975,065  
               
      Specialty Retail - 5.38%        
  9,290   Advance Auto Parts, Inc.     754,069  
  24,370   Foot Locker, Inc.     856,118  
  12,710   PetSmart, Inc.     851,443  
  6,670   Tractor Supply Co.     784,459  
  16,790   Vitamin Shoppe, Inc. (a)(b)     752,864  
            3,998,953  
               
      Textiles, Apparel & Luxury Goods - 1.65%        
  3,450   Lululemon Athletica, Inc. (b)     226,044  
  8,000   PVH Corp.     1,000,400  
            1,226,444  
               
      Thrifts & Mortgage Finance - 1.21%        
  23,990   Nationstar Mortgage Holdings, Inc. (a)(b)     898,186  
               
      Trading Companies & Distributors - 1.10%        
  12,010   Wesco International, Inc. (b)     816,200  
               
      Wireless Telecommunication Services - 1.08%        
  9,170   SBA Communications Corp. (b)     679,680  
  5,080   T-Mobile USA, Inc. (b)     126,035  
            805,715  
      Total Common Stocks (Cost $58,083,493)     69,923,522  
               
      REAL ESTATE INVESTMENT TRUSTS - 4.26%        
               
      Real Estate Investment Trusts - 4.26%        
  19,850   American Campus Communities, Inc.     807,101  
  46,280   Douglas Emmett, Inc. (a)     1,154,686  
  13,430   Extra Space Storage, Inc.     563,120  
  37,840   Redwood Trust, Inc. (a)     643,280  
      Total Real Estate Investment Trusts (Cost $2,550,843)     3,168,187  
 
    SHORT TERM INVESTMENTS - 1.47%      
           
    Money Market Funds - 1.47%      
  1,093,498   Federated Prime Obligations Fund     1,093,498  
      Total Short Term Investments (Cost $1,093,498)     1,093,498  
               
      INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 5.73%        
               
      Money Market Funds - 5.68%        
  4,221,463   First American Government Obligations Fund     4,221,463  
  6,386   Reserve Primary Fund (c)     247  
      Total Money Market Funds (Cost $4,226,970)     4,221,710  

 

Principal
Amount
           
      Cash - 0.05%        
$ 37,282   Cash     37,282  
      Total Cash (Cost $37,282)     37,282  
               
      Total Investments Purchased as Securities Lending Collateral (Cost $4,264,252)     4,258,992  
               
      Total Investments (Cost $65,992,086) - 105.50%     78,444,199  
      Liabilities in Excess of Other Assets - (5.50)%     (4,085,326 )
      TOTAL NET ASSETS - 100.00%   $ 74,358,873  

 

Percentages are stated as a percent of net assets.

 

ADR   American Depositary Receipt
(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   As of June 30, 2013, the Fund has fair valued this security and deemed it illiquid. The value of this security was $247, which represents 0.00% of total net assets.
     
    The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 65,992,086  
Gross unrealized appreciation     13,130,372  
Gross unrealized depreciation     (678,259 )
Net unrealized appreciation   $ 12,452,113  

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 

GuideMark SM World ex-US Fund

Schedule of Investments

June 30, 2013 (Unaudited)

 

Number of
Shares
        Value  
        COMMON STOCKS - 95.11%        
                 
        Australia - 5.34%        
  17,535     Ansell Ltd.   $ 282,483  
  114,109     Australia and New Zealand Banking Group Ltd.     2,962,207  
  12,653     BHP Billiton Ltd.     364,190  
  58,712     Boral Ltd.     224,653  
  36,256     CSL Ltd.     2,036,744  
  140,721     Fortescue Metals Group Ltd.     387,384  
  40,871     Goodman Group     181,712  
  34,855     Iluka Resources Ltd.     314,118  
  113,161     Incitec Pivot Ltd.     294,633  
  199,468     Mirvac Group     292,022  
  21,790     Rio Tinto Ltd.     1,044,297  
  1     SCA Property Group     1  
  150,161     SP AusNet     161,104  
  218,369     Spark Infrastructure Group     346,289  
  42,099     Suncorp Group Ltd.     457,243  
  98,303     Tatts Group Ltd.     283,966  
  124,119     Westfield Group     1,299,982  
  85,841     Westpac Banking Corp.     2,253,754  
  43,787     Woodside Petroleum Ltd.     1,394,529  
  56,260     Woolworths Ltd.     1,685,368  
              16,266,679  
                 
        Belgium - 1.65%        
  10,800     Ageas     378,953  
  25,777     Anheuser-Busch InBev NV     2,320,773  
  28,862     KBC Groep NV     1,075,952  
  1,100     ThromboGenics NV (b)     42,254  
  10,600     UCB SA     569,013  
  15,562     Umicore SA     646,206  
              5,033,151  
                 
        Bermuda - 0.20%        
  15,200     Seadrill Ltd.     612,201  
                 
        Brazil - 1.33%        
  64,200     Banco do Brasil SA     635,570  
  61,200     Cia de Saneamento Basico do Estado de Sau Paulo     631,926  
  11,300     Cielo SA     283,139  
  25,600     Cosan SA Industria e Comercio     493,563  
  39,500     Ez Tec Empreendimentos e Participacoes SA     482,033  
  20,000     Kroton Educacional SA     276,873  
  73,800     Petroleo Brasileiro SA     491,482  
  33,100     Qualicorp SA (b)     252,031  
  65,700     Tim Participacoes SA     240,852  
  11,400     Ultrapar Participacoes SA     272,157  
              4,059,626  
 
        Canada - 7.22%        
  33,000     Alamos Gold, Inc. (b)     399,753  
  21,300     Alimentation Couche Tard, Inc. (b)     1,263,782  
  39,600     Canadian Natural Resources Ltd. (b)     1,116,421  
  11,300     Canadian Pacific Railway Ltd. (b)     1,370,247  
  38,800     Cenovus Energy, Inc. (b)     1,106,780  
  11,000     Dollarama, Inc. (b)     769,906  
  74,920     Eldorado Gold Corp. (b)     463,753  
  11,000     Franco Nevada Corp.     393,791  
  19,400     Goldcorp, Inc. (b)     481,818  
  9,600     Keyera Corp (b)     516,284  
  14,900     Magna International, Inc. (b)     1,060,582  
  74,200     Manulife Financial Corp. (b)     1,187,398  
  16,900     National Bank Of Canada (b)     1,205,834  
  10,600     Open Text Corp. (b)     724,674  
  13,900     Peyto Exploration & Development Corp. (b)     401,788  
  13,800     Research In Motion Ltd. (b)     145,387  
  38,400     Royal Bank Of Canada (b)     2,237,475  
  32,500     Sun Life Financial, Inc. (b)     962,608  
  50,900     Suncor Energy, Inc. (b)     1,500,333  
  50,900     Talisman Energy, Inc. (b)     580,774  
  25,800     Toronto-Dominion Bank (b)     2,072,194  
  11,500     Tourmaline Oil Corp. (b)     460,678  
  18,300     Valeant Pharmaceuticals International, Inc. (b)     1,577,868  
              22,000,128  
                 
        Cayman Islands - 1.40%        
  183,000     Lifestyle International Holdings Ltd.     381,955  
  225,000     Sands China Ltd.     1,051,441  
  616,000     Sino Biophamaceutical     397,937  
  44,900     Tencent Holdings Ltd.     1,753,221  
  42,000     TPK Holding Co. Ltd.     668,127  
              4,252,681  
                 
        Chile - 0.22%        
  500,900     Aguas Andinas SA     356,807  
  5,147,500     Banco Santander Chile     316,621  
              673,428  
                 
        China - 2.30%        
  1,312,000     Bank of China Ltd.     537,480  
  1,993,000     China Construction Bank Corp.     1,400,518  
  508,000     China National Building Material Co. Ltd.     451,912  
  412,000     China Oilfield Services Ltd.     801,293  
  203,400     China Pacific Insurance Group Co. Ltd.     644,835  
  1,001,000     China Petroleum & Chemical Corp.     700,464  
  365,500     China Railway Construction Corp. Ltd.     316,071  
  158,500     Great Wall Motor Co. Ltd.     678,331  
  642,000     Guangshen Railway Co. Ltd.     257,632  
  180,000     Kingsoft Corp. Ltd.     296,000  
  584,000     Petrochina Co.     633,264  
  200,000     Want Want China Holdings Ltd.     280,329  
              6,998,129  
                 
        Colombia - 0.06%        
  12,610     Bancolombia SA     173,235  
                 
        Czech Republic - 0.22%        
  3,650     Komercni Banka AS     677,569  
                 
        Denmark - 1.37%        
  96     A.P. Moller - Maersk Group     686,747  
  16,752     Novo Nordisk A/S     2,604,307  
  110,500     TDC A/S     895,555  
              4,186,609  
                 
        Finland - 0.33%        
  71,400     Nokia OYJ     266,174  
  19,300     Sampo OYJ     751,535  
              1,017,709  
 

        France - 7.18%        
  12,461     Alstom SA     408,766  
  8,500     Arkema SA     779,151  
  4,635     AtoS     344,463  
  25,503     BNP Paribas SA     1,396,156  
  32,082     Carrefour SA     881,181  
  2,625     Christian Dior SA     424,075  
  14,700     Legrand SA     681,565  
  2,900     L’Oreal SA     476,712  
  7,486     LVMH Moet Hennessy Louis Vuitton SA     1,215,379  
  4,900     Pernod-Ricard SA     543,868  
  5,150     PPR SA     1,047,954  
  6,200     Publicis Groupe SA     441,556  
  13,000     Renault SA     875,643  
  19,130     Safran SA     998,703  
  43,540     Sanofi-Aventis SA     4,501,166  
  19,645     Schneider Electric SA     1,426,744  
  7,428     Societe Generale SA     255,637  
  2,900     Sodexo     241,585  
  7,400     Technip SA     752,075  
  36,665     Total SA     1,790,826  
  15,080     Vinci SA     756,417  
  85,843     Vivendi SA     1,626,855  
              21,866,477  
                 
        Germany - 5.84%        
  6,500     Adidas AG     702,639  
  15,034     Allianz SE     2,194,371  
  7,588     BASF SE     676,797  
  26,417     Bayer AG     2,812,619  
  7,171     Beiersdorf AG     624,655  
  3,500     Brenntag AG     531,971  
  8,979     Daimler AG     542,049  
  5,300     Fresenius SE & Co. KGaA     652,324  
  19,929     GEA Group AG     705,627  
  9,832     HeidelbergCement AG     658,749  
  6,677     Henkel AG & Co. KGaA     522,940  
  32,900     Infineon Technologies AG     275,402  
  14,921     Lanxess AG     898,571  
  7,507     Linde AG     1,398,903  
  27,427     SAP AG     2,002,792  
  42,400     Sky Deutschland AG (b)     294,502  
  18,600     ThyssenKrupp AG     364,601  
  9,629     Volkswagen AG     1,944,890  
              17,804,402  
 

        Hong Kong - 3.64%        
  374,000     AIA Group Ltd.     1,575,662  
  70,500     BOC Hong Kong Holdings Ltd.     215,666  
  158,000     Cathay Pacific Airways Ltd.     274,944  
  85,500     China Mobile Ltd.     885,511  
  308,000     China Resources Land Ltd.     836,789  
  158,000     China Resources Power Holdings Co. Ltd.     377,515  
  303,000     CNOOC Ltd.     507,500  
  135,000     COSCO Pacific Ltd.     173,998  
  165,000     Galaxy Entertainment Group Ltd. (b)     801,477  
  42,000     Hengan International Group Co. Ltd.     456,334  
  70,000     Hongkong Land Holdings Ltd.     479,287  
  79,000     Hysan Development Co. Ltd.     341,054  
  964,000     Industrial & Commercial Bank of China     604,170  
  196,000     Kunlun Energy Co. Ltd.     346,000  
  102,500     KWG Property Holding Ltd.     53,273  
  416,000     Noble Group Ltd.     316,383  
  50,500     Orient Overseas International Ltd.     323,482  
  636,000     Skyworth Digital Holdings Ltd.     319,250  
  100,000     Sun Hung Kai Properties Ltd.     1,284,204  
  28,000     Swire Pacific Ltd.     337,352  
  51,000     Wheelock & Co. Ltd.     254,457  
  36,493     Wing Hang Bank Ltd.     326,404  
              11,090,712  
                 
        Indonesia - 0.64%        
  1,027,000     Bank Rakyat Indonesia Persero Tbk PT     797,362  
  80,500     PT Gudang Garam Tbk     409,275  
  394,500     Telekomunikasi Indonesia Persero Tbk PT     439,338  
  597,500     Tower Bersama Infrastructure Tbk PT (b)     312,018  
              1,957,993  
                 
        Ireland - 0.09%        
  32,560     James Hardie Industries Plc     279,591  
                 
        Italy - 0.60%        
  352,417     Enel S.p.A.     1,105,867  
  73,800     Finmeccanica S.p.A. (b)     369,217  
  66,421     Mediobanca S.p.A.     345,439  
              1,820,523  
                 
        Japan - 15.52%        
  8,000     AEON Financial Service Co. Ltd.     226,619  
  14,100     Aeon Mall Co. Ltd.     349,792  
  32,000     Ajinomoto Co., Inc.     469,416  
  72,000     Asahi Glass Co. Ltd.     466,689  
  62,000     Asahi Kasei Corp.     409,084  
  19,800     Astellas Pharma, Inc.     1,075,617  
  27,000     Bridgestone Corp.     920,706  
  12,400     Credit Saison Co.     311,576  
  12,000     Daiichi Sankyo Co. Ltd.     199,978  
  7,200     Daikin Industries Ltd.     291,023  
  5,300     Daito Trust Construction Co. Ltd.     499,365  
  8,000     Dentsu, Inc.     276,757  
  5,900     Don Quijote Co. Ltd.     286,412  
  14,800     East Japan Railway Co.     1,151,922  
  36,000     Fuji Heavy Industries Ltd.     888,992  
  9,300     Hitachi High-Technologies Corp.     224,276  
  154,000     Hitachi Ltd.     986,755  
  35,900     Honda Motor Co. Ltd.     1,333,664  
  108     Inpex Corp.     448,870  
  42,100     ITOCHU Corp.     486,840  
  3,000     Japan Airlines Co. Ltd.     154,442  
  47,700     Japan Tobacco, Inc.     1,683,693  
  17,600     JFE Holdings, Inc.     385,580  
  29,900     JS Group Corp.     728,086  
  12,000     JSR Corp.     242,804  
  31,800     JTEKT Corporation     356,442  
 

  70,500     JX Holdings, Inc.     340,403  
  99,000     Kawasaki Heavy Industries, Ltd.     303,830  
  18,400     KDDI Corp.     958,152  
  8,700     Komatsu Ltd.     200,378  
  21,000     Kubota Corp.     305,621  
  4,000     Kyocera Corp.     406,983  
  8,100     Makita Corp.     435,475  
  106,000     Mitsubishi Electric Corp.     990,475  
  35,000     Mitsubishi Gas Chemical Co., Inc.     256,606  
  239,900     Mitsubishi UFJ Financial Group, Inc.     1,481,591  
  83,100     Mitsubishi UFJ Lease & Finance Co. Ltd.     394,271  
  16,000     Mitsui Fudosan Co. Ltd.     470,401  
  32,800     MS&AD Insurance Group Holdings     830,830  
  8,900     Murata Manufacturing Co. Ltd.     676,978  
  113,000     Nippon Steel & Sumitomo Metal Corp.     304,450  
  90,800     Nissan Motor Co.     910,053  
  5,250     Nitori Holdings Co. Ltd.     422,673  
  14,000     Nitto Denko Corp.     897,899  
  31,200     Nomura Holdings, Inc.     229,656  
  9,700     Olympus Corp.     294,758  
  7,100     OMRON Corp.     211,672  
  109,600     ORIX Corp.     1,495,681  
  67,800     Rakuten, Inc.     801,734  
  23,000     Rohto Pharmaceutical Co. Ltd.     326,305  
  4,500     Santen Pharmaceutical Co. Ltd.     194,737  
  27,800     Sega Sammy Holdings, Inc.     696,616  
  29,900     Seven & I Holdings Co. Ltd.     1,095,038  
  10,100     Shin-Etsu Chemical Co. Ltd.     668,471  
  19,700     Shinko Electric Industries Co. Ltd.     231,419  
  381,000     Shinsei Bank     865,194  
  12,700     Shionogi & Co. Ltd.     264,838  
  37,500     Softbank Corp.     2,182,873  
  62,700     Sumitomo Electric Industries Ltd.     746,384  
  50,500     Sumitomo Mitsui Financial Group, Inc.     2,311,539  
  173,000     Sumitomo Mitsui Trust Holdings, Inc.     807,193  
  15,600     Sumitomo Rubber Industries Ltd.     254,656  
  15,200     Suzuki Motor Corp.     350,365  
  104,200     The Kansai Electric Power Co., Inc.     1,426,322  
  11,700     Tokio Marine Holdings, Inc.     369,193  
  3,300     Tokyo Electron Ltd.     166,846  
  36,000     Tokyo Tatemono Co.     299,558  
  62,000     Toray Industries, Inc.     400,622  
  135,000     Toshiba Corp.     647,133  
  55,700     Toyota Motor Corp.     3,359,704  
  13,000     West Japan Railway Co.     551,334  
  1,224     Yahoo Japan Corp.     602,716  
              47,295,026  
                 
        Jersey - 0.50%        
  12,550     Wolseley Plc     579,055  
  55,864     WPP Plc     954,879  
              1,533,934  
                 
        Luxembourg - 0.11%        
  3,900     RTL Group SA     320,743  
                 
        Malaysia - 0.44%        
  205,600     CIMB Group Holdings Bhd     535,965  
  267,300     DiGi.Com Bhd     402,013  
  277,400     Gamuda Bhd     415,608  
              1,353,586  
 

        Mexico - 1.07%        
  217,200     Alfa SAB de CV     522,321  
  33,800     Alsea SAB de CV     80,447  
  484,600     America Movil SAB de CV     527,331  
  211,400     Cemex SAB de CV (b)     224,167  
  70,700     Fomento Economico Mexicano SAB de CV     732,238  
  17,400     Fresnillo Plc     234,916  
  124,900     Grupo Mexico SAB de CV     361,472  
  136,400     Mexichem SAB de CV     565,603  
              3,248,495  
                 
        Netherlands - 2.26%        
  163,000     AEGON NV     1,093,571  
  10,432     ASML Holding NV     823,506  
  34,683     Koninklijke Ahold NV     515,836  
  8,900     Koninklijke DSM NV     580,218  
  44,922     Koninklijke Philips Electronics NV     1,224,617  
  19,200     Randstad Holding NV     789,276  
  47,549     Unilever NV     1,871,724  
              6,898,748  
                 
        Nigeria - 0.03%        
  13,495     Guaranty Trust Bank Plc - ADR (b)     90,869  
                 
        Norway - 0.75%        
  20,580     Aker Solutions ASA     280,958  
  80,200     DNB ASA     1,163,434  
  41,520     Telenor ASA     824,713  
              2,269,105  
                 
        Philippines - 0.39%        
  1,462,700     Alliance Global Group, Inc.     786,374  
  115,660     Security Bank Corp.     404,437  
              1,190,811  
                 
        Republic of Korea - 3.38%        
  10,523     Daelim Industrial     793,204  
  18,130     DGB Financial Group, Inc.     246,419  
  13,300     Hana Financial Group, Inc.     384,790  
  18,380     Hynix Semiconductor, Inc. (b)     498,882  
  11,008     Hyundai Motor Co.     2,159,006  
  8,900     KB Financial Group, Inc.     263,953  
  17,490     Korea Electric Power Corp. (b)     402,288  
  46,703     Korean Reinsurance Co.     427,797  
  2,676     LG Chemical Ltd.     589,302  
  920     LG Household & Health Care Ltd.     448,128  
  515     Orion Corp.     429,110  
  2,644     POSCO     689,175  
  2,264     Samsung Electronics Co. Ltd.     2,646,218  
  10,660     Samsung Heavy Industries Co. Ltd.     331,704  
              10,309,976  
                 
        Russian Federation - 1.53%        
  18,090     Eurasia Drilling Co. Ltd.     672,785  
  41,805     Gazprom OAO - ADR (b)     262,152  
  15,840     Lukoil OAO     946,440  
  2,190     Magnit OJSC     492,750  
  6,900     MegaFon OAO     216,127  
  25,860     Mobile TeleSystems OJSC - ADR (a)     489,789  
  440,370     Sberbank of Russia (b)     1,231,485  
  356,540     Surgutneftegas OAO - ADR (b)     336,930  
              4,648,458  
                 
        Singapore - 1.26%        
  230,000     Global Logistic Properties Ltd.     497,506  
  10,000     Sembcorp Industries Ltd.     39,053  
  516,000     Singapore Telecommunications Ltd.     1,528,297  
  88,581     United Overseas Bank Ltd.     1,383,291  
  73,000     UOL Group Ltd.     385,907  
              3,834,054  
 

        South Africa - 1.49%        
  16,460     AngloGold Ashanti Ltd.     235,302  
  42,700     AVI Ltd.     257,196  
  12,700     Bidvest Group Ltd.     314,654  
  20,200     Discovery Ltd.     171,737  
  16,500     MTN Group Ltd.     306,890  
  303,000     Nampak Ltd.     1,007,858  
  11,990     Naspers Ltd.     885,002  
  214,300     Netcare Ltd.     499,241  
  42,300     Standard Bank Group Ltd.     476,667  
  57,600     Woolworths Holdings Ltd.     375,446  
              4,529,993  
                 
        Spain - 0.95%        
  23,600     Amadeus IT Holding SA     755,318  
  26,140     Enagas SA     646,075  
  24,877     Grifols SA - ADR (a)     708,497  
  37,012     Repsol YPF SA     781,133  
              2,891,023  
                 
        Sweden - 2.48%        
  21,000     Assa Abloy AB     820,717  
  13,000     Atlas Copco AB     313,324  
  44,300     H & M Hennes & Mauritz AB     1,457,531  
  117,800     Nordea Bank AB     1,315,504  
  55,000     Sandvik AB     656,883  
  11,500     SKF AB - B Shares     269,412  
  37,400     Svenska Cellulosa AB     937,945  
  9,700     Svenska Handelsbanken AB     388,625  
  40,600     Swedbank AB     929,925  
  35,100     Volvo AB     468,391  
              7,558,257  
                 
        Switzerland - 5.73%        
  6,718     Cie Financiere Richemont SA     592,449  
  49,503     Credit Suisse Group AG     1,310,546  
  55,716     Nestle SA     3,656,106  
  1,579     Partners Group Holding AG     427,402  
  9,526     Roche Holding AG     2,364,328  
  3,666     Schindler Holding AG     510,081  
  8,020     Swiss Re AG     596,695  
  2,152     Swisscom AG     942,083  
  2,070     Syngenta AG     807,215  
  1,924     The Swatch Group AG     1,050,964  
  15,445     Transocean Ltd. (b)     741,623  
  183,111     UBS AG     3,108,097  
  5,187     Zurich Financial Services AG     1,344,518  
              17,452,107  
                 
        Taiwan - 1.78%        
  62,000     Casetek Holdings Ltd. (b)     318,358  
  596,000     Cathay Financial Holding Co. Ltd.     809,984  
  208,000     Chipbond Technology Corp.     506,137  
  326,000     Far EasTone Telecommunications Co. Ltd.     873,715  
  17,000     Mediatek, Inc.     195,986  
  751,000     Taiwan Semiconductor Manufacturing Co. Ltd.     2,718,692  
              5,422,872  
                 
        Thailand - 0.86%        
  68,700     Bangkok Bank PCL     457,563  
  82,400     Bangkok Dusit Medical Services PCL     416,280  
  307,500     CP ALL PCL     385,207  
  185,700     Kasikornbank PCL     1,164,146  
  37,600     PTT Exploration & Production PCL     191,245  
              2,614,441  
 

        Turkey - 0.68%        
  76,811     Aygaz AS     352,675  
  18,400     Coca-Cola Icecek AS     529,024  
  14,400     Tupras Turkiye Petroleum Rafinerileri AS     351,620  
  46,000     Turk Hava Yollari Anonim Ortakligi     178,723  
  78,900     Turkiye Halk Bankasi AS     668,519  
              2,080,561  
                 
        United Kingdom - 14.27%        
  60,100     African Minerals Ltd. (b)     173,082  
  7,800     Aggreko PLC     194,958  
  43,600     Amarin Corp. - ADR (a)(b)     252,880  
  11,200     Associated British Foods Plc     295,459  
  567,364     Barclays Plc     2,416,273  
  78,533     BG Group Plc     1,334,602  
  31,168     BHP Billiton Plc     794,721  
  185,846     BP Plc     1,289,769  
  53,490     British American Tobacco Plc     2,743,496  
  406,900     BT Group Plc     1,910,306  
  15,000     Bunzl Plc     292,563  
  22,400     Capita Plc     329,260  
  185,201     Centrica Plc     1,013,002  
  4,800     Croda International Plc     181,010  
  36,800     Experian Plc     639,579  
  100,333     GlaxoSmithKline Plc     2,507,962  
  25,157     Hikma Pharmaceuticals Plc     364,061  
  329,022     HSBC Holdings Plc     3,406,105  
  33,200     IMI Plc     625,774  
  41,868     Imperial Tobacco Group Plc     1,451,765  
  12,000     Intercontinental Hotels Group Plc     329,789  
  256,800     ITV Plc     547,515  
  15,916     Johnson Matthey Plc     635,918  
  111,500     Kingfisher Plc     581,344  
  286,669     Legal & General Group Plc     747,165  
  972,900     Lloyds Banking Group Plc (b)     934,294  
  48,700     Meggitt Plc     383,694  
  3,800     Next Plc     263,228  
  48,613     Prudential Plc     793,504  
  18,300     Reckitt Benckiser Group Plc     1,294,486  
  41,400     Rio Tinto Plc     1,683,705  
  53,900     Rolls-Royce Holdings Plc (b)     928,077  
  133,978     Royal Dutch Shell Plc, Class A     4,279,820  
  7,394     Royal Dutch Shell Plc, Class B     244,883  
  31,889     SABMiller Plc     1,528,875  
  67,588     Sage Group Plc     349,312  
  41,244     Serco Group Plc     387,864  
  55,400     SSE Plc     1,282,937  
  62,179     Standard Chartered Plc     1,349,938  
  18,440     Unilever Plc     746,496  
  415,178     Vodafone Group Plc     1,189,773  
  10,857     Whitbread Plc     505,067  
  39,008     William Hill Plc     261,584  
              43,465,895  
        Total Common Stocks (Cost $268,334,486)     289,779,797  
                 
        INVESTMENT COMPANIES - 1.40%        
                 
        India - 1.40%        
  257,800     PowerShares India Portfolio (a)     4,271,746  
        Total Investment Companies (Cost $5,495,977)     4,271,746  
 

        PREFERRED STOCKS - 1.33%        
                 
        Brazil - 1.28%        
  43,870     Banco Bradesco SA     566,229  
  30,400     Cia de Bebidas das Americas     1,134,474  
  76,890     Itau Unibanco Holding SA     993,107  
  57,700     Petroleo Brasileiro SA     419,688  
  64,300     Vale SA     779,490  
              3,892,988  
        Colombia - 0.05%        
  2,378     Bancolombia SA     134,357  
                 
        United Kingdom - 0.00%        
  6,568,800     Rolls-Royce Holdings Plc (b)     9,991  
        Total Preferred Stocks (Cost $5,644,055)     4,037,336  
                 
        REAL ESTATE INVESTMENT TRUSTS - 0.48%        
                 
        France - 0.26%        
  3,400     Unibail-Rodamco SE     791,873  
                 
        Hong Kong - 0.09%        
  184,000     CIMC Enric Holdings Ltd.     284,290  
                 
        United Kingdom - 0.13%        
  44,403     British Land Co. Plc     382,516  
        Total Real Estate Investment Trusts (Cost $1,447,064)     1,458,679  
                 
        RIGHTS - 0.00%        
                 
        France - 0.00%        
  5,150     Groupe FNAC SA     13,427  
        Total Rights (Cost $12,654)     13,427  
                 
        SHORT TERM INVESTMENTS - 0.94%        
                 
        Money Market Funds - 0.94%        
  2,875,433     Federated Prime Obligations Fund     2,875,433  
        Total Short Term Investments (Cost $2,875,433)     2,875,433  
                 
        INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 0.30%        
                 
        Money Market Funds - 0.30%        
  898,784     First American Government Obligations Fund     898,784  
  5,588     Reserve Primary Fund (c)     216  
                 
        Total Investments Purchased as Securities Lending Collateral (Cost $903,607)     899,000  
                 
      Total Investments (Cost $284,713,276) - 99.56%     303,335,418  
        Other Assets in Excess of Liabilities - 0.44%     1,353,880  
        TOTAL NET ASSETS - 100.00%   $ 304,689,298  

 

Percentages are stated as a percent of net assets.

 

ADR   American Depositary Receipt
(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
(c)   As of June 30, 2013, the Fund has fair valued this security and deemed it illiquid. The value of this security was $216, which represents 0.00% of total net assets.
     
    The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 284,713,276  
Gross unrealized appreciation     42,216,975  
Gross unrealized depreciation     (23,594,833 )
Net unrealized appreciation   $ 18,622,142  

 

  * Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 

GuideMark SM Opportunistic Equity Fund

Schedule of Investments

June 30, 2013 (Unaudited)

 

Number of
Shares
      Value  
      COMMON STOCKS - 96.51%        
               
      Aerospace & Defense - 4.34%        
  8,600   BE Aerospace, Inc. (b)   $ 542,488  
  6,570   General Dynamics Corp.     514,628  
  17,670   Hexcel Corp. (b)     601,664  
  4,130   Lockheed Martin Corp.     447,940  
  7,920   Raytheon Co.     523,670  
  36,225   United Technologies Corp.     3,366,751  
            5,997,141  
               
      Air Freight & Logistics - 1.52%        
  36,850   Hub Group, Inc. (b)     1,342,077  
  8,780   United Parcel Service, Inc.     759,294  
            2,101,371  
               
      Airlines - 1.39%        
  149,120   Southwest Airlines Co.     1,922,157  
               
      Auto Components - 0.29%        
  4,690   BorgWarner, Inc. (b)     404,043  
               
      Beverages - 2.57%        
  16,365   Dr. Pepper Snapple Group, Inc.     751,644  
  10,060   Molson Coors Brewing Co.     481,472  
  23,725   PepsiCo., Inc.     1,940,468  
  9,530   The Coca-Cola Co.     382,248  
            3,555,832  
               
      Biotechnology - 1.63%        
  14,500   Celgene Corp. (b)     1,695,195  
  11,270   Medivation, Inc. (b)     554,484  
            2,249,679  
               
      Capital Markets - 3.28%        
  8,330   Ameriprise Financial, Inc.     673,730  
  2,185   BlackRock, Inc.     561,217  
  189,925   Fortress Investment Group LLC - Class A     1,245,908  
  83,750   Morgan Stanley     2,046,013  
            4,526,868  
               
      Chemicals - 1.38%        
  6,000   Eastman Chemical Co.     420,060  
  3,645   Innophos Holdings, Inc.     171,935  
  7,800   Monsanto Co.     770,640  
  3,730   PPG Industries, Inc.     546,109  
            1,908,744  
               
      Commercial Banks - 2.58%        
  10,650   PNC Financial Services Group, Inc.     776,598  
  70,190   Popular, Inc. (b)     2,128,863  
  18,190   U.S. Bancorp (a)     657,568  
            3,563,029  
               
      Commercial Services & Supplies - 1.17%        
  9,710   ABM Industries, Inc.     237,992  
  16,450   Iron Mountain, Inc.     437,735  
  15,080   Republic Services, Inc.     511,815  
  12,725   The Geo Group, Inc.     432,014  
            1,619,556  
               
      Communications Equipment - 2.25%        
  59,785   Cisco Systems, Inc.     1,453,373  
  57,935   Juniper Networks, Inc. (b)     1,118,725  
  8,880   Qualcomm, Inc.     542,391  
            3,114,489  
 

      Computers & Peripherals - 3.99%        
  8,566   Apple, Inc.     3,392,821  
  11,125   International Business Machines Corp.     2,126,099  
            5,518,920  
               
      Containers & Packaging - 0.33%        
  11,680   Bemis, Inc. (a)     457,155  
               
      Distributors - 0.28%        
  4,950   Genuine Parts Co.     386,447  
               
      Diversified Consumer Services - 0.17%        
  9,710   Hillenbrand, Inc.     230,224  
               
      Diversified Financial Services - 2.23%        
  26,165   Citigroup, Inc.     1,255,135  
  9,305   CME Group, Inc.     706,994  
  21,145   JPMorgan Chase & Co.     1,116,244  
            3,078,373  
               
      Diversified Telecommunication Services - 0.39%        
  10,700   Verizon Communications, Inc.     538,638  
               
      Electrical Equipment - 0.39%        
  9,880   Emerson Electric Co.     538,855  
               
      Electronic Equipment & Instruments - 0.40%        
  38,510   Corning, Inc.     547,997  
               
      Energy Equipment & Services - 0.95%        
  10,100   Halliburton Co. (a)     421,372  
  8,430   National-Oilwell Varco, Inc.     580,827  
  22,340   Weatherford International Ltd. (b)     306,058  
            1,308,257  
               
      Food & Staples Retailing - 2.39%        
  7,330   Costco Wholesale Corp.     810,478  
  21,470   SYSCO Corp.     733,415  
  18,390   Walgreen Co.     812,838  
  6,480   Wal-Mart Stores, Inc.     482,695  
  9,070   Whole Foods Market, Inc.     466,924  
            3,306,350  
               
      Food Products - 5.57%        
  19,640   B&G Foods, Inc.     668,742  
  78,335   ConAgra Foods, Inc.     2,736,242  
  37,590   General Mills, Inc.     1,824,243  
  9,300   Hershey Co.     830,304  
  12,033   Kraft Foods Group, Inc.     672,284  
  26,770   Mondelez International, Inc. - Class A     763,748  
  12,230   WhiteWave Foods Co. (a)(b)     198,737  
            7,694,300  
               
      Gas Utilities - 0.61%        
  3,840   AmeriGas Partners, L.P. (a)     189,811  
  11,250   National Fuel Gas Co.     651,938  
            841,749  
               
      Health Care Equipment & Supplies - 7.02%        
  22,900   Arthrocare Corp. (b)     790,737  
  37,360   Baxter International, Inc.     2,587,927  
  5,110   Becton, Dickinson & Co.     505,021  
  293,770   Boston Scientific Corp. (b)     2,723,248  
  45,890   Medtronic, Inc.     2,361,958  
  6,170   The Cooper Companies, Inc.     734,539  
            9,703,430  
               
      Health Care Providers & Services - 1.41%        
  17,980   Owens & Minor, Inc.     608,263  
  20,380   UnitedHealth Group, Inc.     1,334,483  
            1,942,746  
 

      Hotels, Restaurants & Leisure - 1.13%        
  6,080   Bob Evans Farms, Inc.     285,638  
  11,100   Darden Restaurants, Inc.     560,328  
  11,000   Starbucks Corp.     720,390  
            1,566,356  
               
      Household Durables - 0.29%        
  12,070   Toll Brothers, Inc. (b)     393,844  
               
      Household Products - 0.90%        
  7,630   Kimberly-Clark Corp.     741,178  
  6,570   Procter & Gamble Co.     505,824  
            1,247,002  
               
      Industrial Conglomerates - 1.17%        
  14,785   3M Co.     1,616,740  
      Insurance - 5.78%        
  57,125   American International Group, Inc. (b)     2,553,488  
  19,800   Endurance Specialty Holdings Ltd.     1,018,710  
  6,820   PartnerRe Ltd.     617,619  
  33,505   Prudential Financial, Inc.     2,446,870  
  33,215   Willis Group Holdings Plc     1,354,508  
            7,991,195  
               
      Internet & Catalog Retail - 0.90%        
  1,970   Amazon.com, Inc. (b)     547,049  
  835   Priceline.com, Inc. (b)     690,654  
            1,237,703  
               
      Internet Software & Services - 1.71%        
  1,670   Google, Inc. (b)     1,470,218  
  11,780   J2 Global, Inc. (a)     500,768  
  2,230   LinkedIn Corp. (b)     397,609  
            2,368,595  
               
      IT Services - 2.29%        
  5,800   Alliance Data Systems Corp. (b)     1,049,974  
  1,600   Cognizant Technology Solutions Corp. (b)     100,176  
  10,310   Paychex, Inc.     376,521  
  36,985   The Western Union Co.     632,813  
  5,470   Visa, Inc.     999,643  
            3,159,127  
               
      Leisure Equipment & Products - 0.53%        
  16,195   Hasbro, Inc. (a)     726,022  
               
      Life Sciences Tools & Services - 0.63%        
  10,300   Thermo Fisher Scientific, Inc.     871,689  
               
      Machinery - 2.41%        
  10,600   Danaher Corp.     670,980  
  17,855   Dover Corp.     1,386,619  
  10,845   Parker Hannifin Corp.     1,034,613  
  13,900   Titan International, Inc.     234,493  
            3,326,705  
               
      Media - 1.60%        
  19,070   Gannett Co., Inc.     466,452  
  5,870   Liberty Global Plc - Class A (b)     434,850  
  10,500   The Walt Disney Co.     663,075  
  19,860   Thomson Reuters Corp.     646,840  
            2,211,217  
               
      Metals & Mining - 0.34%        
  10,820   Nucor Corp.     468,722  
               
      Multiline Retail - 1.06%        
  15,770   Kohl’s Corp.     796,543  
  9,800   Target Corp.     674,828  
            1,471,371  
 

      Multi-Utilities - 0.18%        
  9,380   Avista Corp.     253,448  
               
      Oil & Gas - 7.20%        
  26,545   Apache Corp.     2,225,267  
  18,910   BreitBurn Energy Partners L.P.     345,107  
  5,890   Chevron Corp.     697,023  
  26,770   Cimarex Energy Co.     1,739,782  
  14,400   Consol Energy, Inc.     390,240  
  5,320   Devon Energy Corp.     276,002  
  28,550   Occidental Petroleum Corp.     2,547,517  
  10,930   Tesoro Corp.     571,858  
  14,230   Valero Energy Corp.     494,777  
  12,705   Williams Partners L.P. (a)     655,578  
            9,943,151  
               
      Paper & Forest Products - 0.40%        
  12,570   International Paper Co.     556,977  
               
      Pharmaceuticals - 6.28%        
  6,370   Actavis, Inc. (b)     804,021  
  18,000   Bristol Myers Squibb Co.     804,420  
  51,140   Forest Labs, Inc. (b)     2,096,740  
  7,320   Johnson & Johnson     628,495  
  13,270   Merck & Co., Inc.     616,392  
  66,935   Pfizer, Inc.     1,874,849  
  93,000   Warner Chilcott Plc     1,848,840  
            8,673,757  
               
      Real Estate - 0.51%        
  30,100   CBRE Group, Inc. (b)     703,136  
               
      Road & Rail - 1.32%        
  5,630   J.B. Hunt Transport Services, Inc.     406,711  
  19,460   Norfolk Southern Corp.     1,413,769  
            1,820,480  
               
      Semiconductor & Semiconductor Equipment - 0.73%        
  41,560   Intel Corp.     1,006,583  
               
      Software - 3.89%        
  19,535   CA, Inc.     559,287  
  7,770   Citrix Systems, Inc. (b)     468,764  
  82,095   Microsoft Corp.     2,834,740  
  22,700   Nuance Communications, Inc. (a)(b)     417,226  
  10,930   Red Hat, Inc. (b)     522,673  
  14,970   Salesforce.com, Inc. (b)     571,555  
            5,374,245  
               
      Specialty Retail - 3.96%        
  48,105   Aarons, Inc.     1,347,421  
  10,100   Home Depot, Inc.     782,447  
  7,170   Signet Jewelers Limited     483,473  
  41,300   Staples, Inc. (a)     655,018  
  25,945   The TJX Companies, Inc.     1,298,807  
  16,100   Williams Sonoma, Inc. (a)     899,829  
            5,466,995  
               
      Textiles, Apparel & Luxury Goods - 1.64%        
  9,080   Coach, Inc.     518,377  
  9,040   VF Corp.     1,745,263  
            2,263,640  
               
      Trading Companies & Distributors - 0.45%        
  6,275   Aircastle Ltd.     100,337  
  7,700   Wesco International, Inc. (a)(b)     523,292  
            623,629  
               
      Wireless Telecommunication Services - 0.68%        
  32,600   Vodafone Group Plc - ADR     936,924  
      Total Common Stocks (Cost $110,898,760)     133,335,603  
 

      PREFERRED STOCKS - 0.29%        
               
      Diversified Telecommunicaiton Services - 0.29%        
  17,550   Telefonica Brasil SA     400,491  
      Total Preferred Stocks (Cost $447,557)     400,491  
               
      REAL ESTATE INVESTMENT TRUSTS - 1.15%        
               
      Real Estate Investment Trusts - 1.15%        
  140,530   iStar Financial, Inc. (a)(b)     1,586,584  
      Total Real Estate Investment Trusts (Cost $1,029,179)     1,586,584  
               
      SHORT TERM INVESTMENTS - 2.70%        
               
      Money Market Funds - 2.70%        
  3,730,450   Federated Prime Obligations Fund     3,730,450  
      Total Short Term Investments (Cost $3,730,450)     3,730,450  
               
      INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 2.56%        
               
      Money Market Funds - 2.56%        
  3,533,739   First American Government Obligations Fund     3,533,739  
               
      Total Investments Purchased as Securities Lending Collateral (Cost $3,533,739)     3,533,739  
               
      Total Investments (Cost $119,639,685) - 103.21%     142,586,867  
      Liabilities in Excess of Other Assets - (3.21)%     (4,430,286 )
      TOTAL NET ASSETS - 100.00%   $ 138,156,581  

 

Percentages are stated as a percent of net assets.
 
ADR   American Depositary Receipt
(a)   All or portion of this security is on loan.
(b)   Non-income producing security.
     
    The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 119,639,685  
Gross unrealized appreciation     24,130,449  
Gross unrealized depreciation     (1,183,267 )
Net unrealized appreciation   $ 22,947,182  

 

  * Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 

GuideMark SM Core Fixed Income Fund

Schedule of Investments

June 30, 2013 (Unaudited)

 

Principal Amount       Value  
      ASSET BACKED SECURITIES - 4.88%        
    161,748       Accredited Mortgage Loan Trust
Series 2005-3, 0.430%, 09/25/2035 (d)
      $   158,906    
      Ally Master Owner Trust        
  255,000   Series 2013-1, 1.000%, 02/15/2018     252,858  
  420,000   Series 2013-2, 0.641%, 04/15/2018 (d)     418,184  
  535,000   Series 2012-5, 1.540%, 09/15/2019     524,580  
      American Credit Acceptance Receivables Trust        
  533,891   Series 2012-3, 1.640%, 11/15/2016 (Acquired 11/27/2012, Cost $533,871) (b)     533,280  
  333,346   Series 2013-1A, 1.450%, 04/16/2018 (Acquired 03/20/2013, Cost $333,319) (b)     332,784  
    315,000       AmeriCredit Automobile Receivables Trust
Series 2012-5, 1.120%, 11/08/2017
          313,047    
 
 
500,000
 
 
 
Apidos CDO
Series 2013-12A, 1.373%, 04/15/2025 (b)(d)
 
 
 
 
 
501,244
 
 
 
 
214,857
 
 
 
ARI Fleet Lease Trust
Series 2012-B, 0.491%, 01/15/2021 (Acquired 10/16/2012, Cost $214,857) (b)(d)
 
 
 
 
 
214,515
 
 
 
 
500,000
 
 
 
Atrium IX
Series 9-A, 1.757%, 02/28/2024 (Acquired 01/24/2013, Cost $500,000) (b)(d)
 
 
 
 
 
500,491
 
 
 
 
500,000
 
 
 
Atrium X
Series 10-A, 1.396%, 07/16/2025 (b)
 
 
 
 
 
499,250
 
 
 
 
825,000
 
 
 
Babson CLO Ltd.
Series 2013-IA, 1.312%, 04/20/2025 (Acquired 05/03/2013, Cost $825,000) (b)(d)
 
 
 
 
 
809,180
 
 
 
 
80,933
 
 
 
CarFinance Capital LLC
Series 2013-1A, 1.650%, 07/17/2017 (Acquired 05/21/2013, Cost $80,931) (b)
 
 
 
 
 
80,695
 
 
 
 
555,000
 
 
 
Carlyle Global Market Strategies
Series 2013-3A, 1.390%, 07/15/2025 (b)(d)
 
 
 
 
 
553,835
 
 
 
 
365,000
 
 
 
CIFC Funding Ltd.
Series 2013-1A, 1.432%, 04/16/2025 (Acqired 02/22/2013, Cost $365,000) (b)(d)
 
 
 
 
 
365,361
 
 
      CNH Equipment Trust        
  130,145   Series 2010-C, 1.170%, 05/15/2015     130,227  
  740,000   Series 2011-A, 2.040%, 10/17/2016     751,765  
  1,185,000   Series 2012-A, 0.940%, 05/15/2017 (d)     1,187,642  
 
 
69,151
 
 
 
Conseco Finance Securitizations Corp.
Series 2000-4, 8.310%, 05/01/2032
 
 
 
 
 
51,991
 
 
 
 
58,659
 
 
 
Countrywide Asset-Backed Certificates
Series 2005-4, 4.456%, 10/25/2035 (d)
 
 
 
 
 
58,874
 
 
 
 
242,162
 
 
 
CPS Auto Receivables Trust
Series 2013-A, 1.310%, 06/15/2020 (Acquired 03/12/2013, Cost $242,130) (b)
 
 
 
 
 
241,293
 
 
      CPS Auto Trust        
  121,036   Series 2012-C, 1.820%, 12/16/2019 (Acquired 09/11/2012, Cost $121,032) (b)     121,642  
  191,346   Series 2012-D, 1.480%, 03/16/2020 (Acquired 12/07/2012, Cost $191,323) (b)     191,402  
  710,000   Series 2013-B, 1.820%, 09/15/2020 (Acquired 06/13/2013, Cost $709,987) (b)     708,246  
      Credit Acceptance Auto Loan Trust        
  265,000   Series 2011-1B, 3.960%, 09/15/2019 (Acquired 02/07/2013, Cost $274,320) (b)     272,302  
  356,000   Series 2012-2, 1.520%, 03/16/2020 (Acquired 09/11/2012, Cost $355,938) (b)     356,889  
 
 
425,000
 
 
 
Dryden XXVI Senior Loan Fund
Series 2013-26A, 1.368%, 07/15/2025 (Acquired 02/20/2013, Cost $425,000) (b)(d)
 
 
 
 
 
422,190
 
 
 
 
162,120
 
 
 
Education Funding Capital Trust I
Series 2004-1, 0.433%, 12/15/2022 (d)
 
 
 
 
 
161,347
 
 
 
 
215,000
 
 
 
Enterprise Fleet Financing LLC
Series 2012-1, 1.410%, 11/20/2017 (Acquired 11/02/2012, Cost $216,661) (b)
 
 
 
 
 
215,565
 
 
 
 
475,000
 
 
 
First Investors Auto Owner Trust
Series 2013-2A, 1.230%, 03/15/2019 (b)
 
 
 
 
 
473,201
 
 
 
 
650,000
 
 
 
Ford Credit Auto Lease Trust
Series 2013-A, 0.600%, 03/15/2016
 
 
 
 
 
643,068
 
 
 
 
100,000
 
 
 
GCO Education Loan Funding Trust
Series 2006-1, 0.503%, 05/25/2036 (d)
 
 
 
 
 
87,098
 
 
      HLSS Servicer Advance Receivables Backed Note        
  285,000   Series 2013-T3, 1.793%, 05/15/2017 (Acquired 05/17/2013, Cost $284,999) (b)     281,519  
  265,000   Series 2013-T1, 1.495%, 01/16/2046 (Acquired 01/16/2013, Cost $265,845) (b)     261,788  
  175,000   Series 2013-T1, 2.289%, 01/15/2048 (Acquired 01/16/2013, Cost $175,000) (b)(d)     170,848  
 
 
528,508
 
 
 
Morgan Stanley
Series 2003-N, 1.210%, 10/25/2033 (d)
 
 
 
 
 
480,331
 
 
 
 
1,440,000
 
 
 
Nissan Auto Lease Trust
Series 2012-B, 0.580%, 11/16/2015
 
 
 
 
 
1,435,157
 
 
 
 
70,326
 
 
 
Northstar Education Finance, Inc.
Series 2005-1, 0.364%, 10/28/2026 (d)
 
 
 
 
 
70,235
 
 
 
 
280,000
 
 
 
Oak Hill Credit Partners VIII Ltd.
Series 2013-8A, 1.395%, 04/20/2025 (Acquired 04/17/2013, Cost $280,000) (b)(d)
 
 
 
 
 
278,675
 
 
 
 
410,000
 
 
 
Octagon Investment Partners XVI Ltd.
Series 2013-1A, 1.392%, 07/17/2025 (Acquired 05/15/2013, Cost $409,344) (b)(d)
 
 
 
 
 
409,344
 
 
 
 
220,000
 
 
 
Prestige Auto Receivables Trust
Series 2013-1A, 1.330%, 05/15/2019 (Acquired 04/03/2013, Cost $219,948) (b)
 
 
 
 
 
217,761
 
 
 
 
695,000
 
 
 
Race Point VIII CLO Ltd.
Series 2013-8, 1.524%, 02/20/2025 (Acquired 02/06/2013, Cost $695,000) (b)(d)
 
 
 
 
 
696,487
 
 
 
 
142,468
 
 
 
Residential Asset Mortgage Products, Inc.
Series 2004-R, 0.670%, 03/25/2034 (d)
 
 
 
 
 
129,968
 
 
 
 
125,962
 
 
 
Santander Consumer Acquired Receivables Trust
Series 2011-WO, 1.740%, 01/15/2015 (Acquired 11/20/2012, Cost $126,273) (b)
 
 
 
 
 
126,058
 
 
 
 
290,000
 
 
 
Santander Drive Auto Receivables Trust
Series 2012-5, 1.560%, 08/15/2018
 
 
 
 
 
292,444
 
 
 
 
151,302
 
 
 
SNAAC Auto Receivables Trust
Series 2013-1A, 1.140%, 10/15/2015 (Acquired 04/02/2013, Cost $151,297) (b)
 
 
 
 
 
151,089
 
 
 
 
131,049
 
 
 
U.S. Education Loan Trust, LLC
Series 2006-1, 0.405%, 03/01/2025 (Acquired 08/06/2010, Cost $128,100) (b)(d)
 
 
 
 
 
129,873
 
 
 
 
1,310,000
 
 
 
Volkswagen Auto Lease Trust
Series 2012-A, 0.870%, 07/20/2015
 
 
 
 
 
1,312,586
 
 
 
 
132,863
 
 
 
Westlake Automobile Receivables Trust
Series 2012-1, 1.030%, 03/15/2016 (Acquired 09/19/2012, Cost $132,862) (b)
 
 
 
 
 
133,000
 
 
      Total Asset Backed Securities (Cost $18,789,747)     18,710,115  

 
      COLLATERALIZED MORTGAGE OBLIGATIONS - 6.28%        
      Bank of America Commercial Mortgage Trust        
  350,000   Series 2007-4, 5.743%, 02/10/2051 (d)     396,997  
  110,000   Series 2007-5, 5.620%, 02/10/2051     111,910  
 
 
490,000
 
 
 
BB-UBS Trust
Series 2012-SHOW, 3.430%, 11/07/2036 (Acquired 12/05/2012 through 12/06/2012, Cost $511,789) (b)
    462,253  
 
      Bear Stearns Commercial Mortgage Securities        
  3,250,000   Series 2006-PW13, 5.540%, 09/11/2041     3,604,923  
  883,492   Series 2004-PWR5, 4.831%, 07/11/2042     887,750  
 
 
225,000
 
 
 
Bear Stearns Trust
Series A-4, 5.405%, 12/11/2040 (d)
 
 
 
 
 
241,430
 
 
      CD Commercial Mortgage Trust        
  370,000   Series Series TR, 5.363%, 01/15/2046 (d)     400,706  
  265,000   Series 2007-CD4, 5.322%, 12/11/2049     292,850  
 
 
150,831
 
 
 
Chase Mortgage Financial Trust
Series 2007-A1, 2.839%, 02/25/2037 (d)
 
 
 
 
 
140,991
 
 
      COMM Mortgage Trust        
  485,000   Series 2013-LC6, 2.941%, 01/12/2046 (d)     454,474  
  210,000   Series 2010-C1, 4.205%, 07/10/2046 (Acquired 08/14/2012 through 08/17/2012, Cost $236,792) (b)     222,622  
 
 
330,000
 
 
 
Commercial Mortgage Pass-Through Certificate
Series 2012-CCRE3, 2.822%, 10/17/2045
 
 
 
 
 
308,473
 
 
      Countrywide Home Loans, Inc.        
  30,803   Series 2004-HYB6, 2.880%, 11/20/2034 (d)     28,647  
  163,180   Series 2005-11, 0.490%, 03/25/2035 (d)     141,857  
 
 
450,447
 
 
 
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-C1, 5.014%, 02/15/2038
 
 
 
 
 
470,228
 
 
 
 
345,000
 
 
 
DBUBS Mortgage Trust
Series 2011-LC1, 5.002%, 11/13/2046 (Acquired 02/08/2011, Cost $407,155) (b)
 
 
 
 
 
382,756
 
 
      Federal Home Loan Mortgage Corp.        
  800,000   Series K-703, 2.699%, 05/25/2018 (d)     829,964  
  600,000   Series K-705, 2.303%, 09/25/2018 (d)     609,141  
  900,000   Series K-706, 2.323%, 10/25/2018     914,494  
  600,000   Series K-709, 2.086%, 03/25/2019     594,941  
 
 
400,000
 
 
Four Times Square Trust
Series 2006-4TS, 5.401%, 12/13/2028 (Acquired 03/22/2011 through 03/24/2011, Cost $467,133) (b)
 
 
 
 
448,316  
 
      GS Mortgage Securities Corp.        
  195,000   Series 2012-SHOP, 2.933%, 06/06/2031 (Acquired 02/12/2013, Cost $202,470) (b)     195,272  
  460,000   Series 2012-ALOH, 3.551%, 04/12/2034 (Acquired 08/15/2012, Cost $482,858) (b)     456,005  
  273,335   Series 2005-GG4, 4.680%, 07/10/2039     275,426  
  685,000   Series 2012-GCJ7, 3.377%, 05/12/2045     679,891  
      GS Mortgage Securities Corp. II        
  145,000   Series 2012-BWTR, 2.954%, 11/07/2034 (Acquired 12/11/2012, Cost $148,400) (b)     135,768  
  445,000   Series 2005-GG4, 4.751%, 07/10/2039     467,971  
  320,000   Series 2013-GC10, 2.943%, 02/12/2046     299,561  
 
 
165,000
 
 
 
GS Mortgage Securities Trust
Series 2013-GC12, 3.135%, 06/10/2046
 
 
 
 
 
156,151
 
 
 
 
1,205,000
 
 
 
JPMBB Commercial Mortgage Securities
Series 2013-C12, 3.157%, 07/15/2045
 
 
 
 
 
1,200,355
 
 
      JPMorgan Commercial Mortgage Securities Corp.        
  330,000   Series 2012-WLDN, 3.905%, 05/05/2030 (Acquired 05/07/2013, Cost $346,848) (b)     332,121  
  415,000   Series 2005-LDP2, 4.738%, 07/15/2042     438,477  
  290,000   Series 2011-C5, 4.171%, 08/15/2046     304,834  
  330,000   Series 2013-C10, 3.143%, 12/15/2047     313,601  
  405,000   Series 2012-LC9, 2.840%, 12/15/2047     377,980  
 
 
130,000
 
 
 
JPMorgan Commercial Mortgage Securities Trust
Series 2012-HSBC, 3.093%, 07/08/2032 (Acquired 03/11/2013, Cost $132,166) (b)
 
 
 
 
 
124,427
 
 
      Lehman Brothers-UBS Commercial Mortgage Trust        
  207,209   Series 2005-C3, 4.664%, 07/15/2030     209,546  
  625,000   Series 2007-C1, 5.424%, 02/15/2040     697,317  
  490,000   Series 2007-C2, 5.430%, 02/15/2040     539,403  
  550,000   Series 2008-C1, 6.151%, 04/15/2041 (d)     643,698  
 
 
285,000
 
 
 
Merrill Lynch Mortgage Trust
Series 2008-C1, 5.690%, 02/12/2051
 
 
 
 
 
323,971
 
 
 
 
600,000
 
 
 
Morgan Stanley Capital I Trust
Series 2008-T29, 6.280%, 01/11/2043 (d)
 
 
 
 
 
701,744
 
 
 
 
320,000
 
 
 
OBP Depositor LLC Trust
Series 2010-OBP, 4.646%, 07/15/2045 (Acquired 06/25/2010, Cost $368,526) (b)
 
 
 
 
 
349,556
 
 
 
 
233,099
 
 
 
Springleaf Mortgage Loan Trust
Series 2013-1A, 1.270%, 06/25/2058 (Acquired 04/03/2013, Cost $233,080) (b)
 
 
 
 
 
233,690
 
 
 
 
446,672
 
 
 
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, 5.528%, 08/15/2039 (d)
 
 
 
 
 
465,138
 
 
      UBS-Barclays Commercial Mortgage Trust        
  315,000   Series 2013-C6, 3.244%, 04/10/2046     301,807  
  385,000   Series 2012-C2, 3.525%, 05/10/2063     381,270  
 
 
280,000
 
 
 
Wachovia Bank Commercial Mortgage TRust
Series 2005-C18, 4.935%, 04/15/2042
 
 
 
 
 
295,941
 
 
      Wells Fargo-RBS Commercial Mortgage Trust        
  280,000   Series 2011-C2, 4.869%, 02/15/2044 (Acquired 02/17/2011, Cost $329,643) (b)(d)     307,085  
  375,000   Series 2011-C3, 4.375%, 03/17/2044 (Acquired 05/27/2011, Cost $427,011) (b)     396,665  
  165,000   Series 2013-C11, 3.071%, 03/17/2045     155,865  
  60,000   Series 2012-C10, 2.875%, 12/15/2045     55,839  
  325,000   Series 2013-C14, 3.337%, 06/15/2046     311,899  
      Total Collateralized Mortgage Obligations (Cost $24,500,099)     24,073,997  
               
      CORPORATE OBLIGATIONS - 41.08%        
      Aerospace & Defense - 0.58%        
 
 
540,000
 
 
 
Precision Castparts Corp.
0.700%, 12/20/2015
 
 
 
 
 
537,149
 
 
 
 
1,675,000
 
 
 
United Technologies Corp.
1.800%, 06/01/2017
 
 
 
 

1,682,717
 
 
            2,219,866  
               
      Agricultural Products - 0.18%        
 
 
250,000
 
 
 
Cargill, Inc.
4.100%, 11/01/2042 (Acquired 10/24/2012, Cost $249,528) (b)
 
 
 
 
 
223,610
 
 
 
 
475,000
 
 
 
Imperial Tobacco Finance Plc
3.500%, 02/11/2023 (Acquired 11/11/2022, Cost $474,525) (b)
 
 
 
 
 
447,472
 
 
 
 
25,000
 
 
 
Lorillard Tobacco Co.
8.125%, 06/23/2019
 
 
 
 
 
30,672
 
 
            701,754  
 

      Air Freight & Logistics - 0.08%        
 
 
320,000
 
 
 
United Parcel Service, Inc.
1.125%, 10/01/2017
 
 
 
 
 
313,427
 
 
               
      Auto Components - 0.19%        
 
 
740,000
 
 
 
Johnson Controls, Inc.
1.750%, 03/01/2014
 
 
 
 
 
745,569
 
 
               
      Banks - 2.89%        
 
 
1,030,000
 
 
 
Bank of Nova Scotia
0.750%, 10/09/2015
 
 
 
 
 
1,026,121
 
 
 
 
400,000
 
 
 
BNP Paribas SA
2.375%, 09/14/2017
 
 
 
 
 
396,393
 
 
 
 
955,000
 
 
 
Canadian Imperial Bank of Commerce
2.350%, 12/11/2015
 
 
 
 
 
988,629
 
 
 
 
745,000
 
 
 
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.125%, 10/13/2015
 
 
 
 
 
762,852
 
 
 
 
760,000
 
 
 
Glitnir Bank
6.693%, 06/15/2016 (Acquired 06/14/2006, Cost $758,848) (c)(d)(e)
 
 
 
 
 
13,300
 
 
 
 
250,000
 
 
 
HSBC Holdings Plc
6.800%, 06/01/2038
 
 
 
 
 
288,462
 
 
 
 
250,000
 
 
 
Kaupthing Bank Hf
7.125%, 05/19/2016 (Acquired 05/12/2006, Cost $248,680) (c)(e)
 
 
 
 
 
6,563
 
 
 
 
325,000
 
 
 
KeyCorp
5.100%, 03/24/2021
 
 
 
 
 
362,167
 
 
      PNC Funding Corp.        
  810,000   4.250%, 09/21/2015     861,716  
  735,000   3.300%, 03/08/2022     707,845  
      Royal Bank of Canada        
  615,000   1.150%, 03/13/2015     619,994  
  1,840,000   0.625%, 12/04/2015 (a)     1,830,229  
      Royal Bank of Scotland Group Plc        
  115,000   5.000%, 11/12/2013     115,776  
  230,000   2.550%, 09/18/2015     233,980  
 
 
1,040,000
 
 
 
SunTrust Banks, Inc.
3.500%, 01/20/2017
 
 
 
 
 
1,089,235
 
 
      U.S. Bancorp        
  910,000   1.650%, 05/15/2017     908,039  
  200,000   4.125%, 05/24/2021     213,479  
 
 
300,000
 
 
 
Wachovia Bank NA
6.600%, 01/15/2038
 
 
 
 
 
367,800
 
 
 
 
300,000
 
 
 
Wells Fargo & Co.
1.500%, 01/16/2018
 
 
 
 
 
292,917
 
 
            11,085,497  
               
      Beverages - 0.64%        
 
 
950,000
 
 
 
Diageo Capital Plc
1.500%, 05/11/2017
 
 
 
 
 
942,312
 
 
 
 
90,000
 
 
 
Heineken NV
2.750%, 04/01/2023 (Acquired 10/02/2012, Cost $89,830) (b)
 
 
 
 
 
82,685
 
 
      PepsiCo., Inc.        
  855,000   2.500%, 05/10/2016     890,256  
  560,000   2.750%, 03/01/2023     530,968  
            2,446,221  
               
      Biotechnology - 0.44%        
 
 
450,000
 
 
 
Amgen, Inc.
4.950%, 10/01/2041
 
 
 
 
 
437,819
 
 
 
 
415,000
 
 
 
Genzyme Corp.
5.000%, 06/15/2020
 
 
 
 
 
465,583
 
 
 
 
780,000
 
 
 
Gilead Sciences, Inc.
2.400%, 12/01/2014
 
 
 
 
 
797,617
 
 
            1,701,019  
               
      Capital Markets - 4.69%        
 
 
2,885,000
 
 
 
Bear Stearns Companies, Inc.
7.250%, 02/01/2018
 
 
 
 
 
3,438,709
 
 
      Goldman Sachs Group, Inc.        
  300,000   5.625%, 01/15/2017     325,397  
  1,125,000   5.950%, 01/18/2018     1,259,960  
  85,000   6.150%, 04/01/2018     95,881  
  95,000   7.500%, 02/15/2019     112,952  
  50,000   5.375%, 03/15/2020     54,329  
  125,000   5.750%, 01/24/2022     138,112  
  700,000   6.750%, 10/01/2037     719,211  
      Merrill Lynch & Co., Inc.        
  2,145,000   6.400%, 08/28/2017     2,424,292  
  650,000   6.500%, 07/15/2018     730,094  
  625,000   6.110%, 01/29/2037     617,126  
      Morgan Stanley        
  745,000   1.750%, 02/25/2016     738,523  
  600,000   5.950%, 12/28/2017     666,385  
  300,000   5.625%, 09/23/2019     322,874  
  200,000   5.500%, 07/24/2020     215,693  
  295,000   4.875%, 11/01/2022     291,971  
  745,000   3.750%, 02/25/2023     713,853  
  100,000   6.375%, 07/24/2042     111,956  
      State Street Corp.        
  1,505,000   2.875%, 03/07/2016     1,572,468  
  425,000   1.350%, 05/15/2018 (a)     413,451  
 
 
1,310,000
 
 
 
The Bank of New York Mellon Corp.
2.300%, 07/28/2016
 
 
 
 
 
1,351,317
 
 
 
 
1,435,000
 
 
 
Wachovia Corp.
5.750%, 02/01/2018
 
 
 
 
 
1,654,470
 
 
            17,969,024  
               
      Chemicals - 0.37%        
 
 
670,000
 
 
 
Dow Chemical Co.
4.250%, 11/15/2020
 
 
 
 
 
707,788
 
 
 
 
740,000
 
 
 
El du Pont de Nemours & Co.
2.800%, 02/15/2023
 
 
 
 
 
706,569
 
 
            1,414,357  

 
      Commercial Banks - 0.04%        
 
 
155,000
 
 
 
Wells Fargo & Co.
3.450%, 02/13/2023
 
 
 
 
 
148,329
 
 
               
      Commercial Services & Supplies - 0.18%        
 
 
650,000
 
 
 
International Lease Finance Corp.
5.750%, 05/15/2016
 
 
 
 
 
671,212
 
 
               
      Communications - 0.16%        
 
 
595,000
 
 
 
Rogers Cable, Inc.
5.500%, 03/15/2014
 
 
 
 
 
614,465
 
 
               
      Computers & Peripherals - 0.83%        
 
 
1,640,000
 
 
 
Apple, Inc.
2.400%, 05/03/2023
 
 
 
 
 
1,524,326
 
 
      EMC Corp        
  940,000   1.875%, 06/01/2018     930,277  
  475,000   2.650%, 06/01/2020     468,979  
 
 
250,000
 
 
 
Hewlett-Packard Co.
3.000%, 09/15/2016
 
 
 
 

256,929
 
 
            3,180,511  
               
      Consumer Finance - 2.27%        
 
 
877,000
 
 
 
American Express Co.
4.050%, 12/03/2042
 
 
 
 
 
769,877
 
 
 
 
2,430,000
 
 
 
American Express Credit Corp.
1.750%, 06/12/2015
 
 
 
 
 
2,464,146
 
 
 
 
1,390,000
 
 
 
Capital One Financial Corp.
2.150%, 03/23/2015
 
 
 
 
 
1,412,498
 
 
      Caterpillar Financial Services Corp.        
  650,000   1.100%, 05/29/2015     653,838  
  960,000   1.625%, 06/01/2017 (a)     954,842  
      John Deere Capital Corp.        
  350,000   0.950%, 06/29/2015     351,953  
  890,000   1.300%, 03/12/2018     863,097  
 
 
200,000
 
 
 
Total Capital International SA
2.875%, 02/17/2022
 
 
 
 
 
192,594
 
 
 
 
1,015,000
 
 
 
Toyota Motor Credit Corp.
2.050%, 01/12/2017
 
 
 
 

1,027,533
 
 
            8,690,378  
               
      Diversified Financial Services - 3.61%        
 
 
225,000
 
 
 
American Honda Finance Corp.
1.600%, 02/16/2018 (Acquired 02/12/2013, Cost $224,872) (b)
 
 
 
 
 
221,461
 
 
      Bank of America Corp.        
  200,000   3.875%, 03/22/2017     209,648  
  700,000   7.625%, 06/01/2019     842,270  
  175,000   5.875%, 01/05/2021     197,263  
  75,000   5.000%, 05/13/2021     80,100  
  430,000   5.700%, 01/24/2022     478,138  
  145,000   3.300%, 01/11/2023     137,322  
      Citigroup, Inc.        
  450,000   5.000%, 09/15/2014     467,789  
  560,000   6.010%, 01/15/2015     598,259  
  550,000   4.450%, 01/10/2017     589,416  
  150,000   1.750%, 05/01/2018     143,604  
  1,395,000   8.500%, 05/22/2019     1,759,853  
  345,000   4.050%, 07/30/2022     332,202  
  150,000   6.875%, 03/05/2038     182,486  
      Ford Motor Credit Co. LLC        
  325,000   2.750%, 05/15/2015     329,696  
  200,000   3.984%, 06/15/2016     209,672  
      General Electric Capital Corp.        
  1,245,000   5.500%, 01/08/2020     1,405,665  
  350,000   4.375%, 09/16/2020     371,090  
  370,000   5.300%, 02/11/2021     406,520  
  485,000   4.650%, 10/17/2021     515,356  
  250,000   6.750%, 03/15/2032     300,605  
  1,065,000   5.875%, 01/14/2038     1,176,262  
 
 
450,000
 
 
 
Hutchison Whampoa International Ltd.
3.500%, 01/13/2017 (Acquired 01/10/2012, Cost $470,701) (b)
 
 
 
 
 
464,803
 
 
      JPMorgan Chase & Co.        
  125,000   6.300%, 04/23/2019     145,392  
  415,000   4.250%, 10/15/2020     432,041  
  600,000   4.500%, 01/24/2022     629,389  
  135,000   3.250%, 09/23/2022     128,421  
  155,000   3.375%, 05/01/2023     144,627  
 
 
555,000
 
 
 
National Rural Utilities Cooperative Finance Corp.
5.450%, 04/10/2017
 
 
 
 
 
628,975
 
 
 
 
300,000
 
 
 
NCUA Guaranteed Notes
Series 2011-M1, 3.000%, 06/12/2019
 
 
 
 
313,773  
 
            13,842,098  
               
      Diversified Manufacturing - 0.64%        
      Cooper U.S., Inc.        
  720,000   6.100%, 07/01/2017     824,214  
  675,000   3.875%, 12/15/2020     695,342  
      Tyco Electronics Group SA        
  440,000   1.600%, 02/03/2015     443,324  
  405,000   6.550%, 10/01/2017     469,269  
            2,432,149  
               
      Diversified Telecommunication Services - 1.45%        
      AT&T, Inc.        
  1,005,000   0.800%, 12/01/2015 (a)     1,001,005  
  695,000   5.350%, 09/01/2040     705,752  
 
 
470,000
 
 
 
France Telecom SA
4.375%, 07/08/2014
 
 
 
 
 
484,167
 
 
      Verizon Communications, Inc.        
  735,000   1.950%, 03/28/2014     742,535  
  295,000   3.500%, 11/01/2021     296,832  
  420,000   2.450%, 11/01/2022     381,594  
  150,000   6.400%, 02/15/2038     175,238  
 
 
1,355,000
 
 
 
Verizon Wireless Capital LLC
8.500%, 11/15/2018
 
 
 
 

1,761,849
 
 
            5,548,972  

 
      Electric Utilities - 0.80%        
 
 
100,000
 
 
 
American Electric Power Co., Inc.
1.650%, 12/15/2017
 
 
 
 
 
97,316
 
 
 
 
375,000
 
 
 
Nevada Power Co.
5.875%, 01/15/2015
 
 
 
 
 
402,048
 
 
 
 
70,000
 
 
 
PPL Capital Funding, Inc.
1.900%, 06/01/2018
 
 
 
 
 
68,842
 
 
 
 
875,000
 
 
 
PSI Energy, Inc.
6.050%, 06/15/2016
 
 
 
 
 
993,282
 
 
      Union Electric Co.        
  570,000   6.700%, 02/01/2019     695,975  
  350,000   3.900%, 09/15/2042     320,184  
 
 
470,000
 
 
 
Westar Energy, Inc.
6.000%, 07/01/2014
 
 
 
 

493,913
 
 
            3,071,560  
               
      Energy Equipment & Services - 0.39%        
 
 
275,000
 
 
 
Cameron International Corp.
6.375%, 07/15/2018
 
 
 
 
 
322,861
 
 
 
 
605,000
 
 
 
Halliburton Co.
3.250%, 11/15/2021
 
 
 
 
 
614,809
 
 
 
 
480,000
 
 
 
Pride International, Inc.
6.875%, 08/15/2020
 
 
 
 

570,491
 
 
            1,508,161  
               
      Engineering Construction - 0.12%        
 
 
495,000
 
 
 
ABB Finance USA, Inc.
2.875%, 05/08/2022
 
 
 
 
 
475,156
 
 
               
      Food & Staples Retailing - 0.39%        
      CVS Caremark Corp.        
  200,000   4.750%, 05/18/2020     220,243  
  300,000   6.250%, 06/01/2027     356,470  
 
 
355,000
 
 
 
Walgreen Co.
3.100%, 09/15/2022
 
 
 
 
 
337,087
 
 
 
 
450,000
 
 
 
Wal-Mart Stores, Inc.
6.500%, 08/15/2037
 
 
 
 

570,529
 
 
            1,484,329  
               
      Food Products - 0.50%        
      ConAgra Foods, Inc.        
  110,000   1.350%, 09/10/2015     110,813  
  50,000   1.900%, 01/25/2018     49,207  
  505,000   3.200%, 01/25/2023     483,899  
      Kraft Foods Group, Inc.        
  350,000   1.625%, 06/04/2015     353,899  
  75,000   2.250%, 06/05/2017     75,597  
  400,000   3.500%, 06/06/2022     396,864  
 
 
375,000
 
 
 
Mondelez International, Inc.
6.500%, 02/09/2040
 
 
 
 

448,966
 
 
            1,919,245  
               
      Health Care Equipment & Supplies - 0.92%        
      Baxter International, Inc.        
  455,000   1.850%, 01/15/2017     458,147  
  880,000   3.200%, 06/15/2023 (a)     864,996  
 
 
725,000
 
 
 
Becton, Dickinson & Co.
3.250%, 11/12/2020
 
 
 
 
 
734,320
 
 
 
 
630,000
 
 
 
Covidien International Finance SA
2.800%, 06/15/2015
 
 
 
 
 
652,374
 
 
 
 
800,000
 
 
 
St. Jude Medical, Inc.
2.500%, 01/15/2016
 
 
 
 

822,446
 
 
            3,532,283  
               
      Health Care Providers & Services - 1.33%        
 
 
745,000
 
 
 
Cardinal Health, Inc.
3.200%, 03/15/2023
 
 
 
 
 
696,675
 
 
      Express Scripts Holding Co.        
  325,000   3.125%, 05/15/2016     338,185  
  125,000   3.500%, 11/15/2016     132,798  
 
 
1,000,000
 
 
 
Humana, Inc.
3.150%, 12/01/2022
 
 
 
 
 
929,888
 
 
      UnitedHealth Group, Inc.        
  675,000   5.375%, 03/15/2016     748,126  
  360,000   3.950%, 10/15/2042     311,006  
      WellPoint, Inc.        
  125,000   1.250%, 09/10/2015     125,276  
  1,175,000   4.350%, 08/15/2020     1,253,169  
  425,000   3.125%, 05/15/2022     403,773  
  150,000   5.850%, 01/15/2036     167,072  
            5,105,968  
               
      Independent Power Producers & Energy Traders - 0.08%        
 
 
290,000
 
 
 
Exelon Generation Co., LLC
6.250%, 10/01/2039
 
 
 
 
316,490  
 
               
      Industrial Conglomerates - 0.20%        
 
 
655,000
 
 
 
Koninklijke Philips Electronics NV
5.750%, 03/11/2018
 
 
 
 

759,374
 
 
               
      Insurance - 0.88%        
      American International Group, Inc.        
  100,000   8.250%, 08/15/2018     124,282  
  30,000   4.875%, 06/01/2022     32,036  
 
 
810,000
 
 
 
CNA Financial Corp.
7.350%, 11/15/2019
 
 
 
 
 
982,039
 
 
 
 
615,000
 
 
 
Liberty Mutual Group, Inc.
5.000%, 06/01/2021 (Acquired 05/18/2011, Cost $622,094) (b)
 
 
 
 
 
649,787
 
 
 
 
500,000
 
 
 
New York Life Global Funding
3.000%, 05/04/2015 (Acquired 03/19/2012, Cost $515,681) (b)
 
 
 
 
 
521,249
 
 
 
 
375,000
 
 
 
Prudential Financial, Inc.
4.500%, 11/15/2020
 
 
 
 
 
400,326
 
 
 
 
605,000
 
 
 
Willis North America, Inc.
6.200%, 03/28/2017
 
 
 
 
674,323  
 
            3,384,042  

 
      Internet Software & Services - 0.18%        
 
 
700,000
 
 
 
eBay, Inc.
1.350%, 07/15/2017
 
 
 
 
 
688,666
 
 
               
      Life Sciences Tools & Services - 0.04%        
 
 
150,000
 
 
 
Life Technologies Corp.
6.000%, 03/01/2020
 
 
 
 
 
169,220
 
 
               
      Machinery - 0.16%        
 
 
530,000
 
 
 
Eaton Corp.
5.600%, 05/15/2018
 
 
 
 
 
603,848
 
 
               
      Media - 2.30%        
      CBS Corp.        
  525,000   3.375%, 03/01/2022     507,017  
  100,000   4.850%, 07/01/2042     92,786  
      Comcast Corp.        
  1,345,000   5.875%, 02/15/2018     1,571,926  
  250,000   6.400%, 05/15/2038     299,398  
  665,000   COX Communications, Inc.        
      2.950%, 06/30/2023 (Acquired 03/30/2023, Cost $662,074) (b)     606,177  
      DIRECTV Holdings, LLC        
  270,000   1.750%, 01/15/2018 (a)     260,946  
  825,000   5.200%, 03/15/2020     892,037  
  475,000   3.800%, 03/15/2022     457,114  
  375,000   6.350%, 03/15/2040     392,730  
  145,000   NBCUniversal Enterprise, Inc.        
      1.974%, 04/15/2019 (Acquired 03/20/2013, Cost $144,917) (b)     141,314  
  400,000   NBCUniversal Media LLC        
      5.150%, 04/30/2020     456,061  
      News America, Inc.        
  275,000   4.500%, 02/15/2021     295,078  
  250,000   6.150%, 02/15/2041     278,588  
      Time Warner, Inc.        
  1,105,000   6.750%, 07/01/2018     1,266,203  
  400,000   4.700%, 01/15/2021     428,714  
  225,000   3.400%, 06/15/2022 (a)     218,502  
  225,000   7.625%, 04/15/2031     284,377  
  110,000   4.500%, 09/15/2042     85,610  
 
 
250,000
 
 
 
Viacom, Inc.
5.625%, 09/15/2019
 
 
 
 
 
287,357
 
 
            8,821,935  
               
      Metals & Mining - 0.57%        
 
 
495,000
 
 
 
BHP Billiton Finance USA Ltd.
1.625%, 02/24/2017 (a)
 
 
 
 
 
493,037
 
 
      Freeport-McMoRan Copper & Gold, Inc.        
  80,000   2.375%, 03/15/2018 (Acquired 02/28/2013, Cost $79,992) (b)     76,170  
  75,000   3.100%, 03/15/2020 (Acquired 02/28/2013, Cost $74,971) (b)     69,426  
  335,000   3.875%, 03/15/2023 (Acquired 12/15/2022, Cost $334,964) (b)     303,804  
 
 
735,000
 
 
 
Rio Tinto Finance USA Ltd.
2.500%, 05/20/2016
 
 
 
 
 
756,252
 
 
 
 
195,000
 
 
 
Teck Resources Ltd.
6.000%, 08/15/2040
 
 
 
 
 
183,526
 
 
      Xstrata Finance Canada Ltd.        
  165,000   2.450%, 10/25/2017 (Acquired 10/18/2012, Cost $164,723) (b)     160,176  
  135,000   4.000%, 10/25/2022 (Acquired 10/18/2012, Cost $134,658) (b)     122,795  
            2,165,186  
               
      Multi-Utilities - 0.75%        
 
 
650,000
 
 
 
Dominion Resources, Inc.
1.400%, 09/15/2017
 
 
 
 
 
637,253
 
 
 
 
580,000
 
 
 
Sempra Energy
6.500%, 06/01/2016
 
 
 
 
 
665,530
 
 
 
 
1,380,000
 
 
 
Xcel Energy, Inc.
5.613%, 04/01/2017
 
 
 
 
 
1,551,653
 
 
            2,854,436  
               
      Oil & Gas - 4.77%        
 
 
150,000
 
 
 
Anadarko Petroleum Corp.
8.700%, 03/15/2019
 
 
 
 
 
193,317
 
 
 
 
375,000
 
 
 
Apache Corp.
3.625%, 02/01/2021
 
 
 
 
 
385,560
 
 
      BP Capital Markets Plc        
  350,000   3.200%, 03/11/2016     367,994  
  1,235,000   4.500%, 10/01/2020     1,341,919  
  1,120,000   2.500%, 11/06/2022     1,022,699  
 
 
945,000
 
 
 
Canadian Natural Resources Ltd.
3.450%, 11/15/2021
 
 
 
 
 
946,117
 
 
 
 
200,000
 
 
 
Chevron Corp.
2.427%, 06/24/2020
 
 
 
 
 
199,177
 
 
 
 
290,000
 
 
 
CNPC General Capital Ltd
1.950%, 04/16/2018 (Acquired 04/09/2013, Cost $290,000) (b)
 
 
 
 
 
277,921
 
 
 
 
1,190,000
 
 
 
ConocoPhillips
6.650%, 07/15/2018
 
 
 
 
 
1,427,950
 
 
      Energy Transfer Partners LP        
  943,000   8.500%, 04/15/2014     997,814  
  570,000   9.000%, 04/15/2019     726,019  
  225,000   5.200%, 02/01/2022     238,515  
      Husky Energy, Inc.        
  465,000   5.900%, 06/15/2014     486,586  
  810,000   3.950%, 04/15/2022     823,618  
 
 
475,000
 
 
 
Kinder Morgan Energy Partners LP
3.450%, 02/15/2023
 
 
 
 
 
446,921
 
 
 
 
365,000
 
 
 
LUKOIL International Finance B.V.
3.416%, 04/24/2018 (Acquired 04/17/2013, Cost $365,000) (b)
 
 
 
 
 
355,875
 
 
 
 
800,000
 
 
 
Marathon Oil Corp.
6.000%, 10/01/2017
 
 
 
 
 
917,002
 
 
      Nexen, Inc.        
  150,000   5.875%, 03/10/2035     157,215  
  150,000   7.500%, 07/30/2039     183,774  
 
 
780,000
 
 
 
ONEOK Partners LP
6.125%, 02/01/2041
 
 
 
 
 
807,834
 
 
 
 
225,000
 
 
 
Petrobras Global Finance
2.000%, 05/20/2016
 
 
 
 
 
220,891
 
 

 
      Petrobras International Finance Co.        
  305,000   3.500%, 02/06/2017     304,404  
  550,000   5.375%, 01/27/2021     555,332  
  250,000   6.875%, 01/20/2040     254,869  
 
 
375,000
 
 
 
Petroleos Mexicanos
8.000%, 05/03/2019
 
 
 
 
 
455,625
 
 
      Phillips 66        
  390,000   1.950%, 03/05/2015     396,210  
  845,000   4.300%, 04/01/2022 (a)     874,664  
 
 
1,755,000
 
 
 
Shell International Finance BV
0.625%, 12/04/2015
 
 
 
 
 
1,754,066
 
 
 
 
405,000
 
 
 
Spectra Energy Partners LP
4.600%, 06/15/2021
 
 
 
 
 
413,285
 
 
 
 
295,000
 
 
 
Valero Energy Corp.
9.375%, 03/15/2019
 
 
 
 
 
387,263
 
 
 
 
370,000
 
 
 
Williams Cos., Inc.
3.700%, 01/15/2023
 
 
 
 
 
344,438
 
 
            18,264,874  
               
      Pharmaceuticals - 2.13%        
      AbbVie, Inc.        
  705,000   1.200%, 11/06/2015 (Acquired 11/05/2012, Cost $704,528) (b)     706,181  
  280,000   1.750%, 11/06/2017 (Acquired 11/05/2012 through 11/08/2012, Cost $279,415) (b)     274,605  
  335,000   2.000%, 11/06/2018 (Acquired 11/05/2012, Cost $333,234) (b)     325,233  
  550,000   2.900%, 11/06/2022 (Acquired 11/05/2012, Cost $546,458) (b)     515,364  
 
 
2,105,000
 
 
 
GlaxoSmithKline Capital Plc
1.500%, 05/08/2017
 
 
 
 
 
2,092,667
 
 
 
 
1,210,000
 
 
 
Novartis Capital Corp.
2.900%, 04/24/2015
 
 
 
 
 
1,261,823
 
 
      Sanofi-Aventis SA        
  1,155,000   1.250%, 04/10/2018     1,120,005  
  780,000   4.000%, 03/29/2021     833,304  
 
 
920,000
 
 
 
Teva Pharmaceutical Finance
3.000%, 06/15/2015
 
 
 
 
 
956,402
 
 
 
 
85,000
 
 
 
Zoetis, Inc.
1.875%, 02/01/2018 (Acquired 01/16/2013, Cost $84,952) (b)
 
 
 
 
 
83,302
 
 
            8,168,886  
               
      Pipelines - 1.14%        
 
 
490,000
 
 
 
Duke Energy, Inc.
5.668%, 08/15/2014
 
 
 
 
 
514,671
 
 
      Enterprise Products Operating LLC        
  330,000   3.350%, 03/15/2023     318,210  
  680,000   6.125%, 10/15/2039     758,805  
 
 
760,000
 
 
 
Spectra Energy Capital LLC
5.650%, 03/01/2020
 
 
 
 
 
844,223
 
 
      TransCanada Pipelines Ltd.        
  660,000   7.625%, 01/15/2039     897,362  
  300,000   6.350%, 05/15/2067 (d)     313,119  
      Transocean, Inc.        
  155,000   2.500%, 10/15/2017 (a)     153,332  
  500,000   6.500%, 11/15/2020     563,640  
            4,363,362  
               
      Real Estate - 1.72%        
 
 
525,000
 
 
 
Boston Properties LP
3.125%, 09/01/2023
 
 
 
 
 
485,979
 
 
 
 
250,000
 
 
 
Duke Realty LP
4.375%, 06/15/2022
 
 
 
 
 
247,718
 
 
 
 
375,000
 
 
 
ERP Operating LP
3.000%, 04/15/2023
 
 
 
 
 
345,351
 
 
      HCP, Inc.        
  250,000   2.625%, 02/01/2020     234,550  
  955,000   5.375%, 02/01/2021     1,037,504  
      Health Care Property Investments, Inc.        
  125,000   6.300%, 09/15/2016     142,079  
  200,000   6.000%, 01/30/2017     224,539  
      Health Care REIT, Inc.        
  245,000   2.250%, 03/15/2018     240,815  
  530,000   4.125%, 04/01/2019     555,062  
  675,000   5.250%, 01/15/2022     726,721  
      Liberty Property LP        
  325,000   5.500%, 12/15/2016     359,080  
  25,000   4.125%, 06/15/2022     24,769  
  25,000   3.375%, 06/15/2023     23,234  
 
 
161,000
 
 
 
Realty Income Corp.
3.250%, 10/15/2022
 
 
 
 
 
147,547
 
 
 
 
1,105,000
 
 
 
Simon Property Group, Inc.
6.125%, 05/30/2018
 
 
 
 
 
1,299,659
 
 
      Ventas Realty LP        
  335,000   2.000%, 02/15/2018     324,628  
  150,000   2.700%, 04/01/2020     142,047  
            6,561,282  
               
      Road & Rail - 0.31%        
 
 
565,000
 
 
 
Burlington Northern Santa Fe LLC
7.950%, 08/15/2030
 
 
 
 
 
747,963
 
 
 
 
309,000
 
 
 
Canadian Pacific Railway Ltd.
4.500%, 01/15/2022
 
 
 
 
 
323,413
 
 
 

 
 
125,000
 
 
 
Kansas City Southern
3.000%, 05/15/2023 (Acquired 02/15/2023, Cost $124,957) (b)
 
 
 
 
 
117,588
 
 
            1,188,964  
               
      Semiconductor & Semiconductor Equipment - 0.87%        
 
 
315,000
 
 
 
Altera Corp.
1.750%, 05/15/2017
 
 
 
 
 
312,573
 
 
 
 
665,000
 
 
 
Analog Devices, Inc.
3.000%, 04/15/2016
 
 
 
 
 
695,066
 
 
 
 
780,000
 
 
 
Applied Materials, Inc.
2.650%, 06/15/2016
 
 
 
 
 
809,012
 
 
      Intel Corp.        
  665,000   1.350%, 12/15/2017     651,482  
  470,000   3.300%, 10/01/2021     472,578  
 
 
425,000
 
 
 
TSMC Global Ltd.
1.625%, 04/03/2018 (Acquired 03/27/2013, Cost $424,715) (b)
 
 
 
 
 
409,635
 
 
            3,350,346  
               
      Software - 0.24%        
 
 
925,000
 
 
 
Oracle Corp.
1.200%, 10/15/2017
 
 
 
 
 
899,312
 
 
               
      Specialty Retail - 0.25%        
 
 
310,000
 
 
 
AutoZone, Inc.
4.000%, 11/15/2020
 
 
 
 
 
317,280
 
 
      Home Depot, Inc.        
  370,000   2.700%, 04/01/2023     351,524  
  250,000   5.875%, 12/16/2036     294,956  
            963,760  
               
      Telecommunication Services - 0.05%        
 
 
210,000
 
 
 
SBA Tower Trust
3.598%, 04/15/2018 (Acquired 04/04/2013, Cost $210,000) (b)
 
 
 
 
 
208,584
 
 
               
      Thrifts & Mortgage Finance - 0.02%        
 
 
60,000
 
 
 
Santander Holdings USA, Inc.
4.625%, 04/19/2016
 
 
 
 
 
63,337
 
 
               
      Tobacco - 0.31%        
      Altria Group, Inc.        
  306,000   9.700%, 11/10/2018     407,246  
  665,000   2.850%, 08/09/2022     616,122  
 
 
155,000
 
 
 
Reynolds American, Inc.
1.050%, 10/30/2015
 
 
 
 
 
155,045
 
 
            1,178,413  
               
      Trucking - 0.12%        
      Penske Truck Leasing Co., L.P.        
  400,000   3.125%, 05/11/2015 (Acquired 05/08/2012, Cost $399,905) (b)     413,507  
  35,000   2.875%, 07/17/2018 (Acquired 01/15/2013, Cost $35,227) (b)     35,390  
            448,897  
               
      Wireless Telecommunication Services - 0.30%        
  1,165,000 Vodafone Group Plc
1.625%, 03/20/2017 (a)
  1,137,649  
      Total Corporate Obligations (Cost $157,354,650)     157,382,413  
               
      FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.11%        
 
 
196,000
 
 
 
Federal Government of Mexico
4.750%, 03/08/2044
 
 
 
 
 
175,420
 
 
 
 
250,000
 
 
 
Republic of Colombia
4.375%, 07/12/2021
 
 
 
 
 
261,000
 
 
      Total Foreign Government Debt Obligations (Cost $393,860)     436,420  
               
      MORTGAGE BACKED SECURITIES - 29.53%        
      Federal Home Loan Mortgage Corp.        
  634,615   Pool #2590NV 5.000%, 03/15/2018     676,652  
  8,377   Pool #E9-9763 4.500%, 09/01/2018     8,812  
  8,411   Pool #E9-9764 4.500%, 09/01/2018     8,848  
  152,293   Pool #D9-6291 4.500%, 09/01/2023     163,543  
  451,044   Pool #G1-3624 5.000%, 08/01/2024     483,128  
  488,705   Pool #2329ZA 6.500%, 06/15/2031     547,410  
  254,806   Pool #2338ZC 6.500%, 07/15/2031     289,657  
  429,854   Pool #78-0447 2.375%, 04/01/2033 (d)     457,337  
  350   Pool #A4-3129 5.500%, 02/01/2036     379  
  2,678,127   Pool #A8-9148 4.000%, 10/01/2039     2,786,394  
  1,274,364   Pool #C0-3815 3.500%, 03/01/2042     1,293,942  
  1,604,723   Pool #C0-3830 4.000%, 03/01/2042     1,673,808  
  964,368   Pool #U9-0688 4.000%, 05/01/2042     1,010,783  
  334,172   Pool #Q0-9530 3.500%, 07/01/2042     339,060  
  2,163,815   Pool #Q0-9949 3.000%, 08/01/2042     2,113,090  
      Federal National Mortgage Association        
  485,801   Pool #467626 3.740%, 05/01/2018     526,741  
  2,781   Pool #685505 5.000%, 05/01/2018     2,976  
  2,683   Pool #705709 5.000%, 05/01/2018     2,871  
  1,868,687   Pool #AH6301 4.000%, 05/01/2026     1,973,938  
  1,482,063   Pool #AB5907 3.000%, 08/01/2027     1,527,920  
  1,871,619   Pool #AQ5095 3.000%, 11/01/2027     1,932,699  
  1,069,381   Pool #AL2877 3.500%, 01/01/2028     1,117,521  
  292,084   Pool #544859 2.707%, 08/01/2029 (d)     305,192  
  351,603   Pool #786848 7.000%, 10/01/2031     410,696  
  13,402   Pool #727181 5.000%, 08/01/2033     14,717  
  6,745   Pool #730727 5.000%, 08/01/2033     7,440  
  1,813   Pool #741862 5.500%, 09/01/2033     2,003  
  2,572   Pool #766197 5.500%, 02/01/2034     2,840  
  433   Pool #776974 5.500%, 04/01/2034     484  
  320,015   Pool #888504 2.196%, 04/01/2034 (d)     342,076  
  14,998   Pool #775776 5.500%, 05/01/2034     16,579  
  333,402   Pool #802783 2.655%, 10/01/2034 (d)     355,110  
  18,825   Pool #781629 5.500%, 12/01/2034     20,810  
  711   Pool #806098 6.000%, 12/01/2034     783  
  258,456   Pool #735504 6.000%, 04/01/2035     288,903  
  16,320   Pool #822815 5.500%, 04/01/2035     18,028  
  14,933   Pool #820242 5.000%, 07/01/2035     16,253  

 
  16,138   Pool #357850 5.500%, 07/01/2035     17,819  
  3,306   Pool #838452 5.500%, 09/01/2035     3,669  
  17,980   Pool #865854 6.000%, 03/01/2036     19,964  
  32,234   Pool #891474 6.000%, 04/01/2036     35,827  
  30,001   Pool #906000 6.000%, 01/01/2037     32,651  
  240   Pool #928062 5.500%, 02/01/2037     263  
  267   Pool #899119 5.500%, 04/01/2037     402  
  383   Pool #938488 5.500%, 05/01/2037     417  
  582   Pool #970131 5.500%, 03/01/2038     642  
  484   Pool #981313 5.500%, 06/01/2038     530  
  699   Pool #985108 5.500%, 07/01/2038     764  
  229   Pool #964930 5.500%, 08/01/2038     251  
  285   Pool #987032 5.500%, 08/01/2038     312  
  378   Pool #968371 5.500%, 09/01/2038     414  
  175,931   Pool #AD0095 6.000%, 11/01/2038     191,219  
  276   Pool #993050 5.500%, 12/01/2038     302  
  64,065   Pool #993579 4.000%, 05/01/2039     66,754  
  15,534   Pool #AA5840 4.000%, 06/01/2039     16,186  
  189,319   Pool #AA7670 4.500%, 06/01/2039     201,647  
  125,617   Pool #AA8715 4.000%, 06/01/2039     132,097  
  15,283   Pool #AA9133 4.500%, 08/01/2039     16,649  
  32,683   Pool #AC2861 4.500%, 08/01/2039     35,592  
  70,932   Pool #AC6121 4.500%, 11/01/2039     77,213  
  13,075   Pool #AC8372 4.500%, 12/01/2039     14,232  
  566,207   Pool #AD0586 4.500%, 12/01/2039     616,510  
  524,413   Pool #AD5574 5.000%, 04/01/2040     570,843  
  2,273,540   Pool #AD5661 5.000%, 05/01/2040     2,489,042  
  2,813,658   Pool #AB1231 5.000%, 07/01/2040     3,079,725  
  110,644   Pool #AD7793 4.500%, 07/01/2040     117,263  
  34,233   Pool #AD9896 4.000%, 08/01/2040     35,691  
  1,179,692   Pool #AE0217 4.500%, 08/01/2040     1,249,956  
  40,917   Pool #AB1500 4.000%, 09/01/2040     42,660  
  31,914   Pool #AD9856 4.000%, 09/01/2040     33,274  
  41,096   Pool #AE2559 4.000%, 09/01/2040     42,846  
  13,013   Pool #AE2562 4.000%, 09/01/2040     13,567  
  16,290   Pool #AE2566 4.000%, 09/01/2040     16,984  
  88,816   Pool #AE4124 4.000%, 10/01/2040     92,600  
  53,625   Pool #AE4888 4.000%, 10/01/2040     55,910  
  57,169   Pool #AE3916 4.000%, 11/01/2040     59,605  
  9,673   Pool #AE5147 4.000%, 11/01/2040     10,085  
  118,147   Pool #AE8715 4.000%, 11/01/2040     123,181  
  1,143,662   Pool #AE0698 4.500%, 12/01/2040     1,212,078  
  208,591   Pool #AE8893 4.000%, 12/01/2040     217,477  
  12,802   Pool #AH0006 4.000%, 12/01/2040     13,347  
  34,307   Pool #AH0020 4.000%, 12/01/2040     35,768  
  65,486   Pool #AH0599 4.000%, 12/01/2040     68,276  
  26,789   Pool #AH0601 4.000%, 12/01/2040     27,930  
  108,373   Pool #AE7893 4.000%, 01/01/2041     112,990  
  45,661   Pool #AH1263 4.000%, 01/01/2041     47,606  
  254,945   Pool #AH2999 4.000%, 01/01/2041     265,806  
  431,343   Pool #AB2265 4.000%, 02/01/2041     452,845  
  13,376   Pool #AH4659 4.000%, 02/01/2041     13,958  
  2,314,801   Pool #AH5574 4.000%, 02/01/2041     2,423,681  
  203,162   Pool #AH5653 4.000%, 02/01/2041     212,852  
  85,525   Pool #AH5783 4.000%, 02/01/2041     89,257  
  375,580   Pool #AL0934 5.000%, 02/01/2041     411,914  
  429,258   Pool #AD1889 4.500%, 03/01/2041     454,937  
  25,599   Pool #AH6150 4.000%, 03/01/2041     26,714  
  86,226   Pool #AH6583 4.000%, 03/01/2041     89,980  
  750,826   Pool #AH4246 4.500%, 04/01/2041     796,338  
  3,291,826   Pool #AH8854 4.500%, 04/01/2041     3,512,298  
  258,197   Pool #AL0215 4.500%, 04/01/2041     275,431  
  3,005,594   Pool #AL0247 4.000%, 04/01/2041     3,154,254  
  1,090,110   Pool #AI1856 4.500%, 05/01/2041     1,177,899  
  291,793   Pool #AL0187 5.000%, 05/01/2041     314,519  
  2,693,258   Pool #AL0208 4.500%, 05/01/2041     2,873,470  
  43,495   Pool #AL0456 5.000%, 06/01/2041     46,883  
  626,208   Pool #AI7368 4.500%, 07/01/2041     664,166  
  2,434,663   Pool #AB3395 4.500%, 08/01/2041     2,598,793  
  694,712   Pool #AI7913 4.500%, 08/01/2041     736,823  
  214,988   Pool #AI8154 4.000%, 08/01/2041     224,348  
  177,911   Pool #AI8842 4.500%, 08/01/2041     188,696  
  38,100   Pool #AJ1080 4.500%, 09/01/2041     40,409  
  68,360   Pool #AL0815 4.000%, 09/01/2041     71,929  
  181,123   Pool #AB3691 4.000%, 10/01/2041     189,223  
  22,802   Pool #AJ1562 4.000%, 10/01/2041     23,986  
  25,656   Pool #AJ1972 4.000%, 10/01/2041     26,985  
  3,546,975   Pool #AJ2212 4.500%, 10/01/2041     3,812,327  
  46,234   Pool #AJ3146 4.500%, 10/01/2041     49,036  
  248,496   Pool #AJ4044 4.000%, 10/01/2041     261,468  
  35,573   Pool #AJ4756 4.000%, 10/01/2041     37,424  
  2,092,442   Pool #AL0933 5.000%, 10/01/2041     2,303,357  
  1,398,354   Pool #AB3876 4.000%, 11/01/2041     1,461,022  
  28,340   Pool #AJ3330 4.000%, 11/01/2041     29,814  
  31,368   Pool #AJ4549 4.000%, 11/01/2041     33,006  
  23,682   Pool #AJ4698 4.000%, 11/01/2041     24,911  
  48,718   Pool #AJ5424 4.000%, 11/01/2041     51,267  
  25,778   Pool #AJ7840 4.000%, 11/01/2041     27,122  
  29,788   Pool #AB3995 4.000%, 12/01/2041     31,337  
  246,903   Pool #AB4054 4.000%, 12/01/2041     259,780  
  30,887   Pool #AI0848 4.000%, 12/01/2041     32,499  
  28,299   Pool #AJ4187 4.000%, 12/01/2041     29,768  
  37,105   Pool #AJ5736 4.000%, 12/01/2041     39,056  
  27,776   Pool #AJ5968 4.000%, 12/01/2041     28,986  
  35,460   Pool #AJ6061 4.000%, 12/01/2041     37,305  
  24,915   Pool #AJ7868 4.000%, 12/01/2041     26,211  

 
  51,695   Pool #AJ8104 4.000%, 12/01/2041     54,407  
  31,234   Pool #AJ8109 4.000%, 12/01/2041     32,875  
  23,583   Pool #AJ8171 4.000%, 12/01/2041     24,809  
  38,371   Pool #AJ8341 4.000%, 12/01/2041     40,360  
  60,219   Pool #AJ8436 4.000%, 12/01/2041     63,372  
  24,553   Pool #AJ8912 4.000%, 12/01/2041     25,834  
  28,440   Pool #AJ9248 4.000%, 12/01/2041     29,926  
  40,415   Pool #AJ2446 4.000%, 01/01/2042     42,175  
  37,720   Pool #AJ7538 4.000%, 01/01/2042     39,700  
  16,587   Pool #AJ8001 4.000%, 01/01/2042     17,343  
  37,914   Pool #AJ8369 4.000%, 01/01/2042     39,891  
  33,234   Pool #AJ9162 4.000%, 01/01/2042     34,969  
  180,978   Pool #AJ9330 4.000%, 01/01/2042     190,451  
  22,899   Pool #AJ9779 4.000%, 01/01/2042     24,095  
  30,273   Pool #AK0170 4.000%, 01/01/2042     31,848  
  62,907   Pool #AK0543 4.000%, 01/01/2042     66,199  
  25,510   Pool #AK0563 4.000%, 01/01/2042     26,838  
  55,317   Pool #AK1827 4.000%, 01/01/2042     58,219  
  3,646,350   Pool #AB4438 3.500%, 02/01/2042     3,717,150  
  4,269,097   Pool #AK9382 4.000%, 04/01/2042     4,475,011  
  5,798,620   Pool #AJ0130 3.500%, 05/01/2042     5,896,127  
  14,999,609   Pool #AT3202 3.500%, 05/01/2042     15,262,463  
  385,135   Pool #AO4164 4.000%, 06/01/2042     397,468  
  190,122   Pool #AB5529 4.000%, 07/01/2042     196,189  
  339,991   Pool #AB6228 3.500%, 09/01/2042     346,353  
  5,082,787   Pool #AR8929 3.000%, 01/01/2043     4,974,752  
  2,800,000   Pool #AT5916 3.500%, 06/01/2043     2,848,830  
      Government National Mortgage Association        
  244,993   Pool #752842X 3.950%, 07/15/2025     256,455  
  32,391   Pool #614436X 5.000%, 08/15/2033     35,030  
  544,044   Pool #618907X 5.000%, 09/15/2033     592,675  
  67,240   Pool #605098X 5.000%, 03/15/2034     73,147  
  70,964   Pool #520279X 5.000%, 11/15/2034     77,347  
  1,224,565   Pool #644812X 6.000%, 05/15/2035     1,376,507  
  1,219,821   Pool #688021X 6.000%, 10/15/2038     1,357,989  
  101,974   Pool #736686X 5.000%, 02/15/2039     110,450  
  1,525,992   Pool #723248 5.000%, 10/15/2039     1,687,194  
  595,889   Pool #726382 5.000%, 10/15/2039     658,559  
  376,800   Pool #782916X 5.500%, 02/15/2040     410,842  
  1,256,454   Pool #752599C 4.000%, 10/20/2040     1,335,050  
  1,851,793   Pool #752631C 4.500%, 10/20/2040     2,017,973  
  2,178,443   Pool #AD8801X 3.500%, 03/15/2043     2,239,857  
      Total Mortgage Backed Securities (Cost $112,654,707)     113,111,272  
               
      MUNICIPAL DEBT OBLIGATIONS - 0.37%        
      California, GO,        
  230,000   7.500%, 04/01/2034     298,375  
  175,000   7.950%, 03/01/2036     207,849  
  425,000   7.550%, 04/01/2039     569,517  
 
 
315,000
 
 
 
Illinois, GO,
7.350%, 07/01/2035
 
 
 
 
 
347,416
 
 
      Total Municipal Debt Obligations (Cost $1,277,303)     1,423,157  
               
      U.S. GOVERNMENT AGENCY ISSUES - 1.33%        
      Federal Home Loan Mortgage Corp.        
  300,000   0.500%, 10/15/2013     300,334  
  1,300,000   1.000%, 03/08/2017     1,294,797  
  400,000   1.250%, 05/12/2017     400,936  
  1,200,000   1.000%, 06/29/2017     1,190,395  
      Federal National Mortgage Association        
  200,000   4.125%, 04/15/2014     206,199  
  1,700,000   0.625%, 10/30/2014     1,707,793  
      Total U.S. Government Agency Issues (Cost $5,095,913)     5,100,454  
               
      U.S. TREASURY OBLIGATIONS - 15.03%        
               
      U.S. Treasury Bonds - 3.58%        
  365,000   4.250%, 11/15/2014     385,132  
  1,040,000   5.375%, 02/15/2031     1,355,169  
  6,655,000   3.125%, 11/15/2041     6,240,620  
  2,125,000   2.750%, 08/15/2042     1,834,638  
  300,000   2.750%, 11/15/2042     258,726  
  1,500,000   3.125%, 02/15/2043     1,400,508  
  2,550,000   2.875%, 05/15/2043     2,257,148  
               
      U.S. Treasury Notes - 11.45%        
  10,550,000   0.250%, 07/15/2015     10,522,391  
  3,125,000   1.750%, 07/31/2015     3,213,744  
  2,060,000   2.000%, 04/30/2016     2,139,423  
  9,220,000   0.875%, 01/31/2017     9,207,037  
  4,310,000   0.875%, 04/30/2017     4,289,122  
  4,980,000   2.000%, 11/15/2021     4,894,991  
  9,800,000   2.000%, 02/15/2022     9,587,154  
      Total U.S. Treasury Obligations (Cost $58,834,250)     57,585,803  

 

Number of Shares            
      SHORT TERM INVESTMENTS - 1.05%        
               
      Money Market Funds - 1.05%        
  4,012,617   Federated Prime Obligations Fund     4,012,617  
      Total Short Term Investments (Cost $4,012,617)     4,012,617  
               
      INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 1.22%        
               
      Money Market Funds - 1.21%        
  4,627,701   First American Government Obligations Fund     4,627,701  
  4,931   Reserve Primary Fund (f)     191  
      Total Money Market Funds (Cost $4,631,956)     4,627,892  
 

Principal Amount            
      Cash - 0.01%        
$ 40,871   Cash     40,871  
      Total Cash (Cost $40,871)     40,871  
               
      Total Investments Purchased as Securities Lending Collateral (Cost $4,672,827)     4,668,763  
               
      Total Investments (Cost $387,585,973) - 100.88%     386,505,011  
      Liabilities in Excess of Other Assets - (0.88)%     (3,379,443)  
      TOTAL NET ASSETS - 100.00%   $ 383,125,568  

 

Percentages are stated as a percent of net assets.
Principal amounts are denominated in the currency in which the security was purchased.
 
(a)     All or portion of this security is on loan.
(b)     Restricted securities as defined in Rule 144(a) under the Securities Act of 1933.  Such securities are treated as liquid securities according to the Fund's liquidity guidelines.  The value of these securities total $22,110,457, which represents 5.77% of total net assets.
(c)     Restricted securities as defined in Rule 144(a) under the Securities Act of 1933.  Such securities are treated as illiquid securities according to the Fund's liquidity guidelines.  The value of thses securities total $19,863, which represents 0.01% of total net assets.
(d)     Variable Rate Security.  The rate shown is the rate in effect on June 30, 2013.
(e)     Non-income producing.  Item identified as in default as to payment of interest.
(f)     As of June 30, 2013, the Fund has fair valued this security and deemed it illiquid.  The value of this security was $191, which represents 0.00% of total net assets.
   
  The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

  Cost of investments   $ 387,585,973    
             
  Gross unrealized appreciation     6,215,776    
             
  Gross unrealized depreciation     (7,296,738 )  
             
  Net unrealized depreciation   ($ 1,080,962 )  

 

*    Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.  
 

GuideMark SM Tax-Exempt Fixed Income Fund

Schedule of Investments

June 30, 2013 (Unaudited)

 

Principal
Amount
      Value  
      MUNICIPAL DEBT OBLIGATIONS - 98.30%        
               
      Alaska - 1.11%        
$ 195,000   Northern Tobacco Securitization Corp., Series A, Refunding, Revenue Bond,
5.000%, 06/01/2046
  $ 153,510  
  500,000   Valdez Marine Terminal - BP Pipelines, Series B, Refunding, Revenue Bond, BP Plc Insured,
5.000%, 01/01/2021
    577,920  
            731,430  
               
      Arizona - 2.96%        
  250,000   Arizona State Health Facilities Authority, Series B, Refunding, Revenue Bond,
5.000%, 02/01/2043
    245,818  
  590,000   Arizona University System Board of Regents, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2028
    649,177  
  450,000   Phoenix Civic Improvement Wastewater System, Refunding, Revenue Bond,
5.000%, 07/01/2020
    500,845  
  500,000   Salt River Project, Series A, Revenue Bond,
5.000%, 01/01/2021
    557,560  
            1,953,400  
               
      Arkansas - 1.06%        
  210,000   Springdale School District, Refunding, GO,
3.000%, 06/01/2024
    195,199  
  500,000   University of Arkansas, Series A, Revenue Bond,
4.125%, 11/01/2030
    506,845  
            702,044  
               
      California - 7.98%        
  445,000   California Economic Recovery, Series A, Refunding, GO,
5.250%, 07/01/2021
    520,832  
  400,000   California Municipal Finance Authority, Mobile Home Park, Series A, Refunding, Revenue Bond,
6.400%, 08/15/2045
    428,712  
  350,000   California Statewide Communities Development Authority, Refunding, Revenue Bond,
6.125%, 07/01/2046
    358,257  
  500,000   California Statewide Community Development Authority, Series A, Revenue Bond,
5.000%, 04/01/2042
    509,180  
  1,000,000   California, GO,
6.500%, 04/01/2033
    1,196,780  
  100,000   California, Refunding, GO,
5.000%, 09/01/2022
    116,873  
      Golden State Tobacco Securitization, Series A, Refunding, Revenue Bond,        
  210,000   4.500%, 06/01/2027     197,148  
  325,000   5.750%, 06/01/2047     275,499  
  1,000,000   Los Angeles Department of Airports, Series A, Refunding, Revenue Bond,
5.250%, 05/15/2029
    1,110,520  
  500,000   San Mateo Joint Powers Financing Authority, Series A, Refunding, Revenue Bond,
5.250%, 07/15/2025
    559,055  
            5,272,856  
               
      Colorado - 2.52%        
  280,000   Colorado Health Facilities Authority, Refunding, Revenue Bond,
5.000%, 12/01/2028
    294,585  
  500,000   Colorado Regional Transportation District, Series A, Revenue Bond,
5.000%, 11/01/2027
    559,225  
 
  700,000   Regional Transportation District, Revenue Bond,
6.000%, 01/15/2026
    810,152  
            1,663,962  
               
      Connecticut - 0.84%        
  500,000   Connecticut Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2025
    552,655  
               
      Delaware - 0.53%        
  350,000   New Castle County, Revenue Bond,
5.000%, 09/01/2036
    347,130  
               
      District of Columbia - 0.61%        
  380,000   District of Columbia, Series A, Revenue Bond,
5.000%, 10/01/2029
    400,220  
               
      Florida - 2.12%        
  300,000   Brevard County Health Facilities Authority, Revenue Bond,
7.000%, 04/01/2039
    340,161  
  500,000   Florida Board of Education, Series C, Refunding, GO,
4.000%, 06/01/2025
    520,930  
  500,000   Miami-Dade County Health Facilities, Series A, Refunding, Revenue Bond,
5.250%, 08/01/2021
    535,315  
            1,396,406  
               
      Georgia - 1.91%        
  350,000   Atlanta Water & Wastewater, Revenue Bond,
6.250%, 11/01/2039
    405,909  
  430,000   Georgia, Series I, Refunding, GO,
5.000%, 07/01/2021
    519,573  
  325,000   Marietta Development Authority, Revenue Bond,
7.000%, 06/15/2039
    333,008  
            1,258,490  
               
      Hawaii - 0.86%        
  85,000   Hawaii, Series CW, Refunding, GO
5.000%, 04/01/2024
    94,283  
  415,000   Hawaii, Series DJ, GO,
5.000%, 04/01/2024
    474,864  
            569,147  
               
      Idaho - 1.87%        
  1,000,000   Boise-Kuna District, Revenue Bond,
7.375%, 06/01/2034
    1,101,780  
  140,000   Nampa Development Corp., Tax Allocation,
5.000%, 09/01/2031
    131,335  
            1,233,115  
               
      Illinois - 3.45%        
  225,000   Illinois Financial Authority, Revenue Bond,
7.000%, 08/15/2044
    250,074  
  100,000   Illinois Financing Authority, Series A, Refunding, Revenue Bond,
5.125%, 05/15/2043
    92,596  
      Railsplitter Tobacco Settlement Authority, Revenue Bond,        
  750,000   5.000%, 06/01/2018     842,407  
  500,000   6.250%, 06/01/2024     548,180  
  500,000   University of Illinois, Series C, Revenue Bond,
5.000%, 04/01/2026
    548,030  
            2,281,287  
               
      Indiana - 3.19%        
  500,000   Fishers Industry Redevelopment District, Saxony Project, Revenue Bond,
5.250%, 07/15/2034
    526,215  
  500,000   Indiana State Finance Authority, Series A, Refunding, Revenue Bond,
5.000%, 02/01/2021
    583,960  
  400,000   Sheridan Community School’s Building Corporation, Revenue Bond, FSA Insured,
5.500%, 07/15/2020
    446,788  
 
  500,000   Tri-Creek Middle School Building Corp., Revenue Bond, FSA Insured,
5.250%, 07/15/2021
    548,025  
            2,104,988  
               
      Iowa - 1.50%        
  400,000   Iowa Board of Regents, Revenue Bond,
4.000%, 09/01/2034
    362,756  
  600,000   Iowa Finance Authority Pollution Control, Revenue Bond, FGIC Insured,
5.000%, 07/01/2014
    626,502  
            989,258  
               
      Kansas - 0.46%        
  455,000   Wyandotte County/Kansas City Unified Government, Series B, Refunding, Revenue Bond,
0.000%, 06/01/2021 (b)
    303,772  
               
      Kentucky - 0.76%        
  500,000   Pikeville Hospital, Revenue Bond,
3.000%, 09/01/2013
    501,815  
               
      Louisiana - 1.44%        
  800,000   Louisiana Citizens Property, Revenue Bond,
6.750%, 06/01/2026
    951,712  
               
      Maryland - 3.59%        
  325,000   Anne Arundel County, Tax Allocation,
6.100%, 07/01/2040
    341,192  
  600,000   Maryland Department of Transportation County T Construction, Revenue Bond,
5.500%, 02/01/2017
    693,966  
  400,000   Maryland Department of Transportation, Revenue Bond,
5.000%, 02/15/2026
    458,200  
  400,000   Maryland Student Housing Economic Development, Revenue Bond,
5.750%, 06/01/2033
    415,192  
  250,000   Montgomery County Public Improvements, Series A, Refunding, GO,
3.000%, 11/01/2028
    229,012  
  250,000   Prince George’s County, Series B, Refunding, GO,
3.000%, 03/01/2026
    234,220  
            2,371,782  
               
      Massachusetts - 3.63%        
  430,000   Massachusetts Development Finance Agency, Series A, Revenue Bond,
5.450%, 04/15/2014
    436,682  
  785,000   Massachusetts Health & Educational Facilities Authority, Series A, Refunding, Revenue Bond,
5.500%, 11/15/2036
    882,827  
  500,000   Massachusetts Health & Educational Facilities Authority, Series B, Revenue Bond,
5.000%, 10/01/2038
    547,065  
  500,000   Massachusetts, Series D, Refunding, GO,
4.250%, 10/01/2027
    530,310  
            2,396,884  
               
      Minnesota - 0.96%        
  560,000   Rochester Health Care Facilities Mayo Clinic, Series C, Revenue Bond,
4.500%, 11/15/2038 (a)
    634,127  
               
      Missouri - 4.11%        
  810,000   Hannibal Industrial Development Authority, Hannibal Regional Hospital, Refunding, Revenue Bond,
5.250%, 09/01/2018
    828,581  
  135,000   Missouri Board of Public Buildings, Series A, Refunding, Revenue Bond,
3.000%, 10/01/2026
    122,976  
  500,000   Missouri Health & Educational Facilities Authority, Series A, Revenue Bond,
5.375%, 03/15/2039
    546,625  
  500,000   Missouri Highway & Transportation Commission, Series B, Revenue Bond,
5.000%, 05/01/2024
    550,750  
  250,000   Sikeston Electric, Refunding, Revenue Bond,
5.000%, 06/01/2018
    276,155  
  350,000   St. Louis Airport, Revenue Bond,
6.625%, 07/01/2034
    392,010  
            2,717,097  
 
      Nebraska - 0.85%        
  500,000   Omaha Public Power Distributors, Series B, Revenue Bond,
5.000%, 02/01/2027
    559,410  
               
      New Hampshire - 0.19%        
  120,000   New Hampshire Health & Educational Facilities Authority, Refunding, Revenue Bond,
5.000%, 07/01/2027
    125,664  
               
      New Jersey - 3.53%        
  150,000   City of Paterson, Refunding, GO,
5.000%, 01/15/2024
    166,306  
  500,000   New Jersey State Transportation Trust Fund Authority, Series A, Refunding, Revenue Bond,
5.500%, 12/15/2021
    597,215  
  500,000   New Jersey State Transportation Trust Fund Authority, Series B, Revenue Bond,
5.000%, 06/15/2042
    518,235  
  250,000   New Jersey Turnpike Authority, Series A, Refunding, Revenue Bond,
5.000%, 01/01/2033
    257,320  
  300,000   New Jersey Turnpike Authority, Series B, Refunding, Revenue Bond,
5.000%, 01/01/2022
    346,398  
  555,000   Tobacco Settlement Financing Corp., Series 1A, Refunding, Revenue Bond,
5.000%, 06/01/2041
    443,573  
            2,329,047  
               
      New York - 10.57%        
  325,000   Brooklyn Arena Local Development Corp., Revenue Bond,
6.500%, 07/15/2030
    377,585  
  500,000   Build NYC Resource Corp., Refunding, Revenue Bond,
5.000%, 08/01/2020
    569,140  
  480,000   Hudson Yards Infrastructure Corp., Series A, Revenue Bond,
5.750%, 02/15/2047
    515,741  
  1,000,000   Metropolitan Transportation Authority, Series F, Revenue Bond,
5.000%, 11/15/2014
    1,062,630  
  315,000   Metropolitan Transportation Authority, Series B, Revenue Bond,
5.000%, 11/15/2043
    321,628  
  95,000   Nassau County Local Economic Assistance Corp., Refunding, Revenue Bond,
5.000%, 07/01/2019
    103,449  
  40,000   New York City Industrial Development Agency, Series A, Refunding, Revenue Bond,
5.000%, 07/01/2022
    41,466  
  500,000   New York City Transitional Financing Authority, Series D, Refunding, Revenue Bond,
3.000%, 11/01/2027
    451,245  
  325,000   New York Dormitory Authority, Revenue Bond,
6.125%, 12/01/2029
    347,685  
  300,000   New York Dormitory Authority, Series A, Refunding, Revenue Bond,
4.000%, 07/01/2037
    294,546  
  250,000   New York Dormitory Authority, Series B, Refunding, Revenue Bond,
5.000%, 07/01/2038
    272,675  
  500,000   New York Environmental Facilities, Revenue Bond,
5.500%, 10/15/2027
    621,215  
  900,000   New York, GO,
5.375%, 04/01/2036
    980,235  
  500,000   New York, Series E, GO,
4.000%, 12/15/2027
    521,865  
  500,000   Tobacco Settlement Financing Corp., Revenue Bond,
5.250%, 06/01/2021
    501,585  
            6,982,690  
               
      North Carolina - 1.36%        
  500,000   North Carolina Capital Facilities Finance Agency, Series B, Refunding, Revenue Bond,
5.000%, 10/01/2038
    551,830  
  320,000   North Carolina Eastern Municipal Power Agency Power Systems, Series A, Revenue Bond,
5.000%, 01/01/2025
    347,754  
            899,584  
 
      North Dakota - 0.81%        
  500,000   University of North Dakota, Refunding, Revenue Bond,
5.000%, 04/01/2032
    534,655  
               
      Ohio - 2.58%        
  500,000   Buckeye Tobacco Settlement Financial Authority, Series A, Revenue Bond,
5.875%, 06/01/2047
    404,650  
  200,000   Muskingum County Hospital Facilities, Revenue Bond,
5.000%, 02/15/2044
    174,368  
  500,000   Ohio Air Quality Development Authority, Series A, Revenue Bond,
5.700%, 08/01/2020
    573,480  
  500,000   Ohio Higher Education Facilities Commission, Refunding, Revenue Bond,
5.000%, 01/01/2026
    553,150  
            1,705,648  
               
      Oregon - 0.67%        
  400,000   Clackamas County School District, GO,
5.000%, 06/15/2021 (a)
    443,104  
               
      Pennsylvania - 6.79%        
  1,000,000   Allegheny County Hospital Development Authority, Series A, Revenue Bond,
5.000%, 09/01/2014
    1,052,750  
  180,000   Allegheny County Industrial Development Authority, Refunding, Revenue Bond,
6.500%, 05/01/2017
    192,580  
  350,000   Butler County Hospital Authority, Revenue Bond,
7.125%, 07/01/2029
    419,118  
  200,000   Montgomery County Industrial Development Authority, Revenue Bond,
6.000%, 02/01/2021
    201,062  
  400,000   Pennsylvania Economic Development Financing Authority, Albert Einstein Health Care, Series A, Refunding,
Revenue Bond,
6.250%, 10/15/2023
    446,244  
  325,000   Pennsylvania Economic Development Financing Authority, Allegheny Energy Supply, Revenue Bond,
7.000%, 07/15/2039
    372,678  
      Pennsylvania Higher Educational Facilities Authority, Revenue Bond,        
  500,000   5.250%, 07/01/2019     531,925  
  400,000   5.800%, 07/01/2030     419,896  
  250,000   Pennsylvania Higher Educational Facilities Authority, Series E, Refunding, Revenue Bond,
5.000%, 05/15/2019
    288,322  
  500,000   Philadelphia Gas Works, Refunding, Revenue Bond,
5.250%, 08/01/2017
    556,680  
            4,481,255  
               
      Puerto Rico - 1.06%        
  620,000   Puerto Rico Commonwealth, Series B, Prerefunded, Refunding, GO,
5.250%, 07/01/2032
    700,687  
               
      South Carolina - 0.61%        
  450,000   South Carolina Transportation Infrastructure Bank, Series B, Refunding, Revenue Bond,
4.000%, 10/01/2030
    404,991  
               
      South Dakota - 0.78%        
  500,000   South Dakota Housing Development Authority, Series A, Revenue Bond,
4.250%, 05/01/2015
    514,955  
               
      Texas - 12.43%        
  100,000   Central Texas Regional Mobility Authority, Refunding, Revenue Bond,
5.000%, 01/01/2042
    91,506  
      Central Texas Regional Mobility Authority, Series A, Refunding, Revenue Bond,        
  430,000   6.000%, 01/01/2041     468,365  
  5,000   5.000%, 01/01/2043     4,821  
  635,000   Clifton Texas Higher Education Finance Corp., Series A, Refunding, Revenue Bond,
4.000%, 12/01/2015
    652,634  
  625,000   Dallas Recreational Facility Improvements, Series A, Refunding, GO
5.000%, 02/15/2020
    738,525  
      Dallas-Fort Worth International Airport, Series B, Revenue Bond,        
  200,000   5.000%, 11/01/2026     218,362  
  400,000   5.000%, 11/01/2031     420,052  
 
  515,000   Frisco Texas Independent School District, Series A, GO,
6.000%, 08/15/2038
    594,629  
  425,000   Harris County Industrial Development, Revenue Bond,
5.000%, 02/01/2023
    454,010  
  500,000   Houston, GO,
5.250%, 03/01/2028
    557,795  
  580,000   La Porte Independent School District, GO,
5.250%, 02/15/2024
    649,965  
  250,000   North Texas Tollway Authority, Series A, Revenue Bond,
5.000%, 09/01/2020
    290,383  
  770,000   North Texas Tollway Authority, Series E, Refunding, Revenue Bond,
5.750%, 01/01/2038 (a)
    856,648  
  155,000   San Antonio Electric & Gas, Refunding, Revenue Bond,
5.000%, 02/01/2022
    183,173  
  400,000   Texas Private Activity Surface Transportation Corp., LBJ Infrastructure, Revenue Bond,
7.500%, 06/30/2033
    483,840  
  445,000   Texas Private Activity Surface Transportation Corp., Revenue Bond,
7.500%, 12/31/2031
    533,306  
  500,000   Texas Transportation Commission, Revenue Bond,
5.000%, 04/01/2018
    566,995  
  400,000   Texas, Series A, GO,
5.000%, 04/01/2022
    447,064  
            8,212,073  
               
      Utah - 1.10%        
  500,000   Utah Associated Municipal Power Systems San Juan Project, Refunding, Revenue Bond,
5.500%, 06/01/2022
    572,280  
  200,000   Utah Charter School Finance Authority, Series A, Revenue Bond,
3.250%, 10/15/2036
    154,584  
            726,864  
               
      Virginia - 2.49%        
  1,000,000   Henry County Public Service Authority Water & Sewer, Refunding, Revenue Bond, FSA Insured,
5.500%, 11/15/2019
    1,162,750  
  400,000   Virginia College Building Authority Educational Facilities, Revenue Bond,
5.750%, 01/01/2034
    484,020  
            1,646,770  
               
      Washington - 1.62%        
  500,000   Energy Northwest Washington Electric, Series D, Revenue Bond,
5.000%, 07/01/2035
    531,630  
  500,000   King County Hospital, Refunding, GO, MBIA Insured,
5.000%, 12/01/2021
    540,790  
            1,072,420  
               
      Wisconsin - 3.40%        
  500,000   Southeast Wisconsin Professional Baseball Park Sales Tax, Series A, Revenue Bond, MBIA Insured,
5.500%, 12/15/2026
    582,270  
  150,000   Wisconsin Health & Educational Facilities Authority, Series A, Revenue Bond,
5.125%, 02/01/2038
    136,272  
  220,000   Wisconsin Public Finance Authority, Refunding, Revenue Bond,
5.000%, 07/01/2022
    227,240  
  150,000   Wisconsin Public Financing Authority, Refunding, Revenue Bond,
5.750%, 10/01/2031
    138,953  
  1,000,000   Wisconsin, Series A, Refunding, Revenue Bond,
6.000%, 05/01/2033
    1,160,420  
            2,245,155  
      Total Municipal Debt Obligations (Cost $62,226,144)     64,918,549  

 

  Number of
Shares
           
      SHORT TERM INVESTMENTS - 0.99%        
               
      Money Market Funds - 0.99%        
  655,142   Fidelity Tax Exempt Portfolio     655,142  
      Total Short Term Investments (Cost $655,142)     655,142  
 
      Total Investments (Cost $62,881,286) - 99.29%     65,573,691  
      Other Assets in Excess of Liabilities - 0.71%     470,500  
      TOTAL NET ASSETS - 100.00%   $ 66,044,191  

 

Percentages are stated as a percent of net assets.
 
(a) Variable Rate Security.  The rate shown is the rate in effect on June 30, 2013.
(b) Zero coupon bond.
   
Glossary of Terms
FGIC Financial Guaranty Insurance Corp.
FSA Financial Security Assurance, Inc.
GO General Obligation
MBIA Municipal Bond Investors Assurance Corp.
   
  The cost basis of investments for federal income tax purposes at June 30, 2013 was as follows*:

 

Cost of investments   $ 62,881,286  
Gross unrealized appreciation     3,688,098  
Gross unrealized depreciation     (995,693 )
Net unrealized appreciation   $ 2,692,405  

 

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.  For the previous  fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most  recent semi-annual or annual report.
 

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

 

Valuation Measurements

 

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

 

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

During the period, certain of the securities and other instruments held by the Funds were categorized as Level 2 or Level 3 based upon the inputs and methodologies used to determine the fair value of the security or instrument. Descriptions of the inputs and valuation methodologies used to determine the fair values of each class of investments within Level 2 and Level 3 are set forth below.

 

Level 2 Investments. The Funds’ investments that were categorized as Level 2 include: (1) certain fixed income securities, including asset-backed securities, collateralized mortgage obligations, corporate bonds, U.S. and foreign government obligations, mortgage-backed securities and municipal bonds; and (2) certain common stocks, preferred stocks and real estate investment trusts.

 

Fixed income securities are normally valued by pricing vendors that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models typically use inputs that are observable such as institutional sized trading in similar groups of securities, yield, credit quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

 

Certain common stocks, preferred stocks and Real Estate Investment Trusts that trade on foreign exchanges are subject to valuation adjustments. These valuation adjustments are applied to the foreign exchange-traded common stocks to account for the market movement between the close of the foreign market in which the security is traded and the close of the New York Stock Exchange. These securities are valued using pricing vendors that consider the correlation patterns of price movements of the foreign security to the intraday trading in the U.S. markets.

 

Level 3 Investments. The Funds’ investments that were categorized as Level 3 include: (1) fair valued securities and investments purchased as securities lending collateral.

 

Investments purchased as securities lending collateral and warrants are normally valued by pricing vendors using relevant observable inputs, as described above. In certain circumstances, the types of observable inputs that are typically used by a pricing service may be unavailable or deemed by the pricing service to be unreliable. In these instances, the pricing vendor may value the security based upon significant unobservable inputs, or the pricing vendor may not provide a value for the security. To the extent that a pricing vendor does not provide a value for a particular security, or the pricing vendor provides a value that the Valuation Committee does not believe accurately reflects the value of the security, the security will be valued by the Valuation Committee based upon the information available to the Committee at the time of valuation and in accordance with procedures adopted by the Board. These methodologies may require subjective judgments and determinations about the value of a particular security. When significant unobservable inputs are used to value a security, the security is categorized as Level 3.

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2013:

 

GuideMark SM Large Cap Growth Fund

 

    Level 1     Level 2     Level 3     Total  
Common Stocks   $ 167,593,617     $     $     $ 167,593,617  
Short Term Investments     702,832                   702,832  
Investments Purchased as Securities Lending Collateral     7,283,395             792       7,284,187  
Total Investments in Securities   $ 175,579,844     $     $ 792     $ 175,580,636  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

There was no activity in the Level 3 assets during the period ended June 30, 2013. The ending balance as of June 30, 2013 was unchanged from the ending balance as of March 31, 2013. The Level 3 investments as of June 30, 2013 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

 

GuideMark SM Large Cap Value Fund

 

    Level 1     Level 2     Level 3     Total  
Common Stocks   $ 188,928,458     $     $     $ 188,928,458  
Short Term Investments     24,987                   24,987  
Investments Purchased as Securities Lending Collateral     11,146,398             906       11,147,304  
Total Investments in Securities   $ 200,099,843     $     $ 906     $ 200,100,749  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

There was no activity in the Level 3 assets during the period ended June 30, 2013. The ending balance as of June 30, 2013 was unchanged from the ending balance as of March 31, 2013. The Level 3 investments as of June 30, 2013 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

 

GuideMark SM Small/Mid Cap Core Fund

 

    Level 1     Level 2     Level 3     Total  
Common Stocks   $ 69,923,522     $     $     $ 69,923,522  
Real Estate Investment Trusts     3,168,187                   3,168,187  
Short Term Investments     1,093,498                   1,093,498  
Investments Purchased as Securities Lending Collateral     4,258,745             247       4,258,992  
Total Investments in Securities   $ 78,443,952     $     $ 247     $ 78,444,199  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

There was no activity in the Level 3 assets during the period ended June 30, 2013. The ending balance as of June 30, 2013 was unchanged from the ending balance as of March 31, 2013. The Level 3 investments as of June 30, 2013 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

 

GuideMark SM World ex-US Fund

 

    Level 1     Level 2     Level 3     Total  
Common Stocks   $ 34,420,768     $ 255,359,029     $     $ 289,779,797  
Investment Companies     4,271,746                   4,271,746  
Preferred Stocks     4,027,345       9,991             4,037,336  
Real Estate Investment Trusts           1,458,679             1,458,679  
Rights     13,427                   13,427  
Short Term Investments     2,875,433                   2,875,433  
Investments Purchased as Securities Lending Collateral     898,784             216       899,000  
Total Investments in Securities   $ 46,507,503     $ 256,827,699     $ 216     $ 303,335,418  

 

Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period.

 

Description   Investments in Securities  
Transfers into Level 1   $ 2,329,514  
Transfers out of Level 1     (42,254 )
Net Transfers into/(out of) Level 1   $ 2,287,260  
         
Transfers into Level 2   $ 42,254  
Transfers out of Level 2     (2,329,514 )
Net Transfers into/(out of) Level 2   $ (2,287,260 )

 

Transfers were made due to valuation adjustments on foreign common stocks to account for the market movement between the close of a foreign market and the close of the New York Stock Exchange. Transfers between levels are recognized at the end of the reporting period.

 

There was no activity in the Level 3 assets during the period ended June 30, 2013. The ending balance as of June 30, 2013 was unchanged from the ending balance as of March 31, 2013. The Level 3 investments as of June 30, 2013 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

 

GuideMark SM Opportunistic Equity Fund

 

    Level 1     Level 2     Level 3     Total  
Common Stocks   $ 133,335,603     $     $     $ 133,335,603  
Preferred Stocks     400,491                   400,491  
Real Estate Investment Trusts     1,586,584                   1,586,584  
Short Term Investments     3,730,450                   3,730,450  
Investments Purchased as Securities Lending Collateral     3,533,739                   3,533,739  
Total Investments in Securities   $ 142,586,867     $     $     $ 142,586,867  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

GuideMark SM Core Fixed Income Fund

 

    Level 1     Level 2     Level 3     Total  
Fixed Income                                
Asset Backed Securities   $     $ 18,210,865     $     $ 18,210,865  
Collateralized Mortgage Obligations           24,073,997             24,073,997  
Corporate Obligations           157,382,413             157,382,413  
Foreign Government Debt Obligations           436,420             436,420  
Mortgage Backed Securities           113,610,522             113,610,522  
Municipal Debt Obligations           1,423,157             1,423,157  
U.S. Government Agency Issues           5,100,454               5,100,454  
U.S. Treasury Obligations           57,585,803             57,585,803  
Total Fixed Income           377,823,631             377,823,631  
Short Term Investments     4,012,617                   4,012,617  
Investments Purchased as Securities Lending Collateral     4,668,572             191       4,668,763  
Total Investments in Securities   $ 8,681,189     $ 377,823,631     $ 191     $ 386,505,011  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in/out of Levels 1 or 2. during the period ended June 30, 2013.

 

There was no activity in the Level 3 assets during the period ended June 30, 2013. The ending balance as of June 30, 2013 was unchanged from the ending balance as of March 31, 2013. The Level 3 investments as of June 30, 2013 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

 

GuideMark SM Tax-Exempt Fixed Income Fund

 

    Level 1     Level 2     Level 3     Total  
Municipal Debt Obligations   $     $ 64,918,549     $     $ 64,918,549  
Short Term Investments     655,142                   655,142  
Total Investments in Securities   $ 655,142     $ 64,918,549     $     $ 65,573,691  

 

For further information regarding security characteristics, see the Schedule of Investments. There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

There were no transfers in or out of Levels 1 and 2 during the period ended June 30, 2013.

 

Item 2. Controls and Procedures.

 

(a) The Registrant’s President and Treasurer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .
   
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)  GPS Funds I
   
By (Signature and Title) /s/ Carrie E. Hansen
  Carrie E. Hansen
  Principal Executive Officer/President
   
Date  8/21/13  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)* /s/ Carrie E. Hansen
  Carrie E. Hansen
  Principal Executive Officer/President
   
Date  8/21/13  
   
By (Signature and Title)*  /s/ Starr E. Frohlich
  Starr E. Frohlich
  Principal Financial Officer/Treasurer
   
Date  8/21/13  

 

* Print the name and title of each signing officer under his or her signature.

 
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