GuideStone Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number             811-10263                

                             GuideStone Funds                            

(Exact name of registrant as specified in charter)

2401 Cedar Springs Road

                             Dallas, TX 75201-1407                        

(Address of principal executive offices) (Zip code)

Cherika N. Latham, Esq.

GuideStone Financial Resources of the Southern Baptist Convention

2401 Cedar Springs Road

                                     Dallas, TX 75201-1407                                    

(Name and address of agent for service)

Registrant’s telephone number, including area code:    214-720-4640

Date of fiscal year end:  December 31

Date of reporting period:   December 31, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Annual Report

December 31, 2013

GS2

GS4

DATE TARGET FUNDS

MyDestination 2005 Fund

GMIZX

MyDestination 2015 Fund

GMTZX

MyDestination 2025 Fund

GMWZX

MyDestination 2035 Fund

GMHZX

MyDestination 2045 Fund

GMFZX

MyDestination 2055 Fund

GMGZX

ASSET ALLOCATION FUNDS

Conservative Allocation Fund

GFIZX

Balanced Allocation Fund

GGIZX

Growth Allocation Fund

GCOZX

Aggressive Allocation Fund

GGBZX

Conservative Allocation Fund I

GFIYX

Balanced Allocation Fund I

GGIYX

Growth Allocation Fund I

GCOYX

Aggressive Allocation Fund I

GGBYX

SELECT FUNDS

Money Market Fund

GMYXX

GMZXX

Low-Duration Bond Fund

GLDYX

GLDZX

Medium-Duration Bond Fund

GMDYX

GMDZX

Extended-Duration Bond Fund

GEDYX

GEDZX

Inflation Protected Bond Fund

GIPZX

Global Bond Fund

GGBFX

Flexible Income Fund

GFLZX

Defensive Market Strategies Fund

GDMYX

GDMZX

Real Assets Fund

GRAZX

Equity Index Fund

GEQYX

GEQZX

Real Estate Securities Fund

GREZX

Value Equity Fund

GVEYX

GVEZX

Growth Equity Fund

GGEYX

GGEZX

Small Cap Equity Fund

GSCYX

GSCZX

International Equity Fund

GIEYX

GIEZX

Emerging Markets Equity Fund

GEMYX

GEMZX

Global Natural Resources Equity Fund

GNRZX

GuideStone® Funds

Well Done…good and faithful servant. MATTHEW 25:21

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

This notice will provide you with information concerning our policies with respect to nonpublic personal information that we collect about you in connection with the following financial products and services provided and/or serviced by the entities listed below: individual retirement accounts (“IRAs”) and/or personal mutual fund accounts.

The confidentiality of your information is important to us as we recognize that you depend on us to keep your information confidential, as described in this notice.

We collect nonpublic personal information about you with regard to your IRA and/or personal mutual fund accounts from the following sources:

• Information we receive from you on applications or other forms;

• Information about your transactions with us, our affiliates or others (including our third-party service providers);

• Information we receive from others such as service providers, broker-dealers and your personal agents or representatives; and

• Information you and others provide to us in correspondence sent to us, whether written, electronic or by telephone.

We may disclose such nonpublic personal financial information about you to one or more of our affiliates as permitted by law. An affiliate of an organization means any entity that controls, is controlled by or is under common control with that organization. GuideStone Funds, GuideStone Financial Resources of the Southern Baptist Convention (“GuideStone Financial Resources”), GuideStone Capital Management (“GSCM”), GuideStone Trust Services (“GSTS”), GuideStone Financial Services (“GFS”) and GuideStone Advisors (“GA”) are affiliates of one another. GuideStone Funds, GuideStone Financial Resources, GSCM, GSTS, GFS, GA and Foreside Funds Distributors LLC do not sell your personal information to nonaffiliated third parties.

We may also disclose any of the personal information that we collect about you to nonaffiliated third parties as permitted by law. For example, we may provide your information to nonaffiliated companies that provide account services or that perform marketing services on our behalf and to other financial institutions with whom we have joint marketing agreements. We restrict access to nonpublic personal information about you to those of our employees who need to know that information in order for us to provide products and services to you. We also maintain physical, electronic and procedural safeguards to guard your personal information.

These procedures will continue to remain in effect after you cease to receive financial products and services from us.

If you have any questions concerning our customer information policy, please contact a customer relations specialist at 1-888-98-GUIDE (1-888-984-8433).

TABLE OF CONTENTS

Letter from the President	2
From the Chief Investment Officer	4
About Your Expenses	10
Abbreviations, Footnotes and Index Definitions	13
Target Date Funds	17
MyDestination 2005 Fund	18
MyDestination 2015 Fund	21
MyDestination 2025 Fund	24
MyDestination 2035 Fund	27
MyDestination 2045 Fund	30
MyDestination 2055 Fund	33
Financial Statements	36
Asset Allocation Funds	44
Conservative Allocation Fund	45
Balanced Allocation Fund	48
Growth Allocation Fund	51
Aggressive Allocation Fund	54
Financial Statements	57
Conservative Allocation Fund I	63
Balanced Allocation Fund I	66
Growth Allocation Fund I	69
Aggressive Allocation Fund I	72
Financial Statements	76
Fixed Income Select Funds	81
Money Market Fund	83
Low-Duration Bond Fund	89
Medium-Duration Bond Fund	108
Extended-Duration Bond Fund	132
Global Bond Fund	139
Financial Statements	154
Equity Select Funds	164
Defensive Market Strategies Fund	165
Equity Index Fund	180
Value Equity Fund	188
Growth Equity Fund	194
Small Cap Equity Fund	199
International Equity Fund	216
Emerging Markets Equity Fund	228
Financial Statements	234
Real Return Select Funds	245
Inflation Protected Bond Fund	246
Flexible Income Fund	250
Real Assets Fund	255
Real Estate Securities Fund	257
Global Natural Resources Equity Fund	262
Financial Statements	266
Notes to Financial Statements	273
Report of Independent Registered Public Accounting Firm	339
Notice to Shareholders	340
Fund Management	342
Board Review of Advisory Agreements	345

This report has been prepared for shareholders of GuideStone Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. Past performance is no guarantee of future results. Share prices will fluctuate and there may be a gain or loss when shares are redeemed. Fund shares are distributed by Foreside Funds Distributors LLC, 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312.

1

LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2013 GuideStone Funds Annual Report. This report reflects our unwavering commitment to integrity in financial reporting; we believe this helps you stay fully informed of your investments. We hope that you will find this information valuable when making investment decisions.

For the second year in a row, GuideStone was recognized by the Lipper Fund Awards. This time, Lipper awarded GuideStone’s MyDestination 2025 Fund the Best Fund Over Three Years in the Mixed-Asset Target 2025 category, ranking No. 1 out of 92 similar funds.

We have worked diligently to enhance the products and services delivered to our shareholders. Several examples of our ongoing commitment are noted below:

• Emerging Markets Equity Fund launched. This Fund offers GuideStone participants an investment that seeks long-term capital appreciation and invests mainly in a diversified portfolio of equity securities of international companies located within emerging markets, for example Brazil, Russia, India and China. Because this new fund focuses on companies in emerging markets, the International Equity Fund has shifted its strategy to investing primarily in companies located in developed markets.

• eDelivery of Shareholder reports. Shareholders will be able to choose whether to receive shareholder disclosure reports electronically or through U.S. Mail. Visit www.GuideStoneFunds.org/Disclosures to view frequently asked questions about GuideStone Funds eDelivery.

We invite you to learn more about the new products and services offered by GuideStone Funds. Please visit our website at www.GuideStoneFunds.org or contact us at 1-888-98-GUIDE (1-888-984-8433). Thank you for entrusting GuideStone Funds with your investment assets, and we look forward to continuing to serve you.

Sincerely,

John R. Jones,

CFA President

2

Lipper, a Thomson Reuters company, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper is the world’s leading fund research and analysis organization, covering over 231,000 share classes and over 122,000 funds in 61 registered for sale (RFS) universes. It provides the free Lipper Leader ratings for mutual funds registered for sale in over 30 countries. Additional information is available at www.lipperweb.com.

About the 2013 Mixed-Asset Target 2025 Funds Award (3 year): Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or ten years. The GuideStone MyDestination 2025 Fund-GS4 won for the three-year period ended November 30, 2012. 92 funds were eligible for this award.

The MyDestination Funds^® (“Funds”) attempt to achieve their objectives by investing in the GuideStone Select Funds and other investments. The Funds are managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Funds is the approximate date when an investor plans to start withdrawing money. By investing in the Funds, you will also incur the expenses and risks of the underlying Select Funds and other investments. The principal risks of the Funds will change depending on the asset mix of the Select Funds in which they invest. You may directly invest in the Select Funds and other investments, except the Flexible Income Fund and Global Natural Resources Equity Fund. The Funds’ value will go up and down in response to changes in the share prices of the investments that they own. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss, nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Funds.

The Emerging Markets Equity Fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Medium and small companies have limited product lines, markets and financial resources, and their stocks historically have been more volatile and less liquid than large company stocks. To the extent that the investment advisor misjudges current market conditions, the fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the fund’s portfolio to have disproportionately large effects or cause the NAV of the fund generally to decline faster than it would otherwise. This fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversity their portfolio with emerging market stocks.

3

FROM THE CHIEF INVESTMENT OFFICER

  Rodric E. Cummins, CFA Stock markets finished the year just as they started, posting double digit gains in the fourth quarter, resulting in another banner year in 2013. Despite the many headlines and worries by investors during the year, the story line for the 2013 investment markets turned out to be quite simple. Slow and steady global economic growth, engineered by the central banks’ low interest rate policies, continued to produce an ideal backdrop for risk-based investments. This resulted in another year of powerful gains in equity markets worldwide. While bonds and real assets did not fare well in 2013 — and in fact, generally produced negative returns — investors with well-balanced and well-diversified portfolios produced another exceptional year.   Equity investments, and more specifically U.S. stocks, were the easy winners among the three asset classes of stocks, bonds and real assets.

  In the U.S., the S&P 500^® Index returned 10.51% in the fourth quarter, bringing 2013 returns to 32.39%, the highest calendar year return in more than 15 years. U.S. stocks more than doubled the return for stocks in foreign markets which consist of both developed and emerging countries. Within the U.S., small cap stocks performed the best in 2013, returning 38.82% as measured the Russell 2000^® Index.

Bond investors, who were already yield starved, continued to find the going difficult as the improving economy and the Federal Reserve’s tapering of quantitative easing activities proved to be stiff headwinds. For the fourth quarter, the U.S. bond market returned -0.14%, as measured by the Barclays U.S. Aggregate Bond Index. For the year, bonds returned -2.02%, the lowest calendar year of performance for bonds since 1994. Negative returns in bonds occurred in 2013 as the income received from bonds was more than offset by a decline in value that resulted from a rise in interest rates.

Real assets are typically inflation sensitive investments that play an important role in portfolios by providing investors a defense from unexpected spikes in inflation. Like bonds, these assets also had a difficult year in 2013 as excess capacity and high unemployment continued to curb inflation expectations in the market. Treasury Inflation Protected Securities fell 2.02% for investors in the fourth quarter and posted a return of -8.61% for the year. Other real assets, such as commodities and real estate securities, also posted a disappointing year.

What can investors expect as we turn the calendar to a new year?

First, global central banks’ monetary policies are likely to continue to set the tone for the investment markets in 2014. Global excess capacity is constraining inflation and permitting extraordinary measures by central banks to stimulate economies, all in an effort to keep growth moving forward and put people back to work. We believe this trend will continue as countries aggressively vie for a larger and larger share of the global economic pie. This should provide both support and opportunities for risky assets held by long-term investors.

Secondly, it’s important for investors to have realistic expectations about market returns. Over the past two years, U.S. stocks have returned over 50%, a trend that is clearly not sustainable. With stock market valuations now near historical averages, equity returns in the coming years are more likely to reflect the slow economic growth pattern of world economies.

Finally, expect the unexpected. The capital markets will be met through time with surprises on many fronts, be it economic, political or social developments. It is important for investors to be prepared for periods of high volatility and any surprises that 2014 may hold. We continue to encourage investors to stay well-balanced, stay well-diversified and stay invested. We believe this provides the best opportunity for you to achieve your investment goals.

*This report may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to GuideStone Funds, market or regulatory developments. The views expressed are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed are subject to change at any time based upon economic, market, or other conditions and GuideStone Funds undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed (including any forward-looking statement) may not be relied upon as investment advice or as an indication of GuideStone Funds’ trading intent.

4

  Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2013.

¹The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

²The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

³The MSCI EM (Emerging Markets) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

⁴The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small-cap opportunity set.

⁵The S&P 500^® Index is an unmanaged index (with no defined investment objective) of common stocks, includes reinvestment of dividends and is a registered trademark of McGraw-Hill Co., Inc. The S&P 500^® Index includes 500 of the largest stocks (in terms of market value) in the United States.

5

S&P 500^® Index Returns

The U.S. large cap equity market, as represented by the S&P 500^® Index, posted a positive annual return of 32.39%. This was the fifth consecutive year of positive results and tenth out of the last eleven years. It was a strong year for the index as ten of the twelve months were positive with June and August being the exception. Performance got off to a quick start with the first quarter up about 10%. The second and third quarters were both positive at around 3% and 5% respectively. The fourth quarter finished the year strong up about 10.5%. All sectors in the index finished positive for the year, and the best performing sectors were Health Care, Consumer Discretionary, and Producer Durables. The sectors in the index that lagged the most this year were Utilities, Energy, and Technology. Overall, stocks with higher beta and lower market capitalization were the largest positive contributors to performance this year.

The S&P 500^® Index includes 500 leading companies in major industries of the U.S. economy. The index represents about 75% of U.S. equity market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Constituents are selected by a team of Standard & Poor’s economists and analysts.

Data Source: Bloomberg,S&P website

Russell 2000^® Index Returns

The U.S. small cap equity market, as represented by the Russell 2000^® Index, posted a positive return of 38.82% for the year. The index was up about 12% the first quarter followed by a more volatile second quarter performance of roughly 3%. The second half of the year finished strong with the third quarter and the fourth quarter up around 10% and 9% respectively. The calendars year’s best two performing sectors were Health Care and Consumer Staples. The sectors in the index that lagged the most this year were Materials, Financials, and Utilities. Overall, stocks with higher beta, higher earnings growth, and smaller market capitalization were the largest positive contributors to performance this year.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small-cap opportunity set.

Data Source: Russell Investments, Bloomberg

6

MSCI EAFE (Net) Returns

The international equity developed markets, as represented by the MSCI EAFE Index (net), posted a positive annual return of 22.78%. The year started with mixed signals due to weakness in Europe but a strengthening Japan, but ultimately the index finished the 1st quarter up 5.13%. However, the next few months saw the index give back some of those gains posting a -0.98% for the 2nd quarter. The second half of the year continued the upward trend of the 1st quarter, as the index posted 3rd and 4th quarter returns of 11.56% and 5.71% respectively. The best performing countries during this calendar year were Greece, Finland and Ireland. The countries which had the worst relative performance were Singapore and Australia. The sectors that led performance results this year were Consumer Discretionary, Health Care, and Telecommunications. The sectors in the index that lagged the most this year were Materials and Energy. All sectors posted positive returns for the year.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Data Source: Factset

MSCI EM (Net) Returns

The international equity emerging markets, as represented by the MSCI Emerging Market Index (net), posted a negative annual return of -2.60%. Emerging market equities started the year on a negative note, posting two consecutive down quarters of -1.62% and -8.08% for the 1st and 2nd quarters respectively. The 3rd quarter, however, saw positive returns for the period of 5.77%. The index finished out the year with a positive 1.83% return for the 4th quarter but still finished down overall, for the year. The best performing countries during this calendar year were Egypt, Hong Kong and Taiwan. The countries which had the worst performance were Turkey and Peru. The sectors that led in performance results for the year were Consumer Discretionary, Health Care, and Information Technology. These were the only sectors to post positive returns for 2013. The sectors in the index that lagged the most this year were Materials and Energy.

The MSCI EM (Emerging Markets) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

Data Source: Factset

7

Barclays U.S. Aggregate Bond Index Returns

The broad U.S. bond market, as measured by the Barclays U.S. Aggregate Bond Index, posted a negative return of -2.02% for the year. The index had its first negative return in fourteen years, with rising interest rates as the primary factor contributing to its negative performance. Areas of the market that performed the best consisted of debt securities that possessed shorter maturities and/or lower credit quality. The best performing sub sectors were auto asset backed securities and corporate financial institution bonds. The U.S. Treasury sector posted an annual return of -2.75%, due to the increasing yield environment. The U.S. Treasury sector was the worst performing sector within the Barclays U.S. Aggregate Bond Index during the year.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark representing approximately 8,200 U.S. dollar-denominated, taxable fixed income securities. To be included in this market capitalization-weighted index, bonds must be rated investment grade quality by Moody’s and Standard & Poor’s and have a maturity of at least one year. The types of fixed income instruments in this index primarily consist of U.S. Treasury securities, government-related securities, mortgage-backed securities, asset-backed securities and corporate bonds.

Data Source: Factset

Federal Reserve

The Federal Reserve (“Fed”) maintained the same targeted Fed Funds level of 0-0.25% for the fifth consecutive year. Although the Fed formally met to review this rate level on eight separate occasions during the year, no action on changing this rate was taken. The last time an action was taken was December 2008 when the Fed cut rates to their current levels. The Fed has maintained an accommodative monetary policy stance throughout the year as unemployment levels, while falling, remained elevated and inflation ran consistently below the Fed’s 2% targeted level. In addition to maintain its historically low Fed Funds rate, the Fed kept in place all year its quantitative easing (“QE”) program, which included monthly purchases of $85 billion in fixed income securities (including both U.S. Treasuries and mortgages). In mid-December, the Fed announced that it will trim its monthly asset purchase by a modest $10 billion beginning in January, lowering both the purchase of Treasury Securities and Mortgage Backed Securities by $5 billion each. The Fed provided guidance that they intend to gradually continue to taper for as along as economic conditions warrant. It was also announced that the Fed will maintain the Fed Funds target range of 0-0.25% well after the unemployment rate falls below the Fed’s original threshold of 6.5%. This is as long as inflation is below 2.5% and longer term inflation expectations “continue to be well anchored”.

The Federal Reserve (“Fed”) is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Funds Rate is the interest rate at which depository institutions lend balances at the Fed to other depository institutions overnight. The rate is one tool the Fed can use in their efforts of controlling the supply of money. Changes in the Federal Funds Rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Data Source: Bloomberg, Federal Reserve

8

U.S. Treasury Yield Curve

Short-term rates remained at historically low levels as the Federal Reserve (the “Fed”) maintained its aggressively accommodative monetary policy and left unchanged the target federal funds rate at 0-0.25% throughout the year in an effort to stimulate economic growth. The very short end of the curve, where the maturity is less than two years, remained basically unchanged again this year. Starting at the 2-year maturity level and longer, there was a considerable increase in yield levels as the yield curve steepened significantly compared to the end of 2012. At year-end 2013, yields on the 2-year, 5-year, 10-year and 30-year U.S. Treasury securities were 0.38%, 1.74%, 3.03% and 3.97%, respectively.

The Treasury yield curve illustrates the relationship between yields on short-term, intermediate-term and long-term Treasury securities. Normally, the shape of the yield curve is upward sloping with rates increasing from the short end of the curve moving higher to the long end. The short end of the curve is impacted more by monetary policy (demand for money) while inflationary expectations and market forces impact the long end of the curve.

Data Source: Bloomberg

9

About Your Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and to the extent applicable, shareholder services fees, as well as other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2013 to December 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

Actual
Fund	Class		Beginning Account Value 07/01/13			Ending Account Value 12/31/13			Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005		GS4		$	1,000.00		$	1,046.51		0.20	%		$	1.03
MyDestination 2015		GS4			1,000.00			1,070.95		0.14				0.74
MyDestination 2025		GS4			1,000.00			1,096.84		0.14				0.74
MyDestination 2035		GS4			1,000.00			1,136.69		0.19				1.01
MyDestination 2045		GS4			1,000.00			1,146.64		0.20				1.08
MyDestination 2055		GS4			1,000.00			1,148.30		0.20				1.10
Conservative Allocation		GS4			1,000.00			1,029.99		0.12				0.62
Balanced Allocation		GS4			1,000.00			1,068.11		0.12				0.63
Growth Allocation		GS4			1,000.00			1,118.01		0.12				0.64
Aggressive Allocation		GS4			1,000.00			1,178.58		0.12				0.66
Conservative Allocation I		GS2			1,000.00			1,031.13		0.15				0.77
Balanced Allocation I		GS2			1,000.00			1,069.24		0.13				0.69
Growth Allocation I		GS2			1,000.00			1,119.19		0.14				0.75
Aggressive Allocation I		GS2			1,000.00			1,179.71		0.15				0.83
Money Market		GS2			1,000.00			1,000.15		0.18				0.91
		GS4			1,000.00			1,000.11		0.19				0.97
Low-Duration Bond		GS2			1,000.00			1,007.28		0.36				1.82
		GS4			1,000.00			1,005.82		0.57				2.88
Medium-Duration Bond		GS2			1,000.00			1,005.25		0.48				2.43
		GS4			1,000.00			1,005.28		0.63				3.19

10

Actual
Fund	Class		Beginning Account Value 07/01/13			Ending Account Value 12/31/13			Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Extended-Duration Bond		GS2		$	1,000.00		$	1,022.86		0.57	%		$	2.91
		GS4			1,000.00			1,022.42		0.75				3.82
Global Bond		GS4			1,000.00			1,028.91		0.80				4.08
Defensive Market Strategies (3)		GS2			1,000.00			1,087.75		1.09				5.71
		GS4			1,000.00			1,086.51		1.35				7.08
Equity Index		GS2			1,000.00			1,161.10		0.23				1.25
		GS4			1,000.00			1,161.45		0.38				2.07
Value Equity		GS2			1,000.00			1,160.05		0.65				3.56
		GS4			1,000.00			1,159.16		0.90				4.89
Growth Equity		GS2			1,000.00			1,214.97		0.83				4.66
		GS4			1,000.00			1,214.14		1.05				5.87
Small Cap Equity		GS2			1,000.00			1,203.40		0.95				5.29
		GS4			1,000.00			1,202.12		1.20				6.65
International Equity (3)		GS2			1,000.00			1,183.72		1.05				5.75
		GS4			1,000.00			1,182.26		1.29				7.07
Emerging Markets Equity		GS2			1,000.00			975.00		1.25				2.06
		GS4			1,000.00			975.00		1.50				2.48
Inflation Protected Bond		GS4			1,000.00			983.65		0.64				3.18
Flexible Income		GS4			1,000.00			1,015.70		1.20				6.06
Real Assets		GS4			1,000.00			991.27		0.12				0.60
Real Estate Securities		GS4			1,000.00			967.14		1.06				5.26
Global Natural Resources Equity		GS4			1,000.00			983.06		1.42				7.07
HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class		Beginning Account Value 07/01/13			Ending Account Value 12/31/13			Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005		GS4		$	1,000.00		$	1,024.20		0.20	%		$	1.02
MyDestination 2015		GS4			1,000.00			1,024.49		0.14				0.73
MyDestination 2025		GS4			1,000.00			1,024.50		0.14				0.72
MyDestination 2035		GS4			1,000.00			1,024.26		0.19				0.96
MyDestination 2045		GS4			1,000.00			1,024.20		0.20				1.02
MyDestination 2055		GS4			1,000.00			1,024.18		0.20				1.03
Conservative Allocation		GS4			1,000.00			1,024.60		0.12				0.61
Balanced Allocation		GS4			1,000.00			1,024.60		0.12				0.61
Growth Allocation		GS4			1,000.00			1,024.60		0.12				0.61
Aggressive Allocation		GS4			1,000.00			1,024.60		0.12				0.61
Conservative Allocation I		GS2			1,000.00			1,024.44		0.15				0.77
Balanced Allocation I		GS2			1,000.00			1,024.54		0.13				0.68
Growth Allocation I		GS2			1,000.00			1,024.49		0.14				0.72
Aggressive Allocation I		GS2			1,000.00			1,024.45		0.15				0.77
Money Market		GS2			1,000.00			1,024.29		0.18				0.93
		GS4			1,000.00			1,024.24		0.19				0.98

11

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class		Beginning Account Value 07/01/13			Ending Account Value 12/31/13			Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Low-Duration Bond		GS2		$	1,000.00		$	1,023.39		0.36	%		$	1.84
		GS4			1,000.00			1,022.33		0.57				2.91
Medium-Duration Bond		GS2			1,000.00			1,022.79		0.48				2.45
		GS4			1,000.00			1,022.03		0.63				3.21
Extended-Duration Bond		GS2			1,000.00			1,022.33		0.57				2.91
		GS4			1,000.00			1,021.42		0.75				3.82
Global Bond		GS4			1,000.00			1,021.19		0.80				4.06
Defensive Market Strategies (3)		GS2			1,000.00			1,019.73		1.09				5.53
		GS4			1,000.00			1,018.41		1.35				6.85
Equity Index		GS2			1,000.00			1,024.05		0.23				1.17
		GS4			1,000.00			1,023.29		0.38				1.94
Value Equity		GS2			1,000.00			1,021.91		0.65				3.33
		GS4			1,000.00			1,020.68		0.90				4.57
Growth Equity		GS2			1,000.00			1,021.00		0.83				4.25
		GS4			1,000.00			1,019.91		1.05				5.35
Small Cap Equity		GS2			1,000.00			1,020.41		0.95				4.85
		GS4			1,000.00			1,019.17		1.20				6.10
International Equity (3)		GS2			1,000.00			1,019.94		1.05				5.32
		GS4			1,000.00			1,018.73		1.29				6.54
Emerging Markets Equity		GS2			1,000.00			1,006.27		1.25				2.10
		GS4			1,000.00			1,005.85		1.50				2.51
Inflation Protected Fund		GS4			1,000.00			1,022.00		0.64				3.24
Flexible Income		GS4			1,000.00			1,019.05		1.20				6.07
Real Assets		GS4			1,000.00			1,024.47		0.12				0.61
Real Estate Securities Fund		GS4			1,000.00			1,019.86		1.06				5.40
Global Natural Resources Equity		GS4			1,000.00			1,017.94		1.42				7.19

(1) Expenses include the effect of contractual waivers by GuideStone Capital Management. The Date Target Funds’, Asset Allocation Funds’ and Real Assets Fund proportionate share of the operating expenses of the Select Funds is not reflected in the tables above.

(2) Expenses are equal to the Fund’s annualized expense ratios for the period July 1, 2013 through December 31, 2013, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(3) The expense ratios for the Defensive Market Strategies Fund and the International Equity Fund include the impact of dividend and interest expense on securities sold short.

12

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:

ADR	—	American Depository Receipt
AGM	—	Assured Guaranty Municipal Corporation
CDO	—	Collateralized Debt Obligation
CLO	—	Collateralized Loan Obligation
CMBS	—	Commercial Mortgage-Backed Securities
CONV	—	Convertible
ETF	—	Exchange Traded Fund
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depository Receipt
IO	—	Interest Only (Principal amount shown is notional)
KLIBOR	—	Kuala Lumpur Interbank Offer Rate
KORIBOR	—	Korea Interbank Offer Rate
KRW-CD	—	Korean Won-Certificates of Deposit-Korean
KDSA		Securities Dealers Association
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LOC	—	Letter of Credit
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
PO	—	Principal Only
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SPDR	—	Standard & Poor’s Depositary Receipt
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STRIP	—	Stripped Security
TBA	—	To be announced
VVPR	—	Voter Verified Paper Record
WIBOR	—	Warsaw Interbank Offered Rate
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of December 31, 2013, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities			Percentage of Net Assets
Money Market		$	9,800,000		0.72	%
Low-Duration Bond			152,012,027		18.14
Medium-Duration Bond			83,087,617		10.27
Extended-Duration Bond			25,556,407		9.44
Global Bond			55,863,790		15.61
Defensive Market Strategies			19,526,120		4.03
Small Cap Equity			5,091,578		0.89

INVESTMENT FOOTNOTES:

‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
@	—	Illiquid.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Interest rates shown reflect the rates currently in effect. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Interest rates shown reflect the effective yields as of December 31, 2013.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
S	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
+	—	Security is valued at fair value. As of December 31, 2013, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities			Percentage of Net Assets
Low-Duration Bond		$	1,725,282		0.21	%
Medium-Duration Bond			503,234		0.06
Global Bond			298,588		0.08
Defensive Market Strategies			2,103,692		0.43
Equity Index			—		—
Growth Equity			36,154		—
Small Cap Equity			157,814		0.03
International Equity			65,244		—
Emerging Markets Equity			33,708		0.01

13

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

FOREIGN BOND FOOTNOTES:
(A)	—	Par is denominated in Australian Dollars (AUD).
(B)	—	Par is denominated in Brazilian Real (BRL).
(C)	—	Par is denominated in Canadian Dollars (CAD).
(E)	—	Par is denominated in Euro (EUR).
(G)	—	Par is denominated in Singapore Dollars (SGD).
(K)	—	Par is denominated in Norwegian Krone (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(P)	—	Par is denominated in Polish Zloty (PLN).
(S)	—	Par is denominated in South African Rand (ZAR).
(T)	—	Par is denominated in Turkish Lira (TRL).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Dominican Peso (DOP).
(W)	—	Par is denominated in South Korean Won (KRW).
(Z)	—	Par is denominated in New Zealand Dollars(NZD).

COUNTERPARTY ABBREVIATIONS:
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CITIC	—	Counterparty to contract is Citicorp.
CITIG	—	Counterparty to contract is Citigroup.
CME	—	Counterparty to contract is Chicago Mercantile Exchange.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
FCM	—	Counterparty to contract is LCH.Clearnet Group, Ltd.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is HongKong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
KS	—	Counterparty to contract is Knight Securities.
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NT	—	Counterparty to contract is Northern Trust Corporation.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
RJ	—	Counterparty to contract is Raymond James.
SC	—	Counterparty to contract is Standard Chartered PLC.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WEST	—	Counterparty to contract is Westpac Pollock.

14

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The Bank of America Merrill Lynch 1-3Year Treasury Index is composed of all U.S. Treasury notes and bonds with maturities greater than or equal to one year and less than three years.

The Barclays Global Aggregate Bond Index — Unhedged provides a broad-based measure of the global investment grade fixed-rate debt markets.

The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Barclays U.S. Corporate High Yield — 2% Issuer Capped Index is an issuer-constrained version of the Barclays U.S. Corporate High Yield Index that measures the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

The Barclays U.S. Long-Term Credit Bond Index is composed of a subset of the Barclays U.S. Credit Bond Index covering all corporate, publicly issued, fixed-rate, nonconvertible U.S. debt issues rated at least Baa with at least $50 million principal outstanding and maturity greater than 10 years.

The Barclays U.S. Long-Term Government Bond Index is composed of securities in the long (more than 10 years) range of the Barclays U.S. Government Index and is composed of a subset of the Barclays Credit Bond Index covering all corporate, publicly issued, fixed-rate, nonconvertible U.S. debt issues rated at least Baa with at least $50 million principal outstanding and maturity greater than 10 years.

The Barclays U.S. TIPS Index measures the performance of the U.S. Treasury Inflation Protected Securities (“TIPS”) market and includes TIPS with one or more years remaining until maturity with total outstanding issue size of $500 million or more.

The Citigroup 3-MonthTreasury Bill Index is an unmanaged index that is generally representative of 3-month U.S. Treasury bills, consisting of an average of the last 3-month U.S. Treasury bill issues.

The CMBX Indexes are a group of indices made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.

The Dow Jones CDX Indexes are series of indices that track North American and emerging market credit derivative indexes. This family of indices comprises a basket of credit derivatives that are representative of certain segments such as North American investment grade credit derivatives (NA.IG), high yield (NA.HY), and emerging markets (NA.EM).

The Dow Jones U.S. Select Real Estate Securities Index^SM is an unmanaged, broad-based, market capitalization-weighted index comprised of publicly traded REITs and real estate operating companies, not including special purpose or healthcare REITs. It is comprised of major companies engaged in the equity ownership and operation of commercial real estate.

The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (“ETFs”).

The iTraxx Indexes are a group of international credit derivative indices that are monitored by the International Index Company (IIC). iTraxx indices cover credit derivatives markets in Europe, Asia and Australia.

The JPMorgan Emerging Markets Bond Index Plus is a traditional, market-capitalization weighted index comprised of U.S. dollar denominated Brady bonds, Eurobonds and traded loans issued by sovereign entities.

The MSCI ACWI (All Country World Index) Ex-U.S. Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed (excluding U.S.) and emerging markets.

The MSCI Commodity Producers Index is a free float-adjusted market capitalization index designed to reflect the performance of the three underlying commodity markets: energy, metals and agricultural products.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

15

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

The MSCI EM (Emerging Markets) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey

The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in mining for gold and silver. The index is calculated and maintained by the American Stock Exchange.

The Russell 1000^® Growth Index is a large-cap index consisting of those Russell 1000^® Index securities with greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings-ratios, lower dividend yields and higher forecasted growth values than the value universe.

The Russell 1000^® Value Index is a large-cap index consisting of those Russell 1000^® Index securities with a less-than-average growth orientation. Companies in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small-cap opportunity set.

The Russell 3000^® Index is composed of 3,000 large companies. This portfolio of securities represents approximately 98% of the investable U.S. equity market.

The S&P 500^® Index is an unmanaged index (with no defined investment objective) of common stocks, includes reinvestment of dividends, and is a registered trademark of McGraw-Hill Co., Inc. The S&P 500^® Index includes 500 of the largest stocks (in terms of market value) in the United States.

16

TARGET DATE FUNDS (Unaudited)

The MyDestination Funds^® maintain diversified exposure to all three asset classes of equities, fixed income and real assets.

Exposure to both U.S. and non-U.S. equities contributed positively to performance for the MyDestination Funds^®. U.S. equities experienced a banner year for performance, with the broader equity market, as measured by the Russell 3000^® Index, advancing 33.55% for the calendar year 2013. Equity market gains were spurred on by exceptionally accommodative monetary policy and generally improving economic conditions that encouraged investors to take on risk. From a sector perspective, performance was unanimously in positive territory as all sectors within the Russell 3000^® Index experienced double-digit gains for the year.

Developed non-U.S. markets also experienced solid gains as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of 22.78%. All regions ended the period in positive territory as Japan and Europe advanced the most as a result of the regions’ improved outlooks. From a sector perspective, all groups generated positive results during the period.

Bond markets generally posted negative returns during 2013, as bond yields rose over the course of the year, particularly for maturities greater than two years. The Barclays U.S. Aggregate Bond Index, a proxy for the broad domestic bond market, generated an annual return of -2.02%, its first annual decline since 1999. Exposure to fixed income within the MyDestination Funds^®, while an important part of a properly diversified portfolio, detracted from performance during 2013.

Exposure to real assets detracted from performance within the MyDestination Funds^®, although the returns of the various underlying strategies were mixed for the year. Key drivers of performance for the year were subdued inflation and inflation expectations, rising yields, and falling commodity prices — all of which put downward pressure on most real asset strategies. The primary detractors to absolute performance for the MyDestination Funds^® were negative performance across Treasury Inflation Protected Securities and commodities. TIPS, as measured by the Barclays U.S. TIPS Index, fell 8.61% in 2013. The S&P Dow-Jones UBS Commodity Index, a broad-based measure of returns for a diversified basket of commodity futures, posted a 9.52% decline for 2013.

17

MyDestination 2005 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to fixed income securities with a smaller percentage allocated to equity and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 46.18% Fixed Income Select Funds, 23.76% U.S. Equity Select Funds, 8.06% Non-U.S. Equity Select Funds, 20.00% Real Return Select Funds and 2.00% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a positive return of 6.18% for the one-year period ending December 31, 2013. Overall exposure to the Equity Select Funds was a primary contributor to the Fund’s performance. The Defensive Market Strategies Fund was the largest contributor to absolute performance, followed by the Value Equity Fund and the Growth Equity Fund. The Fund’s fixed income allocation detracted from investment returns, as the two largest fixed income allocations, the Low-Duration Bond Fund and the Medium-Duration Bond Fund, had negative investment returns for the year. Real assets also detracted from absolute performance, with the Inflation Protected Bond Fund being the primary detractor as it fell 8.64% for the year.

The Fund outperformed its composite benchmark in 2013 (6.18% versus 6.06%). The largest two contributors to relative outperformance were the Defensive Market Strategies Fund and the Value Equity Fund. The largest detractors to relative performance were the Global Natural Resources Equity Fund and the Low-Duration Bond Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and retired at an age that was near the year 2005. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		47.1
U.S. Equity Select Funds		23.3
Real Return Select Funds		19.5
Non-U.S. Equity Select Funds		8.0
Credit Suisse Commodity Return Strategy		2.0
U.S. Equity Select Funds		99.9

18

MyDestination 2005 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	6.18%	6.06%
Five Year	9.85%	8.80%
Since Inception	3.96%	4.05%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.13%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 32.55% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 11.16% of the Barclays U.S. Aggregate Bond Index, 1.39% of the Barclays Global Aggregate Bond Index — Unhedged, 0.70% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 0.70% of the J.P. Morgan Emerging Markets Bond Index Plus, 12.00% of the Barclays U.S. TIPS Index, 11.50% of the S&P 500^® Index, 5.00% of the S&P U.S. BB-Ratings and Above Loan Index, 1.00% of the FTSE EPRA/NAREIT Developed Index, 5.36% of the Russell 1000^® Value Index, 5.36% of the Russell 1000^® Growth Index, 1.28% of the Russell 2000^® Index, 2.00% of the Dow Jones — UBS Commodity Index, 1.50% of the MSCI World Commodity Producers Index, 0.50% of the NYSE Gold Miners Index, 6.24% of the MSCI EAFE Index and 1.76% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

19

MYDESTINATION 2005 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		1,750,776		$	1,750,776
GuideStone Low-Duration Bond Fund (GS4 Class)¥		1,995,753			26,643,303
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		659,172			9,314,107
GuideStone Global Bond Fund (GS4 Class)¥		228,546			2,303,743
GuideStone Defensive Market Strategies Fund (GS4 Class)¥		841,960			9,615,183
GuideStone Value Equity Fund (GS4 Class)¥		215,730			4,530,323
GuideStone Growth Equity Fund (GS4 Class)¥		196,232			4,515,306
GuideStone Small Cap Equity Fund (GS4 Class)¥		59,935			1,089,610
GuideStone International Equity Fund (GS4 Class)¥		349,026			5,319,158
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		151,347			1,475,630
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		973,987			9,885,972
GuideStone Flexible Income Fund (GS4 Class)¥		410,804			4,132,693
GuideStone Real Estate Securities Fund (GS4 Class)¥		88,772			830,902
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		169,969			1,650,400
Credit Suisse Commodity Return Strategy Fund		232,564			1,681,440
Total Mutual Funds (Cost $81,366,443)					84,738,546
TOTAL INVESTMENTS — 99.9% (Cost $81,366,443)					84,738,546
Other Assets in Excess of Liabilities — 0.1%					78,130
NET ASSETS — 100.0%				$	84,816,676

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	84,738,546		$	84,738,546		$	—		$	—
Total Assets - Investments in Securities		$	84,738,546		$	84,738,546		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	18,103		$	18,103		$	—		$	—
Total Assets - Other Financial Instruments		$	18,103		$	18,103		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

20 See Notes to Financial Statements.

MyDestination 2015 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to equity securities with a smaller percentage allocated to fixed income and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 30.01% Fixed income Select Funds, 37.19% U.S. Equity Select Funds, 12.47% Non-U.S. Equity Select Funds, 18.04% Real Return Select Funds and 2.29% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a positive return of 10.35% for the one-year period ended December 31, 2013. Overall exposure to the Equity Select Funds was a primary contributor to the Fund’s performance. The Defensive Market Strategies Fund was the largest contributor to absolute performance, followed by the Value Equity Fund and Growth Equity Fund. The Fund’s fixed income allocation detracted from investment returns, as the two largest fixed income allocations, the Low-Duration Bond Fund and the Medium-Duration Bond Fund, had negative investment returns for the year. Real assets also detracted from absolute performance, with the Inflation Protected Bond Fund being the primary detractor as it fell 8.64% for the year.

The Fund outperformed its composite benchmark in 2013 (10.35% versus 9.56%). The largest two contributors to relative outperformance were the Defensive Market Strategies Fund and the Value Equity Fund. The largest detractors to relative performance were the Global Natural Resources Equity Fund and the Low-Duration Bond Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2015. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		37.1
Fixed Income Select Funds		30.4
Real Return Select Funds		17.7
Non-U.S. Equity Select Funds		12.5
Credit Suisse Commodity Return Strategy		2.2
		99.9

21

MyDestination 2015 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	10.35%	9.56%
Five Year	12.42%	11.60%
Since Inception	4.35%	4.50%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.13%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 11.70% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 12.00% of the Barclays U.S. Aggregate Bond Index, 0.82% of the Barclays U.S. Long-Term Government Bond Index, 0.83% of the Barclays U.S. Long-Term Credit Bond Index, 2.33% of the Barclays Global Aggregate Bond Index — Unhedged, 1.16% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 1.16% of the J.P. Morgan Emerging Markets Bond Index Plus, 10.00% of the Barclays U.S. TIPS Index, 18.50% of the S&P 500^® Index, 4.00% of the S&P U.S. BB-Ratings and Above Loan Index, 2.00% of the FTSE EPRA/NAREIT Developed Index, 8.22% of the Russell 1000^® Value Index, 8.22% of the Russell 1000^® Growth Index, 2.16% of the Russell 2000^® Index, 2.25% of the Dow Jones — UBS Commodity Index, 1.69% of the MSCI World Commodity Producers Index, 0.56% of the NYSE Gold Miners Index, 9.67% of the MSCI EAFE Index and 2.73% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

22

MYDESTINATION 2015 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		6,090,835		$	6,090,835
GuideStone Low-Duration Bond Fund (GS4 Class)¥		3,742,460			49,961,846
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		3,626,918			51,248,345
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		435,006			7,125,395
GuideStone Global Bond Fund (GS4 Class)¥		1,953,115			19,687,399
GuideStone Defensive Market Strategies Fund (GS4 Class)¥		6,929,959			79,140,133
GuideStone Value Equity Fund (GS4 Class)¥		1,753,852			36,830,884
GuideStone Growth Equity Fund (GS4 Class)¥		1,623,662			37,360,474
GuideStone Small Cap Equity Fund (GS4 Class)¥		543,366			9,878,392
GuideStone International Equity Fund (GS4 Class)¥		2,859,281			43,575,438
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		1,195,130			11,652,513
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		4,180,850			42,435,631
GuideStone Flexible Income Fund (GS4 Class)¥		1,697,044			17,072,258
GuideStone Real Estate Securities Fund (GS4 Class)¥		931,983			8,723,360
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		1,015,658			9,862,035
Credit Suisse Commodity Return Strategy Fund		1,306,830			9,448,379
Total Mutual Funds (Cost $397,719,630)					440,093,317
TOTAL INVESTMENTS — 99.9% (Cost $397,719,630)					440,093,317
Other Assets in Excess of Liabilities — 0.1%					387,745
NET ASSETS — 100.0%				$	440,481,062

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	440,093,317		$	440,093,317		$	—		$	—
Total Assets - Investments in Securities		$	440,093,317		$	440,093,317		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	100,500		$	100,500		$	—		$	—
Total Assets - Other Financial Instruments		$	100,500		$	100,500		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 23

MyDestination 2025 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to equity securities with smaller percentages allocated to fixed income and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 24.42% Fixed Income Select Funds, 44.45% U.S. Equity Select Funds, 18.30% Non-U.S. Equity Select Funds, 9.83% Real Return Select Funds and 3.00% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a positive return of 15.15% for the one-year period ended December 31, 2013. Overall exposure to the Equity Select Funds was a primary contributor to the Fund’s performance. The Value Equity Fund was the largest contributor to absolute performance, followed by the Growth Equity Fund and Defensive Market Strategies Fund. The Fund’s fixed income allocation detracted from investment returns, with the Extended-Duration Bond Fund being the largest single detractor with a -5.29% return in 2013. Real assets also detracted from absolute performance, with the Inflation Protected Bond Fund being the primary detractor as it fell 8.64% for the year.

The Fund outperformed its composite benchmark in 2013 (15.15% versus 14.05%). The largest two contributors to relative outperformance were the Defensive Market Strategies Fund and the Value Equity Fund. The largest detractor to relative performance was the Global Natural Resources Equity Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2025. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		43.7
Fixed Income Select Funds		25.4
Non-U.S. Equity Select Funds		18.0
Real Return Select Funds		9.8
Credit Suisse Commodity Return Strategy		2.9
		99.8

24

MyDestination 2025 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	15.15%	14.05%
Five Year	14.54%	13.78%
Since Inception	4.35%	4.63%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.21%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 5.39% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 9.80% of the Barclays U.S. Aggregate Bond Index, 1.22% of the Barclays U.S. Long-Term Government Bond Index, 1.23% of the Barclays U.S. Long-Term Credit Bond Index, 3.43% of the Barclays Global Aggregate Bond Index — Unhedged, 1.72% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 1.71% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.00% of the Barclays U.S. TIPS Index, 17.25% of the S&P 500^® Index, 1.00% of the S&P U.S. BB-Ratings and Above Loan Index, 3.00% of the FTSE EPRA/NAREIT Developed Index, 11.85% of the Russell 1000^® Value Index, 11.85% of the Russell 1000^® Growth Index, 3.45% of the Russell 2000^® Index, 3.00% of the Dow Jones — UBS Commodity Index, 2.25% of the MSCI World Commodity Producers Index, 0.75% of the NYSE Gold Miners Index, 14.12% of the MSCI EAFE Index and 3.98% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

25

MYDESTINATION 2025 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		8,386,521		$	8,386,521
GuideStone Low-Duration Bond Fund (GS4 Class)¥		2,142,581			28,603,451
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		3,685,288			52,073,121
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		794,032			13,006,251
GuideStone Global Bond Fund (GS4 Class)¥		3,621,086			36,500,550
GuideStone Defensive Market Strategies Fund (GS4 Class)¥		7,919,283			90,438,214
GuideStone Value Equity Fund (GS4 Class)¥		3,070,994			64,490,884
GuideStone Growth Equity Fund (GS4 Class)¥		2,816,864			64,816,050
GuideStone Small Cap Equity Fund (GS4 Class)¥		1,037,984			18,870,550
GuideStone International Equity Fund (GS4 Class)¥		5,057,072			77,069,778
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		2,169,546			21,153,075
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		1,562,428			15,858,641
GuideStone Flexible Income Fund (GS4 Class)¥		517,829			5,209,362
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,714,866			16,051,144
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		1,677,256			16,286,154
Credit Suisse Commodity Return Strategy Fund		2,194,800			15,868,402
Total Mutual Funds (Cost $483,216,107)					544,682,148
TOTAL INVESTMENTS — 99.8% (Cost $483,216,107)					544,682,148
Other Assets in Excess of Liabilities — 0.2%					969,892
NET ASSETS — 100.0%				$	545,652,040

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	544,682,148		$	544,682,148		$	—		$	—
Total Assets - Investments in Securities		$	544,682,148		$	544,682,148		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	182,494		$	182,494		$	—		$	—
Total Assets - Other Financial Instruments		$	182,494		$	182,494		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

26 See Notes to Financial Statements.

MyDestination 2035 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combines a high percentage of exposure to equity securities with only modest percentages to fixed income and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 14.00% Fixed Income Select Funds, 45.60% U.S. Equity Select Funds, 30.40% Non-U.S. Equity Select Funds, 6.67% Real Return Select Funds and 3.33% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. Equity exposure represented approximately 76% of the Fund and, therefore, contributed most of the Fund’s return. The Fund generated a positive return of 21.41% for the one-year period ended December 31, 2013. The Value Equity Fund was the largest contributor to absolute performance, followed by the Growth Equity Fund and International Equity Fund. The Fund’s fixed income allocation detracted from investment returns, with the Extended-Duration Bond Fund being the largest single detractor with a -5.29% return in 2013. Real assets had a modestly positive contribution to absolute performance, with the Real Estate Securities Fund being the primary contributor.

The Fund outperformed its composite benchmark in 2013 (21.41% versus 20.55%). The largest two contributors to relative outperformance were the Value Equity Fund and International Equity Fund. The largest detractor to relative performance was the Global Natural Resources Equity Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2035. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		44.7
Non-U.S. Equity Select Funds		30.0
Fixed Income Select Funds		15.5
Real Return Select Funds		6.5
Credit Suisse Commodity Return Strategy		3.2
		99.9

27

MyDestination 2035 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	21.41%	20.55%
Five Year	15.79%	15.81%
Since Inception	4.25%	4.79%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.27%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 3.08% of the Barclays U.S. Aggregate Bond Index, 1.47% of the Barclays U.S. Long-Term Government Bond Index, 1.47% of the Barclays U.S. Long-Term Credit Bond Index, 3.99% of the Barclays Global Aggregate Bond Index — Unhedged, 1.99% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 2.00% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 19.49% of the Russell 1000^® Value Index, 19.49% of the Russell 1000^® Growth Index, 6.62% of the Russell 2000^® Index, 3.33% of the Dow Jones — UBS Commodity Index, 2.50% of the MSCI World Commodity Producers Index, 0.84% of the NYSE Gold Miners Index, 23.71% of the MSCI EAFE Index and 6.69% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

28

MYDESTINATION 2035 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		5,601,401		$	5,601,401
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		616,657			8,713,362
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		508,683			8,332,236
GuideStone Global Bond Fund (GS4 Class)¥		2,236,710			22,546,037
GuideStone Value Equity Fund (GS4 Class)¥		2,654,596			55,746,522
GuideStone Growth Equity Fund (GS4 Class)¥		2,423,521			55,765,221
GuideStone Small Cap Equity Fund (GS4 Class)¥		1,042,445			18,951,646
GuideStone International Equity Fund (GS4 Class)¥		4,486,899			68,380,341
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		1,953,930			19,050,818
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,019,166			9,539,390
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		981,429			9,529,671
Credit Suisse Commodity Return Strategy Fund		1,284,784			9,288,985
Total Mutual Funds (Cost $250,539,163)					291,445,630
TOTAL INVESTMENTS — 99.9% (Cost $250,539,163)					291,445,630
Other Assets in Excess of Liabilities — 0.1%					427,895
NET ASSETS — 100.0%				$	291,873,525

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	291,445,630		$	291,445,630		$	—		$	—
Total Assets - Investments in Securities		$	291,445,630		$	291,445,630		$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	160,230		$	160,230		$	—		$	—
Total Liabilities - Other Financial Instruments		$	160,230		$	160,230		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 29

MyDestination 2045 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 6.50% Fixed Income Select Funds, 50.10% U.S. Equity Select Funds, 33.40% Non-U.S. Equity Select Funds, 6.67% Real Return Select Funds and 3.33% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. Equity exposure represented approximately 83.5% of the Fund and, therefore, contributed most of the Fund’s returns. The Fund generated a positive return of 23.44% for the one-year period ended December 31, 2013. The Value Equity Fund was the largest contributor to absolute performance, followed by the Growth Equity Fund and the International Equity Fund. The Fund’s fixed income allocation detracted modestly from investment returns, with the Extended-Duration Bond Fund being the largest single detractor with a -5.29% return in 2013. The Real Assets Fund had a modestly positive contribution to absolute performance, with the Real Estate Securities Fund being the primary contributor.

The Fund outperformed its composite benchmark in 2013 (23.44% versus 22.88%). The largest two contributors to relative outperformance were the Value Equity Fund and International Equity Fund. The largest detractor to relative performance was the Global Natural Resources Equity Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2045. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		48.8
Non-U.S. Equity Select Funds		32.9
Fixed Income Select Funds		8.3
Real Return Select Funds		6.5
Credit Suisse Commodity Return Strategy		3.2
		99.7

30

MyDestination 2045 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	23.44%	22.88%
Five Year	16.19%	16.54%
Since Inception	4.05%	4.66%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.33%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 0.50% of the Barclays U.S. Long-Term Government Bond Index, 0.50% of the Barclays U.S. Long-Term Credit Bond Index, 2.75% of the Barclays Global Aggregate Bond Index — Unhedged, 1.38% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 1.37% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 21.14% of the Russell 1000^® Value Index, 21.14% of the Russell 1000^® Growth Index, 7.82% of the Russell 2000^® Index, 3.33% of the Dow Jones — UBS Commodity Index, 2.50% of the MSCI World Commodity Producers Index, 0.84% of the NYSE Gold Miners Index, 26.05% of the MSCI EAFE Index and 7.35% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

31

MYDESTINATION 2045 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (GS4 Class)¥		4,335,152		$	4,335,152
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		125,115			2,049,390
GuideStone Global Bond Fund (GS4 Class)¥		1,120,652			11,296,170
GuideStone Value Equity Fund (GS4 Class)¥		2,085,072			43,786,511
GuideStone Growth Equity Fund (GS4 Class)¥		1,898,119			43,675,710
GuideStone Small Cap Equity Fund (GS4 Class)¥		887,344			16,131,917
GuideStone International Equity Fund (GS4 Class)¥		3,576,294			54,502,717
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		1,557,837			15,188,913
GuideStone Real Estate Securities Fund (GS4 Class)¥		744,039			6,964,203
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		710,685			6,900,755
Credit Suisse Commodity Return Strategy Fund		931,174			6,732,385
Total Mutual Funds (Cost $180,686,098)					211,563,823
TOTAL INVESTMENTS — 99.7% (Cost $180,686,098)					211,563,823
Other Assets in Excess of Liabilities — 0.3%					537,797
NET ASSETS — 100.0%				$	212,101,620

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	211,563,823		$	211,563,823		$	—		$	—
Total Assets - Investments in Securities		$	211,563,823		$	211,563,823		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	129,522		$	129,522		$	—		$	—
Total Assets - Other Financial Instruments		$	129,522		$	129,522		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

32 See Notes to Financial Statements.

MyDestination 2055 Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income and real asset securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 2013 targeted allocations were approximately 5.00% Fixed Income Select Funds, 51.00% U.S. Equity Select Funds, 34.00% Non-U.S. Equity Select Funds, 6.67% Real Return Select Funds and 3.33% Credit Suisse Commodity Return Strategy.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. Equity exposure represented approximately 85% of the Fund and, therefore, contributed most of the Fund’s returns. The Fund generated a positive return of 23.44% for the one-year period ended December 31, 2013. The Value Equity Fund was the largest contributor to absolute performance, followed by the Growth Equity Fund and the International Equity Fund. The Fund’s fixed income allocation contributed marginally to investment returns, as the Global Bond Fund had a slightly positive return for the year. Real Assets had a modestly positive contribution to absolute performance, with the Real Estate Securities Fund being the primary contributor.

The Fund marginally outperformed its composite benchmark in 2013 (23.44% versus 23.33%). The largest two contributors to relative outperformance were the Value Equity Fund and International Equity Fund. The largest detractor to relative performance was the Global Natural Resources Equity Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2055. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed-income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		49.3
Non-U.S. Equity Select Funds		33.2
Fixed Income Select Funds		7.3
Real Return Select Funds		6.5
Credit Suisse Commodity Return Strategy		3.2
		99.5

33

MyDestination 2055 Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	23.44%	23.33%
Since Inception	18.69%	19.85%
Inception Date	01/01/12
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	3.45%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since January 1, 2012 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of 2.50% of the Barclays Global Aggregate Bond Index — Unhedged, 1.25% of the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index, 1.25% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 21.45% of the Russell 1000^® Value Index, 21.45% of the Russell 1000^® Growth Index, 8.10% of the Russell 2000^® Index, 3.33% of the Dow Jones — UBS Commodity Index, 2.50% of the MSCI World Commodity Producers Index, 0.84% of the NYSE Gold Miners Index, 26.52% of the MSCI EAFE Index and 7.48% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

34

MYDESTINATION 2055 FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.5%
GuideStone Money Market Fund (GS4 Class)¥		415,075		$	415,075
GuideStone Global Bond Fund (GS4 Class)¥		78,328			789,543
GuideStone Value Equity Fund (GS4 Class)¥		162,261			3,407,487
GuideStone Growth Equity Fund (GS4 Class)¥		147,475			3,393,408
GuideStone Small Cap Equity Fund (GS4 Class)¥		70,449			1,280,757
GuideStone International Equity Fund (GS4 Class)¥		278,415			4,243,038
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		122,157			1,191,035
GuideStone Real Estate Securities Fund (GS4 Class)¥		56,493			528,778
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		54,829			532,392
Credit Suisse Commodity Return Strategy Fund		71,778			518,954
Total Mutual Funds (Cost $15,263,288)					16,300,467
TOTAL INVESTMENTS — 99.5% (Cost $15,263,288)					16,300,467
Other Assets in Excess of Liabilities — 0.5%					82,045
NET ASSETS — 100.0%				$	16,382,512

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	16,300,467		$	16,300,467		$	—		$	—
Total Assets - Investments in Securities		$	16,300,467		$	16,300,467		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	10,862		$	10,862		$	—		$	—
Total Assets - Other Financial Instruments		$	10,862		$	10,862		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 35

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	MyDestination 2005 Fund		MyDestination 2015 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,681,440	$	9,448,379
Investments in securities of affiliated issuers, at value		83,057,106		430,644,938
Total investments(1)		84,738,546		440,093,317
Cash collateral for derivatives		77,200		274,000
Receivables:
Dividends and reclaims		11		61
Receivable from advisor		—		—
Fund shares sold		28,582		177,323
Variation margin on financial futures contracts		1,600		13,255
Prepaid expenses and other assets		16,821		18,191
Total Assets		84,862,760		440,576,147
Liabilities
Payables:
Investment securities purchased		—		447
Fund shares redeemed		10,000		12,066
Variation margin on financial futures contracts		—		2,750
Accrued expenses:
Investment advisory fees		4,222		37,473
Other expenses		31,862		42,349
Total Liabilities		46,084		95,085
Net Assets	$	84,816,676	$	440,481,062
Net Assets Consist of:
Paid-in-capital	$	81,173,764	$	395,019,877
Accumulated net investment income		83,785		—
Undistributed net realized gain on investments and derivative transactions		168,921		2,986,998
Net unrealized appreciation (depreciation) on investments and derivative transactions		3,390,206		42,474,187
Net Assets	$	84,816,676	$	440,481,062
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	84,816,676	$	440,481,062
GS4 shares outstanding		7,928,332		40,161,440
Net asset value, offering and redemption price per GS4 share	$	10.70	$	10.97
(1) Investments in securities of unaffiliated issuers, at cost	$	1,693,281	$	9,596,400
Investments in securities of affiliated issuers, at cost		79,673,162		388,123,230
Total investments at cost	$	81,366,443	$	397,719,630

36 See Notes to Financial Statements.

MyDestination 2025 Fund		MyDestination 2035 Fund		MyDestination 2045 Fund		MyDestination 2055 Fund
$	15,868,402	$	9,288,985	$	6,732,385	$	518,954
	528,813,746		282,156,645		204,831,438		15,781,513
	544,682,148		291,445,630		211,563,823		16,300,467
	384,300		306,900		236,500		35,000
	78		52		38		3
	—		—		—		7,659
	643,706		150,567		330,058		47,615
	20,755		17,600		14,445		960
	18,650		17,858		16,975		15,279
	545,749,637		291,938,607		212,161,839		16,406,983
	—		—		—		—
	1,600		—		1,436		—
	2,750		1,375		344		—
	45,944		24,525		21,554		—
	47,303		39,182		36,885		24,471
	97,597		65,082		60,219		24,471
$	545,652,040	$	291,873,525	$	212,101,620	$	16,382,512
$	476,373,596	$	242,811,253	$	175,774,440	$	14,705,088
	—		—		—		—
	7,629,909		7,995,575		5,319,933		629,383
	61,648,535		41,066,697		31,007,247		1,048,041
$	545,652,040	$	291,873,525	$	212,101,620	$	16,382,512
$	545,652,040	$	291,873,525	$	212,101,620	$	16,382,512
	50,541,803		27,058,761		20,449,823		1,264,731
$	10.80	$	10.79	$	10.37	$	12.95
$	15,958,700	$	9,338,950	$	6,823,900	$	521,480
	467,257,407		241,200,213		173,862,198		14,741,808
$	483,216,107	$	250,539,163	$	180,686,098	$	15,263,288

See Notes to Financial Statements. 37

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income dividends received from affiliated funds	$	905,931		$	4,934,382
Interest		6			—
Total Investment Income		905,937			4,934,382
Expenses
Investment advisory fees		86,007			405,196
Transfer agent fees:
GS4 Shares		19,539			23,314
Custodian fees		15,619			21,958
Accounting and administration fees		7,802			24,151
Professional fees		46,087			46,087
Blue sky fees:
GS4 Shares		18,197			20,012
Shareholder reporting fees:
GS4 Shares		5,257			13,085
Trustee expenses		870			4,130
Line of credit facility fees		841			3,976
Other expenses		8,719			8,719
Total Expenses		208,938			570,628
Expenses waived/reimbursed net of amount recaptured(1)		(40,223	)		—
Net Expenses		168,715			570,628
Net investment income		737,222			4,363,754
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		1,994,694			16,220,949
Net realized gain on investment securities of affiliated issuers		4,530,323			13,355,994
Net realized gain (loss) on investment securities of unaffiliated issuers		(19	)		—
Net realized gain on futures transactions		110,903			608,511
Net realized gain		6,635,901			30,185,454
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(2,368,076	)		4,163,023
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(11,841	)		(148,021	)
Change in unrealized appreciation (depreciation) on futures		11,191			84,121
Net change in unrealized appreciation (depreciation)		(2,368,726	)		4,099,123
Net Realized and Unrealized Gain		4,267,175			34,284,577
Net Increase in Net Assets Resulting from Operations	$	5,004,397		$	38,648,331

⁽¹⁾  See Note 3a and 3c in Notes to Financial Statements.

38 See Notes to Financial Statements.

MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	6,084,829	$	2,955,041		$	1,945,589		$	135,305
	—		—			—			—
	6,084,829		2,955,041			1,945,589			135,305
	464,404		243,094			175,210			10,950
	24,481		21,312			20,996			17,522
	27,896		21,748			20,201			3,644
	27,123		15,698			12,229			3,198
	46,087		46,087			46,087			46,049
	21,050		18,192			18,279			17,206
	15,689		9,213			8,720			1,470
	4,756		2,491			1,798			116
	4,563		2,378			1,724			151
	8,719		8,719			8,718			8,718
	644,768		388,932			313,962			109,024
	—		70,071			28,663			(87,450	)
	644,768		459,003			342,625			21,574
	5,440,061		2,496,038			1,602,964			113,731
	24,420,985		14,615,169			11,431,857			870,342
	7,554,445		5,248,980			9,388,217			525,804
	—		—			—			(320	)
	948,591		770,941			653,358			19,936
	32,924,021		20,635,090			21,473,432			1,415,762
	24,992,238		22,622,319			12,852,073			708,912
	(90,298)		(49,965	)		(91,515	)		(2,527	)
	155,142		140,792			114,984			10,862
	25,057,082		22,713,146			12,875,542			717,247
	57,981,103		43,348,236			34,348,974			2,133,009
$	63,421,164	$	45,844,274		$	35,951,938		$	2,246,740

See Notes to Financial Statements. 39

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Year Ended 12/31/13			For the Year Ended 12/31/12			For the Year Ended 12/31/13			For the Year Ended 12/31/12
Operations:
Net investment income	$	737,222		$	904,191		$	4,363,754		$	4,702,611
Net realized gain on investment securities and futures transactions		6,635,901			3,091,766			30,185,454			8,618,302
Net change in unrealized appreciation (depreciation) on investment securities and futures		(2,368,726	)		2,098,167			4,099,123			20,301,429
Net increase in net assets resulting from operations		5,004,397			6,094,124			38,648,331			33,622,342
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		(1,430,800	)		(1,578,267	)		(11,087,547	)		(7,838,073	)
Distributions from net realized capital gains		—			—			(502,477	)		—
Total dividends and distributions		(1,430,800	)		(1,578,267	)		(11,590,024	)		(7,838,073	)
Capital Share Transactions:
Proceeds from shares sold
Proceeds from GS4 shares sold		25,244,242			22,149,640			84,263,438			71,866,425
Reinvestment of dividends and distributions into GS4 shares		1,430,198			1,578,267			11,589,750			7,838,073
Value of GS4 shares redeemed		(26,013,585	)		(12,269,397	)		(35,006,811	)		(27,008,482	)
Net increase from capital share transactions(2)		660,855			11,458,510			60,846,377			52,696,016
Total increase in net assets		4,234,452			15,974,367			87,904,684			78,480,285
Net Assets:
Beginning of Year		80,582,224			64,607,857			352,576,378			274,096,093
End of Year*	$	84,816,676		$	80,582,224		$	440,481,062		$	352,576,378
*Including undistributed net investment income	$	83,785		$	102,131		$	—		$	1,380,527

⁽¹⁾  Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.

⁽²⁾  See Note 6 in Notes to Financial Statements.

40 See Notes to Financial Statements.

MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Year Ended 12/31/13			For the Year Ended 12/31/12			For the Year Ended 12/31/13			For the Year Ended 12/31/12			For the Year Ended 12/31/13			For the Year Ended 12/31/12			For the Year Ended 12/31/13				For the Year Ended 12/31/12
$	5,440,061		$	4,983,671		$	2,496,038		$	1,997,691		$	1,602,964		$	1,279,369		$	113,731			$	56,129
	32,924,021			9,719,715			20,635,090			4,951,298			21,473,432			3,401,790			1,415,762				188,926
	25,057,082			26,643,843			22,713,146			16,449,734			12,875,542			11,904,561			717,247				330,794
	63,421,164			41,347,229			45,844,274			23,398,723			35,951,938			16,585,720			2,246,740				575,849
	(13,457,157	)		(7,215,597	)		(5,775,453	)		(2,098,516	)		(4,223,953	)		(1,290,110	)		(317,866	)			(56,171	)
	(12,131,890	)		—			(10,105,288	)		(1,022,785	)		(12,839,584	)		(750,228	)		(708,786	)			(62,706	)
	(25,589,047	)		(7,215,597	)		(15,880,741	)		(3,121,301	)		(17,063,537	)		(2,040,338	)		(1,026,652	)			(118,877	)
	122,536,784			75,379,767			64,052,474			40,637,718			45,024,377			31,566,664			9,768,081				13,215,155
	25,589,047			7,215,597			15,880,741			3,121,301			17,063,537			2,040,186			1,026,652				118,877
	(15,543,835	)		(19,728,424	)		(6,265,695	)		(7,240,011	)		(4,070,598	)		(2,910,235	)		(1,948,729	)			(7,474,584	)
	132,581,996			62,866,940			73,667,520			36,519,008			58,017,316			30,696,615			8,846,004				5,859,448
	170,414,113			96,998,572			103,631,053			56,796,430			76,905,717			45,241,997			10,066,092				6,316,420
	375,237,927			278,239,355			188,242,472			131,446,042			135,195,903			89,953,906			6,316,420				—
$	545,652,040		$	375,237,927		$	291,873,525		$	188,242,472		$	212,101,620		$	135,195,903		$	16,382,512			$	6,316,420
																					��
$	—		$	606,875		$	—		$	3,087		$	—		$	307		$	—			$	—

See Notes to Financial Statements. 41

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)(4)			Expenses, Gross(3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
MyDestination 2005 Fund
GS4 Class
2013		$  10.25		$0.09	#		$0.25		$0.29			$(0.18	)		$      —			$10.70		6.18	%		$84,817		0.20	%		0.25	%		0.87	%		27	%
2012		9.60		0.13	#		0.18		0.55			(0.21	)		—			10.25		8.92			80,582		0.20			0.27			1.24			8
2011		9.53		0.14	#		0.05		0.05			(0.17	)		—			9.60		2.52			64,608		0.20			0.35			1.43			31
2010		8.84		0.14	#		0.09		0.70			(0.24	)		—			9.53		10.56			54,683		0.20			0.26			1.50			19
2009		7.44		0.18	#		0.04		1.40			(0.22	)		—			8.84		21.84			66,830		0.20			0.26			2.31			57
MyDestination 2015 Fund
GS4 Class
2013		$  10.21		$0.12	#		$0.44		$0.49			$(0.28	)		$  (0.01	)		$10.97		10.35	%		$440,481		0.14	%		0.14	%		1.10	%		15	%
2012		9.37		0.15	#		0.22		0.70			(0.23	)		—			10.21		11.46			352,576		0.15			0.15			1.47			2
2011		9.36		0.14	#		0.05		(0.02	)		(0.16	)		—			9.37		1.84			274,096		0.17			0.17			1.46			33
2010		8.42		0.14	#		0.06		0.94			(0.20	)		—			9.36		13.54			245,672		0.16			0.16			1.65			28
2009		6.83		0.17	#		0.02		1.58			(0.18	)		—			8.42		26.27			219,264		0.16			0.16			2.25			25
MyDestination 2025 Fund
GS4 Class
2013		$    9.84		$0.13	#		$0.57		$0.78			$(0.27	)		$  (0.25	)		$10.80		15.15	%		$545,652		0.14	%		0.14	%		1.19	%		16	%
2012		8.81		0.14	#		0.22		0.86			(0.19	)		—			9.84		13.90			375,238		0.15			0.15			1.51			2
2011		8.94		0.13	#		0.03		(0.16	)		(0.13	)		—			8.81		0.03			278,239		0.17			0.17			1.42			24
2010		7.88		0.14	#		0.03		1.04			(0.15	)		—			8.94		15.32			236,502		0.20			0.17			1.72			15
2009		6.18		0.14	#		0.01		1.69			(0.14	)		—			7.88		30.12			169,563		0.20			0.19			2.11			13

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(2) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

(3) Does not include expenses of the investment companies in which the Fund invests.

(4) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(5) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

42 See Notes to Financial Statements.

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
MyDestination 2035 Fund
GS4 Class
2013	$	9.40	$	0.11	#	$	0.64		$	1.26		$	(0.22	)	$	(0.40	)	$	10.79		21.41	%	$	291,874		0.19	%		0.16	%		1.05	%		17	%
2012		8.22		0.11	#		0.21			1.02			(0.11	)		(0.05	)		9.40		16.30			188,242		0.20			0.18			1.23			1
2011		8.62		0.10	#		0.01			(0.37	)		(0.09	)		(0.05	)		8.22		(2.99	)		131,446		0.20			0.23			1.13			10
2010		7.52		0.10	#		0.01			1.10			(0.10	)		(0.01	)		8.62		16.02			110,206		0.20			0.23			1.32			9
2009		5.85		0.10	#		—	†		1.70			(0.11	)		(0.02	)		7.52		30.99			75,419		0.20			0.28			1.57			4
MyDestination 2045 Fund
GS4 Class
2013	$	9.14	$	0.10	#	$	0.68		$	1.35		$	(0.21	)	$	(0.69	)	$	10.37		23.44	%	$	212,102		0.20	%		0.18	%		0.94	%		18	%
2012		7.96		0.10	#		0.21			1.01			(0.09	)		(0.05	)		9.14		16.60			135,196		0.20			0.21			1.14			1
2011		8.52		0.07	#		—	†		(0.38	)		(0.07	)		(0.18	)		7.96		(3.63	)		89,954		0.20			0.29			0.87			25
2010		7.38		0.08	#		—	†		1.16			(0.07	)		(0.03	)		8.52		16.80			75,803		0.20			0.30			1.08			1
2009		5.75		0.08	#		—	†		1.67			(0.09	)		(0.03	)		7.38		30.71			44,159		0.20			0.41			1.23			7
MyDestination 2055 Fund
GS4 Class
2013	$	11.20	$	0.13	#	$	1.02		$	1.47		$	(0.26	)	$	(0.61	)	$	12.95		23.44	%	$	16,383		0.20	%		1.01	%		1.05	%		30	%
2012*		10.00		0.13	#		0.30			0.98			(0.10	)		(0.11	)		11.20		14.18			6,316		0.20			2.31			1.24			18

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

* Inception date was January 1, 2012.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(2) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

(3) Does not include expenses of the investment companies in which the Fund invests.

(4) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(5) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

See Notes to Financial Statements. 43

ASSET ALLOCATION FUNDS (Unaudited)

Capital market performance in 2013 was characterized by strength in the developed economies. Asset class performance was strongest in the equity markets as illustrated by the S&P 500^® Index which posted positive returns for each quarter of the year, resulting in an annual of 32.39%. Within U.S. equity markets, performance dispersions were evident among both capitalization and style segments. Large-cap companies underperformed small-cap companies by a measure of 5.71% as indicated by the Russell 1000^® Index and Russell 2000^®.

Along the capitalization spectrum, growth-oriented equities outperformed value-oriented equities during the year. This outcome was most notable among small capitalization stocks as the Russell 2000^® Growth Index led the Russell 2000^® Value Index by 8.78% over the one-year.

Supporting this equity rally was the Federal Reserve’s continued theme of easy monetary policies. However, despite record high equity prices and improvement in housing, inflation was absent by most measures throughout the year. Within bond markets, this environment proved to be beneficial in segments higher on the risk spectrum. As evidence, the Barclays U.S. High Yield — Corporate Index and the BofA Merrill Lynch All U.S. Convertibles Index generated returns of 7.44% and 25.00%, respectively.

Developed non-U.S. markets also experienced solid gains as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of 22.78%. All regions ended the period in positive territory as Japan and Europe advanced the most as a result of the regions’ improved outlooks. From a sector perspective all groups generated positive results during the period.

The story of emerging market economies drew a stark contrast to that of developed markets. Slower growth in emerging markets has been accompanied by much higher inflation and tighter monetary policies than experienced in developed markets. Consequently, the MSCI Emerging Markets Index posted a -2.60% return for the year.

44

Conservative Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to fixed income securities with a smaller percentage to equity securities and real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 58.00% Fixed Income Select Funds, 16.00% U.S. Equity Select Funds, 5.00% Non-U.S. Equity Select Funds, and 21.00% Real Return Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of 3.67% for the one-year period ended December 31, 2013, benefiting from positive absolute performance of certain underlying Equity Select Funds. Detracting from absolute performance was the allocation to the Real Return Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund, followed by exposure to the Growth Equity Fund and International Equity Fund.

The Fund underperformed its composite benchmark in 2013 (3.67% versus 5.43%). While the Value Equity Fund was the largest contributor to the Fund’s absolute return, it also served as the leading driver in the Fund’s relative outperformance during the year. At a target weight of approximately 59.93%, the Low-Duration Bond Fund was the primary detractor. Additionally, allocations to the Defensive Market Strategies Fund and Global Natural Resources Equity Fund had a material impact on relative underperformance over the period.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. The Fund may be suitable for investors who have a short- to medium-time investment horizon, possess a relatively low tolerance for risk and want some exposure to the growth potential of the stock market tempered by a larger allocation to short-term, fixed income securities. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		58.1
Real Return Select Funds		21.1
U.S. Equity Select Funds		15.6
Non-U.S. Equity Select Funds		5.2
		100.0

45

Conservative Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	3.67%	5.43%
Five Year	7.14%	5.77%
Ten Year	4.11%	4.38%
Inception Date	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.94%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Bank of America Merrill Lynch 1-3 Year Treasury Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P U.S. BB-Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 58%, 12%, 15%, 1%, 5%, 4% and 5%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

46

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (GS4 Class)¥		4,124,830		$	4,124,830
GuideStone Low-Duration Bond Fund (GS4 Class)¥		13,584,841			181,357,631
GuideStone Defensive Market Strategies Fund (GS4 Class)¥		2,110,470			24,101,563
GuideStone Value Equity Fund (GS4 Class)¥		553,128			11,615,696
GuideStone Growth Equity Fund (GS4 Class)¥		503,545			11,586,568
GuideStone Small Cap Equity Fund (GS4 Class)¥		140,409			2,552,633
GuideStone International Equity Fund (GS4 Class)¥		853,008			12,999,842
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		356,542			3,476,288
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		3,651,401			37,061,722

	Shares		Value
GuideStone Flexible Income Fund (GS4 Class)¥		1,393,377		$	14,017,375
GuideStone Real Estate Securities Fund (GS4 Class)¥		366,988			3,435,007
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		1,323,169			12,847,970
Total Mutual Funds (Cost $302,422,214)					319,177,125
TOTAL INVESTMENTS — 100.0% (Cost $302,422,214)					319,177,125
Other Assets in Excess of Liabilities — 0.0%					35,809
NET ASSETS — 100.0%				$	319,212,934

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	319,177,125		$	319,177,125		$	—		$	—
Total Assets - Investments in Securities		$	319,177,125		$	319,177,125		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	38,191		$	38,191		$	—		$	—
Total Assets - Other Financial Instruments		$	38,191		$	38,191		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 47

Balanced Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined approximately equal percentages to equity securities and fixed income securities in addition to a smaller allocation to real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 42.00% Fixed Income Select Funds, 28.00% U.S. Equity Select Funds, 13.00% Non-U.S. Equity Select Funds, and 17.00% Real Return Select Funds.

As a fund of funds, its performance is based on the performance of the underlying Select Funds. The Fund generated a return of 10.08% for the one-year period ending December 31, 2013, benefiting from positive absolute performance of the underlying Equity Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund. The Growth Equity Fund and the International Equity Fund also provided material benefits over the period.

The Fund underperformed its composite benchmark in 2013 (10.08% versus 11.51%), which was primarily driven by the allocation to the Real Return Select Funds. Within this asset class, both the Global Natural Resources Equity Fund and the Flexible Income Fund were material detractors to relative performance versus their respective benchmarks. The most positive contributor to relative performance came from the Extended–Duration Bond Fund allocation.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk, and seek to participate in the return potential of stocks but want to achieve this result more slowly and with less volatility through a balanced allocation of fixed-income and equity investments.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		41.6
U.S. Equity Select Funds		28.1
Real Return Select Funds		17.1
Non-U.S. Equity Select Funds		13.1
		99.9

48

Balanced Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	10.08%	11.51%
Five Year	11.70%	10.87%
Ten Year	6.01%	6.42%
Inception Date	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.10%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P U.S. BB- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 41%, 6%, 28%, 3%, 3%, 6% and 13%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

49

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		28,394,843		$	28,394,843
GuideStone Low-Duration Bond Fund (GS4 Class)¥		11,332,320			151,286,470
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		14,411,363			203,632,561
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		3,116,631			51,050,418
GuideStone Global Bond Fund (GS4 Class)¥		10,070,645			101,512,097
GuideStone Defensive Market Strategies Fund (GS4 Class)¥		9,080,580			103,700,222
GuideStone Value Equity Fund (GS4 Class)¥		5,494,563			115,385,816
GuideStone Growth Equity Fund (GS4 Class)¥		5,108,903			117,555,854
GuideStone Small Cap Equity Fund (GS4 Class)¥		1,423,719			25,883,218
GuideStone International Equity Fund (GS4 Class)¥		8,715,615			132,825,976

	Shares		Value
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		3,686,132		$	35,939,786
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		7,125,520			72,324,031
GuideStone Flexible Income Fund (GS4 Class)¥		3,815,254			38,381,452
GuideStone Real Estate Securities Fund (GS4 Class)¥		3,596,760			33,665,678
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		7,823,879			75,969,866
Total Mutual Funds (Cost $1,151,500,094)					1,287,508,288
TOTAL INVESTMENTS — 99.9% (Cost $1,151,500,094)					1,287,508,288
Other Assets in Excess of Liabilities — 0.1%					1,020,256
NET ASSETS — 100.0%				$	1,288,528,544

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,287,508,288		$	1,287,508,288		$	—		$	—
Total Assets - Investments in Securities		$	1,287,508,288		$	1,287,508,288		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	393,143		$	393,143		$	—		$	—
Total Assets - Other Financial Instruments		$	393,143		$	393,143		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

50 See Notes to Financial Statements.

Growth Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to equity securities with a smaller percentage to fixed income securities and real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 26.00% Fixed Income Select Funds, 40.00% U.S. Equity Select Funds, 25.00% Non-U.S. Equity Select Funds, and 9.00% Real Return Select Funds.

As a fund of funds, its performance is based on the performance of the underlying Select Funds. The Fund generated a return of 18.49% for the one-year period ended December 31, 2013, largely attributable to positive absolute performance of the underlying Equity Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund. The Growth Equity Fund and the International Equity Fund also provided material benefits over the period.

The Fund outperformed its composite benchmark in 2013 (18.49% versus 18.16%). The largest contributor to the Fund’s relative performance was exposure to the Value Equity Fund, which outperformed its respective benchmark primarily due to security selection. The Fund’s relative performance was negatively impacted by allocations to both the Global Natural Resources Equity Fund and the Low-Duration Bond Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		39.3
Non-U.S. Equity Select Funds		25.8
Fixed Income Select Funds		25.6
Real Return Select Funds		9.2
		99.9

51

Growth Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	18.49%	18.16%
Five Year	14.10%	13.65%
Ten Year	6.50%	6.97%
Inception Date	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.17%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Barclays U.S. Aggregate Bond Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 25%, 40%, 4%, 6% and 25%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

52

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		19,336,501		$	19,336,501
GuideStone Low-Duration Bond Fund (GS4 Class)¥		5,056,858			67,509,057
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		6,440,352			91,002,174
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		1,422,648			23,302,975
GuideStone Global Bond Fund (GS4 Class)¥		4,536,099			45,723,874
GuideStone Value Equity Fund (GS4 Class)¥		8,123,949			170,602,934
GuideStone Growth Equity Fund (GS4 Class)¥		7,416,473			170,653,044
GuideStone Small Cap Equity Fund (GS4 Class)¥		2,064,105			37,525,434
GuideStone International Equity Fund (GS4 Class)¥		12,831,083			195,545,699

	Shares		Value
GuideStone Emerging Market Equity Fund (GS4 Class)*¥		5,418,243		$	52,827,873
GuideStone Real Estate Securities Fund (GS4 Class)¥		3,439,694			32,195,539
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		5,843,828			56,743,574
Total Mutual Funds (Cost $846,501,755)					962,968,678
TOTAL INVESTMENTS — 99.9% (Cost $846,501,755)					962,968,678
Other Assets in Excess of Liabilities — 0.1%					932,918
NET ASSETS — 100.0%				$	963,901,596

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total     Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	962,968,678		$	962,968,678		$	—		$	—
Total Assets - Investments in Securities		$	962,968,678		$	962,968,678		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	555,401		$	555,401		$	—		$	—
Total Assets - Other Financial Instruments		$	555,401		$	555,401		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Schedules of Investments. 53

Aggressive Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to U.S. equity securities with a smaller percentage to non-U.S. equity securities. The Fund had a target of, but was not limited to, an asset allocation of 60.00% U.S. Equity Select Funds and 40.00% Non-U.S. Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of 27.41% for the one-year period ended December 31, 2013, as absolute performance was largely attributable to exposure to the Value Equity Fund and Growth Equity Fund.

The Fund outperformed its composite benchmark in 2013 (27.41% versus 26.04%). The Value Equity Fund served as the key driver in the Fund’s relative outperformance for the year. The Growth Equity Fund and the International Equity Fund also made material relative contributions to the Fund during the second half of the year.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and want to diversify by adding an aggressive investment option that combines U.S. and international stocks. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		59.2
Non-U.S. Equity Select Funds		38.7
Fixed Income Select Fund		2.0
		99.9

54

Aggressive Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	27.41%	26.04%
Five Year	16.37%	16.55%
Ten Year	6.82%	7.47%
Inception Date	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.27%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS4 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Russell 3000^® Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 60.00% and 40.00%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

55

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares	Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥	17,878,395			$17,878,395
GuideStone Value Equity Fund (GS4 Class)¥	11,075,192			232,579,031
GuideStone Growth Equity Fund (GS4 Class)¥	10,263,763			236,169,182
GuideStone Small Cap Equity Fund (GS4 Class)¥	2,850,341			51,819,192
GuideStone International Equity Fund (GS4 Class)¥	17,565,949			267,705,065
GuideStone Emerging Market Equity Fund (GS4 Class)*¥	7,420,218			72,347,121
Total Mutual Funds (Cost $727,104,394)				878,497,986
TOTAL INVESTMENTS — 99.9% (Cost $727,104,394)				878,497,986
Other Assets in Excess of Liabilities — 0.1%				1,065,162
NET ASSETS — 100.0%			$	879,563,148

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	878,497,986		$	878,497,986		$	—		$	—
Total Assets - Investments in Securities		$	878,497,986		$	878,497,986		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	756,054		$	756,054		$	—		$	—
Total Assets - Other Financial Instruments		$	756,054		$	756,054		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

56 See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	Conservative Allocation Fund		Balanced Allocation Fund		Growth Allocation Fund		Aggressive Allocation Fund
Assets
Investments in securities of affiliated issuers, at value (1)	$	319,177,125	$	1,287,508,288	$	962,968,678	$	878,497,986
Cash collateral for derivatives		74,200		811,600		796,400		925,200
Receivables:
Dividends from affiliated funds		33		232		160		155
Fund shares sold		40,890		368,012		212,747		182,649
Variation margin on financial futures contracts		3,430		50,470		54,265		66,700
Prepaid expenses and other assets		16,892		15,359		13,103		12,695
Total Assets		319,312,570		1,288,753,961		964,045,353		879,685,385
Liabilities
Payables:
Fund shares redeemed		36,262		24,965		—		—
Variation margin on financial futures contracts		—		18,891		6,687		—
Accrued expenses:
Investment advisory fees		14,838		98,136		72,386		67,356
Professional fees		17,479		17,479		17,479		17,479
Other expenses		31,057		65,946		47,205		37,402
Total Liabilities		99,636		225,417		143,757		122,237
Net Assets	$	319,212,934	$	1,288,528,544	$	963,901,596	$	879,563,148
Net Assets Consist of:
Paid-in-capital	$	301,642,460	$	1,131,187,864	$	818,798,200	$	690,410,668
Undistributed net realized gain on investments and derivative transactions		777,372		20,939,343		28,081,072		37,002,834
Net unrealized appreciation (depreciation) on investments and derivative transactions		16,793,102		136,401,337		117,022,324		152,149,646
Net Assets	$	319,212,934	$	1,288,528,544	$	963,901,596	$	879,563,148
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	319,212,934	$	1,288,528,544	$	963,901,596	$	879,563,148
GS4 shares outstanding		26,971,515		98,076,144		68,849,411		59,351,596
Net asset value, offering and redemption price per GS4 share	$	11.84	$	13.14	$	14.00	$	14.82
(1) Investments in securities of affiliated issuers, at cost	$	302,422,214	$	1,151,500,094	$	846,501,755	$	727,104,394

See Notes to Financial Statements. 57

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income dividends received from affiliated funds	$	3,120,041		$	16,953,761		$	10,402,047		$	7,069,421
Interest		—			—			—			558
Total Investment Income		3,120,041			16,953,761			10,402,047			7,069,979
Expenses
Investment advisory fees		327,776			1,286,542			925,339			812,928
Transfer agent fees:
GS4 shares		31,715			57,732			37,538			33,502
Custodian fees		19,028			35,729			28,981			22,608
Accounting and administration fees		20,851			69,366			51,076			45,069
Professional fees		46,087			46,087			46,087			46,087
Blue sky fees:
GS4 shares		20,833			17,620			18,339			16,644
Shareholder reporting fees:
GS4 shares		28,390			57,648			37,597			32,618
Trustee expenses		3,288			12,808			9,222			8,121
Line of credit facility fees		3,186			12,334			8,858			7,779
Other expenses		8,719			10,026			10,313			9,523
Total Expenses		509,873			1,605,892			1,173,350			1,034,879
Expenses waived/reimbursed(1)		(122,093	)		(98,366	)		(87,577	)		(79,432	)
Net Expenses		387,780			1,507,526			1,085,773			955,447
Net investment income		2,732,261			15,446,235			9,316,274			6,114,532
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		5,310,243			40,924,872			42,499,573			50,860,955
Net realized gain on investment securities of affiliated issuers		15,455,343			35,472,898			49,833,057			15,511,241
Net realized gain on futures transactions		254,012			2,239,119			2,683,817			2,654,901
Net realized gain		21,019,598			78,636,889			95,016,447			69,027,097
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(12,285,298	)		25,114,031			48,422,347			117,587,900
Change in unrealized appreciation (depreciation) on futures		26,458			322,838			452,871			653,729
Net change in unrealized appreciation		(12,258,840	)		25,436,869			48,875,218			118,241,629
Net Realized and Unrealized Gain		8,760,758			104,073,758			143,891,665			187,268,726
Net Increase in Net Assets Resulting from Operations	$	11,493,019		$	119,519,993		$	153,207,939		$	193,383,258

⁽¹⁾ See Note 3a and 3c in Notes to Financial Statements.

58 See Notes to Financial Statements.

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59

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Year Ended						For the Year Ended
	12/31/13			12/31/12			12/31/13			12/31/12
Operations:
Net investment income	$	2,732,261		$	3,981,573		$	15,446,235		$	17,917,465
Net realized gain on investment securities and futures transactions		21,019,598			4,388,403			78,636,889			33,920,005
Net change in unrealized appreciation (depreciation) on investment securities and futures		(12,258,840	)		12,269,712			25,436,869			76,537,794
Net increase in net assets resulting from operations		11,493,019			20,639,688			119,519,993			128,375,264
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		(4,587,228	)		(5,748,208	)		(26,717,331	)		(25,053,190	)
Distributions from net realized capital gains		(17,676,838	)		(780,975	)		(54,188,791	)		(14,173,968	)
Total dividends and distributions		(22,264,066	)		(6,529,183	)		(80,906,122	)		(39,227,158	)
Capital Share Transactions:
Proceeds from GS4 shares sold		44,406,970			45,857,397			81,882,324			60,529,162
Reinvestment of dividends and distributions into GS4 shares		22,243,595			6,526,106			80,865,441			39,204,104
Total proceeds from shares sold and reinvested		66,650,565			52,383,503			162,747,765			99,733,266
Value of GS4 shares redeemed		(63,987,436	)		(32,409,160	)		(117,701,721	)		(81,287,742	)
Total value of shares redeemed		(63,987,436	)		(32,409,160	)		(117,701,721	)		(81,287,742	)
Net increase (decrease) from capital share transactions(2)		2,663,129			19,974,343			45,046,044			18,445,524
Total increase (decrease) in net assets		(8,107,918	)		34,084,848			83,659,915			107,593,630
Net Assets:
Beginning of Year		327,320,852			293,236,004			1,204,868,629			1,097,274,999
End of Year*	$	319,212,934		$	327,320,852		$	1,288,528,544		$	1,204,868,629
*Including undistributed net investment income	$	—		$	1,189		$	—		$	1,695

⁽¹⁾  Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.

⁽²⁾  See Note 6 in Notes to Financial Statements.

60 See Notes to Financial Statements.

Growth Allocation Fund						Aggressive Allocation Fund
For the Year Ended						For the Year Ended
12/31/13			12/31/12			12/31/13			12/31/12
$	9,316,274		$	9,759,054		$	6,114,532		$	6,546,308
	95,016,447			24,287,794			69,027,097			30,188,593
	48,875,218			79,796,586			118,241,629			75,596,122
	153,207,939			113,843,434			193,383,258			112,331,023
	(18,512,739	)		(11,303,246	)		(16,817,289	)		(6,549,181	)
	(72,279,436	)		(6,704,077	)		(41,616,328	)		(10,630,919	)
	(90,792,175	)		(18,007,323	)		(58,433,617	)		(17,180,100	)
	43,881,701			31,477,784			30,036,829			76,004,191
	90,787,186			18,005,817			58,430,316			17,178,628
	134,668,887			49,483,601			88,467,145			93,182,819
	(86,415,713	)		(75,431,090	)		(70,518,946	)		(136,458,221	)
	(86,415,713	)		(75,431,090	)		(70,518,946	)		(136,458,221	)
	48,253,174			(25,947,489	)		17,948,199			(43,275,402	)
	110,668,938			69,888,622			152,897,840			51,875,521
	853,232,658			783,344,036			726,665,308			674,789,787
$	963,901,596		$	853,232,658		$	879,563,148		$	726,665,308
$	—		$	7,260		$	—		$	—

See Notes to Financial Statements. 61

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund
GS4 Class
2013	$	12.27	$	0.11	#	$	0.21		$	0.12		$	(0.17	)	$	(0.70	)	$	11.84		3.67	%	$	319,213		0.12	%		0.16	%		0.85	%		12	%
2012		11.70		0.16	#		0.16			0.50			(0.22	)		(0.03	)		12.27		7.02			327,321		0.12			0.16			1.29			3
2011		11.87		0.18	#		0.05			(0.03	)		(0.19	)		(0.18	)		11.70		1.71			293,236		0.12			0.17			1.47			9
2010		11.39		0.18	#		0.08			0.56			(0.27	)		(0.07	)		11.87		7.19			261,993		0.12			0.15			1.57			19
2009		10.33		0.26	#		—	†		1.44			(0.26	)		(0.38	)		11.39		16.58			284,750		0.12			0.16			2.37			32
Balanced Allocation Fund
GS4 Class
2013	$	12.73	$	0.16	#	$	0.44		$	0.68		$	(0.28	)	$	(0.59	)	$	13.14		10.08	%	$	1,288,529		0.12	%		0.13	%		1.23	%		27	%
2012		11.77		0.19	#		0.22			0.97			(0.27	)		(0.15	)		12.73		11.79			1,204,869		0.12			0.13			1.54			3
2011		12.12		0.20	#		0.06			(0.14	)		(0.26	)		(0.21	)		11.77		1.01			1,097,275		0.12			0.13			1.65			16
2010		11.14		0.23	#		0.09			1.00			(0.34	)		—			12.12		11.87			1,120,981		0.12			0.12			1.95			17
2009		9.20		0.26	#		0.05			1.97			(0.27	)		(0.07	)		11.14		25.05			1,132,991		0.12			0.13			2.58			19
Growth Allocation Fund
GS4 Class
2013	$	13.04	$	0.15	#	$	0.67		$	1.57		$	(0.27	)	$	(1.16	)	$	14.00		18.49	%	$	963,902		0.12	%		0.13	%		1.03	%		22	%
2012		11.60		0.15	#		0.26			1.30			(0.17	)		(0.10	)		13.04		14.84			853,233		0.12			0.13			1.17			2
2011		12.28		0.16	#		0.03			(0.49	)		(0.17	)		(0.21	)		11.60		(2.39	)		783,344		0.12			0.14			1.26			10
2010		11.11		0.16	#		0.05			1.31			(0.27	)		(0.08	)		12.28		13.65			841,926		0.12			0.13			1.43			8
2009		8.86		0.18	#		0.02			2.25			(0.15	)		(0.05	)		11.11		27.96			840,810		0.12			0.13			1.88			11
Aggressive Allocation Fund
GS4 Class
2013	$	12.46	$	0.11	#	$	0.90		$	2.39		$	(0.29	)	$	(0.75	)	$	14.82		27.41	%	$	879,563		0.12	%		0.13	%		0.77	%		12	%
2012		10.89		0.11	#		0.26			1.50			(0.11	)		(0.19	)		12.46		17.19			726,665		0.12			0.13			0.91			5
2011		11.79		0.10	#		—	†		(0.71	)		(0.10	)		(0.19	)		10.89		(5.14	)		674,790		0.12			0.14			0.83			9
2010		10.43		0.10	#		—	†		1.48			(0.10	)		(0.12	)		11.79		15.16			745,493		0.12			0.13			0.91			1
2009		8.13		0.10	#		—	†		2.38			(0.10	)		(0.08	)		10.43		30.82			729,734		0.12			0.14			1.17			3

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(2) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

(3) Does not include expenses of the investment companies in which the Fund invests.

(4) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(5) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

62 See Notes to Financial Statements.

Conservative Allocation Fund I (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to fixed income securities with a smaller percentage to equity securities and real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 58.00% Fixed Income Select Funds, 16.00% U.S. Equity Select Funds, 5.00% Non-U.S. Equity Select Funds, and 21.00% Real Return Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of 3.85% for the one-year period ended December 31, 2013, benefiting from positive absolute performance of certain underlying Equity Select Funds. Detracting from absolute performance was the allocation to the Real Return Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund, followed by exposure to the Growth Equity Fund and International Equity Fund.

The Fund underperformed its composite benchmark in 2013 (3.85% versus 5.43%). While the Value Equity Fund was the largest contributor to the Fund’s absolute return, it also served as the leading driver in the Fund’s relative outperformance during the year. At a target weight of approximately 59.93%, the Low-Duration Bond Fund was the primary detractor. Additionally, allocations to the Defensive Market Strategies Fund and Global Natural Resources Equity Fund had a material impact on relative underperformance over the period.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. The Fund may be suitable for investors who have a short—to medium-time investment horizon, possess a relatively low tolerance for risk and want some exposure to the growth potential of the stock market tempered by a larger allocation to short-term, fixed income securities. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		58.0
Real Return Select Funds		21.1
U.S. Equity Select Funds		15.6
Non-U.S. Equity Select Funds		5.2
		99.9

63

Conservative Allocation Fund I (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	Benchmark**
One Year	3.85%	5.43%
Five Year	7.32%	5.77%
Ten Year	4.27%	4.38%
Inception Date	07/01/03
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.82%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS2 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Bank of America Merrill Lynch 1-3 Year Treasury Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P U.S. BB-Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 58%, 12%, 15%, 1%, 5%, 4% and 5%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

64

CONSERVATIVE ALLOCATION FUND I SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		1,003,363		$	1,003,363
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,562,198			47,501,174
GuideStone Defensive Market Strategies Fund (GS2 Class)¥		552,376			6,313,658
GuideStone Value Equity Fund (GS2 Class)¥		307,129			3,040,580
GuideStone Growth Equity Fund (GS2 Class)¥		249,054			3,038,462
GuideStone Small Cap Equity Fund (GS2 Class)¥		64,648			668,463
GuideStone International Equity Fund (GS2 Class)¥		294,857			3,405,600
GuideStone Funds Emerging Market Equity Fund (GS2 Class)*¥		93,595			912,549
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		956,137			9,704,788
GuideStone Flexible Income Fund (GS4 Class)¥		365,135			3,673,259
GuideStone Real Estate Securities Fund (GS4 Class)¥		96,202			900,449
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		346,522			3,364,729
Total Mutual Funds (Cost $83,400,666)					83,527,074
TOTAL INVESTMENTS — 99.9% (Cost $83,400,666)					83,527,074
Other Assets in Excess of Liabilities — 0.1%					111,811
NET ASSETS — 100.0%				$	83,638,885

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total     Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	83,527,074		$	83,527,074		$	—		$	—
Total Assets - Investments in Securities		$	83,527,074		$	83,527,074		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	7,241		$	7,241		$	—		$	—
Total Assets - Other Financial Instruments		$	7,241		$	7,241		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 65

Balanced Allocation Fund I (Unaudited)

The Fund, through investments in the underlying Select Funds, combined approximately equal percentages to equity securities and fixed income securities in addition to a smaller allocation to real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 42.00% Fixed Income Select Funds, 28.00% U.S. Equity Select Funds, 13.00% Non-U.S. Equity Select Funds, and 17.00% Real Return Select Funds.

As a fund of funds, its performance is based on the performance of the underlying Select Funds. The Fund generated a return of 10.22% for the one-year period ending December 31, 2013, benefiting from positive absolute performance of the underlying Equity Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund. The Growth Equity Fund and the International Equity Fund also provided material benefits over the period.

The Fund underperformed its composite benchmark in 2013 (10.22% versus 11.51%), which was primarily driven by the allocation to the Real Return Select Funds. Within this asset class, both the Global Natural Resources Equity Fund and the Flexible Income Fund were material detractors to relative performance versus their respective benchmarks. The most positive contributor to relative performance came from the Extended–Duration Bond Fund allocation.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk, and seek to participate in the return potential of stocks but want to achieve this result more slowly and with less volatility through a balanced allocation of fixed-income and equity investments.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		41.4
U.S. Equity Select Funds		28.2
Real Return Select Funds		17.2
Non-U.S. Equity Select Funds		13.1
		99.9

66

Balanced Allocation Fund I (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	Benchmark**
One Year	10.22%	11.51%
Five Year	11.88%	10.87%
Ten Year	6.17%	6.42%
Inception Date	07/01/03
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.93%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS2 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P U.S. BB- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 41%, 6%, 28%, 3%, 3%, 6% and 13%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

67

BALANCED ALLOCATION FUND I SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		7,009,585		$	7,009,585
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,339,710			45,601,127
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		8,894,945			61,464,073
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		3,224,864			15,414,850
GuideStone Global Bond Fund (GS4 Class)¥		3,037,827			30,621,300
GuideStone Defensive Market Strategies Fund (GS2 Class)¥		2,737,784			31,292,866
GuideStone Value Equity Fund (GS2 Class)¥		3,516,759			34,815,915
GuideStone Growth Equity Fund (GS2 Class)¥		2,907,769			35,474,776
GuideStone Small Cap Equity Fund (GS2 Class)¥		755,377			7,810,599
GuideStone International Equity Fund (GS2 Class)¥		3,471,264			40,093,098
GuideStone Funds Emerging Market Equity Fund (GS2 Class)*¥		1,111,873			10,840,765
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		2,149,497			21,817,397
GuideStone Flexible Income Fund (GS4 Class)¥		1,150,763			11,576,680
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,084,991			10,155,515
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		2,360,226			22,917,798
Total Mutual Funds (Cost $366,448,483)					386,906,344
TOTAL INVESTMENTS — 99.9% (Cost $366,448,483)					386,906,344
Other Assets in Excess of Liabilities — 0.1%					461,011
NET ASSETS — 100.0%				$	387,367,355

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	386,906,344		$	386,906,344		$	—		$	—
Total Assets - Investments in Securities		$	386,906,344		$	386,906,344		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	92,697		$	92,697		$	—		$	—
Total Assets - Other Financial Instruments		$	92,697		$	92,697		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

68 See Notes to Financial Statements.

Growth Allocation Fund I (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to equity securities with a smaller percentage to fixed income securities and real asset securities. The Fund had a target of, but was not limited to, an asset allocation of 26.00% Fixed Income Select Funds, 40.00% U.S. Equity Select Funds, 25.00% Non-U.S. Equity Select Funds, and 9.00% Real Return Select Funds.

As a fund of funds, its performance is based on the performance of the underlying Select Funds. The Fund generated a return of 18.72% for the one-year period ended December 31, 2013, largely attributable to positive absolute performance of the underlying Equity Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund. The Growth Equity Fund and the International Equity Fund also provided material benefits over the period.

The Fund outperformed its composite benchmark in 2013 (18.72% versus 18.16%). The largest contributor to the Fund’s relative performance was exposure to the Value Equity Fund, which outperformed its respective benchmark primarily due to security selection. The Fund’s relative performance was negatively impacted by allocations to both the Global Natural Resources Equity Fund and the Low-Duration Bond Fund.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		39.4
Non-U.S. Equity Select Funds		25.8
Fixed Income Select Funds		25.5
Real Return Select Funds		9.2
		99.9

69

Growth Allocation Fund I (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	Benchmark**
One Year	18.72%	18.16%
Five Year	14.26%	13.65%
Ten Year	6.68%	6.97%
Inception Date	07/01/03
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.01%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS2 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Barclays U.S. Aggregate Bond Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 25%, 40%, 4%, 6% and 25%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

70

GROWTH ALLOCATION FUND I SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		5,114,024		$	5,114,024
GuideStone Low-Duration Bond Fund (GS2 Class)¥		2,224,366			18,996,085
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		3,708,806			25,627,848
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		1,372,505			6,560,575
GuideStone Global Bond Fund (GS4 Class)¥		1,276,577			12,867,895
GuideStone Value Equity Fund (GS2 Class)¥		4,846,909			47,984,403
GuideStone Growth Equity Fund (GS2 Class)¥		3,937,905			48,042,442
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,020,727			10,554,319
GuideStone International Equity Fund (GS2 Class)¥		4,766,219			55,049,827
GuideStone Funds Emerging Market Equity Fund (GS2 Class)*¥		1,524,795			14,866,752
GuideStone Real Estate Securities Fund (GS4 Class)¥		967,868			9,059,241
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		1,644,780			15,970,817
Total Mutual Funds (Cost $247,601,518)					270,694,228
TOTAL INVESTMENTS — 99.9% (Cost $247,601,518)					270,694,228
Other Assets in Excess of Liabilities — 0.1%					401,775
NET ASSETS — 100.0%				$	271,096,003

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	270,694,228		$	270,694,228		$	—		$	—
Total Assets - Investments in Securities		$	270,694,228		$	270,694,228		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	140,579		$	140,579		$	—		$	—
Total Assets - Other Financial Instruments		$	140,579		$	140,579		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

See Notes to Financial Statements. 71

Aggressive Allocation Fund I (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to U.S. equity securities with a smaller percentage to non-U.S. equity securities. The Fund had a target of, but was not limited to, an asset allocation of 60.00% U.S. Equity Select Funds and 40.00% Non-U.S. Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of 27.73% for the one-year period ended December 31, 2013, as absolute performance was largely attributable to exposure to the Value Equity Fund and Growth Equity Fund.

The Fund outperformed its composite benchmark in 2013 (27.73% versus 26.04%). The Value Equity Fund served as the key driver in the Fund’s relative outperformance for the year. The Growth Equity Fund and the International Equity Fund also made material relative contributions to the Fund during the second half of the year.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and want to diversify by adding an aggressive investment option that combines U.S. and international stocks. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		59.3
Non-U.S. Equity Select Funds		38.7
Fixed Income Select Fund		1.9
		99.9

72

Aggressive Allocation Fund I (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	Benchmark**
One year	27.73%	26.04%
Five year	16.55%	16.55%
Ten Year	6.98%	7.47%
Inception Date	07/01/03
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.08%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the GS2 Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS2 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2013, consisting of the Russell 3000^® Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 60.00% and 40.00%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

73

AGGRESSIVE ALLOCATION FUND I SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		3,618,856	$		3,618,856
GuideStone Value Equity Fund (GS2 Class)¥		5,046,886			49,964,167
GuideStone Growth Equity Fund (GS2 Class)¥		4,162,693			50,784,861
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,077,028			11,136,469
GuideStone International Equity Fund (GS2 Class)¥		4,984,837			57,574,864
GuideStone Funds Emerging Market Equity Fund (GS2 Class)*¥		1,593,383			15,535,488
Total Mutual Funds (Cost $169,246,343)					188,614,705
TOTAL INVESTMENTS — 99.9% (Cost $169,246,343)					188,614,705
Other Assets in Excess of Liabilities — 0.1%					246,697
NET ASSETS — 100.0%				$	188,861,402

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	188,614,705		$	188,614,705		$	—		$	—
Total Assets - Investments in Securities		$	188,614,705		$	188,614,705		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	139,848		$	139,848		$	—		$	—
Total Assets - Other Financial Instruments		$	139,848		$	139,848		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

74 See Notes to Financial Statements.

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75

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Assets
Investments in securities of affiliated issuers, at value (1)	$	83,527,074		$	386,906,344		$	270,694,228		$	188,614,705
Cash collateral for derivatives		50,400			230,850			221,950			177,000
Receivables:
Dividends from affiliated funds		9			63			48			32
Fund shares sold		86,935			285,116			218,149			94,758
Variation margin on financial futures contracts		640			12,755			13,215			13,895
Prepaid expenses and other assets		4,064			4,064			4,064			4,064
Total Assets		83,669,122			387,439,192			271,151,654			188,904,454
Liabilities
Payables:
Variation margin on financial futures contracts		—			4,781			1,750			—
Accrued expenses:
Investment advisory fees		4,724			33,118			23,015			16,191
Professional fees		17,479			17,479			17,479			17,479
Other expenses		8,034			16,459			13,407			9,382
Total Liabilities		30,237			71,837			55,651			43,052
Net Assets	$	83,638,885		$	387,367,355		$	271,096,003		$	188,861,402
Net Assets Consist of:
Paid-in-capital	$	85,213,058		$	388,353,451		$	255,304,846		$	174,165,219
Undistributed net investment income		—			5,275,083			1,464,856			4,390,854
Accumulated net realized loss on investments and futures transactions		(1,707,822	)		(26,811,737	)		(8,906,988	)		(9,202,881	)
Net unrealized appreciation (depreciation) on investments and futures		133,649			20,550,558			23,233,289			19,508,210
Net Assets	$	83,638,885		$	387,367,355		$	271,096,003		$	188,861,402
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	83,638,885		$	387,367,355		$	271,096,003		$	188,861,402
GS2 shares outstanding		8,573,030			36,244,583			22,119,953			13,492,830
Net asset value, offering and redemption price per GS2 share	$	9.76		$	10.69		$	12.26		$	14.00
(1) Investments in securities of affiliated issuers, at cost	$	83,400,666		$	366,448,483		$	247,601,518		$	169,246,343

76 See Notes to Financial Statements.

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	Conservative Allocation Fund I			Balanced Allocation Fund I		Growth Allocation Fund I			Aggressive Allocation Fund I
Investment Income
Income dividends received from affiliated funds	$	1,388,170		$	9,892,226	$	5,784,044		$	2,979,731
Total Investment Income		1,388,170			9,892,226		5,784,044			2,979,731
Expenses
Investment advisory fees		86,193			381,121		256,568			171,479
Transfer agent fees:
GS2 Shares		3,879			4,050		3,851			3,866
Custodian fees		11,714			22,458		18,490			12,325
Accounting and administration fees		8,103			23,391		16,976			12,289
Professional fees		46,087			46,087		46,087			46,087
Blue sky fees:
GS2 Shares		4,358			4,081		4,081			4,081
Shareholder reporting fees		419			735		380			379
Trustee expenses		866			3,833		2,591			1,732
Line of credit facility fees		834			3,673		2,466			1,648
Other expenses		8,719			8,719		8,719			8,719
Total Expenses		171,172			498,148		360,209			262,605
Expenses waived/reimbursed net of amount recaptured(1)		(43,252	)		—		—			(9,637	)
Net expenses		127,920			498,148		360,209			252,968
Net investment income		1,260,250			9,394,078		5,423,835			2,726,763
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		1,884,592			19,233,894		19,868,191			18,521,018
Net realized gain (loss) on investment securities of affiliated issuers		3,178,397			1,844,311		(3,624,340	)		(5,627,335	)
Net realized gain on futures transactions		39,184			577,566		637,020			494,098
Net realized gain		5,102,173			21,655,771		16,880,871			13,387,781
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(3,240,856	)		4,917,604		20,092,815			24,686,374
Change in unrealized depreciation on futures		5,786			79,027		119,943			122,117
Net change in unrealized appreciation		(3,235,070	)		4,996,631		20,212,758			24,808,491
Net Realized and Unrealized Gain		1,867,103			26,652,402		37,093,629			38,196,272
Net Increase in Net Assets Resulting from Operations	$	3,127,353		$	36,046,480	$	42,517,464		$	40,923,035

⁽¹⁾ See Note 3a and 3c in Notes to Financial Statements.

See Notes to Financial Statements. 77

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Year Ended						For the Year Ended
	12/31/13			12/31/12			12/31/13			12/31/12
Operations:
Net investment income	$	1,260,250		$	1,649,298		$	9,394,078		$	10,157,308
Net realized gain on investment securities and futures transactions		5,102,173			2,170,590			21,655,771			7,558,339
Net change in unrealized appreciation (depreciation) on investment securities and futures		(3,235,070	)		1,520,272			4,996,631			19,489,434
Net increase in net assets resulting from operations		3,127,353			5,340,160			36,046,480			37,205,081
Dividends to Shareholders:
Dividends from net investment income(1)		(2,555,816	)		(2,141,071	)		(13,881,599	)		(13,614,253	)
Distributions from net realized capital gains		(476,714	)		—			—			—
Total dividends		(3,032,530	)		(2,141,071	)		(13,881,599	)		(13,614,253	)
Capital Share Transactions:
Proceeds from GS2 shares sold		10,446,277			12,716,837			30,704,095			20,064,388
Reinvestment of dividends and distributions into GS2 shares		3,015,087			2,125,628			13,840,284			13,566,365
Value of GS2 shares redeemed		(12,635,464	)		(9,464,251	)		(24,596,392	)		(22,233,722	)
Net increase (decrease) from capital share transactions(2)		825,900			5,378,214			19,947,987			11,397,031
Total increase in net assets		920,723			8,577,303			42,112,868			34,987,859
Net Assets:
Beginning of Year		82,718,162			74,140,859			345,254,487			310,266,628
End of Year*	$	83,638,885		$	82,718,162		$	387,367,355		$	345,254,487
*Including undistributed net investment income	$	—		$	705,405		$	5,275,083		$	5,274,456

⁽¹⁾ Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.

⁽²⁾ See Note 6 in Notes to Financial Statements.

78 See Notes to Financial Statements.

Growth Allocation Fund I					Aggressive Allocation Fund I
For the Year Ended					For the Year Ended
12/31/13		12/31/12			12/31/13			12/31/12
$	5,423,835	$	5,051,180		$	2,726,763		$	2,573,267
	16,880,871		3,596,208			13,387,781			2,229,394
	20,212,758		20,569,665			24,808,491			17,103,003
	42,517,464		29,217,053			40,923,035			21,905,664
	(9,414,953)		(5,883,636	)		(4,675,371	)		(2,288,303	)
	—		—			—			—
	(9,414,953)		(5,883,636	)		(4,675,371	)		(2,288,303	)
	29,753,490		10,082,428			17,600,936			6,044,994
	9,406,951		5,877,919			4,673,297			2,286,963
	(17,497,829)		(20,845,946	)		(12,491,272	)		(14,584,673	)
	21,662,612		(4,885,599	)		9,782,961			(6,252,716	)
	54,765,123		18,447,818			46,030,625			13,364,645
	216,330,880		197,883,062			142,830,777			129,466,132
$	271,096,003	$	216,330,880		$	188,861,402		$	142,830,777
$	1,464,856	$	1,465,336		$	4,390,854		$	2,572,546

See Notes to Financial Statements. 79

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund I
GS2 Class
2013	$	9.75	$	0.15	#	$	0.22		$	0.01		$	(0.31	)	$	(0.06	)	$	9.76		3.85	%	$	83,639		0.15	%		0.20	%		1.48	%		21	%
2012		9.35		0.20	#		0.15			0.31			(0.26	)		—			9.75		7.07			82,718		0.15			0.21			2.10			8
2011		9.42		0.22	#		0.05			(0.09	)		(0.25	)		—			9.35		1.92			74,141		0.15			0.24			2.26			26
2010		9.06		0.23	#		0.10			0.33			(0.30	)		—			9.42		7.25			71,926		0.15			0.20			2.50			12
2009		8.00		0.32	#		—	†		1.05			(0.31	)		—			9.06		17.13			64,230		0.15			0.23			3.70			35
Balanced Allocation Fund I
GS2 Class
2013	$	10.06	$	0.27	#	$	0.55		$	0.21		$	(0.40	)	$	—		$	10.69		10.22	%	$	387,367		0.13	%		0.13	%		2.51	%		31	%
2012		9.35		0.31	#		0.30			0.51			(0.41	)		—			10.06		12.05			345,254		0.14			0.14			3.06			5
2011		9.64		0.31	#		0.11			(0.31	)		(0.40	)		—			9.35		1.14			310,267		0.14			0.14			3.14			18
2010		9.00		0.33	#		0.15			0.60			(0.44	)		—			9.64		12.04			347,489		0.13			0.13			3.56			19
2009		7.53		0.37	#		0.08			1.46			(0.44	)		—			9.00		25.28			326,676		0.14			0.14			4.46			20
Growth Allocation Fund I
GS2 Class
2013	$	10.70	$	0.25	#	$	0.92		$	0.83		$	(0.44	)	$	—		$	12.26		18.72	%	$	271,096		0.14	%		0.14	%		2.15	%		28	%
2012		9.56		0.25	#		0.36			0.83			(0.30	)		—			10.70		15.09			216,331		0.15			0.15			2.41			4
2011		10.08		0.24	#		0.05			(0.51	)		(0.30	)		—			9.56		(2.21	)		197,883		0.15			0.15			2.34			13
2010		9.13		0.24	#		0.07			0.94			(0.30	)		—			10.08		13.68			233,557		0.14			0.14			2.60			13
2009		7.35		0.26	#		0.04			1.78			(0.30	)		—			9.13		28.22			209,059		0.15			0.15			3.28			13
Aggressive Allocation Fund I
GS2 Class
2013	$	11.24	$	0.21	#	$	1.40		$	1.51		$	(0.36	)	$	—		$	14.00		27.73	%	$	188,861		0.15	%		0.16	%		1.62	%		17	%
2012		9.74		0.20	#		0.37			1.11			(0.18	)		—			11.24		17.31			142,831		0.15			0.16			1.87			8
2011		10.44		0.16	#		0.01			(0.69	)		(0.18	)		—			9.74		(4.93	)		129,466		0.15			0.18			1.51			9
2010		9.21		0.16	#		—	†		1.24			(0.17	)		—			10.44		15.23			157,310		0.15			0.16			1.67			5
2009		7.20		0.16	#		—	†		2.06			(0.21	)		—			9.21		30.87			143,264		0.15			0.17			2.10			5

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(2) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

(3) Does not include expenses of the investment companies in which the Fund invests.

(4) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(5) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

80 See Notes to Financial Statements.

FIXED INCOME SELECT FUNDS (Unaudited)

The central theme in the bond market during 2013 was the continuation of the Federal Reserve’s (the central bank of the United States) monetary policy and the impact to its returns. Since the fall out from the financial crisis in 2008, the heavy burden of stimulating the domestic economy has fallen squarely on the shoulders of the Federal Reserve. While many pundits debate whether or not the Federal Reserve’s policies are sound and will result in positive outcomes, most agree that they have been aggressive in an attempt to avoid recessionary and deflationary environments.

During 2013, the Federal Reserve maintained the federal funds rate at 0% - 0.25%, keeping very short-term rates tethered near zero. Additionally, the Federal Reserve implemented quantitative easing (“QE”), or the monthly purchase of $85 billion in fixed income securities (including both U.S. Treasuries and mortgages) for most of the year, in an effort to keep interest rates artificially low. What has been the Federal Reserve’s plan behind its policies? The Federal Reserve’s goal has been to stimulate economic activity to a level whereby the economy is more “self-sufficient” or “balanced” and does not need external support from the central bank. First, the Federal Reserve has been trying to stimulate credit expansion. The low interest rate environment has been expected to stimulate the economy by enabling consumers and businesses to borrow money at lower interest rates, which makes borrowing more attractive. Credit expansion is typically bullish for the economy, leading to spending and investment activity. This is especially true in the housing market, a very important sector to the U.S. economy. Secondly, the Federal Reserve has been successful in pushing or directing cash or funds into riskier assets, such as stocks, as more conservative assets such as certificates of deposit, money market funds and fixed income securities have become increasingly less attractive to investors. As asset prices of riskier assets appreciate, investors’ net worth increases which is expected to elevate consumer confidence and stimulate spending.

You may have heard the old adage “do not fight the Fed!” This motto was especially true in 2013 as riskier assets, such as equities, greatly outpaced the performance of cash and fixed income securities. As evidence, the S&P 500^® Index, representing the broad domestic equity market, posted an annual return of 32.39%, compared to the Barclays U.S. Aggregate Bond Index, a proxy for the broad domestic bond market, that generated an annual return of -2.02%. Thus, the domestic equity market outperformed the domestic fixed income market by approximately 35.00% during the year, representing a very wide margin. As the year came to an end, the focus remained on the Federal Reserve with many contemplating the sustainability of economic growth and the possible impact of further tapering (reducing the bond repurchase program) on the economy and interest rate levels.

Recently, a question often asked by many has been why and/or how did the bond market generate a negative return during 2013? The answer is the simple inverse relationship between bond prices and interest rates. Due to the aggressive monetary policy, interest rates have been at historically low levels for some time. However, with some signs of improved economic conditions (third quarter GDP at 4.10%) and the beginning of the Federal Reserve reducing its bond repurchase program in December, yields have increased off their lows during the year. Given the inverse relationship between bond prices and interest rates, bond prices generally moved downward during 2013 as yields moderately increased. The price depreciation, in many cases, was greater than the interest income generated from the bonds, causing a negative total return across most bond sectors. Bond investors have generally experienced positive returns in the broad bond market over the past few decades as a secular decline in interest rates during this time period has provided a nice tailwind for bond investors. Thus, the negative absolute return for the broad bond market in 2013 caught some by surprise. In fact, the year 1999 was the last year the Barclays U.S. Aggregate Bond Index posted a negative calendar year return, and the index has only posted a negative calendar year return on three occasions (including 2013) since its inception in 1976.

81

As referenced, U.S. Treasury yields, primarily in the belly and long-end of the U.S. Treasury yield curve, increased during 2013, providing a headwind for bond prices. For illustration, the yield on the 10-year U.S. Treasury increased from 1.76% to 3.03%, during the year while the yield on the 30-year U.S. Treasury elevated from 2.95% to 3.97%. In general, bonds with longer maturities (or durations) underperformed their shorter-maturity (or duration) counterparts given longer maturity bonds are more sensitive to interest rate movements. For example, the Barclays U.S. Aggregate Government – Long Index (proxy for long maturity bonds) posted an annual return of -12.48% for the year compared to the Barclays U.S. Treasury Intermediate Bond Index (proxy for intermediate maturity bonds) that generated an annual return of -1.34%. Therefore, an investor’s return during the year for his or her bond portfolio was largely dependent upon the portfolio’s duration position.

With the exception of cash equivalents and the high yield bond sector, most bond sectors posted negative absolute returns for the period. The U.S. Treasury sector, as measured by the Barclays U.S. Aggregate Government Treasury Index, posted an annual return of -2.75%, due to the increasing yield environment. The U.S. Treasury sector was the worst performing sector within the Barclays U.S. Aggregate Bond Index during the year.

The U.S. investment grade (defined as credit quality of BBB- or higher) credit sector posted an annual return of -1.53%. This segment of the bond market, albeit negative for the year, performed better than many given its yield orientation and the benefit from modest risk premium, or spread, compression. Within the corporate bond sector, financials performed best followed by industrials and then utilities. New issuance within the corporate bond sector was robust during the year as companies took advantage of cheap financing. U.S. agency mortgages, a large constituent of the Barclays U.S. Aggregate Bond Index, posted an annual return -1.41%.

The high yield bond sector (defined as below investment grade corporate bonds) was one of the lone bright spots in the bond market, posting an annual return of 7.44% as measured by the Barclays U.S. Aggregate Credit-Corporate High Yield 2% Issuer Capped Index. This sector is considered one of the more risky segments in the bond market, and like equities, benefited from the “risk-on” environment during 2013. The sector was in high demand as investors were seeking higher yielding securities. With the Federal Reserve’s policies coupled with modest economic improvement, default risk in the sector remained low.

Emerging markets debt lagged most other sectors during the year as the sector was down -8.31% for the year. The sector suffered due to concerns over the ongoing growth prospects and negative current account balances of several emerging market countries.

82

Money Market Fund (Unaudited)

During 2013, the Federal Reserve maintained a very aggressive monetary policy, keeping the federal funds rate at 0% - 0.25% in a concerted effort to stimulate economic growth and improve unemployment. As a result, short-term rates remained at historically low levels throughout the year. At its regularly scheduled Federal Open Market Committee meeting in December, the Federal Reserve announced its decision to modestly reduce the pace of its asset repurchase program. The committee decided to reduce the pace of its U.S. Treasury security purchases from $45 billion per month to $40 billion per month. Despite the Federal Reserve’s announcement related to its plans to reduce its asset purchases, the committee expressed a dovish view stating that “it likely will be appropriate to maintain the current target range for the federal funds rate well past the time the unemployment rate declines below 6.5%, especially if projected inflation continues to run below the committee’s 2% longer-run goal.” Therefore, expectations were for monetary policy to remain very accommodative over the near-term which will most likely result in a low, short-term yield environment.

Given the environment of historically low interest rates, money market funds (which are lenders to borrowers at short-term interest rates) experienced another year of “just-above-zero” returns. At the end of 2013, the 90-day U.S. Treasury bill was yielding a very modest 0.07%. The low yield environment, coupled with the regulatory constraints of Rule 2a-7 of the Investment Company Act of 1940, made it incredibly difficult for money market funds across the industry to post positive returns after paying for fund-related expenses.

The Fund was invested in a broad range of high quality, short-term money market instruments denominated exclusively in U.S. dollars. The Fund maintained a stable per share price of $1.00, while paying monthly dividends based on the daily account value. The GS4 Class of the Fund returned 0.02% for the one-year period ended December 31, 2013, as compared to a 0.05% return for the Citigroup 3-Month Treasury bill Index (the benchmark index). The Fund’s relative underperformance was due to the impact of Fund expenses as the low-rate environment provided little opportunity to generate returns sufficient to cover expenses and outpace the benchmark index. In the midst of the difficult interest rate and economic environment, the management of the Fund remained true and steadfast to its primary objectives of preservation of capital and liquidity versus sacrificing quality and taking imprudent risk in an effort to stretch for incremental yield. Stretching for yield in this environment provided an asymmetrical payoff, providing little, if any upside, while increasing the potential for a material negative return event. Throughout 2013, the Fund remained well diversified across many sectors including commercial paper, certificates of deposits, time deposits, floating rate notes and U.S. Treasuries. At year-end, the Fund’s weighted average maturity was 47 days. During the year, the Fund’s weighted average maturity peaked at 58 days in April.

This Fund may be suitable for investors who have a short-term investment horizon, seek to maintain a stable dollar value for their investment and can accept a long-term rate of return that may be lower than other fixed income and stock investments.

An investment in the Fund is not insured or guaranteed by the Federal Depository Insurance Corporation or any other governmental agency. Although the Fund seeks to maintain a value of $1.00 per share, it is possible to lose money.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Commercial Paper		46.5
Certificates of Deposit		26.5
Municipal Bonds		13.4
U.S. Treasury Obligations		9.4
Repurchase Agreements		2.2
Time Deposits		2.0
		100.0

83

Money Market Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	0.04%	0.02%	0.05%
Five Year	0.18%	0.07%	0.10%
Ten Year	1.80%	1.65%	1.59%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.20%	0.44%

Yield as of 12/31/13(2)
	GS2 Class*	GS4 Class*
7-Day Annualized Yield (Net)	0.01%	0.01%
7-Day Annualized Yield (Gross)	0.19%	0.19%

⁽¹⁾  Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾  Yield for the Money Market Fund represents the annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions. The yield more closely reflects the current earnings of the Fund than the total return. Gross Yield reflects the yield without fee waivers in effect.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. Investment return will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The yield for the Money Market Fund represents annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions. The 7-day annualized yield more closely reflects the current earnings of the Fund than the total return.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Citigroup 3-Month Treasury Bill Index.

*These performance figures reflect expense waivers by the Fund’s investment adviser. Without these waivers, performance would have been lower. Performance figures shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

84

MONEY MARKET FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par		Value
CERTIFICATES OF DEPOSIT — 26.5%
Bank of Montreal CHI
0.34%, 01/10/14†	$	6,000,000		$	6,000,000
0.24%, 09/05/14†		15,000,000			15,000,000
Bank of Nova Scotia Houston
0.39%, 10/06/14†		7,000,000			7,006,878
0.24%, 12/04/14†		10,000,000			10,000,000
BNP Paribas NY
0.33%, 02/03/14†		5,000,000			5,000,000
BNP Paribas SA
0.70%, 02/14/14		10,000,000			10,005,173
Canadian Imperial Bank of Commerce NY
0.27%, 02/04/14†		10,000,000			10,000,000
0.29%, 06/02/14†		10,000,000			10,000,000
0.24%, 06/13/14†		3,750,000			3,750,000
0.23%, 08/08/14†		13,000,000			13,000,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA NY
0.28%, 09/16/14†		20,500,000			20,500,000
Credit Suisse NY
0.26%, 03/18/14		6,000,000			6,000,000
0.26%, 04/17/14		20,000,000			20,000,000
0.32%, 06/06/14†		5,000,000			5,000,000
Deutsche Bank AG NY
0.29%, 02/28/14†		8,000,000			8,000,000
HSBC Bank PLC
0.30%, 01/15/14		15,000,000			15,000,000
Mitsubishi UFJ Trust & Banking Corporation NY
0.22%, 03/12/14†		15,000,000			15,000,000
Mitsubishi UFJ Trust and Bank
0.28%, 02/20/14		9,000,000			9,000,000
National Australia Bank, Ltd. NY
0.24%, 08/08/14†		11,000,000			11,000,772
0.24%, 08/14/14†		15,000,000			15,000,000
Natixis NY
0.29%, 03/06/14†		13,000,000			12,999,114
Nederlandse Water-schapsbank NV
1.38%, 05/16/14		5,000,000			5,021,087
Nordea Bank Finland PLC
0.25%, 01/30/14		10,000,000			9,999,960
Norinchukin Bank NY
0.11%, 01/08/14		20,000,000			20,000,000
Rabobank Nederland NV NY
0.41%, 01/08/14		5,000,000			5,000,000
0.26%, 04/22/14†		8,000,000			8,000,000
Royal Bank of Canada NY
0.23%, 01/15/14†		9,250,000			9,250,000
Skandinaviska Enskilda Banken
0.30%, 05/28/14		12,000,000			12,000,729
Societe Generale NY
0.25%, 01/31/14		5,000,000			5,000,000
0.34%, 03/06/14†		7,000,000			7,000,000
Sumitomo Mitsui Banking Corporation NY
0.22%, 03/10/14†		5,000,000			5,000,000
Svenska Handelsbanken AB
0.28%, 06/15/14 144A†		9,800,000			9,800,000
Toronto Dominion Bank NY
0.25%, 08/12/14		10,000,000			10,000,000

	Par		Value
Toronto-Dominion Bank NY
0.23%, 07/24/14†	$	7,000,000		$	7,000,000
UBS AG CT
1.24%, 01/28/14†		11,745,000			11,753,847
Westpac Banking Corporation NY
0.28%, 07/18/14†		10,750,000			10,750,000
Total Certificates of Deposit (Cost $362,837,560)					362,837,560
COMMERCIAL PAPER — 46.5%
Atlantic Asset Securitization LLC
0.09%, 01/02/14		16,124,000			16,123,960
Bedford Row Funding Corporation
0.30%, 04/03/14		14,000,000			13,989,267
BNP Paribas Finance
0.34%, 03/13/14		13,000,000			12,991,283
Caisse Centrale Desjardins Quebec Du
0.21%, 01/29/14		29,500,000			29,495,182
0.26%, 02/19/14		10,000,000			9,996,529
Charta LLC
0.25%, 02/10/14		13,000,000			12,996,389
Collateralized CP Co., LLC
0.30%, 01/30/14		12,000,000			11,997,100
0.30%, 03/11/14		10,000,000			9,994,250
Commonwealth Bank of Australia
0.26%, 03/28/14		22,000,000			22,003,260
0.24%, 05/02/14		7,500,000			7,500,000
0.24%, 05/16/14		13,000,000			12,999,741
CPPIB Capital, Inc.
0.24%, 01/03/14		12,000,000			11,999,840
DNB Bank ASA
0.26%, 01/27/14		15,000,000			14,997,183
0.26%, 02/06/14		15,000,000			14,996,175
Erste Abwicklungsanstalt
0.19%, 02/19/14		25,066,000			25,059,518
Fairway Finance Co., LLC
0.21%, 04/04/14		15,000,000			15,000,000
0.20%, 07/18/14		20,000,000			20,000,000
Gemini Securitization Corporation LLC
0.10%, 01/02/14		36,050,000			36,049,900
General Electric Capital Corporation
0.21%, 02/10/14		22,000,000			21,994,867
HSBC Bank PLC
0.25%, 10/22/14		15,000,000			15,000,000
0.24%, 10/30/14		12,000,000			12,000,000
Kells Funding LLC
0.20%, 02/03/14		9,000,000			9,000,008
0.24%, 05/12/14		14,500,000			14,487,337
0.21%, 07/07/14		15,000,000			15,000,000
0.24%, 10/15/14		15,000,000			14,998,804
Nederlandse Waterschapsbank
0.28%, 07/28/14		2,000,000			2,000,231
0.28%, 07/30/14		2,000,000			2,000,233
Nordea Bank AB
0.25%, 01/17/14		15,000,000			14,998,333
Northern Pines Funding LLC
0.25%, 03/06/14		10,000,000			9,995,555

See Notes to Financial Statements. 85

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Old Line Funding LLC
0.24%, 03/17/14	$	14,000,000		$	13,993,000
0.21%, 05/09/14		10,000,000			10,000,000
0.23%, 05/20/14		12,000,000			11,989,343
0.23%, 06/09/14		15,000,000			14,984,762
Societe Generale North America
0.25%, 03/03/14		10,000,000			9,995,764
Svenska Handelsbanken AB
0.25%, 01/21/14		17,000,000			16,997,639
0.25%, 02/07/14		15,000,000			14,996,146
Sydney Capital Corporation
0.22%, 01/24/14		10,000,000			9,998,594
0.22%, 02/14/14		12,000,000			11,996,773
Thunder Bay Funding LLC
0.24%, 01/27/14		10,000,000			9,998,267
0.24%, 03/03/14		15,000,000			14,993,900
0.24%, 03/20/14		10,000,000			9,994,800
0.23%, 03/26/14		15,000,000			15,000,000
Victory Receivables Corporation
0.16%, 01/29/14		12,000,000			11,998,507
Westpac Banking Corporation
0.25%, 04/24/14		30,000,000			30,000,632
Total Commercial Paper (Cost $636,603,072)					636,603,072
MUNICIPAL BONDS — 13.4%
California Housing Finance Agency, Revenue Bond, Series D
0.06%, 01/07/14†		4,500,000			4,500,000
California Housing Finance Agency, Multi-Family III, Revenue Bond, Series E (LOC-Fannie Mae, Freddie Mac)
0.05%, 01/07/14†		9,400,000			9,400,000
California Statewide Communities Development Authority, Hallmark House Apartments, Revenue Bond, Series ZZ
0.05%, 01/07/14†		6,420,000			6,420,000
California Statewide Communities Development Authority, Kimberly Woods Apartments, Revenue Bond, Series B
0.05%, 01/07/14†		17,100,000			17,100,000
Connecticut State Health & Educational Facility Authority, Yale-New Haven Hospital, Revenue Bond, Series K2 (LOC-JPMorgan Chase Bank NA)
0.04%, 01/07/14†		11,160,000			11,160,000
Los Angeles Community Redevelopment Agency, Hollywood & Vine Apartments, Revenue Bond, Series A
0.05%, 01/07/14†		7,700,000			7,700,000
Los Angeles County Housing Authority, Malibu Meadows II, Revenue Bond, Series C
0.04%, 01/07/14†		5,799,000			5,799,000

	Par		Value
Maryland Community Development Administration, Multifamily Barrington Apartments Project, Revenue Bond, Series A
0.06%, 01/07/14†	$	27,575,000		$	27,575,000
New York City Housing Development Corporation, Multi-Family Housing (155 West 21st Street), Revenue Bond, Series A
0.04%, 01/07/14†		3,100,000			3,100,000
New York City Housing Development Corporation, Multi-Family Housing (90 West Street), Revenue Bond, Series A
0.04%, 01/07/14†		6,000,000			6,000,000
New York City Housing Development Corporation, Multi-Family Housing (West 61st Street Apartments), Revenue Bond, Series A
0.04%, 01/07/14†		3,000,000			3,000,000
New York City Industrial Development Agency, New York Law School Project, Revenue Bond, Series A (LOC-JPMorgan Chase Bank NA)
0.04%, 01/07/14†		7,400,000			7,400,000
New York City Municipal Water Finance Authority, Revenue Bond, Series B-1B
0.04%, 01/07/14†		5,000,000			5,000,000
New York State Dormitory Authority, City University, Revenue Bond, Series B (LOC-TD Bank NA)
0.04%, 01/07/14†		10,000,000			10,000,000
New York State Housing Finance Agency, 10 Barclay Street Housing, Revenue Bond, Series A
0.04%, 01/07/14†		10,000,000			10,000,000
New York State Housing Finance Agency, 10 Liberty Housing, Revenue Bond, Series A
0.03%, 01/07/14†		18,000,000			18,000,000
New York State Housing Finance Agency, Biltmore Tower Housing Project, Revenue Bond, Series A
0.04%, 01/07/14†		4,000,000			4,000,000
New York State Housing Finance Agency, Gotham West Project, Revenue Bond, Series A (LOC-Wells Fargo Bank N.A.)
0.11%, 01/07/14†		10,000,000			10,000,000
New York State Housing Finance Agency, The Victory Housing, Revenue Bond, Series 2001-A
0.04%, 01/07/14†		2,700,000			2,700,000

86 See Notes to Financial Statements.

	Par		Value
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bond, Series B (LOC-JP Morgan Chase Bank NA)
0.04%, 01/07/14†	$	4,700,000		$	4,700,000
Sacramento Housing Authority, The Lofts at Natomas Apartments, Revenue Bond, Series F
0.06%, 01/07/14†		10,190,000			10,190,000
Total Municipal Bonds (Cost $183,744,000)					183,744,000
TIME DEPOSITS — 2.0%
ING Bank NV
0.12%, 01/03/14		18,000,000			18,000,000
0.12%, 01/06/14		9,000,000			9,000,000
Total Time Deposits (Cost $27,000,000)					27,000,000
U.S. TREASURY OBLIGATIONS — 9.4%
U.S. Treasury Bills
0.05%, 03/13/14		18,000,000			17,998,403
0.09%, 06/19/14		25,000,000			24,989,320
0.08%, 06/26/14		35,000,000			34,986,311
0.09%, 06/26/14		30,000,000			29,987,533
					107,961,567
U.S. Treasury Note
2.38%, 09/30/14		20,000,000			20,334,571
Total U.S. Treasury Obligations (Cost $128,296,138)					128,296,138
REPURCHASE AGREEMENTS — 2.2%
Goldman Sachs & Co.
0.01% (dated 12/31/13, due 01/02/14, repurchase price $30,361,017, collateralized by Federal National Mortgage Association, 2.294% to 7.000%, due 01/08/46, total market value $31,271,830)
(Cost $30,361,000)		30,361,000			30,361,000
TOTAL INVESTMENTS — 100.0% (Cost $1,368,841,770)					1,368,841,770
Other Assets in Excess of Liabilities — 0.0%					156,219
NET ASSETS — 100.0%				$	1,368,997,989

See Notes to Financial Statements. 87

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Certificates of Deposit		$	362,837,560		$	—		$	362,837,560		$	—
Commercial Paper			636,603,072			—			636,603,072			—
Municipal Bonds			183,744,000			—			183,744,000			—
Repurchase Agreements			30,361,000			—			30,361,000			—
Time Deposits			27,000,000			—			27,000,000			���
U.S. Treasury Obligations			128,296,138			—			128,296,138			—
Total Assets - Investments in Securities		$	1,368,841,770		$	—		$	1,368,841,770		$	—

88 See Notes to Financial Statements.

Low-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed primarily of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between one to three years. The GS4 Class of the Fund underperformed its all-U.S. Treasury benchmark index, the Bank of America Merrill Lynch 1-3 Year Treasury Index, for the one-year period ended December 31, 2013 (-0.20% versus 0.36%). In an effort to outperform its benchmark index, the Fund tactically utilized spread sectors (such as corporates, mortgage-backed securities, asset-backed securities, Yankees and non-U.S. bonds) that traded at a yield premium relative to their U.S. Treasury counterparts. The strategy of overweighting to non-U.S. Treasuries sectors added value relative to the benchmark index for most of the year with the exception of the second quarter. During the second quarter, many non-U.S. Treasury sectors (or sectors that trade at a risk premium relative to U.S. Treasuries) came under pressure and declined in value due to elevated concerns over the Federal Reserve scaling back its bond purchase program. The “risk-off” environment during the second quarter coupled with the portfolio’s underweight to U.S. Treasury positioning was the primary cause of the Fund’s relative underperformance for the calendar year.

Other strategies involving derivatives were utilized during the year resulting in an overall modest impact to performance. U.S. Treasury futures and Eurodollar futures contracts were used for the common purposes of duration management and yield curve positioning strategies. Overall, these positions detracted from relative performance. Credit default swaps were utilized which positively impacted the Fund during the year as spreads compressed within the corporate bond sector. In an effort to gain exposure to non-U.S. interest rates and duration, interest rate swaps detracted from relative performance as interest rates rose in Mexico, Brazil and Australia. Currency forward contracts were used to hedge certain non-U.S. dollar positions and to take on active currency exposures in a few currencies. On an overall net basis, the currency strategies modestly detracted from performance.

During the year, the Fund remained true to its overall objective of seeking current income consistent with conservation of capital.

This Fund may be suitable for investors who have a short-term investment horizon, seek an investment return that is relatively stable and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

89

Low-Duration Bond Fund (Unaudited)

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Treasury Obligations		26.3
Corporate Bonds		23.8
Mortgage-Backed Securities		20.7
Money Market Funds		13.8
Foreign Bonds		10.5
Asset-Backed Securities		10.0
Repurchase Agreements		4.7
Agency Obligations		3.2
Municipal Bonds		0.8
Loan Agreements		0.1
Purchased Option		0.1
Written Options		(0.1	)
Securities Sold Short		(0.4	)
TBA Sale Commitments		(2.1	)
		111.4

90

Low-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	0.02%	-0.20%	0.36%
Five Year	4.47%	4.26%	1.09%
Ten Year	3.26%	3.08%	2.57%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.42%	0.66%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Bank of America Merrill Lynch 1-3 Year Treasury Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

91

LOW-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par			Value
AGENCY OBLIGATIONS — 3.2%
Federal Home Loan Bank
0.06%, 01/02/14		$	7,100,000		$	7,099,994
0.05%, 01/08/14			5,200,000			5,199,971
0.13%, 01/08/14			2,000,000			1,999,989
0.07%, 01/22/14			300,000			299,997
0.07%, 01/31/14			2,100,000			2,099,949
Federal Home Loan Mortgage Corporation
0.07%, 01/06/14			6,100,000			6,099,983
0.15%, 01/13/14			2,600,000			2,599,983
0.13%, 08/01/14			1,500,000			1,499,210
Small Business Administration
6.95%, 11/01/16			107,806			113,152
Total Agency Obligations (Cost $27,006,835)						27,012,228
ASSET-BACKED SECURITIES — 10.0%
Aircraft Certificate Owner Trust
6.46%, 09/20/22+ 144A			107,551			107,014
Aircraft Lease Securitisation, Ltd.
0.43%, 05/10/32 144A†			575,347			550,142
Ally Master Owner Trust
0.62%, 02/15/18†			1,100,000			1,098,822
0.62%, 04/15/18†			1,400,000			1,397,099
American Express Credit Account Master Trust
0.98%, 05/15/19			2,250,000			2,243,677
AmeriCredit Automobile Receivables Trust
4.04%, 07/10/17			1,226,000			1,276,618
1.31%, 11/08/17			370,000			371,160
0.96%, 04/09/18			1,200,000			1,202,227
1.19%, 05/08/18			785,000			782,192
1.66%, 09/10/18			500,000			501,731
1.79%, 03/08/19			980,000			972,683
2.72%, 09/09/19			400,000			404,698
2.29%, 11/08/19			655,000			655,018
Apidos CDO
1.39%, 04/15/25 144A†			2,090,000			2,049,937
1.94%, 04/15/25 144A†			250,000			243,711
Asset-Backed Securities Corporation Home Equity Loan Trust
0.44%, 09/25/34†			66,606			66,111
Babson CLO, Ltd.
1.34%, 04/20/25 144A†			2,300,000			2,258,057
Bear Stearns Asset-Backed Securities Trust
1.16%, 10/25/37†			798,865			748,823
0.35%, 01/25/47†			301,723			299,074
BNC Mortgage Loan Trust
0.28%, 11/25/36†			12,792			12,761
0.22%, 03/25/37†			241,075			236,106
Capital Auto Receivables Asset Trust
1.29%, 04/20/18			260,000			257,317
1.74%, 10/22/18			270,000			266,638
Cent CLO 18, Ltd.
1.37%, 07/23/25 144A†			1,400,000			1,373,208
CenterPoint Energy Transition Bond Co., LLC
0.90%, 04/15/18			1,125,372			1,125,525

	Par				Value
Chester Asset Receivables Dealings PLC
0.71%, 04/15/16(U)†			$	730,000		$	1,208,737
Citibank Credit Card Issuance Trust
1.32%, 09/07/18				1,493,000			1,503,193
5.65%, 09/20/19				3,500,000			4,008,707
Conseco Financial Corporation
6.04%, 11/01/29				8,933			9,248
Credit Acceptance Auto Loan Trust
2.61%, 03/15/19 144A				720,661			725,027
1.50%, 04/15/21 144A				1,410,000			1,409,128
Crusade ABS Trust
3.61%, 07/12/23(A)†				1,600,000			1,426,249
CSAB Mortgage Backed Trust
5.72%, 09/25/36 STEP				599,135			450,739
Discover Card Execution Note Trust
0.81%, 08/15/17				1,100,000			1,103,534
Dryden XXVIII Senior Loan Fund
1.34%, 08/15/25 144A†				930,000			914,338
1.79%, 08/15/25 144A†				1,175,000			1,128,188
DT Auto Owner Trust
1.85%, 04/17/17 144A				1,620,000			1,622,710
Enterprise Fleet Financing LLC
1.14%, 11/20/17 144A				1,254,992			1,258,862
FHLMC Structured Pass-Through Securities
0.42%, 08/25/31†				634,621			619,802
First Investors Auto Owner Trust
3.40%, 03/15/16 144A				410,594			411,531
Ford Credit Floorplan Master Owner Trust
1.39%, 09/15/16				790,000			792,336
GE Capital Credit Card Master Note Trust
1.03%, 01/15/18				1,500,000			1,504,141
Gracechurch Card Funding PLC
0.87%, 02/15/17 144A†				1,050,000			1,055,328
1.02%, 02/15/17 144A(E)†		��		800,000			1,106,461
Great America Leasing Receivables
1.83%, 06/17/19 144A				200,000			198,163
HLSS Servicer Advance Receivables Backed Notes
1.29%, 09/15/44 144A				735,000			734,559
1.50%, 01/16/46 144A				700,000			697,410
1.79%, 05/15/46 144A				900,000			884,271
Huntington Auto Trust
0.38%, 09/15/15				1,115,414			1,115,484
IFC SBA Loan-Backed Adjustable Rate Certificate
1.25%, 01/15/24 144A†				103,523			103,653
Invitation Homes 2013-SFR1 Trust
1.31%, 12/17/30 144A†				790,000			791,032
LA Arena Funding LLC
7.66%, 12/15/26 144A				336,893			380,387
MMAF Equipment Finance LLC
1.27%, 09/15/15 144A				646,330			647,030

92 See Notes to Financial Statements.

	Par			Value
Motor 2012 PLC
1.29%, 02/25/20 144A		$	252,000		$	253,131
Nissan Master Owner Trust Receivables
0.47%, 02/15/18†			2,525,000			2,520,431
Oaktree Enhanced Income Funding, Ltd.
1.44%, 07/20/23 144A†			900,000			890,260
1.89%, 07/20/23 144A†			1,300,000			1,270,246
OHA Intrepid Leveraged Loan Fund, Ltd.
1.16%, 04/20/21+ 144A†			1,622,324			1,618,268
Red & Black Auto France
1.08%, 12/28/21(E)†			360,370			496,963
Santander Consumer Acquired Receivables Trust
1.66%, 08/15/16 144A			478,849			479,751
2.01%, 08/15/16 144A			354,981			355,872
Santander Drive Auto Receivables Trust
0.80%, 10/17/16 144A			1,750,000			1,751,640
1.94%, 03/15/18			270,000			271,463
3.01%, 04/16/18			1,305,000			1,342,990
2.70%, 08/15/18			300,000			306,286
1.78%, 11/15/18 144A			1,770,000			1,757,710
1.76%, 01/15/19			580,000			575,373
2.73%, 10/15/19			675,000			668,774
3.12%, 10/15/19 144A			1,025,000			1,045,215
3.78%, 10/15/19 144A			905,000			919,020
SLC Private Student Loan Trust
0.36%, 01/15/19†			84,971			84,945
SLM Private Credit Student Loan Trust
0.44%, 06/15/21†			730,245			721,621
0.64%, 03/15/22†			512,042			500,861
SLM Private Education Loan Trust
1.82%, 12/15/17 144A†			25,559			25,566
1.27%, 12/15/21 144A†			259,406			260,606
1.02%, 02/15/22 144A†			1,207,938			1,208,249
1.27%, 08/15/23 144A†			1,057,360			1,063,342
0.92%, 10/16/23 144A†			383,296			382,896
3.42%, 05/16/44 144A†			2,451,232			2,597,907
SLM Student Loan Trust
0.24%, 07/25/17†			391,497			390,700
0.35%, 10/25/24†			717,760			714,708
0.71%, 06/25/27†			1,165,688			1,163,021
Structured Asset Securities Corporation Mortgage Loan Trust
1.67%, 04/25/35†			667,826			634,656
Trade MAPS 1, Ltd.
0.87%, 12/10/18 144A†			1,500,000			1,502,760
Turbo Finance 2 PLC
5.50%, 02/20/19(U)			848,000			1,447,762
Tyron Park CLO, Ltd.
1.39%, 07/15/25 144A†			1,270,000			1,251,692
1.82%, 07/15/25 144A†			1,175,000			1,157,552
Volkswagen Auto Loan Enhanced Trust
0.46%, 01/20/17			3,375,000			3,373,682
Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust
0.25%, 04/25/37†			17,895			17,867

	Par			Value
World Omni Master Owner Trust
0.52%, 02/15/18 144A†		$	750,000		$	750,322
Total Asset-Backed Securities (Cost $84,382,214)						84,084,705
CORPORATE BONDS — 23.8%
AbbVie, Inc.
1.75%, 11/06/17			1,130,000			1,129,108
Air Lease Corporation
3.38%, 01/15/19			625,000			628,125
American Express Credit Corporation
1.75%, 06/12/15			240,000			243,960
0.75%, 07/29/16†			940,000			945,168
American Express, Co.
0.83%, 05/22/18†			1,240,000			1,240,475
American Honda Finance Corporation
0.61%, 05/26/16 144A†			1,200,000			1,203,475
1.13%, 10/07/16			500,000			502,384
American International Group, Inc.
3.00%, 03/20/15			1,050,000			1,078,762
2.38%, 08/24/15			320,000			326,993
4.88%, 09/15/16			1,748,000			1,921,103
AmeriGas Partners LP
6.25%, 08/20/19			500,000			540,000
Amsouth Bank
5.20%, 04/01/15			1,000,000			1,047,818
Apple, Inc.
0.45%, 05/03/16			540,000			536,390
0.49%, 05/03/18†			1,250,000			1,249,221
1.00%, 05/03/18D			605,000			585,619
Ashland, Inc.
3.00%, 03/15/16			770,000			789,250
Astoria Financial Corporation
5.00%, 06/19/17			770,000			826,576
Autodesk, Inc.
1.95%, 12/15/17			350,000			346,559
Aviation Capital Group Corporation
3.88%, 09/27/16 144A			900,000			927,927
4.63%, 01/31/18 144AD			850,000			880,812
Bank of America Corporation
1.25%, 01/11/16D			919,000			923,597
3.75%, 07/12/16			920,000			978,660
6.50%, 08/01/16			1,582,000			1,787,295
6.00%, 09/01/17D			850,000			971,332
5.75%, 12/01/17			1,700,000			1,936,509
2.00%, 01/11/18			800,000			799,349
1.32%, 03/22/18†D			1,200,000			1,217,184
Bank of New York Mellon Corporation
0.80%, 08/01/18†			640,000			642,459
Baxter International, Inc.
0.95%, 06/01/16			230,000			230,112
BB&T Corporation
1.60%, 08/15/17			340,000			337,260
Berkshire Hathaway Finance Corporation
0.95%, 08/15/16			260,000			261,348

See Notes to Financial Statements. 93

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Capital One Financial Corporation
1.00%, 11/06/15D		$	2,870,000		$	2,870,055
3.15%, 07/15/16D			500,000			522,856
Caterpillar Financial Services Corporation
0.70%, 11/06/15D			1,160,000			1,161,933
CC Holdings GS V LLC
2.38%, 12/15/17D			300,000			297,423
Citigroup, Inc.
2.25%, 08/07/15			730,000			745,461
4.59%, 12/15/15			400,000			427,647
1.25%, 01/15/16			1,015,000			1,018,878
1.04%, 04/01/16†D			1,160,000			1,168,220
3.95%, 06/15/16D			3,842,000			4,089,913
1.20%, 07/25/16†			3,200,000			3,235,293
4.45%, 01/10/17			450,000			488,056
CMS Energy Corporation
4.25%, 09/30/15D			255,000			268,775
Computer Sciences Corporation
2.50%, 09/15/15D			210,000			214,440
ConAgra Foods, Inc.
1.35%, 09/10/15			160,000			161,178
1.30%, 01/25/16			240,000			240,538
Continental Airlines 2010-1 Class B Pass Through Trust
6.00%, 07/12/20			547,201			552,673
Coventry Health Care, Inc.
5.95%, 03/15/17			1,000,000			1,132,750
Crane Co.
2.75%, 12/15/18D			600,000			597,760
CSX Corporation
6.25%, 03/15/18			500,000			578,376
Daimler Finance North America LLC
0.86%, 03/28/14 144A†			2,600,000			2,603,752
1.30%, 07/31/15 144A			500,000			503,129
1.25%, 01/11/16 144A			530,000			530,639
0.92%, 08/01/16 144A†			690,000			691,859
0.95%, 08/01/16			200,000			200,539
2.95%, 01/11/17 144AD			238,000			245,759
Delphi Corporation
5.88%, 05/15/19D			880,000			935,000
Delta Air Lines 2010-2 Class B Pass Through Trust
6.75%, 05/23/17D			300,000			320,250
Devon Energy Corporation
1.20%, 12/15/16			560,000			560,170
Digital Realty Trust LP
4.50%, 07/15/15D			905,000			941,647
DIRECTV Holdings LLC
3.13%, 02/15/16			320,000			333,043
Discover Bank
2.00%, 02/21/18			1,380,000			1,356,722
Duke Energy Corporation
1.63%, 08/15/17			1,500,000			1,491,824
Eaton Corporation
0.95%, 11/02/15			450,000			451,888
Enterprise Products Operating LLC
1.25%, 08/13/15			230,000			231,620
EOG Resources, Inc.
0.99%, 02/03/14†			2,900,000			2,901,882
Equifax, Inc.
4.45%, 12/01/14			140,000			144,420

	Par			Value
ERAC USA Finance LLC
1.40%, 04/15/16 144A		$	180,000		$	180,243
6.38%, 10/15/17 144A			1,000,000			1,158,172
ERP Operating LP
6.58%, 04/13/15			1,100,000			1,182,413
5.13%, 03/15/16			432,000			469,591
5.38%, 08/01/16			568,000			626,644
Federal Express Corporation 2012 Pass-Through Trust
2.63%, 01/15/18 144A			484,832			489,072
Fidelity National Information Services, Inc.
2.00%, 04/15/18			340,000			330,952
Fifth Third Bank
1.15%, 11/18/16			700,000			700,008
Fiserv, Inc.
3.13%, 10/01/15D			1,250,000			1,294,731
FMG Resources
3.74%, 06/30/19W†			850,000			860,362
Ford Motor Credit Co., LLC
3.88%, 01/15/15			505,000			521,219
12.00%, 05/15/15			500,000			574,203
4.21%, 04/15/16			100,000			106,612
1.49%, 05/09/16†			610,000			619,308
3.98%, 06/15/16			1,600,000			1,702,437
8.00%, 12/15/16			1,820,000			2,155,717
3.00%, 06/12/17			560,000			582,494
2.38%, 01/16/18			500,000			505,464
5.00%, 05/15/18D			750,000			836,258
2.88%, 10/01/18D			550,000			563,600
Freeport-McMoRan Copper & Gold, Inc.
1.40%, 02/13/15D			200,000			201,172
2.15%, 03/01/17			210,000			211,529
GATX Corporation
2.50%, 03/15/19			500,000			496,354
General Electric Capital Corporation
1.00%, 12/11/15			2,000,000			2,016,990
0.89%, 07/12/16†			1,380,000			1,390,549
General Motors Co.
3.50%, 10/02/18 144A			953,000			979,208
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A			1,303,000			1,322,545
4.75%, 08/15/17 144A			800,000			853,000
Genzyme Corporation
3.63%, 06/15/15			395,000			412,641
Glencore Funding LLC
1.60%, 01/15/19 144A†			1,200,000			1,178,498
Goldman Sachs Group, Inc.
1.60%, 11/23/15D			640,000			647,180
5.35%, 01/15/16D			761,000			823,935
3.63%, 02/07/16			2,874,000			3,017,734
5.75%, 10/01/16			135,000			150,756
6.25%, 09/01/17			2,003,000			2,295,059
1.44%, 04/30/18†			1,250,000			1,266,094
1.34%, 11/15/18†			580,000			582,045
Harley-Davidson Financial Services, Inc.
1.15%, 09/15/15 144A			340,000			341,264
Hartford Financial Services Group, Inc.
4.00%, 03/30/15			320,000			332,547

94 See Notes to Financial Statements.

	Par			Value
HCA, Inc.
7.88%, 02/15/20		$	687,000		$	739,384
7.25%, 09/15/20			360,000			393,300
Health Care REIT, Inc.
3.63%, 03/15/16			400,000			419,303
6.20%, 06/01/16			1,546,000			1,719,769
Hewlett-Packard Co.
2.63%, 12/09/14			590,000			599,942
2.35%, 03/15/15			800,000			812,760
2.20%, 12/01/15D			625,000			639,054
HSBC USA, Inc.
2.38%, 02/13/15			400,000			408,259
1.13%, 09/24/18†			800,000			802,031
Huntington National Bank
1.30%, 11/20/16			500,000			500,428
Hyundai Capital America
1.63%, 10/02/15 144A			500,000			502,718
3.75%, 04/06/16 144A			190,000			199,116
IAC/InterActiveCorp
4.88%, 11/30/18 144A			300,000			308,250
ING US, Inc.
2.90%, 02/15/18			1,400,000			1,433,285
Ingredion, Inc.
3.20%, 11/01/15			200,000			207,175
International Lease Finance Corporation
4.88%, 04/01/15D			1,250,000			1,298,437
8.63%, 09/15/15			100,000			111,375
5.75%, 05/15/16			600,000			644,250
Jabil Circuit, Inc.
7.75%, 07/15/16			295,000			337,038
JB Hunt Transport Services, Inc.
3.38%, 09/15/15			550,000			569,980
John Deere Capital Corporation
1.05%, 10/11/16			480,000			481,709
Johnson & Johnson
0.31%, 11/28/16†			3,300,000			3,304,257
JPMorgan Chase & Co.
3.70%, 01/20/15			1,000,000			1,031,470
0.86%, 02/26/16†			1,100,000			1,105,110
3.45%, 03/01/16			1,249,000			1,310,692
3.15%, 07/05/16			2,252,000			2,362,382
1.14%, 01/25/18†			610,000			616,706
KeyCorp
3.75%, 08/13/15D			360,000			376,615
2.30%, 12/13/18			850,000			844,814
Kroger Co.
0.80%, 10/17/16†			760,000			762,193
2.20%, 01/15/17			500,000			506,452
Lehman Escrow Bonds
0.00%, 12/28/17+W†#			2,600,000			—
6.63%, 12/31/99W†#			600,000			129,000
Life Technologies Corporation
3.50%, 01/15/16			800,000			833,732
Lincoln National Corporation
4.30%, 06/15/15			1,210,000			1,268,969
Marathon Oil Corporation
0.90%, 11/01/15			490,000			490,630
Marsh & McLennan Cos., Inc.
2.55%, 10/15/18			495,000			496,276
Masco Corporation
4.80%, 06/15/15			365,000			382,338

	Par			Value
Maxim Integrated Products, Inc.
2.50%, 11/15/18		$	1,350,000		$	1,340,117
Merrill Lynch & Co., Inc.
5.00%, 01/15/15			2,700,000			2,813,916
6.40%, 08/28/17			400,000			461,544
6.88%, 04/25/18			800,000			946,795
Morgan Stanley
1.49%, 02/25/16†			930,000			942,592
4.75%, 03/22/17			1,015,000			1,108,521
1.52%, 04/25/18†			1,520,000			1,543,326
Motorola Solutions, Inc.
6.00%, 11/15/17			400,000			455,380
Mylan, Inc.
1.80%, 06/24/16 144A			180,000			183,613
Nabors Industries, Inc.
2.35%, 09/15/16 144A			1,100,000			1,111,807
National Oilwell Varco, Inc.
1.35%, 12/01/17D			660,000			649,047
NBCUniversal Enterprise, Inc.
0.93%, 04/15/18 144A†			490,000			492,310
NBCUniversal Media LLC
3.65%, 04/30/15			550,000			572,186
NCUA Guaranteed Notes
1.40%, 06/12/15			1,180,000			1,198,207
New York Life Global Funding
1.65%, 05/15/17 144A			2,500,000			2,504,790
NextEra Energy Capital Holdings, Inc.
1.20%, 06/01/15			170,000			170,931
1.34%, 09/01/15			4,300,000			4,330,414
Nissan Motor Acceptance Corporation
1.00%, 03/15/16 144AD			910,000			906,067
1.95%, 09/12/17 144A			520,000			516,484
Northwest Airlines 2002-1 Class G-2 Pass Through Trust
6.26%, 05/20/23			155,687			167,177
Novus USA Trust
1.54%, 02/28/14 144A†			2,000,000			2,002,493
Omnicom Group, Inc.
5.90%, 04/15/16			285,000			315,215
Overseas Private Investment Corporation
0.00%, 04/15/16W†			1,550,720			2,092,090
PACCAR Financial Corporation
1.05%, 06/05/15			220,000			221,873
0.75%, 05/16/16			270,000			268,867
0.84%, 12/06/18†			250,000			250,661
Parker Hannifin Corporation
4.13%, 11/11/15(E)			700,000			1,016,203
Penske Truck Leasing Co. LP
2.50%, 07/11/14 144A			230,000			231,902
3.13%, 05/11/15 144A			600,000			617,294
2.50%, 03/15/16 144A			1,650,000			1,691,359
3.38%, 03/15/18 144AD			1,115,000			1,143,749
PepsiCo, Inc.
0.44%, 07/30/15†			700,000			701,387
Phillips 66
2.95%, 05/01/17			210,000			218,655
Pioneer Natural Resources Co.
5.88%, 07/15/16			2,410,000			2,674,972
Plains Exploration & Production Co.
6.50%, 11/15/20			540,000			596,629

See Notes to Financial Statements. 95

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Principal Life Global Funding II
1.00%, 12/11/15 144A		$	530,000		$	531,333
Procter & Gamble Co.
3.50%, 02/15/15D			200,000			206,675
ProLogis LP
6.63%, 05/15/18			1,000,000			1,169,098
Prudential Covered Trust
3.00%, 09/30/15 144A			680,000			701,364
Prudential Financial, Inc.
6.00%, 12/01/17			2,000,000			2,301,834
1.02%, 08/15/18†			500,000			502,152
PSEG Power LLC
2.45%, 11/15/18			250,000			247,037
Regions Financial Corporation
2.00%, 05/15/18			1,250,000			1,211,644
Retail Property Trust
7.88%, 03/15/16 144A			2,000,000			2,260,866
Samsung Electronics America, Inc.
1.75%, 04/10/17 144AD			1,150,000			1,143,538
SBA Tower Trust
4.25%, 04/15/40 144AD			510,000			517,049
Simon Property Group LP REIT
4.20%, 02/01/15D			140,000			144,146
Starbucks Corporation
0.88%, 12/05/16			450,000			447,488
SteelRiver Trans-mission Co., LLC
4.71%, 06/30/17 144A			523,094			541,344
TD Ameritrade Holding Corporation
4.15%, 12/01/14			660,000			681,577
Tennessee Gas Pipeline Co. LLC
8.00%, 02/01/16			518,000			588,469
Tesoro Corporation
4.25%, 10/01/17			550,000			576,125
Thermo Fisher Scientific, Inc.
2.25%, 08/15/16D			1,500,000			1,534,993
T-Mobile USA, Inc.
5.25%, 09/01/18 144AD			600,000			633,750
Toll Brothers Finance Corporation
4.00%, 12/31/18			390,000			397,800
Total System Services, Inc.
2.38%, 06/01/18			610,000			594,075
Union Bank NA
1.19%, 06/06/14†			3,000,000			3,011,082
1.50%, 09/26/16D			270,000			273,238
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D			446,817			507,138
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18			606,165			697,089
UnitedHealth Group, Inc.
1.40%, 10/15/17			210,000			207,539
Ventas Realty LP
1.55%, 09/26/16			1,780,000			1,793,827
Verizon Communications, Inc.
1.77%, 09/15/16†			240,000			247,418
1.99%, 09/14/18†			570,000			600,027
3.65%, 09/14/18			3,200,000			3,391,066

	Par			Value
5.15%, 09/15/23		$	400,000		$	430,302
Vesey Street Investment Trust I
4.40%, 09/01/16 STEP			700,000			752,072
Vornado Realty LP
4.25%, 04/01/15			700,000			722,040
Wachovia Bank NA
4.80%, 11/01/14D			360,000			373,445
Wal-Mart Stores, Inc.
0.60%, 04/11/16D			270,000			269,759
WellPoint, Inc.
1.25%, 09/10/15			440,000			443,243
2.38%, 02/15/17			1,060,000			1,073,833
1.88%, 01/15/18			900,000			890,789
Wells Fargo & Co.
0.87%, 04/23/18†			270,000			271,778
Wells Fargo Bank NA
4.75%, 02/09/15			1,000,000			1,045,213
Western Union Co.
3.35%, 05/22/19D			600,000			599,659
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 144AD			1,200,000			1,202,640
2.00%, 10/20/17 144A			1,700,000			1,696,821
WPX Energy, Inc.
5.25%, 01/15/17D			780,000			836,550
Xcel Energy, Inc.
0.75%, 05/09/16			410,000			406,778
Total Corporate Bonds (Cost $197,388,861)						199,313,273
FOREIGN BONDS — 10.5%
Australia — 0.7%
Australia & New Zealand Banking Group, Ltd.
0.90%, 02/12/16			700,000			699,582
0.80%, 05/15/18†			1,230,000			1,230,298
Macquarie Bank, Ltd.
3.45%, 07/27/15 144A			750,000			775,909
2.00%, 08/15/16 144A			1,100,000			1,113,215
Perpetual Trustee- Apollo
3.87%, 10/03/40(A)			917,011			826,355
QBE Insurance Group, Ltd.
6.13%, 09/28/15(U)			250,000			442,085
Rio Tinto Finance USA PLC
1.13%, 03/20/15			500,000			502,934
Virgin Australia 2013-1A Trust
5.00%, 10/23/23 144A			700,000			717,938
						6,308,316
Bermuda — 0.1%
Aircastle, Ltd.
9.75%, 08/01/18D			405,000			443,475
Qtel International Finance, Ltd.
6.50%, 06/10/14 144A			660,000			675,708
						1,119,183
Brazil — 0.2%
Banco Bradesco SA
2.34%, 05/16/14 144A†			520,000			520,531
Banco do Nordeste do Brasil SA
3.63%, 11/09/15 144AD			710,000			716,213
BRF SA
7.75%, 05/22/18 144A(B)			2,500,000			882,696
						2,119,440

96 See Notes to Financial Statements.

	Par			Value
Canada — 0.7%
Bank of Montreal
0.84%, 04/09/18†		$	610,000		$	613,718
Canadian Imperial Bank of Commerce
1.55%, 01/23/18D			890,000			871,363
Manulife Financial Corporation
3.40%, 09/17/15			5,000			5,207
Nexen Energy ULC
5.20%, 03/10/15			790,000			826,718
Thomson Reuters Corporation
0.88%, 05/23/16			600,000			596,129
1.30%, 02/23/17			400,000			398,541
Total Capital Canada, Ltd.
0.62%, 01/15/16†			300,000			301,738
TransCanada PipeLines, Ltd.
0.93%, 06/30/16†			580,000			585,811
Xstrata Finance Canada, Ltd.
2.70%, 10/25/17 144A			1,740,000			1,761,338
						5,960,563
Cayman Islands — 0.4%
Baidu, Inc.
2.25%, 11/28/17			440,000			438,064
Hutchison Whampoa International, (12) (II) Ltd.
2.00%, 11/08/17 144A			370,000			366,101
IPIC GMTN, Ltd.
3.13%, 11/15/15 144AD		��	330,000			342,787
Petrobras International Finance Co.
3.88%, 01/27/16			590,000			610,333
Seagate HDD Cayman
3.75%, 11/15/18 144A			985,000			998,544
Trafford Centre Finance, Ltd.
0.72%, 07/28/15(U)†			48,217			78,814
XLIT, Ltd.
2.30%, 12/15/18			400,000			393,332
						3,227,975
Chile — 0.6%
Banco del Estado de Chile
2.00%, 11/09/17 144A			1,100,000			1,083,218
Banco Santander Chile
1.84%, 01/19/16 144A†@			2,500,000			2,510,611
Celulosa Arauco y Constitucion SA
5.63%, 04/20/15			1,260,000			1,329,077
						4,922,906
Colombia — 0.0%
Bancolombia SA
4.25%, 01/12/16D			210,000			218,925
Costa Rica — 0.0%
Banco Nacional de Costa Rica
4.88%, 11/01/18 144A			500,000			491,250
France — 1.8%
Banque Federative du Credit Mutuel SA
1.09%, 10/28/16 144A†			1,825,000			1,831,837
Banque PSA Finance SA
2.14%, 04/04/14 144A†@			800,000			799,720
BNP Paribas SA
0.83%, 12/12/16†			1,280,000			1,282,799

	Par			Value
1.25%, 12/12/16		$	2,500,000		$	2,492,134
BPCE SA
1.99%, 02/07/14 144A†			2,300,000			2,303,503
1.49%, 04/25/16†			680,000			689,240
Credit Agricole SA
1.40%, 04/15/16 144A†			960,000			972,485
Dexia Credit Local SA
0.62%, 11/07/16 144A†@			3,200,000			3,202,929
RCI Banque SA
1.12%, 04/07/15(E)†			900,000			1,228,780
						14,803,427
Germany — 0.5%
Deutsche Bank AG
6.00%, 09/01/17D			1,070,000			1,223,144
State of North Rhine-Westphalia
1.63%, 09/17/14			3,100,000			3,128,225
						4,351,369
Italy — 0.3%
Intesa Sanpaolo SpA
2.64%, 02/24/14 144A†D			2,300,000			2,306,803
Japan — 0.1%
Softbank Corporation
4.50%, 04/15/20 144AD			400,000			392,000
Sumitomo Mitsui Banking Corporation
0.90%, 01/18/16			390,000			389,453
0.91%, 07/19/16†D			290,000			291,794
						1,073,247
Luxembourg — 0.1%
ArcelorMittal
4.25%, 08/05/15			600,000			623,250
Mexico — 1.4%
Grupo Idesa SA de CV
7.88%, 12/18/20 144A			700,000			710,500
Kansas City Southern de Mexico SA de CV
0.94%, 10/28/16†			1,000,000			1,000,271
2.35%, 05/15/20			510,000			475,820
Mexican Bonos
5.00%, 06/15/17(M)			21,500,000			1,661,630
Mexico Cetes
0.00%, 02/06/14(M)W†			364,000,000			2,778,850
0.00%, 02/20/14(M)W†			390,000,000			2,973,696
Petroleos Mexicanos
2.27%, 07/18/18†D			820,000			846,650
5.50%, 01/21/21			1,400,000			1,512,000
						11,959,417
Netherlands — 0.5%
ABN AMRO Bank NV
1.04%, 10/28/16 144A†			600,000			601,080
Achmea Hypotheekbank NV
3.20%, 11/03/14 144A			121,000			123,859
ING Bank NV
3.75%, 03/07/17 144A			900,000			948,610
Volkswagen International Finance NV
1.00%, 03/21/14 144A†			100,000			100,174

See Notes to Financial Statements. 97

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
0.86%, 04/01/14 144A†		$	1,200,000		$	1,201,371
1.13%, 11/18/16 144A			1,220,000			1,217,780
						4,192,874
New Zealand — 0.1%
ANZ New Zealand International, Ltd.
1.13%, 03/24/16 144A			580,000			579,202
Norway — 0.7%
Nordea Eiendomskreditt AS
2.13%, 09/22/17 144A			1,250,000			1,283,339
SpareBank 1 Boligkreditt AS
2.63%, 05/26/17 144A			1,000,000			1,041,510
Statoil ASA
0.70%, 11/08/18†			3,300,000			3,319,681
						5,644,530
Panama — 0.0%
Carnival Corporation
1.20%, 02/05/16			310,000			309,302
Peru — 0.1%
BBVA Banco Continental SA
2.25%, 07/29/16 144AD			500,000			500,000
Qatar — 0.1%
Qatar Government International Bond
3.13%, 01/20/17 144AD			580,000			609,000
Singapore — 0.1%
Oversea-Chinese Banking Corporation, Ltd.
1.63%, 03/13/15 144A			500,000			507,017
Slovenia — 0.1%
Slovenia Government Bond
4.38%, 04/02/14(E)			450,000			623,247
South Korea — 0.5%
Export-Import Bank of Korea
1.09%, 09/17/16†			800,000			803,667
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A			2,900,000			3,087,244
						3,890,911
Sweden — 0.5%
Nordea Bank AB
1.14%, 01/14/14 144A†D			2,900,000			2,900,971
0.88%, 05/13/16 144A			1,320,000			1,314,199
						4,215,170
United Kingdom — 0.3%
BP Capital Markets PLC
0.75%, 05/10/18†			210,000			210,052
HSBC Bank PLC
0.88%, 05/15/18 144A†			1,190,000			1,193,858
Jaguar Land Rover Automotive PLC
4.13%, 12/15/18 144A			1,200,000			1,213,500
						2,617,410
Virgin Islands (British) — 0.6%
CNOOC Finance 2013, Ltd.
1.13%, 05/09/16			4,800,000			4,785,082

	Par			Value
TSMC Global, Ltd.
1.63%, 04/03/18 144A		$	370,000		$	355,250
						5,140,332
Total Foreign Bonds (Cost $88,294,739)						88,315,066
LOAN AGREEMENTS — 0.1%
Activision Blizzard, Inc. Term B Loan
0.00%, 10/11/20 S			850,000			854,879
H.J. Heinz Co. Bank Loan
0.01%,06/05/20W†			208,950			210,404
Total Loan Agreements (Cost $1,064,854)						1,065,283
MORTGAGE-BACKED SECURITIES — 20.7%
Adjustable Rate Mortgage Trust
3.73%, 03/25/37†			1,853,512			1,397,363
Alternative Loan Trust
6.00%, 10/25/32			21,340			20,788
American Home Mortgage Investment Trust
2.17%, 10/25/34†			437,202			430,243
American Home Mortgage Assets Trust
1.06%, 11/25/46†			967,595			491,088
Arran Residential Mortgages Funding PLC
1.69%, 11/19/47 144A†			1,499,410			1,521,019
Banc of America Commercial Mortgage Trust
5.45%, 01/15/49			371,989			371,623
5.65%, 06/10/49†			876,215			954,138
5.80%, 06/10/49†			80,873			80,794
Banc of America Funding 2006 J Trust
3.69%, 01/20/47†			553,533			442,506
Banc of America Mortgage Trust
6.50%, 10/25/31			77,818			81,742
Bear Stearns Adjustable Rate Mortgage Trust
2.79%, 01/25/34†			308,370			305,791
3.17%, 07/25/34†			446,099			442,229
2.80%, 10/25/34†			113,694			112,111
2.60%, 03/25/35†			746,879			751,860
Bear Stearns Alt-A Trust
0.90%, 11/25/34†			244,490			239,330
Bear Stearns Commercial Mortgage Securities Trust
5.32%, 02/11/44			1,206,188			1,320,868
5.74%, 06/11/50			559,158			573,964
CD 2007-CD4 Commercial Mortgage Trust
5.37%, 12/11/49†			395,000			407,939
COMM 2006-C8 Mortgage Trust
5.31%, 12/10/46			1,160,000			1,263,865
COMM 2010-C1 Mortgage Trust
3.16%, 07/10/46 144A			1,232,239			1,268,928
COMM 2012-CCRE2 Mortgage Trust
0.00%, 08/15/45 IOW†			2,059,562			227,320

98 See Notes to Financial Statements.

	Par			Value
COMM 2013-CCRE11 Mortgage Trust
0.00%, 10/10/46W†		$	5,997,651		$	482,469
COMM 2013-CCRE12 Mortgage Trust
2.90%, 10/10/46			2,055,000			2,102,480
COMM 2013-CCRE7 Mortgage Trust
0.00%, 03/10/46 IOW†			5,870,394			520,043
COMM 2013-SFS Mortgage Trust
1.87%, 04/12/35 144A			733,307			703,401
Commercial Mortgage Pass Through Certificates
1.68%, 10/13/28 144A†			1,335,000			1,339,546
Commercial Mortgage Trust
5.48%, 03/10/39			760,000			808,718
5.74%, 12/10/49			2,185,387			2,440,559
Countrywide Home Loan Mortgage Pass-Through Trust
0.70%, 02/25/35†			185,115			173,545
Credit Suisse Commercial Mortgage Trust
5.76%, 09/15/39†			1,155,000			1,164,660
5.62%, 09/15/40†			599,544			641,849
6.03%, 02/15/41†			560,300			563,117
Crusade Global Trust
0.30%, 11/15/37†			1,779,765			1,750,522
CSMC Series 2011-1R
1.17%, 02/27/47 144A†			716,296			714,012
CSMC Trust 13-IVR3
1.55%, 05/25/43 144A†			645,433			593,024
CSMC Trust 2013-IVR2
1.55%, 04/25/43 144A†			1,278,569			1,226,361
DBRR 2011-C32 Trust
5.73%, 06/17/49 144A†			1,805,000			1,967,365
DBRR 2012- EZ1 Trust
0.95%, 09/25/45 144A			606,964			606,992
Del Coronado Trust 2013-DEL
0.97%, 03/15/26 144A†			530,000			527,775
Deutsche Alt-B Securities Mortgage Loan Trust
5.87%, 10/25/36 STEP			495,687			365,355
5.89%, 10/25/36 STEP			495,687			365,693
Fannie Mae Connecticut Avenue Securities
2.16%, 10/25/23†			555,849			558,386
Fannie Mae Grantor Trust
3.31%, 02/25/32			97,931			100,472
FDIC 2010-R1 Trust
2.18%, 05/25/50 144A			848,752			846,835
FDIC Guaranteed Notes Trust
0.72%, 12/04/20 144A†			1,741,097			1,751,868
3.25%, 04/25/38 144A			482,644			498,629
0.72%, 02/25/48 144A†			263,835			264,452
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19			183,457			194,311
5.00%, 02/01/19			218,609			231,557
5.00%, 12/01/19			403,006			426,803
5.50%, 05/01/22			1,319,734			1,415,386
2.48%, 07/01/27†			13,193			13,880
2.38%, 11/01/31†			61,541			65,492
2.38%, 04/01/32†			10,379			11,009

	Par			Value
2.17%, 06/01/33†		$	992,421		$	1,045,093
2.38%, 10/01/34†			237,073			252,070
2.50%, 08/01/35†			845,081			902,032
2.01%, 09/01/35†			470,329			495,465
2.27%, 10/01/35†			720,768			769,406
2.41%, 04/01/36†			595,450			634,730
5.50%, 05/01/38			797,305			868,962
5.50%, 02/01/40			247,004			269,204
Federal Home Loan Mortgage Corporation REMIC
4.00%, 08/15/25 STEP			452,168			472,331
3.50%, 08/15/41			3,388,757			3,525,788
4.50%, 09/15/41			1,054,888			1,126,673
4.50%, 11/15/41			1,148,139			1,243,147
Federal National Mortgage Association
5.00%, 01/01/18			365,850			389,710
5.00%, 07/01/19			91,934			98,439
5.00%, 05/01/21			815,929			873,522
5.00%, 11/01/21			342,268			366,490
2.29%, 12/01/24 CONV†			19,701			19,981
9.00%, 05/01/25			9,243			9,282
9.00%, 07/01/25			23,485			23,583
3.00%, 01/01/26 TBA			8,300,000			8,470,215
3.50%, 01/01/26 TBA			4,600,000			4,810,414
2.50%, 12/01/27			3,018,749			2,991,097
2.50%, 01/07/28 TBA			2,385,000			2,360,405
2.50%, 02/01/28			359,220			356,217
2.50%, 03/01/28			277,850			275,527
2.50%, 04/01/28			2,662,551			2,639,179
2.50%, 05/01/28			3,085,125			3,057,889
2.34%, 09/01/31†			87,535			92,491
1.46%, 08/01/32†			831,170			863,703
5.50%, 10/01/32‡‡			441,357			485,793
2.29%, 12/01/32†			505,640			532,350
2.04%, 04/01/33†			170,455			182,039
2.16%, 06/01/33†			152,404			161,334
2.54%, 06/01/33†			63,855			67,820
2.55%, 10/01/33†			308,522			325,995
2.35%, 12/01/33†			107,750			113,311
2.95%, 03/01/34†			98,743			99,521
2.06%, 09/01/34†			194,226			205,331
2.07%, 09/01/34†			249,777			263,924
1.94%, 10/01/34†			268,405			281,275
2.11%, 10/01/34†			285,633			300,831
2.50%, 02/01/35†			337,767			358,907
2.33%, 09/01/35†			618,156			654,056
2.53%, 12/01/35†			29,006			30,556
4.00%, 02/01/41 TBA			2,000,000			2,052,500
1.34%, 08/01/42†			528,584			540,187
2.50%, 10/01/42			42,461			38,476
2.50%, 01/01/43 TBA			1,000,000			904,922
2.50%, 02/01/43			1,956,130			1,772,585
1.34%, 07/01/44†			377,515			383,810
1.34%, 10/01/44†			278,290			282,809
2.00%, 01/16/46 TBA			1,150,000			1,107,414
Federal National Mortgage Association REMIC
4.00%, 11/25/19			96,454			101,269
4.00%, 06/25/26 STEP			801,556			844,400
0.76%, 05/25/30†			26,750			26,752
0.81%, 05/25/30†			21,151			21,151
0.71%, 09/25/41†			4,293,954			4,337,083

See Notes to Financial Statements. 99

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
FHLMC Multifamily Structured Pass-Through Certificates
3.61%, 06/25/14		$	302,059		$	303,910
0.00%, 05/25/19 IOW†			5,310,755			427,925
FHLMC Multifamily VRD Certificates
5.50%, 08/15/51			3,000,000			3,320,835
FHLMC Structured Pass-Through Securities
1.16%, 05/25/43†			867,971			888,410
1.54%, 07/25/44†			1,294,981			1,317,467
First Horizon Alternative Mortgage Securities Trust
2.21%, 06/25/34†			493,323			477,257
GE Capital Commercial Mortgage Corporation
5.48%, 12/10/49†			1,016,529			1,110,235
GMAC Commercial Mortgage Securities, Inc.
5.23%, 11/10/45†			1,387,367			1,483,027
Government National Mortgage Association
1.63%, 06/20/17†			4,732			4,897
2.00%, 06/20/21†			3,519			3,671
1.63%, 03/20/22†			215,352			223,332
1.63%, 01/20/23†			30,786			31,928
1.63%, 05/20/24†			61,126			63,292
1.63%, 07/20/25†			77,577			80,586
1.63%, 08/20/25†			20,231			21,016
1.63%, 11/20/25†			64,517			66,895
1.63%, 12/20/26†			88,839			92,114
1.63%, 07/20/27†			2,047			2,123
1.63%, 10/20/27†			34,117			35,376
8.50%, 10/15/29			25,136			26,127
0.77%, 02/16/30†			115,178			116,573
8.50%, 03/15/30			899			903
8.50%, 04/15/30			5,299			5,479
8.50%, 05/15/30			105,013			111,252
1.63%, 05/20/30†			54,390			56,325
8.50%, 06/15/30			6,409			6,580
8.50%, 07/15/30			55,535			61,030
8.50%, 08/15/30			15,758			17,826
8.50%, 09/15/30			1,758			1,778
8.50%, 11/15/30			8,698			9,383
8.50%, 12/15/30			30,120			34,744
8.50%, 02/15/31			17,644			18,838
5.16%, 06/16/31			153,765			154,029
0.47%, 03/20/37†			948,465			951,048
0.47%, 05/20/37†			410,627			410,969
Granite Mortgages 03-3 PLC
0.60%, 01/20/44(E)†			176,253			241,466
Granite Mortgages 04-1 PLC
0.84%, 03/20/44(U)†			410,663			675,451
Granite Mortgages 04-2 PLC
0.84%, 06/20/44(U)†			1,577,509			2,593,871
GreenPoint Mortgage Funding Trust
0.34%, 01/25/37†			761,297			531,399
0.43%, 11/25/45†			206,561			155,055
GS Mortgage Securities Trust
5.80%, 08/10/45†			1,520,105			1,668,775
GSR Mortgage Loan Trust
2.74%, 09/25/34†			493,242			461,745
2.65%, 09/25/35†			436,124			433,178

	Par			Value
HarborView Mortgage Loan Trust
2.72%, 12/19/35†		$	1,168,921		$	1,023,743
Hilton USA Trust 2013-HLF
1.17%, 11/05/30 144A†			1,220,000			1,220,793
Hilton USA Trust 2013-HLT
4.41%, 11/05/30 144A			825,000			826,068
5.22%, 11/05/30 144A†			975,000			977,280
Holmes Master Issuer PLC
1.59%, 10/15/54 144A†			216,032			216,996
1.64%, 10/15/54 144A†			680,931			682,722
1.79%, 10/15/54 144A†			501,270			506,026
1.89%, 10/15/54 144A†			1,472,409			1,493,295
2.27%, 10/15/54(U)†			1,033,348			1,734,827
Holmes Master Issuer PLC
1.64%, 10/15/54†			414,972			415,977
1.79%, 10/15/54†			700,789			707,087
IndyMac INDX Mortgage Loan Trust
0.43%, 06/25/37†			507,099			160,282
0.35%, 09/25/46†			837,932			694,423
JP Morgan Chase Commercial Mortgage Securities Trust
5.34%, 08/12/37†			1,062,600			1,104,888
5.43%, 06/12/47†			1,546,321			1,695,396
5.71%, 02/12/49†			780,975			873,856
5.85%, 02/15/51†			1,436,227			1,612,043
JP Morgan Mortgage Trust
3.55%, 02/25/35†			121,923			122,392
2.50%, 03/25/43 144A†			585,048			567,139
JPMBB Commercial Mortgage Securities Trust
0.00%, 01/15/47W†			4,140,000			287,145
Lanark Master Issuer PLC
1.64%, 12/22/54 144A†			837,401			849,543
LB-UBS Commercial Mortgage Trust
5.42%, 02/15/40			1,215,000			1,338,996
6.11%, 07/15/40†			455,000			498,867
6.16%, 09/15/45†			1,600,000			1,828,792
Luminent Mortgage Trust
0.33%, 12/25/36†			885,061			653,799
MASTR Adjustable Rate Mortgages Trust
2.83%, 12/25/33†			316,558			313,177
Merrill Lynch Floating Trust
0.73%, 07/09/21 144A†			124,945			124,672
Merrill Lynch Mortgage Investors Trust
2.14%, 12/25/34†			596,709			609,547
2.14%, 02/25/36†			671,382			637,188
Morgan Stanley Bank of America Merrill Lynch Trust
5.30%, 08/15/45 IO 144AW†			9,681,806			916,944
0.00%, 11/15/46W†			5,000,000			401,060
Morgan Stanley Capital I Trust
5.41%, 03/15/44			1,090,000			1,184,825
Morgan Stanley Re-REMIC Trust
2.50%, 03/23/51 144A			227,688			230,603
1.00%, 03/27/51 144A			482,743			482,733
Motel 6 Trust
1.50%, 10/05/25 144A			364,593			359,755
1.95%, 10/05/25 144A			1,695,000			1,674,839

100 See Notes to Financial Statements.

	Par			Value
National RMBS Trust
3.72%, 06/20/44(A)†		$	722,130		$	654,423
NCUA Guaranteed Notes Trust
1.84%, 10/07/20			122,103			123,105
0.73%, 12/08/20†			3,239,296			3,258,732
0.70%, 03/09/21			2,183,616			2,186,712
Opteum Mortgage Acceptance Corporation Trust
0.44%, 11/25/35†			69,246			69,058
Progress 2007-1G Trust
0.38%, 08/19/38 144A†			310,580			308,028
Provident Funding Mortgage Loan Trust
2.57%, 04/25/34†			698,295			693,910
RALI Series 2003-QS1 Trust
0.56%, 01/25/33†			88,327			86,007
RCMC LLC
5.62%, 11/15/44 144A			514,557			515,028
Residential Asset Securitization Trust
0.46%, 05/25/35†			81,930			81,176
RFMSI Series 2003-S9 Trust
6.50%, 03/25/32			17,093			17,924
Sequoia Mortgage Trust
2.87%, 01/25/42†			852,470			847,618
3.50%, 04/25/42†			790,280			793,941
1.45%, 02/25/43†			871,917			856,671
1.55%, 04/25/43†			849,622			816,082
SMHL Global Fund
0.42%, 06/12/40(E)†			390,112			535,784
Springleaf Mortgage Loan Trust
2.22%, 10/25/57 144A†			416,991			424,799
1.27%, 06/25/58 144A†			1,181,433			1,175,511
1.57%, 12/25/59 144A†			574,344			572,083
1.78%, 12/25/65 144A†			571,840			570,234
STRIPs 2012-1, Ltd.
1.50%, 12/25/44 144A			535,408			530,054
Structured Adjustable Rate Mortgage Loan Trust
2.48%, 08/25/34†			809,966			795,227
0.46%, 09/25/34†			154,770			134,022
Structured Agency Credit Risk Debt Notes
1.62%, 11/25/23†			935,571			935,582
Structured Asset Mortgage Investments II Trust
2.02%, 10/19/34†			387,862			305,929
0.42%, 07/19/35†			136,090			125,627
0.44%, 02/25/36†			675,762			520,069
Talisman-6 Finance PLC
0.40%, 10/22/16(E)†			736,762			954,020
TBW Mortgage Backed Trust
6.01%, 07/25/37 STEP			449,147			332,533
Titan Europe 2007-2, Ltd.
0.39%, 04/23/17(E)†			202,339			276,967
Torrens Trust
3.56%, 04/12/44(A)†			2,796,196			2,496,710
UBS-Barclays Commercial Mortgage Trust
0.00%, 05/10/63 IO 144AW†			6,517,350			580,481
Wachovia Bank Commercial Mortgage Trust
5.42%, 01/15/45†			1,265,629			1,349,238
5.73%, 06/15/49†			1,090,942			1,203,826

	Par			Value
Washington Mutual Mortgage Pass-Through Certificates
2.41%, 02/25/37†		$	617,789		$	496,629
4.47%, 05/25/37†			754,560			615,077
2.28%, 07/25/37†			1,761,196			1,452,495
1.54%, 06/25/42†			22,941			20,991
0.47%, 01/25/45†			775,425			727,336
1.12%, 06/25/46†			1,298,720			1,199,786
0.88%, 01/25/47†			731,928			590,333
0.98%, 05/25/47†			544,387			43,020
Wells Fargo Mortgage-Backed Securities 2004-EE Trust
2.61%, 12/25/34†			580,598			584,987
WF-RBS Commercial Mortgage Trust
0.00%, 08/15/45 IO 144AW†			3,668,641			429,690
0.00%, 11/15/45 IO 144AW†			6,269,252			770,541
Total Mortgage-Backed Securities (Cost $176,938,198)						173,705,355
MUNICIPAL BONDS — 0.8%
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40			1,300,000			1,460,134
Florida Hurricane Catastrophe Fund Finance Corporation, Series A, Revenue Bond
1.30%, 07/01/16			720,000			722,592
Irvine Ranch Water District Joint Powers Agency, Revenue Bond, Escrowed to Maturity
2.61%, 03/15/14			2,800,000			2,812,992
North Texas Higher Education Authority, Inc. Taxable Student Loan, Revenue Bond, Series 1
1.35%, 04/01/40†			348,539			354,203
State of California, General Obligation
5.10%, 08/01/14			40,000			41,082
State of Illinois, General Obligation
4.07%, 01/01/14			830,000			830,000
Total Municipal Bonds (Cost $6,038,920)						6,221,003
	Notional Amount
PURCHASED OPTIONS — 0.1%
Put Swaptions — 0.1%
3-Month LIBOR, Strike Price 3.45%, Expires 09/21/15 (RBS) (Cost $151,446)		$	1,900,000			306,971
	Par
U.S. TREASURY OBLIGATIONS — 26.3%
U.S. Treasury Bills
0.04%, 01/02/14			316,000			316,000
0.13%, 05/29/14‡‡			698,000			697,847
0.13%, 11/13/14D			500,000			499,579
						1,513,426

See Notes to Financial Statements. 101

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par
U.S. Treasury Inflationary Index Bonds
1.13%, 01/15/21		$	1,700,000	$	1,909,496
0.13%, 01/15/22D			11,000,000		10,921,332
0.13%, 07/15/22			3,700,000		3,603,256
0.13%, 01/15/23			1,300,000		1,243,517
					17,677,601
U.S. Treasury Notes
1.00%, 05/15/14D			18,200,000		18,261,498
0.25%, 05/31/14D			5,500,000		5,503,548
0.63%, 07/15/14			38,094,000		38,202,644
2.63%, 07/31/14			500,000		507,304
0.50%, 08/15/14D			100,000		100,242
0.25%, 08/31/14D			9,000,000		9,008,262
0.25%, 09/15/14			428,000		428,393
0.25%, 09/30/14D			2,800,000		2,802,461
0.50%, 10/15/14			5,829,000		5,845,852
0.13%, 12/31/14D			6,500,000		6,498,479
0.25%, 01/15/15			9,500,000		9,508,531
0.25%, 02/15/15D			8,600,000		8,606,717
0.38%, 04/15/15D			3,500,000		3,508,271
0.25%, 05/15/15D			8,690,000		8,696,109
0.38%, 06/30/15D‡‡			840,000		841,804
0.38%, 08/31/15D			9,721,000		9,736,379
0.25%, 10/15/15			2,700,000		2,696,730
0.25%, 12/15/15			640,000		638,625
0.38%, 01/15/16D			3,500,000		3,498,908
0.38%, 02/15/16			6,700,000		6,694,767
2.13%, 02/29/16D			4,772,000		4,946,851
0.38%, 03/15/16D			7,165,000		7,154,647
0.25%, 05/15/16			9,860,000		9,800,298
0.50%, 06/15/16			4,140,000		4,135,955
1.50%, 06/30/16D			2,300,000		2,353,277
0.63%, 07/15/16D			18,250,000		18,273,524
0.63%, 08/15/16			8,000,000		8,002,184
1.00%, 09/30/16			2,500,000		2,521,777
1.75%, 10/31/20D			2,700,000		2,590,628
					201,364,665
Total U.S. Treasury Obligations (Cost $222,029,152)					220,555,692
	Shares
MONEY MARKET FUNDS — 13.8%
GuideStone Money Market Fund (GS4 Class)¥			35,793,992		35,793,992
Northern Institutional Liquid Assets Portfolio§			79,891,920		79,891,920
Total Money Market Funds (Cost $115,685,912)					115,685,912

	Par				Value
REPURCHASE AGREEMENTS — 4.7%
Barclays Capital, Inc.
0.03% (dated 01/02/14, due 01/03/14, repurchase price $12,200,010, collateralized by U.S. Treasury Inflationary Index Bond, 0.125%, due 04/15/18, total market value
$12,435,890)		$	12,200,000			$	12,200,000
Citigroup Global Markets, Inc.
0.05% (dated 12/31/13, due 01/02/14, repurchase price $15,800,044, collateralized by U.S. Treasury Note, 1.375%, due 07/31/18, total market value
$16,104,603)			15,800,000				15,800,000
0.03% (dated 01/02/14, due 01/03/14, repurchase price $11,100,009, collateralized by U.S. Treasury Note, 0.875%, due 07/31/19, total market value
$11,325,465)			11,100,000				11,100,000
Total Repurchase Agreements (Cost $39,100,000)							39,100,000
TOTAL INVESTMENTS — 114.0% (Cost $958,081,131)							955,365,488
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $127.50, Expires 03/20/14
(CITIG)			(116	)			(3,625	)
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $123.00, Expires 03/20/14
(BAR)			(116	)			(106,937	)
90-Day Euro, Strike Price $97.38, Expires 03/14/14
(BAR)			(164	)			(82,000	)
							(188,937	)
	Notional Amount
Put Swaptions — (0.1)%
3-Month LIBOR, Strike Price 2.00%, Expires 03/31/14
(GSC)		$	(82,200,000	)			(151,865	)
3-Month LIBOR, Strike Price 2.50%, Expires 09/21/15
(RBS)			(8,000,000	)			(318,233	)
							(470,098	)
Total Written Options
(Premiums received $(404,812))							(662,660	)

102 See Notes to Financial Statements.

	Par				Value
SECURITIES SOLD SHORT — (0.4)%
U.S. Treasury Notes
1.50%, 08/31/18 (Cost $(3,091,420))		$	(3,100,000	)		$	(3,084,500	)
TBA SALE COMMITMENTS — (2.1)%
Federal Home Loan Mortgage Corporation
5.50%, 01/01/39 TBA			(3,000,000	)			(3,276,562	)
Federal National Mortgage Association
2.50%, 01/17/28 TBA			(1,000,000	)			(989,688	)
5.50%, 01/01/40 TBA			(7,000,000	)			(7,699,726	)
3.50%, 01/01/41 TBA			(4,000,000	)			(3,973,438	)
3.00%, 01/01/43 TBA			(2,000,000	)			(1,898,594	)
Total TBA Sale Commitments (Cost $(17,806,133))							(17,838,008	)
Liabilities in Excess of Other Assets — (11.4)%							(95,516,079	)
NET ASSETS — 100.0%						$	838,264,241

See Notes to Financial Statements. 103

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2013:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
Morgan Stanley ABS Capital I,
7.02% due 12/27/33		(1.39	)%		12/27/33		MSCS		USD	$	267,461	$	3,599	$	—	$	3,599
Long Beach Mortgage Trust,
6.72% due 02/25/34		(1.19	)%		02/25/34		BAR		USD		290,155		131,215		—		131,215
Specialty Underwriting & Residential Finance,
6.62% due 02/25/35		(1.24	)%		02/25/35		BAR		USD		353,593		217,872		—		217,872
										$	911,209	$	352,686	$	—	$	352,686

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Barclays Bank PLC,
1.551% due 10/27/15		0.69	%		1.00	%		12/20/17		GSC		EUR	$	1,200,000	$	20,560	$	(39,370	)	$	59,930

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones iTraxx		(1.00	)%		06/20/17		CME		EUR	$	1,100,000	$	(29,309	)	$	(2,971	)	$	(26,338	)
Dow Jones CDX.NA.IG21 Index		(1.00	)%		12/20/18		CME		USD		21,000,000		(385,456	)		(302,741	)		(82,715	)
CMBX.NA.AAA.4 Index		(0.35	)%		02/17/51		GSC		USD		5,618,680		87,048			770,184			(683,136	)
										$	27,718,680	$	(327,717	)	$	464,472		$	(792,189	)

104 See Notes to Financial Statements.

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
Brazil CETIP Interbank Deposit		10.14	%		01/02/15		HKSB		BRL	$	3,800,000	$	45,514		$	4,372		$	41,142
Brazil CETIP Interbank Deposit		7.55	%		01/02/15		GSC		BRL		3,800,000		(47,979	)		(5,204	)		(42,775	)
Brazil CETIP Interbank Deposit		8.08	%		01/02/15		HSBC		BRL		3,200,000		(25,428	)		5,571			(30,999	)
Brazil CETIP Interbank Deposit		8.27	%		01/02/15		MSCS		BRL		2,500,000		(20,445	)		(3,103	)		(17,342	)
Brazil CETIP Interbank Deposit		8.56	%		01/02/15		UBS		BRL		2,200,000		(14,143	)		57			(14,200	)
Brazil CETIP Interbank Deposit		7.62	%		01/02/15		DEUT		BRL		1,100,000		(13,337	)		(1,302	)		(12,035	)
Brazil CETIP Interbank Deposit		8.43	%		01/02/15		DEUT		BRL		1,000,000		(4,378	)		5,742			(10,120	)
Brazil CETIP Interbank Deposit		7.92	%		01/02/15		BAR		BRL		600,000		(6,151	)		(42	)		(6,109	)
Brazil CETIP Interbank Deposit		9.93	%		01/02/15		UBS		BRL		400,000		3,972			168			3,804
Brazil CETIP Interbank Deposit		8.83	%		01/02/15		HSBC		BRL		200,000		(134	)		338			(472	)
Brazil CETIP Interbank Deposit		8.59	%		01/02/17		BAR		BRL		15,800,000		(491,159	)		20,725			(511,884	)
Brazil CETIP Interbank Deposit		8.50	%		01/02/17		CS		BRL		2,700,000		(86,538	)		(1,718	)		(84,820	)
Brazil CETIP Interbank Deposit		8.94	%		01/02/17		CS		BRL		2,400,000		(64,692	)		(1,047	)		(63,645	)
Brazil CETIP Interbank Deposit		8.90	%		01/02/17		UBS		BRL		2,100,000		(57,450	)		(1,694	)		(55,756	)
Brazil CETIP Interbank Deposit		8.60	%		01/02/17		DEUT		BRL		1,600,000		(49,438	)		720			(50,158	)
Brazil CETIP Interbank Deposit		8.59	%		01/02/17		UBS		BRL		1,200,000		(38,617	)		(1,098	)		(37,519	)
Brazil CETIP Interbank Deposit		8.49	%		01/02/17		BNP		BRL		900,000		(27,960	)		—			(27,960	)
6-Month EURIBOR		2.00	%		03/21/17		CME		EUR		3,600,000		255,828			106,493			149,335
6-Month BBR BBSW Index		5.50	%		12/15/17		BAR		AUD		1,500,000		100,738			(3,999	)		104,737
6-Month BBR BBSW Index		5.50	%		12/15/17		DEUT		AUD		1,000,000		67,161			(2,372	)		69,533
6-Month BBR BBSW Index		3.75	%		03/15/18		CME		AUD		1,800,000		14,471			2,257			12,214
6-Month BBR BBSW Index		3.75	%		12/11/18		CME		AUD		3,600,000		1,269			(8,057	)		9,326
3-Month LIBOR		2.00	%		12/18/18		CME		USD		47,100,000		566,232			678,672			(112,440	)
MXN-TIIE-Banxico		7.50	%		06/02/21		UBS		MXN		300,000		1,646			759			887
6-Month BBR BBSW Index		3.75	%		03/15/23		CME		AUD		2,600,000		(128,125	)		(16,958	)		(111,167	)
6-Month BBR BBSW Index		4.25	%		03/15/23		CME		AUD		200,000		(2,773	)		1,093			(3,866	)
6-Month BBR BBSW Index		4.00	%		03/15/23		CME		AUD		100,000		(3,157	)		(708	)		(2,449	)
3-Month LIBOR		2.65	%		07/31/23		CME		USD		5,300,000		(105,521	)		—			(105,521	)
6-Month BBR BBSW Index		4.25	%		12/11/23		CME		AUD		1,300,000		(29,801	)		8,852			(38,653	)
6-Month EURIBOR		2.25	%		03/19/24		CME		EUR		800,000		(2,960	)		10,771			(13,731	)
3-Month LIBOR		3.50	%		12/18/43		CME		USD		20,400,000		1,533,928			1,147,411			386,517
										$	135,100,000	$	1,370,573		$	1,946,699		$	(576,126	)
Total Swap agreements outstanding at December 31, 2013										$	164,929,889	$	1,416,102		$	2,371,801		$	(955,699	)

See Notes to Financial Statements. 105

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	27,012,228		$	—		$	27,012,228		$	—
Asset-Backed Securities			84,084,705			—			80,202,868			3,881,837
Corporate Bonds			199,313,273			—			195,870,739			3,442,534
Foreign Bonds:
Australia			6,308,316			—			4,764,024			1,544,292
Bermuda			1,119,183			—			1,119,183			—
Brazil			2,119,440			—			2,119,440			—
Canada			5,960,563			—			5,960,563			—
Cayman Islands			3,227,975			—			3,227,975			—
Chile			4,922,906			—			4,922,906			—
Colombia			218,925			—			218,925			—
Costa Rica			491,250			—			491,250			—
France			14,803,427			—			14,803,427			—
Germany			4,351,369			—			4,351,369			—
Italy			2,306,803			—			2,306,803			—
Japan			1,073,247			—			1,073,247			—
Luxembourg			623,250			—			623,250			—
Mexico			11,959,417			—			11,959,417			—
Netherlands			4,192,874			—			4,192,874			—
New Zealand			579,202			—			579,202			—
Norway			5,644,530			—			5,644,530			—
Panama			309,302			—			309,302			—
Peru			500,000			—			500,000			—
Qatar			609,000			—			609,000			—
Singapore			507,017			—			507,017			—
Slovenia			623,247			—			623,247			—
South Korea			3,890,911			—			3,890,911			—
Sweden			4,215,170			—			4,215,170			—
United Kingdom			2,617,410			—			2,617,410			—
Virgin Islands (British)			5,140,332			—			5,140,332			—
Loan Agreements			1,065,283			—			1,065,283			—
Money Market Funds			115,685,912			115,685,912			—			—
Mortgage-Backed Securities			173,705,355			—			162,156,962			11,548,393
Municipal Bonds			6,221,003			—			6,221,003			—
Purchased Options			306,971			—			306,971			—
Repurchase Agreements			39,100,000			—			39,100,000			—
U.S. Treasury Obligations			220,555,692			—			220,555,692			—
Total Assets - Investments in Securities		$	955,365,488		$	115,685,912		$	819,262,520		$	20,417,056
Other Financial Instruments***
Forward Foreign Currency Contracts		$	133,675		$	—		$	133,675		$	—
Futures Contracts			389,347			389,347			—			—
Swap Agreements			1,416,102			—			1,416,102			—
Total Assets - Other Financial Instruments		$	1,939,124		$	389,347		$	1,549,777		$	—

106 See Notes to Financial Statements.

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Securities Sold Short		$	(3,084,500	)		$	—			$	(3,084,500	)		$	—
TBA Sale Commitments			(17,838,008	)			—				(17,838,008	)			—
Written Options			(662,660	)			(192,562	)			(318,233	)			(151,865	)
Total Liabilities - Investments in Securities		$	(21,585,168	)		$	(192,562	)		$	(21,240,741	)		$	(151,865	)

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

The unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed securities, corporate bonds, foreign bonds, mortgage-backed securities and written option are values based on evaluated quotations received from dealers who make markets in such securities. Significant increases (decreases) in those evaluated quotations would result in a significantly higher (lower) fair value measurement.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Total Value				Asset-Backed Securities				Corporate Bonds				Foreign Bonds				Mortgage-Backed Securities				Written Option
Balance, 12/31/12		$	30,924,326			$	4,445,836			$	5,116,094			$	1,455,253			$	19,907,143			$	—
Accrued discounts/premiums			(41,772	)			228				(35,030	)			(87	)			(6,883	)			—
Realized gain (loss)(1)			(209,233	)			(75,521	)			(44,823	)			(28,858	)			(60,031	)			—
Change in unrealized appreciation (depreciation)(2)			(957,847	)			(177,804	)			(3,447	)			(101,798	)			(601,802	)			(72,996	)
Purchases			8,529,897				4,070,418				319,500				700,000				3,518,848				(78,869	)
Sales			(5,537,174	)			(1,903,607	)			(1,587,206	)			(480,218	)			(1,566,143	)			—
Transfers in to Level 3			—				—				—				—				—				—
Transfers out of Level 3(3)			(7,531,161	)			(1,426,249	)			—				—				(6,104,912	)			—
Maturities			—				—				—				—				—				—
Paydowns			(4,911,845	)			(1,051,464	)			(322,554	)			—				(3,537,827	)			—
Balance, 12/31/13		$	20,265,191			$	3,881,837			$	3,442,534			$	1,544,292			$	11,548,393			$	(151,865	)

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net realized gain (loss) from: Investment securities.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities and Net change in unrealized appreciation (depreciation) on: Option contracts written.

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2013 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements. 107

Medium-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between three to seven years. The GS4 Class of the Fund underperformed its benchmark index, the Barclays U.S. Aggregate Bond Index, for the one-year period ended December 31, 2013 (-1.98% versus -2.02%).

The Fund’s benchmark-relative performance for the year was negatively impacted by the Fund’s exposure to spread sectors (such as corporates, mortgaged-backed securities, Yankees and non-U.S. bonds) during the second quarter. During this period, spread sectors came under pressure due to concerns over the Federal Reserve scaling back its pace of bond purchases sooner rather than originally anticipated. The second quarter was a “risk-off” quarter as the market was fearful of the prospects of slower economic growth and rising interest rates when the Federal Reserve started its tapering process. During the year, the Fund remained diversified across multiple spread sectors to take advantage of the relative yield advantage of these sectors compared to U.S. Treasuries. This strategy served the Fund well over most time periods with the exception of the second quarter. Other sectors, such as high yield bonds and emerging market bonds, were also utilized on a tactical basis in an effort to add relative value.

Other strategies involving derivatives were utilized during the year. U.S. Treasury futures contracts, options on U.S. Treasuries and Euro-futures were used to manage duration, implement yield curve positioning strategies and express cross-sector views. Overall, on a net basis, these positions had little impact on relative performance. In an effort to better manage credit risk and to express views on credit from a synthetic perspective, credit default swaps were utilized. Such strategies were additive to the Fund’s relative performance during an environment of spread compression during most of the year. Currency forward contracts were utilized to hedge foreign currency risk and to express active currency views. These currency strategies resulted in a positive impact to the Fund’s performance. Through the process of implementing interest rate views and strategies during the year, interest rate swaps were used and resulted in mixed results.

During the year, the Fund remained focused on its objective of seeking maximum total return consistent with preservation of capital.

This Fund may be suitable for investors who have a short- to medium-term investment horizon, seek higher returns than those offered by a shorter maturity bond fund, can accept some short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

108

Medium-Duration Bond Fund (Unaudited)

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Mortgage-Backed Securities		31.9
U.S. Treasury Obligations		28.0
Corporate Bonds		18.9
Money Market Funds		15.7
Foreign Bonds		14.6
Municipal Bonds		3.0
Asset-Backed Securities		2.4
Agency Obligations		1.9
Repurchase Agreements		1.4
Preferred Stocks		0.4
Purchased Options		0.1
Written Options		(0.1	)
TBA Sale Commitments		(0.3	)
Security Sold Short		(0.9	)
		117.0

109

Medium-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	-1.90%	-1.98%	-2.02%
Five Year	7.53%	7.41%	4.44%
Ten Year	5.23%	5.10%	4.55%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.53%	0.77%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Barclays U.S. Aggregate Bond Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

110

MEDIUM-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par			Value
AGENCY OBLIGATIONS — 1.9%
Federal Farm Credit Bank
5.05%, 11/06/17		$	400,000		$	455,233
Federal Home Loan Bank
3.00%, 09/10/21			800,000			805,042
Federal Home Loan Mortgage Corporation
4.38%, 01/15/14(E)			400,000			550,638
0.11%, 01/21/14			1,800,000			1,799,980
0.11%, 02/04/14			1,500,000			1,499,943
2.38%, 01/13/22D			1,500,000			1,436,542
Federal National Mortgage Association
0.12%, 02/24/14‡‡			330,000			329,980
1.88%, 09/18/18D			3,300,000			3,325,456
3.03%, 10/09/19W†			1,570,000			1,336,858
6.25%, 05/15/29			500,000			628,470
6.63%, 11/15/30D			1,170,000			1,526,113
Tennessee Valley Authority
3.88%, 02/15/21			1,000,000			1,057,575
5.25%, 09/15/39			350,000			374,910
4.63%, 09/15/60			200,000			179,682
Total Agency Obligations (Cost $15,399,263)						15,306,422
ASSET-BACKED SECURITIES — 2.4%
Access Group, Inc.
1.54%, 10/27/25†			1,005,794			1,014,046
Amortizing Residential Collateral Trust
0.85%, 01/01/32†			28,840			20,081
Asset-Backed Securities Corporation Home Equity Loan Trust
0.44%, 09/25/34†			111,009			110,185
Avis Budget Rental Car Funding AESOP LLC
3.15%, 03/20/17 144A			160,000			166,312
2.80%, 05/20/18 144A			550,000			567,216
1.92%, 09/20/19 144A			160,000			156,945
2.97%, 02/20/20 144A			160,000			163,046
Bayview Financial Acquisition Trust
0.84%, 02/28/44†			199,076			196,753
Bear Stearns Asset-Backed Securities Trust
6.00%, 10/25/36			1,827,751			1,465,390
6.50%, 10/25/36			2,791,523			2,386,987
Brazos Higher Education Authority
0.36%, 09/25/23†			83,887			83,819
College Loan Corporation Trust
0.43%, 04/25/24†			500,000			476,436
0.33%, 10/25/25†			787,741			785,793
CWHEQ Revolving Home Equity Loan Trust
0.41%, 12/15/35†			360,757			281,172
0.31%, 07/15/36†			584,052			451,696
Education Funding Capital Trust IV
3.18%, 06/15/43W†			700,000			594,212
EMC Mortgage Loan Trust
0.71%, 11/25/41 144A†			54,379			53,059
Financial Asset Securities Corporation AAA Trust
0.58%, 02/27/35 144A†			952,453			715,686

	Par			Value
GMACM Home Equity Loan Trust
7.00%, 09/25/37		$	256,391		$	261,675
Hertz Vehicle Financing LLC
5.29%, 03/25/16 144A			140,000			146,399
1.83%, 08/25/19 144A			210,000			205,692
Nelnet Education Loan Funding, Inc.
1.09%, 02/25/39†			800,000			768,188
Panhandle-Plains Higher Education Authority, Inc.
1.38%, 10/01/35†			593,931			603,526
Provident Home Equity Loan Trust
0.70%, 08/25/31†			92,480			59,342
RAMP Series 2004-RZ1 Trust
0.64%, 03/25/34†			327,519			303,215
Salomon Brothers Mortgage Securities VII, Inc.
0.64%, 03/25/28†			15,749			15,401
SLM Private Education Loan Trust
3.42%, 05/16/44 144A†			1,021,347			1,082,461
SLM Student Loan EDC Repackaging Trust
3.50%, 10/28/29+ 144A			514,845			503,220
SLM Student Loan Trust
1.74%, 04/25/23†			4,274,616			4,404,274
0.99%, 12/15/25 144A†			400,000			396,072
0.36%, 01/25/27†			900,000			877,956
Structured Asset Investment Loan Trust
1.00%, 08/25/34†			434,744			418,520
Total Asset-Backed Securities (Cost $20,420,307)						19,734,775
CORPORATE BONDS — 18.9%
ABB Finance USA, Inc.
4.38%, 05/08/42			20,000			18,400
AbbVie, Inc.
1.75%, 11/06/17D			1,520,000			1,518,801
2.90%, 11/06/22			320,000			299,664
Access Midstream Partners LP
5.88%, 04/15/21			330,000			353,100
AES Corporation
4.88%, 05/15/23D			80,000			75,200
AIG Life Holdings, Inc.
8.50%, 07/01/30			250,000			315,000
American Campus Communities Operating Partnership LP
3.75%, 04/15/23			525,000			488,144
American Express Co.
6.80%, 09/01/66†			1,320,000			1,411,410
American Express Credit Corporation
5.13%, 08/25/14			160,000			164,898
American Honda Finance Corporation
1.00%, 08/11/15 144A			480,000			482,073
American International Group, Inc.
2.38%, 08/24/15			175,000			178,824
5.60%, 10/18/16			600,000			669,089
5.45%, 05/18/17			125,000			139,824

See Notes to Financial Statements. 111

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
8.25%, 08/15/18 144AD		$	1,200,000		$	1,504,038
6.40%, 12/15/20			150,000			177,534
6.25%, 03/15/87			380,000			381,900
American Tower Corporation REIT
3.40%, 02/15/19			375,000			382,216
Anadarko Petroleum Corporation
6.38%, 09/15/17			50,000			57,452
6.45%, 09/15/36D			125,000			140,805
Arch Coal, Inc.
7.25%, 06/15/21			500,000			385,000
Arizona Public Service Co.
8.75%, 03/01/19			525,000			667,989
Ashland, Inc.
4.75%, 08/15/22			250,000			238,750
AT&T, Inc.
2.50%, 08/15/15			540,000			554,636
2.95%, 05/15/16			425,000			443,422
4.45%, 05/15/21			80,000			84,359
3.88%, 08/15/21			200,000			202,952
4.35%, 06/15/45D			102,000			86,694
Avon Products, Inc.
4.60%, 03/15/20D			525,000			521,306
Axiall Corporation
4.88%, 05/15/23 144AD			50,000			47,438
Baker Hughes, Inc.
7.50%, 11/15/18D			710,000			875,681
Ball Corporation
5.00%, 03/15/22			915,000			910,425
4.00%, 11/15/23			80,000			72,000
Bank of America Corporation
0.50%, 10/14/16†D			1,700,000			1,682,983
3.88%, 03/22/17			130,000			138,857
6.00%, 09/01/17D			325,000			371,392
5.75%, 12/01/17			2,340,000			2,665,548
5.65%, 05/01/18			950,000			1,082,408
2.60%, 01/15/19			450,000			452,517
5.88%, 01/05/21			150,000			172,660
5.00%, 05/13/21			20,000			21,889
Bank of America NA
0.71%, 11/14/16†			3,900,000			3,910,479
Barrick North America Finance LLC
4.40%, 05/30/21			610,000			588,251
Bear Stearns Cos. LLC
5.70%, 11/15/14			1,000,000			1,044,745
6.40%, 10/02/17D			1,200,000			1,393,854
Berkshire Hathaway, Inc.
3.20%, 02/11/15D			280,000			288,674
Boeing Capital Corporation
4.70%, 10/27/19D			230,000			258,404
Boeing Co.
4.88%, 02/15/20			50,000			55,821
6.63%, 02/15/38			210,000			269,748
Calpine Corporation
7.88%, 01/15/23 144A			620,000			680,450
Capital One Financial Corporation
1.00%, 11/06/15			325,000			325,006
Caterpillar, Inc.
3.80%, 08/15/42D			225,000			189,978
Catholic Health Initiatives
4.35%, 11/01/42			40,000			34,832

	Par			Value
CBL & Associates LP REIT
5.25%, 12/01/23		$	275,000		$	275,160
CCO Holdings LLC
5.25%, 09/30/22D			600,000			563,250
Cellco Partnership
8.50%, 11/15/18D			520,000			659,070
Chesapeake Energy Corporation
6.13%, 02/15/21D			220,000			237,050
5.75%, 03/15/23D			70,000			72,450
Chubb Corporation
6.38%, 03/29/67†			375,000			407,812
Cigna Corporation
2.75%, 11/15/16			225,000			234,346
CitiFinancial, Inc.
6.63%, 06/01/15			300,000			319,287
Citigroup, Inc.
5.13%, 05/05/14			69,000			70,014
5.00%, 09/15/14			500,000			514,332
6.01%, 01/15/15			101,000			106,384
5.50%, 02/15/17D			1,160,000			1,279,052
6.13%, 11/21/17			1,205,000			1,390,234
3.38%, 03/01/23			175,000			166,663
3.50%, 05/15/23D			410,000			382,784
5.50%, 09/13/25D			290,000			306,101
6.68%, 09/13/43			60,000			69,278
5.35%, 04/29/49†D			180,000			158,717
5.95%, 07/29/49†			170,000			157,522
Clean Harbors, Inc.
5.25%, 08/01/20D			195,000			201,825
Cliffs Natural Resources, Inc.
3.95%, 01/15/18D			400,000			404,292
4.80%, 10/01/20D			150,000			149,300
4.88%, 04/01/21D			60,000			58,440
Comcast Corporation
5.70%, 05/15/18			1,250,000			1,436,725
Compass Bank
5.50%, 04/01/20D			275,000			282,931
Concho Resources, Inc.
5.50%, 10/01/22D			260,000			269,750
5.50%, 04/01/23D			30,000			31,050
ConocoPhillips Holding Co.
6.95%, 04/15/29D			220,000			279,087
Continental Airlines 1998-1 Class A Pass Through Trust
6.65%, 03/15/19			180,674			189,924
Continental Resources, Inc.
5.00%, 09/15/22			500,000			520,000
COX Communications, Inc.
5.45%, 12/15/14D			69,000			72,125
6.95%, 06/01/38 144A			10,000			10,521
Crown Americas LLC
4.50%, 01/15/23			550,000			517,000
Crown Castle International Corporation
5.25%, 01/15/23D			425,000			418,625
CVS Caremark Corporation
2.75%, 12/01/22D			500,000			462,384
CVS Pass-Through Trust
6.94%, 01/10/30			764,555			877,840
D.R. Horton, Inc.
4.38%, 09/15/22D			550,000			515,625

112 See Notes to Financial Statements.

	Par			Value
Daimler Finance North America LLC
0.86%, 03/28/14 144A†		$	3,400,000		$	3,404,906
1.30%, 07/31/15 144AD			640,000			644,005
DDR Corporation REIT
4.63%, 07/15/22			400,000			408,689
Delta Air Lines 2007-1 Class A Pass Through Trust
6.82%, 02/10/24			336,375			379,263
Devon Energy Corporation
3.25%, 05/15/22D			90,000			85,975
5.60%, 07/15/41			230,000			240,531
Devon Financing Corporation LLC
7.88%, 09/30/31			60,000			77,375
DISH DBS Corporation
6.63%, 10/01/14			30,000			31,275
7.75%, 05/31/15			200,000			217,500
5.88%, 07/15/22			360,000			361,800
DPL, Inc.
7.25%, 10/15/21			350,000			356,125
Eastman Chemical Co.
2.40%, 06/01/17			575,000			581,636
Eaton Corporation
1.50%, 11/02/17D			180,000			176,623
2.75%, 11/02/22			650,000			607,530
4.15%, 11/02/42D			200,000			178,377
Ecolab, Inc.
3.00%, 12/08/16			275,000			288,322
4.35%, 12/08/21D			130,000			135,027
El Paso LLC
7.00%, 06/15/17			710,000			806,302
7.80%, 08/01/31			750,000			764,825
El Paso Natural Gas Co. LLC
7.50%, 11/15/26D			300,000			365,435
Energy Transfer Partners LP
3.26%, 11/01/66†			700,000			640,500
Enterprise Products Operating LLC
5.70%, 02/15/42D			220,000			232,778
8.38%, 08/01/66†			475,000			526,608
7.03%, 01/15/68†			475,000			525,339
EOG Resources, Inc.
0.99%, 02/03/14†			3,500,000			3,502,272
Equinix, Inc.
7.00%, 07/15/21			450,000			493,312
ERP Operating LP REIT
4.63%, 12/15/21			250,000			263,992
Exelon Corporation
5.63%, 06/15/35			655,000			651,355
Express Scripts Holding, Co.
3.50%, 11/15/16			1,020,000			1,079,099
2.65%, 02/15/17			250,000			257,862
Fifth Third Bancorp
3.63%, 01/25/16			175,000			183,945
First Niagara Financial Group, Inc.
6.75%, 03/19/20			250,000			287,746
FirstEnergy Corporation
2.75%, 03/15/18			120,000			118,024
4.25%, 03/15/23			490,000			457,607
7.38%, 11/15/31			770,000			838,806
Florida Power & Light Co.
3.80%, 12/15/42			525,000			460,454

	Par			Value
Ford Motor Co.
4.75%, 01/15/43		$	420,000		$	380,205
Ford Motor Credit Co., LLC
1.34%, 08/28/14†			700,000			703,368
5.63%, 09/15/15			3,100,000			3,344,187
8.00%, 12/15/16D			1,475,000			1,747,078
5.00%, 05/15/18D			225,000			250,877
5.88%, 08/02/21D			300,000			340,641
Freeport-McMoRan Copper & Gold, Inc.
2.38%, 03/15/18			80,000			79,884
3.10%, 03/15/20D			230,000			223,764
Freeport-McMoRan Copper & Gold, Inc.
3.55%, 03/01/22D			370,000			352,262
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17D			250,000			283,750
Frontier Communications Corporation
8.50%, 04/15/20D			450,000			506,250
GE Capital Trust I
6.38%, 11/15/67†D			321,000			347,482
General Electric Capital Corporation
1.63%, 07/02/15			1,170,000			1,189,454
6.00%, 08/07/19			1,850,000			2,173,256
4.38%, 09/16/20			330,000			358,172
5.88%, 01/14/38			150,000			171,446
General Electric Co.
0.85%, 10/09/15D			210,000			211,073
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A			90,000			91,350
3.25%, 05/15/18 144A			70,000			70,175
4.25%, 05/15/23 144A			80,000			76,300
Genworth Holdings, Inc.
7.70%, 06/15/20D			125,000			149,213
7.20%, 02/15/21			175,000			203,501
7.63%, 09/24/21D			400,000			476,713
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18D			380,000			437,863
Glencore Funding LLC
1.70%, 05/27/16 144A			225,000			225,322
2.50%, 01/15/19 144A			400,000			387,781
Goldman Sachs Capital II
4.00%, 12/01/49†D			60,000			42,480
Goldman Sachs Group, Inc.
6.00%, 05/01/14			90,000			91,615
5.75%, 10/01/16			1,900,000			2,121,745
5.95%, 01/18/18			1,000,000			1,137,973
6.00%, 06/15/20			460,000			528,142
5.25%, 07/27/21			110,000			120,622
6.75%, 10/01/37			40,000			44,640
6.25%, 02/01/41			550,000			636,032
HCA, Inc.
6.50%, 02/15/16			686,000			752,028
7.88%, 02/15/20			125,000			134,531
7.69%, 06/15/25D			250,000			262,500
HCP, Inc. REIT
6.00%, 01/30/17			300,000			336,459
2.63%, 02/01/20			300,000			286,354
Hess Corporation
8.13%, 02/15/19			220,000			273,561
7.88%, 10/01/29			260,000			332,155

See Notes to Financial Statements. 113

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Hewlett-Packard Co.
3.00%, 09/15/16D		$	300,000		$	312,269
2.60%, 09/15/17D			300,000			305,081
HSBC USA, Inc.
2.38%, 02/13/15D			1,700,000			1,735,102
Humana, Inc.
7.20%, 06/15/18			480,000			568,416
3.15%, 12/01/22D			90,000			83,473
Hyundai Capital America
2.13%, 10/02/17 144A			130,000			129,227
ILFC E-Capital Trust II
6.25%, 12/21/65 144A†			280,000			266,000
ING US, Inc.
2.90%, 02/15/18			60,000			61,426
International Lease Finance Corporation
6.50%, 09/01/14 144A			240,000			249,000
6.75%, 09/01/16 144A			840,000			940,800
8.63%, 01/15/22			250,000			296,688
John Deere Capital Corporation
2.25%, 04/17/19D			160,000			159,856
1.70%, 01/15/20D			80,000			75,441
JPMorgan Chase & Co.
5.15%, 10/01/15D			1,890,000			2,020,882
1.10%, 10/15/15D			750,000			753,192
4.40%, 07/22/20			980,000			1,054,965
4.35%, 08/15/21			70,000			73,894
3.38%, 05/01/23D			430,000			401,548
Kerr-McGee Corporation
6.95%, 07/01/24			420,000			488,834
7.88%, 09/15/31			490,000			614,754
Kimberly-Clark Corporation
3.70%, 06/01/43			500,000			421,444
Kraft Foods Group, Inc.
5.38%, 02/10/20			223,000			251,920
3.50%, 06/06/22D			320,000			312,433
Kroger Co.
6.15%, 01/15/20D			360,000			410,831
Lehman Escrow Bonds
0.00%, 07/19/17+W†#			150,000			—
0.00%, 12/28/47+W†#			140,000			—
0.00%, 11/30/49+W†#			2,330,000			—
0.00%, 12/31/99+W†#			3,200,000			—
Lehman Escrow Bonds
5.63%, 12/31/99W†#			2,300,000			494,500
6.63%, 12/31/99W†#			200,000			43,000
Liberty Property LP REIT
4.75%, 10/01/20			575,000			605,130
M&T Bank Corporation
6.88%, 12/29/49 144A			750,000			724,131
MarkWest Energy Partners LP
6.25%, 06/15/22			190,000			201,875
4.50%, 07/15/23			425,000			400,562
MDC Holdings, Inc.
5.63%, 02/01/20			325,000			342,063
6.00%, 01/15/43D			225,000			194,735
Medtronic, Inc.
4.45%, 03/15/20			300,000			329,224
Merrill Lynch & Co., Inc.
6.05%, 05/16/16			275,000			302,730
5.70%, 05/02/17			1,100,000			1,223,660
MetLife Capital Trust IV
7.88%, 12/15/67 144A			300,000			345,750

	Par			Value
MetLife, Inc.
4.75%, 02/08/21D		$	270,000		$	292,261
6.40%, 12/15/66			50,000			51,625
MetroPCS Wireless, Inc.
6.25%, 04/01/21 144AD			150,000			156,188
6.63%, 04/01/23 144A			150,000			155,438
MidAmerican Energy Holdings Co.
6.50%, 09/15/37			70,000			81,570
Mondelez International, Inc.
5.38%, 02/10/20D			367,000			415,032
Morgan Stanley
0.70%, 10/18/16†D			340,000			337,433
4.75%, 03/22/17			60,000			65,528
6.25%, 08/28/17			350,000			400,812
6.63%, 04/01/18			1,400,000			1,639,676
NBCUniversal Media LLC
2.88%, 01/15/23D			750,000			695,691
NCUA Guaranteed Notes
3.00%, 06/12/19			300,000			313,800
NetApp, Inc.
2.00%, 12/15/17			375,000			373,427
Nielsen Finance LLC
4.50%, 10/01/20D			300,000			293,250
NIKE, Inc.
3.63%, 05/01/43			375,000			315,915
Noble Energy, Inc.
4.15%, 12/15/21			620,000			638,590
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A			500,000			563,698
Occidental Petroleum Corporation
3.13%, 02/15/22D			260,000			253,682
2.70%, 02/15/23D			320,000			293,532
Oracle Corporation
1.20%, 10/15/17			470,000			462,933
Pacific Gas & Electric Co.
8.25%, 10/15/18			130,000			162,754
6.05%, 03/01/34			40,000			45,960
5.80%, 03/01/37			210,000			232,268
Peabody Energy Corporation
7.88%, 11/01/26			1,100,000			1,122,000
Pemex Project Funding Master Trust
6.63%, 06/15/35			159,000			168,143
Penske Truck Leasing Co. LP
2.88%, 07/17/18 144AD			575,000			578,995
PepsiCo, Inc.
0.70%, 08/13/15			520,000			520,759
7.90%, 11/01/18D			140,000			175,179
Pfizer, Inc.
7.20%, 03/15/39			600,000			809,169
Plains Exploration & Production Co.
6.50%, 11/15/20			70,000			77,341
6.88%, 02/15/23			20,000			22,400
Private Export Funding Corporation
5.45%, 09/15/17			1,600,000			1,833,624
Progress Energy, Inc.
7.75%, 03/01/31			350,000			451,889
PVH Corporation
4.50%, 12/15/22			410,000			390,525

114 See Notes to Financial Statements.

	Par		Value
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15	$	287,000		$	302,872
QEP Resources, Inc.
5.25%, 05/01/23		80,000			75,400
Range Resources Corporation
5.00%, 03/15/23		150,000			147,375
Raytheon Co.
3.13%, 10/15/20D		200,000			200,532
Regency Energy Partners LP
4.50%, 11/01/23D		310,000			283,650
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000			722,071
Reynolds Group Issuer, Inc.
7.13%, 04/15/19		400,000			428,000
Roche Holdings, Inc.
6.00%, 03/01/19 144A		300,000			351,467
Rock Tenn Co.
3.50%, 03/01/20D		150,000			147,740
4.00%, 03/01/23		70,000			66,983
Roper Industries, Inc.
2.05%, 10/01/18		450,000			437,811
Santander Holdings USA, Inc.
3.00%, 09/24/15		300,000			309,926
Service Corporation International
7.63%, 10/01/18		90,000			103,950
7.50%, 04/01/27		200,000			212,000
SESI LLC
7.13%, 12/15/21D		80,000			89,600
SLM Corporation
3.88%, 09/10/15		480,000			498,600
Southern Copper Corporation
5.25%, 11/08/42		660,000			538,545
Southern Natural Gas Co. LLC
8.00%, 03/01/32D		400,000			513,469
Sprint Capital Corporation
6.88%, 11/15/28		40,000			37,900
8.75%, 03/15/32		120,000			129,300
Sprint Communications, Inc.
9.00%, 11/15/18 144A		80,000			96,600
7.00%, 08/15/20D		40,000			43,500
State Street Corporation
4.96%, 03/15/18		530,000			575,544
SunTrust Banks, Inc.
3.60%, 04/15/16		300,000			316,169
SunTrust Preferred Capital I
4.00%, 06/29/49†		357,000			269,981
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144AD		540,000			668,809
Tenet Healthcare Corporation
9.25%, 02/01/15		1,262,000			1,362,960
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		250,000			292,200
Thermo Fisher Scientific, Inc.
3.60%, 08/15/21D		160,000			158,829
5.30%, 02/01/44		30,000			30,450
Time Warner Cable, Inc.
4.13%, 02/15/21D		50,000			47,460
5.88%, 11/15/40		130,000			112,807
Time Warner, Inc.
4.70%, 01/15/21		10,000			10,633

	Par		Value
7.70%, 05/01/32	$	180,000		$	231,740
6.10%, 07/15/40		140,000			153,314
6.25%, 03/29/41D		40,000			44,572
Time Warner Entertainment Co. LP
8.38%, 07/15/33		390,000			425,957
Toll Brothers Finance Corporation
4.00%, 12/31/18		250,000			255,000
Toyota Motor Credit Corporation
1.25%, 10/05/17D		520,000			510,937
Transatlantic Holdings, Inc.
8.00%, 11/30/39		200,000			249,455
Union Bank NA
1.19%, 06/06/14†		2,600,000			2,609,604
2.13%, 06/16/17		700,000			703,809
United Airline 1995 Pass Through Trust A
9.56%, 10/19/18@		126,094			42,241
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18		112,009			128,810
United Technologies Corporation
4.50%, 06/01/42		250,000			243,731
UnitedHealth Group, Inc.
1.63%, 03/15/19D		170,000			163,908
Univision Communications, Inc.
6.75%, 09/15/22 144A		370,000			407,000
Verizon Communications, Inc.
1.77%, 09/15/16†		1,200,000			1,237,091
1.99%, 09/14/18†		400,000			421,072
3.65%, 09/14/18		775,000			821,274
6.35%, 04/01/19D		90,000			105,905
4.50%, 09/15/20		1,760,000			1,886,929
2.45%, 11/01/22		10,000			8,870
5.15%, 09/15/23D		5,250,000			5,647,709
6.40%, 09/15/33		930,000			1,072,759
6.55%, 09/15/43		910,000			1,068,450
Vesey Street Investment Trust I
4.40%, 09/01/16 STEP		160,000			171,902
Wachovia Capital Trust III
5.57%, 03/29/49†		580,000			533,600
Walgreen Co.
1.80%, 09/15/17		300,000			302,348
Waste Management, Inc.
7.38%, 05/15/29		140,000			170,766
WEA Finance LLC
7.13%, 04/15/18 144A		400,000			475,380
WellPoint, Inc.
1.25%, 09/10/15		110,000			110,811
5.88%, 06/15/17D		720,000			812,745
Wells Fargo & Co.
3.68%, 06/15/16 STEPD		290,000			308,958
4.60%, 04/01/21D		70,000			76,855
3.45%, 02/13/23		280,000			265,231
4.48%, 01/16/24 144A		2,196,000			2,190,374
5.38%, 11/02/43D		190,000			195,291
Wells Fargo Capital X
5.95%, 12/01/86D		200,000			198,300
Williams Cos., Inc.
7.50%, 01/15/31		10,000			10,595
7.75%, 06/15/31		25,000			26,871

See Notes to Financial Statements. 115

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
8.75%, 03/15/32D	$	451,000		$	527,831
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000			59,699
2.90%, 10/21/19 144A		230,000			228,401
3.38%, 10/21/20 144A		70,000			69,300
Xylem, Inc.
3.55%, 09/20/16		350,000			368,346
Total Corporate Bonds (Cost $145,886,789)					152,770,691
FOREIGN BONDS — 14.6%
Australia — 0.6%
Australia Government Bond
5.75%, 05/15/21(A)		1,500,000			1,499,316
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21		940,000			936,043
5.00%, 09/30/43		220,000			224,553
CNOOC Curtis Funding No. 1 Proprietary, Ltd.
4.50%, 10/03/23 144A		240,000			237,256
Commonwealth Bank of Australia
3.75%, 10/15/14 144A		440,000			451,305
1.25%, 09/18/15		570,000			576,500
5.00%, 10/15/19 144A		50,000			55,802
Rio Tinto Finance USA, Ltd.
2.50%, 05/20/16D		30,000			30,956
3.50%, 11/02/20D		770,000			787,339
4.13%, 05/20/21D		110,000			114,283
3.75%, 09/20/21D		90,000			91,015
					5,004,368
Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000			222,631
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15		150,000			161,606
Weatherford International, Ltd.
9.63%, 03/01/19D		265,000			340,850
					725,087
Canada — 0.5%
Barrick Gold Corporation
3.85%, 04/01/22D		130,000			117,284
4.10%, 05/01/23 144AD		450,000			407,519
Nexen, Inc.
6.40%, 05/15/37		225,000			256,940
Pacific Rubiales Energy Corporation
5.38%, 01/26/19 144A		200,000			202,000
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D		110,000			119,174
PTTEP Canada International Finance, Ltd.
5.69%, 04/05/21 144A		320,000			341,408
Rogers Communications, Inc.
6.38%, 03/01/14D		90,000			90,862
6.75%, 03/15/15		10,000			10,716
TransCanada PipeLines, Ltd.
6.35%, 05/15/67†		400,000			411,194

	Par		Value
Videotron, Ltd.
5.00%, 07/15/22D	$	300,000		$	294,750
Xstrata Finance Canada, Ltd.
2.05%, 10/23/15 144A		390,000			395,138
5.80%, 11/15/16 144AD		80,000			88,200
2.70%, 10/25/17 144A		1,140,000			1,153,980
					3,889,165
Cayman Islands — 0.6%
Petrobras International Finance Co.
3.88%, 01/27/16D		250,000			258,615
6.13%, 10/06/16		271,000			294,865
5.75%, 01/20/20D		235,000			242,976
5.38%, 01/27/21D		990,000			987,414
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 12/29/49 144A†D		325,000			346,531
Transocean, Inc.
5.05%, 12/15/16D		130,000			143,707
6.50%, 11/15/20D		525,000			600,362
6.38%, 12/15/21D		120,000			135,059
Vale Overseas, Ltd.
4.38%, 01/11/22		932,000			910,185
8.25%, 01/17/34D		80,000			92,955
6.88%, 11/21/36		511,000			530,292
					4,542,961
Chile — 0.1%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22		240,000			235,018
Chile Government International Bond
3.63%, 10/30/42		460,000			363,630
Corporacion Nacional del Cobre de Chile
4.75%, 10/15/14 144A		210,000			216,127
					814,775
Colombia — 0.1%
Colombia Government International Bond
4.38%, 07/12/21		341,000			352,083
Ecopetrol SA
5.88%, 09/18/23D		170,000			179,775
					531,858
Dominican Republic — 0.0%
Dominican Republic International Bond
14.50%, 02/10/23(V)@		2,600,000			63,076
6.60%, 01/28/24 144A		140,000			141,050
					204,126
France — 0.7%
Banque PSA Finance SA
2.14%, 04/04/14 144A†@		800,000			799,720
BNP Paribas SA
2.38%, 09/14/17D		270,000			275,904
BPCE SA
5.70%, 10/22/23 144A		225,000			232,263
CGG SA
9.50%, 05/15/16D		229,000			242,168
7.75%, 05/15/17D		155,000			160,038

116 See Notes to Financial Statements.

	Par		Value
Credit Agricole SA
8.38%, 10/29/49 144A†	$	720,000		$	820,800
Dexia Credit Local SA
0.62%, 11/07/16 144A†@		3,200,000			3,202,929
					5,733,822
Germany — 0.3%
State of North Rhine-Westphalia
1.63%, 09/17/14		2,500,000			2,522,763
Honduras — 0.0%
Republic of Honduras
8.75%, 12/16/20 144A		200,000			201,626
Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#D		1,000,000			10
7.45%, 03/29/49+ 144A#		100,000			1
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		350,000			3
					14
India — 0.4%
ICICI Bank, Ltd.
1.99%, 02/24/14 144A†		3,400,000			3,401,091
Indonesia — 0.2%
Indonesia Government International Bond
5.38%, 10/17/23 144AD		360,000			360,000
8.50%, 10/12/35		230,000			279,450
7.75%, 01/17/38		490,000			555,538
Perusahaan Penerbit SBSN Indonesia
6.13%, 03/15/19 144A		200,000			214,250
					1,409,238
Ireland — 0.1%
Rosneft Oil Co. via Rosneft International Finance, Ltd.
4.20%, 03/06/22 144A		320,000			294,400
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC
6.49%, 02/02/16 144AD		230,000			246,675
7.75%, 02/02/21 144A		200,000			217,750
					758,825
Israel — 0.3%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000			1,388,108
5.50%, 12/04/23D		200,000			230,901
5.50%, 04/26/24		500,000			578,847
					2,197,856
Italy — 1.3%
Intesa Sanpaolo SpA
2.64%, 02/24/14 144A†D		2,500,000			2,507,395
3.63%, 08/12/15 144A		290,000			298,510
3.88%, 01/16/18		1,000,000			1,024,934
Italy Buoni Poliennali Del Tesoro
3.50%, 12/01/18(E)		4,960,000			7,078,696
					10,909,535

	Par		Value
Japan — 0.2%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/15 144A	$	330,000		$	340,507
Resona Bank, Ltd.
5.85%, 09/29/49 144A†@D		250,000			268,750
Softbank Corporation
4.50%, 04/15/20 144A		660,000			646,800
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144A		330,000			341,370
					1,597,427
Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A		230,000			239,448
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000			1,176,567
Luxembourg — 0.6%
Gazprom OAO Via Gaz Capital SA
9.25%, 04/23/19D		290,000			358,150
6.51%, 03/07/22 144AD		3,100,000			3,344,125
Intelsat Jackson Holdings SA
7.50%, 04/01/21		500,000			553,750
Rosneft Finance SA
7.25%, 02/02/20D		190,000			215,175
					4,471,200
Mexico — 3.0%
America Movil SAB de CV
5.63%, 11/15/17		270,000			305,482
5.00%, 03/30/20D		240,000			261,135
Mexican Bonos
8.00%, 06/11/20(M)		14,667,000			1,260,716
6.50%, 06/10/21(M)		1,625,000			128,313
6.50%, 06/09/22(M)		50,264,700			3,901,428
8.00%, 12/07/23(M)		1,761,600			150,336
7.50%, 06/03/27(M)		1,606,300			131,495
8.50%, 05/31/29(M)		964,000			84,048
7.75%, 05/29/31(M)		6,105,300			490,466
10.00%, 11/20/36(M)		1,930,300			188,148
8.50%, 11/18/38(M)		1,104,400			93,853
7.75%, 11/13/42(M)		4,486,300			351,587
Mexico Cetes
0.00%, 01/02/14(M)W†		140,000,000			1,072,081
0.00%, 02/06/14(M)W†		355,000,000			2,710,143
0.00%, 02/20/14(M)W†		860,000,000			6,557,381
0.00%, 03/06/14(M)W†		530,000,000			4,036,265
Mexico Government International Bond
6.05%, 01/11/40D		134,000			146,395
4.75%, 03/08/44		1,578,000			1,430,062
Petroleos Mexicanos
3.50%, 07/18/18D		90,000			92,587
5.50%, 01/21/21		370,000			399,600
4.88%, 01/18/24		90,000			90,225
					23,881,746

See Notes to Financial Statements. 117

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Netherlands — 0.7%
Achmea Hypotheekbank NV
3.20%, 11/03/14 144A	$	161,000		$	164,805
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.63%, 12/01/23D		400,000			403,603
11.00%, 12/29/49 144A†		487,000			645,884
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000			560,257
ING Bank NV
2.00%, 09/25/15 144A		725,000			737,324
5.80%, 09/25/23 144A		340,000			356,163
Lukoil International Finance BV
4.56%, 04/24/23D		540,000			508,140
Shell International Finance BV
4.38%, 03/25/20D		700,000			768,425
Volkswagen International Finance NV
1.00%, 03/21/14 144A†		100,000			100,174
0.86%, 04/01/14 144A†		1,500,000			1,501,714
					5,746,489
New Zealand — 0.0%
ANZ New Zealand International, Ltd.
1.85%, 10/15/15 144A		220,000			223,457
Norway — 0.1%
Kommunalbanken AS
1.00%, 09/26/17 144AD		500,000			492,511
Russia — 0.3%
Russian Foreign Bond
4.88%, 09/16/23 144A		1,800,000			1,822,500
7.50%, 03/31/30 STEP		585,585			683,495
					2,505,995
Singapore — 0.0%
Temasek Financial I, Ltd.
2.38%, 01/23/23 144A		330,000			297,774
South Africa — 0.1%
South Africa Government International Bond
5.88%, 09/16/25D		660,000			688,380
South Korea — 0.5%
Export-Import Bank of Korea
5.25%, 02/10/14 144A		235,000			236,165
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A		3,400,000			3,619,528
					3,855,693
Spain — 0.3%
BBVA US Senior SA Unipersonal
3.25%, 05/16/14		560,000			564,550
4.66%, 10/09/15		460,000			483,794
Santander US Debt SA Unipersonal
3.72%, 01/20/15 144A		300,000			306,057
3.78%, 10/07/15 144A		100,000			103,089
Telefonica Emisiones SA Unipersonal
6.42%, 06/20/16		90,000			100,516

	Par		Value
6.22%, 07/03/17D	$	20,000		$	22,596
3.19%, 04/27/18		350,000			356,804
5.88%, 07/15/19		70,000			78,232
5.13%, 04/27/20		140,000			149,080
5.46%, 02/16/21		200,000			211,529
					2,376,247
Supranational — 0.1%
Inter-American Development Bank
1.00%, 02/27/18		400,000			391,845
Sweden — 0.6%
Nordea Bank AB
1.14%, 01/14/14 144A†D		3,400,000			3,401,139
3.70%, 11/13/14 144A		200,000			205,602
4.88%, 05/13/21 144A		640,000			662,538
Stadshypotek AB
1.88%, 10/02/19 144AD		900,000			868,592
					5,137,871
Switzerland — 0.1%
Credit Suisse AG
6.50%, 08/08/23 144A		225,000			239,906
Credit Suisse Group AG
7.50%, 12/11/49 144A†		275,000			290,895
UBS AG
2.25%, 01/28/14		413,000			413,539
					944,340
Turkey — 0.2%
Turkey Government International Bond
7.00%, 03/11/19		230,000			252,712
5.63%, 03/30/21D		160,000			161,440
6.25%, 09/26/22D		820,000			853,620
					1,267,772
United Kingdom — 2.0%
Abbey National Treasury Services PLC
3.88%, 11/10/14 144A		2,900,000			2,979,817
2.12%, 02/16/16(U)†		200,000			337,661
Bank of Scotland PLC
5.25%, 02/21/17 144AD		100,000			111,695
Barclays Bank PLC
1.28%, 01/13/14†		2,800,000			2,800,787
6.05%, 12/04/17 144A@D		755,000			847,056
BP Capital Markets PLC
3.88%, 03/10/15D		310,000			322,587
3.56%, 11/01/21		30,000			30,146
GlaxoSmithKline Capital PLC
2.85%, 05/08/22D		350,000			330,706
Lloyds Bank PLC
2.30%, 11/27/18		275,000			274,603
12.00%, 12/29/49 144A†		3,200,000			4,347,862
Northern Rock Asset Management PLC
5.63%, 06/22/17 144A		1,400,000			1,588,286
Royal Bank of Scotland PLC
9.50%, 03/16/22†		175,000			205,369
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		40,000			40,886
2.55%, 09/18/15D		560,000			572,984
6.40%, 10/21/19		160,000			184,599

118 See Notes to Financial Statements.

	Par		Value
6.00%, 12/19/23	$	300,000		$	302,511
7.64%, 03/29/49†		200,000			197,000
Standard Chartered PLC
5.50%, 11/18/14 144A@		250,000			260,546
3.95%, 01/11/23 144A		375,000			348,468
WPP Finance 2010
5.63%, 11/15/43		40,000			39,739
WPP Finance UK
8.00%, 09/15/14		336,000			352,781
					16,476,089
Virgin Islands (British) — 0.4%
Gerdau Trade, Inc.
5.75%, 01/30/21 144AD		3,000,000			3,075,000
Sinopec Group Overseas Development 2012, Ltd.
2.75%, 05/17/17 144A		230,000			235,746
					3,310,746
Total Foreign Bonds (Cost $117,508,682)					117,928,707
MORTGAGE-BACKED SECURITIES — 31.9%
Aire Valley Mortgages PLC
0.47%, 09/20/66 144A†		146,341			140,325
0.49%, 09/20/66 144A†		350,254			333,792
0.59%, 09/20/66†		475,845			457,287
Alternative Loan Trust
5.50%, 10/25/33		87,283			92,310
0.49%, 11/20/35†		806,118			645,479
0.50%, 11/20/35†		1,554,496			1,184,244
0.43%, 01/25/36†		443,416			380,210
0.35%, 09/25/46†		995,998			717,464
American Home Mortgage Assets Trust
1.06%, 11/25/46†		1,113,191			564,984
Banc of America Commercial Mortgage Trust
5.89%, 07/10/44†		894,981			973,612
5.42%, 09/10/45†		117,000			126,161
5.45%, 09/10/47		40,000			42,807
5.63%, 04/10/49†		75,000			83,355
Banc of America Mortgage 2004-F Trust
2.62%, 07/25/34†		165,696			166,140
Banc of America Re-REMIC Trust
5.63%, 02/17/51 144A†		100,000			107,075
Bear Stearns Adjustable Rate Mortgage Trust
2.36%, 02/25/33†		17,421			17,398
5.23%, 05/25/34†		82,419			79,519
2.60%, 03/25/35†		731,319			736,196
Bear Stearns ALT-A Trust
2.65%, 05/25/35†		448,023			445,149
Bear Stearns Commercial Mortgage Securities Trust
5.60%, 06/11/50		2,528,129			2,836,530
Bear Stearns Structured Products, Inc. Trust
2.50%, 01/26/36†		1,123,471			853,791
Berica ABS Srl
0.59%, 12/30/55(E)†		1,468,771			1,948,856
CHL Mortgage Pass-Through Trust
2.60%, 02/19/34†		801,518			791,507

	Par		Value
0.40%, 03/25/36†	$	325,358		$	256,303
Citigroup Commercial Mortgage Trust
6.05%, 12/10/49†		1,644,627			1,856,001
Citigroup Global/Royal Bank of Scotland PLC
3.37%, 03/01/35		100,000			95,372
COBALT CMBS Commercial Mortgage Trust
5.53%, 04/15/47†		60,000			66,328
COMM 2006-C8 Mortgage Trust
5.31%, 12/10/46		500,000			544,769
COMM 2013-CCRE11 Mortgage Trust
4.72%, 10/10/46†		205,000			212,579
5.17%, 10/10/46 144A†		79,000			69,745
COMM 2013-CCRE12 Mortgage Trust
4.05%, 10/10/46		320,000			322,963
4.30%, 10/10/46		100,000			100,466
4.76%, 10/10/46†		40,000			39,988
5.09%, 10/10/46†		20,000			19,740
Commercial Mortgage Pass-Through Certificates
2.82%, 10/15/45		30,000			28,199
Commercial Mortgage Trust
5.82%, 07/10/38†		177,000			193,226
Credit Suisse Commercial Mortgage Trust
5.38%, 02/15/40		1,510,221			1,630,102
5.61%, 01/15/49†		203,000			215,503
Credit Suisse First Boston Mortgage Securities Corporation
0.00%, 07/25/33 IOW†		121,700			866
0.00%, 08/25/33 IOW		114,088			—
DBUBS 2011-LC3 Mortgage Trust
9.32%, 08/10/44 IO 144AW†		1,257,067			42,885
Extended Stay America Trust
2.96%, 12/05/31 144A		100,000			97,039
Federal Home Loan Mortgage Corporation
7.00%, 11/01/14		890			892
7.00%, 04/01/15		3,295			3,305
7.00%, 12/01/15		2,616			2,623
8.50%, 06/01/18		2,158			2,317
4.50%, 09/01/18		7,088			7,514
8.00%, 08/01/24		1,894			2,144
4.00%, 10/01/25		609,601			643,796
5.50%, 02/01/27		97,450			106,859
7.50%, 11/01/29		6,275			7,327
7.50%, 12/01/29		10,026			11,474
7.50%, 02/01/31		23,196			26,046
2.36%, 07/01/31†		25,160			25,532
2.36%, 08/01/31†		3,232			3,256
7.50%, 11/01/31		9,406			9,547
2.73%, 04/01/32†		2,396			2,561
3.50%, 01/01/33		4,733			4,824
3.50%, 07/01/33		5,956			6,070
5.00%, 08/01/33		14,459			15,659
5.00%, 09/01/33		2,811			3,045

See Notes to Financial Statements. 119

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.00%, 10/01/33	$	9,598		$	10,397
2.49%, 03/01/34†		3,675			3,877
5.00%, 12/01/34		239,205			258,683
5.00%, 03/01/35		439,583			475,438
5.00%, 05/01/35		3,603			3,896
5.50%, 05/01/35		543,142			596,437
5.00%, 07/01/35		12,535			13,567
5.00%, 08/01/35		187,218			202,359
5.00%, 09/01/35		15,242			16,448
5.00%, 10/01/35		4,359			4,707
5.00%, 11/01/35		480,466			517,856
5.50%, 11/01/35		87,497			95,626
5.00%, 12/01/35		32,673			35,802
5.50%, 01/01/36		51,904			57,165
6.00%, 02/01/36		781,390			872,464
5.00%, 05/01/36		9,739			10,506
2.99%, 01/01/37†		673,351			712,254
5.00%, 02/01/37		65,945			70,993
5.50%, 07/01/37		113,526			125,228
1.86%, 09/01/37†		60,120			62,641
5.00%, 03/01/38		1,741,773			1,875,916
5.50%, 04/01/38		31,882			34,748
7.00%, 02/01/39		382,754			427,000
7.00%, 03/01/39		67,723			77,007
5.50%, 04/01/39		691,893			756,674
4.50%, 06/01/39		302,054			319,725
6.50%, 09/01/39		117,112			130,332
5.50%, 08/01/40		750,783			818,259
4.50%, 03/01/41		11,973			12,687
5.00%, 06/01/41		11,728			12,648
4.00%, 10/01/42		95,177			97,013
3.50%, 11/01/42		768,388			754,909
3.50%, 12/01/42		90,576			88,984
3.50%, 01/01/43		579,842			569,675
3.50%, 02/01/43		393,674			386,759
3.50%, 04/01/43		195,796			193,019
4.00%, 04/01/43		196,735			200,534
3.50%, 05/01/43		776,325			771,574
4.00%, 05/01/43		98,672			101,969
4.00%, 06/01/43		99,117			102,437
4.00%, 07/01/43		390,773			403,669
4.00%, 08/01/43		198,498			202,306
Federal Home Loan Mortgage Corporation REMIC
0.51%, 04/15/22 POW†		8,895			8,822
2.99%, 06/15/27 IOW†		946,953			138,067
0.48%, 09/15/31 IOW†		840,319			132,507
6.00%, 05/15/36		612,511			677,612
0.67%, 06/15/37†		522,981			523,897
17.48%, 07/15/37 IOW†		2,980,937			407,759
13.18%, 01/15/40 IOW†		747,138			99,504
3.26%, 05/15/40 IOW†		289,358			60,945
4.53%, 10/15/41 IOW†		428,100			85,829
5.17%, 11/15/41 IOW†		415,817			79,281
4.36%, 06/15/42 IOW†		87,359			17,398
2.49%, 07/15/42 IOW†		90,909			22,414
3.50%, 08/15/42 IOW†		90,506			20,491
3.82%, 10/15/42 IOW†		374,167			82,442
2.49%, 11/15/42 IOW†		92,229			22,447
3.51%, 11/15/42 IOW†		93,982			22,071
4.30%, 11/15/42 IOW†		93,784			21,402
4.51%, 12/15/42 IOW†		190,979			44,123
5.98%, 01/15/43 IO†		3,338			699

	Par		Value
3.00%, 05/15/43	$	400,723		$	308,830
3.00%, 07/15/43		202,513			151,243
Federal Housing Administration
7.43%, 10/01/18@		52,686			54,462
Federal National Mortgage Association
8.00%, 06/01/15		4,566			4,690
8.00%, 09/01/15		4,741			4,894
3.07%, 12/01/17		950,350			996,015
5.00%, 12/01/17		17,159			18,297
2.80%, 03/01/18		567,655			592,130
3.74%, 05/01/18		1,350,047			1,450,295
3.84%, 05/01/18		420,000			453,129
4.51%, 06/01/19		1,000,000			1,096,285
3.42%, 10/01/20		286,907			296,242
3.63%, 12/01/20		191,532			199,199
4.38%, 06/01/21		689,479			748,488
9.50%, 05/01/22		1,121			1,240
2.20%, 07/01/22†		6,660			6,696
5.50%, 09/01/23		132,388			145,110
5.50%, 10/01/23		27,341			29,975
5.00%, 05/01/24		92,261			100,112
9.50%, 07/01/24		2,106			2,341
5.50%, 05/01/25		812,435			868,486
3.00%, 01/01/26 TBA		6,000,000			6,123,047
3.50%, 01/01/26 TBA		400,000			418,297
3.50%, 09/01/26 TBA		1,000,000			1,045,742
2.21%, 07/01/27†		20,124			20,706
2.27%, 08/01/27†		38,897			41,536
2.21%, 11/01/27 CONV†		24,137			24,844
2.50%, 01/01/28 TBA		1,000,000			989,688
2.50%, 07/01/28		753,899			746,993
2.50%, 08/01/28		1,012,777			1,003,500
2.50%, 09/01/28		211,146			209,212
2.76%, 02/01/30†		113,508			121,628
2.51%, 06/01/30 CONV†		16,639			16,924
8.00%, 10/01/30		25,508			30,388
2.63%, 12/01/30 CONV†		6,270			6,406
2.21%, 01/01/31†		7,041			7,081
4.50%, 04/01/31		159,917			171,883
2.32%, 05/01/31†		15,003			15,319
4.50%, 05/01/31		540,349			580,874
4.50%, 06/01/31		162,257			174,418
4.50%, 11/01/31		225,306			241,327
6.00%, 11/01/31		5,196			5,832
4.50%, 12/01/31		314,944			337,166
6.00%, 01/01/32		66,278			73,402
6.00%, 03/01/32		18,899			20,971
6.00%, 04/01/32		248,629			275,996
2.21%, 06/01/32†		8,586			8,796
2.20%, 08/01/32†		10,946			11,503
6.00%, 08/01/32		2,729			3,065
2.25%, 02/01/33†		2,853			2,879
5.50%, 04/01/33		50,219			56,021
2.20%, 05/01/33†		44,975			47,088
6.00%, 05/01/33		551			613
5.00%, 07/01/33		74,662			81,317
3.50%, 08/01/33		97,743			99,529
5.00%, 08/01/33		5,848			6,383
5.00%, 09/01/33		698,629			760,308
5.50%, 09/01/33		10,157			11,212
3.50%, 10/01/33		198,006			201,626
3.50%, 11/01/33		99,267			101,084

120 See Notes to Financial Statements.

	Par		Value
3.50%, 12/01/33	$	99,787		$	101,611
5.00%, 12/01/33		577,020			628,545
5.50%, 12/01/33		14,245			15,784
6.00%, 12/01/33		940			1,055
5.50%, 02/01/34		25,775			28,436
5.50%, 04/01/34		2,699			2,984
5.50%, 05/01/34		125,193			137,935
5.50%, 08/01/34		5,865			6,547
5.50%, 10/01/34		276			307
6.00%, 10/01/34		31,769			35,205
5.50%, 11/01/34		12,767			14,050
2.19%, 12/01/34†		126,135			133,138
5.50%, 12/01/34		28,586			31,656
6.00%, 12/01/34		703			778
5.50%, 02/01/35		3,118			3,429
6.00%, 05/01/35		1,301,936			1,452,020
5.50%, 07/01/35		334			373
6.00%, 07/01/35		282,805			313,310
5.50%, 08/01/35		568			626
6.00%, 08/01/35		150			166
5.50%, 09/01/35		99,912			109,929
5.00%, 10/01/35		250,664			273,016
6.00%, 10/01/35		54,483			60,878
2.09%, 11/01/35†		99,106			104,318
2.11%, 11/01/35†		90,693			95,697
2.12%, 11/01/35†		130,027			136,878
2.14%, 11/01/35†		87,019			91,554
2.14%, 11/01/35†		120,576			126,916
2.21%, 11/01/35†		17,661			18,179
6.00%, 11/01/35		675,883			758,389
5.50%, 12/01/35		2,613			2,916
6.00%, 12/01/35		12,514			13,991
6.00%, 01/01/36		109,505			122,292
6.00%, 02/01/36		6,373			7,058
6.00%, 03/01/36		7,612			8,437
5.50%, 04/01/36		92,889			99,231
6.00%, 04/01/36		12,187			13,571
3.85%, 05/01/36†		153,877			161,008
5.50%, 09/01/36		21,356			23,524
5.50%, 11/01/36		239,487			263,082
6.00%, 01/01/37		1,526			1,689
1.77%, 02/01/37†		731,287			760,200
5.50%, 02/01/37		325			358
6.00%, 02/01/37		992,739			1,103,114
5.50%, 03/01/37		14,285			15,705
6.00%, 03/01/37		54,196			60,508
5.50%, 04/01/37		588			647
5.50%, 05/01/37		618			682
5.50%, 06/01/37		248			273
6.00%, 06/01/37		402			445
6.00%, 07/01/37		2,211,365			2,464,610
5.50%, 08/01/37		648,321			712,805
6.50%, 10/01/37		152,625			169,658
7.00%, 10/01/37		12,992			13,698
7.00%, 11/01/37		11,111			12,951
2.21%, 12/01/37†		67,512			70,303
7.00%, 12/01/37		8,972			9,745
2.21%, 01/01/38†		42,063			43,765
6.00%, 01/01/38		540,476			598,980
5.00%, 02/01/38 TBA		1,000,000			1,082,891
5.50%, 02/01/38		8,392			9,229
6.00%, 02/01/38		4,532			5,014
7.00%, 02/01/38		13,847			16,139
4.50%, 03/01/38		17,423			18,440

	Par		Value
5.50%, 03/01/38	$	789		$	866
6.00%, 03/01/38		1,404			1,558
4.50%, 04/01/38		659,356			698,119
6.00%, 04/01/38		812			899
5.50%, 05/01/38		253			280
6.00%, 05/01/38		80,371			88,979
5.50%, 06/01/38		1,281			1,419
5.50%, 07/01/38		129,816			142,983
5.50%, 08/01/38		197,151			217,213
7.00%, 08/01/38		13,356			15,455
5.50%, 09/01/38		633			701
6.00%, 11/01/38		98,023			108,479
7.00%, 11/01/38		70,627			76,357
5.50%, 12/01/38		409			449
7.00%, 02/01/39		31,864			35,769
7.00%, 03/01/39		287,696			322,492
6.00%, 09/01/39		226,500			250,837
6.00%, 10/01/39		74,440			82,661
5.50%, 12/01/39		328,009			363,501
6.00%, 12/01/39		1,098,733			1,215,470
5.00%, 01/01/40 TBA		2,900,000			3,149,445
1.54%, 06/01/40†		63,049			65,599
5.00%, 08/01/40		67,105			73,053
1.54%, 10/01/40†		164,849			171,548
6.00%, 10/01/40		516,347			571,813
2.21%, 11/01/40†		26,866			27,694
4.00%, 01/01/41 TBA		6,000,000			6,176,250
4.50%, 01/01/41		1,464,375			1,550,381
4.00%, 02/01/41 TBA		3,000,000			3,078,750
6.00%, 05/01/41		3,129,326			3,465,665
4.50%, 06/01/41		793,548			840,978
4.50%, 08/01/41		167,667			177,729
4.50%, 09/01/41		494,595			524,134
4.50%, 10/01/41		44,785			47,465
4.50%, 11/01/41		623,843			662,823
4.50%, 01/01/42 TBA		1,000,000			1,059,570
5.00%, 05/01/42		234,049			255,417
4.00%, 06/01/42		97,267			100,268
3.00%, 08/01/42		357,841			340,222
3.00%, 09/01/42		309,218			294,022
2.50%, 10/01/42		660,775			598,850
3.50%, 10/01/42		1,818,912			1,785,376
4.00%, 10/01/42		382,381			390,123
3.00%, 11/01/42		138,176			131,386
3.00%, 12/01/42		1,909,853			1,815,831
3.50%, 12/01/42		573,869			565,320
4.00%, 12/01/42		275,758			289,216
2.50%, 01/01/43 TBA		1,000,000			904,922
3.00%, 01/01/43		1,788,080			1,694,498
3.00%, 01/01/43 TBA		2,400,000			2,278,313
2.50%, 02/01/43		7,944,815			7,199,348
3.00%, 02/01/43		493,344			469,058
3.00%, 03/01/43		434,313			412,968
3.50%, 03/01/43		291,503			287,159
3.00%, 04/01/43		533,431			507,239
3.50%, 04/01/43		1,267,917			1,249,027
4.00%, 04/01/43		96,937			100,101
2.50%, 05/01/43		957,636			867,729
3.00%, 05/01/43		22,170,236			21,071,692
3.50%, 05/01/43		97,969			96,509
4.00%, 05/01/43		388,677			400,970
3.00%, 06/01/43		1,097,356			1,043,109
4.00%, 06/01/43		974,376			1,005,469

See Notes to Financial Statements. 121

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.00%, 07/01/43	$	832,575		$	791,683
4.00%, 07/01/43		974,698			1,005,514
4.00%, 08/01/43		297,803			303,808
3.00%, 09/01/43		505,772			480,717
3.00%, 12/01/43		2,494,227			2,370,636
Federal National Mortgage Association Interest STRIP
6.50%, 04/25/27 IOW†		719,395			81,600
10.43%, 11/25/39 IOW†		155,910			28,734
3.79%, 11/25/41 IOW†		385,516			83,514
5.18%, 04/25/42 IOW†		986,306			240,253
Federal National Mortgage Association REMIC
18.60%, 08/25/21 IOW†		76			1,462
18.06%, 10/25/21 IOW†		125			2,480
3.26%, 07/25/27 IOW†		1,956,627			254,567
0.76%, 05/25/30†		22,084			22,086
0.62%, 10/18/30†		23,056			23,017
0.00%, 10/25/35 IOW†@		236,440			37,879
13.03%, 03/25/37 IOW†		1,784,842			276,713
15.34%, 11/25/37 IOW†		19,636			2,715
6.50%, 06/25/39		68,178			76,012
2.02%, 07/25/39 IOW†		231,384			41,934
2.20%, 12/25/39 IOW†		653,304			129,295
0.00%, 05/25/40 IOW†@		482,976			66,902
7.36%, 07/25/40 IOW†		557,228			100,215
4.37%, 10/25/40 IOW†		882,439			166,339
0.00%, 11/25/40 IOW†@		755,004			104,308
13.42%, 12/25/40 IOW†		197,696			22,418
14.87%, 01/25/41 IOW†		333,962			49,929
1.14%, 02/25/41 IOW†		86,322			18,193
6.50%, 05/15/41		1,472,942			1,657,759
5.00%, 06/25/41		750,000			812,218
5.50%, 07/25/41		917,633			1,003,369
15.06%, 07/25/41 IOW†		379,858			50,788
0.71%, 09/25/41†		5,081,179			5,132,214
7.61%, 09/25/41 IOW†		1,001,923			155,851
13.33%, 10/25/41 IOW†		1,088,827			159,267
9.78%, 03/25/42 IOW†		484,004			75,447
5.50%, 04/25/42		1,875,668			2,044,439
6.00%, 05/25/42		574,528			628,215
6.50%, 07/25/42		944,290			1,034,284
6.94%, 07/25/42 IOW†		154,159			30,234
7.00%, 07/25/42		380,756			420,670
4.36%, 09/25/42 IOW†		272,724			58,182
7.00%, 10/25/42		140,118			154,794
4.34%, 11/25/42 IOW†		189,812			43,168
4.63%, 11/25/42 IOW†		282,418			64,278
2.69%, 12/25/42 IOW†		94,808			23,011
3.81%, 12/25/42 IOW†		277,277			61,186
4.20%, 12/25/42 IOW†		186,693			40,491
3.02%, 03/25/43 IOW†		191,391			46,450
2.50%, 04/25/43		202,513			137,317
FHLMC Multifamily Structured Pass Through Certificates
4.56%, 05/25/18 IOW†		1,945,502			150,928
4.32%, 11/25/19		1,100,000			1,201,281
4.63%, 01/25/20 IOW†		3,779,655			191,402
3.85%, 04/25/20 IOW†		2,454,546			139,451
4.84%, 06/25/20 IOW†		1,366,661			109,585
4.57%, 08/25/20 IOW†		1,208,277			88,110
4.64%, 07/25/21 IOW†		1,423,613			139,501
4.55%, 10/25/21 IOW†		898,714			86,000
4.75%, 12/25/21 IOW†		736,532			64,116

	Par		Value
2.78%, 09/25/22	$	296,334		$	301,712
4.55%, 09/25/22 IOW†		149,220			8,937
2.52%, 01/25/23		1,100,000			1,030,768
2.64%, 01/25/23		1,800,000			1,690,436
3.25%, 04/25/23		1,700,000			1,677,235
3.53%, 07/25/23		900,000			900,094
FHLMC Multifamily VRD Certificates
5.50%, 08/15/51		3,500,000			3,874,308
FHLMC Structured Pass-Through Securities
1.54%, 07/25/44†		1,306,543			1,329,230
First Horizon Alternative Mortgage Securities Trust
2.21%, 06/25/34†		657,764			636,343
FREMF Mortgage Trust
4.02%, 11/25/44 144A		300,000			299,722
3.88%, 01/25/47 144A		225,000			215,735
Government National Mortgage Association
3.95%, 07/15/25		155,264			160,560
7.00%, 10/15/25		12,818			13,154
7.00%, 01/15/26		5,563			6,221
7.00%, 07/15/27		69,772			81,120
7.00%, 12/15/27		1,319			1,366
7.00%, 01/15/28		15,803			16,294
7.00%, 03/15/28		95,726			109,350
7.00%, 07/15/28		11,797			13,198
7.50%, 07/15/28		13,215			13,679
6.50%, 08/15/28		6,792			7,655
7.00%, 08/15/28		20,742			23,963
7.50%, 08/15/28		9,971			11,320
6.50%, 09/15/28		31,460			35,517
7.00%, 10/15/28		39,268			42,430
7.50%, 03/15/29		26,988			31,836
7.50%, 11/15/29		21,239			22,180
1.63%, 11/20/29†		46,618			48,339
8.50%, 08/15/30		1,605			1,872
8.50%, 11/20/30		9,625			11,327
6.50%, 08/15/31		52,223			58,613
7.50%, 08/15/31		11,768			13,397
6.50%, 10/15/31		94,329			106,674
6.00%, 11/15/31		263,546			292,593
6.50%, 11/15/31		199,590			224,013
6.00%, 12/15/31		60,074			66,695
6.00%, 01/15/32		129,295			145,118
6.00%, 02/15/32		226,878			251,884
6.50%, 02/15/32		163,234			182,625
6.00%, 04/15/32		85,056			94,606
7.50%, 04/15/32		67,512			70,368
6.50%, 06/15/32		109,247			122,616
6.50%, 07/15/32		2,040			2,289
6.50%, 08/15/32		245,221			275,228
6.50%, 09/15/32		220,103			247,036
6.00%, 10/15/32		147,211			163,436
5.50%, 11/15/32		42,582			47,147
6.00%, 11/15/32		120,068			133,879
6.00%, 12/15/32		60,591			67,269
6.50%, 12/15/32		21,714			24,371
5.50%, 01/15/33		38,288			42,387
6.00%, 01/15/33		85,406			94,820
5.50%, 02/15/33		35,271			39,048
6.00%, 02/15/33		63,033			69,980

122 See Notes to Financial Statements.

	Par		Value
5.50%, 03/15/33	$	38,105		$	42,184
6.50%, 04/15/33		425,008			477,015
6.00%, 05/15/33		356,314			395,586
6.00%, 06/15/33		22,046			24,476
5.50%, 07/15/33		43,719			48,494
5.50%, 08/15/33		24,576			27,207
5.50%, 09/15/33		21,793			24,207
6.00%, 10/15/33		179,760			199,573
6.50%, 10/15/33		163,737			183,773
6.00%, 12/15/33		375,940			417,375
5.50%, 04/15/34		23,294			25,828
5.50%, 05/15/34		26,465			29,343
6.50%, 08/15/34		391,560			444,317
5.50%, 09/15/34		218,445			242,202
5.50%, 12/15/34		166,939			185,096
5.50%, 01/15/35		192,814			214,148
2.25%, 03/16/35		378,989			379,255
5.86%, 02/16/36 IOW†		543,709			72,234
0.47%, 03/20/37†		960,944			963,562
0.47%, 05/20/37†		423,873			424,227
6.82%, 02/20/38 IOW†		437,288			74,159
6.00%, 09/20/38		641,837			722,702
7.63%, 03/20/39 IOW†		140,777			22,838
11.06%, 01/20/40 IOW†		173,954			30,053
4.50%, 03/15/40		322,687			344,768
5.00%, 07/20/40		47,109			51,594
5.00%, 09/20/40		187,448			205,288
6.00%, 10/20/40		78,216			87,183
3.50%, 01/15/41 TBA		1,900,000			1,914,918
4.00%, 01/20/41 TBA		3,200,000			3,327,125
6.00%, 01/20/41		98,256			109,827
4.50%, 04/20/41		935,570			1,004,275
3.50%, 01/20/42 TBA		2,100,000			2,118,457
2.50%, 12/20/42		48,032			44,216
3.00%, 01/15/43 TBA		30,000,000			28,971,093
0.00%, 08/16/43 IOW†@		482,697			72,530
2.90%, 02/16/44W†		1,075,896			1,103,965
2.90%, 06/16/44		358,421			367,598
2.00%, 12/16/49		450,000			448,268
10.12%, 08/16/52 IOW†		878,296			57,673
10.70%, 06/16/55 IOW†		921,028			60,780
0.57%, 12/20/60†		449,661			445,054
0.65%, 03/20/61†		530,725			527,959
0.67%, 03/20/61†		349,659			348,123
0.52%, 12/20/62†		1,716,156			1,693,952
Granite Master Issuer PLC
0.25%, 12/20/54†		1,726,313			1,707,614
0.31%, 12/20/54†		412,254			407,788
0.45%, 12/20/54(E)†		206,127			281,302
0.47%, 12/20/54(E)†		25,766			35,180
0.71%, 12/20/54(U)†		51,532			84,558
0.73%, 12/20/54(U)†		489,552			803,625
0.81%, 12/20/54(U)†		51,532			84,694
Granite Mortgages 03-3 PLC
0.60%, 01/20/44(E)†		146,878			201,222
0.90%, 01/20/44(U)†		44,590			73,393
GreenPoint Mortgage Funding Trust
0.34%, 01/25/37†		964,310			673,106
GS Mortgage Securities Corporation II
4.27%, 11/10/46		670,000			686,830
4.65%, 11/10/46		190,000			195,554
5.16%, 11/10/46†		150,000			154,037

	Par		Value
GS Mortgage Securities Corporation Trust
3.55%, 04/10/34 144A	$	116,000		$	114,053
GS Mortgage Securities Trust
4.82%, 08/10/44 IO 144AW†		465,697			33,092
4.04%, 07/10/46†		80,000			81,947
GSMPS Mortgage Loan Trust
0.62%, 02/25/35 144A†		99,486			91,578
GSR Mortgage Loan Trust
2.65%, 09/25/35†		461,778			458,659
Impac CMB Trust
0.88%, 10/25/34†		77,340			65,546
0.42%, 11/25/35†		812,977			618,676
IndyMac ARM Trust
1.72%, 01/25/32†		7,518			7,153
IndyMac INDX Mortgage Loan Trust
0.35%, 09/25/46†		1,048,373			868,824
JP Morgan Alternative Loan Trust
0.42%, 01/25/36†		416,956			377,922
JP Morgan Chase Commercial Mortgage Securities Trust
5.87%, 02/12/51†		10,000			11,315
5.93%, 02/12/51†		300,000			337,554
JP Morgan Mortgage Trust
3.55%, 02/25/35†		160,024			160,639
JPMBB Commercial Mortgage Securities Trust
4.42%, 11/15/45		220,000			224,965
5.08%, 11/15/45 144A†		100,000			89,660
5.08%, 11/15/45†		90,000			90,413
4.89%, 01/15/47†		50,000			50,576
LB Commercial Mortgage Trust
5.84%, 07/15/44†		1,950,806			2,164,895
5.88%, 07/15/44†		130,000			144,312
LB-UBS Commercial Mortgage Trust 0.00%,
06/15/36 IO 144AW†@		450,044			1,086
6.16%, 09/15/45†		70,000			80,010
Leek Finance Number Seventeen PLC
0.53%, 12/21/37 144A†		173,760			178,993
0.57%, 12/21/37(E)†		69,504			99,464
0.81%, 12/21/37(U)†		34,752			59,736
Leek Finance Number Eighteen PLC
0.51%, 09/21/38†		417,880			429,092
0.55%, 09/21/38(E)†		52,235			74,056
Lehman XS Trust
0.46%, 11/25/35†		588,887			514,229
Luminent Mortgage Trust
0.33%, 12/25/36†		2,424,824			1,791,229
0.36%, 02/25/46†		703,596			495,004
MASTR Adjustable Rate Mortgages Trust
2.40%, 05/25/34†		220,226			215,898
0.80%, 11/25/34†		378,325			366,074
2.53%, 11/25/35 144A†		880,213			589,761
Merrill Lynch Mortgage Investors Trust
1.09%, 11/25/29†		290,037			282,989
1.60%, 10/25/35†		66,243			64,052

See Notes to Financial Statements. 123

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
MLCC Mortgage Investors, Inc.
0.84%, 04/25/28†	$	279,434		$	274,533
Morgan Stanley Bank of America Merrill Lynch Trust
5.30%, 08/15/45 IO 144AW†		1,002,075			94,904
2.92%, 02/15/46		120,000			112,797
3.21%, 02/15/46		121,000			113,253
3.10%, 05/15/46		300,000			284,185
3.46%, 05/15/46		140,000			132,339
Morgan Stanley Capital I Trust
5.48%, 02/12/44†		50,000			55,123
Permanent Master Issuer PLC
1.64%, 07/15/42 144A†@		1,000,000			1,004,820
Prime Mortgage Trust
5.50%, 05/25/35 144A		3,159,241			3,024,822
6.00%, 05/25/35 144A		2,726,241			2,756,652
RBSCF Trust
3.83%, 01/13/32 144A†		800,000			787,632
Reperforming Loan REMIC Trust
0.58%, 11/25/34 144A†		14,517			12,572
0.52%, 03/25/35 144A†		57,996			50,534
Sequoia Mortgage Trust
1.06%, 07/20/33†		144,247			132,046
Structured Adjustable Rate Mortgage Loan Trust
0.50%, 08/25/35†		296,099			278,540
Structured Asset Mortgage Investments II Trust
0.42%, 07/19/35†		178,618			164,885
Structured Asset Securities Corporation
0.51%, 06/25/35 144A†		176,010			141,895
Thrones 2013-1 PLC
2.02%, 07/20/44(U)†		98,504			164,568
UBS-Barclays Commercial Mortgage Trust
3.32%, 12/10/45 144A		110,000			103,222
VNDO 2012-6AVE Mortgage Trust
3.00%, 11/15/30 144A		100,000			93,246
Wachovia Bank Commercial Mortgage Trust
5.38%, 12/15/43		140,000			150,639
Washington Mutual Mortgage Pass-Through Certificates
2.49%, 02/25/33†		11,635			11,446
2.41%, 02/25/37†		618,505			497,205
4.56%, 02/25/37†		402,808			330,860
1.54%, 06/25/42†		27,243			24,927
0.45%, 07/25/45†		284,105			265,564
0.90%, 04/25/47†		1,063,494			936,504
Wells Fargo Alternative Loan 2007-PA6 Trust
2.67%, 12/28/37†		1,267,788			1,029,943
Wells Fargo Commercial Mortgage Trust
4.22%, 07/15/46†		60,000			61,764
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust
2.66%, 08/25/33†		312,489			317,114

	Par		Value
WF-RBS Commercial Mortgage Trust 5.54%,
02/15/44 IO 144AW†	$	1,534,249		$	60,076
4.83%, 06/15/45 IO 144AW†		322,932			30,944
Total Mortgage-Backed Securities (Cost $260,354,869)					258,303,242
MUNICIPAL BONDS — 3.0%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		3,300,000			3,648,480
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		300,000			396,030
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000			263,243
Arizona State University, Revenue Bond, Series A
5.00%, 07/01/43		40,000			41,142
California State University, Revenue Bond, Series A
5.00%, 11/01/37		290,000			303,018
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		1,800,000			2,005,848
City of Richmond, General Obligation, Series A
5.00%, 03/01/27		40,000			45,067
5.00%, 03/01/28		40,000			44,666
5.00%, 03/01/29		50,000			55,378
City Public Service Board of San Antonio, Revenue Bond
5.00%, 02/01/43		150,000			152,731
Commonwealth of Massachusetts, General Obligation, Series E
5.00%, 08/01/40		255,000			264,927
Illinois Finance Authority, University of Chicago, Revenue Bond, Series B
5.75%, 07/01/33		1,800,000			1,969,920
Los Angeles Community College District, General Obligation
6.75%, 08/01/49		300,000			376,389
Los Angeles Community College District, General Obligation, Series D
6.68%, 08/01/36		300,000			354,708
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bond, Series A
5.50%, 06/15/50		250,000			249,990
New Jersey Economic Development Authority, Rutgers University, Revenue Bond
5.00%, 06/15/46		50,000			51,439

124 See Notes to Financial Statements.

	Par		Value
New Jersey State Turnpike Authority, Revenue Bond, Series A
5.00%, 01/01/43	$	60,000		$	60,953
New Jersey State Turnpike Authority, Revenue Bond, Series B
5.00%, 01/01/25		200,000			221,658
5.00%, 01/01/26		400,000			438,804
5.00%, 01/01/27		400,000			432,136
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bond, Series AA
5.00%, 06/15/36		265,000			270,591
5.00%, 06/15/38		150,000			152,059
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bond, Series A
5.00%, 06/15/42		90,000			90,688
New York City Transitional Finance Authority, Revenue Bond, Sub-Series A-1
5.00%, 11/01/42		90,000			93,319
New York City Water & Sewer System, Revenue Bond, Series BB
5.00%, 06/15/47		40,000			40,780
New York City Water & Sewer System, Revenue Bond, Series CC
5.00%, 06/15/45		250,000			254,755
5.00%, 06/15/47		250,000			255,090
New York City Water & Sewer System, Revenue Bond, Series EE
5.00%, 06/15/47		300,000			306,108
New York City, General Obligation, Series E
5.00%, 08/01/25		250,000			278,325
New York City, General Obligation, Series I
5.00%, 08/01/24		250,000			282,022
New York City, General Obligation, Series J
5.00%, 08/01/25		50,000			55,928
New York Liberty Development Corporation, Revenue Bond
5.00%, 12/15/41		80,000			81,203
New York State Dormitory Authority, Revenue Bond, Series A
5.00%, 12/15/26		30,000			33,307
5.00%, 12/15/27		100,000			109,978
New York State Urban Development Corporation, Revenue Bond, Series C
5.00%, 03/15/27		180,000			198,378
5.00%, 03/15/30		260,000			279,820
5.00%, 03/15/31		260,000			277,961
5.00%, 03/15/32		260,000			276,323
Northeast Ohio Regional Sewer District, Revenue Bond
5.00%, 11/15/43		90,000			93,123

	Par		Value
Ohio State Turnpike Commission, Infrastructure Project, Revenue Bond
5.25%, 02/15/39	$	250,000		$	258,955
5.00%, 02/15/48		455,000			448,380
Ohio State Turnpike Commission, Revenue Bond, Series A
5.00%, 02/15/48		80,000			80,930
Pennsylvania Turnpike Commission, Revenue Bond, Series C
5.00%, 12/01/43		70,000			69,567
Port Authority of New York & New Jersey, Revenue Bond
4.46%, 10/01/62		2,800,000			2,388,064
Private Colleges & Universities Authority, Emory University, Revenue Bond, Series A
5.00%, 10/01/43		340,000			355,171
State of California, General Obligation
5.00%, 09/01/25		120,000			133,393
5.00%, 09/01/27		250,000			272,368
5.00%, 09/01/28		250,000			269,857
5.00%, 09/01/32		255,000			267,125
5.00%, 09/01/33		250,000			260,687
7.95%, 03/01/36		165,000			190,908
7.55%, 04/01/39		385,000			498,371
5.00%, 04/01/42		110,000			111,251
5.00%, 04/01/43		415,000			419,872
5.00%, 11/01/43		105,000			106,295
State of California, General Obligation, Series B
5.00%, 09/01/23		160,000			183,765
State of Connecticut, General Obligation, Series C
5.00%, 07/15/24		50,000			57,035
State of Illinois, General Obligation
7.35%, 07/01/35		375,000			413,224
Tarrant County Cultural Education Facilities Finance Corporation, Revenue Bond, Series 2007A
5.00%, 02/15/26		1,500,000			1,566,570
Utah Transit Authority, Revenue Bond
5.00%, 06/15/42		160,000			160,213
Washington State, General Obligation, Series A
5.00%, 08/01/33		250,000			266,645
5.00%, 08/01/34		270,000			285,571
5.00%, 08/01/35		250,000			264,215
Washington State, Motor Vehicle Fuel Tax, General Obligation, Series B
5.00%, 08/01/33		250,000			266,645
Total Municipal Bonds (Cost $24,697,441)					24,401,362

See Notes to Financial Statements. 125

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional Amount		Value
PURCHASED OPTIONS — 0.1%
Call Options — 0.0%
U.S. Dollar vs. Euro, Strike Price $1.35, Expires 01/06/14 (CITI)	$	3,520,000		$	1,859
U.S. Dollar vs. Euro, Strike Price $1.36, Expires 02/16/14 (CITI)		4,190,000			29,309
					31,168
	Number of Contracts
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $125.00, Expires 01/24/14 (MLCS)		17			34,265
15-Year U.S. Treasury Long Bond Futures, Strike Price $131.00, Expires 01/24/14 (MLCS)		14			40,469
					74,734
	Notional Amount
Put Swaptions — 0.1%
3-Month LIBOR, Strike Price 3.45%, Expires 09/21/15 (RBS)	$	2,300,000			371,596
Total Purchased Options (Cost $293,299)					477,498
	Par
U.S. TREASURY OBLIGATIONS — 28.0%
U.S. Treasury Bills
0.04%, 01/02/14	$	79,000			79,000
0.14%, 05/29/14‡‡		281,000			280,938
0.10%, 06/05/14		1,200,000			1,199,724
					1,559,662
U.S. Treasury Bonds
2.75%, 08/15/42D		2,948,000			2,336,750
2.88%, 05/15/43		8,498,000			6,889,354
3.63%, 08/15/43D		2,190,000			2,068,694
3.75%, 11/15/43		2,810,000			2,716,480
					14,011,278
U.S. Treasury Inflationary Index Bonds
1.25%, 04/15/14		1,600,000			1,778,292
2.00%, 07/15/14D		1,780,000			2,255,568
0.13%, 04/15/18		4,200,000			4,330,256
1.13%, 01/15/21D‡‡		4,700,000			5,279,195
0.13%, 01/15/22		6,600,000			6,552,799
0.13%, 07/15/22		2,600,000			2,532,017
0.13%, 01/15/23		2,000,000			1,913,104
0.38%, 07/15/23D		4,700,000			4,552,929
2.13%, 02/15/40D		1,280,000			1,556,741
2.13%, 02/15/41		600,000			720,421
					31,471,322
U.S. Treasury Notes
0.25%, 05/31/14D		900,000			900,580
0.63%, 07/15/14		8,006,000			8,028,833
0.13%, 07/31/14‡‡		4,767,000			4,767,839

	Par		Value
0.50%, 08/15/14D	$	300,000		$	300,727
0.25%, 08/31/14D		100,000			100,092
0.25%, 09/30/14D		1,100,000			1,100,967
0.50%, 10/15/14		8,900,000			8,925,730
0.38%, 11/15/14D		300,000			300,592
0.25%, 11/30/14D		3,600,000			3,603,445
0.25%, 09/30/15D		7,000,000			6,994,120
0.25%, 10/31/15		10,000			9,987
0.38%, 02/15/16		6,400,000			6,395,002
2.13%, 02/29/16		3,900,000			4,042,900
0.38%, 03/15/16D		3,300,000			3,295,232
1.50%, 06/30/16D		2,300,000			2,353,277
1.00%, 08/31/16D		11,200,000			11,306,310
0.63%, 12/15/16D		3,700,000			3,685,115
1.00%, 03/31/17		24,500,000			24,557,428
2.75%, 04/15/17D		2,130,000			2,083,905
0.75%, 10/31/17D		3,120,000			3,063,937
2.88%, 03/31/18D		900,000			954,105
0.63%, 04/30/18		23,200,000			22,376,214
1.38%, 06/30/18		10,730,000			10,649,107
1.38%, 07/31/18D		7,190,000			7,126,246
1.38%, 09/30/18D		5,810,000			5,739,420
1.25%, 11/30/18D		3,490,000			3,415,565
3.63%, 08/15/19		1,050,000			1,144,336
2.63%, 08/15/20D		500,000			510,312
2.00%, 09/30/20		6,360,000			6,217,644
1.75%, 10/31/20		2,700,000			2,590,628
2.00%, 11/30/20		14,780,000			14,389,719
2.00%, 11/15/21		4,200,000			4,009,522
1.75%, 05/15/23D		900,000			811,301
2.50%, 08/15/23		2,500,000			2,401,075
2.75%, 11/15/23D		1,400,000			1,369,703
					179,520,915
Total U.S. Treasury Obligations (Cost $230,003,022)					226,563,177
	Shares
PREFERRED STOCKS — 0.4%
GMAC Capital Trust I,
8.125%, 02/15/40		23,879			638,524
Wells Fargo & Co.,
7.50%, 12/31/49D		2,400			2,652,000
Total Preferred Stocks (Cost $2,012,980)					3,290,524
	Par
REPURCHASE AGREEMENTS — 1.4%
Citigroup Global Markets, Inc. 0.05% (dated 12/31/13, due 01/02/14, repurchase price $4,000,011, collateralized by U.S. Treasury Note, 0.875%, due 07/31/19, total market value $4,075,845)	$	4,000,000			4,000,000
0.03% (dated 01/02/14, due 01/03/14, repurchase price $7,400,006, collateralized by U.S. Treasury Note, 0.875%, due 07/31/19, total market value $7,551,884)		7,400,000			7,400,000
Total Repurchase Agreements (Cost $11,400,000)					11,400,000

126 See Notes to Financial Statements.

	Shares				Value
MONEY MARKET FUNDS — 15.7%
GuideStone Money Market Fund (GS4 Class)¥			38,647,829			$	38,647,829
Northern Institutional Liquid Assets Portfolio§			88,599,222				88,599,222
Total Money Market Funds (Cost $127,247,051)							127,247,051
TOTAL INVESTMENTS — 118.3% (Cost $955,223,703)							957,423,449
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $127.50, Expires 03/20/14 (CITIG)			(141	)			(4,406	)
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $122.50, Expires 01/24/14 (MLCS)			(34	)			(12,750	)
10-Year U.S. Treasury Note Futures, Strike Price $123.00, Expires 03/20/14 (BAR)			(141	)			(129,985	)
15-Year U.S. Treasury Long Bond Futures, Strike Price $127.00, Expires 01/24/14 (GSC)			(29	)			(15,406	)
90-Day Euro, Strike Price $97.38, Expires 03/14/14 (BAR)			(67	)			(33,500	)
							(191,641	)
	Notional Amount
Put Swaptions — (0.1)%
3-Month LIBOR, Strike Price 2.00%, Expires 03/31/14 (GSC)		$	(97,800,000	)			(180,686	)
3-Month LIBOR, Strike Price 2.50%, Expires 09/21/15 (RBS)			(9,700,000	)			(385,856	)
							(566,542	)
Total Written Options (Premiums received $(456,971))							(762,589	)

	Par				Value
SECURITY SOLD SHORT — (0.9)%
U.S. Treasury Note 1.63%, 08/15/22 (Cost $(7,412,651))		$	(8,100,000	)	$	(7,360,243	)
TBA SALE COMMITMENTS — (0.3)%
Federal Home Loan Mortgage Corporation
5.00%, 01/01/40 TBA			(1,000,000	)		(1,078,438	)
Federal National Mortgage Association
4.50%, 01/01/42 TBA			(1,000,000	)		(1,059,570	)
Total TBA Sale Commitments (Cost $(2,145,781))						(2,138,008	)
Liabilities in Excess of Other Assets — (17.0)%						(137,539,621	)
NET ASSETS — 100.0%					$	809,622,988

See Notes to Financial Statements. 127

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2013:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date	Counterparty	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
CitiFinancial,
6.63% due 06/01/15		(0.15	)%	06/20/15	UBS	USD	$	300,000	$	467		$	—	$	467
Credit Suisse, Inc.,
6.50%, due 01/15/12		(1.00	)%	09/20/20	GSC	USD		300,000		(640	)		5,196		(5,836	)
							$	600,000	$	(173	)	$	5,196	$	(5,369	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Federated Republic of Brazil,
12.50% due 03/06/30		1.45	%		(1.04	)%		05/20/17		DEUT		USD	$	1,000,000	$	(12,387	)	$	—	$	(12,387	)
GMAC LLC,
6.88% due 08/28/12		1.10	%		(3.53	)%		09/20/17		DEUT		USD		4,100,000		364,059			—		364,059
													$	5,100,000	$	351,672		$	—	$	351,672

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX.NA.IG16 Index		1.00	%		06/20/14		JPM		USD	$	5,600,000	$	(27,507	)	$	(10,737	)	$	(16,770	)
Dow Jones CDX.NA.IG16 Index		1.00	%		06/20/14		JPM		USD		5,300,000		(26,034	)		(10,874	)		(15,160	)
Dow Jones CDX.NA.IG16 Index		1.00	%		06/20/14		DEUT		USD		4,100,000		(20,139	)		(8,128	)		(12,011	)
Dow Jones CDX.NA.HY15 Index		(5.00	)%		12/20/15		CME		USD		2,112,000		(165,430	)		43,560			(208,990	)
Dow Jones CDX.NA.IG16 Index		1.00	%		12/20/16		BOA		USD		900,000		(4,421	)		(1,662	)		(2,759	)
Dow Jones CDX.NA.IG21 Index		(1.00	)%		12/20/18		CME		USD		9,600,000		(176,208	)		(138,396	)		(37,812	)
										$	27,612,000	$	(419,739	)	$	(126,237	)	$	(293,502	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
Dow Jones CDX.NA.IG16 Index		0.94	%		1.00	%		06/20/16		JPM		USD	$	4,825,000	$	95,475		$	9,997		$	85,478
Dow Jones CDX.NA.IG16 Index		0.94	%		(1.00	)%		06/20/16		DEUT		USD		2,125,000		42,049			4,304			37,745
Dow Jones CDX.NA.IG16 Index		0.97	%		1.00	%		12/20/16		BOA		USD		3,000,000		59,363			3,366			55,997
Dow Jones CMBX.NA.AAA.4 Index		0.97	%		0.35	%		02/17/51		CITI		USD		1,200,000		(18,652	)		(32,811	)		14,159
													$	11,150,000	$	178,235		$	(15,144	)	$	193,379

128 See Notes to Financial Statements.

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
Brazil CETIP Interbank Deposit		8.15	%		01/02/15		DEUT		BRL	$	8,830,000	$	(84,027	)	$	—		$	(84,027	)
Brazil CETIP Interbank Deposit		10.14	%		01/02/15		HKSB		BRL		5,300,000		63,480			21,159			42,321
Brazil CETIP Interbank Deposit		8.56	%		01/02/15		UBS		BRL		5,300,000		(34,072	)		136			(34,208	)
Brazil CETIP Interbank Deposit		8.08	%		01/02/15		HSBC		BRL		3,700,000		(29,401	)		3,421			(32,822	)
Brazil CETIP Interbank Deposit		9.94	%		01/02/15		DEUT		BRL		2,570,000		(2,804	)		—			(2,804	)
Brazil CETIP Interbank Deposit		7.62	%		01/02/15		DEUT		BRL		1,800,000		(21,824	)		(2,156	)		(19,668	)
Brazil CETIP Interbank Deposit		8.43	%		01/02/15		DEUT		BRL		1,000,000		(4,378	)		3,045			(7,423	)
Brazil CETIP Interbank Deposit		8.27	%		01/02/15		MSCS		BRL		900,000		(7,360	)		(1,120	)		(6,240	)
Brazil CETIP Interbank Deposit		7.92	%		01/02/15		BAR		BRL		700,000		(7,176	)		(37	)		(7,139	)
Brazil CETIP Interbank Deposit		10.39	%		01/04/16		BOA		BRL		9,130,000		(48,850	)		—			(48,850	)
Brazil CETIP Interbank Deposit		7.77	%		01/04/16		CITI		BRL		2,700,000		(21,279	)		—			(21,279	)
Brazil CETIP Interbank Deposit		8.94	%		01/02/17		CS		BRL		5,800,000		(156,338	)		(2,535	)		(153,803	)
Brazil CETIP Interbank Deposit		8.60	%		01/02/17		DEUT		BRL		5,300,000		(163,765	)		2,385			(166,150	)
Brazil CETIP Interbank Deposit		8.90	%		01/02/17		UBS		BRL		5,200,000		(142,257	)		(4,206	)		(138,051	)
Brazil CETIP Interbank Deposit		8.50	%		01/02/17		CS		BRL		5,200,000		(166,665	)		(3,313	)		(163,352	)
Brazil CETIP Interbank Deposit		8.59	%		01/02/17		UBS		BRL		2,900,000		(93,325	)		(2,657	)		(90,668	)
Brazil CETIP Interbank Deposit		8.49	%		01/02/17		BNP		BRL		1,100,000		(34,174	)		—			(34,174	)
3-Month LIBOR		(0.70	)%		05/31/17		JPM		USD		42,000,000		491,180			(36,895	)		528,075
3-Month LIBOR		(1.68	)%		11/25/17		CME		USD		20,400,000		170,697			43,842			126,855
3-Month KLIBOR		(3.88	)%		11/14/18		DEUT		MYR		860,000		(148	)		—			(148	)
3-Month KLIBOR		(3.92	)%		11/19/18		CITI		MYR		960,000		597			—			597
3-Month KLIBOR		(3.97	)%		12/11/18		JPM		MYR		1,570,000		1,271			—			1,271
3-Month LIBOR		2.00	%		03/19/19		CME		USD		8,300,000		25,797			108,481			(82,684	)
3-Month LIBOR		2.56	%		10/20/20		DEUT		USD		2,800,000		40,099			—			40,099
3-Month LIBOR		2.92	%		11/25/20		CME		USD		24,400,000		(368,570	)		(81,882	)		(286,688	)
3-Month LIBOR		2.75	%		03/19/21		CME		USD		4,700,000		47,932			—			47,932
3-Month LIBOR		2.65	%		07/31/23		CME		USD		6,200,000		(123,384	)		—			(123,384	)
3-Month KRW-CD-KDSA		(3.45	)%		08/08/23		CITI		KRW		1,328,210,000		(4,832	)		—			(4,832	)
3-Month KLIBOR		(4.49	)%		08/14/23		DEUT		MYR		220,000		302			—			302
3-Month KRW-CD-KDSA		(3.42	)%		08/14/23		JPM		KRW		391,340,000		(315	)		—			(315	)
3-Month KRW-CD-KDSA		(3.49	)%		08/16/23		CITI		KRW		185,320,000		(989	)		—			(989	)
3-Month KRW-CD-KDSA		(3.56	)%		08/21/23		JPM		KRW		228,920,000		(2,825	)		5			(2,830	)
3-Month KLIBOR		(4.33	)%		09/26/23		JPM		MYR		370,000		2,249			—			2,249
3-Month KLIBOR		(4.45	)%		11/15/23		CITI		MYR		600,000		1,072			—			1,072
3-Month LIBOR		(3.51	)%		11/25/23		CME		USD		10,800,000		193,935			37,876			156,059
6-Month WIBOR		(4.16	)%		11/28/23		FCM		PLN		970,000		1,013			—			1,013
3-Month KORIBOR		(3.47	)%		12/23/23		CITI		KRW		239,520,000		(697	)		—			(697	)
3-Month KORIBOR		(3.47	)%		12/26/23		JPM		KRW		114,310,000		(379	)		—			(379	)
3-Month LIBOR		(3.50	)%		03/19/29		CME		USD		5,100,000		94,127			—			94,127
3-Month LIBOR		(3.00	)%		12/18/43		CITI		USD		2,700,000		437,905			179,146			258,759
										$	2,688,000,000	$	51,822		$	264,695		$	(212,873	)
Total Swap agreements outstanding at December 31, 2013										$	2,732,462,000	$	161,817		$	128,510		$	33,307

See Notes to Financial Statements. 129

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	15,306,422		$	—		$	15,306,422		$	—
Asset-Backed Securities			19,734,775			—			17,849,074			1,885,701
Corporate Bonds			152,770,691			—			151,264,394			1,506,297
Foreign Bonds:
Australia			5,004,368			—			5,004,368			—
Bermuda			725,087			—			725,087			—
Canada			3,889,165			—			3,889,165			—
Cayman Islands			4,542,961			—			4,542,961			—
Chile			814,775			—			814,775			—
Colombia			531,858			—			531,858			—
Dominican Republic			204,126			—			204,126			—
France			5,733,822			—			5,733,822			—
Germany			2,522,763			—			2,522,763			—
Honduras			201,626			—			201,626			—
Iceland			14			—			—			14
India			3,401,091			—			3,401,091			—
Indonesia			1,409,238			—			1,409,238			—
Ireland			758,825			—			758,825			—
Israel			2,197,856			—			2,197,856			—
Italy			10,909,535			—			10,909,535			—
Japan			1,597,427			—			1,597,427			—
Jersey			239,448			—			239,448			—
Jordan			1,176,567			—			1,176,567			—
Luxembourg			4,471,200			—			4,471,200			—
Mexico			23,881,746			—			23,881,746			—
Netherlands			5,746,489			—			5,746,489			—
New Zealand			223,457			—			223,457			—
Norway			492,511			—			492,511			—
Russia			2,505,995			—			2,505,995			—
Singapore			297,774			—			297,774			—
South Africa			688,380			—			688,380			—
South Korea			3,855,693			—			3,855,693			—
Spain			2,376,247			—			2,376,247			—
Supranational			391,845			—			391,845			—
Sweden			5,137,871			—			5,137,871			—
Switzerland			944,340			—			944,340			—
Turkey			1,267,772			—			1,267,772			—
United Kingdom			16,476,089			—			16,476,089			—
Virgin Islands (British)			3,310,746			—			3,310,746			—
Money Market Funds			127,247,051			127,247,051			—			—
Mortgage-Backed Securities			258,303,242			—			253,586,840			4,716,402
Municipal Bonds			24,401,362			—			24,401,362			—
Preferred Stocks			3,290,524			638,524			—			2,652,000
Purchased Options			477,498			74,734			402,764			—
Repurchase Agreements			11,400,000			—			11,400,000			—
U.S. Treasury Obligations			226,563,177			—			226,563,177			—
Total Assets - Investments in Securities		$	957,423,449		$	127,960,309		$	818,702,726		$	10,760,414
Other Financial Instruments***
Forward Foreign Currency Contracts		$	8,461		$	—		$	8,461		$	—
Swap Agreements			161,817			—			161,817			—
Total Assets - Other Financial Instruments		$	170,278		$	—		$	170,278		$	—

130 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Security Sold Short	$	(7,360,243	)	$	—		$	(7,360,243	)	$	—
TBA Sale Commitments		(2,138,008	)		—			(2,138,008	)		—
Written Options		(762,589	)		(196,047	)		(385,856	)		(180,686	)
Total Liabilities - Investments in Securities	$	(10,260,840	)	$	(196,047	)	$	(9,884,107	)	$	(180,686	)
Other Financial Instruments***
Futures Contracts	$	(168,299	)	$	(168,299	)	$	—		$	—
Total Liabilities - Other Financial Instruments	$	(168,299	)	$	(168,299	)	$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

The unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed securities, corporate bonds, foreign bonds, loan agreements, mortgage-backed securities, preferred stock and written option are values based on evaluated quotations received from dealers who make markets in such securities. Significant increases (decreases) in those evaluated quotations would result in a significantly higher (lower) fair value measurement.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Total Value			Asset-Backed Securities			Corporate Bonds			Foreign Bonds			Mortgage-Backed Securities			Preferred Stock			Written Option
Balance, 12/31/12	$	14,016,404		$	1,782,083		$	2,846,064		$	157,695		$	6,290,562		$	2,940,000		$	—
Accrued discounts/premiums		(7,218	)		5,804			(5,064	)		—			(7,958	)		—			—
Realized gain (loss)(1)		(73,888	)		(4,492	)		(71,251	)		(657	)		2,512			—			—
Change in unrealized appreciation (depreciation)(2)		(8,540	)		3,325			271,340			2,421			91,148			(288,000	)		(88,774	)
Purchases		865,115			504,488			(248,394	)		—			700,933			—			(91,912	)
Sales		(1,771,534	)		(403,472	)		(1,208,617	)		(159,445	)		—			—			—
Transfers in to Level 3		—			—			—			—			—			—			—
Transfers out of Level 3(3)		(2,235,128	)		—			—			—			(2,235,128	)		—			—
Maturities		—			—			—			—			—			—			—
Paydowns		(205,483	)		(2,035	)		(77,781	)		—			(125,667	)		—			—
Balance, 12/31/13	$	10,579,728		$	1,885,701		$	1,506,297		$	14		$	4,716,402		$	2,652,000		$	(180,686	)

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net realized gain (loss) from: Investment securities.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities and Net change in unrealized appreciation (depreciation) on: Option contracts written.

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2013 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements. 131

Extended-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed primarily of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally greater than or equal to seven years. The GS4 Class of the Fund outperformed its composite benchmark index, 50% Barclays U.S. Long-Term Credit Index and 50% Barclays U.S. Long-Term Government Index, for the one-year period ended December 31, 2013 (-5.24% versus -9.57%). The Fund’s benchmark-relative performance was positively impacted by the Fund’s significant underweight to the U.S. Treasury sector. Throughout the year, the Fund underweighted lower yielding U.S. Treasury securities in favor of higher yielding corporate bonds, non-U.S. bonds and high yield bonds. These sectors, which traded at a yield premium to U.S. Treasuries, benefitted as spreads compressed, or decreased, during the year. A by-product of underweighting U.S. Treasuries was the Fund’s higher than benchmark yield, which provided incremental interest income. The Fund’s lower-than-benchmark duration position also benefited relative returns as longer-term yields increased from the beginning to the end of the year.

During the year, the Fund remained focused on its objective of seeking maximum total return consistent with preservation of capital.

This Fund may be suitable for investors who are seeking higher returns without investing in stocks, can accept short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Corporate Bonds		48.4
Foreign Bonds		20.9
Municipal Bonds		17.8
Money Market Funds		14.9
U.S. Treasury Obligations		6.4
Asset-Backed Security		0.9
Mortgage-Backed Security		0.5
Preferred Stocks		0.2
		110.0

132

Extended-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	-5.10%	-5.24%	-9.57%
Five Year	11.78%	11.56%	6.18%
Ten Year	7.64%	7.45%	6.29%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.56%	0.80%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index consisting of 50% Barclays U.S. Long-Term Credit Bond Index and 50% Barclays U.S. Long-Term Government Bond Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

133

EXTENDED-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par		Value
ASSET-BACKED SECURITY — 0.9%
Citibank Credit Card Issuance Trust
6.15%, 06/15/39 (Cost $3,102,185)	$	2,300,000		$	2,574,921
CORPORATE BONDS — 48.4%
AES Corporation
4.88%, 05/15/23		60,000			56,400
Aflac, Inc.
6.45%, 08/15/40D		4,705,000			5,554,935
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000			93,450
Alcoa, Inc.
5.87%, 02/23/22D		10,000			10,338
6.75%, 01/15/28		235,000			247,198
5.95%, 02/01/37D		85,000			78,779
Ally Financial, Inc.
8.00%, 11/01/31		177,000			212,621
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		510,531			542,638
Andarko Holding Co.
7.15%, 05/15/28D		250,000			290,558
Apple, Inc.
3.85%, 05/04/43D		2,537,000			2,128,122
AT&T, Inc.
4.30%, 12/15/42D		1,242,000			1,057,564
Bank of America NA
6.00%, 10/15/36		5,000,000			5,757,080
Barrick North America Finance LLC
5.70%, 05/30/41		3,634,000			3,131,967
Bruce Mansfield Unit
6.85%, 06/01/34		1,092,943			1,134,440
California Institute of Technology
4.70%, 11/01/11		4,030,000			3,418,564
CenturyLink, Inc.
6.45%, 06/15/21D		260,000			271,700
6.88%, 01/15/28		65,000			60,288
7.65%, 03/15/42		295,000			264,762
Chesapeake Energy Corporation
6.63%, 08/15/20		10,000			11,225
6.88%, 11/15/20		15,000			17,025
2.75%, 11/15/35 CONV		75,000			78,797
2.50%, 05/15/37 CONV		200,000			204,000
2.25%, 12/15/38 CONV		50,000			46,875
Ciena Corporation
3.75%, 10/15/18 CONV 144A		155,000			224,072
Citigroup, Inc.
8.13%, 07/15/39		3,584,000			5,043,419
Comcast Corporation
4.50%, 01/15/43D		1,950,000			1,768,278
Continental Airlines 1999-2 Class B Pass Through Trust
7.57%, 09/15/21		60,012			62,262
Continental Airlines 2000-2 Class B Pass Through Trust
8.31%, 10/02/19		113,155			119,520
Corning, Inc.
7.25%, 08/15/36		850,000			981,397

	Par		Value
Cummins, Inc.
5.65%, 03/01/98	$	2,520,000		$	2,426,102
Darden Restaurants, Inc.
6.00%, 08/15/35		990,000			891,612
DCP Midstream LLC
6.45%, 11/03/36 144A		490,000			500,584
Dillard’s, Inc.
7.00%, 12/01/28D		500,000			512,500
Dow Chemical Co.
9.40%, 05/15/39		920,000			1,378,580
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000			1,147,500
Ford Motor Co.
4.25%, 11/15/16 CONVD		175,000			323,750
6.63%, 10/01/28		680,000			765,294
6.38%, 02/01/29		1,255,000			1,384,180
General Electric Capital Corporation
6.75%, 03/15/32		2,000,000			2,483,598
6.15%, 08/07/37		3,000,000			3,511,644
5.88%, 01/14/38		150,000			171,446
Goldman Sachs Group, Inc.
6.75%, 10/01/37		500,000			557,997
HCA, Inc.
7.58%, 09/15/25		1,000,000			1,047,500
7.05%, 12/01/27		500,000			497,500
Hewlett-Packard Co.
6.00%, 09/15/41D		1,167,000			1,173,189
HSBC Bank USA NA
7.00%, 01/15/39		4,748,000			5,960,274
Intel Corporation
3.25%, 08/01/39 CONVD		1,155,000			1,572,250
International Lease Finance Corporation
5.88%, 08/15/22		5,000			5,012
International Paper Co.
8.70%, 06/15/38		2,643,000			3,650,998
iStar Financial, Inc.
3.00%, 11/15/16 CONV		100,000			136,750
7.13%, 02/15/18D		180,000			199,350
4.88%, 07/01/18		100,000			100,125
Jefferies Group LLC
6.45%, 06/08/27		50,000			52,204
3.88%, 11/01/29 CONV		65,000			69,022
6.25%, 01/15/36		185,000			179,450
6.50%, 01/20/43		1,990,000			1,979,648
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000			299,725
5.60%, 07/15/41		5,000,000			5,445,950
KB Home
1.38%, 02/01/19 CONV		30,000			29,944
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000			287,932
Kraft Foods Group, Inc.
6.88%, 01/26/39		2,268,000			2,771,120
6.50%, 02/09/40		1,000,000			1,170,138
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144AD		1,400,000			1,537,586
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000			268,673
Masco Corporation
7.75%, 08/01/29		275,000			303,362
6.50%, 08/15/32		55,000			54,312

134 See Notes to Financial Statements.

	Par		Value
Massachusetts Institute of Technology
5.60%, 07/01/11	$	1,000,000		$	1,140,886
Mead Corporation
7.55%, 03/01/47@D		515,000			523,148
Merrill Lynch & Co., Inc.
6.11%, 01/29/37		900,000			973,714
MetLife, Inc.
5.88%, 02/06/41		2,675,000			2,998,750
6.40%, 12/15/66		310,000			320,075
Morgan Stanley
4.75%, 11/16/18(A)		295,000			260,836
3.75%, 02/25/23		300,000			292,478
6.25%, 08/09/26		600,000			695,042
Motorola Solutions, Inc.
6.63%, 11/15/37		46,000			45,696
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000			112,870
Nationwide Mutual Insurance Co.
6.60%, 04/15/34 144A		150,000			153,562
New Albertsons, Inc.
7.45%, 08/01/29		55,000			45,375
8.70%, 05/01/30		25,000			21,750
8.00%, 05/01/31		295,000			244,850
Old Republic International Corporation
3.75%, 03/15/18 CONVD		2,255,000			2,815,931
Owens Corning
7.00%, 12/01/36		2,360,000			2,549,732
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000			2,201,645
Prudential Financial, Inc.
6.63%, 06/21/40D		3,912,000			4,760,200
5.63%, 05/12/41		987,000			1,067,531
PulteGroup, Inc.
6.38%, 05/15/33		1,000,000			910,000
Qwest Corporation
7.25%, 09/15/25D		490,000			522,872
6.88%, 09/15/33D		2,250,000			2,171,250
RPM International, Inc.
2.25%, 12/15/20 CONVD		22,000			24,461
RR Donnelley & Sons Co.
8.25%, 03/15/19D		250,000			287,500
7.00%, 02/15/22D		285,000			307,800
SandRidge Energy, Inc.
7.50%, 02/15/23		350,000			357,000
Sempra Energy
6.00%, 10/15/39		991,000			1,092,294
SLM Corporation
5.00%, 06/15/18		335,000			329,893
5.63%, 08/01/33		1,460,000			1,209,975
Sprint Capital Corporation
6.90%, 05/01/19		55,000			60,362
6.88%, 11/15/28		1,025,000			971,188
8.75%, 03/15/32		20,000			21,550
Textron, Inc.
6.63%, 04/07/20(U)		160,000			296,679
Toro Co.
6.63%, 05/01/37@		300,000			305,528
UnitedHealth Group, Inc.
6.50%, 06/15/37		767,000			912,900
6.63%, 11/15/37		1,026,000			1,245,358
3.95%, 10/15/42		181,000			154,116

	Par		Value
University of Pennsylvania
4.67%, 09/01/12	$	3,370,000		$	3,000,692
University of Southern California
5.25%, 10/01/11		2,779,000			2,945,857
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26D		441,814			481,577
US Airways 2012-2 Class A Pass Through Trust
4.63%, 12/03/26		303,953			310,222
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		490,000			518,787
Verizon Communications, Inc.
6.40%, 02/15/38		968,000			1,090,542
6.00%, 04/01/41		2,770,000			3,051,917
6.55%, 09/15/43		1,878,000			2,204,999
Verizon Maryland, Inc.
5.13%, 06/15/33		150,000			142,643
WellPoint, Inc.
6.38%, 06/15/37D		182,000			208,353
Wells Fargo & Co.
5.61%, 01/15/44 144A		4,912,000			5,120,878
Western Union Co.
6.20%, 11/17/36D		1,265,000			1,189,996
Weyerhaeuser Co.
6.88%, 12/15/33		580,000			686,062
Total Corporate Bonds (Cost $121,931,230)					131,072,397
FOREIGN BONDS — 20.9%
Australia — 2.7%
Barrick PD Australia Finance Propriety, Ltd.
5.95%, 10/15/39		2,870,000			2,490,821
BHP Billiton Finance (USA), Ltd.
5.00%, 09/30/43		854,000			871,675
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000			713,803
Queensland Treasury Corporation
5.75%, 11/21/14(A)		60,000			55,061
Rio Tinto Finance USA, Ltd.
5.20%, 11/02/40		2,946,000			3,045,654
					7,177,014
Brazil — 0.4%
Brazilian Government International Bond
10.25%, 01/10/28(B)D		2,525,000			1,040,823
Canada — 4.7%
Canada Generic Residual STRIP
2.95%, 06/01/25(C)W†		3,685,000			2,484,604
Ontario Generic Residual STRIP
4.37%, 03/08/29(C)W†		4,600,000			2,288,546
Saskatchewan Residual STRIP
3.22%, 02/04/22(C)W†		3,000,000			2,111,803
Talisman Energy, Inc.
6.25%, 02/01/38		450,000			459,013

See Notes to Financial Statements. 135

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
TransCanada PipeLines, Ltd.
6.20%, 10/15/37	$	1,541,000		$	1,761,312
Xstrata Finance Canada, Ltd.
6.00%, 11/15/41 144A		3,591,000			3,486,764
					12,592,042
Ireland — 0.7%
Eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)		200,000			292,021
XL Group PLC
6.25%, 05/15/27D		1,530,000			1,717,775
					2,009,796
Italy — 0.6%
Telecom Italia Capital SA
6.38%, 11/15/33		755,000			687,050
6.00%, 09/30/34		1,010,000			879,963
					1,567,013
Luxembourg — 0.4%
ArcelorMittal
6.00%, 03/01/21D		45,000			47,925
7.50%, 10/15/39		215,000			212,313
7.25%, 03/01/41D		975,000			936,000
					1,196,238
Malaysia — 0.1%
Telekom Malaysia Bhd
7.88%, 08/01/25 144A		225,000			280,081
Mexico — 0.7%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000			184,502
Mexican Bonos
8.00%, 12/07/23(M)		19,800,000			1,689,745
					1,874,247
Netherlands — 4.5%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
5.25%, 05/24/41D		1,023,000			1,059,333
5.75%, 12/01/43		1,500,000			1,595,964
Deutsche Telekom International Finance BV
4.88%, 03/06/42 144A		2,050,000			1,963,613
EDP Finance BV
4.90%, 10/01/19 144A		500,000			510,000
Enel Finance International NV
6.80%, 09/15/37 144AD		100,000			103,961
6.00%, 10/07/39 144AD		2,210,000			2,126,471
Koninklijke Philips Electronics NV
6.88%, 03/11/38D		3,250,000			3,962,150
5.00%, 03/15/42D		1,000,000			996,685
					12,318,177
Norway — 0.5%
Norway Government Bond
5.00%, 05/15/15(K)		540,000			93,301
4.25%, 05/19/17(K)		7,670,000			1,363,767
					1,457,068
Portugal — 0.3%
Portugal Obrigacoesdo Tesouro OT
4.80%, 06/15/20(E)		75,000			98,695

	Par		Value
3.85%, 04/15/21(E)	$	255,000		$	311,709
4.95%, 10/25/23(E)		355,000			451,755
					862,159
Spain — 1.1%
Autonomous Community of Madrid Spain
4.30%, 09/15/26(E)		665,000			862,836
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000			79,864
7.05%, 06/20/36		1,720,000			1,904,625
					2,847,325
Supranational — 1.7%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000			2,665,798
International Bank For Reconstruction & Development
1.43%, 03/05/14(G)		2,470,000			1,959,097
					4,624,895
United Kingdom — 2.5%
Barclays Bank PLC
3.68%, 08/20/15(W)		740,000,000			716,980
BG Energy Capital PLC
5.13%, 10/15/41 144A		585,000			602,125
Centrica PLC
5.38%, 10/16/43 144A		1,097,000			1,108,841
HBOS PLC
6.00%, 11/01/33 144A		925,000			896,784
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		392,000			346,039
Standard Chartered PLC
5.30%, 01/09/43 144AD		3,201,000			3,102,105
					6,772,874
Total Foreign Bonds (Cost $52,811,460)					56,619,752
MORTGAGE-BACKED SECURITY — 0.5%
Community Program Loan Trust
4.50%, 04/01/29 (Cost $1,164,506)		1,296,843			1,309,328
MUNICIPAL BONDS — 17.8%
Austin Water & Wastewater System, Revenue Bond, Series A
5.00%, 11/15/43		1,250,000			1,287,600
Bay Area Toll Authority, Revenue Bond, Series S-4
5.00%, 04/01/43		1,395,000			1,395,921
5.13%, 04/01/48		510,000			512,754
California Educational Facilities Authority, Stanford University, Revenue Bond
5.25%, 04/01/40		3,690,000			4,295,750
Cook County Community College District No. 508, General Obligation
5.25%, 12/01/43		325,000			322,559

136 See Notes to Financial Statements.

	Par		Value
District of Columbia Water & Sewer Authority, Revenue Bond, Series A
5.00%, 10/01/44	$	2,005,000		$	2,041,992
Grand Parkway Transportation Corporation, Revenue Bond, Series B
5.25%, 10/01/51		6,415,000			6,482,678
Los Angeles Department of Water & Power, Revenue Bond, Series B
5.00%, 07/01/43		2,405,000			2,478,555
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bond, Series B (AGM Insured)
0.00%, 06/15/45W†		9,800,000			1,560,454
0.00%, 06/15/46W†		1,240,000			186,236
0.00%, 06/15/47W†		400,000			56,300
Miami-Dade County Water & Sewer System, Revenue Bond, Series A
5.00%, 10/01/42		2,030,000			2,058,542
New York City Transitional Finance Authority, Revenue Bond, Sub-Series A-1
5.00%, 11/01/38		2,080,000			2,165,093
New York City Water & Sewer System, Revenue Bond, Series FF
5.00%, 06/15/45		1,190,000			1,213,800
New York State Dormitory Authority, Revenue Bond, Series A
5.00%, 03/15/43		2,210,000			2,294,046
New York State Dormitory Authority, Revenue Bond, Series C
5.00%, 03/15/41		745,000			764,415
Ohio State Turnpike Commission, Revenue Bond, Series A-2
0.00%, 02/15/36W†		925,000			257,973
0.00%, 02/15/37W†		1,635,000			425,590
0.00%, 02/15/38W†		1,995,000			485,344
0.00%, 02/15/40W†		1,670,000			355,877
0.00%, 02/15/41W†		1,585,000			315,843
0.00%, 02/15/42W†		1,200,000			224,688
0.00%, 02/15/43W†		830,000			146,005
Omaha Public Power District, Revenue Bond, Series A
5.00%, 02/01/42		1,475,000			1,528,439
Pennsylvania Turnpike Commission, Revenue Bond, Series C
5.00%, 12/01/43		390,000			387,586
Philadelphia Water & Wastewater, Revenue Bond, Series A
5.13%, 01/01/43		380,000			382,097
San Bernardino Community College District, General Obligation, Series B
0.00%, 08/01/48W†		2,845,000			373,378

	Par		Value
Southwestern Community College District, General Obligation, Series C
0.00%, 08/01/46W†	$	3,975,000		$	596,051
State of California, General Obligation
5.00%, 02/01/43		1,775,000			1,795,590
5.00%, 04/01/43		3,850,000			3,895,199
State of Illinois, General Obligation
5.10%, 06/01/33		635,000			590,512
State of Illinois, General Obligation, Series B
5.52%, 04/01/38		425,000			382,921
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		4,912,000			4,256,101
University of California, Revenue Bond, Series AI
5.00%, 05/15/38		405,000			422,508
University of Utah, Revenue Bond, Series A
5.00%, 08/01/43		1,545,000			1,599,616
Westside Union School District, General Obligation, Series B
0.00%, 08/01/40W†		1,600,000			339,408
0.00%, 08/01/45W†		2,170,000			337,587
Total Municipal Bonds (Cost $47,937,095)					48,215,008
U.S. TREASURY OBLIGATIONS — 6.4%
U.S. Treasury Bonds
2.75%, 11/15/42D		1,200,000			949,126
2.88%, 05/15/43		5,020,000			4,069,729
3.63%, 08/15/43		2,511,000			2,371,913
					7,390,768
U.S. Treasury STRIP
0.00%, 08/15/42W†		32,225,000			9,840,742
Total U.S. Treasury Obligations (Cost $18,365,892)					17,231,510
	Shares
PREFERRED STOCKS — 0.2%
Ally Financial, Inc.,
7.00% 144A		82			78,318
Chesapeake Energy Corporation,
5.00% CONV		620			60,450
Chesapeake Energy Corporation,
5.75% CONV 144A		80			92,700
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		5,350			300,295
Total Preferred Stocks (Cost $373,592)					531,763

See Notes to Financial Statements. 137

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MONEY MARKET FUNDS — 14.9%
GuideStone Money Market Fund (GS4 Class)¥		10,096,703		$	10,096,703
Northern Institutional Liquid Assets Portfolio§		30,220,442			30,220,442
Total Money Market Funds (Cost $40,317,145)					40,317,145
TOTAL INVESTMENTS — 110.0% (Cost $286,003,105)					297,871,824
Liabilities in Excess of Other Assets — (10.0)%					(27,090,443	)
NET ASSETS — 100.0%				$	270,781,381

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	2,574,921	$	—	$	2,574,921	$	—
Corporate Bonds		131,072,397		—		128,964,375		2,108,022
Foreign Bonds		56,619,752		—		56,619,752		—
Money Market Funds		40,317,145		40,317,145		—		—
Mortgage-Backed Security		1,309,328		—		1,309,328		—
Municipal Bonds		48,215,008		—		48,215,008		—
Preferred Stocks		531,763		453,445		—		78,318
U.S. Treasury Obligations		17,231,510		—		17,231,510		—
Total Assets - Investments in Securities	$	297,871,824	$	40,770,590	$	254,914,894	$	2,186,340

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2013.

138 See Notes to Financial Statements.

Global Bond Fund (Unaudited)

The headwinds of deleveraging, financial crisis and austerity have been powerful forces in the developed markets over the past few years, but the major central banks across the globe have been determined through aggressive accommodative monetary policy to support economic growth and their financial markets. Focus remained on improvements in the U.S. economy, stabilization in the peripheral European countries, potential impact of stimulus policies in Japan and the level of economic growth in China. Related to currency, the euro and Great Britain pound appreciated relative to the U.S. dollar, while the Japanese yen depreciated relative to the U.S. dollar during the year. Similar to the domestic bond market, the environment was difficult for global bonds with rates at historically low levels. The global bond market, as measured by the Barclays Global Aggregate Index, posted an annual return of -2.60% for the year. Emerging markets debt, as measured by the JPMorgan Emerging Markets Bond Index Plus, suffered much worse, posting an annual return of -8.31%

The Fund is actively managed and invests in a diversified portfolio composed primarily of global fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between three to 10 years. The Fund maintained its global focus, seeking investment opportunities across a wide array of economies, credits, yield curves and currencies. For the one-year period ended December 31, 2013, the Fund outperformed its composite benchmark, 50% Barclays Global Aggregate Bond Index – Unhedged, 25% JPMorgan Emerging Markets Bond Index Plus and 25% Barclays U.S. Corporate High Yield Index – 2% Issuer Capped (0.30% versus -1.62%). The outperformance was primarily generated during the first and fourth quarters. The Fund’s benchmark-relative outperformance was attributable to several factors including exposure to and security selection within the corporate bond and high yield bond sectors. Also, strong returns from select convertible bonds allowed this sector to contribute moderately to excess returns. During the year, the Fund utilized U.S. and non-U.S. government futures and options to manage yield curve strategies. These strategies, in aggregate, detracted modest value from the Fund’s performance. Additionally, the Fund used currency forward contracts and currency options for hedging purposes which slightly detracted from performance.

This Fund may be suitable for investors who have a medium to long-term investment horizon, seek higher returns than those offered by a shorter maturity bond fund, can accept short-term fluctuations in account value and want to diversify their portfolio with a globally diversified fixed-income investment option. This Fund may invest, to a large extent, in high yield securities, commonly known as junk bonds. While offering higher current yields, these securities may be considered speculative and are subject to greater risks than higher-rated bonds. Securities of emerging countries may involve additional risks including price volatility, reduced liquidity, currency fluctuation and financial reporting requirements as well as political and economic instability. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Foreign Bonds		39.4
Corporate Bonds		35.6
Money Market Funds		32.0
U.S. Treasury Obligations		7.7
Mortgage-Backed Securities		3.9
Preferred Stocks		1.2
Common Stocks		0.9
Foreign Common Stocks		0.4
Municipal Bond		0.1
Purchased Option		—	**
		121.2

** Rounds to less than 0.005%.

139

Global Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	0.30%	-1.62%
Five Year	12.47%	9.31%
Since Inception	6.32%	6.48%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.88%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index consisting of 25% JPMorgan Emerging Markets Bond Index Plus, 50% Barclays Global Aggregate Bond Index — Unhedged and 25% Barclays U.S. Corporate High Yield – 2% Issuer Capped Index. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

140

GLOBAL BOND FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par			Value
CORPORATE BONDS — 35.6%
Acadia Healthcare Co., Inc.
12.88%, 11/01/18		$	106,000		$	128,790
Access Midstream Partners LP
6.13%, 07/15/22			150,000			161,250
4.88%, 05/15/23			360,000			349,200
Activision Blizzard, Inc.
5.63%, 09/15/21 144A			70,000			72,625
6.13%, 09/15/23 144A			60,000			62,700
AES Corporation
8.00%, 06/01/20			350,000			411,250
7.38%, 07/01/21			170,000			192,525
4.88%, 05/15/23			1,710,000			1,607,400
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29			275,000			244,750
Alcoa, Inc.
5.87%, 02/23/22			5,000			5,169
5.90%, 02/01/27			825,000			810,175
6.75%, 01/15/28			1,380,000			1,451,633
5.95%, 02/01/37D			65,000			60,242
Ally Financial, Inc.
6.75%, 12/01/14			399,000			418,202
5.50%, 02/15/17			70,000			76,125
8.00%, 12/31/18			104,000			122,785
8.00%, 03/15/20			200,000			240,750
7.50%, 09/15/20D			415,000			485,031
8.00%, 11/01/31			345,000			414,431
American Axle & Manufacturing, Inc.
7.75%, 11/15/19			70,000			79,975
6.25%, 03/15/21D			30,000			32,025
6.63%, 10/15/22D			150,000			158,625
American International Group, Inc.
5.45%, 05/18/17			25,000			27,965
Anadarko Petroleum Corporation
5.95%, 09/15/16			10,000			11,148
6.38%, 09/15/17			110,000			126,393
Appvion, Inc.
9.00%, 06/01/20 144A			210,000			212,887
Arch Coal, Inc.
9.88%, 06/15/19D			400,000			358,000
AT&T, Inc.
3.88%, 08/15/21			60,000			60,886
Atlas Pipeline Partners LP
4.75%, 11/15/21 144A			110,000			101,200
Ball Corporation
5.75%, 05/15/21			380,000			401,850
5.00%, 03/15/22			500,000			497,500
Bank of America Corporation
5.49%, 03/15/19			100,000			110,829
5.00%, 05/13/21			100,000			109,447
5.20%, 12/29/49†			550,000			486,750
Barrick North America Finance LLC
5.75%, 05/01/43D			1,000,000			902,204
Beazer Homes USA, Inc.
7.25%, 02/01/23			50,000			50,250
Best Buy Co., Inc.
5.00%, 08/01/18D			3,455,000			3,636,388
Calpine Corporation
7.88%, 01/15/23 144A			348,000			381,930

	Par			Value
Calumet Specialty Products Partners LP
9.38%, 05/01/19		$	520,000		$	579,800
CCO Holdings LLC
7.00%, 01/15/19D			230,000			242,937
6.50%, 04/30/21			190,000			196,175
Cemex Finance LLC
9.38%, 10/12/22D			550,000			622,875
CenturyLink, Inc.
7.60%, 09/15/39			755,000			677,612
Chesapeake Energy Corporation
6.63%, 08/15/20			5,000			5,612
6.88%, 11/15/20D			75,000			85,125
6.13%, 02/15/21			140,000			150,850
2.75%, 11/15/35 CONVD			110,000			115,569
2.50%, 05/15/37 CONV			290,000			295,800
2.25%, 12/15/38 CONV			910,000			853,125
Ciena Corporation
0.88%, 06/15/17 CONVD			1,695,000			1,741,612
3.75%,
10/15/18 CONV 144A			415,000			599,934
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28			155,000			139,112
CIT Group, Inc.
5.00%, 08/15/22			500,000			489,582
5.00%, 08/01/23D			100,000			96,750
Citigroup, Inc.
3.50%, 05/15/23			1,305,000			1,218,373
5.35%, 04/29/49†D			360,000			317,434
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144AD			110,000			119,900
Cliffs Natural Resources, Inc.
3.95%, 01/15/18D			200,000			202,146
6.25%, 10/01/40D			1,920,000			1,640,517
Cogent Communications Group, Inc.
8.38%, 02/15/18 144A			410,000			446,900
Colorado Interstate Gas Co. LLC
5.95%, 03/15/15			20,000			21,220
6.80%, 11/15/15			125,000			139,037
Comcast Corporation
5.15%, 03/01/20			170,000			189,900
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A			10,000			9,975
Concho Resources, Inc.
5.50%, 10/01/22			520,000			539,500
ConocoPhillips
6.50%, 02/01/39			20,000			25,166
CONSOL Energy, Inc.
8.25%, 04/01/20			621,000			675,338
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 10/19/23			468,681			512,034
Continental Airlines 2009-1 Pass Through Trust
9.00%, 01/08/18			1,003,515			1,144,007
Continental Resources, Inc.
5.00%, 09/15/22			260,000			270,400
Continental Rubber of America Corporation
4.50%, 09/15/19 144AD			350,000			372,680

See Notes to Financial Statements. 141

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cooper-Standard Automotive, Inc.
8.50%, 05/01/18	$	160,000	$	170,200
Countrywide Financial Corporation
6.25%, 05/15/16		280,000		309,151
Crestview DS Merger Sub II, Inc.
10.00%, 09/01/21 144A		265,000		285,538
CSC Holdings LLC
6.75%, 11/15/21		250,000		270,625
CST Brands, Inc.
5.00%, 05/01/23D		170,000		164,900
Cummins, Inc.
5.65%, 03/01/98		1,340,000		1,290,070
Curtis Palmer LLC
5.90%, 07/15/14 144A		360,000		361,751
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,317,187
DAE Aviation Holdings, Inc.
11.25%, 08/01/15 144A		120,000		120,525
Delta Air Lines 2007-1 Class B Pass Through Trust
8.02%, 02/10/24		70,348		79,142
Denbury Resources, Inc.
4.63%, 07/15/23D		590,000		535,425
Dillard’s, Inc.
7.75%, 07/15/26		890,000		947,850
DISH DBS Corporation
5.88%, 07/15/22 144A		600,000		603,000
DJO Finance LLC
8.75%, 03/15/18		400,000		441,000
Dynegy Holdings Escrow
5.81%, 06/01/19+W†#		893,000		—
Eagle Spinco, Inc.
4.63%, 02/15/21 144A		520,000		511,550
El Paso LLC
7.75%, 01/15/32		50,000		51,003
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		113,474
8.38%, 06/15/32D		75,000		96,622
Embarq Corporation
8.00%, 06/01/36		995,000		1,010,008
Energy Future Intermediate Holding Co. LLC
10.00%, 12/01/20D		210,000		224,175
Enterprise Products Operating LLC
9.75%, 01/31/14		100,000		100,702
8.38%, 08/01/66†		60,000		66,519
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,264,289
Erickson Air-Crane, Inc.
8.25%, 05/01/20 144AD		250,000		260,000
ExamWorks Group, Inc.
9.00%, 07/15/19		60,000		65,250
First Data Corporation
12.63%, 01/15/21		320,000		377,200
First Quality Finance Co., Inc.
4.63%, 05/15/21 144A		30,000		28,650
FirstEnergy Corporation
7.38%, 11/15/31		185,000		201,531
Ford Motor Co.
4.25%, 11/15/16 CONVD		830,000		1,535,500
6.63%, 10/01/28		850,000		956,617

	Par		Value
Freescale Semiconductor, Inc.
10.13%, 12/15/16	$	56,000	$	57,260
Fresenius Medical Care US Finance, Inc.
5.75%, 02/15/21 144AD		750,000		798,750
Fresenius US Finance II, Inc.
8.75%, 07/15/15 144A(E)		30,000		46,383
Frontier Communications Corporation
7.88%, 01/15/27		405,000		390,825
Gannett Co., Inc.
6.38%, 10/15/23 144A		90,000		93,375
General Electric Capital Corporation
7.63%, 12/10/14(Z)		1,025,000		871,903
4.88%, 03/04/15		370,000		388,765
6.50%, 09/28/15(Z)		255,000		217,115
6.75%, 09/26/16(Z)		150,000		128,837
3.15%, 09/07/22		330,000		319,947
6.75%, 03/15/32		30,000		37,254
6.88%, 01/10/39		200,000		257,982
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A		10,000		10,150
GenOn REMA LLC
9.68%, 07/02/26		400,000		412,000
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		842,501
Gerdau Holdings, Inc.
7.00%, 01/20/20D		640,000		700,800
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		132,438
4.75%, 10/12/21(E)		150,000		220,859
6.75%, 10/01/37		355,000		396,178
Goodyear Tire & Rubber Co.
7.00%, 03/15/28		690,000		693,450
Graphic Packaging International, Inc.
4.75%, 04/15/21D		600,000		595,500
Gulfmark Offshore, Inc.
6.38%, 03/15/22D		220,000		222,750
Halcon Resources Corporation
9.25%, 02/15/22 144A		1,440,000		1,472,400
Hawk Acquisition Sub, Inc.
4.25%, 10/15/20 144AD		70,000		67,900
HCA, Inc.
6.38%, 01/15/15		150,000		157,875
7.19%, 11/15/15		205,000		224,475
7.50%, 12/15/23		770,000		837,375
8.36%, 04/15/24		90,000		99,450
7.69%, 06/15/25		815,000		855,750
7.58%, 09/15/25		715,000		748,962
7.05%, 12/01/27		20,000		19,900
7.50%, 11/06/33		205,000		207,050
7.75%, 07/15/36D		120,000		120,600
Hercules Offshore, Inc.
8.75%, 07/15/21 144A		785,000		879,200
7.50%, 10/01/21 144A		1,875,000		1,996,875
Hercules, Inc.
6.50%, 06/30/29		250,000		220,000
Hexion US Finance Corporation
6.63%, 04/15/20		160,000		164,800
9.00%, 11/15/20D		185,000		185,462
Hiland Partners LP
7.25%, 10/01/20 144A		100,000		107,750

142 See Notes to Financial Statements.

	Par		Value
Hilton Worldwide Finance LLC
5.63%, 10/15/21 144A	$	180,000	$	187,088
Howard Hughes Corporation
6.88%, 10/01/21 144A		140,000		146,300
IASIS Healthcare LLC
8.38%, 05/15/19D		520,000		553,800
Idearc, Inc. Escrow
0.00%, 11/15/16+W#		185,000		—
ING Capital Funding Trust III
3.85%, 12/29/49†		160,000		160,200
Intel Corporation
2.95%, 12/15/35 CONV		580,000		651,050
3.25%, 08/01/39 CONVD		460,000		626,177
International Lease Finance Corporation
5.65%, 06/01/14		80,000		81,600
8.88%, 09/01/17D		20,000		23,900
3.88%, 04/15/18		10,000		10,044
5.88%, 04/01/19		210,000		224,700
6.25%, 05/15/19D		155,000		168,562
5.88%, 08/15/22		215,000		215,538
iStar Financial, Inc.
6.05%, 04/15/15		20,000		21,125
3.88%, 07/01/16		30,000		30,825
3.00%, 11/15/16 CONV		80,000		109,400
7.13%, 02/15/18		150,000		166,125
4.88%, 07/01/18		95,000		95,119
JC Penney Corporation, Inc.
6.38%, 10/15/36D		510,000		383,775
7.63%, 03/01/97D		910,000		659,750
Jefferies Group LLC
5.13%, 04/13/18		55,000		59,699
6.88%, 04/15/21		270,000		308,888
5.13%, 01/20/23		305,000		309,052
6.45%, 06/08/27		35,000		36,542
3.88%, 11/01/29 CONV		55,000		58,403
6.25%, 01/15/36		135,000		130,950
6.50%, 01/20/43		1,510,000		1,502,145
Jones Group, Inc.
6.13%, 11/15/34		135,000		115,256
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		280,263
3.38%, 05/01/23D		400,000		373,533
JPMorgan Chase Bank NA
4.38%, 11/30/21(E)†		350,000		503,769
K Hovnanian Enterprises, Inc.
5.00%, 11/01/21		795,000		716,494
KB Home
1.38%, 02/01/19 CONV		115,000		114,784
Key Energy Services, Inc.
6.75%, 03/01/21D		170,000		175,100
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		82,441
6.95%, 01/15/38		90,000		103,714
Kinder Morgan, Inc.
5.63%, 11/15/23 144A		120,000		116,788
Lantheus Medical Imaging, Inc.
9.75%, 05/15/17D		300,000		270,000
Lennar Corporation
5.60%, 05/31/15		1,400,000		1,477,000
4.75%, 11/15/22		215,000		200,488
Level 3 Financing, Inc.
9.38%, 04/01/19		20,000		22,475

	Par		Value
7.00%, 06/01/20	$	930,000	$	990,450
8.63%, 07/15/20		220,000		247,500
Magnachip Semiconductor Corporation
6.63%, 07/15/21		40,000		40,900
Magnum Hunter Resources Corporation
9.75%, 05/15/20		120,000		130,200
MarkWest Energy Partners LP
6.25%, 06/15/22		288,000		306,000
5.50%, 02/15/23		240,000		243,000
Masco Corporation
5.85%, 03/15/17D		90,000		99,225
7.75%, 08/01/29		250,000		275,783
6.50%, 08/15/32		175,000		172,812
MBIA Insurance Corporation
11.50%, 01/15/33 144A		435,000		331,688
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000		284,342
Merrill Lynch & Co., Inc.
6.05%, 06/01/34		700,000		731,895
6.11%, 01/29/37		1,300,000		1,406,475
Mirant Mid Atlantic Pass Through Trust
10.06%, 12/30/28		165,630		180,330
Molycorp, Inc.
10.00%, 06/01/20D		150,000		149,625
Morgan Stanley
4.75%, 04/01/14D		40,000		40,320
4.75%, 11/16/18(A)		275,000		243,152
5.75%, 01/25/21		330,000		373,866
4.10%, 05/22/23		370,000		358,756
6.25%, 08/09/26		400,000		463,362
Motorola Solutions, Inc.
6.63%, 11/15/37		105,000		104,306
Murphy Oil USA, Inc.
6.00%, 08/15/23 144A		80,000		80,800
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,354,444
Nationstar Mortgage LLC
7.88%, 10/01/20		450,000		469,125
Natural Resource Partners LP
9.13%, 10/01/18 144A		70,000		71,925
NBCUniversal Enterprise, Inc.
1.97%, 04/15/19 144A		410,000		401,553
Neiman Marcus Group LTD, Inc.
8.00%, 10/15/21 144A		50,000		52,500
Cash coupon 8.75% or PIK
9.50%, 10/15/21 144AD		130,000		136,825
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A		60,000		63,750
Newfield Exploration Co.
5.63%, 07/01/24		955,000		955,000
Newmont Mining Corporation
4.88%, 03/15/42		575,000		427,153
Old Republic International Corporation
3.75%, 03/15/18 CONVD		1,600,000		1,998,000
Owens Corning
7.00%, 12/01/36		1,800,000		1,944,711
Owens-Brockway Glass Container, Inc.
3.00%,
06/01/15 CONV 144A		840,000		879,375

See Notes to Financial Statements. 143

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Pacific Gas & Electric Co.
4.60%, 06/15/43D	$	50,000		$	47,900
Pactiv LLC
8.38%, 04/15/27D		200,000			188,000
Parker Drilling Co.
9.13%, 04/01/18		400,000			426,000
Peabody Energy Corporation
6.50%, 09/15/20D		490,000			518,175
6.25%, 11/15/21D		140,000			142,100
Pemex Project Funding Master Trust
6.63%, 06/15/35		516,000			545,670
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000			861,787
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000			998,952
Plains Exploration & Production Co.
8.63%, 10/15/19		55,000			60,361
Post Holdings, Inc.
7.38%, 02/15/22 144A		150,000			161,250
ProLogis LP
6.63%, 05/15/18		14,000			16,367
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000			1,548,750
6.38%, 05/15/33		470,000			427,700
6.00%, 02/15/35		180,000			153,450
QEP Resources, Inc.
6.88%, 03/01/21D		290,000			312,475
5.25%, 05/01/23		1,900,000			1,790,750
Quicksilver Resources, Inc.
11.00%, 07/01/21 144A		90,000			98,100
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000			245,250
Qwest Corporation
7.25%, 09/15/25D		615,000			656,257
6.88%, 09/15/33D		2,500,000			2,412,500
7.25%, 10/15/35		110,000			107,089
Radnet Management, Inc.
10.38%, 04/01/18D		320,000			320,800
Rain CII Carbon LLC
8.25%, 01/15/21 144A		200,000			205,000
8.50%, 01/15/21(E)		100,000			140,322
Range Resources Corporation
6.75%, 08/01/20		510,000			554,625
Regency Energy Partners LP
5.50%, 04/15/23		450,000			441,000
Reliance Holdings USA, Inc.
4.50%, 10/19/20 144A		290,000			286,961
Republic Services, Inc.
4.75%, 05/15/23D		400,000			415,906
Resolute Forest Products, Inc.
5.88%, 05/15/23 144A		70,000			65,100
Reynolds Group Issuer, Inc.
9.00%, 04/15/19D		330,000			355,575
5.75%, 10/15/20		60,000			61,500
Rock Tenn Co.
4.00%, 03/01/23		600,000			574,137
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000			52,258
RR Donnelley & Sons Co.
7.00%, 02/15/22D		495,000			534,600
Ryerson, Inc.
9.00%, 10/15/17D		440,000			466,950

	Par		Value
Samson Investment Co.
10.50%, 02/15/20 144AD	$	100,000		$	109,500
Sanchez Energy Corporation
7.75%, 06/15/21 144A		160,000			164,400
SandRidge Energy, Inc.
7.50%, 02/15/23D		250,000			255,000
Service Corporation International
7.50%, 04/01/27		75,000			79,500
ServiceMaster Co.
7.00%, 08/15/20D		520,000			518,050
7.45%, 08/15/27		900,000			765,000
Shea Homes LP
8.63%, 05/15/19		150,000			166,875
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A		820,000			729,800
Simon Property Group LP
5.75%, 12/01/15D		25,000			27,090
SLM Corporation
5.00%, 06/15/18		700,000			689,328
8.45%, 06/15/18		604,000			705,925
5.50%, 01/15/19		75,000			77,917
4.88%, 06/17/19		88,000			87,792
8.00%, 03/25/20		10,000			11,362
5.50%, 01/25/23		1,720,000			1,633,513
Southern Copper Corporation
5.38%, 04/16/20D		70,000			75,144
6.75%, 04/16/40		450,000			440,218
5.25%, 11/08/42		550,000			448,787
Springleaf Finance Corporation
5.75%, 09/15/16D		700,000			743,750
6.50%, 09/15/17D		400,000			430,000
7.75%, 10/01/21D		145,000			157,325
8.25%, 10/01/23D		55,000			59,538
Sprint Capital Corporation
6.88%, 11/15/28		2,915,000			2,761,962
8.75%, 03/15/32		745,000			802,738
Steel Dynamics, Inc.
7.63%, 03/15/20		100,000			108,875
6.38%, 08/15/22D		400,000			434,000
Suburban Propane Partners LP
7.38%, 08/01/21		225,000			246,375
Targa Resources Partners LP
4.25%, 11/15/23 144AD		110,000			99,000
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		130,000			126,750
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		100,000			123,854
Tenet Healthcare Corporation
6.88%, 11/15/31		85,000			74,375
Textron Financial Corporation
5.13%, 08/15/14		30,000			30,805
Textron, Inc.
6.63%, 04/07/20(U)		130,000			241,052
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000			226,880
8.25%, 04/01/19		40,000			46,911
Time Warner, Inc.
4.00%, 01/15/22D		100,000			101,436
TMX Finance LLC
8.50%, 09/15/18 144AD		30,000			32,100

144 See Notes to Financial Statements.

	Par		Value
Toys “R” Us, Inc.
7.38%, 10/15/18D	$	335,000		$	249,575
TransDigm, Inc.
7.50%, 07/15/21D		970,000			1,047,600
tw telecom holdings, Inc.
5.38%, 10/01/22		380,000			374,300
United Air Lines 2007-1 Pass-Through Trust
6.64%, 01/02/24		225,605			239,141
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		45,329			51,449
United Rentals North America, Inc.
8.38%, 09/15/20D		270,000			302,400
United States Steel Corporation
2.75%, 04/01/19 CONV		400,000			531,500
Univision Communications, Inc.
7.88%, 11/01/20 144A		267,000			294,701
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26D		321,756			350,714
US Airways 2012-1 Class B Pass Through Trust
8.00%, 04/01/21D		560,616			625,087
US Airways 2012-1 Class C Pass Through Trust
9.13%, 10/01/15		433,610			457,459
US Airways 2012-2 Class A Pass Through Trust
4.63%, 12/03/26		269,073			274,623
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		360,000			381,150
Verizon Communications, Inc.
6.00%, 04/01/41		70,000			77,124
6.55%, 09/15/43		1,201,000			1,410,119
Verizon Pennsylvania LLC
6.00%, 12/01/28		35,000			34,555
Watco Cos., LLC
6.38%, 04/01/23 144A		100,000			99,500
WellCare Health Plans, Inc.
5.75%, 11/15/20		140,000			143,850
WellPoint, Inc.
7.00%, 02/15/19		80,000			95,024
6.38%, 06/15/37		221,000			253,000
Wells Fargo & Co.
4.48%, 01/16/24 144A		124,000			123,682
Westvaco Corporation
8.20%, 01/15/30		145,000			172,224
7.95%, 02/15/31		45,000			52,341
WEX, Inc.
4.75%, 02/01/23 144A		440,000			407,000
Weyerhaeuser Co.
8.50%, 01/15/25		405,000			516,889
6.95%, 10/01/27D		55,000			63,593
7.38%, 03/15/32		370,000			453,975
6.88%, 12/15/33		490,000			579,604
Williams Cos., Inc.
7.50%, 01/15/31		60,000			63,573
Windstream Corporation
7.75%, 10/01/21 144A		220,000			234,300

	Par		Value
Zayo Group LLC
8.13%, 01/01/20	$	310,000		$	341,000
Total Corporate Bonds (Cost $117,617,465)					127,568,188
FOREIGN BONDS — 39.4%
Argentina — 0.3%
Argentina Boden Bonds
7.00%, 10/03/15D		952,000			951,048
Pan American Energy LLC
7.88%, 05/07/21		156,000			162,240
7.88%, 05/07/21 144AD		61,000			63,440
					1,176,728
Australia — 1.0%
Barminco Finance Property, Ltd.
9.00%, 06/01/18 144AD		60,000			55,500
FMG Resources August 2006 Proprietary, Ltd.
7.00%, 11/01/15 144A		10,000			10,394
6.88%, 04/01/22 144AD		380,000			416,100
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000			2,561,866
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000			244,465
St. Barbara, Ltd.
8.88%, 04/15/18 144AD		200,000			167,500
					3,455,825
Bermuda — 0.7%
Alliance Oil Co., Ltd.
7.00%, 05/04/20 144A		320,000			310,400
Digicel Group, Ltd.
8.25%, 09/30/20		550,000			572,688
Qtel International Finance, Ltd.
4.75%, 02/16/21 144A		200,000			210,500
Sirius International Group, Ltd.
6.38%, 03/20/17 144A		1,250,000			1,355,841
					2,449,429
Brazil — 2.5%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/14(B)		131,000			55,526
10.00%, 01/01/17(B)		4,207,000			1,690,145
10.00%, 01/01/21(B)		6,727,000			2,485,556
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21D		200,000			195,250
Federal Republic of Brazil
10.25%, 01/10/28(B)		5,250,000			2,164,088
Hypermarcas SA
6.50%, 04/20/21 144AD		150,000			159,000
Oi SA
5.75%, 02/10/22 144A		933,000			867,690
Samarco Mineracao SA
4.13%, 11/01/22 144A		775,000			699,438
Telemar Norte Leste SA
5.50%, 10/23/20D		200,000			191,000
Vale SA
5.63%, 09/11/42D		395,000			360,549
					8,868,242

See Notes to Financial Statements. 145

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Canada — 5.8%
Air Canada
7.63%, 10/01/19 144A(C)	$	1,520,000		$	1,498,894
Atlantic Power Corporation
9.00%, 11/15/18		310,000			324,725
Canadian Government Bond
2.50%, 06/01/15(C)		4,720,000			4,535,205
1.25%, 02/01/16(C)		3,545,000			3,345,098
Kodiak Oil & Gas Corporation
8.13%, 12/01/19D		90,000			100,350
5.50%, 02/01/22		410,000			410,000
Methanex Corporation
5.25%, 03/01/22		75,000			79,534
Ontario Generic Residual STRIP
3.58%, 07/13/22(C)W†		2,600,000			1,786,553
4.37%, 03/08/29(C)W†		2,400,000			1,194,024
Pacific Rubiales Energy Corporation
5.38%, 01/26/19 144A		540,000			545,400
Province of Manitoba
6.38%, 09/01/15(Z)		815,000			694,000
Province of Quebec
6.75%, 11/09/15(Z)		2,650,000			2,274,438
Saskatchewan Residual STRIP
1.24%, 04/10/14(C)W†		3,535,000			3,322,458
Stone Container Finance Company of Canada II Escrow
5.73%, 07/15/14+W†		330,000			6,600
Thompson Creek Metals Co., Inc.
12.50%, 05/01/19D		120,000			117,600
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144A		390,000			429,975
5.63%, 12/01/21 144A		100,000			100,750
					20,765,604
Cayman Islands — 1.3%
Braskem Finance, Ltd.
7.00%, 05/07/20		350,000			375,025
5.75%, 04/15/21D		400,000			394,000
Odebrecht Finance, Ltd.
4.38%, 04/25/25 144A		1,070,000			936,250
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/22 144A		492,300			505,100
Petrobras International Finance Co.
6.88%, 01/20/40		390,000			372,741
6.75%, 01/27/41		270,000			252,567
Suzano Trading, Ltd.
5.88%, 01/23/21 144AD		250,000			246,875
Vale Overseas, Ltd.
4.38%, 01/11/22		800,000			781,274
6.88%, 11/21/36		592,000			614,350
					4,478,182
Chile — 0.5%
AES Gener SA
5.25%, 08/15/21 144A		420,000			427,180
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22		255,000			249,707

	Par		Value
Colbun SA
6.00%, 01/21/20D	$	100,000		$	107,786
6.00%, 01/21/20 144A		110,000			118,565
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144A		420,000			412,892
ENTEL Chile SA
4.88%, 10/30/24 144A		220,000			215,459
Inversiones CMPC SA
4.38%, 05/15/23 144AD		400,000			374,774
					1,906,363
Colombia — 0.2%
Ecopetrol SA
5.88%, 09/18/23		181,000			191,408
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144AD		250,000			267,500
Empresas Publicas de Medellin ESP
7.63%, 07/29/19 144AD		120,000			142,200
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000			276,575
					877,683
Croatia (Hrvatska) — 0.1%
Croatia Government International Bond
5.50%, 04/04/23 144AD		500,000			488,750
France — 0.4%
AXA SA
6.21%, 10/29/49(E)†		210,000			310,313
CGG SA
9.50%, 05/15/16D		420,000			444,150
Electricite de France SA
5.25%, 01/29/49 144A†		380,000			378,585
Europcar Groupe SA
11.50%, 05/15/17(E)		123,000			197,800
Rexel SA
5.25%, 06/15/20 144A		210,000			212,100
					1,542,948
Germany — 4.9%
Bundesrepublik Deutschland
4.00%, 07/04/16(E)		2,000			3,005
3.75%, 01/04/19(E)		4,570,000			7,150,595
3.25%, 01/04/20(E)		4,240,000			6,531,496
3.25%, 07/04/21(E)		1,300,000			2,010,105
Kabel Deutschland Holding AG
6.50%, 07/31/17 144A(E)		100,000			148,246
Kabel Deutschland Vertrieb und Service GmbH
6.50%, 06/29/18 144A(E)		160,000			232,979
KP Germany Erste GmbH
11.63%, 07/15/17(E)		180,000			286,752
KraussMaffei Group GmbH
8.75%, 12/15/20(E)D		160,000			246,526
8.75%, 12/15/20 144A(E)		100,000			154,079
Rearden G Holdings EINS GmbH
7.88%, 03/30/20 144AD		400,000			418,000
Unitymedia KabelBW GmbH
9.50%, 03/15/21(E)		180,000			288,711
					17,470,494

146 See Notes to Financial Statements.

	Par		Value
Hungary — 0.7%
Hungary Government International Bond
5.75%, 11/22/23D	$	2,654,000		$	2,620,764
Iceland — 0.0%
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		150,000			2
Indonesia — 0.4%
Indonesia Government International Bond
6.63%, 02/17/37		225,000			228,713
5.25%, 01/17/42 144AD		770,000			667,975
Pertamina Persero PT
5.25%, 05/23/21 144A		400,000			387,000
					1,283,688
Ireland — 1.3%
Ardagh Glass Finance PLC
7.13%, 06/15/17 144A(E)		112,000			158,509
Ardagh Packaging Finance PLC
9.13%, 10/15/20 144AD		200,000			219,000
7.00%, 11/15/20 144A		200,000			203,000
EDC Finance, Ltd.
4.88%, 04/17/20 144A		500,000			486,875
Eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)		200,000			292,021
Nara Cable Funding, Ltd.
8.88%, 12/01/18 144AD		360,000			388,800
Novatek OAO via Novatek Finance, Ltd.
6.60%, 02/03/21 144AD		400,000			440,000
Ono Finance II PLC
11.13%, 07/15/19(E)		110,000			167,595
Rosneft Oil Co via Rosneft International Finance, Ltd.
4.20%, 03/06/22		870,000			798,225
XL Group PLC
6.38%, 11/15/24D		585,000			671,860
6.25%, 05/15/27D		640,000			718,547
					4,544,432
Isle of Man (U.K.) — 0.1%
AngloGold Ashanti Holdings PLC
8.50%, 07/30/20D		300,000			311,280
Italy — 0.4%
Astaldi SpA
7.13%, 12/01/20 144A(E)		210,000			308,760
Telecom Italia Capital SA
6.38%, 11/15/33		995,000			905,450
6.00%, 09/30/34		250,000			217,812
					1,432,022
Japan — 0.1%
Softbank Corporation
4.50%, 04/15/20 144AD		250,000			245,000
Jersey — 0.0%
AA Bond Co., Ltd.
9.50%, 07/31/19 144A(U)		100,000			182,569
Luxembourg — 3.0%
Altice Finco SA
9.00%, 06/15/23 144A(E)		100,000			150,812

	Par		Value
Andrade Gutierrez International SA
4.00%, 04/30/18 144A	$	780,000		$	739,050
ArcelorMittal
6.13%, 06/01/18D		740,000			814,925
6.00%, 03/01/21D		60,000			63,900
7.50%, 10/15/39		510,000			503,625
7.25%, 03/01/41D		690,000			662,400
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)D		200,000			310,909
CSN Resources SA
6.50%, 07/21/20D		400,000			406,500
6.50%, 07/21/20 144AD		150,000			152,438
Evraz Group SA
9.50%, 04/24/18D		270,000			295,987
6.75%, 04/27/18 144A		440,000			439,120
6.50%, 04/22/20 144A		480,000			448,200
gategroup Finance Luxembourg SA
6.75%, 03/01/19(E)D		370,000			541,842
Hannover Finance Luxembourg SA
5.75%, 09/14/40(E)†		50,000			77,015
INEOS Group Holdings SA
7.88%, 02/15/16(E)		195,361			271,446
6.13%, 08/15/18 144AD		600,000			604,500
Intelsat Jackson Holdings SA
7.25%, 10/15/20D		170,000			186,787
7.50%, 04/01/21D		30,000			33,225
5.50%, 08/01/23 144A		2,490,000			2,377,950
Ontex IV SA
9.00%, 04/15/19(E)		100,000			149,952
Pacific Drilling SA
5.38%, 06/01/20 144A		100,000			101,000
Spie BondCo 3 SCA
11.00%, 08/15/19(E)		200,000			314,772
TMK OAO Via TMK Capital SA
6.75%, 04/03/20		200,000			193,000
Vimpel Communications OJSC Via UBS Luxembourg SA
8.25%, 05/23/16		275,000			305,250
Wind Acquisition Finance SA
7.25%, 02/15/18 144A		420,000			443,050
Wind Acquisition Holdings Finance SA
PIK 12.25%, 07/15/17 (E)D		9,890			14,354
					10,602,009
Mexico — 3.2%
America Movil SAB de CV
5.63%, 11/15/17		98,000			110,879
Axtel SAB de CV
7.00%,
01/31/20 STEP 144AD		124,000			116,250
7.00%,
01/31/20 STEP CONV 144A(M)		141,300			15,313
Cemex SAB de CV
6.50%, 12/10/19 144A		1,100,000			1,139,050
Grupo Televisa SAB
6.63%, 01/15/40		270,000			289,423
Mexican Bonos
8.00%, 06/11/20(M)		19,619,000			1,686,370
6.50%, 06/09/22(M)		45,803,100			3,555,130
8.00%, 12/07/23(M)		38,500,000			3,285,614

See Notes to Financial Statements. 147

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Petroleos Mexicanos
5.50%, 01/21/21	$	750,000		$	810,000
6.50%, 06/02/41		135,000			141,750
5.50%, 06/27/44D		200,000			183,500
					11,333,279
Netherlands — 1.6%
EDP Finance BV
4.75%, 09/26/16(E)		300,000			437,276
6.00%, 02/02/18 144A		600,000			645,600
4.90%, 10/01/19 144A		1,600,000			1,632,000
Indosat Palapa Co. BV
7.38%, 07/29/20		100,000			108,875
7.38%, 07/29/20 144A		100,000			108,875
Lukoil International Finance BV
6.36%, 06/07/17D		200,000			224,500
6.66%, 06/07/22		570,000			626,288
LyondellBasell Industries NV
5.75%, 04/15/24		260,000			291,950
New World Resources NV
7.88%, 01/15/21 144A(E)		150,000			82,542
Petrobras Global Finance BV
4.38%, 05/20/23		250,000			225,223
Polish Television Holding BV
Cash coupon 11.00%,
01/15/21 PIK 144A(E)		100,000			148,329
Schaeffler Holding Finance BV
Cash coupon 6.88%,
08/15/18 PIK 144A(E)		100,000			147,716
Swiss Reinsurance Co. Via ELM BV
5.25%, 05/29/49(E)†		400,000			577,710
VimpelCom Holdings BV
7.50%, 03/01/22		400,000			418,848
7.50%, 03/01/22 144AD		200,000			209,424
					5,885,156
Norway — 0.7%
Norway Government Bond
5.00%, 05/15/15(K)		355,000			61,337
4.25%, 05/19/17(K)		12,330,000			2,192,340
Petroleum Geo-Services ASA
7.38%, 12/15/18 144A		200,000			214,000
					2,467,677
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000			3,368
Peru — 0.1%
Transportadora de Gasdel Peru SA
4.25%, 04/30/28 144A		550,000			484,000
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21D		200,000			208,000
Poland — 0.9%
Poland Government Bond
5.25%, 10/25/17(P)		8,880,000			3,127,789

	Par		Value
Portugal — 0.4%
Portugal Obrigacoesdo Tesouro OT
4.80%, 06/15/20(E)	$	50,000		$	65,797
3.85%, 04/15/21(E)		200,000			244,478
4.95%, 10/25/23(E)		900,000			1,145,294
					1,455,569
Russia — 0.8%
Russian Foreign Bond
4.88%, 09/16/23 144AD		1,600,000			1,620,000
7.50%, 03/31/30 STEP		1,189,045			1,387,853
					3,007,853
South Africa — 1.2%
Edcon Proprietary, Ltd.
9.50%, 03/01/18 144A(E)		210,000			297,565
South Africa Government Bond
10.50%, 12/21/26(S)D		8,229,811			925,859
South Africa Government International Bond
5.88%, 09/16/25D		2,824,000			2,945,432
					4,168,856
Spain — 0.3%
Autonomous Community of Madrid Spain
4.30%, 09/15/26(E)		560,000			726,599
Santander Issuances SA Unipersonal
5.91%, 06/20/16 144A		100,000			106,337
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000			79,864
					912,800
Supranational — 0.8%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000			2,781,330
Sweden — 0.1%
Corral Petroleum Holdings AB
Cash coupon 2.00% and PIK
13.00%,
12/31/17 144A(E)		186,035			267,446
TVN Finance Corporation III AB
7.38%, 12/15/20 144A(E)		125,000			186,150
					453,596
Trinidad and Tobago — 0.1%
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/19 144A		340,000			428,400
Turkey — 0.6%
Mersin Uluslararasi Liman Isletmeciligi AS
5.88%, 08/12/20 144A		400,000			394,000
Turkey Government Bond
9.50%, 01/12/22(T)		900,000			404,224
7.10%, 03/08/23(T)		510,000			194,934
Turkey Government International Bond
7.50%, 07/14/17		100,000			112,025
7.00%, 03/11/19		100,000			109,875
6.25%, 09/26/22		545,000			567,345

148 See Notes to Financial Statements.

		Par		Value
6.88%, 03/17/36		$	73,000		$	71,887
4.88%, 04/16/43			500,000			385,250
						2,239,540
United Arab Emirates — 0.4%
DP World, Ltd.
6.85%, 07/02/37 144AD			1,500,000			1,481,250
United Kingdom — 3.3%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)			310,000			557,110
Barclays Bank PLC
6.00%, 01/23/18(E)			450,000			699,346
HBOS PLC
6.75%, 05/21/18 144A			500,000			568,063
6.00%, 11/01/33 144A			1,385,000			1,342,752
HSBC Holdings PLC
6.00%, 06/10/19(E)			270,000			432,383
Lloyds TSB Bank PLC
6.50%, 03/24/20(E)D			326,000			520,803
Priory Group No. 3 PLC
8.88%, 02/15/19(U)			100,000			171,806
Royal Bank of Scotland PLC
6.13%, 01/11/21			350,000			396,725
13.13%, 03/19/22(A)†			160,000			168,509
Royal Bank of Scotland Group PLC
6.10%, 06/10/23D			1,880,000			1,898,593
6.00%, 12/19/23			275,000			277,302
Southern Gas Networks PLC
4.88%, 12/21/20(U)			270,000			484,859
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)			278,359			497,468
United Kingdom Gilt
1.00%, 09/07/17(U)			1,420,000			2,309,209
Vedanta Resources PLC
6.75%, 06/07/16 144AD			200,000			208,250
6.00%, 01/31/19 144A			350,000			340,375
7.13%, 05/31/23 144A	��		200,000			183,750
7.13%, 05/31/23 144AD			400,000			367,500
Virgin Media Finance PLC
7.00%, 04/15/23 144A(U)			130,000			224,962
Virgin Media Secured Finance PLC
6.50%, 01/15/18			100,000			103,875
5.50%, 01/15/21(U)D			100,000			167,210
						11,920,850
Venezuela — 1.0%
Petroleos de Venezuela SA
8.50%, 11/02/17			1,180,000			985,300
Venezuela Government International Bond
8.50%, 10/08/14D			26,000			25,454
5.75%, 02/26/16D			1,153,000			982,356
7.75%, 10/13/19			860,000			645,000
9.25%, 09/15/27D			1,154,000			898,389
9.38%, 01/13/34			207,000			154,526
						3,691,025
Virgin Islands (British) — 0.1%
GTL Trade Finance, Inc.
7.25%, 10/20/17 144A			189,000			213,334
Total Foreign Bonds (Cost $140,561,840)						140,965,686

	Par		Value
MORTGAGE-BACKED SECURITIES — 3.9%
Credit Suisse Commercial Mortgage Trust
5.70%, 09/15/40†	$	220,000		$	242,963
Federal Home Loan Mortgage Corporation
3.50%, 01/01/42 TBA		200,000			198,438
Federal National Mortgage Association
3.00%, 01/01/26 TBA		1,100,000			1,122,559
4.50%, 01/01/40 TBA		4,600,000			4,874,023
5.00%, 01/01/40 TBA		1,200,000			1,303,219
3.50%, 01/01/41 TBA		500,000			496,680
4.00%, 01/01/41 TBA		4,800,000			4,941,000
3.00%, 01/01/43 TBA		200,000			189,859
Government National Mortgage Association
3.50%, 01/15/41 TBA		100,000			100,785
4.50%, 01/20/41 TBA		400,000			427,656
Total Mortgage-Backed Securities (Cost $13,827,739)					13,897,182
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33
(Cost $333,614)		435,000			404,524
	Number of Contracts
PURCHASED OPTION — 0.0%
Call Option — 0.0%
U.S. Dollar vs. Euro, Strike Price $1.36, Expires
02/11/14 (HSBC)
(Cost $86,984)		10,380,000			20,812
	Par
U.S. TREASURY OBLIGATIONS — 7.7%
U.S. Treasury Bonds
3.50%, 02/15/39	$	860,000			810,147
4.25%, 05/15/39D		40,000			42,669
3.88%, 08/15/40D		30,000			30,019
2.75%, 08/15/42		120,000			95,119
2.75%, 11/15/42D		2,275,000			1,799,384
3.13%, 02/15/43D		3,980,000			3,408,806
2.88%, 05/15/43		2,665,000			2,160,523
					8,346,667
U.S. Treasury Notes
1.00%, 05/15/14		10,000			10,034
2.63%, 07/31/14D		50,000			50,730
0.25%, 09/30/14D		5,100,000			5,104,483
2.38%, 09/30/14		110,000			111,832
0.25%, 10/31/14D		2,860,000			2,862,683
1.25%, 08/31/15		90,000			91,441
0.25%, 09/30/15D		3,505,000			3,502,056
0.38%, 11/15/15D		2,855,000			2,856,953
0.25%, 12/15/15		620,000			618,668
0.75%, 10/31/17D		20,000			19,641
0.63%, 04/30/18D		530,000			511,181

See Notes to Financial Statements. 149

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
1.38%, 07/31/18D	$	10,000		$	9,911
1.38%, 09/30/18D		250,000			246,963
1.25%, 10/31/19D		110,000			105,235
2.00%, 02/15/22D		120,000			113,897
1.63%, 08/15/22D		3,380,000			3,071,311
					19,287,019
Total U.S. Treasury Obligations (Cost $29,014,936)					27,633,686
	Shares
COMMON STOCKS — 0.9%
Healthcare — 0.2%
Bristol-Myers Squibb Co.		15,400			818,510
Materials & Processing — 0.3%
Nortek, Inc.*		33			2,462
PPG Industries, Inc.		5,751			1,090,734
Rock-Tenn Co. Class A		188			19,742
					1,112,938
Technology — 0.4%
Corning, Inc.		70,534			1,256,916
Total Common Stocks (Cost $1,696,589)					3,188,364
FOREIGN COMMON STOCKS — 0.4%
Norway — 0.1%
Deep Ocean Group Holding+@*		8,860			291,986
Spain — 0.2%
Repsol SA ADR		15,820			400,087
Telefonica SA ADRD		22,180			362,421
					762,508
United Kingdom — 0.1%
Royal Dutch Shell PLC ADRD		6,443			459,193
Total Foreign Common Stocks (Cost $1,283,346)					1,513,687
PREFERRED STOCKS — 1.2%
Ally Financial, Inc.,
7.00% 144A		400			382,037
Bank of America Corporation,
7.25%, 11/30/14 CONV		602			638,722
Chesapeake Energy Corporation,
5.00% CONV		3,950			385,125
Chesapeake Energy Corporation,
5.75% CONV 144A		50			57,938
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		500			28,065
iStar Financial, Inc.*		578			36,558
Lucent Technologies Capital Trust I,
7.75%, 03/15/17 CONV		1,891			1,900,455
Stanley Black & Decker, Inc.,
6.25%,11/17/16D*		2,900			299,280
Weyerhaeuser Co.,
6.38%, 07/01/16D*		7,252			406,402
Total Preferred Stocks (Cost $3,174,947)					4,134,582

	Shares		Value
MONEY MARKET FUNDS — 32.0%
GuideStone Money Market Fund (GS4 Class)D		46,360,552		$	46,360,552
Northern Institutional Liquid Assets Portfolio§		68,161,728			68,161,728
Total Money Market Funds (Cost $114,522,280)					114,522,280
TOTAL INVESTMENTS — 121.2% (Cost $422,119,740)					433,848,991
Liabilities in Excess of Other Assets — (21.2)%					(76,007,004	)
NET ASSETS — 100.0%				$	357,841,987

150 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	3,188,364		$	3,185,902		$	—		$	2,462
Corporate Bonds			127,568,188			—			123,242,204			4,325,984
Foreign Bonds:
Argentina			1,176,728			—			1,176,728			—
Australia			3,455,825			—			3,455,825			—
Bermuda			2,449,429			—			2,449,429			—
Brazil			8,868,242			—			8,868,242			—
Canada			20,765,604			—			20,759,004			6,600
Cayman Islands			4,478,182			—			4,478,182			—
Chile			1,906,363			—			1,906,363			—
Colombia			877,683			—			877,683			—
Croatia (Hrvatska)			488,750			—			488,750			—
France			1,542,948			—			1,542,948			—
Germany			17,470,494			—			17,470,494			—
Hungary			2,620,764			—			2,620,764			—
Iceland			2			—			—			2
Indonesia			1,283,688			—			1,283,688			—
Ireland			4,544,432			—			4,544,432			—
Isle of Man (U.K.)			311,280			—			311,280			—
Italy			1,432,022			—			1,432,022			—
Japan			245,000			—			245,000			—
Jersey			182,569			—			182,569			—
Luxembourg			10,602,009			—			10,602,009			—
Mexico			11,333,279			—			11,333,279			—
Netherlands			5,885,156			—			5,885,156			—
Norway			2,467,677			—			2,467,677			—
Panama			3,368			—			3,368			—
Peru			484,000			—			484,000			—
Philippines			208,000			—			208,000			—
Poland			3,127,789			—			3,127,789			—
Portugal			1,455,569			—			1,455,569			—
Russia			3,007,853			—			3,007,853			—
South Africa			4,168,856			—			4,168,856			—
Spain			912,800			—			912,800			—
Supranational			2,781,330			—			2,781,330			—
Sweden			453,596			—			453,596			—
Trinidad and Tobago			428,400			428,400			—			—
Turkey			2,239,540			—			2,239,540			—
United Arab Emirates			1,481,250			—			1,481,250			—
United Kingdom			11,920,850			—			11,920,850			—
Venezuela			3,691,025			—			3,691,025			—
Virgin Islands (British)			213,334			—			213,334			—
Foreign Common Stocks			1,513,687			1,221,701			—			291,986
Money Market Funds			114,522,280			114,522,280			—			—
Mortgage-Backed Securities			13,897,182			—			13,897,182			—
Municipal Bond			404,524			—			404,524			—
Preferred Stocks			4,134,582			3,752,545			—			382,037
Purchased Option			20,812			20,812			—			—
U.S. Treasury Obligations			27,633,686			—			27,633,686			—
Total Assets - Investments in Securities		$	433,848,991		$	123,131,640		$	305,708,280		$	5,009,071

See Notes to Financial Statements. 151

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value				Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Other Financial Instruments***
Futures Contracts		$	9,149			$	9,149		$	—			$	—
Total Assets - Other Financial Instruments		$	9,149			$	9,149		$	—			$	—
Liabilities:
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(225,188	)		$	—		$	(225,188	)		$	—
Total Liabilities - Other Financial Instruments		$	(225,188	)		$	—		$	(225,188	)		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

The unobservable inputs used in the fair value measurement of the reporting entity’s common stock, corporate bonds, foreign bonds, foreign common stock, loan agreement and preferred stock are values based on evaluated quotations received from dealers who make markets in such securities. Significant increases (decreases) in those evaluated quotations would result in a significantly higher (lower) fair value measurement.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Total Value			Common Stock			Corporate Bonds			Foreign Bonds			Foreign Common Stock		Loan Agreement			Preferred Stock
Balance, 12/31/12	$	7,168,943		$	2,385		$	4,691,264		$	1,872,450		$	179,619	$	30,363		$	392,862
Accrued discounts/premiums		114,044			—			6,624			107,304			—		116			—
Realized gain (loss)(1)		(208,574	)		27			75,068			(284,813	)		—		1,144			—
Change in unrealized appreciation (depreciation)(2)		5,284			319			(131,396	)		36,305			112,367		(1,486	)		(10,825	)
Purchases		453,801			—			424,000			29,801			—		—			—
Sales		(864,507	)		(269	)		(747,983	)		(86,118	)		—		(30,137	)		—
Transfers in to Level 3		—			—			—			—			—		—			—
Transfers out of Level 3(3)		(267,446	)		—			—			(267,446	)		—		—			—
Maturities		(1,400,881	)		—			—			(1,400,881	)		—		—			—
Paydowns		8,407			—			8,407			—			—		—			—
Balance, 12/31/13	$	5,009,071		$	2,462		$	4,325,984		$	6,602		$	291,986	$	—		$	382,037

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net realized gain (loss) from: Investment securities.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities.

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2013 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

152 See Notes to Financial Statements.

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153

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	Money Market Fund		Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,338,480,770	$	880,471,496
Investments in repurchase agreements, at value		30,361,000		39,100,000
Investments in securities of affiliated issuers, at value		—		35,793,992
Total investments (1)(2)		1,368,841,770		955,365,488
Cash		414		1,825,901
Cash collateral for derivatives		—		2,538,012
Foreign currency(3)		—		1,229,423
Swap premiums paid		—		2,764,185
Receivables:
Dividends and reclaims		—		316
Interest		445,787		3,292,530
Securities lending		36,613		204,535
Investment securities sold		—		27,082,188
Maturities		—		59,464
Fund shares sold		8,313,963		79,222
Variation margin on exchange traded swaps		—		—
Variation margin on financial futures contracts		—		69,731
Unrealized appreciation on foreign currency exchange contracts		—		809,848
Unrealized appreciation on swap agreements		—		1,190,111
Prepaid expenses and other assets		39,207		26,597
Total Assets		1,377,677,754		996,537,551
Liabilities
Securities sold short, at value (4)		—		3,084,500
TBA sale commitments, at value (5)		—		17,838,008
Options written at value (6)		—		662,660
Swap premiums received		—		392,384
Unrealized depreciation on foreign currency exchange contracts		—		676,173
Unrealized depreciation on swap agreements		—		2,145,810
Collateral held for securities on loan at value		—		79,891,920
Collateral held for derivatives		—		520,000
Payables:
Investment securities purchased		—		50,775,783
Fund shares redeemed		8,438,410		146,825
Variation margin on exchange traded swaps		—		1,606,147
Variation margin on financial futures contracts		—		54,955
Distributions		6,597		—
Securities lending		—		1,152
Accrued expenses:
Investment advisory fees		169,296		174,157
Shareholder servicing fees		—		143,021
Other expenses		65,462		159,815
Total Liabilities		8,679,765		158,273,310
Net Assets	$	1,368,997,989	$	838,264,241
Net Assets Consist of:
Paid-in-capital	$	1,368,950,159	$	842,706,281
Accumulated (distributions in excess of) net investment income		36,613		(619,939	)
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions		11,217		(387,746	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		—		(3,434,355	)
Net Assets	$	1,368,997,989	$	838,264,241
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	106,059,602	$	136,965,674
GS2 shares outstanding		106,051,286		16,037,259
Net asset value, offering and redemption price per GS2 share	$	1.00	$	8.54
Net assets applicable to the GS4 Class	$	1,262,938,387	$	701,298,567
GS4 shares outstanding		1,262,864,226		52,522,345
Net asset value, offering and redemption price per GS4 share	$	1.00	$	13.35

(1)  Investments in securities of unaffiliated issuers, at cost	$	1,338,480,770	$	883,187,139
Investmentsin repurchase agreements, at cost		30,361,000		39,100,000
Investmentsin securities of affiliated issuers, at cost		—		35,793,992
Total investments at cost	$	1,368,841,770	$	958,081,131
(2)  Includes securities loaned of:	$	—	$	122,959,189
(3)  Foreign currency at cost	$	—	$	1,233,714
(4)  Proceeds from securities sold short	$	—	$	3,091,420
(5)  TBA sale commitments at cost	$	—	$	17,806,133
(6)  Premiums received on options written	$	—	$	404,812

154 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund		Global Bond Fund
$	907,375,620		$	287,775,121	$	387,488,439
	11,400,000			—		—
	38,647,829			10,096,703		46,360,552
	957,423,449			297,871,824		433,848,991
	2,956,935			11,417		356
	2,023,398			—		506,518
	1,958,153			—		1,140,943
	465,919			—		—
	294			64		31,333
	4,380,710			3,237,014		4,534,038
	358,677			159,892		64,066
	37,703,040			—		9,094,447
	348			—		—
	90,748			16,978		58,188
	458,794			—		—
	66,655			—		6,837
	648,260			—		308,131
	1,858,636			—		—
	26,847			20,291		21,251
	1,010,420,863			301,317,480		449,615,099
	7,360,243			—		—
	2,138,008			—		—
	762,589			—		—
	337,409			—		—
	639,799			—		533,319
	1,825,329			—		—
	88,599,222			30,220,442		68,161,728
	935,539			—		358
	97,377,134			—		22,765,297
	148,789			103,989		2,939
	—			—		—
	130,330			—		—
	—			—		—
	2,258			662		2,474
	209,331			93,960		130,044
	118,379			44,461		72,563
	213,516			72,585		104,390
	200,797,875			30,536,099		91,773,112
$	809,622,988		$	270,781,381	$	357,841,987
$	819,075,038		$	258,423,083	$	355,757,792
	541,345			154,263		(1,116,395	)
	(11,825,658	)		336,707		(8,321,707	)
	1,832,263			11,867,328		11,522,297
$	809,622,988		$	270,781,381	$	357,841,987
$	227,172,395		$	51,959,363		N/A
	32,875,147			10,865,195		N/A
$	6.91		$	4.78		N/A
$	582,450,593		$	218,822,018	$	357,841,987
	41,198,834			13,347,396		35,479,315
$	14.14		$	16.39	$	10.09
$	905,175,874		$	275,906,402	$	375,759,188
	11,400,000			—		—
	38,647,829			10,096,703		46,360,552
$	955,223,703		$	286,003,105	$	422,119,740
$	94,097,595		$	29,495,862	$	71,220,818
$	1,954,347		$	—	$	1,138,427
$	7,412,651		$	—	$	—
$	2,145,781		$	—	$	—
$	456,971		$	—	$	—

See Notes to Financial Statements. 155

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			3,520
Interest		2,923,502			13,100,015
Securities lending		65,499			278,726
Less foreign taxes withheld		—			—
Total Investment Income		2,989,001			13,382,261
Expenses
Investment advisory fees		2,074,787			2,777,457
Transfer agent fees:
GS2 shares		3,925			3,941
GS4 shares		36,585			26,154
Custodian fees		28,052			120,336
Shareholder servicing fees:
GS4 shares		2,957,228			1,656,955
Accounting and administration fees		281,226			323,819
Professional fees		52,952			95,065
Blue sky fees:
GS2 shares		4,145			4,148
GS4 shares		34,865			21,753
Shareholder reporting fees:
GS2 shares		667			668
GS4 shares		37,478			16,972
Trustee expenses		13,438			8,402
Line of credit facility fees		12,857			8,146
Other expenses		37,687			55,497
Total expenses		5,575,892			5,119,313
Expenses waived/reimbursed net of amount recaptured(1)		(2,786,413	)		(685,289	)
Net expenses		2,789,479			4,434,024
Net Investment Income		199,522			8,948,237
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		64,118			483,240
Investment securities sold short		—			(39,491	)
Futures transactions		—			1,242,454
Swap agreements		—			(566,541	)
Option contracts written		—			639,967
Option contracts purchased		—			—
Foreign currency transactions		—			(1,959,379	)
Net realized gain (loss)		64,118			(199,750	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			(9,846,722	)
Investment securities sold short		—			(8,236	)
Futures		—			277,383
Swap agreements		—			(1,638,978	)
Option contracts written		—			(370,182	)
Option contracts purchased		—			163,214
Foreign currency translation		—			1,685,481
Net change in unrealized appreciation (depreciation)		—			(9,738,040	)
Net Realized and Unrealized Gain		64,118			(9,937,790	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	263,640		$	(989,553	)

⁽¹⁾ See Note 3a and 3c in Notes to Financial Statements.

156 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	229,813		$	25,352		$	364,611
	6,827			1,003			3,588
	22,010,221			18,541,509			12,656,881
	461,002			198,954			141,919
	—			—			(7,152	)
	22,707,863			18,766,818			13,159,847
	3,550,511			1,731,135			1,332,705
	3,930			3,798			—
	26,894			26,215			19,645
	181,238			25,817			64,733
	1,445,691			710,370			690,823
	387,693			113,969			153,612
	95,065			71,834			75,065
	4,148			4,148			—
	16,898			17,217			17,841
	657			402			—
	17,581			15,782			5,236
	8,505			3,725			2,996
	8,232			5,179			2,889
	124,461			16,682			27,301
	5,871,504			2,746,273			2,392,846
	(913,007	)		(152,852	)		(85,036	)
	4,958,497			2,593,421			2,307,810
	17,749,366			16,173,397			10,852,037
	(11,759,383	)		12,593,030			2,646,852
	1,030,754			—			—
	1,353,193			—			364,330
	(705,709	)		—			—
	1,078,503			—			16,883
	(76,645	)		—			(370,694	)
	(453,236	)		943,668			(2,438,398	)
	(9,532,523	)		13,536,698			218,973
	(24,717,305	)		(55,242,377	)		(8,377,808	)
	99,400			—			—
	(214,642	)		—			(65,342	)
	(2,346,447	)		—			—
	(440,032	)		—			—
	224,445			—			(229,283	)
	1,553,681			(7,531	)		977,585
	(25,840,900	)		(55,249,908	)		(7,694,848	)
	(35,373,423	)		(41,713,210	)		(7,475,875	)
$	(17,624,057	)	$	(25,539,813	)	$	3,376,162

See Notes to Financial Statements. 157

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Year Ended
	12/31/13			12/31/12
Operations:
Net investment income	$	199,522		$	226,226
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		64,118			43,215
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		—			—
Net increase (decrease) in net assets resulting from operations		263,640			269,441
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(39,682	)		(107,325	)
GS4 shares		(123,227	)		(118,901	)
Distributions from net realized capital gains
GS2 shares		(5,110	)		(2,502	)
GS4 shares		(60,366	)		(28,176	)
Total dividends and distributions		(228,385	)		(256,904	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		105,460,546			83,682,824
GS4 shares		4,335,936,657			3,411,426,687
Reinvestment of dividends and distributions
GS2 shares		38,908			96,490
GS4 shares		105,203			73,574
Total proceeds from shares sold and reinvested		4,441,541,314			3,495,279,575
Value of shares redeemed
GS2 shares		(106,106,557	)		(93,414,476	)
GS4 shares		(4,204,891,545	)		(3,441,385,826	)
Total value of shares redeemed		(4,310,998,102	)		(3,534,800,302	)
Net increase (decrease) from capital share transactions(1)		130,543,212			(39,520,727	)
Total increase (decrease) in net assets		130,578,467			(39,508,190	)
Net Assets:
Beginning of Year		1,238,419,522			1,277,927,712
End of Year*	$	1,368,997,989		$	1,238,419,522
*Including undistributed (distributions in excess of) net investment income	$	36,613		$	—

⁽¹⁾    See Note 6 in Notes to Financial Statements.

158 See Notes to Financial Statements.

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Year Ended						For the Year Ended
12/31/13			12/31/12			12/31/13			12/31/12
$	8,948,237		$	11,830,873		$	17,749,366		$	20,131,144
	(199,750	)		1,261,804			(9,532,523	)		17,426,589
	(9,738,040	)		18,559,772			(25,840,900	)		30,180,403
	(989,553	)		31,652,449			(17,624,057	)		67,738,136
	(2,638,146	)		(3,309,118	)		(8,960,565	)		(9,108,772	)
	(6,980,736	)		(9,695,948	)		(10,135,398	)		(11,859,266	)
	(130,184	)		(380,466	)		(238,953	)		(6,691,198	)
	(404,740	)		(1,245,870	)		(290,430	)		(8,571,353	)
	(10,153,806	)		(14,631,402	)		(19,625,346	)		(36,230,589	)
	20,817,542			15,089,463			26,720,145			25,136,437
	96,538,640			136,297,000			73,101,056			67,278,339
	2,761,563			3,678,833			9,193,242			15,787,476
	7,383,801			10,939,056			10,422,967			20,426,709
	127,501,546			166,004,352			119,437,410			128,628,961
	(19,428,445	)		(7,405,946	)		(46,258,722	)		(19,481,717	)
	(72,290,918	)		(106,169,179	)		(98,816,806	)		(132,385,936	)
	(91,719,363	)		(113,575,125	)		(145,075,528	)		(151,867,653	)
	35,782,183			52,429,227			(25,638,118	)		(23,238,692	)
	24,638,824			69,450,274			(62,887,521	)		8,268,855
	813,625,417			744,175,143			872,510,509			864,241,654
$	838,264,241		$	813,625,417		$	809,622,988		$	872,510,509
$	(619,939	)	$	281,687		$	541,345		$	785,897

See Notes to Financial Statements. 159

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund
	For the Year Ended
	12/31/13			12/31/12
Operations:
Net investment income	$	16,173,397		$	19,941,659
Net realized gain on investment securities, foreign currency transactions and derivative transactions		13,536,698			15,624,979
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		(55,249,908	)		26,234,587
Net increase (decrease) in net assets resulting from operations		(25,539,813	)		61,801,225
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(7,171,639	)		(7,919,753	)
GS4 shares		(9,578,417	)		(12,163,609	)
Distributions from net realized capital gains
GS2 shares		(6,448,885	)		(5,298,065	)
GS4 shares		(8,820,661	)		(8,532,365	)
Total dividends and distributions		(32,019,602	)		(33,913,792	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		8,686,398			11,430,897
GS4 shares		32,327,945			63,160,350
Reinvestment of dividends and distributions
GS2 shares		13,606,468			13,205,389
GS4 shares		18,389,399			20,684,630
Total proceeds from shares sold and reinvested		73,010,210			108,481,266
Value of shares redeemed
GS2 shares		(38,446,492	)		(11,242,800	)
GS4 shares		(177,196,077	)		(59,622,352	)
Total value of shares redeemed		(215,642,569	)		(70,865,152	)
Net increase (decrease) from capital share transactions(1)		(142,632,359	)		37,616,114
Total increase (decrease) in net assets		(200,191,774	)		65,503,547
Net Assets:
Beginning of Year		470,973,155			405,469,608
End of Year*	$	270,781,381		$	470,973,155
*Including  undistributed (distributions in excess of) net investment income	$	154,263		$	(661	)

⁽¹⁾ See Note 6 in Notes to Financial Statements.

160 See Notes to Financial Statements.

Global Bond Fund
For the Year Ended
12/31/13			12/31/12
$	10,852,037		$	8,683,748
	218,973			3,144,085
	(7,694,848	)		10,899,264
	3,376,162			22,727,097
	—			—
	(9,497,750	)		(10,523,011	)
	—			—
	—			—
	(9,497,750	)		(10,523,011	)
	—			—
	140,576,281			51,652,945
	—			—
	9,497,746			10,522,963
	150,074,027			62,175,908
	—			—
	(18,966,067	)		(11,691,609	)
	(18,966,067	)		(11,691,609	)
	131,107,960			50,484,299
	124,986,372			62,688,385
	232,855,615			170,167,230
$	357,841,987		$	232,855,615
$	(1,116,395	)	$	(192,456	)

See Notes to Financial Statements. 161

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December  31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Invest- ment Income, Net(1)			Portfolio Turnover Rate
Money Market Fund
GS2 Class
2013(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.04	%	$	106,060		0.18	%		0.20	%		0.04	%		N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			106,664		0.18			0.20			0.10			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			116,298		0.18			0.19			0.09			N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.18			119,311		0.17			0.18			0.17			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.47			133,323		0.23(4	)		0.23(4	)		0.49			N/A
GS4 Class
2013(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.02	%	$	1,262,938		0.21	%		0.44	%		0.01	%		N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,131,756		0.27			0.44			0.01			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,161,630		0.27			0.42			0.01			N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.02			1,180,141		0.33			0.37			0.01			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.29			1,064,934		0.41(4	)		0.43(4	)		0.28			N/A
Low-Duration Bond Fund
GS2 Class
2013(5)	$	8.71	$	0.11	#	$	(0.11	)(6)	$	(0.16	)	$	(0.01	)	$	8.54		0.02	%	$	136,966		0.36	%		0.42	%		1.26	%		202	%
2012		8.59		0.15	#		0.22(6	)		(0.22	)		(0.03	)		8.71		4.35			135,526		0.36			0.41			1.68			228
2011		8.70		0.16	#		(0.01	)(6)		(0.23	)		(0.03	)		8.59		1.77			122,462		0.36			0.42			1.84			221
2010		8.70		0.20	#		0.17			(0.28	)		(0.09	)		8.70		4.35			128,143		0.36			0.41			2.27			257
2009		8.11		0.29	#		0.69			(0.39	)		—			8.70		12.29			115,741		0.36			0.42			3.47			322
GS4 Class
2013(5)	$	13.52	$	0.14	#	$	(0.16	)(6)	$	(0.14	)	$	(0.01	)	$	13.35		(0.20	)%	$	701,299		0.57	%		0.66	%		1.04	%		202	%
2012		13.20		0.20	#		0.35(6	)		(0.20	)		(0.03	)		13.52		4.15			678,099		0.57			0.65			1.47			228
2011		13.23		0.22	#		(0.01	)(6)		(0.21	)		(0.03	)		13.20		1.58			621,713		0.55			0.65			1.64			221
2010		13.04		0.28	#		0.26			(0.26	)		(0.09	)		13.23		4.20			580,452		0.52			0.61			2.11			257
2009		11.99		0.42	#		1.00			(0.37	)		—			13.04		11.97			569,316		0.52			0.62			3.30			322
Medium-Duration Bond Fund
GS2 Class
2013(7)	$	7.32	$	0.16	#	$	(0.29	)(6)	$	(0.27	)	$	(0.01	)	$	6.91		(1.90	)%	$	227,172		0.48	%		0.52	%		2.21	%		409	%
2012		7.24		0.17	#		0.39(6	)		(0.28	)		(0.20	)		7.32		7.93			251,565		0.48			0.51			2.32			570
2011		7.25		0.20	#		0.27(6	)		(0.35	)		(0.13	)		7.24		6.56			228,024		0.48			0.52			2.76			609
2010		7.47		0.25	#		0.40			(0.41	)		(0.46	)		7.25		8.86			236,369		0.48			0.49			3.21			487
2009		7.13		0.31	#		0.85			(0.51	)		(0.31	)		7.47		17.07			139,917		0.48			0.51			4.17			427
GS4 Class
2013(7)	$	14.68	$	0.30	#	$	(0.59	)(6)	$	(0.24	)	$	(0.01	)	$	14.14		(1.98	)%	$	582,451		0.63	%		0.77	%		2.06	%		409	%
2012		14.07		0.32	#		0.75(6	)		(0.26	)		(0.20	)		14.68		7.68			620,945		0.63			0.75			2.18			570
2011		13.65		0.37	#		0.51(6	)		(0.33	)		(0.13	)		14.07		6.49			636,218		0.61			0.75			2.62			609
2010		13.36		0.43	#		0.71			(0.39	)		(0.46	)		13.65		8.65			614,082		0.58			0.68			3.11			487
2009		12.16		0.53	#		1.48			(0.50	)		(0.31	)		13.36		16.97			868,800		0.58			0.70			4.08			427

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

(1) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(2) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(3) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share, Total Return or the Ratio of Net Investment Income to Average Net Assets for GS2 Class and GS4 Class. See Note 10 in Notes to Financial Statements.

(4) The Money Market Fund participated in the U.S. Department of the Treasury (the “Treasury”) Temporary Guarantee Program for Money Market Funds (the “Program”). The Fund bore the expense of its participation in the Program without regard to any expense limitation in effect. The Program expired on September 18, 2009.

(5) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.02% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(6) Amount includes Capital Gains distributions received by the Fund from the GuideStone Money Market Fund. The amount of these distributions represents less than $0.005 per share.

(7) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.07%, and the Ratio of Net Investment Income to Average Net Assets by 0.04% and 0.04% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

162 See Notes to Financial Statements.

For a Share Outstanding For the Years Ending December  31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Invest- ment Income, Net(1)			Portfolio Turnover Rate
Extended-Duration Bond Fund
GS2 Class
2013(3)	$	6.36	$	0.27	#	$	(0.58	)(4)	$	(0.63	)	$	(0.64	)	$	4.78		(5.10	)%	$	51,959		0.55	%		0.55	%		4.61	%		37	%
2012		6.48		0.31	#		0.64(4	)		(0.65	)		(0.42	)		6.36		15.41			86,268		0.52			0.53			4.68			27
2011		6.93		0.37	#		0.49(4	)		(0.74	)		(0.57	)		6.48		13.33			74,591		0.54			0.55			5.32			41
2010		7.01		0.40	#		0.43			(0.80	)		(0.11	)		6.93		12.25			72,741		0.53			0.53			5.60			39
2009		6.31		0.44	#		1.04			(0.76	)		(0.02	)		7.01		25.27			67,699		0.53			0.53			6.78			41
GS4 Class
2013(3)	$	18.58	$	0.78	#	$	(1.74	)(4)	$	(0.59	)	$	(0.64	)	$	16.39		(5.24	)%	$	218,822		0.75	%		0.80	%		4.40	%		37	%
2012		17.08		0.81	#		1.72(4	)		(0.61	)		(0.42	)		18.58		15.06			384,705		0.75			0.78			4.45			27
2011		16.28		0.86	#		1.22(4	)		(0.71	)		(0.57	)		17.08		13.14			330,879		0.73			0.78			5.13			41
2010		15.34		0.88	#		0.94			(0.77	)		(0.11	)		16.28		12.05			337,760		0.69			0.72			5.43			39
2009		12.97		0.91	#		2.22			(0.74	)		(0.02	)		15.34		24.97			392,962		0.69			0.73			6.60			41
Global Bond Fund
GS4 Class
2013(5)	$	10.38	$	0.39	#	$	(0.36	)(4)	$	(0.32	)	$	—		$	10.09		0.30	%	$	357,842		0.80	%		0.83	%		3.77	%		101	%
2012		9.73		0.45	#		0.74(4	)		(0.54	)		—			10.38		12.52			232,856		0.83			0.86			4.41			64
2011		9.83		0.51	#		(0.09	)(4)		(0.52	)		—			9.73		4.35			170,167		0.86			0.88			5.09			68
2010		9.36		0.52	#		0.51			(0.56	)		—			9.83		11.29			161,070		0.79			0.81			5.40			40
2009		7.34		0.56	#		2.07			(0.61	)		—			9.36		37.35			221,555		0.79			0.81			6.81			96

  # Calculated using the average shares outstanding method.

(1) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(2) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(3) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.05%, and the Ratio of Net Investment Income to Average Net Assets by 0.04% and 0.04% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(4) Amount includes Capital Gains distributions received by the Fund from the GuideStone Money Market Fund. The amount of these distributions represents less than $0.005 per share.

(5) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.01, Total Return by 0.10%, and the Ratio of Net Investment Income to Average Net Assets by 0.02%. See Note 10 in Notes to Financial Statements.

See Notes to Financial Statements. 163

EQUITY SELECT FUNDS (Unaudited)

Equity markets continued to advance as investors responded favorably to generally improving economic conditions and became comfortable with QE tapering which commences in early 2014. Towards the end of the year, a federal budget deal was reached making a repeat of the extended government shutdown unlikely in future periods. In the U.S., stocks surged to new all-time highs as the S&P 500^® Index posted a stellar fourth quarter return of 10.51%, bringing the return to 32.39% for the full year of 2013, its strongest annual gain since 1997. The broader U.S. equity market, as measured by the Russell 3000^® Index, posted similar returns of 10.10% for the quarter and 33.55% for calendar year 2013.

From a sector perspective, performance was unanimously in positive territory as all sectors within the Russell 3000^® Index experienced double-digit gains for the year. The consumer discretionary, healthcare and producer durables sectors were the best performers and advanced over 40%, while the utilities and materials & processing sectors lagged the overall market for the one-year period.

Companies with high beta and earnings growth characteristics generally outperformed during the year. In terms of equity market capitalization, small-cap companies outperformed their large-cap counterparts as the Russell 2000^® Index posted a one-year return of 38.82%, while the Russell 1000^® Index advanced 33.11%. Style differentiation was evident as growth-oriented stocks outperformed value-oriented stocks across all market capitalization segments for the year. In the large capitalization segment, the Russell 1000^® Growth Index outpaced the Russell 1000^® Value Index, posting one-year returns of 33.48% and 32.53%, respectively. In the small capitalization segment, the Russell 2000^® Growth Index outperformed the Russell 2000^® Value Index by a wider margin, posting one-year returns of 43.30% and 34.52%, respectively.

Developed non-U.S. markets also experienced strong gains as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of 22.78%. All regions ended the period in positive territory as Japan and Europe advanced the most as a result of the region’s improved outlook. From a sector perspective, all groups generated positive results during the period. The telecommunications and consumer discretionary sectors were the best performers, while the materials and energy sectors were the worst performers and lagged the overall market during the one-year period.

Emerging markets significantly underperformed developed markets during the year as the MSCI Emerging Markets Index (Net) posted a return of -2.60%. The worst performing markets were primarily in the Latin American region, while Europe was the only positive performing region for the year. From a sector perspective, seven of the ten groups posted negative returns for calendar year 2013. The materials and energy sectors were the worst performers and experienced double-digit declines, while the technology, healthcare and consumer discretionary sectors were the only positive performing sectors for the one-year period.

164

Defensive Market Strategies Fund (Unaudited)

The Defensive Market Strategies Fund combines multiple strategies that in aggregate seek to provide long-term capital appreciation with reduced volatility compared to the equity markets.

The Fund achieved its investment objective during 2013, during a banner year for stocks that saw U.S. equity markets end the year at all-time highs. The Fund’s benchmark index, the S&P 500^® Index, posted a return of 32.39% for the year compared to the Fund’s 18.22% return net of fees. The lower capital appreciation of the Fund, relative to that of the S&P 500^® Index, was mostly a reflection of the materially lower market sensitivity and volatility of the Fund compared to the S&P 500^® Index.

The Fund participated in equity gains during the year, and helped provide protection during negative months. The S&P 500^® index gained in all but two months of the year, and the Fund outperformed the S&P 500^® Index during its down months in June and August. As anticipated for a lower risk strategy, the Fund underperformed the S&P 500^® Index most in very strong up markets, and the S&P 500^® Index gained over 3% for 6 out of 12 months last year.

All of the underlying investment strategies had positive investment returns for the year. The lowest performing strategy was equity long/short, whose conservative positioning, and low net exposure level, led to only single digit returns for the year. The strategic exposure to convertible bonds within the Fund delivered double digit returns, as prices benefited from increasing exposure to equity price rallies through the optionality to stocks embedded in the bonds. However, convertible bonds failed to keep up with the strong equity market rally. Long-only equities within the portfolio also trailed the S&P 500^® Index, but delivered the strongest performance of all of the underlying strategies.

The Fund underperformed the S&P 500^® Index for the year, which should generally characterize performance of the portfolio in very strong up years for equities like the one experienced in 2013. Fund performance is also compared against the Fund’s reference benchmark, 50% S&P 500^® Index / 50% Citigroup 3 Month T-Bill, which more accurately reflects the Fund’s risk level and equity market beta. Versus this benchmark index, the Fund delivered excess returns (18.22% versus 15.28%) for the one year period ending December 31, 2013.

In terms of the underlying dynamics of equity market performance, companies with high beta and earnings growth characteristics generally outperformed during the year. This factor contributed negatively to the relative performance of the Fund versus the S&P 500^® Index, which generally emphasized quality and stability themes for most of its long-only equity exposure. From a sector perspective, overweight positioning in more defensive sectors, such as utilities, detracted from performance. In addition, security selection that emphasized quality in the more cyclical sectors, such as healthcare, also detracted.

Some underlying strategies may utilize derivative instruments within the Fund. During 2013, equity options were used in the Fund in order to hedge (reduce) exposure. The use of options for hedging equity holdings detracted from performance during 2013.

This Fund may be suitable for investors who have a medium - to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. Convertible securities valuations generally are more closely aligned with a company’s bonds than common stock. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund to generally decline faster than it would otherwise.

165

Defensive Market Strategies Fund (Unaudited)

Please see page xx for information regarding specific portfolio allocations. Portfolio holdings are subject to change and risk at any time.

	%
Money Market Funds		30.7
Corporate Bonds		22.8
Healthcare		10.1
Financial Services		10.0
Consumer Discretionary		6.9
Utilities		6.9
Producer Durables		6.0
Technology		5.8
Preferred Stocks		5.6
Consumer Staples		5.5
Foreign Common Stocks		4.7
Energy		4.4
Foreign Bonds		0.9
Materials & Processing		0.8
Synthetic Convertible Instruments		0.4
Master Limited Partnerships		0.3
Purchased Options		—	**
Foreign Preferred Stocks Sold Short		—	**
Written Options		—	**
Foreign Common Stocks Sold Short		(1.3	)
Exchange Traded Funds Sold Short		(2.3	)
Common Stocks Sold Short		(6.1	)
		112.1

** Rounds to less than 0.005%.

166

Defensive Market Strategies Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**	Benchmark***
One Year	18.47%	18.22%	15.28%	32.39%
Since Inception	12.73%	12.43%	10.82%	22.20%
Inception Date	09/01/11	09/01/11
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.13%	1.37%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since September 1, 2011 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index as a reference benchmark consisting of 50% S&P 500^® Index and 50% Citigroup 3-Month Treasury Bill Index.

***The Fund’s benchmark was changed from the S&P 500^® Index due to a change in the Fund’s investment strategy. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

167

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 56.4%
Consumer Discretionary — 6.9%
Advance Auto Parts, Inc.		1,000		$	110,680
Amazon.com, Inc.*		4,100			1,635,039
American Axle & Manufacturing Holdings, Inc.*‡‡		9,450			193,252
Apollo Group, Inc. Class AD*		4,000			109,280
Ascena Retail Group, Inc.D*		9,510			201,232
AutoZone, Inc.D*		1,900			908,086
Bed Bath & Beyond, Inc.*		5,200			417,560
Big Lots, Inc.D*		4,600			148,534
Bloomin’ Brands, Inc.D*‡‡		9,010			216,330
Buckle, Inc. (The)D		2,100			110,376
Burlington Stores, Inc.*‡‡		11,590			370,880
Chipotle Mexican Grill, Inc.*		1,000			532,780
Costco Wholesale Corporation		12,800			1,523,328
Cracker Barrel Old Country Store, Inc.‡‡		4,460			490,912
Dollar General Corporation*‡‡		7,860			474,115
Dollar Tree, Inc.*		9,500			535,990
Estee Lauder Cos., Inc. (The) Class A		2,700			203,364
Family Dollar Stores, Inc.D		6,000			389,820
Fifth & Pacific Cos, Inc.*‡‡		10,150			325,511
Fortune Brands Home & Security, Inc.‡‡		10,030			458,371
General Motors Co.D*‡‡		22,150			905,270
Genuine Parts Co.D		1,000			83,190
Harman International Industries, Inc.‡‡		3,920			320,852
Hasbro, Inc.D		7,500			412,575
Hertz Global Holdings, Inc.*		12,270			351,167
Hilton Worldwide Holdings, Inc.*‡‡		40,130			892,893
Home Depot, Inc. (The)‡‡		18,730			1,542,228
HomeAway, Inc.D*‡‡		18,720			765,274
Jarden Corporation*‡‡		8,220			504,297
Kohl’s CorporationD‡‡		7,300			414,275
Lennar Corporation Class AD‡‡		16,470			651,553
LifeLock, Inc.D*‡‡		16,700			274,047
LIN Media LLC Class A*‡‡		13,180			378,398
Lithia Motors, Inc. Class A‡‡		7,300			506,766
Lowe’s Cos., Inc.		2,300			113,965
Macy’s, Inc.D		10,130			540,942
McDonald’s Corporation		13,900			1,348,717
NIKE, Inc. Class B		1,600			125,824
O’Reilly Automotive, Inc.*		3,200			411,872
Panera Bread Co. Class A*		2,900			512,401
PetSmart, Inc.D		11,400			829,350
priceline.com, Inc.*		700			813,680
Red Robin Gourmet Burgers, Inc.*‡‡		6,080			447,123
Ross Stores, Inc.		1,900			142,367
Scripps Networks
Interactive, Inc. Class A		900			77,769
Shutterfly, Inc.*‡‡		3,250			165,522
Starbucks Corporation		4,900			384,111
Starwood Hotels & Resorts Worldwide, Inc.‡‡		6,510			517,220
Target Corporation		14,700			930,069
Tenneco, Inc.*‡‡		5,470			309,438
Tiffany & Co.‡‡		6,830			633,687
Time Warner, Inc.		1,300			90,636
TJX Cos., Inc.		10,100			643,673
Tractor Supply Co.		6,800			527,544

	Shares		Value
Tupperware Brands CorporationD		1,700		$	160,701
Urban Outfitters, Inc.*‡‡		8,790			326,109
Vail Resorts, Inc.‡‡		4,790			360,352
Vitamin Shoppe, Inc.*‡‡		18,650			969,987
Wal-Mart Stores, Inc.		38,600			3,037,434
Walt Disney Co. (The)‡‡		12,730			972,572
Yum! Brands, Inc.‡‡		11,270			852,125
					33,603,415
Consumer Staples — 5.5%
Archer-Daniels-Midland Co.		2,300			99,820
Campbell Soup Co.D		5,700			246,696
Church & Dwight Co., Inc.		17,600			1,166,528
Clorox Co. (The)D		6,900			640,044
Coca-Cola Co. (The)D		19,000			784,890
Coca-Cola Enterprises, Inc.		9,090			401,142
Colgate-Palmolive Co.‡‡		31,540			2,056,723
CVS Caremark Corporation		6,700			479,519
Dr. Pepper Snapple Group, Inc.		16,100			784,392
General Mills, Inc.		12,300			613,893
Hershey Co. (The)‡‡		14,820			1,440,948
Hillshire Brands Co.		46,400			1,551,616
Hormel Foods CorporationD		10,200			460,734
Kellogg Co.		10,000			610,700
Kimberly-Clark Corporation		14,200			1,483,332
Kroger Co. (The)		10,700			422,971
McCormick & Co., Inc. (Non-Voting Shares)D		12,500			861,500
Monster Beverage Corporation*‡‡		14,400			975,888
PepsiCo, Inc.		49,704			4,122,450
Procter & Gamble Co. (The)		51,000			4,151,910
Rite Aid Corporation*		20,950			106,007
Safeway, Inc.‡‡		11,610			378,138
Sysco CorporationD		35,300			1,274,330
Walgreen Co.		14,800			850,112
Whole Foods Market, Inc.		10,500			607,215
					26,571,498
Energy — 4.4%
Bill Barrett Corporation*		16,920			453,118
Cabot Oil & Gas Corporation‡‡		7,450			288,762
CARBO Ceramics, Inc.		1,700			198,101
Chevron Corporation		34,100			4,259,431
Cimarex Energy Co.		4,560			478,390
Cobalt International Energy, Inc.*‡‡		28,790			473,596
Concho Resources, Inc.*‡‡		2,150			232,200
Dril-Quip, Inc.*		1,760			193,477
EOG Resources, Inc.‡‡		5,880			986,899
Exxon Mobil CorporationD		62,900			6,365,480
Gulfport Energy Corporation*‡‡		9,840			621,396
Halliburton Co.‡‡		15,690			796,267
Occidental Petroleum Corporation		50,100			4,764,510
Penn Virginia CorporationD*		41,750			393,702
SemGroup Corporation Class A‡‡		5,310			346,371
Spectra Energy Corporation		7,900			281,398
SunPower Corporation*‡‡		10,480			312,409
					21,445,507

168 See Notes to Financial Statements.

	Shares		Value
Financial Services — 10.0%
Affiliated Managers Group, Inc.*‡‡		2,710		$	587,745
Alliance Data Systems Corporation*‡‡		1,500			394,395
Allstate Corporation (The)		6,100			332,694
American Tower Corporation REIT		300			23,946
Annaly Capital Management, Inc. REITD		117,600			1,172,472
Bank of Hawaii Corporation		13,300			786,562
Bank of the Ozarks, Inc.‡‡		6,440			364,440
Brixmor Property Group, Inc.‡‡		12,050			244,976
Bryn Mawr Bank Corporation‡‡		9,520			287,313
Capitol Federal Financial, Inc.		110,300			1,335,733
Cardtronics, Inc.*‡‡		5,610			243,754
Chubb Corporation (The)D		32,700			3,159,801
City National Corporation		4,400			348,568
Commerce Bancshares, Inc.D		26,000			1,167,649
Cullen/Frost Bankers, Inc.D		19,500			1,451,385
Discover Financial Services‡‡		11,770			658,531
Dun & Bradstreet Corporation (The)D		3,600			441,900
East West Bancorp, Inc.D‡‡		26,660			932,300
Evercore Partners, Inc. Class A‡‡		5,570			332,975
FactSet Research Systems, Inc.D		5,400			586,332
Financial Engines, Inc.‡‡		5,190			360,601
First Niagara Financial Group, Inc.		1,300			13,806
Fiserv, Inc.D*		600			35,430
Fortegra Financial CorporationD*		21,510			177,888
Genworth Financial, Inc. Class A*‡‡		32,700			507,831
Goldman Sachs Group, Inc. (The)		3,800			673,588
Hersha Hospitality Trust REIT‡‡		46,940			261,456
IntercontinentalExchange Group, Inc.D*‡‡		2,460			553,303
JPMorgan Chase & Co.		21,456			1,254,747
KeyCorp		175,600			2,356,552
M&T Bank CorporationD		7,400			861,508
Marsh & McLennan Cos., Inc.		68,000			3,288,480
Mastercard, Inc. Class A		900			751,914
Nelnet, Inc. Class A‡‡		11,220			472,811
New York Community Bancorp, Inc.D		34,400			579,640
Northern Trust Corporation		79,300			4,907,877
Ocwen Financial Corporation*‡‡		16,860			934,887
OmniAmerican Bancorp, Inc.*‡‡		10,730			229,407
PacWest Bancorp‡‡		10,110			426,844
People’s United Financial, Inc.D		97,300			1,471,176
PNC Financial Services Group, Inc. (The)		55,500			4,305,690
Portfolio Recovery Associates, Inc.*‡‡		19,860			1,049,402
ProAssurance Corporation‡‡		8,520			413,050
Progressive Corporation (The)		4,800			130,896
Qunar Cayman Islands, Ltd. ADR*‡‡		9,110			241,688
Rayonier, Inc. REIT		9,457			398,140

	Shares		Value
Reinsurance Group of America, Inc.		20,500		$	1,586,905
Signature BankD*‡‡		3,680			395,306
SunTrust Banks, Inc.		10,600			390,186
Total System Services, Inc.		14,800			492,544
Travelers Cos., Inc. (The)		9,900			896,346
US BancorpD		16,200			654,480
Visa, Inc. Class AD‡‡		8,320			1,852,698
W.R. Berkley Corporation		12,500			542,375
					48,322,923
Healthcare — 10.1%
Abbott Laboratories		14,200			544,286
Aegerion Pharmaceuticals, Inc.D*‡‡		8,070			572,647
Aetna, Inc.		3,200			219,488
Agios Pharmaceuticals, Inc.D*		2,500			59,875
Air Methods Corporation*‡‡		4,200			244,986
Akorn, Inc.D*		6,990			172,164
Alexion Pharmaceuticals, Inc.*‡‡		3,540			471,032
Align Technology, Inc.*‡‡		9,340			533,781
Allergan, Inc.D‡‡		9,530			1,058,592
AmerisourceBergen Corporation		15,000		��	1,054,650
Amgen, Inc.		3,600			410,976
ArthroCare Corporation*‡‡		13,890			558,934
Baxter International, Inc.		7,400			514,670
Becton, Dickinson and Co.D		34,400			3,800,856
Biogen Idec, Inc.*‡‡		4,540			1,270,065
BioMarin Pharmaceutical, Inc.D*		1,290			90,648
Bristol-Myers Squibb Co.D‡‡		29,900			1,589,185
C.R. Bard, Inc.D		6,700			897,398
Cardinal Health, Inc.		5,700			380,817
Celgene Corporation*		1,100			185,856
Cepheid, Inc.D*		2,180			101,850
Cerner Corporation*‡‡		7,400			412,476
Cooper Cos., Inc. (The)D‡‡		3,020			373,997
Covance, Inc.*		200			17,612
Cubist Pharmaceuticals, Inc.D*‡‡		7,070			486,911
Cyberonics, Inc.*		1,860			121,849
Depomed, Inc.D*		30,440			322,055
Dynavax Technologies CorporationD*		31,030			60,819
Edwards Lifesciences CorporationD*		1,500			98,640
Eli Lilly & Co.D		52,000			2,652,000
Enanta Pharmaceuticals, Inc.*		1,120			30,554
Express Scripts Holding Co.*‡‡		8,180			574,563
Forest Laboratories, Inc.*		10,900			654,327
Furiex Pharmaceuticals, Inc.D*		4,440			186,524
Gilead Sciences, Inc.*‡‡		8,110			609,466
Henry Schein, Inc.D*		2,100			239,946
Horizon Pharma, Inc.D*		19,770			150,647
Idera Pharmaceuticals, Inc.D*		19,620			90,841
IDEXX Laboratories, Inc.D*		6,200			659,494
Impax Laboratories, Inc.*‡‡		14,110			354,725
Ironwood Pharmaceuticals, Inc.D*		8,230			95,550
Johnson & JohnsonD‡‡		101,750			9,319,282
Keryx Biopharmaceuticals, Inc.D*		9,440			122,248
Laboratory Corporation of America HoldingsD*		8,400			767,508

See Notes to Financial Statements. 169

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Lannett Co., Inc.*‡‡		12,360		$	409,116
MacroGenics, Inc.D*‡‡		1,990			54,586
McKesson Corporation‡‡		10,050			1,622,070
MEDNAX, Inc.*		2,800			149,464
Medtronic, Inc.		3,500			200,865
Merck & Co., Inc.		69,100			3,458,455
Myriad Genetics, Inc.D*		800			16,784
Natus Medical, Inc.D*		4,170			93,825
Neurocrine Biosciences, Inc.D*		21,220			198,195
NPS Pharmaceuticals, Inc.D*‡‡		6,360			193,090
NxStage Medical, Inc.*		5,910			59,100
PAREXEL International CorporationD*‡‡		11,020			497,884
Patterson Cos., Inc.D		13,400			552,080
Pfizer, Inc.		46,644			1,428,706
Prestige Brands Holdings, Inc.D*		2,620			93,796
Puma Biotechnology, Inc.*		1,190			123,201
Quest Diagnostics, Inc.D		56,000			2,998,240
Receptos, Inc.*‡‡		6,970			202,060
Rigel Pharmaceuticals IncD*		16,400			46,740
Salix Pharmaceuticals, Ltd.D*		1,100			98,934
Stryker Corporation		13,680			1,027,915
Targacept, Inc.*		6,630			27,515
Team Health Holdings, Inc.*‡‡		11,300			514,715
Teleflex, Inc.D		2,880			270,317
Theravance, Inc.D*		3,140			111,941
UnitedHealth Group, Inc.		8,400			632,520
Universal Health Services, Inc. Class B‡‡		3,340			271,408
Zimmer Holdings, Inc.		3,000			279,570
Zoetis, Inc.‡‡		14,500			474,005
					49,241,887
Materials & Processing — 0.8%
Fastenal Co.D		8,000			380,080
Graphic Packaging Holding, Co.*‡‡		49,090			471,264
International Flavors & Fragrances, Inc.		600			51,588
Louisiana-Pacific Corporation*‡‡		26,200			484,962
MRC Global, Inc.*‡‡		11,320			365,183
Newmont Mining Corporation		17,200			396,116
Precision Castparts Corporation‡‡		1,560			420,108
Rockwood Holdings, Inc.‡‡		7,490			538,681
Sherwin-Williams Co. (The)		2,100			385,350
Sigma-Aldrich CorporationD		800			75,208
Westlake Chemical Corporation‡‡		3,070			374,755
					3,943,295
Producer Durables — 6.0%
3M Co.		6,000			841,500
ADT Corporation (The)D*		52,700			2,132,769
Agilent Technologies, Inc.		18,708			1,069,911
AMETEK, Inc.‡‡		9,750			513,532
Automatic Data Processing, Inc.		19,800			1,600,038
Bristow Group, Inc.		4,135			310,373
CAI International, Inc.*‡‡		11,920			280,954
CH Robinson Worldwide, Inc.D		4,800			280,032
Cintas CorporationD		3,300			196,647
Clean Harbors, Inc.D*		1,800			107,928
Danaher Corporation		1,400			108,080

	Shares		Value
Delta Air Lines, Inc.‡‡		12,450		$	342,002
Electronics For Imaging, Inc.*‡‡		13,950			540,284
FLIR Systems, Inc.		8,000			240,800
General Dynamics Corporation		3,700			353,535
General Electric Co.		15,200			426,056
Genesee & Wyoming, Inc. Class A*‡‡		6,170			592,629
Honeywell International, Inc.‡‡		4,640			423,957
Huron Consulting Group, Inc.*‡‡		11,520			722,534
Kirby CorporationD*‡‡		2,300			228,275
Knight Transportation, Inc.D		1,900			34,846
Landstar System, Inc.D*		500			28,725
Lockheed Martin Corporation		700			104,062
Macquarie Infrastructure Co. LLC‡‡		11,800			642,274
Mettler Toledo International, Inc.D*		1,500			363,885
Middleby Corporation (The)*‡‡		1,550			371,954
MSC Industrial Direct Co., Inc. Class AD		3,700			299,219
Northrop Grumman Corporation		2,800			320,908
On Assignment, Inc.*‡‡		7,170			250,376
Paychex, Inc.D		20,800			947,024
Quanta Services, Inc.*‡‡		13,450			424,482
Raytheon Co.		7,600			689,320
Republic Services, Inc.		47,033			1,561,496
Roadrunner Transportation Systems, Inc.*‡‡		10,550			284,322
Rockwell Automation, Inc.D‡‡		2,830			334,393
Rockwell Collins, Inc.D		6,974			515,518
Saia, Inc.*‡‡		12,810			410,560
Stericycle, Inc.*		9,400			1,091,998
Towers Watson & Co. Class A‡‡		12,530			1,598,953
Union Pacific Corporation‡‡		4,700			789,600
United Parcel Service, Inc. Class B		35,000			3,677,800
United Rentals, Inc.*‡‡		6,040			470,818
United Technologies Corporation		800			91,040
Verisk Analytics, Inc. Class AD*‡‡		6,590			433,095
Waste Management, Inc.D		43,300			1,942,871
Werner Enterprises, Inc.D		4,700			116,231
					29,107,606
Technology — 5.8%
Adobe Systems, Inc.*‡‡		3,550			212,574
ADTRAN, Inc.		7,600			205,276
Altera CorporationD		3,700			120,361
Analog Devices, Inc.		14,500			738,485
Apple, Inc.‡‡		1,810			1,015,609
Applied Materials, Inc.		224,000			3,962,560
Autodesk, Inc.*		2,300			115,759
Broadcom Corporation Class A		2,600			77,090
Cisco Systems, Inc.		73,500			1,650,075
Citrix Systems, Inc.*		800			50,600
Cognizant Technology Solutions Corporation Class A*		1,400			141,372
Cree, Inc.D*		8,730			546,236
Dealertrack Holdings, Inc.D*		3,630			174,530
Digimarc Corporation‡‡		20,590			396,563
Discovery Laboratories, Inc.D*		16,350			36,788

170 See Notes to Financial Statements.

	Shares		Value
Ellie Mae, Inc.*‡‡		7,200		$	193,464
EMC CorporationD		8,780			220,817
F5 Networks, Inc.D*		3,600			327,096
Facebook, Inc. Class A*‡‡		21,240			1,160,978
Google, Inc. Class A*‡‡		2,580			2,891,432
Groupon, Inc.*‡‡		34,320			403,946
IAC/InterActiveCorp		5,000			343,450
Intel CorporationD‡‡		142,570			3,701,117
International Business Machines Corporation		6,400			1,200,448
Intuit, Inc.		13,500			1,030,320
KLA-Tencor CorporationD		3,000			193,380
Linear Technology CorporationD		19,300			879,115
Manhattan Associates, Inc.*‡‡		5,170			607,372
Maxim Integrated Products, Inc.D		8,900			248,399
Microchip Technology, Inc.D		2,800			125,300
Microsoft Corporation		22,200			830,946
NetApp, Inc.		3,200			131,648
QUALCOMM, Inc.		2,200			163,350
Red Hat, Inc.*		4,750			266,190
Remark Media, Inc.*		21,680			101,029
Riverbed Technology, Inc.*‡‡		10,870			196,530
Salesforce.com, Inc.D*‡‡		8,810			486,224
ServiceNow, Inc.*‡‡		6,380			357,344
Silicon Laboratories, Inc.*		600			25,986
Sohu.com, Inc.D*		1,700			123,981
Synopsys, Inc.*		8,600			348,902
Teradata CorporationD*		4,000			181,960
Texas Instruments, Inc.		2,300			100,993
Tyler Technologies, Inc.*‡‡		6,270			640,355
VeriSign, Inc.D*		1,200			71,736
VMware, Inc. Class AD*		6,740			604,645
Xilinx, Inc.		8,200			376,544
					27,978,875
Utilities — 6.9%
Alliant Energy Corporation		1,900			98,039
American Electric Power Co., Inc.		11,600			542,184
American Water Works Co., Inc.		23,000			971,980
AT&T, Inc.		86,600			3,044,856
CenterPoint Energy, Inc.D		10,800			250,344
CenturyLink, Inc.D		83,200			2,649,920
Consolidated Edison, Inc.D		66,700			3,687,176
Dominion Resources, Inc.		23,200			1,500,808
DTE Energy Co.		8,400			557,676
Duke Energy Corporation		9,700			669,397
Entergy Corporation		2,300			145,521
Laclede Group, Inc. (The)D		46,500			2,117,610
National Fuel Gas Co.D		1,600			114,240
NextEra Energy, Inc.		4,100			351,042
NiSource, Inc.D		8,900			292,632
OGE Energy Corporation		5,400			183,060
PG&E Corporation		55,400			2,231,512
Piedmont Natural Gas Co., Inc.D		61,600			2,042,656
Pinnacle West Capital CorporationD		6,100			322,812
Public Service Enterprise Group, Inc.		13,200			422,928
Questar Corporation		23,500			540,265
Sempra EnergyD		16,700			1,498,992
Southern Co. (The)D		23,900			982,529

	Shares		Value
tw telecom, Inc.*		9,300		$	283,371
UGI Corporation		12,000			497,520
Verizon Communications, Inc.		26,300			1,292,382
Westar Energy, Inc.D		33,300			1,071,261
WGL Holdings, Inc.		110,400			4,422,624
Wisconsin Energy CorporationD		8,100			334,854
Xcel Energy, Inc.D		8,500			237,490
					33,357,681
Total Common Stocks (Cost $229,877,810)					273,572,687
FOREIGN COMMON STOCKS — 4.7%
Australia — 0.1%
BHP Billiton, Ltd. ADRD‡‡		10,030			684,046
Austria — 0.1%
Erste Group Bank AG		7,711			268,702
Bermuda — 0.4%
Essent Group Ltd*‡‡		7,500			180,450
Everest Re Group, Ltd.		9,300			1,449,591
Marvell Technology Group, Ltd.		23,900			343,682
					1,973,723
Brazil — 0.1%
Linx SA*		23,923			485,812
British Virgin Islands — 0.1%
Arcos Dorados Holdings, Inc.D		26,450			320,574
Michael Kors Holdings, Ltd.*‡‡		2,180			176,994
					497,568
Canada — 0.8%
Augusta Resource CorporationD*		48,590			69,484
Canadian Pacific Railway, Ltd.D‡‡		4,810			727,849
Caracal Energy, Inc.*		34,251			250,694
Catamaran Corporation*‡‡		7,920			376,042
Intact Financial CorporationD		5,590			365,054
Kodiak Oil & Gas Corporation*		48,550			544,245
Potash Corporation of Saskatchewan, Inc.D		46,600			1,535,936
Silvercrest Mines, Inc.D*		17,767			30,274
					3,899,578
Cayman Islands — 0.2%
Lekoil, Ltd.*		791,221			818,893
China — 0.1%
PetroChina Co., Ltd. Class H		278,320			305,085
France — 0.6%
Total SA		51,000			3,130,364
Germany — 0.0%
Bayer AG		1,401			196,495
Hong Kong — 0.1%
AIA Group, Ltd.		80,711			404,892
Ireland — 0.5%
Accenture PLC Class A		9,000			739,980
Alkermes PLC*		5,910			240,300
Covidien PLC‡‡		9,950			677,595
Eaton Corporation PLCD‡‡		6,940			528,273
Providence Resources PLC*		17,050			62,821
					2,248,969

See Notes to Financial Statements. 171

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Japan — 0.1%
Honda Motor Co., Ltd.		8,000		$	330,217
Mexico — 0.1%
Credito Real SAB de CV		170,509			262,754
Netherlands — 0.1%
Koninklijke Philips NV		8,815			324,580
NXP Semiconductor NV*‡‡		5,250			241,133
					565,713
Philippines — 0.1%
Metropolitan Bank & Trust		212,970			364,027
Singapore — 0.0%
Avago Technologies, Ltd.‡‡		3,760			198,866
Sweden — 0.0%
Swedish Orphan Biovitrum AB*		16,690			173,154
Switzerland — 0.8%
ABB, Ltd.*		19,200			507,648
ACE, Ltd.		7,000			724,710
Basilea Pharmaceutica*		1,580			187,465
Roche Holding AG ADR‡‡		13,810			969,462
TE Connectivity, Ltd.‡‡		3,230			178,006
Tyco International, Ltd.		30,188			1,238,915
					3,806,206
United Kingdom — 0.4%
Aon PLC‡‡		14,720			1,234,861
AstraZeneca PLC ADR‡‡		3,260			193,546
Countrywide PLC*		31,892			314,231
Ophir Energy PLC*		78,755			427,500
					2,170,138
Total Foreign Common Stocks (Cost $19,653,113)					22,785,202
PREFERRED STOCKS — 5.6%
Bank of America Corporation,
7.25%, 11/30/14		7,415			7,867,315
Health Care REIT, Inc.,
6.25%*		36,600			1,876,116
MetLife, Inc.,
5.00%, 03/26/14*		13,300			419,482
NextEra Energy, Inc.,
5.80%, 3/2/14*		27,743			1,391,866
Post Holdings, Inc.,
3.75% 144A@*		1,273			150,621
Stanley Black & Decker, Inc.,
4.75%, 2/19/14*		24,500			3,041,185
Stanley Black & Decker, Inc.,
6.25%,11/17/16*		3,213			331,582
US Bancorp,
6.00%, 3/26/14D*		144,600			3,957,702
Wells Fargo & Co.,
7.50%, 12/31/49		7,120			7,867,600
Total Preferred Stocks (Cost $27,475,295)					26,903,469
MASTER LIMITED PARTNERSHIP — 0.3%
Spectra Energy Partners LP (Cost $1,204,085)		27,925			1,266,399

	Shares		Value
MONEY MARKET FUNDS — 30.7%
GuideStone Money Market Fund (GS4 Class)¥		64,725,574		$	64,725,574
Northern Institutional Liquid Assets Portfolio§		84,172,289			84,172,289
Total Money Market Funds (Cost $148,897,863)					148,897,863
SYNTHETIC CONVERTIBLE INSTRUMENTS — 0.4%
Citigroup, Inc.+		15,900			1,016,169
Credit Suisse+		4,800			378,672
Deutsche Bank AG+		12,700			708,851
Total Synthetic Convertible Instruments (Cost $2,147,993)					2,103,692
	Par
CORPORATE BONDS — 22.8%
Alere, Inc.
3.00%, 05/15/16 CONV	$	1,400,000			1,580,250
Alliant Techsystems, Inc.
3.00%, 08/15/24 CONVD		350,000			561,094
American Realty Capital Properties, Inc.
3.00%, 08/01/18 CONV		1,005,000			1,005,628
3.75%, 12/15/20 CONV		1,295,000			1,314,431
Archer-Daniels-Midland Co.
0.88%, 02/15/14 CONV		665,000			704,484
Biomet, Inc.
6.50%, 10/01/20		495,000			512,325
Boston Properties LP
3.63%, 02/15/14 CONV 144A		1,545,000			1,551,759
Bristow Group, Inc.
3.00%, 06/15/38 CONV		925,000			1,138,906
CCO Holdings LLC
5.25%, 09/30/22		310,000			291,013
Chesapeake Energy Corporation
2.50%, 05/15/37 CONVD		2,515,000			2,565,300
Ciena Corporation
0.88%, 06/15/17 CONVD		2,105,000			2,162,888
Citigroup, Inc.
5.95%, 07/29/49†		3,120,000			2,890,992
Covanta Holding Corporation
3.25%, 06/01/14 CONV		555,000			651,778
DaVita HealthCare Partners, Inc.
6.63%, 11/01/20D		500,000			538,750
Dealertrack Technologies, Inc.
1.50%, 03/15/17 CONVD		370,000			513,375
Electronic Arts, Inc.
0.75%, 07/15/16 CONVD		2,390,000			2,554,312
Exterran Holdings, Inc.
4.25%, 06/15/14 CONV		630,000			941,456
Extra Space Storage LP
2.38%, 07/01/33 CONV 144A		2,390,000			2,400,456
Forest City Enterprises, Inc.
3.63%, 08/15/20 CONV 144A		350,000			358,312
Frontier Communications Corporation
8.50%, 04/15/20D		465,000			523,125
General Electric Capital Corporation
6.25%, 12/29/49†		2,600,000			2,695,625

172 See Notes to Financial Statements.

	Par		Value
Goodyear Tire & Rubber Co.
7.00%, 05/15/22D	$	340,000		$	367,625
Greenbrier Cos., Inc.
3.50%, 04/01/18 CONVD		1,300,000			1,543,750
Griffon Corporation
4.00%, 01/15/17 CONV 144A		670,000			789,344
Group 1 Automotive, Inc.
2.25%, 06/15/36 STEP		1,740,000			2,206,538
Health Care REIT, Inc.
3.00%, 12/01/29 CONV		1,180,000			1,317,912
Hologic, Inc.
0.00%, 12/15/43 STEP		190,000			199,975
2.00%, 03/01/42 STEPD		2,280,000			2,334,150
Iconix Brand Group, Inc.
2.50%, 06/01/16 CONV		1,945,000			2,680,453
Illumina, Inc.
0.25%, 03/15/16 CONV 144A		2,105,000			2,929,897
Integra LifeSciences Holdings Corporation
1.63%, 12/15/16 CONVD		2,010,000			2,168,288
Intel Corporation
2.95%, 12/15/35 CONVD		2,810,000			3,154,225
Janus Capital Group, Inc.
3.25%, 07/15/14 CONVD		1,219,000			1,267,760
0.75%, 07/15/18 CONV		208,000			265,460
Jarden Corporation
1.88%, 09/15/18 CONVD		885,000			1,254,488
L-3 Communications Holdings, Inc.
3.00%, 08/01/35 CONV		468,000			565,988
Lam Research Corporation
0.50%, 05/15/16 CONVD		2,095,000			2,396,156
Leap Wireless International, Inc.
4.50%, 07/15/14 CONV		2,310,000			2,350,425
Liberty Interactive LLC
1.00%, 09/30/43 CONV 144AD		2,250,000			2,379,375
LifePoint Hospitals, Inc.
3.50%, 05/15/14 CONV		2,770,000			3,024,494
Linear Technology Corporation
3.00%, 05/01/27 CONV		1,270,000			1,450,975
Live Nation Entertainment, Inc.
2.88%, 07/15/27 CONV		2,110,000			2,149,562
Mediacom LLC
7.25%, 02/15/22D		350,000			372,750
Meritor, Inc.
7.88%, 03/01/26 CONV 144A		1,275,000			1,836,797
Microchip Technology, Inc.
2.13%, 12/15/37 CONV		729,000			1,268,916
Navistar International Corporation
3.00%, 10/15/14 CONV		2,285,000			2,347,838
Nuance Communications, Inc.
2.75%, 11/01/31 CONV		2,165,000			2,125,759
NuVasive, Inc.
2.75%, 07/01/17 CONV		2,535,000			2,758,397
NVIDIA Corporation
1.00%, 12/01/18 CONV 144A		750,000			771,562
Omnicare, Inc.
3.25%, 12/15/35 CONV		2,400,000			2,577,000

	Par		Value
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/15 CONV 144A	$	2,245,000		$	2,350,234
Prologis LP
3.25%, 03/15/15 CONVD		1,720,000			1,924,250
Reynolds Group Issuer, Inc.
9.88%, 08/15/19		250,000			279,375
Rovi Corporation
2.63%, 02/15/40 CONV		1,480,000			1,498,500
Royal Gold, Inc.
2.88%, 06/15/19 CONV		1,895,000			1,831,044
RTI International Metals, Inc.
3.00%, 12/01/15 CONV		435,000			495,084
Ryland Group, Inc.
0.25%, 06/01/19 CONVD		2,230,000			2,092,019
Salesforce.com, Inc.
0.25%, 04/01/18 CONV 144AD		1,960,000			2,132,725
Salix Pharmaceuticals, Ltd.
1.50%, 03/15/19 CONV		570,000			852,506
SEACOR Holdings, Inc.
2.50%, 12/15/27 CONVD		960,000			1,181,400
Sinclair Television Group, Inc.
6.38%, 11/01/21 144AD		410,000			425,375
Sirius XM Radio, Inc.
5.88%, 10/01/20 144AD		200,000			204,500
Sprint Corporation
7.88%, 09/15/23 144A		435,000			468,712
7.13%, 06/15/24 144A		100,000			101,750
Steel Dynamics, Inc.
5.13%, 06/15/14 CONVD		1,075,000			1,269,172
TIBCO Software, Inc.
2.25%, 05/01/32 CONVD		2,120,000			2,134,575
Titan Machinery, Inc.
3.75%, 05/01/19 CONVD		1,250,000			1,068,750
T-Mobile USA, Inc.
6.63%, 04/28/21D		310,000			327,438
6.13%, 01/15/22		300,000			306,000
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONVD		2,115,000			2,210,175
Trinity Industries, Inc.
3.88%, 06/01/36 CONV		1,615,000			2,134,828
Volcano Corporation
1.75%, 12/01/17 CONV		1,875,000			1,849,219
Walter Investment Management Corporation
4.50%, 11/01/19 CONVD		2,290,000			2,298,588
WebMD Health Corporation
2.50%, 01/31/18 CONV		2,225,000			2,197,188
WellPoint, Inc.
2.75%, 10/15/42 CONVD		172,000			233,705
XM Satellite Radio, Inc.
7.00%, 12/01/14 CONV 144A		120,000			233,700
Total Corporate Bonds (Cost $102,149,539)					110,412,930
FOREIGN BONDS — 0.9%
Canada — 0.1%
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144A		400,000			441,000

See Notes to Financial Statements. 173

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Luxembourg — 0.3%
ArcelorMittal
5.00%, 05/15/14 CONVD	$	1,790,000			$	1,815,731
Netherlands — 0.5%
Siemens Financierings-maatschappij NV
1.05%, 08/16/17 CONVD		2,000,000				2,311,920
Total Foreign Bonds (Cost $4,218,208)						4,568,651
	Number of Contracts
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
Cliffs Natural Resources, Inc.,
Strike Price $26.00, Expires
01/18/14 (RJ)		140				14,840
Cobalt International Energy, Inc.,
Strike Price $25.00, Expires
01/18/14 (KS)		316				1,580
Cobalt International Energy, Inc.,
Strike Price $27.50, Expires
01/18/14 (KS)		307				1,535
Total Purchased Options (Cost $162,351)						17,955
TOTAL INVESTMENTS — 121.8% (Cost $535,786,257)						590,528,848
	Shares
COMMON STOCKS SOLD SHORT — (6.1)%
Consumer Discretionary — (1.4)%
Autoliv, Inc.		(1,920	)			(176,256	)
AutoZone, Inc.*		(420	)			(200,735	)
Bed Bath & Beyond, Inc.*		(2,580	)			(207,174	)
Buckle, Inc. (The)		(6,770	)			(355,831	)
CarMax, Inc.*		(3,350	)			(157,517	)
Coach, Inc.		(6,730	)			(377,755	)
Costco Wholesale Corporation		(3,310	)			(393,923	)
Dollar Tree, Inc.*		(4,340	)			(244,863	)
DSW, Inc. Class A		(4,580	)			(195,703	)
Ford Motor Co.		(29,420	)			(453,951	)
L Brands, Inc.		(3,930	)			(243,070	)
Lowe’s Cos., Inc.		(9,340	)			(462,797	)
Lumber Liquidators Holdings, Inc.*		(2,340	)			(240,763	)
McDonald’s Corporation		(2,520	)			(244,516	)
Nordstrom, Inc.		(2,650	)			(163,770	)
NVR, Inc.*		(430	)			(441,184	)
Panera Bread Co. Class A*		(1,380	)			(243,832	)
PetSmart, Inc.		(4,370	)			(317,918	)
Sally Beauty Holdings, Inc.*		(5,710	)			(172,613	)
Steven Madden, Ltd.*		(4,420	)			(161,728	)
TJX Cos., Inc.		(3,080	)			(196,288	)
Twenty-First Century Fox, Inc.		(11,980	)			(421,456	)
Under Armour, Inc. Class A*		(2,670	)			(233,091	)
Wal-Mart Stores, Inc.		(4,140	)			(325,777	)
zulily, Inc.		(2,590	)			(107,304	)
						(6,739,815	)

	Shares			Value
Consumer Staples — (0.3)%
Clorox Co. (The)		(6,610	)		$	(613,144	)
ConAgra Foods, Inc.		(9,030	)			(304,311	)
General Mills, Inc.		(5,630	)			(280,993	)
McCormick & Co., Inc. (Non-Voting Shares)		(2,550	)			(175,746	)
Procter & Gamble Co. (The)		(3,430	)			(279,236	)
						(1,653,430	)
Energy — (0.6)%
Chesapeake Energy Corporation		(18,300	)			(496,662	)
Continental Resources, Inc.*		(1,570	)			(176,656	)
Dresser-Rand Group, Inc.*		(3,300	)			(196,779	)
Exxon Mobil Corporation		(7,930	)			(802,516	)
Southwestern Energy Co.*		(21,480	)			(844,809	)
Swift Energy Co.*		(22,930	)			(309,555	)
						(2,826,977	)
Financial Services — (1.1)%
Amtrust Financial Services, Inc.		(4,170	)			(136,317	)
BankUnited, Inc.		(11,880	)			(391,090	)
Capital One Financial Corporation		(7,360	)			(563,850	)
CBRE Group, Inc. Class A*		(21,060	)			(553,878	)
Cohen & Steers Inc		(16,010	)			(641,361	)
DiamondRock Hospitality Co. REIT		(31,080	)			(358,974	)
FactSet Research Systems, Inc.		(1,200	)			(130,296	)
First Republic Bank		(12,500	)			(654,375	)
Global Payments, Inc.		(5,160	)			(335,348	)
Health Care REIT, Inc.		(6,290	)			(336,955	)
People’s United Financial, Inc.		(24,620	)			(372,254	)
Sovran Self Storage, Inc. REIT		(4,960	)			(323,243	)
Western Union Co. (The)		(41,040	)			(707,940	)
						(5,505,881	)
Healthcare — (0.8)%
AbbVie, Inc.		(6,730	)			(355,411	)
Amgen, Inc.		(2,060	)			(235,170	)
Arena Pharmaceuticals, Inc.*		(26,540	)			(155,259	)
Boston Scientific Corporation*		(8,000	)			(96,160	)
Celgene Corporation*		(570	)			(96,307	)
Cynosure, Inc.*		(5,660	)			(151,009	)
Endologix, Inc.*		(3,250	)			(56,680	)
Halozyme Therapeutics, Inc.*		(5,260	)			(78,847	)
HMS Holdings Corporation*		(8,170	)			(185,704	)
Hologic, Inc.*		(6,230	)			(139,241	)
IDEXX Laboratories, Inc.*		(1,810	)			(192,530	)
LifePoint Hospitals, Inc.*		(2,910	)			(153,764	)
Medtronic, Inc.		(4,800	)			(275,472	)
Merck & Co., Inc.		(3,780	)			(189,189	)
Neogen Corporation*		(1,205	)			(55,068	)
Organovo Holdings, Inc.*		(4,180	)			(46,273	)
Pfizer, Inc.		(14,680	)			(449,648	)
Quest Diagnostics, Inc.		(1,390	)			(74,421	)
Sirona Dental Systems, Inc.*		(6,260	)			(439,452	)
UnitedHealth Group, Inc.		(1,280	)			(96,384	)
WellPoint, Inc.		(3,430	)			(316,898	)
						(3,838,887	)

174 See Notes to Financial Statements.

	Shares			Value
Materials & Processing — (0.3)%
Albemarle Corporation		(2,080	)		$	(131,851	)
Alcoa, Inc.		(21,270	)			(226,100	)
Fastenal Co.		(12,780	)			(607,178	)
Reliance Steel & Aluminum Co.		(4,210	)			(319,286	)
Schnitzer Steel Industries, Inc.		(4,840	)			(158,123	)
						(1,442,538	)
Producer Durables — (1.1)%
Boeing Co. (The)		(950	)			(129,666	)
CH Robinson Worldwide, Inc.		(7,740	)			(451,552	)
Control4 Corporation*		(6,860	)			(121,422	)
Con-Way, Inc.		(7,240	)			(287,500	)
CSX Corporation		(17,730	)			(510,092	)
Deere & Co.		(1,930	)			(176,267	)
Emerson Electric Co.		(6,830	)			(479,329	)
Hub Group, Inc. Class A*		(6,770	)			(269,988	)
JB Hunt Transport Services, Inc.		(6,330	)			(489,309	)
Kansas City Southern		(5,230	)			(647,631	)
Manitowoc Co., Inc.		(32,320	)			(753,702	)
Stericycle, Inc.*		(1,520	)			(176,578	)
Werner Enterprises, Inc.		(29,090	)			(719,396	)
						(5,212,432	)
Technology — (0.5)%
Informatica Corporation*		(3,240	)			(134,460	)
Linear Technology Corporation		(2,890	)			(131,640	)
OpenTable, Inc.*		(2,200	)			(174,614	)
SanDisk Corporation		(3,110	)			(219,379	)
Symantec Corporation		(9,570	)			(225,661	)
Tech Data Corporation*		(2,620	)			(135,192	)
Texas Instruments, Inc.		(3,030	)			(133,047	)
Textura Corporation*		(3,660	)			(109,580	)
Twitter, Inc.*		(1,370	)			(87,200	)
VeriFone Systems, Inc.*		(28,130	)			(754,447	)
Vocera Communications, Inc.*		(2,950	)			(46,050	)
						(2,151,270	)
Total Common Stocks Sold Short (Cost $(28,296,842))						(29,371,230	)
FOREIGN COMMON STOCKS SOLD SHORT — (1.3)%
Bermuda — 0.0%
Textainer Group Holdings, Ltd.		(3,760	)			(151,227	)
Canada — (0.1)%
Ultra Petroleum Corporation*		(18,230	)			(394,680	)
Cayman Islands — 0.0%
Ctrip.com International, Ltd. ADR*		(1,740	)			(86,339	)
Herbalife, Ltd.		(1,600	)			(125,920	)
						(212,259	)
China — (0.1)%
China Petroleum & Chemical
Corporation Series H		(395,690	)			(323,010	)
France — 0.0%
Ingenico		(2,160	)			(173,392	)
Germany — (0.1)%
Fresenius Medical Care AG & Co. KGaA ADR		(3,390	)			(120,616	)
Merck KGaA		(1,080	)			(193,521	)
						(314,137	)

	Shares			Value
Hong Kong — (0.1)%
Hong Kong & China Gas Co., Ltd.		(149,320	)		$	(342,379	)
Yue Yuen Industrial Holdings, Ltd.		(44,380	)			(148,233	)
						(490,612	)
Hungary — (0.1)%
OTP Bank PLC		(20,320	)			(385,563	)
Ireland — (0.1)%
Accenture PLC Class A		(3,890	)			(319,836	)
Willis Group Holdings PLC		(8,040	)			(360,272	)
						(680,108	)
Israel — 0.0%
Mazor Robotics, Ltd. ADR*		(3,790	)			(73,981	)
SodaStream International, Ltd.*		(2,910	)			(144,452	)
						(218,433	)
Japan — 0.0%
Eisai Co., Ltd.		(4,840	)			(187,584	)
Mexico — (0.1)%
Banregio Grupo Financiero SAB de CV		(57,807	)			(343,570	)
Netherlands — (0.2)%
Chicago Bridge & Iron Co. NV		(4,030	)			(335,054	)
Frank’s International NV		(16,150	)			(436,050	)
						(771,104	)
Panama — 0.0%
Carnival Corporation		(2,630	)			(105,647	)
South Africa — (0.1)%
Nedbank Group, Ltd.		(20,750	)			(415,396	)
Sweden — (0.1)%
Volvo AB, B Shares		(19,390	)			(255,141	)
Switzerland — (0.1)%
Novartis AG ADR		(2,950	)			(237,121	)
United Kingdom — (0.1)%
Amlin PLC		(19,230	)			(146,132	)
Rio Tinto PLC ADR		(8,950	)			(505,049	)
						(651,181	)
Total Foreign Common Stocks Sold Short (Cost $(6,158,706))						(6,310,165	)
FOREIGN PREFERRED STOCKS SOLD SHORT — 0.0%
Volkswagen AG 1.76%, 03/13/14 (Cost $(156,946))		(650	)			(182,553	)
EXCHANGE TRADED FUNDS SOLD SHORT — (2.3)%
Consumer Staples Select Sector SPDR Fund		(15,980	)			(686,820	)
CurrencyShares Euro Trust*		(1,020	)			(138,710	)
Health Care Select Sector SPDR Fund		(8,410	)			(466,250	)
iShares Core S&P Small-Cap ETF		(11,090	)			(1,211,139	)
iShares Nasdaq Biotechnology ETF		(4,250	)			(965,005	)
iShares Russell 2000 Growth ETF		(12,980	)			(1,758,920	)
iShares Russell 2000 ETF		(15,250	)			(1,758,478	)
Market Vectors Biotech ETF		(4,090	)			(362,047	)

See Notes to Financial Statements. 175

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Market Vectors Oil Service ETF		(5,860	)		$	(281,690	)
Market Vectors Pharmaceutical ETF		(10,090	)			(535,880	)
SPDR S&P 500 ETF Trust		(14,120	)			(2,607,540	)
SPDR S&P Retail ETF		(4,160	)			(366,496	)
Total Exchange Traded Funds Sold Short (Cost $(10,384,879))						(11,138,975	)
TOTAL SECURITIES SOLD SHORT — (9.7)% (Cost $(44,997,373))						(47,002,923	)
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Cobalt International Energy, Inc.,
Strike Price $35.00,
Expires 01/18/14 (RJ)		(55	)			(275	)
Cobalt International Energy, Inc.,
Strike Price $35.00,
Expires 01/18/14 (KS)		(326	)			(1,630	)
Cobalt International Energy, Inc.,
Strike Price $37.50,
Expires 01/18/14 (KS)		(307	)			(1,535	)
Total Written Options (Premiums received $(32,881))						(3,440	)
Other Assets in Excess of Liabilities — (12.1)%						(58,815,475	)
NET ASSETS — 100.0%					$	484,707,010

176 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	273,572,687		$	273,572,687		$	—		$	—
Corporate Bonds			110,412,930			—			107,388,436			3,024,494
Foreign Bonds			4,568,651			—			4,568,651			—
Foreign Common Stocks:
Australia			684,046			684,046			—			—
Austria			268,702			268,702			—			—
Bermuda			1,973,723			1,973,723			—			—
Brazil			485,812			485,812			—			—
British Virgin Islands			497,568			497,568			—			—
Canada			3,899,578			3,899,578			—			—
Cayman Islands			818,893			818,893			—			—
China			305,085			305,085			—			—
France			3,130,364			—			3,130,364			—
Germany			196,495			196,495			—			—
Hong Kong			404,892			404,892			—			—
Ireland			2,248,969			2,248,969			—			—
Japan			330,217			—			330,217			—
Mexico			262,754			262,754			—			—
Netherlands			565,713			241,133			324,580			—
Philippines			364,027			—			364,027			—
Singapore			198,866			198,866			—			—
Sweden			173,154			—			173,154			—
Switzerland			3,806,206			3,111,092			695,114			—
United Kingdom			2,170,138			2,170,138			—			—
Master Limited Partnership			1,266,399			1,266,399			—			—
Money Market Funds			148,897,863			148,897,863			—			—
Preferred Stocks			26,903,469			19,035,869			—			7,867,600
Purchased Options			17,955			17,955			—			—
Synthetic Convertible Instruments			2,103,692			—			—			2,103,692
Total Assets - Investments in Securities		$	590,528,848		$	460,558,519		$	116,974,543		$	12,995,786
Other Financial Instruments***
Futures Contracts		$	840,099		$	840,099		$	—		$	—
Total Assets - Other Financial Instruments		$	840,099		$	840,099		$	—		$	—

See Notes to Financial Statements. 177

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Common Stocks Sold Short		$	(29,371,230	)		$	(29,371,230	)		$	—			$	—
Exchange Traded Funds Sold Short			(11,138,975	)			(11,138,975	)			—				—
Foreign Common Stocks Sold Short:
Bermuda			(151,227	)			(151,227	)			—				—
Canada			(394,680	)			(394,680	)			—				—
Cayman Islands			(212,259	)			(212,259	)			—				—
China			(323,010	)			(323,010	)			—				—
France			(173,392	)			—				(173,392	)			—
Germany			(314,137	)			(314,137	)			—				—
Hong Kong			(490,612	)			(490,612	)			—				—
Hungary			(385,563	)			(385,563	)			—				—
Ireland			(680,108	)			(680,108	)			—				—
Israel			(218,433	)			(218,433	)			—				—
Japan			(187,584	)			—				(187,584	)			—
Mexico			(343,570	)			(343,570	)			—				—
Netherlands			(771,104	)			(771,104	)			—				—
Panama			(105,647	)			(105,647	)			—				—
South Africa			(415,396	)			(415,396	)			—				—
Sweden			(255,141	)			—				(255,141	)			—
Switzerland			(237,121	)			(237,121	)			—				—
United Kingdom			(651,181	)			(651,181	)			—				—
Foreign Preferred Stocks Sold Short			(182,553	)			(182,553	)			—				—
Written Options			(3,440	)			(3,440	)			—				—
Total Liabilities - Investments in Securities		$	(47,006,363	)		$	(46,390,246	)		$	(616,117	)		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(31,629	)		$	—			$	(31,629	)		$	—
Total Liabilities - Other Financial Instruments		$	(31,629	)		$	—			$	(31,629	)		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets of the Funds is not material, therefore, the transfers between Level 1 and Level 2 are not shown for the the year ended December 31, 2013.

The unobservable inputs used in the fair value measurement of the reporting entity’s corporate bonds, preferred stock and synthetic convertible instruments are values based on evaluated quotations received from dealers who make markets in such securities. Significant increases (decreases) in those evaluated quotations would result in a significantly higher (lower) fair value measurement.

178 See Notes to Financial Statements.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Total Value			Corporate Bonds			Preferred Stock			Synthetic Convertible Instruments
Balance, 12/31/12	$	17,105,649		$	9,279,529		$	6,358,975		$	1,467,145
Accrued discounts/premiums		33,590			33,590			—			—
Realized gain (loss)(1)		925,088			450,835			435,997			38,256
Change in unrealized appreciation (depreciation)(2)		(1,301,122	)		(249,904	)		(998,636	)		(52,582	)
Purchases		8,089,072			1,525,842			4,415,237			2,147,993
Sales		(11,162,721	)		(8,015,398	)		(2,343,973	)		(803,350	)
Transfers in to Level 3		—			—			—			—
Transfers out of Level 3(3)		(693,770	)		—			—			(693,770	)
Maturities		—			—			—			—
Paydowns		—			—			—			—
Balance, 12/31/13	$	12,995,786		$	3,024,494		$	7,867,600		$	2,103,692

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net realized gain (loss) from: Investment securities.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities.

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2013 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements. 179

Equity Index Fund (Unaudited)

The Fund was passively managed and benchmarked against the S&P 500^® Index. The Fund was comprised of domestic, large-cap equity stocks with both value- and growth-style orientations. The objective of the Fund was to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500^® Index. The GS4 Class of the Fund returned 31.95% for the one-year period ended December 31, 2013, as compared to a 32.39% return for the S&P 500^® Index. The return differential was primarily a result of expenses of the Fund.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio by adding a potentially higher return, higher risk option of stocks.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		16.9
Technology		15.6
Consumer Discretionary		13.4
Healthcare		12.1
Money Market Funds		10.5
Producer Durables		10.4
Energy		9.2
Consumer Staples		6.6
Utilities		5.0
Materials & Processing		3.6
Foreign Common Stocks		3.4
U.S. Treasury Obligation		0.2
Rights/Warrants		—	**
		106.9

** Rounds to less than 0.005%.

180

Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	32.04%	31.95%	32.39%
Five Year	17.98%	17.81%	17.94%
Ten Year	7.26%	7.10%	7.41%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.25%	0.50%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the S&P 500^® Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

181

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 92.8%
Consumer Discretionary — 13.4%
Amazon.com, Inc.*		7,900		$	3,150,441
AutoNation, Inc.*		1,371			68,125
AutoZone, Inc.D*		725			346,506
Avon Products, Inc.		9,006			155,083
Bed Bath & Beyond, Inc.*		4,510			362,153
Best Buy Co., Inc.		5,859			233,657
BorgWarner, Inc.D		4,800			268,368
Cablevision Systems Corporation Class AD		4,693			84,145
CarMax, Inc.D*		4,833			227,248
CBS Corporation Class B		11,814			753,024
Chipotle Mexican Grill, Inc.*		660			351,635
Coach, Inc.D		5,881			330,101
Comcast Corporation Class A		55,499			2,884,006
Costco Wholesale Corporation		9,324			1,109,649
D.R. Horton, Inc.D		5,917			132,067
Darden Restaurants, Inc.D		2,708			147,234
DIRECTV*		10,403			718,743
Discovery Communications, Inc. Class A*		4,752			429,676
Dollar General Corporation*		6,184			373,019
Dollar Tree, Inc.*		4,518			254,906
eBay, Inc.*		24,881			1,365,718
Estee Lauder Cos., Inc. (The) Class A		5,401			406,803
Expedia, Inc.D		2,121			147,749
Family Dollar Stores, Inc.D		2,045			132,864
Ford Motor Co.		84,125			1,298,049
Fossil Group, Inc.*		1,078			129,295
GameStop Corporation Class AD		2,459			121,130
Gannett Co., Inc.		4,845			143,315
Gap, Inc. (The)		5,603			218,965
General Motors Co.*		24,202			989,136
Genuine Parts Co.D		3,300			274,527
Goodyear Tire & Rubber Co. (The)		5,261			125,475
Graham Holdings, Co. Class B*		100			66,332
H&R Block, Inc.		5,973			173,456
Harley-Davidson, Inc.		4,769			330,206
Harman International
Industries, Inc.		1,495			122,366
Hasbro, Inc.D		2,508			137,965
Home Depot, Inc. (The)		29,993			2,469,624
Interpublic Group of Cos., Inc. (The)		8,747			154,822
Johnson Controls, Inc.		14,611			749,544
Kohl’s CorporationD		4,336			246,068
L Brands, Inc.		5,256			325,084
Leggett & Platt, Inc.D		3,123			96,626
Lennar Corporation Class AD		3,691			146,016
Lowe’s Cos., Inc.		22,230			1,101,496
Macy’s, Inc.		7,838			418,549
Marriott International, Inc. Class A		4,701			232,041
Mattel, Inc.D		7,116			338,579
McDonald’s Corporation		21,216			2,058,588
McGraw Hill Financial, Inc.		5,745			449,259
Mohawk Industries, Inc.*		1,284			191,188
Netflix, Inc.*		1,270			467,576
Newell Rubbermaid, Inc.		5,983			193,909

	Shares		Value
News Corporation Class A*		10,703		$	192,868
NIKE, Inc. Class B		15,942			1,253,679
Nordstrom, Inc.D		3,020			186,636
Omnicom Group, Inc.		5,489			408,217
O’Reilly Automotive, Inc.*		2,282			293,716
PetSmart, Inc.D		2,271			165,215
priceline.com, Inc.*		1,098			1,276,315
PulteGroup, Inc.D		7,550			153,793
PVH Corporation		1,723			234,362
Ralph Lauren Corporation		1,259			222,302
Ross Stores, Inc.		4,613			345,652
Scripps Networks Interactive, Inc. Class AD		2,307			199,348
Staples, Inc.D		14,101			224,065
Starbucks Corporation		16,035			1,256,984
Starwood Hotels & Resorts Worldwide, Inc.		4,024			319,707
Target Corporation		13,480			852,880
Tiffany & Co.		2,342			217,291
Time Warner Cable, Inc.		6,002			813,271
Time Warner, Inc.		19,261			1,342,877
TJX Cos., Inc.		15,091			961,749
TripAdvisor, Inc.D*		2,314			191,669
Twenty-First Century Fox, Inc. Class A		41,761			1,469,152
Urban Outfitters, Inc.*		2,209			81,954
VF CorporationD		7,540			470,044
Wal-Mart Stores, Inc.		34,492			2,714,175
Walt Disney Co. (The)		34,810			2,659,484
Whirlpool Corporation		1,681			263,682
Wyndham Worldwide Corporation		2,789			205,521
Yum! Brands, Inc.		9,529			720,488
					47,899,202
Consumer Staples — 6.6%
Archer-Daniels-Midland Co.		14,075			610,855
Campbell Soup Co.		3,715			160,785
Clorox Co. (The)D		2,785			258,337
Coca-Cola Co. (The)		80,919			3,342,764
Coca-Cola Enterprises, Inc.		5,260			232,124
Colgate-Palmolive Co.		18,694			1,219,036
ConAgra Foods, Inc.		9,053			305,086
CVS Caremark Corporation		25,349			1,814,228
Dr. Pepper Snapple Group, Inc.		4,366			212,711
General Mills, Inc.		13,493			673,436
Hershey Co. (The)		3,179			309,094
Hormel Foods CorporationD		2,830			127,831
J.M. Smucker Co. (The)		2,202			228,171
Kellogg Co.D		5,549			338,877
Kimberly-Clark Corporation		8,090			845,081
Kraft Foods Group, Inc.		12,743			687,103
Kroger Co. (The)		11,119			439,534
McCormick & Co., Inc. (Non-Voting Shares)D		2,754			189,806
Mead Johnson Nutrition Co.		4,276			358,158
Mondelez International, Inc. Class A		37,334			1,317,890
Monster Beverage Corporation*		2,821			191,179
PepsiCo, Inc.		32,650			2,707,991
Procter & Gamble Co. (The)		57,899			4,713,558
Safeway, Inc.		5,326			173,468
Sysco CorporationD		12,289			443,633
Tyson Foods, Inc. Class AD		5,766			192,930
Walgreen Co.		18,552			1,065,627

182 See Notes to Financial Statements.

	Shares		Value
Whole Foods Market, Inc.		7,859		$	454,486
					23,613,779
Energy — 9.2%
Anadarko Petroleum Corporation		10,722			850,469
Apache Corporation		8,494			729,974
Baker Hughes, Inc.		9,436			521,433
Cabot Oil & Gas Corporation		8,963			347,406
Cameron International Corporation*		5,058			301,103
Chesapeake Energy CorporationD		10,676			289,747
Chevron Corporation		40,958			5,116,064
ConocoPhillips		26,085			1,842,905
CONSOL Energy, Inc.		5,000			190,200
Denbury Resources, Inc.*		7,628			125,328
Devon Energy Corporation		8,137			503,436
Diamond Offshore Drilling, Inc.D		1,404			79,916
EOG Resources, Inc.		5,806			974,479
EQT Corporation		3,201			287,386
Exterran Holdings, Inc.*		13			445
Exxon Mobil Corporation		93,038			9,415,446
First Solar, Inc.*		1,556			85,020
FMC Technologies, Inc.*		5,099			266,219
Halliburton Co.		17,998			913,398
Helmerich & Payne, Inc.		2,333			196,159
Hess Corporation		6,024			499,992
Kinder Morgan, Inc.D		14,488			521,568
Marathon Oil Corporation		14,810			522,793
Marathon Petroleum Corporation		6,405			587,531
Murphy Oil Corporation		3,685			239,083
National Oilwell Varco, Inc.		9,107			724,280
Newfield Exploration Co.*		2,688			66,205
Noble Energy, Inc.		7,714			525,400
Occidental Petroleum Corporation		17,181			1,633,913
Peabody Energy Corporation		5,661			110,559
Phillips 66		12,760			984,179
Pioneer Natural Resources Co.		3,032			558,100
QEP Resources, Inc.D		3,912			119,903
Range Resources Corporation		3,446			290,532
Southwestern Energy Co.*		7,482			294,267
Spectra Energy Corporation		14,350			511,147
Tesoro Corporation		2,764			161,694
Valero Energy Corporation		11,567			582,977
Williams Cos., Inc. (The)D		14,574			562,119
WPX Energy, Inc.*		4,056			82,661
					32,615,436
Financial Services — 16.9%
Aflac, Inc.		9,939			663,925
Alliance Data Systems Corporation*		1,029			270,555
Allstate Corporation (The)		9,640			525,766
American Express Co.		19,612			1,779,397
American International Group, Inc.		31,317			1,598,733
American Tower Corporation REIT		8,416			671,765
Ameriprise Financial, Inc.		4,111			472,971

	Shares		Value
Apartment Investment & Management Co. Class A REITD		3,208		$	83,119
Assurant, Inc.		1,564			103,803
AvalonBay Communities, Inc. REIT		2,565			303,260
Bank of America Corporation		227,141			3,536,585
Bank of New York Mellon Corporation (The)		24,612			859,943
BB&T Corporation		15,085			562,972
Berkshire Hathaway, Inc. Class B*		38,347			4,546,420
BlackRock, Inc.		2,690			851,304
Boston Properties, Inc. REIT		3,296			330,820
Capital One Financial Corporation		12,284			941,077
CBRE Group, Inc. Class A*		5,812			152,856
Charles Schwab Corporation (The)		24,816			645,216
Chubb Corporation (The)		5,348			516,777
Cincinnati Financial CorporationD		3,098			162,242
Citigroup, Inc.		64,584			3,365,472
CME Group, Inc.		6,749			529,527
Comerica, Inc.		3,797			180,509
Discover Financial Services		10,116			565,990
Dun & Bradstreet Corporation (The)D		779			95,622
E*TRADE Financial Corporation*		5,845			114,796
Equifax, Inc.		2,524			174,383
Equity Residential REIT		7,231			375,072
Fidelity National Information Services, Inc.		6,242			335,071
Fifth Third BancorpD		19,043			400,474
Fiserv, Inc.*		5,482			323,712
Franklin Resources, Inc.		8,696			502,020
General Growth Properties, Inc. REIT		11,348			227,754
Genworth Financial, Inc. Class A*		10,589			164,447
Goldman Sachs Group, Inc. (The)		8,983			1,592,327
Hartford Financial Services Group, Inc.		9,600			347,808
HCP, Inc. REIT		9,684			351,723
Health Care REIT, Inc.		6,199			332,080
Host Hotels & Resorts, Inc. REIT		15,936			309,796
Hudson City Bancorp, Inc.		10,419			98,251
Huntington Bancshares, Inc.D		18,206			175,688
IntercontinentalExchange Group, Inc.*		2,435			547,680
JPMorgan Chase & Co.		80,050			4,681,324
KeyCorp		19,129			256,711
Kimco Realty Corporation REIT		8,531			168,487
Legg Mason, Inc.D		2,303			100,135
Leucadia National Corporation		6,709			190,133
Lincoln National Corporation		5,649			291,601
Loews Corporation		6,485			312,836
M&T Bank CorporationD		2,759			321,203
Macerich Co. (The) REIT		2,946			173,490
Marsh & McLennan Cos., Inc.		11,598			560,879
Mastercard, Inc. Class A		2,201			1,838,848
MetLife, Inc.		23,890			1,288,149

See Notes to Financial Statements. 183

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Moody’s Corporation		3,997		$	313,645
Morgan Stanley		29,361			920,761
NASDAQ OMX Group, Inc. (The)		2,549			101,450
Northern Trust Corporation		4,750			293,978
People’s United Financial, Inc.D		7,109			107,488
Plum Creek Timber Co., Inc. REITD		3,689			171,575
PNC Financial Services Group, Inc. (The)		11,311			877,507
Principal Financial Group, Inc.		5,931			292,458
Progressive Corporation (The)		11,815			322,195
Prologis, Inc. REIT		10,494			387,753
Prudential Financial, Inc.		9,912			914,085
Public Storage REIT		3,103			467,064
Regions Financial Corporation		29,089			287,690
Simon Property Group, Inc. REIT		6,602			1,004,560
SLM Corporation		9,451			248,372
State Street Corporation		9,328			684,582
SunTrust Banks, Inc.		11,348			417,720
T Rowe Price Group, Inc.		5,570			466,599
Torchmark CorporationD		1,902			148,641
Total System Services, Inc.		3,427			114,051
Travelers Cos., Inc. (The)		7,745			701,232
Unum Group		5,433			190,590
US BancorpD		38,879			1,570,712
Ventas, Inc. REIT		6,327			362,411
Visa, Inc. Class A		10,844			2,414,742
Vornado Realty Trust REIT		3,729			331,098
Wells Fargo & Co.		102,067			4,633,842
Western Union Co. (The)D		11,769			203,015
Weyerhaeuser Co. REIT		12,418			392,036
Zions BancorporationD		4,106			123,016
					60,338,372
Healthcare — 12.1%
Abbott Laboratories		32,894			1,260,827
AbbVie, Inc.		33,845			1,787,354
Aetna, Inc.		7,798			534,865
Alexion Pharmaceuticals, Inc.*		4,186			556,989
Allergan, Inc.		6,341			704,358
AmerisourceBergen Corporation		4,903			344,730
Amgen, Inc.		16,086			1,836,378
Baxter International, Inc.		11,595			806,432
Becton, Dickinson and Co.		4,164			460,080
Biogen Idec, Inc.*		5,027			1,406,303
Boston Scientific Corporation*		28,614			343,940
Bristol-Myers Squibb Co.D		35,142			1,867,797
C.R. Bard, Inc.		1,662			222,608
Cardinal Health, Inc.		7,250			484,372
CareFusion Corporation*		4,580			182,376
Celgene Corporation*		8,776			1,482,793
Cerner Corporation*		6,328			352,723
Cigna Corporation		5,885			514,820
DaVita HealthCare Partners, Inc.*		3,735			236,687
DENTSPLY International, Inc.		3,058			148,252
Edwards Lifesciences Corporation*		2,256			148,355
Eli Lilly & Co.		21,179			1,080,129
Express Scripts Holding Co.*		17,173			1,206,232
Forest Laboratories, Inc.*		5,049			303,091
Gilead Sciences, Inc.*		32,668			2,455,000

	Shares		Value
Hospira, Inc.D*		3,500		$	144,480
Humana, Inc.		3,357			346,510
Intuitive Surgical, Inc.*		809			310,721
Johnson & Johnson		60,059			5,500,804
Laboratory Corporation of America HoldingsD*		1,887			172,415
Life Technologies Corporation*		3,724			282,279
McKesson Corporation		4,882			787,955
Medtronic, Inc.		21,287			1,221,661
Merck & Co., Inc.		62,258			3,116,013
Mylan, Inc.*		8,142			353,363
Patterson Cos., Inc.D		1,684			69,381
PerkinElmer, Inc.		2,326			95,901
Pfizer, Inc.		138,000			4,226,940
Quest Diagnostics, Inc.D		3,071			164,421
Regeneron Pharmaceuticals, Inc.*		1,683			463,229
St. Jude Medical, Inc.		6,279			388,984
Stryker Corporation		6,340			476,388
Tenet Healthcare CorporationD*		2,046			86,177
Thermo Fisher Scientific, Inc.		7,688			856,059
UnitedHealth Group, Inc.		21,446			1,614,884
Varian Medical Systems, Inc.D*		2,304			178,998
Vertex Pharmaceuticals, Inc.*		4,909			364,739
WellPoint, Inc.		6,273			579,562
Zimmer Holdings, Inc.		3,618			337,161
Zoetis, Inc.		10,680			349,129
					43,215,645
Materials & Processing — 3.6%
Air Products & Chemicals, Inc.D		4,476			500,327
Airgas, Inc.		1,439			160,952
Alcoa, Inc.D		22,296			237,006
Allegheny Technologies, Inc.D		2,381			84,835
Ball Corporation		3,080			159,113
Bemis Co., Inc.		2,220			90,931
CF Industries Holdings, Inc.		1,202			280,114
Cliffs Natural Resources, Inc.D		3,462			90,739
Dow Chemical Co. (The)		25,835			1,147,074
E.I. du Pont de Nemours & Co.		19,713			1,280,754
Eastman Chemical Co.		3,278			264,535
Ecolab, Inc.		5,784			603,098
Fastenal Co.D		5,913			280,927
FMC Corporation		2,824			213,099
Freeport-McMoRan Copper & Gold, Inc.		22,118			834,733
International Flavors & Fragrances, Inc.		1,742			149,777
International Paper Co.		9,377			459,754
Masco Corporation		7,467			170,024
MeadWestvaco Corporation		3,690			136,272
Monsanto Co.		11,197			1,305,010
Mosaic Co. (The)		7,188			339,777
Newmont Mining Corporation		10,530			242,506
Nucor CorporationD		6,736			359,568
Owens-Illinois, Inc.*		3,629			129,846
PPG Industries, Inc.		3,049			578,273
Praxair, Inc.		6,234			810,607
Precision Castparts Corporation		3,108			836,984
Sealed Air Corporation		4,329			147,402
Sherwin-Williams Co. (The)		1,851			339,658
Sigma-Aldrich CorporationD		2,586			243,110
United States Steel CorporationD		3,237			95,491

184 See Notes to Financial Statements.

	Shares		Value
Vulcan Materials Co.		2,787		$	165,604
					12,737,900
Producer Durables — 10.4%
3M Co.		13,618			1,909,925
ADT Corporation (The)D*		4,222			170,864
Agilent Technologies, Inc.		6,966			398,386
AMETEK, Inc.		5,182			272,936
Automatic Data Processing, Inc.		10,319			833,878
Avery Dennison Corporation		1,980			99,376
Boeing Co. (The)		14,715			2,008,450
Caterpillar, Inc.		13,490			1,225,027
CH Robinson Worldwide, Inc.D		3,229			188,380
Cintas CorporationD		2,141			127,582
CSX Corporation		21,470			617,692
Cummins, Inc.		3,720			524,408
Danaher Corporation		12,790			987,388
Deere & Co.D		8,196			748,541
Delta Air Lines, Inc.		18,142			498,361
Dover Corporation		3,646			351,985
Emerson Electric Co.		14,968			1,050,454
Expeditors International of Washington, Inc.D		4,422			195,674
FedEx Corporation		6,335			910,783
FLIR Systems, Inc.		3,049			91,775
Flowserve Corporation		2,945			232,154
Fluor Corporation		3,451			277,081
General Dynamics Corporation		7,114			679,743
General Electric Co.		215,452			6,039,120
Honeywell International, Inc.		16,647			1,521,036
Illinois Tool Works, Inc.		8,669			728,890
Iron Mountain, Inc.D		3,511			106,559
Jacobs Engineering Group, Inc.*		2,735			172,278
Joy Global, Inc.D		2,274			133,006
Kansas City Southern		2,341			289,886
L-3 Communications Holdings, Inc.		1,873			200,149
Lockheed Martin Corporation		5,753			855,241
Norfolk Southern Corporation		6,542			607,294
Northrop Grumman Corporation		4,717			540,615
PACCAR, Inc.D		7,579			448,449
Pall Corporation		2,398			204,669
Parker Hannifin Corporation		3,184			409,590
Paychex, Inc.D		6,886			313,520
Pitney Bowes, Inc.D		4,372			101,868
Quanta Services, Inc.*		4,504			142,146
Raytheon Co.		6,770			614,039
Republic Services, Inc.		5,735			190,402
Robert Half International, Inc.		2,978			125,046
Rockwell Automation, Inc.		2,970			350,935
Rockwell Collins, Inc.D		2,927			216,364
Roper Industries, Inc.		2,122			294,279
Ryder System, Inc.		1,151			84,921
Snap-on, Inc.		1,258			137,776
Southwest Airlines Co.		14,685			276,665
Stanley Black & Decker, Inc.		3,357			270,876
Stericycle, Inc.*		1,791			208,061
Textron, Inc.		6,066			222,986
Union Pacific Corporation		9,819			1,649,592
United Parcel Service, Inc. Class B		15,237			1,601,104
United Technologies Corporation		17,938			2,041,344

	Shares		Value
W.W. Grainger, Inc.		1,301		$	332,301
Waste Management, Inc.		9,205			413,028
Waters Corporation*		1,817			181,700
Xerox Corporation		24,453			297,593
Xylem, Inc.		3,939			136,289
					36,860,460
Technology — 15.6%
Adobe Systems, Inc.*		9,863			590,596
Akamai Technologies, Inc.D*		3,726			175,793
Altera CorporationD		6,949			226,051
Amphenol Corporation Class A		3,402			303,390
Analog Devices, Inc.		6,697			341,078
Apple, Inc.		19,160			10,750,868
Applied Materials, Inc.		25,751			455,535
Autodesk, Inc.*		4,871			245,157
Broadcom Corporation Class A		11,294			334,867
CA, Inc.		6,776			228,012
Cisco Systems, Inc.		113,842			2,555,753
Citrix Systems, Inc.*		3,960			250,470
Cognizant Technology Solutions Corporation Class A*		6,437			650,008
Computer Sciences CorporationD		3,120			174,346
Corning, Inc.		30,603			545,345
Crown Castle International Corporation*		7,177			527,007
Electronic Arts, Inc.D*		6,737			154,547
EMC Corporation		43,771			1,100,841
F5 Networks, Inc.D*		1,645			149,465
Facebook, Inc. Class A*		35,024			1,914,412
Google, Inc. Class A*		5,973			6,694,001
Harris Corporation		2,245			156,723
Hewlett-Packard Co.		41,018			1,147,684
Intel Corporation		105,776			2,745,945
International Business Machines Corporation		21,739			4,077,584
Intuit, Inc.		6,056			462,194
Jabil Circuit, Inc.		3,722			64,912
Juniper Networks, Inc.D*		10,710			241,725
KLA-Tencor CorporationD		3,535			227,866
Lam Research Corporation*		3,498			190,466
Linear Technology CorporationD		5,045			229,800
LSI Corporation		11,256			124,041
Microchip Technology, Inc.D		4,339			194,170
Micron Technology, Inc.*		22,579			491,319
Microsoft Corporation		161,848			6,057,971
Motorola Solutions, Inc.D		4,862			328,185
NetApp, Inc.		7,331			301,597
NVIDIA CorporationD		12,596			201,788
Oracle Corporation		74,724			2,858,940
QUALCOMM, Inc.		35,971			2,670,847
Red Hat, Inc.*		4,052			227,074
Salesforce.com, Inc.*		11,899			656,706
SanDisk Corporation		4,858			342,683
Symantec Corporation		14,705			346,744
Teradata CorporationD*		3,489			158,715
Texas Instruments, Inc.		23,171			1,017,439
VeriSign, Inc.D*		2,712			162,123
Western Digital Corporation		4,483			376,124
Xilinx, Inc.		5,801			266,382

See Notes to Financial Statements. 185

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Yahoo!, Inc.*		19,996		$	808,638
					55,503,927
Utilities — 5.0%
AES Corporation		14,057			203,967
AGL Resources, Inc.D		2,585			122,090
Ameren Corporation		5,215			188,574
American Electric Power Co., Inc.		10,408			486,470
AT&T, Inc.		112,202			3,945,022
CenterPoint Energy, Inc.		9,214			213,581
CenturyLink, Inc.D		12,510			398,444
CMS Energy Corporation		5,581			149,403
Consolidated Edison, Inc.D		6,328			349,812
Dominion Resources, Inc.		12,334			797,887
DTE Energy Co.		3,840			254,938
Duke Energy Corporation		14,931			1,030,388
Edison International		6,966			322,526
Entergy CorporationD		3,824			241,945
Exelon CorporationD		18,308			501,456
FirstEnergy Corporation		8,948			295,105
Frontier Communications CorporationD		21,639			100,621
Integrys Energy Group, Inc.D		1,743			94,837
NextEra Energy, Inc.		9,176			785,649
NiSource, Inc.		6,780			222,926
Northeast Utilities		6,645			281,682
NRG Energy, Inc.D		6,727			193,199
ONEOK, Inc.		4,398			273,468
Pepco Holdings, Inc.D		5,087			97,314
PG&E Corporation		9,519			383,425
Pinnacle West Capital CorporationD		2,369			125,368
PPL Corporation		13,337			401,310
Public Service Enterprise Group, Inc.D		10,702			342,892
SCANA CorporationD		3,051			143,183
Sempra Energy		4,853			435,605
Southern Co. (The)D		18,719			769,538
TECO Energy, Inc.D		4,578			78,925
Verizon Communications, Inc.		60,880			2,991,643
Windstream Holdings, Inc.D		12,759			101,817
Wisconsin Energy CorporationD		4,798			198,349
Xcel Energy, Inc.D		10,636			297,170
					17,820,529
Total Common Stocks (Cost $201,784,073)					330,605,250
FOREIGN COMMON STOCKS — 3.4%
Bermuda — 0.1%
Invesco, Ltd.		9,400			342,160
Nabors Industries, Ltd.		5,483			93,156
					435,316
British Virgin Islands — 0.1%
Michael Kors Holdings, Ltd.D*		3,844			312,094
Curacao — 0.7%
Schlumberger, Ltd.		28,013			2,524,252
Ireland — 1.0%
Accenture PLC Class A		13,537			1,113,012
Allegion PLC*		1,902			84,050
Covidien PLC		9,827			669,219
Eaton Corporation PLC		10,114			769,878
Ingersoll-Rand PLC		5,707			351,551

	Shares		Value
Seagate Technology PLC		6,946		$	390,087
XL Group PLC		5,999			191,008
					3,568,805
Netherlands — 0.3%
LyondellBasell Industries NV Class A		9,289			745,721
Nielsen Holdings NV		5,489			251,890
					997,611
Panama — 0.1%
Carnival CorporationD		9,383			376,915
Switzerland — 0.7%
ACE, Ltd.		7,273			752,974
Garmin, Ltd.D		2,607			120,495
Pentair, Ltd.		4,196			325,903
TE Connectivity, Ltd.		8,825			486,346
Transocean, Ltd.D		7,281			359,827
Tyco International, Ltd.		9,873			405,188
					2,450,733
United Kingdom — 0.4%
Aon PLC		6,399			536,812
Delphi Automotive PLC		5,975			359,277
Ensco PLC Class A		4,968			284,070
Noble Corporation PLC		5,519			206,797
Rowan Cos. PLC Class A*		2,707			95,720
					1,482,676
Total Foreign Common Stocks (Cost $8,187,777)					12,148,402
RIGHTS/WARRANTS — 0.0%
American International Group, Inc. Fractional Warrants+* (Cost $0)		65,600			—
MONEY MARKET FUNDS — 10.5%
GuideStone Money Market Fund (GS4 Class)¥		12,116,847			12,116,847
Northern Institutional Liquid Assets Portfolio§		25,398,730			25,398,730
Total Money Market Funds (Cost $37,515,577)					37,515,577
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 0.05%, 04/10/14‡ (Cost $534,927)	$	535,000			534,938
TOTAL INVESTMENTS — 106.9% (Cost $248,022,354)					380,804,167
Liabilities in Excess of Other Assets — (6.9)%					(24,489,209	)
NET ASSETS — 100.0%				$	356,314,958

186 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	330,605,250		$	330,605,250		$	—		$	—
Foreign Common Stocks			12,148,402			12,148,402			—			—
Money Market Funds			37,515,577			37,515,577			—			—
Rights/Warrants			—			—			—			—
U.S. Treasury Obligation			534,938			—			534,938			—
Total Assets - Investments in Securities		$	380,804,167		$	380,269,229		$	534,938		$	—
Other Financial Instruments***
Futures Contracts		$	428,001		$	428,001		$	—		$	—
Total Assets - Other Financial Instruments		$	428,001		$	428,001		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

See Notes to Financial Statements. 187

Value Equity Fund (Unaudited)

The Fund invested in a diversified portfolio of large - and medium-sized U.S. companies whose stocks were considered to be attractive from a valuation perspective. The GS4 Class of the Fund posted double-digit positive performance and outperformed its benchmark, the Russell 1000^® Value Index, for the one-year period ended December 31, 2013 (35.22% versus 32.53%). Security selection to the financials and healthcare sectors contributed to benchmark-relative returns, while security selection to the consumer discretionary and technology sectors detracted from benchmark-relative performance for the year.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio by adding a potentially higher return, higher risk option of value stocks. This Fund is subject to value investing risk. This involves the risk that an investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		23.9
Healthcare		14.2
Money Market Funds		11.7
Energy		10.9
Producer Durables		10.3
Foreign Common Stocks		10.0
Technology		8.5
Consumer Discretionary		7.3
Utilities		5.7
Consumer Staples		3.2
Materials & Processing		2.2
U.S. Treasury Obligation		—	**
		107.9

** Rounds to less than 0.005%.

188

Value Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	35.52%	35.22%	32.53%
Five Year	17.28%	17.04%	16.67%
Ten Year	7.59%	7.39%	7.58%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.68%	0.92%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Russell 1000^® Value Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

189

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 86.2%
Consumer Discretionary — 7.3%
Best Buy Co., Inc.		113,800		$	4,538,344
CBS Corporation Class B		1,902			121,233
Comcast Corporation Class A		218,126			11,334,918
Dana Holding CorporationD		299,040			5,867,165
Ford Motor Co.		317,487			4,898,824
GameStop Corporation Class AD		70,700			3,482,682
Gap, Inc. (The)		158,700			6,201,996
General Motors Co.*		27,981			1,143,583
Goodyear Tire & Rubber Co. (The)		130,500			3,112,425
Home Depot, Inc. (The)		103,608			8,531,083
Johnson Controls, Inc.		23,043			1,182,106
Lear Corporation		58,600			4,744,842
Lennar Corporation Class AD		155,451			6,149,641
McGraw Hill Financial, Inc.		13,600			1,063,520
News Corporation Class A*		4,799			86,478
Nu Skin Enterprises, Inc. Class A		34,100			4,713,302
Sirius XM Holdings, Inc.D*		55,021			192,023
Target Corporation		182,103			11,521,657
Time Warner, Inc.D		94,879			6,614,964
Twenty-First Century Fox, Inc. Class A		17,256			607,066
Wal-Mart Stores, Inc.		82,172			6,466,115
Walt Disney Co. (The)		46,969			3,588,432
Whirlpool Corporation		8,400			1,317,624
					97,480,023
Consumer Staples — 3.2%
Archer-Daniels-Midland Co.		54,715			2,374,631
Coca-Cola Enterprises, Inc.		65,300			2,881,689
CVS Caremark Corporation		36,127			2,585,609
Green Mountain Coffee Roasters, Inc.D*		1,900			143,602
Hershey Co. (The)		40,600			3,947,538
Hillshire Brands Co.		22,600			755,744
Kellogg Co.		769			46,963
Kimberly-Clark Corporation		2,135			223,022
Kroger Co. (The)		102,600			4,055,778
Mondelez International, Inc. Class A		271,337			9,578,196
PepsiCo, Inc.		83,700			6,942,078
Procter & Gamble Co. (The)		91,501			7,449,097
Sysco CorporationD		12,804			462,224
Tyson Foods, Inc. Class AD		38,500			1,288,210
Walgreen Co.		7,690			441,714
					43,176,095
Energy — 10.9%
Anadarko Petroleum Corporation		15,854			1,257,539
Apache Corporation		13,153			1,130,369
Baker Hughes, Inc.		175,062			9,673,926
Chevron Corporation		214,020			26,733,238
ConocoPhillipsD		238,536			16,852,568
Devon Energy Corporation		13,726			849,228
Diamond Offshore Drilling, Inc.D		51,800			2,948,456
EOG Resources, Inc.		523			87,780
Exxon Mobil CorporationD		296,356			29,991,227
Halliburton Co.		84,500			4,288,375

	Shares		Value
Hess Corporation		10,374		$	861,042
Kinder Morgan, Inc.D		2,079			74,844
Marathon Oil Corporation		354,573			12,516,427
Marathon Petroleum Corporation		10,051			921,978
Murphy Oil Corporation		76,700			4,976,296
National Oilwell Varco, Inc.D		14,355			1,141,653
Occidental Petroleum Corporation		173,894			16,537,320
Phillips 66		20,744			1,599,985
SM Energy Co.D		48,600			4,039,146
Spectra Energy Corporation		22,081			786,525
Valero Energy Corporation		164,279			8,279,662
Williams Cos., Inc. (The)D		10,595			408,649
					145,956,233
Financial Services — 23.9%
Aflac, Inc.		15,688			1,047,958
Allstate Corporation (The)		119,153			6,498,605
American Express Co.		253,445			22,995,065
American Financial Group, Inc.		57,800			3,336,216
American International Group, Inc.		345,245			17,624,757
Ameriprise Financial, Inc.		86,185			9,915,584
Assurant, Inc.D		71,700			4,758,729
Bank of America Corporation		1,064,895			16,580,415
Bank of New York Mellon Corporation (The)		38,905			1,359,341
BB&T Corporation		23,672			883,439
Berkshire Hathaway, Inc. Class B*		60,129			7,128,894
BlackRock, Inc.		2,790			882,951
Capital One Financial Corporation		277,760			21,279,194
CBOE Holdings, Inc.		55,500			2,883,780
CBRE Group, Inc. Class A*		51,500			1,354,450
Charles Schwab Corporation (The)		32,070			833,820
Chubb Corporation (The)		65,215			6,301,725
CIT Group, Inc.		77,500			4,040,075
Citigroup, Inc.		474,157			24,708,321
CME Group, Inc.		10,451			819,986
Comerica, Inc.		43,900			2,087,006
Discover Financial Services		123,985			6,936,961
Equity Residential REIT		11,877			616,060
Fifth Third BancorpD		259,800			5,463,594
First Niagara Financial Group, Inc.		43,900			466,218
Goldman Sachs Group, Inc. (The)		15,281			2,708,710
Hartford Financial Services Group, Inc.		128,415			4,652,475
Huntington Bancshares, Inc.D		514,400			4,963,960
JPMorgan Chase & Co.		563,310			32,942,369
KeyCorp		379,500			5,092,890
Lincoln National CorporationD		26,400			1,362,768
Loews Corporation		9,266			446,992
Marsh & McLennan Cos., Inc.		6,277			303,556
MetLife, Inc.		29,907			1,612,585
Morgan Stanley		50,938			1,597,416
PNC Financial Services Group, Inc. (The)		59,032			4,579,703
Prudential Financial, Inc.		9,426			869,266
Public Storage REIT		320			48,166

190 See Notes to Financial Statements.

	Shares		Value
Reinsurance Group of America, Inc.		30,400		$	2,353,264
RLJ Lodging Trust REIT		34,300			834,176
Simon Property Group, Inc. REIT		2,588			393,790
SLM Corporation		536,245			14,092,519
State Street Corporation		289,534			21,248,900
Travelers Cos., Inc. (The)		156,227			14,144,793
Unum Group		51,300			1,799,604
US BancorpD		61,665			2,491,266
Waddell & Reed Financial, Inc. Class A		65,300			4,252,336
Wells Fargo & Co.		603,011			27,376,699
					320,971,347
Healthcare — 14.2%
Abbott Laboratories		51,959			1,991,588
Aetna, Inc.		9,145			627,256
Align Technology, Inc.*		18,100			1,034,415
AmerisourceBergen CorporationD		64,300			4,520,933
Amgen, Inc.		39,700			4,532,152
Biogen Idec, Inc.*		15,200			4,252,200
Bristol-Myers Squibb Co.D		7,510			399,157
Cardinal Health, Inc.		196,100			13,101,441
Celgene Corporation*		26,800			4,528,128
Cigna Corporation		111,645			9,766,705
Cubist Pharmaceuticals, Inc.D*		21,300			1,466,931
Eli Lilly & Co.D		25,913			1,321,563
Express Scripts Holding Co.*		3,548			249,212
Hologic, Inc.D*		122,506			2,738,009
Humana, Inc.		31,800			3,282,396
Johnson & Johnson		253,085			23,180,055
McKesson Corporation		28,500			4,599,900
Medtronic, Inc.		345,368			19,820,670
Merck & Co., Inc.		336,421			16,837,871
Mylan, Inc.*		124,790			5,415,886
Omnicare, Inc.D		80,600			4,865,016
Pfizer, Inc.		912,896			27,962,004
Questcor Pharmaceuticals, Inc.D		26,500			1,442,925
Stryker Corporation		4,528			340,234
Thermo Fisher Scientific, Inc.D		32,701			3,641,256
United Therapeutics CorporationD*		47,300			5,348,684
UnitedHealth Group, Inc.		114,891			8,651,292
WellPoint, Inc.		163,721			15,126,183
					191,044,062
Materials & Processing — 2.2%
Air Products & Chemicals, Inc.		6,877			768,711
Allegheny Technologies, Inc.D		38,600			1,375,318
CF Industries Holdings, Inc.		6,400			1,491,456
Cliffs Natural Resources, Inc.D		55,600			1,457,276
Dow Chemical Co. (The)		35,225			1,563,990
E.I. du Pont de Nemours & Co.		125,800			8,173,226
Freeport-McMoRan Copper & Gold, Inc.		34,658			1,307,993
Mosaic Co. (The)		9,903			468,115
Packaging Corporation of America		48,400			3,062,752
PPG Industries, Inc.		477			90,468
Rock-Tenn Co. Class A		18,200			1,911,182
Sealed Air Corporation		179,855			6,124,062

	Shares		Value
Westlake Chemical Corporation		9,900		$	1,208,493
					29,003,042
Producer Durables — 10.3%
3M Co.		3,515			492,979
ADT Corporation (The)D*		73,437			2,971,995
AECOM Technology Corporation*		28,500			838,755
Alliant Techsystems, Inc.D		40,500			4,928,040
Caterpillar, Inc.		18,020			1,636,396
CSX Corporation		16,913			486,587
Cummins, Inc.D		1,118			157,604
Danaher Corporation		16,017			1,236,512
Delta Air Lines, Inc.		70,000			1,922,900
Emerson Electric Co.		61,575			4,321,334
Exelis, Inc.		248,300			4,732,598
FedEx Corporation		10,604			1,524,537
General Dynamics Corporation		58,845			5,622,640
General Electric Co.		763,319			21,395,832
Honeywell International, Inc.		70,500			6,441,585
Huntington Ingalls Industries, Inc.		55,400			4,986,554
Illinois Tool Works, Inc.		80,545			6,772,224
L-3 Communications Holdings, Inc.D		50,700			5,417,802
Lockheed Martin Corporation		11,500			1,709,590
Norfolk Southern CorporationD		56,818			5,274,415
Northrop Grumman CorporationD		60,426			6,925,424
Oshkosh Corporation		57,800			2,911,964
Raytheon Co.D		169,418			15,366,213
Southwest Airlines Co.		117,200			2,208,048
Stanley Black & Decker, Inc.		120,100			9,690,869
Terex CorporationD		187,960			7,892,440
Textron, Inc.		275,095			10,112,492
United Technologies Corporation		2,004			228,055
Waste Management, Inc.		14,168			635,718
					138,842,102
Technology — 8.5%
Adobe Systems, Inc.*		10,328			618,441
Apple, Inc.		13,236			7,426,852
Applied Materials, Inc.		214,000			3,785,660
Arrow Electronics, Inc.*		49,000			2,658,250
Avnet, Inc.		57,400			2,531,914
Broadcom Corporation Class A		10,498			311,266
CA, Inc.		76,700			2,580,955
Cisco Systems, Inc.		479,612			10,767,289
Corning, Inc.		256,758			4,575,428
EMC CorporationD		35,508			893,026
Hewlett-Packard Co.		64,927			1,816,657
Ingram Micro, Inc. Class A*		184,600			4,330,716
Intel Corporation		662,833			17,207,145
International Business Machines Corporation		36,975			6,935,401
Lam Research Corporation*		65,900			3,588,255
Microsoft Corporation		410,255			15,355,845
SanDisk Corporation		64,900			4,578,046
Texas Instruments, Inc.		242,200			10,635,002
Twitter, Inc.D*		659			41,945
Western Digital Corporation		147,360			12,363,504
Yahoo!, Inc.*		30,017			1,213,887
					114,215,484

See Notes to Financial Statements. 191

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Utilities — 5.7%
AES CorporationD		654,100		$	9,490,991
American Electric Power Co., Inc.		225,357			10,533,186
AT&T, Inc.		635,580			22,346,993
CenturyLink, Inc.D		20,074			639,357
Dominion Resources, Inc.		19,365			1,252,722
Duke Energy CorporationD		23,556			1,625,600
Edison International		104,900			4,856,870
Entergy CorporationD		130,300			8,244,081
Exelon CorporationD		28,947			792,858
Frontier Communications CorporationD		276,900			1,287,585
NextEra Energy, Inc.		14,235			1,218,801
PG&E Corporation		14,572			586,960
PPL Corporation		40,100			1,206,609
Public Service Enterprise Group, Inc.D		49,500			1,585,980
Southern Co. (The)D		29,221			1,201,275
Sprint CorporationD*		24,126			259,355
Verizon Communications, Inc.		188,924			9,283,725
					76,412,948
Total Common Stocks (Cost $849,547,895)					1,157,101,336
FOREIGN COMMON STOCKS — 10.0%
Bermuda — 1.6%
AXIS Capital Holdings, Ltd.		90,100			4,286,057
Everest Re Group, Ltd.D		31,200			4,863,144
Marvell Technology Group, Ltd.		339,300			4,879,134
Nabors Industries, Ltd.		185,455			3,150,880
PartnerRe, Ltd.		26,200			2,762,266
RenaissanceRe Holdings, Ltd.		11,500			1,119,410
					21,060,891
Canada — 0.4%
Magna International, Inc.		56,000			4,595,360
Thomson Reuters Corporation		12,314			465,715
					5,061,075
Cayman Islands — 0.2%
Herbalife, Ltd.D		35,700			2,809,590
France — 0.8%
Sanofi ADRD		212,600			11,401,738
Guernsey — 0.4%
Amdocs, Ltd.		117,700			4,853,948
Ireland — 0.8%
Covidien PLC		15,829			1,077,955
CRH PLC ADRD		328,300			8,388,065
Eaton Corporation PLC		15,897			1,210,080
Mallinckrodt PLCD*		2,152			112,463
					10,788,563
Netherlands — 0.3%
LyondellBasell Industries NV Class A		46,800			3,757,104
Panama — 0.8%
Carnival CorporationD		282,381			11,343,245
Singapore — 0.1%
Flextronics International, Ltd.*		127,000			986,790
Switzerland — 1.8%
ACE, Ltd.		19,325			2,000,717

	Shares		Value
Allied World Assurance Company Holdings AG		34,800		$	3,925,788
Pentair, Ltd.		53,564			4,160,316
TE Connectivity, Ltd.		133,175			7,339,274
Tyco International, Ltd.		163,870			6,725,225
					24,151,320
United Kingdom — 2.8%
BP PLC ADR		219,300			10,660,173
Delphi Automotive PLC		231,800			13,938,134
Ensco PLC Class A		103,100			5,895,258
Liberty Global PLC Class A*		1,939			172,552
Noble Corporation PLC		188,600			7,066,842
					37,732,959
Total Foreign Common Stocks (Cost $107,232,807)					133,947,223
MONEY MARKET FUNDS — 11.7%
GuideStone Money Market Fund (GS4 Class)¥		48,058,108			48,058,108
Northern Institutional Liquid Assets Portfolio§		109,412,405			109,412,405
Total Money Market Funds (Cost $157,470,513)					157,470,513
	Par
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill 0.05%, 04/10/14‡‡
(Cost $649,910)	$	650,000			649,925
TOTAL INVESTMENTS — 107.9% (Cost $1,114,901,125)					1,449,168,997
Liabilities in Excess of Other Assets — (7.9)%					(106,154,366	)
Net Assets — 100.0%				$	1,343,014,631

192 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	1,157,101,336		$	1,157,101,336		$	—		$	—
Foreign Common Stocks			133,947,223			133,947,223			—			—
Money Market Funds			157,470,513			157,470,513			—			—
U.S. Treasury Obligation			649,925			—			649,925			—
Total Assets - Investments in Securities		$	1,449,168,997		$	1,448,519,072		$	649,925		$	—
Other Financial Instruments***
Futures Contracts		$	1,791,093		$	1,791,093		$	—		$	—
Total Assets - Other Financial Instruments		$	1,791,093		$	1,791,093		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

See Notes to Financial Statements. 193

Growth Equity Fund (Unaudited)

The Fund invested in a diversified portfolio of large- and medium-sized U.S. companies whose stocks were considered to have above average potential for growth in revenue and earnings. The GS4 Class of the Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the one-year period ended December 31, 2013 (34.52% versus 33.48%). Underweight exposure and security selection within the technology sector contributed to benchmark-relative returns, while underweight exposure and security selection within the producer durables sector detracted from benchmark-relative performance during the year.

This Fund may be suitable for investors who seek high, long-term rates of return, can accept significant short-term fluctuations in account value, want to invest in growth-oriented stocks and would like to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. The Fund will not concentrate in any particular industry, but at times, it may be heavily invested in a particular economic sector. This may result in greater short-term price volatility.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Consumer Discretionary		21.2
Technology		18.0
Money Market Funds		15.3
Healthcare		14.7
Financial Services		13.2
Foreign Common Stocks		10.8
Energy		5.6
Producer Durables		5.5
Materials & Processing		4.0
Consumer Staples		2.5
Foreign Preferred Stocks		—	**
		110.8

** Rounds to less than 0.005%.

194

Growth Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	34.83%	34.52%	33.48%
Five Year	20.80%	20.64%	20.39%
Ten Year	7.47%	7.32%	7.83%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.90%	1.14%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Russell 1000^® Growth Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

195

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 84.7%
Consumer Discretionary — 21.2%
Amazon.com, Inc.*		98,965		$	39,466,252
CBS Corporation Class B		102,271			6,518,754
Chipotle Mexican Grill, Inc.*		25,700			13,692,446
Comcast Corporation Class A		194,530			10,108,752
Costco Wholesale Corporation		89,144			10,609,027
Discovery Communications, Inc. Class A*		39,160			3,540,847
eBay, Inc.*		68,220			3,744,596
Estee Lauder Cos., Inc. (The) Class A		247,872			18,669,719
Expedia, Inc.D		91,030			6,341,150
Fortune Brands Home & Security, Inc.		99,370			4,541,209
Fossil Group, Inc.*		37,037			4,442,218
Gap, Inc. (The)		88,417			3,455,336
General Motors Co.*		138,866			5,675,453
Hertz Global Holdings, Inc.*		134,905			3,860,981
Home Depot, Inc. (The)		68,130			5,609,824
Jarden Corporation*		110,970			6,808,010
Johnson Controls, Inc.		148,918			7,639,493
Lennar Corporation Class AD		120,280			4,758,277
Liberty Media Corporation Class A*		20,643			3,023,167
Lululemon Athletica, Inc.D*		43,652			2,576,778
NIKE, Inc. Class B		312,091			24,542,836
Panera Bread Co. Class A*		6,096			1,077,102
priceline.com, Inc.*		27,330			31,768,392
Ralph Lauren Corporation		29,840			5,268,849
Sirius XM Holdings, Inc.D*		2,140,722			7,471,120
Starbucks Corporation		294,052			23,050,736
Starwood Hotels & Resorts Worldwide, Inc.		159,538			12,675,294
TJX Cos., Inc.		74,353			4,738,517
Ulta Salon Cosmetics & Fragrance, Inc.*		81,200			7,837,424
Walt Disney Co. (The)		195,920			14,968,288
Whirlpool Corporation		18,345			2,877,597
					301,358,444
Consumer Staples — 2.5%
Church & Dwight Co., Inc.		75,280			4,989,558
Green Mountain Coffee Roasters, Inc.D*		40,870			3,088,955
Mead Johnson Nutrition Co.		84,745			7,098,241
Monster Beverage Corporation*		90,300			6,119,631
Procter & Gamble Co. (The)		61,279			4,988,723
Safeway, Inc.		78,500			2,556,745
Whole Foods Market, Inc.		108,820			6,293,061
					35,134,914
Energy — 5.6%
Anadarko Petroleum Corporation		41,390			3,283,055
Antero Resources Corporation*		34,947			2,217,038
Continental Resources, Inc.D*		82,446			9,276,824
EOG Resources, Inc.		37,210			6,245,326
FMC Technologies, Inc.D*		336,099			17,547,729
Halliburton Co.		106,172			5,388,229
National Oilwell Varco, Inc.D		119,500			9,503,835
Noble Energy, Inc.		77,433			5,273,962

	Shares		Value
Occidental Petroleum Corporation		38,665		$	3,677,041
Pioneer Natural Resources Co.		37,011			6,812,615
Southwestern Energy Co.*		241,000			9,478,530
					78,704,184
Financial Services — 13.2%
American Express Co.		32,900			2,985,017
American International Group, Inc.		74,050			3,780,253
BlackRock, Inc.		16,150			5,110,991
Charles Schwab Corporation (The)D		618,015			16,068,390
Citigroup, Inc.		370,598			19,311,862
CME Group, Inc.		34,700			2,722,562
Discover Financial Services		228,073			12,760,684
FleetCor Technologies, Inc.*		67,054			7,856,717
Goldman Sachs Group, Inc. (The)		19,390			3,437,071
Hartford Financial Services Group, Inc.D		140,550			5,092,126
IntercontinentalExchange Group, Inc.*		33,699			7,579,579
JPMorgan Chase & Co.		147,300			8,614,104
Mastercard, Inc. Class A		18,719			15,638,976
Morgan Stanley		406,940			12,761,638
Ocwen Financial Corporation*		29,700			1,646,865
SLM Corporation		151,650			3,985,362
Visa, Inc. Class AD		262,414			58,434,350
					187,786,547
Healthcare — 14.7%
Alexion Pharmaceuticals, Inc.*		81,400			10,831,084
Allergan, Inc.		64,350			7,147,998
athenahealth, Inc.D*		35,900			4,828,550
Biogen Idec, Inc.*		124,788			34,909,443
BioMarin Pharmaceutical, Inc.*		73,400			5,157,818
Boston Scientific Corporation*		277,871			3,340,010
Bristol-Myers Squibb Co.D		53,500			2,843,525
Celgene Corporation*		68,880			11,637,965
Cerner Corporation*		154,000			8,583,960
Cooper Cos., Inc. (The)D		25,560			3,165,350
Covance, Inc.D*		53,586			4,718,783
DaVita HealthCare Partners, Inc.*		85,884			5,442,469
Express Scripts Holding Co.*		210,209			14,765,080
Gilead Sciences, Inc.D*		503,536			37,840,730
Intuitive Surgical, Inc.D*		37,259			14,310,437
McKesson Corporation		21,200			3,421,680
Pfizer, Inc.		169,926			5,204,833
Pharmacyclics, Inc.*		21,506			2,274,905
Regeneron Pharmaceuticals, Inc.D*		59,593			16,402,377
St. Jude Medical, Inc.		58,700			3,636,465
Thermo Fisher Scientific, Inc.		53,400			5,946,090
Zoetis, Inc.		71,420			2,334,720
					208,744,272
Materials & Processing — 4.0%
Ecolab, Inc.		78,328			8,167,261
Masco Corporation		180,178			4,102,653
Monsanto Co.		160,655			18,724,340
PPG Industries, Inc.		29,838			5,659,075
Precision Castparts Corporation		26,800			7,217,240

196 See Notes to Financial Statements.

	Shares		Value
Sherwin-Williams Co. (The)		71,182		$	13,061,897
					56,932,466
Producer Durables — 5.5%
B/E Aerospace, Inc.*		77,366			6,733,163
Boeing Co. (The)		80,751			11,021,704
Cummins, Inc.		34,860			4,914,214
Danaher Corporation		94,138			7,267,453
Delta Air Lines, Inc.		193,257			5,308,770
Fluor CorporationD		104,230			8,368,627
Honeywell International, Inc.		46,980			4,292,563
National Instruments CorporationD		111,704			3,576,762
Roper Industries, Inc.D		42,672			5,917,753
Stericycle, Inc.*		52,234			6,068,024
Union Pacific Corporation		63,953			10,744,104
Verisk Analytics, Inc. Class A*		52,260			3,434,527
					77,647,664
Technology — 18.0%
Amphenol Corporation Class AD		69,404			6,189,449
ANSYS, Inc.*		41,270			3,598,744
Apple, Inc.		39,566			22,200,878
Citrix Systems, Inc.*		38,520			2,436,390
Cognizant Technology Solutions Corporation Class A*		39,427			3,981,338
Cree, Inc.D*		44,048			2,756,083
Crown Castle International Corporation*		50,442			3,703,956
Equinix, Inc.D*		18,470			3,277,502
F5 Networks, Inc.D*		43,130			3,918,792
Facebook, Inc. Class AD*		547,638			29,933,893
Google, Inc. Class A*		61,292			68,690,557
Lam Research Corporation*		37,050			2,017,372
LinkedIn Corporation, Class AD*		85,065			18,444,644
NetApp, Inc.		110,947			4,564,360
QUALCOMM, Inc.		169,571			12,590,647
Rovi Corporation*		7			138
Salesforce.com, Inc.D*		667,972			36,865,375
ServiceNow, Inc.*		32,492			1,819,877
Splunk, Inc.D*		139,617			9,587,499
Texas Instruments, Inc.		115,837			5,086,403
Twitter, Inc.D*		17,868			1,137,298
Workday, Inc. Class AD*		24,050			1,999,998
Yahoo!, Inc.*		206,300			8,342,772
Yelp, Inc.*		30,474			2,101,182
					255,245,147
Total Common Stocks (Cost $850,644,898)					1,201,553,638

	Shares		Value
FOREIGN COMMON STOCKS — 10.8%
Bermuda — 0.3%
Genpact, Ltd.*		207,595		$	3,813,520
British Virgin Islands — 0.3%
Michael Kors Holdings, Ltd.D*		55,705			4,522,689
Canada — 1.1%
Canadian Pacific Railway, Ltd.		65,885			9,969,718
Valeant Pharmaceuticals International, Inc.*		50,626			5,943,493
					15,913,211
Cayman Islands — 1.5%
Baidu, Inc. ADR*		116,500			20,723,020
Curacao — 2.3%
Schlumberger, Ltd.		355,436			32,028,338
Ireland — 0.8%
Accenture PLC Class A		62,445			5,134,228
Eaton Corporation PLC		84,150			6,405,498
					11,539,726
Jersey — 0.3%
Shire PLC ADRD		35,170			4,969,169
Netherlands — 2.1%
ASML Holding NVD		183,458			17,190,014
Core Laboratories NV		33,596			6,415,156
LyondellBasell Industries NV Class A		35,463			2,846,970
Yandex NV, Class A		78,340			3,380,371
					29,832,511
United Kingdom — 2.1%
ARM Holdings PLC ADRD		211,700			11,588,458
Liberty Global PLC Class A*		137,181			12,207,737
Rolls-Royce Holdings PLC*		253,865			5,359,970
					29,156,165
Total Foreign Common Stocks (Cost $110,730,767)					152,498,349
FOREIGN PREFERRED STOCKS — 0.0%
Rolls-Royce Holdings PLC Class C, 3.00%+*
(Cost $21,833)		21,832,390			36,154
MONEY MARKET FUNDS — 15.3%
GuideStone Money Market Fund (GS4 Class)¥		60,581,823			60,581,823
Northern Institutional Liquid Assets Portfolio§		156,992,176			156,992,176
Total Money Market Funds (Cost $217,573,999)					217,573,999
TOTAL INVESTMENTS — 110.8% (Cost $1,178,971,497)					1,571,662,140
Liabilities in Excess of Other Assets — (10.8)%					(153,018,295	)
NET ASSETS — 100.0%				$	1,418,643,845

See Notes to Financial Statements. 197

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	1,201,553,638		$	1,201,553,638		$	—		$	—
Foreign Common Stocks			152,498,349			152,498,349			—			—
Foreign Preferred Stocks			36,154			—			—			36,154
Money Market Funds			217,573,999			217,573,999			—			—
Total Assets - Investments in Securities		$	1,571,662,140		$	1,571,625,986		$	—		$	36,154
Other Financial Instruments***
Futures Contracts		$	2,352,173		$	2,352,173		$	—		$	—
Total Assets - Other Financial Instruments		$	2,352,173		$	2,352,173		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets of the Funds is not material, therefore, the transfers between Level 1 and Level 2 are not shown for the year ended December 31, 2013.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2013.

198 See Notes to Financial Statements.

Small Cap Equity Fund (Unaudited)

The Fund was comprised of domestic, small-cap stocks with both value- and growth-style orientations. The GS4 Class of the Fund generated exceptionally strong performance for the year with a return of 38.09%, slightly underperforming its benchmark, the Russell 2000^® Index, for the one-year period ended December 31, 2013 (38.09% versus 38.82%). Security selection within the healthcare and technology sectors detracted from benchmark-relative returns, while security selection within the financial services and producer durables sectors contributed to benchmark-relative performance during the year. The Fund’s relative performance further benefited from a portable alpha strategy, where stock index futures contracts were used to gain small cap equity beta exposure and the underlying cash was invested in fixed income securities. Within this portion of the Fund, the fixed income securities’ performance outpaced the futures contracts’ financing costs which generated excess return for the Fund. Within the fixed income portion of the portfolio, certain derivative contracts were used to manage duration and adjust exposure along the yield curve, including U.S. Treasuries futures and options, Eurodollar futures and options and Euro-Bund futures. The Fund also used currency forwards to manage foreign currency exposure. At the Fund level, overall derivative exposure had a very slight negative impact on performance over the course of the year.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value, want to invest in stocks of small- to medium-sized U.S. companies and would like to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Money Market Funds		31.6
Producer Durables		16.3
Financial Services		15.2
Consumer Discretionary		12.8
Technology		12.7
Foreign Common Stocks		7.3
Healthcare		7.1
Materials & Processing		5.0
Energy		4.3
Mortgage-Backed Securities		3.4
Utilities		3.2
Corporate Bonds		2.3
Consumer Staples		1.8
Foreign Bonds		1.5
U.S. Treasury Obligations		1.5
Agency Obligations		0.7
Asset-Backed Securities		0.4
Municipal Bonds		0.1
Purchased Options		—	**
Rights/Warrants		—	**
Written Option		—	**
		127.2

** Rounds to less than 0.005%.

199

Small Cap Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**
One Year	38.39%	38.09%	38.82%
Five Year	21.51%	21.29%	20.08%
Ten Year	8.67%	8.50%	9.07%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.05%	1.29%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the Russell 2000^® Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

200

SMALL CAP EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 78.4%
Consumer Discretionary — 12.8%
ANN, Inc.*		15,200		$	555,712
Arctic Cat, Inc.		12,000			683,760
Ascena Retail Group, Inc.*		51,300			1,085,508
Blue Nile, Inc.D*		13,200			621,588
Bright Horizons Family Solutions, Inc.D*		33,600			1,234,464
Buffalo Wild Wings, Inc.*		8,390			1,235,008
Burlington Stores, Inc.*		10,600			339,200
Cato Corporation (The) Class A		35,500			1,128,900
CEC Entertainment, Inc.D		8,200			363,096
Chegg, Inc.*		9,800			83,398
Children’s Place Retail Stores, Inc. (The)D*		6,300			358,911
Chuy’s Holdings, Inc.D*		5,642			203,225
Deckers Outdoor CorporationD*		20,500			1,731,430
Destination Maternity Corporation		32,000			956,160
Destination XL Group, Inc.D*		323,288			2,124,002
Drew Industries, Inc.*		36,400			1,863,680
DSW, Inc. Class A		17,400			743,502
Fiesta Restaurant Group, Inc.*		5,800			302,992
Finish Line, Inc. (The) Class A		6,800			191,556
Five Below, Inc.D*		16,600			717,120
Fox Factory Holding Corporation*		38,700			681,894
FTD Cos., Inc.D*		15,520			505,642
GameStop Corporation Class AD		29,000			1,428,540
Gentex CorporationD		32,400			1,068,876
G-III Apparel Group, Ltd.*		14,700			1,084,713
Goodyear Tire & Rubber Co. (The)		37,200			887,220
Grand Canyon Education, Inc.*		47,600			2,075,360
Harman International Industries, Inc.		22,878			1,872,564
Hibbett Sports, Inc.D*		22,700			1,525,667
Inter Parfums, Inc.		24,700			884,507
ITT Educational Services, Inc.D*		29,500			990,610
Jarden Corporation*		8,000			490,800
Kirkland’s, Inc.*		75,300			1,782,351
Krispy Kreme Doughnuts, Inc.D*		27,000			520,830
Lear Corporation		33,900			2,744,883
Libbey, Inc.*		75,800			1,591,800
Lions Gate Entertainment CorporationD		31,038			982,663
Lithia Motors, Inc. Class AD		19,000			1,318,980
Mattress Firm Holding CorporationD*		20,100			865,104
Monro Muffler Brake, Inc.D		31,250			1,761,250
National CineMedia, Inc.		70,000			1,397,200
Nu Skin Enterprises, Inc. Class A		16,200			2,239,164
Nutrisystem, Inc.		66,500			1,093,260
Oxford Industries, Inc.		16,550			1,335,088
Pandora Media, Inc.D*		63,700			1,694,420
Red Robin Gourmet Burgers, Inc.D*		5,600			411,824
RG Barry Corporation		76,740			1,481,082
Ryland Group, Inc. (The)D		24,400			1,059,204
Sally Beauty Holdings, Inc.*		45,300			1,369,419
SFX Entertainment, Inc.D*		19,200			230,400

	Shares		Value
Shutterfly, Inc.D*		25,600		$	1,303,808
Shutterstock, Inc.D*		12,600			1,053,738
Smith & Wesson Holding CorporationD*		304,400			4,106,356
Sotheby’s		37,500			1,995,000
Steven Madden, Ltd.*		35,850			1,311,752
Sturm Ruger & Co., Inc.D		30,300			2,214,627
Tower International, Inc.*		98,700			2,112,180
Universal Electronics, Inc.*		103,654			3,950,254
Vera Bradley, Inc.D*		34,100			819,764
Vince Holding Corporation*		7,900			242,293
Zagg, Inc.D*		178,100			774,735
					73,783,034
Consumer Staples — 1.8%
Andersons, Inc. (The)		10,200			909,534
Annie’s, Inc.D*		18,250			785,480
Boulder Brands, Inc.D*		25,638			406,618
Cal-Maine Foods, Inc.		1,400			84,322
Chef’s Warehouse, Inc. (The)D*		35,900			1,046,844
Diamond Foods, Inc.D*		20,200			521,968
Hain Celestial Group, Inc. (The)*		13,901			1,261,933
Natural Grocers by Vitamin Cottage, Inc.D*		5,555			235,810
Omega Protein CorporationD*		40,700			500,203
PetMed Express, Inc.D		10,300			171,289
United Natural Foods, Inc.*		44,600			3,362,394
WhiteWave Foods Co. Class A*		41,834			959,672
					10,246,067
Energy — 4.3%
American Standard Energy Corporation@*		8,702			1,925
Athlon Energy, Inc.*		23,000			695,750
Bonanza Creek Energy, Inc.*		18,725			813,976
CARBO Ceramics, Inc.D		4,900			570,997
Dawson Geophysical Co.D*		10,500			355,110
Delek US Holdings, Inc.		13,500			464,535
Diamondback Energy, Inc.D*		22,836			1,207,111
Geospace Technologies CorporationD*		23,000			2,181,090
Green Plains Renewable Energy, Inc.D		26,000			504,140
Gulfport Energy Corporation*		46,900			2,961,735
Hornbeck Offshore Services, Inc.D*		22,550			1,110,137
Laredo Petroleum Holdings, Inc.D*		26,600			736,554
Matador Resources Co.D*		44,150			822,956
Parker Drilling Co.*		118,000			959,340
PDC Energy, Inc.*		14,500			771,690
Renewable Energy Group, Inc.D*		148,900			1,706,394
RPC, Inc.D		64,300			1,147,755
Sanchez Energy CorporationD*		31,200			764,712
SEACOR Holdings, Inc.D*		7,400			674,880
SM Energy Co.		24,700			2,052,817
Stone Energy Corporation*		40,300			1,393,977
SunPower CorporationD*		17,082			509,214
Vaalco Energy, Inc.D*		336,500			2,318,485
					24,725,280
Financial Services — 15.2%
American Equity Investment Life Holding Co.D		65,700			1,733,166

See Notes to Financial Statements. 201

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
American Financial Group, Inc.		42,900		$	2,476,188
AMERISAFE, Inc.		43,665			1,844,410
Apartment Investment & Management Co. Class A REIT		30,700			795,437
Ashford Hospitality Prime, Inc.		19,680			358,176
Ashford Hospitality Trust, Inc. REITD		98,400			814,752
Assurant, Inc.		41,400			2,747,718
Banner Corporation		50,800			2,276,856
Brandywine Realty Trust REIT		80,000			1,127,200
Cardtronics, Inc.*		39,200			1,703,240
CBL & Associates Properties, Inc. REITD		76,400			1,372,144
CBRE Group, Inc. Class A*		88,000			2,314,400
Cedar Realty Trust, Inc. REIT		139,300			872,018
Central Pacific Financial Corporation		23,400			469,872
Chemical Financial Corporation		16,091			509,602
Columbia Banking System, Inc.		16,600			456,666
Comerica, Inc.		14,100			670,314
Community Bank System, Inc.D		34,300			1,361,024
Compass Diversified Holdings LLC		139,275			2,733,968
CoreSite Realty Corporation REITD		10,400			334,776
CubeSmart REIT		123,000			1,960,620
DiamondRock Hospitality Co. REIT		56,000			646,800
DuPont Fabros Technology, Inc. REITD		79,700			1,969,387
E*TRADE Financial Corporation*		74,400			1,461,216
Equity Lifestyle Properties, Inc. REIT		32,700			1,184,721
Euronet Worldwide, Inc.*		17,100			818,235
EverBank Financial CorporationD		61,600			1,129,744
FBL Financial Group, Inc. Class A		14,500			649,455
First Interstate Bancsystem, Inc.		82,600			2,343,362
First Midwest Bancorp, Inc.		22,400			392,672
First Niagara Financial Group, Inc.		42,500			451,350
Genworth Financial, Inc. Class AD*		25,200			391,356
Global Payments, Inc.D		41,700			2,710,083
Hanmi Financial CorporationD		20,100			439,989
Hanover Insurance Group, Inc. (The)		25,900			1,546,489
HCI Group, Inc.D		11,600			620,600
Heartland Payment Systems, Inc.D		45,700			2,277,688
Huntington Bancshares, Inc.D		305,900			2,951,935
Investment Technology Group, Inc.*		24,400			501,664
Jack Henry & Associates, Inc.		36,300			2,149,323
Kennedy-Wilson Holdings, Inc.		29,325			652,481
KKR Financial Holdings LLC		124,900			1,522,531
Lakeland Financial CorporationD		33,400			1,302,600
LaSalle Hotel Properties REITD		44,500			1,373,270
Manning & Napier, Inc.		93,300			1,646,745
MarketAxess Holdings, Inc.		19,400			1,297,278
MoneyGram International, Inc.*		27,000			561,060

	Shares		Value
National Bank Holdings Corporation Class AD		22,300		$	477,220
Portfolio Recovery Associates, Inc.D*		21,400			1,130,776
PrivateBancorp, Inc.		24,250			701,553
ProAssurance Corporation		34,700			1,682,256
RLJ Lodging Trust REIT		96,800			2,354,176
Rockville Financial, Inc.D		1,200			17,052
Sabra Health Care REIT, Inc.D		29,700			776,358
Safeguard Scientifics, Inc.D*		42,400			851,816
Safety Insurance Group, Inc.		17,800			1,002,140
Signature Bank*		4,100			440,422
Simmons First National Corporation Class AD		16,900			627,835
Sunstone Hotel Investors, Inc.REIT		76,300			1,022,420
SVB Financial Group*		1,200			125,832
United Community Banks, Inc.*		92,700			1,645,425
Unum Group		50,600			1,775,048
Waddell & Reed Financial, Inc. Class A		32,500			2,116,400
WEX, Inc.*		22,900			2,267,787
Wilshire Bancorp, Inc.		75,500			825,215
Wintrust Financial CorporationD		52,300			2,412,076
WisdomTree Investments, Inc.D*		49,300			873,103
World Acceptance CorporationD*		23,500			2,056,955
Zillow, Inc. Class AD*		5,291			432,433
					87,538,879
Healthcare — 7.1%
Acadia Healthcare Co., Inc.D*		17,800			842,474
Air Methods CorporationD*		40,500			2,362,365
Align Technology, Inc.*		21,200			1,211,580
Alnylam Pharmaceuticals, Inc.*		11,180			719,210
Array BioPharma, Inc.D*		96,100			481,461
AVANIR Pharmaceuticals, Inc. Class AD*		135,300			454,608
Bio-Reference Labs, Inc.D*		31,800			812,172
BioScrip, Inc.*		235,100			1,739,740
Brookdale Senior Living, Inc.D*		25,700			698,526
Celldex Therapeutics, Inc.D*		41,100			995,031
Clovis Oncology, Inc.*		10,800			650,916
Covance, Inc.*		7,200			634,032
Five Star Quality Care, Inc.+*		2,086			—
Globus Medical, Inc. Class A*		31,300			631,634
Haemonetics CorporationD*		24,500			1,032,185
Hanger, Inc.*		10,700			420,938
Hill-Rom Holdings, Inc.		33,100			1,368,354
IPC The Hospitalist Co., Inc.D*		15,900			944,301
Isis Pharmaceuticals, Inc.D*		10,200			406,368
Magellan Health Services, Inc.*		13,800			826,758
Masimo CorporationD*		48,900			1,429,347
Medidata Solutions, Inc.*		8,342			505,275
Meridian Bioscience, Inc.D		6,600			175,098
MWI Veterinary Supply, Inc.D*		2,400			409,416
Myriad Genetics, Inc.D*		89,700			1,881,906
Omnicare, Inc.D		31,456			1,898,684
Pacira Pharmaceuticals, Inc.D*		8,300			477,167
PDL BioPharma, Inc.D		257,400			2,172,456

202 See Notes to Financial Statements.

	Shares		Value
Providence Service Corporation (The)*		20,600		$	529,832
Puma Biotechnology, Inc.*		4,500			465,885
Questcor Pharmaceuticals, Inc.D		8,900			484,605
Sirona Dental Systems, Inc.*		8,200			575,640
Surgical Care Affiliates, Inc.*		32,300			1,125,332
Team Health Holdings, Inc.*		33,700			1,535,035
TESARO, Inc.*		5,300			149,672
United Therapeutics CorporationD*		36,200			4,093,496
US Physical Therapy, Inc.		32,600			1,149,476
Volcano CorporationD*		35,700			780,045
WebMD Health CorporationD*		25,200			995,400
West Pharmaceutical Services, Inc.		60,000			2,943,600
					41,010,020
Materials & Processing — 5.0%
Acuity Brands, Inc.D		8,726			953,926
Cliffs Natural Resources, Inc.D		46,300			1,213,523
Comfort Systems USA, Inc.		102,800			1,993,292
Eagle Materials, Inc.		11,249			871,010
Ferro Corporation*		151,300			1,941,179
FutureFuel Corporation		72,327			1,142,767
Insteel Industries, Inc.D		54,800			1,245,604
Interface, Inc.		95,500			2,097,180
Kaiser Aluminum CorporationD		9,600			674,304
Koppers Holdings, Inc.		38,500			1,761,375
Landec Corporation*		49,500			599,940
Lennox International, Inc.		14,100			1,199,346
Martin Marietta Materials, Inc.		8,134			812,912
OMNOVA Solutions, Inc.*		162,310			1,478,644
P.H. Glatfelter Co.		6,100			168,604
Packaging Corporation of America		21,400			1,354,192
Patrick Industries, Inc.*		27,100			784,003
PolyOne Corporation		54,075			1,911,551
RBC Bearings, Inc.D*		12,700			898,525
Rexnord Corporation*		41,500			1,120,915
Rock-Tenn Co. Class A		10,400			1,092,104
Rockwood Holdings, Inc.		5,600			402,752
Universal Stainless & Alloy Products, Inc.D*		61,049			2,201,427
Westlake Chemical Corporation		8,700			1,062,009
					28,981,084
Producer Durables — 16.3%
A.O. Smith CorporationD		22,900			1,235,226
AAR Corporation		78,000			2,184,780
ACCO Brands CorporationD*		243,900			1,639,008
Advisory Board Co. (The)D*		24,500			1,559,915
AECOM Technology Corporation*		59,800			1,759,914
Albany International Corporation Class A		46,075			1,655,475
Allegiant Travel Co.*		9,800			1,033,312
Alliant Techsystems, Inc.D		21,100			2,567,448
Astronics Corporation*		48,360			2,466,360
Atlas Air Worldwide Holdings, Inc.*		14,400			592,560
AZZ, Inc.D		71,501			3,493,539
Brink’s Co. (The)		43,400			1,481,676
Chart Industries, Inc.D*		8,500			812,940
Clean Harbors, Inc.D*		30,800			1,846,768
Coleman Cable, Inc.		33,300			873,126

	Shares		Value
Columbus McKinnon Corporation*		101,035		$	2,742,090
Consolidated Graphics, Inc.*		24,300			1,638,792
Corporate Executive Board Co. (The)		26,000			2,013,180
CoStar Group, Inc.*		23,557			4,348,151
Curtiss-Wright CorporationD		5,500			342,265
Ducommun, Inc.*		45,997			1,371,170
Dycom Industries, Inc.*		78,800			2,189,852
Electronics For Imaging, Inc.*		13,300			515,109
EMCOR Group, Inc.		39,800			1,689,112
EnerSys, Inc.D		40,700			2,852,663
Exelis, Inc.		139,900			2,666,494
ExlService Holdings, Inc.*		53,250			1,470,765
GP Strategies CorporationD*		51,100			1,522,269
Greenbrier Cos., Inc. (The)D*		66,100			2,170,724
Gulfmark Offshore, Inc. Class A		18,900			890,757
Healthcare Services Group, Inc.D		23,850			676,624
HEICO Corporation Class AD*		5,875			340,456
Huntington Ingalls Industries, Inc.		25,700			2,313,257
Huron Consulting Group, Inc.*		12,872			807,332
JetBlue Airways CorporationD*		70,900			606,195
Lexmark International, Inc. Class AD		29,800			1,058,496
Liquidity Services, Inc.D*		42,600			965,316
MAXIMUS, Inc.		25,900			1,139,341
McGrath RentCorpD		21,800			867,640
Measurement Specialties, Inc.*		36,100			2,190,909
Mobile Mini, Inc.D		15,500			638,290
Old Dominion Freight Line, Inc.*		53,400			2,831,268
On Assignment, Inc.*		78,000			2,723,760
Orbital Sciences Corporation*		41,800			973,940
Oshkosh CorporationD		28,500			1,435,830
Park-Ohio Holdings Corporation*		7,700			403,480
Pitney Bowes, Inc.D		76,600			1,784,780
Powell Industries, Inc.		10,300			689,997
Primoris Services Corporation		61,300			1,908,269
Roadrunner Transportation Systems, Inc.*		19,900			536,305
Rush Enterprises, Inc. Class AD*		30,800			913,220
SP Plus CorporationD*		27,000			703,080
Spirit Airlines, Inc.*		22,500			1,021,725
Sun Hydraulics CorporationD		42,600			1,739,358
Taser International, Inc.*		23,544			373,879
Terex Corporation		7,800			327,522
Trimas Corporation*		24,500			977,305
Tutor Perini Corporation*		27,700			728,510
URS CorporationD		27,900			1,478,421
Wabtec CorporationD		31,600			2,346,932
WageWorks, Inc.D*		45,150			2,683,716
WESCO International, Inc.D*		17,700			1,611,939
					93,422,532
Technology — 12.7%
Acacia Research CorporationD		55,200			802,608
Acxiom CorporationD*		15,027			555,698
Applied Micro Circuits CorporationD*		55,712			745,427

See Notes to Financial Statements. 203

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Arrow Electronics, Inc.*		23,300		$	1,264,025
Aspen Technology, Inc.*		41,300			1,726,340
Avnet, Inc.		11,000			485,210
Bankrate, Inc.D*		35,400			635,076
Benefitfocus, Inc.D*		13,800			796,812
Bottomline Technologies, Inc.D*		49,800			1,800,768
BroadSoft, Inc.*		24,500			669,830
Cavium, Inc.D*		19,800			683,298
ChannelAdvisor Corporation*		12,300			513,033
Cirrus Logic, Inc.D*		33,200			678,276
Cognex Corporation		16,100			614,698
CommVault Systems, Inc.D*		21,100			1,579,968
Computer Task Group, Inc.D		76,200			1,440,180
comScore, Inc.*		16,913			483,881
Cornerstone OnDemand, Inc.*		13,000			693,420
Dealertrack Holdings, Inc.D*		47,300			2,274,184
Demandware, Inc.*		18,300			1,173,396
DigitalGlobe, Inc.*		46,600			1,917,590
Envestnet, Inc.*		14,500			584,350
FEI Co.		3,100			277,016
Global Eagle Entertainment, Inc.D*		37,200			553,164
Hittite Microwave Corporation*		14,200			876,566
Imperva, Inc.*		10,100			486,113
Infoblox, Inc.*		54,100			1,786,382
Informatica Corporation*		19,000			788,500
Ingram Micro, Inc. Class A*		105,300			2,470,338
Interactive Intelligence Group, Inc.*		44,300			2,984,048
InterDigital, Inc.D		23,400			690,066
IPG Photonics CorporationD*		6,200			481,182
Manhattan Associates, Inc.*		17,500			2,055,900
Marketo, Inc.*		24,600			911,922
Methode Electronics, Inc.		9,500			324,805
Monotype Imaging Holdings, Inc.		32,000			1,019,520
NIC, Inc.*		107,950			2,684,716
OpenTable, Inc.D*		7,700			611,149
PDF Solutions, Inc.D*		30,200			773,724
Proofpoint, Inc.*		24,700			819,299
PROS Holdings, Inc.*		18,750			748,125
Qlik Technologies, Inc.*		44,000			1,171,720
QLogic Corporation*		193,700			2,291,471
RealPage, Inc.D*		40,500			946,890
Sapient Corporation*		34,400			597,184
Semtech CorporationD*		28,050			709,104
Skyworks Solutions, Inc.*		68,200			1,947,792
Solera Holdings, Inc.		43,250			3,060,370
Sonus Networks, Inc.*		137,625			433,519
Synchronoss Technologies, Inc.D*		55,800			1,733,706
Take-Two Interactive Software, Inc.D*		107,300			1,863,801
Tessco Technologies, Inc.D		56,799			2,290,136
Textura CorporationD*		25,000			748,500
Trulia, Inc.D*		7,737			272,884
Tyler Technologies, Inc.D*		58,500			5,974,605
Ultimate Software Group, Inc. (The)*		20,400			3,125,688
United Online, Inc.D*		11,085			152,530
Verint Systems, Inc.*		6,800			291,992
ViaSat, Inc.D*		8,713			545,869
Vocera Communications, Inc.D*		29,800			465,178

	Shares		Value
Yelp, Inc.*		13,189		$	909,381
					72,992,923
Utilities — 3.2%
Atmos Energy Corporation		39,700			1,803,174
CMS Energy Corporation		54,200			1,450,934
El Paso Electric Co.		64,400			2,261,084
Great Plains Energy, Inc.D		55,600			1,347,744
Inteliquent, Inc.		143,000			1,633,060
j2 Global, Inc.D		37,700			1,885,377
New Jersey Resources CorporationD		42,000			1,942,080
Pinnacle West Capital CorporationD		42,800			2,264,976
PNM Resources, Inc.		14,700			354,564
Vectren CorporationD		66,900			2,374,950
West Corporation		29,950			770,015
					18,087,958
Total Common Stocks (Cost $354,117,814)					450,787,777
FOREIGN COMMON STOCKS — 7.3%
Bermuda — 3.1%
Aspen Insurance Holdings, Ltd.		59,800			2,470,338
AXIS Capital Holdings, Ltd.		53,100			2,525,967
Everest Re Group, Ltd.		18,700			2,914,769
Helen of Troy, Ltd.*		30,100			1,490,251
Marvell Technology Group, Ltd.		152,100			2,187,198
Montpelier Re Holdings, Ltd.D		59,200			1,722,720
PartnerRe, Ltd.		16,700			1,760,681
Platinum Underwriters Holdings, Ltd.		36,100			2,212,208
RenaissanceRe Holdings, Ltd.D		3,800			369,892
					17,654,024
British Virgin Islands — 0.1%
UTi Worldwide, Inc.D		50,300			883,268
Canada — 1.5%
Celestica, Inc.*		180,400			1,876,160
Domtar Corporation		27,400			2,584,916
Gran Tierra Energy, Inc.*		255,000			1,864,050
Resolute Forest Products*		143,600			2,300,472
					8,625,598
Cayman Islands — 0.4%
Greenlight Capital Re, Ltd. Class A*		65,300			2,201,263
Herbalife, Ltd.D		1,800			141,660
					2,342,923
Guernsey — 0.4%
Amdocs, Ltd.		50,500			2,082,620
Ireland — 0.2%
Icon PLC ADR*		24,008			970,163
Israel — 0.2%
SodaStream International, Ltd.D*		27,500			1,365,100
Netherlands — 0.3%
AerCap Holdings NV*		34,800			1,334,580
VistaPrint NVD*		2,700			153,495
					1,488,075
Puerto Rico — 0.2%
EVERTEC, Inc.		51,050			1,258,893

204 See Notes to Financial Statements.

	Shares		Value
Switzerland — 0.5%
Allied World Assurance Company Holdings AG		22,000		$	2,481,820
Foster Wheeler AG*		20,300			670,306
					3,152,126
United Kingdom — 0.4%
Xyratex, Ltd.		176,881			2,350,749
Total Foreign Common Stocks (Cost $35,596,025)					42,173,539
RIGHTS/WARRANTS — 0.0%
Asen Warrants A+@		25,000			127
Asen Warrants B+@		25,000			68
Asen Warrants C+@		25,000			92
Total Rights/Warrants (Cost $0)					287
MONEY MARKET FUNDS — 31.6%
GuideStone Money Market Fund (GS4 Class)¥		27,331,387			27,331,387
Northern Institutional Liquid Assets Portfolio§		154,309,256			154,309,256
Total Money Market Funds (Cost $181,640,643)					181,640,643
	Par
AGENCY OBLIGATIONS — 0.7%
Farmer Mac Guaranteed Notes Trust
5.13%, 04/19/17 144A	$	250,000			282,899
Federal Home Loan Bank
5.50%, 07/15/36		120,000			139,293
Federal National Mortgage Association
0.01%, 02/24/14W‡‡		2,330,000			2,329,862
3.03%, 10/09/19W†		430,000			366,146
6.25%, 05/15/29		110,000			138,263
6.63%, 11/15/30D		390,000			508,704
Tennessee Valley Authority
5.25%, 09/15/39		50,000			53,558
Total Agency Obligations (Cost $3,807,946)					3,818,725
ASSET-BACKED SECURITIES — 0.4%
Access Group, Inc.
0.64%, 07/25/34†		280,000			256,453
Ameriquest Mortgage Securities Asset-Backed Pass-Through Certificates
0.93%, 09/25/33†		65,826			63,106
Asset Backed Securities Corporation Home Equity Loan Trust
1.14%, 12/15/33†		24,665			23,102
Asset-Backed Pass-Through Certificates
0.85%, 04/25/34†		32,422			31,186
Avis Budget Rental Car Funding AESOP LLC
2.80%, 05/20/18 144A		125,000			128,913
2.10%, 03/20/19 144A		100,000			99,852
Bayview Financial Acquisition Trust
1.22%, 08/28/44†		91,146			85,762

	Par			Value
Bear Stearns Asset-Backed Securities Trust
1.07%, 10/27/32†		$	10,235		$	9,641
1.07%, 12/25/33†			91,898			90,156
Countrywide Asset-Backed Certificates
1.42%, 10/25/47†			133,680			116,299
Education Funding Capital Trust IV
3.18%, 06/15/43W†			100,000			84,887
Educational Funding of the South, Inc.
0.89%, 04/25/35†			180,000			179,713
EFS Volunteer No. 2 LLC
1.52%, 03/25/36 144A†			100,000			101,305
EMC Mortgage Loan Trust
0.82%, 02/25/41 144A†			40,814			37,040
Greenpoint Manufactured Housing
2.93%, 03/18/29†			50,000			43,550
3.56%, 06/19/29†			50,000			42,367
3.67%, 02/20/30†			75,000			63,401
GSAA Home Equity Trust
0.43%, 07/25/37†			151,452			128,588
MASTR Specialized Loan Trust
0.52%, 05/25/37 144A†			161,721			109,626
New Century Home Equity Loan Trust
0.88%, 10/25/33 144A†			230,156			214,861
Option One Mortgage Acceptance Corporation Asset Backed Certificate
0.97%, 11/25/32†			13,146			12,125
Renaissance Home Equity Loan Trust
1.03%, 06/25/33†			14,779			13,920
SASCO Mortgage Loan Trust
0.72%, 12/25/34†			116,518			113,408
SLM Student Loan Trust
0.67%, 09/16/24†			100,000			95,727
0.82%, 06/26/28†			280,000			280,007
SunTrust Student Loan Trust
0.36%, 01/30/23 144A†			79,524			79,019
Total Asset-Backed Securities (Cost $2,514,134)						2,504,014
CORPORATE BONDS — 2.3%
21st Century Fox America, Inc.
6.75%, 01/09/38			20,000			22,786
AbbVie, Inc.
1.75%, 11/06/17D			150,000			149,882
2.90%, 11/06/22			100,000			93,645
Access Midstream Partners LP
4.88%, 05/15/23			40,000			38,800
AES Corporation
7.75%, 10/15/15D			17,000			18,870
8.00%, 06/01/20			40,000			47,000
7.38%, 07/01/21			10,000			11,325
4.88%, 05/15/23			20,000			18,800
Ally Financial, Inc.
7.50%, 09/15/20			90,000			105,188
American Express Co.
6.80%, 09/01/66†			140,000			149,695

See Notes to Financial Statements. 205

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
American International Group, Inc.
5.85%, 01/16/18		$	180,000		$	206,846
Amgen, Inc.
3.88%, 11/15/21D			150,000			154,332
Apache Corporation
5.63%, 01/15/17			110,000			123,716
Arch Coal, Inc.
7.00%, 06/15/19D			70,000			56,000
AT&T, Inc.
3.88%, 08/15/21			30,000			30,443
Atwood Oceanics, Inc.
6.50%, 02/01/20D			20,000			21,450
BAC Capital Trust XIV
4.00%, 09/29/49†D			10,000			7,455
Baker Hughes, Inc.
7.50%, 11/15/18			60,000			74,001
Ball Corporation
5.00%, 03/15/22			120,000			119,400
4.00%, 11/15/23D			10,000			9,000
Bank of America Corporation
5.42%, 03/15/17D			60,000			66,012
3.88%, 03/22/17			20,000			21,363
5.75%, 12/01/17			200,000			227,825
2.60%, 01/15/19			90,000			90,503
3.30%, 01/11/23			100,000			94,809
Boeing Capital Corporation
4.70%, 10/27/19			40,000			44,940
Boeing Co.
4.88%, 02/15/20			40,000			44,657
Calpine Corporation
7.88%, 01/15/23 144AD			72,000			79,020
CCO Holdings LLC
7.00%, 01/15/19D			70,000			73,937
6.50%, 04/30/21			10,000			10,325
6.63%, 01/31/22			10,000			10,350
Cellco Partnership
8.50%, 11/15/18D			10,000			12,674
Chesapeake Energy Corporation
6.13%, 02/15/21D			60,000			64,650
CIT Group, Inc.
4.25%, 08/15/17D			20,000			20,900
5.00%, 08/01/23D			40,000			38,700
Citigroup, Inc.
6.38%, 08/12/14			11,000			11,372
5.50%, 10/15/14			23,000			23,859
3.95%, 06/15/16D			70,000			74,517
6.00%, 08/15/17			30,000			34,221
4.50%, 01/14/22			90,000			95,535
3.38%, 03/01/23			40,000			38,094
3.50%, 05/15/23			110,000			102,698
5.50%, 09/13/25			50,000			52,776
5.35%, 04/29/49†D			30,000			26,453
5.95%, 07/29/49†			30,000			27,798
Cliffs Natural Resources, Inc.
3.95%, 01/15/18D			120,000			121,288
4.80%, 10/01/20D			30,000			29,860
Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/22			30,000			41,620
Comcast Corporation
6.50%, 01/15/17D			120,000			137,568

	Par			Value
5.15%, 03/01/20D		$	20,000		$	22,341
3.13%, 07/15/22			50,000			47,803
Concho Resources, Inc.
6.50%, 01/15/22D			33,000			35,887
5.50%, 04/01/23			20,000			20,700
CONSOL Energy, Inc.
6.38%, 03/01/21			50,000			51,875
Continental Resources, Inc.
5.00%, 09/15/22			90,000			93,600
4.50%, 04/15/23D			20,000			20,300
Countrywide Financial Corporation
6.25%, 05/15/16			50,000			55,206
CSC Holdings LLC
6.75%, 11/15/21			20,000			21,650
CVS Caremark Corporation
2.75%, 12/01/22D			160,000			147,963
CVS Pass-Through Trust
6.94%, 01/10/30			60,134			69,044
Daimler Finance North America LLC
1.88%, 01/11/18 144A			150,000			147,899
Denbury Resources, Inc.
4.63%, 07/15/23D			170,000			154,275
Devon Energy Corporation
3.25%, 05/15/22D			40,000			38,211
5.60%, 07/15/41			30,000			31,374
Devon Financing Corporation LLC
7.88%, 09/30/31			10,000			12,896
DISH DBS Corporation
6.75%, 06/01/21D			40,000			42,600
Duke Energy Carolinas LLC
5.30%, 02/15/40D			50,000			54,484
Eagle Spinco, Inc.
4.63%, 02/15/21 144A			40,000			39,350
Eaton Corporation
1.50%, 11/02/17			30,000			29,437
2.75%, 11/02/22			100,000			93,466
4.15%, 11/02/42D			60,000			53,513
Ecolab, Inc.
4.35%, 12/08/21			20,000			20,773
Energy Future Intermediate Holding Co. LLC
10.00%, 12/01/20D			70,000			74,725
Energy Transfer Equity LP
7.50%, 10/15/20D			20,000			22,550
Enterprise Products Operating LLC
6.30%, 09/15/17			80,000			92,172
Express Scripts Holding, Co.
3.50%, 11/15/16			150,000			158,691
First Data Corporation
7.38%, 06/15/19 144AD			70,000			74,900
FirstEnergy Corporation
2.75%, 03/15/18			20,000			19,671
4.25%, 03/15/23			140,000			130,745
7.38%, 11/15/31D			160,000			174,297
Ford Motor Co.
4.75%, 01/15/43			70,000			63,368
Ford Motor Credit Co., LLC
12.00%, 05/15/15			140,000			160,777
Freeport-McMoRan Copper & Gold, Inc.
3.10%, 03/15/20			20,000			19,458

206 See Notes to Financial Statements.

	Par			Value
Freeport-McMoRan Copper & Gold, Inc.
3.55%, 03/01/22		$	75,000		$	71,404
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17D			40,000			45,400
5.75%, 02/15/21 144AD			10,000			10,650
General Electric Capital Corporation
1.63%, 07/02/15			30,000			30,499
6.00%, 08/07/19			260,000			305,431
4.63%, 01/07/21D			30,000			32,763
6.38%, 11/15/67†			180,000			195,975
General Electric Co.
0.85%, 10/09/15			30,000			30,153
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A			20,000			20,300
3.25%, 05/15/18 144A			20,000			20,050
4.25%, 05/15/23 144A			20,000			19,075
Goldman Sachs Capital II
4.00%, 12/01/49†			10,000			7,080
Goldman Sachs Group, Inc.
6.00%, 05/01/14			10,000			10,179
3.30%, 05/03/15			100,000			103,066
5.95%, 01/18/18			100,000			113,797
6.00%, 06/15/20			40,000			45,925
5.25%, 07/27/21			10,000			10,966
3.63%, 01/22/23D			90,000			87,318
6.25%, 02/01/41			130,000			150,335
Hawk Acquisition Sub, Inc.
4.25%, 10/15/20 144AD			40,000			38,800
Hess Corporation
8.13%, 02/15/19			80,000			99,477
HSBC Finance Corporation
6.68%, 01/15/21			20,000			23,014
Humana, Inc.
7.20%, 06/15/18			60,000			71,052
3.15%, 12/01/22			70,000			64,923
Hyundai Capital America
2.13%, 10/02/17 144A			20,000			19,881
ING US, Inc.
2.90%, 02/15/18			10,000			10,238
International Lease Finance Corporation
6.50%, 09/01/14 144A			30,000			31,125
6.75%, 09/01/16 144A			140,000			156,800
JPMorgan Chase & Co.
1.10%, 10/15/15			110,000			110,468
6.13%, 06/27/17D			200,000			227,344
4.40%, 07/22/20			60,000			64,590
4.25%, 10/15/20			40,000			42,464
4.35%, 08/15/21			10,000			10,556
4.50%, 01/24/22			100,000			105,952
3.38%, 05/01/23D			80,000			74,707
Kerr-McGee Corporation
6.95%, 07/01/24			120,000			139,667
Key Energy Services, Inc.
6.75%, 03/01/21D			60,000			61,800
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144AD			140,000			154,110
Kraft Foods Group, Inc.
5.38%, 02/10/20			22,000			24,853
3.50%, 06/06/22			50,000			48,818

	Par			Value
Lehman Escrow Bonds
0.00%, 07/19/17+W†#		$	160,000		$	—
0.00%, 12/28/17+W†#			120,000			—
0.00%, 08/19/45+W†#			50,000			—
0.00%, 11/30/49+W†#			10,000			—
M&T Bank Corporation
6.88%, 12/29/49 144A			120,000			115,861
MarkWest Energy Partners LP
6.25%, 06/15/22			8,000			8,500
5.50%, 02/15/23D			20,000			20,250
4.50%, 07/15/23D			20,000			18,850
Medtronic, Inc.
4.45%, 03/15/20			40,000			43,896
MetLife, Inc.
6.75%, 06/01/16			50,000			56,884
6.40%, 12/15/66			160,000			165,200
Michaels Stores, Inc.
7.75%, 11/01/18			20,000			21,800
Mondelez International, Inc.
5.38%, 02/10/20D			58,000			65,591
Morgan Stanley
4.75%, 03/22/17			10,000			10,921
Nationstar Mortgage LLC
6.50%, 07/01/21			20,000			19,150
Noble Energy, Inc.
4.15%, 12/15/21			90,000			92,699
NVR, Inc.
3.95%, 09/15/22			10,000			9,468	��
Occidental Petroleum Corporation
3.13%, 02/15/22			40,000			39,028
2.70%, 02/15/23D			20,000			18,346
Oracle Corporation
1.20%, 10/15/17			20,000			19,699
Pacific Gas & Electric Co.
5.63%, 11/30/17D			30,000			34,019
6.05%, 03/01/34			80,000			91,919
Peabody Energy Corporation
6.25%, 11/15/21D			60,000			60,900
Pemex Project Funding Master Trust
6.63%, 06/15/35			90,000			95,175
PepsiCo, Inc.
0.70%, 08/13/15			70,000			70,102
7.90%, 11/01/18			13,000			16,267
Pfizer, Inc.
6.20%, 03/15/19D			20,000			23,736
Plains Exploration & Production Co.
6.50%, 11/15/20			10,000			11,049
Progress Energy, Inc.
3.15%, 04/01/22D			40,000			38,584
QEP Resources, Inc.
5.25%, 05/01/23D			30,000			28,275
Range Resources Corporation
5.75%, 06/01/21D			60,000			63,900
Raytheon Co.
3.13%, 10/15/20			30,000			30,080
Regency Energy Partners LP
6.50%, 07/15/21			42,000			44,730
4.50%, 11/01/23D			10,000			9,150
Reynolds Group Issuer, Inc.
5.75%, 10/15/20D			70,000			71,750

See Notes to Financial Statements. 207

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Roche Holdings, Inc.
6.00%, 03/01/19 144A		$	46,000		$	53,892
Rock Tenn Co.
3.50%, 03/01/20			30,000			29,548
4.00%, 03/01/23			20,000			19,138
SESI LLC
7.13%, 12/15/21			10,000			11,200
SLM Corporation
3.88%, 09/10/15			70,000			72,712
8.00%, 03/25/20D			40,000			45,450
Southern Copper Corporation
5.25%, 11/08/42			100,000			81,598
Sprint Communications, Inc.
7.00%, 08/15/20D			120,000			130,500
State Street Corporation
4.96%, 03/15/18			110,000			119,453
3.10%, 05/15/23			70,000			65,217
Taylor Morrison Communities, Inc.
7.75%, 04/15/20 144A			24,000			26,520
5.25%, 04/15/21 144AD			20,000			19,500
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144AD			60,000			74,312
Thermo Fisher Scientific, Inc.
3.60%, 08/15/21D			20,000			19,854
Time Warner Cable, Inc.
8.25%, 04/01/19D			40,000			46,911
5.00%, 02/01/20			110,000			111,835
4.13%, 02/15/21D			50,000			47,460
5.88%, 11/15/40			30,000			26,032
Time Warner, Inc.
4.70%, 01/15/21			30,000			31,898
6.25%, 03/29/41			10,000			11,143
Toyota Motor Credit Corporation
1.25%, 10/05/17			40,000			39,303
tw telecom holdings, Inc.
5.38%, 10/01/22			20,000			19,700
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18			32,944			37,885
UnitedHealth Group, Inc.
1.63%, 03/15/19D			50,000			48,208
Univision Communications, Inc.
6.75%, 09/15/22 144A			40,000			44,000
5.13%, 05/15/23 144AD			20,000			20,075
Verizon Communications, Inc.
6.35%, 04/01/19			10,000			11,767
4.50%, 09/15/20D			120,000			128,654
5.15%, 09/15/23			290,000			311,969
6.40%, 09/15/33			60,000			69,210
6.55%, 09/15/43			50,000			58,706
Virginia Electric and Power Co.
2.95%, 01/15/22D			40,000			38,714
Wachovia Capital Trust III
5.57%, 03/29/49†			80,000			73,600
Wal-Mart Stores, Inc.
6.50%, 08/15/37D			140,000			175,712
Waste Management, Inc.
7.38%, 05/15/29			20,000			24,395
WellPoint, Inc.
1.25%, 09/10/15			20,000			20,147
5.88%, 06/15/17			110,000			124,169

	Par			Value
Wells Fargo & Co.
3.68%, 06/15/16 STEP		$	50,000		$	53,269
2.10%, 05/08/17			20,000			20,389
1.50%, 01/16/18D			170,000			169,066
4.60%, 04/01/21			10,000			10,979
3.45%, 02/13/23			80,000			75,780
4.48%, 01/16/24 144A			306,000			305,216
5.38%, 11/02/43D			40,000			41,114
Williams Cos., Inc.
7.88%, 09/01/21			24,000			27,715
7.50%, 01/15/31			15,000			15,893
7.75%, 06/15/31			24,000			25,796
8.75%, 03/15/32D			5,000			5,852
Williams Partners LP
5.25%, 03/15/20			20,000			21,899
WM Wrigley Jr Co.
2.40%, 10/21/18 144A			10,000			9,950
2.90%, 10/21/19 144A			50,000			49,652
3.38%, 10/21/20 144A			10,000			9,900
Total Corporate Bonds (Cost $12,555,937)						12,912,600
FOREIGN BONDS — 1.5%
Australia — 0.1%
BHP Billiton Finance (USA), Ltd.
6.50%, 04/01/19			110,000			132,028
3.25%, 11/21/21D			10,000			9,958
5.00%, 09/30/43			40,000			40,828
Commonwealth Bank of Australia
3.75%, 10/15/14 144A			60,000			61,541
5.00%, 10/15/19 144A			20,000			22,321
FMG Resources August 2006 Proprietary, Ltd.
7.00%, 11/01/15 144A			10,000			10,394
Rio Tinto Finance (USA), Ltd.
9.00%, 05/01/19			90,000			117,636
						394,706
Canada — 0.3%
Anadarko Finance Co.
7.50%, 05/01/31			60,000			73,138
Barrick Gold Corporation
6.95%, 04/01/19			100,000			115,557
3.85%, 04/01/22D			70,000			63,153
4.10%, 05/01/23 144AD			80,000			72,448
Hydro-Quebec
1.38%, 06/19/17			240,000			241,017
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D			20,000			21,668
Province of British Columbia
2.00%, 10/23/22D			120,000			107,926
Province of Ontario
1.10%, 10/25/17			220,000			217,716
1.20%, 02/14/18			210,000			206,153
4.40%, 04/14/20			160,000			175,794
Province of Quebec
2.63%, 02/13/23			150,000			138,056
Xstrata Finance Canada, Ltd.
2.05%, 10/23/15 144A			60,000			60,790
2.70%, 10/25/17 144A			120,000			121,472
						1,614,888

208 See Notes to Financial Statements.

	Par			Value
Cayman Islands — 0.1%
Petrobras International Finance Co.
3.88%, 01/27/16D		$	50,000		$	51,723
6.13%, 10/06/16			40,000			43,523
5.75%, 01/20/20			32,000			33,086
5.38%, 01/27/21			150,000			149,608
Transocean, Inc.
5.05%, 12/15/16D			10,000			11,054
6.38%, 12/15/21D			10,000			11,255
Vale Overseas, Ltd.
4.38%, 01/11/22			195,000			190,436
6.88%, 11/21/36			60,000			62,265
						552,950
Chile — 0.0%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22			40,000			39,170
France — 0.0%
BNP Paribas SA
2.38%, 09/14/17			130,000			132,843
Credit Agricole SA
8.38%, 10/29/49 144A†			120,000			136,800
						269,643
Hungary — 0.0%
Hungary Government International Bond
5.75%, 11/22/23			100,000			101,000
Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#			130,000			1
Indonesia — 0.1%
Indonesia Government International Bond
4.88%, 05/05/21 144A			400,000			398,000
Italy — 0.3%
Italy Buoni Poliennali Del Tesoro
3.50%, 12/01/18(E)			1,000,000			1,427,156
Japan — 0.1%
Softbank Corporation
4.50%, 04/15/20 144AD			200,000			196,000
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144A			100,000			103,446
						299,446
Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A			30,000			31,232
Luxembourg — 0.0%
ArcelorMittal
5.00%, 02/25/17D			10,000			10,775
Intelsat Jackson Holdings SA
7.50%, 04/01/21D			10,000			11,075
5.50%, 08/01/23 144A			100,000			95,500
						117,350
Mexico — 0.2%
America Movil SAB de CV
5.63%, 11/15/17			30,000			33,942

	Par			Value
Mexican Bonos
6.50%, 06/09/22(M)		$	9,931,000		$	770,821
Mexico Government International Bond
6.05%, 01/11/40D			10,000			10,925
4.75%, 03/08/44D			50,000			45,313
Petroleos Mexicanos
3.50%, 01/30/23D			156,000			143,325
						1,004,326
Netherlands — 0.2%
Achmea Hypotheekbank NV
3.20%, 11/03/14 144A			370,000			378,744
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/17			250,000			263,413
Deutsche Telekom International Finance BV
5.75%, 03/23/16			75,000			82,391
Petrobras Global Finance BV
4.38%, 05/20/23D			60,000			54,054
Shell International Finance BV
4.38%, 03/25/20			90,000			98,797
						877,399
Russia — 0.0%
Russian Foreign Bond
7.50%, 03/31/30 STEP			120,120			140,204
South Africa — 0.0%
South Africa Government International Bond
5.88%, 09/16/25			200,000			208,600
Spain — 0.0%
BBVA US Senior SA Unipersonal
3.25%, 05/16/14			100,000			100,812
Santander US Debt SA Unipersonal
3.72%, 01/20/15 144A			100,000			102,019
Telefonica Emisiones SA Unipersonal
5.88%, 07/15/19			30,000			33,528
						236,359
Switzerland — 0.0%
UBS AG
5.75%, 04/25/18			120,000			137,900
Turkey — 0.0%
Turkey Government International Bond
7.38%, 02/05/25			200,000			216,400
United Kingdom — 0.1%
BP Capital Markets PLC
3.88%, 03/10/15			30,000			31,218
3.56%, 11/01/21			10,000			10,049
3.25%, 05/06/22			30,000			29,130
GlaxoSmithKline Capital PLC
2.85%, 05/08/22			50,000			47,244
Lloyds Bank PLC
6.50%, 09/14/20 144AD			100,000			113,831
Royal Bank of Scotland Group PLC
2.55%, 09/18/15D			10,000			10,232

See Notes to Financial Statements. 209

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
4.70%, 07/03/18		$	10,000		$	10,170
6.10%, 06/10/23D			60,000			60,593
6.00%, 12/19/23D			40,000			40,335
7.65%, 08/29/49†D			10,000			10,550
WPP Finance UK
8.00%, 09/15/14			100,000			104,994
						468,346
Total Foreign Bonds (Cost $8,619,206)						8,535,076
MORTGAGE-BACKED SECURITIES — 3.4%
Alternative Loan Trust
0.41%, 07/25/35†			147,278			119,585
0.43%, 07/25/35†			186,850			160,410
American Home Mortgage Investment Trust
0.87%, 04/25/44†			30,605			29,094
0.46%, 11/25/45†			150,177			129,378
Banc of America Commercial Mortgage Trust
5.42%, 09/10/45†			17,000			18,331
5.45%, 09/10/47			10,000			10,702
Bear Stearns Adjustable Rate Mortgage Trust
2.70%, 02/25/35†			55,782			48,260
Bear Stearns ALT-A Trust
2.59%, 08/25/34†			98,409			99,503
0.87%, 01/25/35†			115,571			108,851
Bear Stearns Mortgage Funding Trust
0.37%, 12/25/46†			55,257			15,256
CD 2006-CD2 Mortgage Trust
5.35%, 01/15/46†			30,000			32,216
CD 2007-CD5 Mortgage Trust
6.12%, 11/15/44†			10,000			11,140
COBALT CMBS Commercial Mortgage Trust
5.53%, 04/15/47†			25,000			27,637
COMM 2013-CCRE12 Mortgage Trust
4.05%, 10/10/46			70,000			70,648
4.30%, 10/10/46			20,000			20,093
4.76%, 10/10/46†			10,000			9,997
Commercial Mortgage Lease-Backed Certificates
6.75%, 06/20/31 144A			101,039			105,870
Commercial Mortgage Pass-Through Certificates
2.82%, 10/15/45			20,000			18,800
Credit Suisse Commercial Mortgage Trust
5.61%, 01/15/49†			60,000			63,695
Credit Suisse First Boston Mortgage Securities Corporation
6.00%, 10/25/35			83,648			55,703
Federal Home Loan Mortgage Corporation
4.00%, 10/01/25			281,354			297,137
2.73%, 05/01/37†			7,257			7,728
5.50%, 12/01/38			93,796			102,245
6.00%, 11/01/39			153,020			168,783
4.00%, 10/01/42			95,177			97,013
3.50%, 11/01/42			96,048			94,364
3.50%, 01/01/43			97,512			95,803

	Par			Value
3.50%, 05/01/43		$	97,041		$	96,447
4.00%, 05/01/43			98,672			101,969
Federal Home Loan Mortgage Corporation REMIC
2.99%, 06/15/27 IOW†			378,781			55,227
0.48%, 09/15/31 IOW†			672,255			106,005
6.00%, 05/15/36			122,502			135,522
13.18%, 01/15/40 IOW†			62,261			8,292
4.53%, 10/15/41 IOW†			256,860			51,497
3.00%, 05/15/43			99,653			77,677
3.00%, 07/15/43			101,256			75,621
Federal National Mortgage Association
3.00%, 01/01/26 TBA			1,300,000			1,326,660
4.50%, 05/01/31			54,035			58,087
6.00%, 04/01/33			17,175			19,276
5.00%, 07/01/33			16,592			18,070
5.00%, 09/01/33			18,112			19,735
6.00%, 02/01/34			6,274			7,040
2.37%, 09/01/35†			50,789			53,785
5.00%, 10/01/35			35,809			39,002
6.00%, 11/01/35			38,807			43,562
7.00%, 04/01/37			47,689			54,411
6.00%, 08/01/37			65,380			73,381
6.50%, 11/01/37			47,248			53,043
5.50%, 08/01/38			39,227			43,218
7.00%, 02/01/39			204,073			228,952
4.50%, 01/01/40 TBA			500,000			529,785
5.00%, 01/01/40 TBA			800,000			868,813
6.50%, 05/01/40			191,369			212,571
4.00%, 01/01/41 TBA			1,200,000			1,235,250
4.50%, 06/01/41			158,710			168,196
4.50%, 09/01/41			82,433			87,356
4.00%, 04/01/42			183,148			188,852
3.00%, 09/01/42			462,315			439,557
4.00%, 09/01/42			94,805			97,739
3.50%, 10/01/42			287,197			281,901
4.00%, 12/01/42			181,308			188,565
4.00%, 01/01/43			97,984			101,115
3.50%, 03/01/43			388,671			382,879
3.50%, 04/01/43			195,064			192,158
3.50%, 05/01/43			196,145			195,053
4.00%, 05/01/43			97,169			100,242
3.50%, 06/01/43			296,871			295,219
4.00%, 06/01/43			195,069			201,199
3.50%, 07/01/43			296,243			294,594
4.00%, 07/01/43			196,331			202,627
4.00%, 08/01/43			99,283			101,285
Federal National Mortgage Association Interest STRIP
6.50%, 04/25/27 IOW†			143,879			16,320
10.43%, 11/25/39 IOW†			51,970			9,578
3.79%, 11/25/41 IOW†			64,253			13,919
5.18%, 04/25/42 IOW†			131,507			32,034
Federal National Mortgage Association REMIC
2.55%, 06/25/27 IOW†			336,364			43,327
6.50%, 06/25/39			68,178			76,012
1.81%, 04/25/40 IOW†			239,602			47,970
13.42%, 12/25/40 IOW†			58,295			6,610
14.87%, 01/25/41 IOW†			41,745			6,241
5.50%, 07/25/41			114,704			125,421
15.06%, 07/25/41 IOW†			151,943			20,315

210 See Notes to Financial Statements.

	Par			Value
7.61%, 09/25/41 IOW†		$	143,132		$	22,264
13.33%, 10/25/41 IOW†			171,920			25,147
9.78%, 03/25/42 IOW†			80,667			12,575
5.50%, 04/25/42			296,158			322,806
6.00%, 05/25/42			127,673			139,603
7.00%, 05/25/42			121,843			135,311
6.50%, 07/25/42			257,534			282,078
2.50%, 04/25/43			101,257			68,659
FHLMC Multifamily Structured Pass Through Certificates
4.63%, 01/25/20 IOW†			210,512			10,660
3.85%, 04/25/20 IOW†			690,633			39,237
4.84%, 06/25/20 IOW†			413,848			33,184
4.57%, 08/25/20 IOW†			193,693			14,125
4.58%, 06/25/21 IOW†			268,284			19,924
4.64%, 07/25/21 IOW†			206,178			20,204
4.55%, 10/25/21 IOW†			182,105			17,426
4.75%, 12/25/21 IOW†			108,025			9,404
4.55%, 09/25/22 IOW†			109,428			6,554
First Horizon Alternative Mortgage Securities Trust
2.22%, 02/25/36†			133,519			97,314
0.53%, 02/25/37†			53,330			35,681
Government National Mortgage Association
2.25%, 03/16/35			69,814			69,863
6.50%, 10/20/37			40,482			45,909
6.82%, 02/20/38 IOW†			437,288			74,159
6.00%, 07/20/38			49,171			54,463
6.00%, 09/20/38			314,864			354,533
5.00%, 01/15/40			291,085			320,888
4.50%, 01/20/40			52,006			55,778
11.06%, 01/20/40 IOW†			51,618			8,918
4.50%, 05/20/40			53,877			57,760
6.00%, 10/20/40			39,108			43,592
3.50%, 01/15/41 TBA			300,000			302,356
4.00%, 01/20/41 TBA			500,000			519,863
4.50%, 01/20/41			58,052			62,321
4.50%, 03/20/41			317,966			341,357
4.50%, 07/20/41			55,670			59,583
3.50%, 01/20/42 TBA			300,000			302,637
2.90%, 02/16/44W†			209,202			214,660
2.90%, 06/16/44			69,693			71,477
2.00%, 12/16/49			100,000			99,615
10.12%, 08/16/52 IOW†			169,993			11,163
10.70%, 06/16/55†			169,821			11,207
1.32%, 11/20/59†			269,057			274,121
1.16%, 05/20/60†			150,080			152,130
0.67%, 01/20/61†			201,590			200,733
0.62%, 02/20/61†			211,850			209,235
0.67%, 03/20/61†			87,415			87,031
Granite Mortgages 03-2 PLC
0.74%, 07/20/43†			16,945			16,873
GreenPoint Mortgage Funding Trust
0.42%, 10/25/45†			39,606			34,910
GS Mortgage Securities Corporation II
4.27%, 11/10/46			130,000			133,265
4.65%, 11/10/46			40,000			41,169
5.16%, 11/10/46†			30,000			30,807
GS Mortgage Securities Corporation Trust
3.55%, 04/10/34 144A			26,000			25,564

	Par			Value
GS Mortgage Securities Trust
5.80%, 08/10/45†		$	40,000		$	43,923
4.04%, 07/10/46†			20,000			20,487
GSMPS Mortgage Loan Trust
0.51%, 03/25/35 144A†			24,417			20,698
0.51%, 09/25/35 144A†			74,605			61,907
HarborView Mortgage Loan Trust
0.41%, 06/19/35†			178,114			155,277
Homestar Mortgage Acceptance Corporation
0.62%, 07/25/34†			65,557			63,790
Impac CMB Trust
0.97%, 03/25/33†			12,824			12,584
JP Morgan Chase Commercial Mortgage Securities Trust
1.57%, 10/15/30 144A†			100,000			100,288
5.87%, 02/12/51†			10,000			11,315
JPMBB Commercial Mortgage Securities Trust
4.42%, 11/15/45			40,000			40,903
5.08%, 11/15/45†			20,000			20,092
4.89%, 01/15/47†			10,000			10,056
LB-UBS Commercial Mortgage Trust
6.16%, 09/15/45†			40,000			45,720
Lehman XS Trust
0.47%, 11/25/35†			154,092			136,940
0.47%, 12/25/35†			62,226			33,491
MASTR Adjustable Rate Mortgages Trust
0.94%, 12/25/46†			185,550			101,779
Merrill Lynch Mortgage Investors Trust
5.05%, 05/25/34†			11,085			10,867
Merrill Lynch-Countrywide Financial Corporation Commercial Mortgage Trust
5.49%, 03/12/51†			160,000			175,997
Morgan Stanley Bank of America Merrill Lynch Trust
5.30%, 08/15/45 IO 144AW†			137,540			13,026
3.46%, 05/15/46			50,000			47,264
Morgan Stanley Capital I Trust
5.69%, 04/15/49†			60,000			66,449
Nomura Asset Acceptance Corporation Alternative Loan Trust
5.96%, 03/25/47 STEP			67,594			67,524
6.14%, 03/25/47 STEP			55,304			55,239
RBSCF Trust
3.83%, 01/13/32+ 144A†			160,000			157,526
RBSSP Resecuritization Trust
3.14%, 12/26/35 144A†			19,185			19,750
Residential Accredit Loans, Inc.
3.13%, 12/26/34†			193,110			160,994
Structured Adjustable Rate Mortgage Loan Trust
2.53%, 11/25/34†			60,020			55,606
Structured Asset Securities Corporation Mortgage Loan Trust
0.77%, 10/25/27†			16,104			15,916

See Notes to Financial Statements. 211

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
UBS-Barclays Commercial Mortgage Trust
3.32%, 12/10/45 144A		$	25,000		$	23,460
Wachovia Bank Commercial Mortgage Trust
5.38%, 12/15/43			10,000			10,760
Washington Mutual Mortgage Pass-Through Certificates
2.49%, 02/25/33†			21,244			20,898
2.43%, 10/25/33†			58,798			59,761
2.41%, 01/25/35†			71,538			71,143
2.07%, 11/25/36†			139,217			117,042
0.48%, 08/25/45†			95,893			92,475
Wells Fargo Commercial Mortgage Trust
4.22%, 07/15/46†			10,000			10,294
Wells Fargo Mortgage Loan Trust
2.76%, 08/27/35 144A†			56,244			57,095
Wells Fargo Mortgage-Backed Securities Trust
2.63%, 04/25/36†			45,627			41,821
WF-RBS Commercial Mortgage Trust
4.83%, 06/15/45 IO 144AW†			78,287			7,502
Total Mortgage-Backed Securities (Cost $20,062,481)						19,365,179
MUNICIPAL BONDS — 0.1%
Arizona State University, Revenue Bond, Series A
5.00%, 07/01/43			10,000			10,285
City of Richmond, General Obligation, Series A
5.00%, 03/01/27			10,000			11,267
5.00%, 03/01/28			10,000			11,166
5.00%, 03/01/29			10,000			11,075
City Public Service Board of San Antonio, Revenue Bond
5.00%, 02/01/43			30,000			30,546
New Jersey Economic Development Authority, Rutgers University, Revenue Bond
5.00%, 06/15/46			10,000			10,288
New Jersey State Turnpike Authority, Revenue Bond, Series A
5.00%, 01/01/43			10,000			10,159
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bond, Series AA
5.00%, 06/15/38			20,000			20,275
New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bond, Series A
5.00%, 06/15/42			20,000			20,153
New York City Transitional Finance Authority, Revenue Bond, Sub-Series A-1
5.00%, 11/01/42			20,000			20,738

	Par			Value
New York City Water & Sewer System, Revenue Bond, Series BB
5.00%, 06/15/47		$	10,000		$	10,195
New York City Water & Sewer System, Revenue Bond, Series EE
5.00%, 06/15/47			10,000			10,204
New York City, General Obligation, Series J
5.00%, 08/01/25			10,000			11,185
New York Liberty Development Corporation, Revenue Bond
5.00%, 12/15/41			20,000			20,301
New York State Dormitory Authority, Revenue Bond, Series A
5.00%, 12/15/27			10,000			10,998
New York State Urban Development Corporation, Revenue Bond, Series C
5.00%, 03/15/27			30,000			33,063
Northeast Ohio Regional Sewer District, Revenue Bond
5.00%, 11/15/43			20,000			20,694
Northstar Education Finance, Inc., Revenue Bond
1.67%, 01/29/46†			75,000			68,773
Ohio State Turnpike Commission, Infrastructure Project, Revenue Bond
5.00%, 02/15/48			40,000			39,418
Ohio State Turnpike Commission, Revenue Bond, Series A
5.00%, 02/15/48			20,000			20,232
Pennsylvania Turnpike Commission, Revenue Bond, Series C
5.00%, 12/01/43			10,000			9,938
Private Colleges & Universities Authority, Emory University, Revenue Bond, Series A
5.00%, 10/01/43			20,000			20,892
State of California, General Obligation
5.00%, 09/01/25			20,000			22,232
5.00%, 04/01/42			20,000			20,227
5.00%, 11/01/43			20,000			20,247
State of California, General Obligation, Series B
5.00%, 09/01/23			30,000			34,456
State of Connecticut, General Obligation, Series C
5.00%, 07/15/24			10,000			11,407
Utah Transit Authority, Revenue Bond
5.00%, 06/15/42			30,000			30,040
Total Municipal Bonds (Cost $560,622)						570,454

212 See Notes to Financial Statements.

	Number of Contracts			Value
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
U.S. Dollar vs. Euro, Strike Price $1.35, Expires 01/06/14 (CITI)			700,000		$	370
U.S. Dollar vs. Euro, Strike Price $1.36, Expires 02/16/14 (CITI)			860,000			6,016
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $125.00, Expires 01/24/14 (MLCS)			3			6,047
15-Year U.S. Treasury Long Bond Futures, Strike Price $131.00, Expires 01/24/14 (MLCS)			3			8,672
Total Purchased Options (Cost $22,058)						21,105
	Par
U.S. TREASURY OBLIGATIONS — 1.5%
U.S. Treasury Bonds
2.75%, 08/15/42D		$	1,230,000			974,967
2.88%, 05/15/43			1,549,000			1,255,779
3.63%, 08/15/43			530,000			500,642
3.75%, 11/15/43D			620,000			599,366
						3,330,754
U.S. Treasury Inflationary Index Bonds
0.38%, 07/15/23D			570,000			552,164
0.75%, 02/15/42			310,000			258,288
						810,452
U.S. Treasury Notes
0.25%, 10/31/15			30,000			29,959
0.75%, 10/31/17D			600,000			589,219
1.38%, 06/30/18D			2,030,000			2,014,696
1.38%, 09/30/18D			90,000			88,907
3.63%, 08/15/19			880,000			959,063
2.00%, 09/30/20D			30,000			29,328
2.00%, 11/30/20D			810,000			788,611
2.75%, 11/15/23D			180,000			176,105
						4,675,888
Total U.S. Treasury Obligations (Cost $9,297,700)						8,817,094
TOTAL INVESTMENTS — 127.2% (Cost $628,794,566)						731,146,493

	Number of     Contracts			Value
WRITTEN OPTIONS — 0.0%
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $122.50, Expires 01/24/14 (MLCS)		(7	)		$	(2,625	)
15-Year U.S. Treasury Long Bond Futures, Strike Price $127.00, Expires 01/24/14 (GSC)		(6	)			(3,188	)
						(5,813	)
Total Written Options (Premiums received $(3,974))						(5,813	)
Liabilities in Excess of Other Assets — (27.2)%						(156,295,849	)
NET ASSETS — 100.0%					$	574,844,831

See Notes to Financial Statements. 213

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	3,818,725		$	—		$	3,818,725		$	—
Asset-Backed Securities			2,504,014			—			2,419,126			84,888
Common Stocks:
Consumer Discretionary			73,783,034			73,783,034			—			—
Consumer Staples			10,246,067			10,246,067			—			—
Energy			24,725,280			24,725,280			—			—
Financial Services			87,538,879			87,538,879			—			—
Healthcare			41,010,020			41,010,020			—			—
Materials & Processing			28,981,084			28,981,084			—			—
Producer Durables			93,422,532			93,422,532			—			—
Technology			72,992,923			72,992,923			—			—
Utilities			18,087,958			18,087,958			—			—
Corporate Bonds			12,912,600			—			12,874,715			37,885
Foreign Bonds:
Australia			394,706			—			394,706			—
Canada			1,614,888			—			1,614,888			—
Cayman Islands			552,950			—			552,950			—
Chile			39,170			—			39,170			—
France			269,643			—			269,643			—
Hungary			101,000	��		—			101,000			—
Iceland			1			—			—			1
Indonesia			398,000			—			398,000			—
Italy			1,427,156			—			1,427,156			—
Japan			299,446			—			299,446			—
Jersey			31,232			—			31,232			—
Luxembourg			117,350			—			117,350			—
Mexico			1,004,326			—			1,004,326			—
Netherlands			877,399			—			877,399			—
Russia			140,204			—			140,204			—
South Africa			208,600			—			208,600			—
Spain			236,359			—			236,359			—
Switzerland			137,900			—			137,900			—
Turkey			216,400			—			216,400			—
United Kingdom			468,346			—			468,346			—
Foreign Common Stocks			42,173,539			42,173,539			—			—
Money Market Funds			181,640,643			181,640,643			—			—
Mortgage-Backed Securities			19,365,179			—			19,207,652			157,527
Municipal Bonds			570,454			—			570,454			—
Purchased Options			21,105			14,718			6,387			—
Rights/Warrants			287			—			—			287
U.S. Treasury Obligations			8,817,094			—			8,817,094			—
Total Assets - Investments in Securities		$	731,146,493		$	674,616,677		$	56,249,228		$	280,588
Other Financial Instruments***
Forward Foreign Currency Contracts		$	2,961		$	—		$	2,961		$	—
Futures Contracts			4,361,787			4,361,787			—			—
Total Assets - Other Financial Instruments		$	4,364,748		$	4,361,787		$	2,961		$	—

214 See Notes to Financial Statements.

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Written Options		$	(5,813	)		$	(5,813	)		$	—		$	—
Total Liabilities - Investments in Securities		$	(5,813	)		$	(5,813	)		$	—		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2013.

See Notes to Financial Statements. 215

International Equity Fund (Unaudited)

Developed non-U.S. markets experienced strong gains as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of 22.78%. All regions ended the period in positive territory as Japan and Europe advanced the most as a result of the regions’ improved outlook. From a sector perspective all groups generated positive results during the period. The telecommunications and consumer discretionary sectors were the best performers, while the materials and energy sectors were the worst performers and lagged the overall market during the one-year period.

During the fourth quarter of 2013, the International Equity Fund’s benchmark index transitioned from the MSCI ACWI Ex-U.S. (Net) to the MSCI EAFE Index (Net) primarily as a result of the Fund’s change in objective to focus primarily on developed, non-U.S. equity markets. The International Equity Fund continued to be invested in markets deemed to be developed and, to a much lesser extent, in markets deemed to be emerging or non-developed. The Fund was primarily comprised of equities of foreign companies and was diversified among a large number of companies across different industries and economic sectors.

The GS4 Class of the Fund performed in line with its former benchmark, the MSCI ACWI Ex-U.S. (Net), for the year-to-date period through October (14.08% versus 14.08%). The GS4 Class of the Fund outperformed its new benchmark, the MSCI EAFE Index (Net), for the remaining two month period (3.63% versus 2.28%). For the entire calendar year ending December 31, 2013, the Fund underperformed its new benchmark index (18.23% versus 22.78%). On a country basis, security selection to the Netherlands and the U.K. contributed positively to benchmark relative performance, while underweight exposure and security selection to Japan negatively impacted performance. On a sector basis, security selection to the consumer staples and materials sectors added value, while security selection to the financial services sector detracted from benchmark-relative returns during the year. Within the Fund, certain derivatives were utilized to express active views in currency and country selection and to hedge foreign currency exposure back to the U.S. dollar. These derivative positions primarily included currency forward contracts and stock index futures. Overall, derivative exposure had a slight positive impact on Fund performance over the course of the year.

This Fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio with international stocks. The Fund invests in foreign and emerging market securities which involve certain risks such as currency volatility, political and social instability and reduced market liquidity. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		22.5
Consumer Discretionary		16.2
Technology		12.1
Producer Durables		11.7
Money Market Funds		10.6
Materials & Processing		9.6
Healthcare		9.1
Utilities		6.1
Consumer Staples		5.7
Energy		5.5
Foreign Preferred Stocks		0.7
Securities Sold Short		(6.4	)
		103.4

** Rounds to less than 0.005%.

216

International Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS2 Class*	GS4 Class*	Benchmark**	Benchmark***
One Year	18.49%	18.23%	22.78%	15.29%
Five Year	12.45%	12.19%	12.44%	12.81%
Ten Year	6.90%	6.68%	6.91%	7.57%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.33%	1.58%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund for the 10-year period from December 31, 2003 to December 31, 2013, with all dividends and capital gains reinvested, with the MSCI EAFE Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund’s benchmark was changed from the MSCI ACWI (All Country World Index) Ex-U.S. Index to MSCI EAFE Index due to a change in the Fund’s investment strategy.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

217

INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
FOREIGN COMMON STOCKS — 98.5%
Argentina — 0.1%
MercadoLibre, Inc.D		18,600	$	2,004,894
Australia — 3.1%
AGL Energy, Ltd.		10,423		139,879
Amcor, Ltd.‡‡		42,125		396,820
AMP, Ltd.‡‡		944,418		3,701,946
APA Group		15,545		83,280
Asciano, Ltd.		105,850		544,396
ASX, Ltd.‡‡		2,537		83,272
Aurizon Holdings, Ltd.		86,208		375,637
Australia & New Zealand Banking Group, Ltd.‡‡		48,458		1,394,528
Bendigo and Adelaide Bank, Ltd.‡‡		60,135		630,909
BHP Billiton, Ltd.‡‡		67,304		2,283,029
BlueScope Steel, Ltd.*‡‡		118,568		616,158
Brambles, Ltd.		215,887		1,763,798
Caltex Australia, Ltd.‡‡		16,309		291,973
CFS Retail Property Trust Group REIT‡‡		37,629		65,350
Cochlear, Ltd.D		23,994		1,262,312
Commonwealth Bank of Australia‡‡		27,405		1,903,754
Computershare, Ltd.‡‡		6,176		62,755
CSL, Ltd.‡‡		11,742		723,004
Dexus Property Group REIT‡‡		84,924		76,208
Downer EDI, Ltd.		387,457		1,681,362
Federation Centres, Ltd. REIT		27,212		56,856
Flight Centre Travel Group, Ltd.		8,441		358,382
Fortescue Metals Group, Ltd.D		893,219		4,641,756
Goodman Group REIT‡‡		33,286		140,580
GPT Group+*		63,198		—
GPT Group REIT		26,294		79,825
Incitec Pivot, Ltd.‡‡		165,542		396,136
Insurance Australia Group, Ltd.‡‡		51,029		265,180
Lend Lease Group‡‡		55,348		550,539
Macquarie Group, Ltd.‡‡		8,291		406,943
Mirvac Group REIT‡‡		47,808		71,715
National Australia Bank, Ltd.‡‡		98,501		3,063,342
Newcrest Mining, Ltd.*‡‡		13,780		95,972
Origin Energy, Ltd.		18,277		229,615
Orora, Ltd.*‡‡		42,125		43,631
Qantas Airways, Ltd.*‡‡		320,253		313,118
QBE Insurance Group, Ltd.		250,255		2,571,932
Ramsay Health Care, Ltd.‡‡		8,739		337,559
Rio Tinto, Ltd.		13,987		851,497
Seek, Ltd.		21,190		253,724
Sims Metal Management, Ltd.*‡‡		49,945		485,648
Sonic Healthcare, Ltd.‡‡		43,407		642,607
SP AusNet		31,687		35,225
Stockland REIT‡‡		46,149		148,755
Suncorp Group, Ltd.*‡‡		54,921		642,408
Sydney Airport‡‡		8,786		29,811
Telstra Corporation, Ltd.‡‡		294,634		1,381,159
Toll Holdings, Ltd.D		278,224		1,411,056
Transfield Services, Ltd.‡‡		129,357		103,375
Wesfarmers, Ltd.*‡‡		34,758		1,366,795
Westfield Group REIT‡‡		40,245		362,581
Westfield Retail Trust REIT‡‡		59,197		156,985
Westpac Banking Corporation‡‡		47,626		1,376,963
Woodside Petroleum, Ltd.‡‡		69,109		2,400,411

	Shares		Value
WorleyParsons, Ltd.‡‡		26,193	$	388,235
				43,740,686
Austria — 0.3%
Erste Group Bank AG		112,106		3,906,514
Belgium — 0.2%
Ageas STRIP VVPR*		5,306		7
Delhaize Group SA		36,419		2,164,398
Groupe Bruxelles Lambert SA‡‡		457		41,953
				2,206,358
Bermuda — 0.1%
Catlin Group, Ltd.‡‡		731		7,027
Seadrill, Ltd.D		42,079		1,727,374
				1,734,401
Brazil — 0.8%
BM&FBovespa SA		459,200		2,152,697
Brookfield Incorporacoes SA*		852,600		415,594
Cia de Saneamento Basico do Estado de Sao Paulo ADRD*		43,268		490,659
Embraer SA ADRD*		104,000		3,346,720
Itau Unibanco Holding SA ADR		147,670		2,003,882
Petroleo Brasileiro SA ADRD*		74,510		1,026,748
Vale SA ADRD		170,400		2,387,304
				11,823,604
Canada — 0.6%
Canadian National Railway Co.D		149,840		8,543,877
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA ADRD		50,100		1,296,588
China — 2.4%
Agricultural Bank of China, Ltd.		1,311,000		644,147
Baidu, Inc. ADR*		80,297		14,283,231
Dongyue Group, Ltd.		2,415,000		956,121
New Oriental Education & Technology Group ADR*		76,400		2,406,600
Tencent Holdings, Ltd.		224,300		14,306,743
Yangzijiang Shipbuilding Holdings, Ltd.		285,800		268,373
Youku Tudou, Inc. ADRD*		52,804		1,599,961
				34,465,176
Denmark — 1.7%
AP Moller - Maersk A/S Class B		57		616,851
Chr. Hansen Holding A/SD		31,344		1,242,492
Coloplast A/S Class B		1,352		89,632
Danske Bank A/S*		174,701		4,013,176
GN Store Nord A/S		58,451		1,436,490
Novo Nordisk A/S Class B		25,393		4,654,583
Novozymes A/S Class B		36,890		1,558,243
TDC A/S		560,401		5,435,820
Vestas Wind Systems A/S*		146,952		4,351,463
				23,398,750
Finland — 0.2%
Metso OYJ		5,047		215,820
Nokia OYJ*‡‡		125,211		1,011,709
Sampo‡‡		12,161		597,748

218 See Notes to Financial Statements.

	Shares		Value
UPM-Kymmene OYJ		78,017		$	1,323,181
					3,148,458
France — 9.1%
Alcatel-Lucent*		118,354			525,224
Arkema SA‡‡		6,678			779,714
AtoS		7,344			665,396
AXA SA‡‡		100,310			2,793,406
BNP Paribas SA‡‡		65,917			5,142,027
Cap Gemini SA‡‡		9,201			622,776
Carrefour SA		32,797			1,301,827
Casino Guichard Perrachon SA		57,873			6,677,761
Christian Dior SA		38,734			7,331,641
Cie de St-GobainD		145,937			8,039,274
Cie Generale des Etablissements Michelin Class B‡‡		20,791			2,212,186
Credit Agricole SA*‡‡		29,800			382,006
Danone‡‡		95,373			6,880,418
Electricite de France		19,964			706,272
Essilor International SA		14,175			1,508,331
European Aeronautic Defence and Space Co. NV		55,742			4,279,342
Kering		26,677			5,639,021
Klepierre REIT‡‡		623			28,878
Lagardere SCA*‡‡		65,772			2,444,992
L’Oreal SA		32,650			5,733,785
Natixis*‡‡		44,299			260,622
Orange SA		443,175			5,502,097
Publicis Groupe SA*		7,064			647,244
Renault SA‡‡		32,993			2,655,168
Sanofi‡‡		162,556			17,360,221
Schneider Electric SA		83,158			7,254,860
Societe BIC SA‡‡		12,202			1,495,410
Societe Generale SA‡‡		125,097			7,274,481
Suez Environnement Co.‡‡		20,562			368,741
Total SA‡‡		178,010			10,926,199
Unibail-Rodamco SE REIT‡‡		1,611			412,835
Valeo SA‡‡		25,703			2,848,452
Vallourec SA		36,050			1,966,758
Vinci SA		66,873			4,395,664
Vivendi SA‡‡		83,635			2,206,083
					129,269,112
Germany — 10.3%
Aixtron SE*		76,439			1,105,731
Allianz SED		16,902			3,030,920
Aurubis AG‡‡		26,506			1,615,375
BASF SE		24,449			2,606,346
Bayer AG‡‡		162,077			22,731,806
Beiersdorf AG		76,609			7,761,022
Bilfinger SE‡‡		10,002			1,121,837
Continental AG‡‡		10,872			2,384,092
Daimler AG		107,538			9,305,462
Deutsche Bank AG‡‡		11,432			545,336
Deutsche Boerse AG		52,045			4,310,234
Deutsche Lufthansa AG*‡‡		245,500			5,207,883
Deutsche Post AG‡‡		94,688			3,451,963
Deutsche Telekom AG		661,626			11,313,814
Freenet AG*‡‡		82,325			2,466,692
Fresenius Medical Care AG & Co. KGaA		100,831			7,175,660
Fresenius SE & Co. KGaA‡‡		1,995			306,290
GEA Group AG		57,889			2,755,481
Hannover Rueck SE‡‡		14,316			1,228,549

	Shares		Value
HeidelbergCement AG		23,160		$	1,757,152
Hochtief AG		4,603			392,987
Kloeckner & Co. SE*‡‡		29,827			408,362
Leoni AG‡‡		27,381			2,046,512
Linde AGD		50,143			10,488,710
Merck KGaA‡‡		25,050			4,488,599
Metro AGD		27,702			1,341,464
Muenchener Rueckversicherungs AG‡‡		12,020			2,648,236
Rheinmetall AG‡‡		28,974			1,787,507
RWE AGD		68,341			2,501,324
Salzgitter AG‡‡		20,817			887,780
SAP AG		187,568			16,078,363
Siemens AG		16,787			2,292,999
SMA Solar Technology AGD		20,776			656,235
Stada Arzneimittel AG‡‡		15,790			780,377
TUI AG*‡‡		103,095			1,698,394
Volkswagen AG		21,913			5,935,713
					146,615,207
Guernsey — 0.0%
Resolution, Ltd.‡‡		112,958			662,170
Hong Kong — 2.3%
AIA Group, Ltd.‡‡		1,806,600			9,062,938
ASM Pacific Technology, Ltd.‡‡		3,400			28,456
Bank of East Asia, Ltd.		9,400			39,822
Belle International Holdings, Ltd.D		569,000			658,206
Cathay Pacific Airways, Ltd.‡‡		208,000			439,911
Cheung Kong Holdings, Ltd.‡‡		28,000			441,974
Cheung Kong Infrastructure Holdings, Ltd.‡‡		12,000			75,751
China Mobile, Ltd.		321,000			3,328,269
CLP Holdings, Ltd.		19,500			154,153
CNOOC, Ltd.		474,500			882,387
Esprit Holdings, Ltd.*		77			148
First Pacific Co., Ltd.‡‡		38,000			43,222
Guangdong Investment, Ltd.		442,900			432,945
Hang Seng Bank, Ltd.‡‡		24,800			402,017
HKT Trust		954			942
Hong Kong & China Gas Co., Ltd.‡‡		220			504
Hong Kong Exchanges and Clearing, Ltd.‡‡		146,107			2,436,279
Hopewell Holdings, Ltd.‡‡		10,500			35,545
Hutchison Whampoa, Ltd.‡‡		14,000			190,294
Hysan Development Co., Ltd.‡‡		99,000			426,421
Jardine Matheson Holdings, Ltd.D		43,600			2,280,716
Kerry Logistics Network, Ltd.*		16,550			23,520
Kerry Properties, Ltd.		33,100			114,825
Li & Fung, Ltd.D		4,478,924			5,776,052
Link REIT (The)‡‡		45,000			218,202
MTR Corporation, Ltd.		20,500			77,592
New World Development Co., Ltd.‡‡		64,000			80,802
NWS Holdings, Ltd.‡‡		21,000			32,011
PCCW, Ltd.‡‡		68,000			30,430
Power Assets Holdings, Ltd.‡‡		43,500			345,844
Shangri-La Asia, Ltd.		1,000			1,950
Sino Land Co., Ltd.‡‡		306,000			418,297
Skyworth Digital Holdings, Ltd.*		620,000			341,411
Sun Hung Kai Properties, Ltd.‡‡		13,000			164,883

See Notes to Financial Statements. 219

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Swire Pacific, Ltd. Class A‡‡		13,000		$	152,393
Swire Properties, Ltd.		100			253
Wharf Holdings, Ltd.‡‡		70,000			535,316
Wheelock & Co., Ltd.		21,000			96,546
Yue Yuen Industrial Holdings, Ltd. ADR‡‡		717,500			2,396,509
					32,167,736
India — 0.5%
Container Corporation of India		—			6
Housing Development Finance Corporation		175,616			2,256,135
ICICI Bank, Ltd. ADRD		88,580			3,292,519	��
Tata Motors, Ltd. ADR		50,000			1,540,000
					7,088,660
Indonesia — 0.0%
Telekomunikasi Indonesia Persero Tbk PT		2,997,700			530,560
Ireland — 0.4%
CRH PLC		157,481			3,971,708
James Hardie Industries PLCD		150,698			1,741,178
					5,712,886
Italy — 2.3%
Assicurazioni Generali SpA		20,976			492,818
Banca Popolare dell’Emilia Romagna SC*		206,862			1,973,818
Enel SpA‡‡		537,409			2,344,938
Eni SpA		377,440			9,120,367
Fiat SpAD*		693,467			5,676,001
Intesa Sanpaolo SpA‡‡		180,175			443,178
Mediolanum SpA‡‡		44,851			388,657
Prysmian SpA		39,610			1,019,845
Snam SpA		673,037			3,761,860
UniCredit SpA‡‡		924,364			6,818,735
Unione di Banche Italiane SCPA‡‡		14,202			96,280
					32,136,497
Japan — 15.2%
Amada Co., Ltd.		474,000			4,186,050
Aozora Bank, Ltd.		64,600			183,069
Asahi Kasei Corporation		44,200			346,697
Astellas Pharma, Inc.‡‡		93,700			5,555,177
Azbil Corporation‡‡		10,000			233,079
Bridgestone Corporation		18,800			712,273
Calsonic Kansei Corporation‡‡		127,000			656,250
Canon, Inc.		335,050			10,690,907
Central Japan Railway Co.‡‡		11,100			1,308,158
Chubu Electric Power Co., Inc.‡‡		68,800			889,434
Chugai Pharmaceutical Co., Ltd.		43,200			956,235
COMSYS Holdings Corporation‡‡		42,300			665,070
Daicel Corporation‡‡		31,000			252,644
Daihatsu Motor Co., Ltd.‡‡		27,000			457,994
Daiichi Sankyo Co., Ltd.		22,100			404,098
Daito Trust Construction Co., Ltd.‡‡		1,100			102,837
Daiwa House Industry Co., Ltd.‡‡		10,000			193,752
Daiwa Securities Group, Inc.‡‡		31,000			310,482
Dena Co., Ltd.		26,400			556,524
Denso Corporation		202,100			10,676,679

	Shares		Value
East Japan Railway Co.‡‡		18,000		$	1,433,841
Electric Power Development Co., Ltd.		25,500			743,498
Fuji Electric Co., Ltd.‡‡		356,000			1,668,012
Fuji Heavy Industries, Ltd.‡‡		80,400			2,310,612
Fuji Oil Co., Ltd.		32,800			488,442
Fujikura, Ltd.		4,000			18,776
Fujitsu, Ltd.*‡‡		92,000			476,806
Fukuoka Financial Group, Inc.‡‡		128,000			561,850
Gree, Inc.D		86,700			855,392
GungHo Online Entertainment, Inc.*		116,600			839,864
Hino Motors, Ltd.‡‡		139,000			2,189,632
Hitachi, Ltd.		377,000			2,858,471
Honda Motor Co., Ltd.		223,900			9,241,949
Hoya Corporation		117,100			3,256,773
Inpex Corporation		446,800			5,730,733
Isuzu Motors, Ltd.‡‡		96,100			599,370
ITOCHU Corporation‡‡		381,200			4,712,637
J Front Retailing Co., Ltd.‡‡		169,000			1,282,080
Japan Airlines Co., Ltd.		52,500			2,589,893
Japan Real Estate Investment Corporation REIT		14			74,901
Japan Retail Fund Investment Corporation REIT		20			40,694
Japan Steel Works, Ltd. (The)		39,000			218,538
JFE Holdings, Inc.		28,800			686,306
JGC Corporation‡‡		43,000			1,687,485
JSR Corporation		85,500			1,657,239
JX Holdings, Inc.		70			360
Kajima Corporation		188,000			707,069
Kansai Electric Power Co., Inc. (The)*		40,000			460,373
Kao Corporation‡‡		184,800			5,817,842
KDDI Corporation‡‡		30,300			1,866,943
Keisei Electric Railway Co., Ltd.‡‡		1,000			9,201
Konica Minolta, Inc.‡‡		163,000			1,628,907
Kyocera Corporation		26,400			1,319,777
Mabuchi Motor Co., Ltd.D		64,200			3,820,338
Marubeni Corporation‡‡		240,800			1,733,537
Marui Group Co., Ltd.		38,800			394,647
Mazda Motor Corporation*		54,000			279,832
Miraca Holdings, Inc.‡‡		8,700			410,434
Mitsubishi Corporation		72,100			1,384,170
Mitsubishi Electric Corporation‡‡		800			10,060
Mitsubishi Estate Co., Ltd.‡‡		24,000			718,225
Mitsubishi Heavy Industries, Ltd.‡‡		138,000			854,713
Mitsubishi UFJ Financial Group, Inc.‡‡		797,200			5,292,927
Mitsui & Co., Ltd.‡‡		57,700			804,404
Mitsui Engineering & Shipbuilding Co., Ltd.		218,000			450,265
Mitsui Fudosan Co., Ltd.‡‡		18,000			649,272
Mizuho Financial Group, Inc.		97,440			211,545
MS&AD Insurance Group Holdings		104,100			2,798,101
Mutoh Holdings Co., Ltd.		22,000			110,502
Namco Bandai Holdings, Inc.		20,100			446,270
NHK Spring Co., Ltd.‡‡		12,400			140,103
Nippon Building Fund, Inc. REIT		16			92,963
Nippon Meat Packers, Inc.‡‡		11,000			189,063

220 See Notes to Financial Statements.

	Shares		Value
Nippon Steel & Sumitomo Metal Corporation		230		$	771
Nippon Telegraph & Telephone Corporation‡‡		6,900			371,637
Nippon Yusen KK		33,800			108,073
Nishi-Nippon City Bank, Ltd. (The)		200			539
Nissan Chemical Industries, Ltd.		14,800			235,193
NKSJ Holdings, Inc.‡‡		64,550			1,796,660
Nomura Holdings, Inc.‡‡		68,200			527,037
NTT DOCOMO, Inc.		60,800			1,001,150
Obayashi Corporation‡‡		69,000			393,560
Omron Corporation		3,800			167,935
Oriental Land Co., Ltd.		4,600			663,385
ORIX Corporation‡‡		15,900			279,393
Osaka Gas Co., Ltd.‡‡		195,000			765,886
Panasonic Corporation		900			10,492
Rakuten, Inc.		464,400			6,930,442
Resona Holdings, Inc.‡‡		407,800			2,080,787
Ryohin Keikaku Co., Ltd.		500			54,081
Sanrio Co., Ltd.D		43,200			1,819,034
SCSK Corporation		27,700			727,058
Secom Co., Ltd.		2,100			126,703
Seiko Epson Corporation		87,600			2,358,589
Sekisui Chemical Co., Ltd.‡‡		74,000			908,092
Sekisui House, Ltd.‡‡		8,000			111,946
Seven & I Holdings Co., Ltd.‡‡		152,800			6,083,950
Shimamura Co., Ltd.		2,300			215,594
Shin-Etsu Chemical Co., Ltd.		120,400			7,042,110
Shinsei Bank, Ltd.‡‡		847,000			2,073,375
Shionogi & Co., Ltd.		130,700			2,837,455
SMC CorporationD*		19,300			4,871,099
Softbank Corporation‡‡		183,300			16,084,715
Sony Corporation		13,800			237,889
Sumitomo Corporation‡‡		292,900			3,681,206
Sumitomo Mitsui Financial Group, Inc.‡‡		90,700			4,716,707
Sumitomo Mitsui Trust Holdings, Inc.‡‡		256,000			1,354,551
Sumitomo Realty & Development Co., Ltd.‡‡		7,000			348,792
T&D Holdings, Inc.		44,100			617,250
Taisei Corporation		121,000			550,660
Takashimaya Co., Ltd.‡‡		134,000			1,337,010
Takeda Pharmaceutical Co., Ltd.		113,300			5,196,510
Toho Co., Ltd.*		21,900			481,794
Tokio Marine Holdings, Inc.		128,700			4,307,549
Tokyo Electric Power Co., Inc.*		177,900			876,529
Tokyo Electron, Ltd.		48,600			2,677,992
Tokyo Gas Co., Ltd.		30,000			147,861
Toshiba Corporation		579,300			2,438,745
Toyo Seikan Group Holdings, Ltd.		29,400			632,929
Toyo Suisan Kaisha, Ltd.		5,000			150,204
Toyo Tire & Rubber Co., Ltd.		58,000			331,136
Toyota Boshoku Corporation		9,000			112,530
Toyota Motor Corporation‡‡		57,160			3,485,336
Tsumura & Co.D		21,300			564,448
USS Co., Ltd.		10,000			137,165
West Japan Railway Co.‡‡		18,100			784,245
Yamaha Corporation		7,900			125,598
Yamato Holdings Co., Ltd.‡‡		5,200			105,161

	Shares		Value
Yokogawa Electric Corporation		42,000		$	645,742
Yokohama Rubber Co., Ltd. (The)		16,000			157,336
					215,012,662
Jersey — 0.0%
Randgold Resources, Ltd.‡‡		1,533			96,212
Luxembourg — 0.3%
APERAM*‡‡		72,975			1,347,764
ArcelorMittal		132,172			2,358,331
					3,706,095
Malaysia — 0.1%
Tenaga Nasional Bhd		251,300			873,086
Netherlands — 6.2%
Aegon NV‡‡		1,059,741			10,042,704
Corio NV REIT		368			16,515
Delta Lloyd NV		260,631			6,472,493
ING Groep NVD*‡‡		1,556,078			21,736,213
Koninklijke Ahold NV‡‡		534,307			9,602,143
Koninklijke KPN NV*		57,023			184,247
Koninklijke Philips NV‡‡		132,093			4,863,841
PostNL NV*‡‡		171,205			978,772
QIAGEN NV*		4,199			98,031
Randstad Holding NV		185,139			12,014,296
Reed Elsevier NV		370,329			7,870,917
Royal Dutch Shell PLC Class AD‡‡		384,162			13,724,553
Unilever NV		8,391			337,364
					87,942,089
New Zealand — 0.1%
Fletcher Building, Ltd.‡‡		65,050			448,981
Telecom Corporation of New Zealand, Ltd.‡‡		320,079			625,897
					1,074,878
Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249			—
Norway — 1.4%
DNB ASA‡‡		325,575			5,824,096
Marine Harvest ASA*		3,801,954			4,629,191
Orkla ASAD		323,784			2,526,084
Schibsted ASAD		42,822			2,832,537
Telenor ASA		61,343			1,462,450
TGS Nopec Geophysical Co. ASA‡‡		23,328			618,459
Yara International ASA‡‡		51,785			2,228,395
					20,121,212
Peru — 0.2%
Credicorp, Ltd.D		25,593			3,396,959
Portugal — 0.1%
Jeronimo Martins SGPS SA		83,398			1,630,902
Russia — 0.2%
Magnit OJSC GDR		20,600			1,363,720
Mail.ru Group, Ltd. GDR*		30,241			1,348,749
					2,712,469
Singapore — 1.7%
Ascendas Real Estate Investment Trust REIT‡‡		30,000			52,300
CapitaCommercial Trust REIT		38,000			43,663
CapitaMall Trust REIT‡‡		51,000			76,988

See Notes to Financial Statements. 221

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
CapitaMalls Asia, Ltd.		227,000		$	352,566
ComfortDelGro Corporation, Ltd.‡‡		263,000			418,899
DBS Group Holdings, Ltd.‡‡		161,000			2,181,624
Golden Agri-Resources, Ltd.		300			130
Jardine Cycle & Carriage, Ltd.		142,000			4,045,247
Keppel Corporation, Ltd.‡‡		5,700			50,543
Keppel REIT‡‡		596			560
Oversea-Chinese Banking Corporation, Ltd.‡‡		32,000			258,647
Sembcorp Industries, Ltd.‡‡		993,300			4,321,262
Sembcorp Marine, Ltd.		23,000			81,105
Singapore Airlines, Ltd.		6,000			49,495
Singapore Exchange, Ltd.‡‡		173,000			995,269
Singapore Press Holdings, Ltd.		9,000			29,383
Singapore Technologies Engineering, Ltd.‡‡		26,000			81,588
Singapore Telecommunications, Ltd.‡‡		1,288,700			3,737,582
StarHub, Ltd.‡‡		11,000			37,395
United Overseas Bank, Ltd.‡‡		449,417			7,564,180
UOL Group, Ltd.‡‡		9,186			45,058
Wilmar International, Ltd.		44,000			119,244
					24,542,728
South Korea — 1.4%
Celltrion, Inc.		40,983			1,489,255
Hankook Tire Co., Ltd.		38,500			2,218,409
Kia Motors Corporation		23,870			1,271,115
LG Corporation		8,135			494,122
NAVER Corporation		6,353			4,378,028
POSCO ADRD		5,054			394,212
Samsung Electronics Co., Ltd.		3,343			4,356,087
Samsung Heavy Industries Co., Ltd.		36,700			1,326,388
Shinhan Financial Group Co., Ltd.		75,120			3,372,500
					19,300,116
Spain — 5.1%
ACS Actividades de Construccion y Servicios SA		29,619			1,019,490
Amadeus IT Holding SA‡‡		276,043			11,812,240
Banco Bilbao Vizcaya Argentaria SA‡‡		104,075			1,281,143
Banco Popular Espanol SA*		865,198			5,219,278
Banco Santander SA‡‡		1,567,410			14,028,848
Distribuidora Internacional de Alimentacion SA		248,468			2,221,821
Ebro Foods SA		158,764			3,720,656
Endesa SA‡‡		57,879			1,855,249
Gas Natural SDG SA‡‡		135,236			3,478,108
Grifols SA		2,523			120,666
Iberdrola SA‡‡		1,574,420			10,039,121
Inditex SA		61,923			10,205,497
Telefonica SA		443,163			7,215,345
					72,217,462
Sweden — 3.0%
Alfa Laval AB		115,897			2,977,765
Atlas Copco AB Class A		311,207			8,640,991
Elekta ABD		93,460			1,430,231
Hennes & Mauritz AB Class B		143,371			6,603,163

	Shares		Value
Investment AB Kinnevik Class B		117,328		$	5,439,459
Investor AB Class B‡‡		3,383			116,590
Meda AB		134,524			1,708,401
NCC AB Class B‡‡		1,499			48,958
Nordea Bank AB‡‡		125,373			1,690,379
Sandvik ABD		182,589			2,577,005
Skandinaviska Enskilda Banken AB		42,548			562,113
Svenska Cellulosa AB SCA Class B‡‡		103,291			3,182,175
Svenska Handelsbanken AB Class A		88,488			4,350,674
TeliaSonera AB‡‡		37,643			313,958
Trelleborg AB Class B‡‡		118,595			2,361,740
					42,003,602
Switzerland — 9.4%
ABB, Ltd.*		444,666			11,756,975
ABB, Ltd. ADRD*		48,400			1,285,504
Actelion, Ltd.*‡‡		2,037			172,780
Adecco SA*‡‡		5,621			446,233
Baloise Holding AG‡‡		4,229			539,257
Cie Financiere Richemont SA		63,203			6,313,820
Credit Suisse Group AG*		222,776			6,875,620
Galenica AG		671			675,495
Geberit AG*		12,036			3,651,495
Georg Fischer AG*‡‡		952			670,240
Givaudan SA*‡‡		537			768,213
Glencore Xstrata PLC*‡‡		189,409			980,794
Helvetia Holding AG		2,401			1,205,346
Julius Baer Group, Ltd.*		91,746			4,408,948
Logitech International SA‡‡		232,360			3,190,864
Lonza Group AG*		58,060			5,517,627
Nestle SA‡‡		200,186			14,671,644
Novartis AG‡‡		263,825			21,145,410
OC Oerlikon Corporation AG*‡‡		265,236			3,973,370
Roche Holding AG‡‡		40,618			11,378,169
Swatch Group AG (The)		2,139			1,417,737
Swiss Life Holding AGD*‡‡		25,337			5,267,557
Swiss Re AG*		21,484			1,980,577
Syngenta AG		11,315			4,511,258
Transocean, Ltd.‡‡		4,575			223,899
UBS AG*		288,924			5,532,130
Wolseley PLC*‡‡		57,960			3,287,292
Zurich Insurance Group AG*		40,183			11,655,647
					133,503,901
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		538,000			1,904,441
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		599,109			10,448,461
Teco Electric and Machinery Co., Ltd.		2,234,700			2,560,605
					14,913,507
Turkey — 0.3%
BIM Birlesik Magazalar AS		44,748			903,705
Türkiye Garanti Bankasi AS		915,382			2,964,663
Yapi ve Kredi Bankasi AS		1			2
					3,868,370
United Kingdom — 17.7%
3i Group PLC*‡‡		37,796			241,028

222 See Notes to Financial Statements.

	Shares		Value
Aggreko PLC		119,555		$	3,383,445
Alent PLC‡‡		23,998			141,076
AMEC PLC‡‡		213,193			3,841,060
Anglo American PLC		88,854			1,942,228
ARM Holdings PLC‡‡		714,366			13,000,731
Associated British Foods PLC‡‡		16,970			687,084
Aviva PLC‡‡		267,695			1,993,483
Babcock International Group PLC‡‡		46,176			1,036,108
BAE Systems PLC‡‡		162,980			1,174,013
Barclays PLC‡‡		1,896,340			8,539,935
Barratt Developments PLC‡‡		706,521			4,083,192
BG Group PLC		380,999			8,186,165
BHP Billiton PLC‡‡		139,098			4,305,063
BP PLC‡‡		2,066,865			16,704,202
British Land Co. PLC REIT‡‡		11,811			123,023
Britvic PLC		150,579			1,726,766
BT Group PLC‡‡		386,964			2,431,180
Cairn Energy PLC*		7,744			34,598
Centrica PLC‡‡		123,555			711,401
Cobham PLC‡‡		11,978			54,447
Compass Group PLC‡‡		1,121,714			17,980,709
Daily Mail & General Trust PLC‡‡		23,864			379,568
Dairy Crest Group PLC		405,005			3,621,625
Drax Group PLC‡‡		6,189			82,041
DS Smith PLC		891,019			4,898,627
easyJet PLC*‡‡		6,564			166,959
Ferrexpo PLC‡‡		62,007			196,121
G4S PLC		833,132			3,621,533
GKN PLC‡‡		416,817			2,576,634
GlaxoSmithKline PLC		416,485			11,114,220
Hammerson PLC REIT‡‡		6,134			50,991
Home Retail Group PLC		205,704			653,683
HSBC Holdings PLC‡‡		1,655,458			18,158,828
IMI PLC‡‡		13,025			328,925
Inchcape PLC‡‡		125,597			1,278,058
InterContinental Hotels Group PLC‡‡		17,487			582,919
Intu Properties PLC REIT		3,152			16,175
Invensys PLC*		6,284			52,915
ITV PLC‡‡		772,579			2,481,955
J Sainsbury PLC‡‡		64,745			391,335
John Wood Group PLC‡‡		36,211			411,352
Kazakhmys PLC‡‡		69,101			250,140
Land Securities Group PLC REIT‡‡		10,536			168,104
Legal & General Group PLC‡‡		648,959			2,393,243
Lloyds Banking Group PLC*		358,114			467,776
Man Strategic Holdings PLC*‡‡		616,185			867,320
Marks & Spencer Group PLC		56,121			402,033
Meggitt PLC		400,968			3,502,527
Mondi PLC‡‡		87,827			1,521,280
National Grid PLC		855,584			11,164,472
Next PLC‡‡		40,341			3,640,764
Persimmon PLC*‡‡		39,907			818,785
Premier Oil PLC		245,313			1,273,931
Provident Financial PLC‡‡		1,710			45,987
Prudential PLC		430,543			9,553,679
Reckitt Benckiser Group PLC‡‡		18,477			1,466,521
Reed Elsevier PLC‡‡		17,027			253,482
Rexam PLC‡‡		15,190			133,442
Rio Tinto PLC‡‡		77,821			4,393,765

	Shares			Value
Rolls-Royce Holdings PLC*‡‡		458,137			$	9,672,859
Rotork PLC		59,458				2,825,801
RSA Insurance Group PLC‡‡		262,850				397,835
Sage Group PLC (The)‡‡		24,529				163,979
Segro PLC REIT		12,232				67,654
Smith & Nephew PLC		105,900				1,509,901
Spirax-Sarco Engineering PLC		47,585				2,356,083
SSE PLC		54,463				1,235,582
Standard Chartered PLCD		700,817				15,770,826
Standard Life PLC‡‡		92,309				549,684
Tate & Lyle PLC‡‡		72,178				966,947
Tesco PLC		1,262,626				6,990,776
Thomas Cook Group PLC*‡‡		40,467				112,043
Travis Perkins PLC‡‡		72,290				2,240,956
TUI Travel PLC‡‡		67,031				458,543
Tullow Oil PLC‡‡		12,519				177,250
Unilever PLC‡‡		209,441				8,608,209
Vesuvius PLC‡‡		102,909				869,106
Vodafone Group PLC*‡‡		2,512,815				9,861,845
WPP PLC‡‡		20,193				461,455
						250,999,986
United States of America — 0.5%
Joy Global, Inc.D		24,900				1,456,401
Yum! Brands, Inc.D		77,780				5,880,946
						7,337,347
Total Foreign Common Stocks (Cost $1,133,661,325)						1,395,705,717
FOREIGN PREFERRED STOCKS — 0.7%
Germany — 0.7%
Henkel AG & Co. KGaA, 0.95%‡‡		12,849				1,490,300
Porsche Automobil Holding SE 2.01%‡‡		47,603				4,954,799
ProSiebenSat.1 Media AG 5.65%‡‡		84,838				4,201,634
						10,646,733
United Kingdom — 0.0%
Rolls-Royce Holdings PLC Class C, 3.00%+*‡‡		39,399,782				65,244
Total Foreign Preferred Stocks (Cost $7,795,886)						10,711,977
MONEY MARKET FUNDS — 10.6%
GuideStone Money Market Fund (GS4 Class)¥		81,447,283				81,447,283
Northern Institutional Liquid Assets Portfolio§		68,447,083				68,447,083
Total Money Market Funds (Cost $149,894,366)						149,894,366
TOTAL INVESTMENTS — 109.8% (Cost $1,291,351,577)						1,556,312,060
FOREIGN COMMON STOCKS SOLD SHORT — (6.4)%
Australia — (0.5)%
ALS, Ltd.		(81,799	)			(643,465	)
Alumina, Ltd.*		(422,500	)			(420,633	)
Boart Longyear Ltd.		(190,767	)			(65,579	)
Boral, Ltd.		(130,357	)			(555,206	)
Brambles, Ltd.		(18,000	)			(147,060	)
Coca-Cola Amatil, Ltd.*		(38,628	)			(414,925	)
Cochlear, Ltd.		(5,846	)			(307,555	)

See Notes to Financial Statements. 223

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Fortescue Metals Group, Ltd.		(106,025	)		$	(550,976	)
Harvey Norman Holdings, Ltd.		(133,167	)			(375,738	)
Iluka Resources, Ltd.		(31,802	)			(245,057	)
Leighton Holdings, Ltd.		(21,954	)			(315,799	)
Mount Gibson Iron, Ltd.		(153,244	)			(138,883	)
Orica, Ltd.		(12,263	)			(261,257	)
QBE Insurance Group, Ltd.		(23,333	)			(239,799	)
Recall Holdings, Ltd.*		(3,600	)			(13,051	)
Santos, Ltd		(33,443	)			(436,869	)
Sydney Airport		(209,162	)			(709,688	)
Transurban Group		(110,337	)			(673,874	)
UGL, Ltd.		(5,290	)			(34,528	)
Whitehaven Coal, Ltd.*		(270,877	)			(461,963	)
						(7,011,905	)
Belgium — 0.0%
Mobistar SA		(10,079	)			(191,347	)
Bermuda — 0.0%
Seadrill, Ltd.		(9,431	)			(384,996	)
Denmark — (0.2)%
FLSmidth & Co. A/S		(35,453	)			(1,938,801	)
Novozymes A/S Class B		(3,293	)			(139,097	)
						(2,077,898	)
Finland — (0.2)%
Elisa OYJ		(10,624	)			(281,494	)
Nokian Renkaat OYJ		(47,682	)			(2,286,571	)
						(2,568,065	)
France — (0.8)%
Air France-KLM*		(55,394	)			(578,921	)
Alstom SA		(61,461	)			(2,241,279	)
Carrefour SA		(21,436	)			(850,869	)
CGG SA*		(20,570	)			(356,991	)
Cie de St-Gobain		(508	)			(27,984	)
Etablissements Maurel et Prom		(6,247	)			(104,497	)
Faurecia*		(41,148	)			(1,569,896	)
Hermes International		(1,769	)			(641,522	)
Nexans SA		(37,824	)			(1,919,576	)
Veolia Environnement SA		(190,246	)			(3,107,184	)
						(11,398,719	)
Germany — (1.3)%
Aixtron SE*		(181,185	)			(2,620,939	)
Commerzbank AG*		(268,878	)			(4,331,492	)
Dialog Semiconductor PLC*		(123,316	)			(2,652,422	)
Fraport AG Frankfurt Airport Services Worldwide		(3,448	)			(257,995	)
Infineon Technologies AG		(191,110	)			(2,040,189	)
LANXESS AG		(42,167	)			(2,812,004	)
Sky Deutschland AG*		(388,246	)			(4,272,895	)
						(18,987,936	)
Italy — (0.2)%
A2A SpA		(765,150	)			(895,505	)
Enel Green Power SpA		(76,780	)			(193,166	)
Fiat SpA*		(151,855	)			(1,242,927	)
Pirelli & C. SpA		(42,464	)			(734,636	)
						(3,066,234	)
Japan — (1.4)%
ABC-Mart, Inc.		(1,200	)			(52,426	)
Acom Co., Ltd.*		(416,300	)			(1,418,432	)
Advantest Corporation		(88,000	)			(1,096,521	)
AEON Financial Service Co., Ltd.		(28,800	)			(772,283	)

	Shares			Value
Asahi Glass Co., Ltd.		(22,000	)		$	(136,989	)
Asics Corporation		(5,700	)			(97,426	)
Credit Saison Co., Ltd.		(44,300	)			(1,167,836	)
Disco Corporation		(15,400	)			(1,022,145	)
GS Yuasa Corporation		(130,000	)			(747,990	)
Hamamatsu Photonics KK		(14,100	)			(564,214	)
Hitachi Metals, Ltd.		(32,000	)			(452,777	)
Hokkaido Electric Power Co., Inc.*		(78,800	)			(906,803	)
Kansai Paint Co., Ltd.		(20,000	)			(295,759	)
Komatsu, Ltd.		(5,900	)			(121,135	)
Kyushu Electric Power Co., Inc.*		(6,700	)			(85,571	)
Mitsubishi Motors Corporation*		(10,700	)			(115,114	)
Mitsubishi UFJ Lease & Finance Co., Ltd.		(56,200	)			(345,509	)
Nabtesco Corporation		(47,900	)			(1,105,474	)
Nachi-Fujikoshi Corporation		(97,000	)			(547,930	)
NGK Insulators, Ltd.		(25,000	)			(475,772	)
Nidec Corporation		(20,400	)			(2,009,699	)
Nikon Corporation		(47,500	)			(907,760	)
Nippon Electric Glass Co., Ltd.		(74,000	)			(388,733	)
NOK Corporation		(10,100	)			(165,428	)
NTN Corporation*		(99,000	)			(450,268	)
OSAKA Titanium Technologies Co., Ltd.		(15,700	)			(273,428	)
Rakuten, Inc.		(103,100	)			(1,538,606	)
Sharp Corporation Japan*		(88,000	)			(280,183	)
Shikoku Electric Power Co., Inc.*		(15,700	)			(235,444	)
SMC Corporation*		(1,000	)			(252,389	)
Taiheiyo Cement Corporation		(153,000	)			(588,400	)
Terumo Corporation		(8,700	)			(420,033	)
Yamada Denki Co., Ltd.		(118,700	)			(388,265	)
Yamaha Motor Co., Ltd.		(16,400	)			(246,564	)
Yaskawa Electric Corporation		(13,000	)			(205,993	)
						(19,879,299	)
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		(8,768	)			(415,321	)
Luxembourg — (0.1)%
Millicom International Cellular SA		(15,606	)			(1,555,072	)
Netherlands — (0.5)%
ASML Holding NV		(29,000	)			(2,716,200	)
Fugro NV*		(36,929	)			(2,202,881	)
Royal Imtech NV*		(187,216	)			(549,787	)
TNT Express NV		(121,458	)			(1,129,739	)
						(6,598,607	)
Norway — (0.2)%
Aker Solutions ASA		(24,251	)			(433,418	)
Norsk Hydro ASA		(76,633	)			(342,020	)
Schibsted ASA		(4,189	)			(277,089	)
Storebrand ASA*		(271,351	)			(1,695,580	)
						(2,748,107	)
Sweden — 0.0%
SSAB AB		(63,289	)			(486,190	)
Switzerland — (0.1)%
Dufry AG*		(3,348	)			(588,175	)
Kuehne + Nagel International AG		(7,907	)			(1,039,291	)
						(1,627,466	)

224 See Notes to Financial Statements.

	Shares			Value
United Kingdom — (0.9)%
Admiral Group PLC		(64,001	)		$	(1,388,377	)
Aggreko PLC		(109,356	)			(3,094,810	)
Anglo American PLC		(86,000	)			(1,879,844	)
Capita PLC		(21,735	)			(373,599	)
FirstGroup PLC*		(183,936	)			(376,474	)
Inmarsat PLC		(16,925	)			(211,885	)
Kazakhmys PLC		(113,240	)			(409,920	)
Lonmin PLC*		(181,187	)			(925,617	)
Michael Page International PLC		(61,047	)			(493,325	)
Vedanta Resources PLC		(74,130	)			(1,145,929	)
Weir Group PLC (The)		(52,176	)			(1,842,075	)
						(12,141,855	)
Total Foreign Common Stocks Sold Short (Cost $(79,825,201))						(91,139,017	)
Liabilities in Excess of Other Assets — (3.4)%						(48,492,166	)
NET ASSETS — 100.0%					$	1,416,680,877

See Notes to Financial Statements. 225

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina		$	2,004,894		$	2,004,894		$	—		$	—
Australia			43,740,686			43,740,686			—			—
Austria			3,906,514			3,906,514			—			—
Belgium			2,206,358			2,206,358			—			—
Bermuda			1,734,401			1,734,401			—			—
Brazil			11,823,604			11,823,604			—			—
Canada			8,543,877			8,543,877			—			—
Chile			1,296,588			1,296,588			—			—
China			34,465,176			34,465,176			—			—
Denmark			23,398,750			10,090,403			13,308,347			—
Finland			3,148,458			—			3,148,458			—
France			129,269,112			—			129,269,112			—
Germany			146,615,207			146,615,207			—			—
Guernsey			662,170			662,170			—			—
Hong Kong			32,167,736			32,167,736			—			—
India			7,088,660			7,088,660			—			—
Indonesia			530,560			—			530,560			—
Ireland			5,712,886			5,712,886			—			—
Italy			32,136,497			—			32,136,497			—
Japan			215,012,662			855,392			214,157,270			—
Jersey			96,212			96,212			—			—
Luxembourg			3,706,095			3,706,095			—			—
Malaysia			873,086			873,086			—			—
Netherlands			87,942,089			2,746,015			85,196,074			—
New Zealand			1,074,878			1,074,878			—			—
Nigeria			—			—			—			—
Norway			20,121,212			20,121,212			—			—
Peru			3,396,959			3,396,959			—			—
Portugal			1,630,902			1,630,902			—			—
Russia			2,712,469			2,712,469			—			—
Singapore			24,542,728			24,542,728			—			—
South Korea			19,300,116			1,883,467			17,416,649			—
Spain			72,217,462			72,217,462			—			—
Sweden			42,003,602			—			42,003,602			—
Switzerland			133,503,901			8,744,454			124,759,447			—
Taiwan			14,913,507			14,913,507			—			—
Turkey			3,868,370			3,868,370			—			—
United Kingdom			250,999,986			250,999,986			—			—
United States of America			7,337,347			7,337,347			—			—
Foreign Preferred Stocks:
Germany			10,646,733			10,646,733			—			—
United Kingdom			65,244			—			—			65,244
Money Market Funds			149,894,366			149,894,366			—			—
Total Assets - Investments in Securities		$	1,556,312,060		$	894,320,800		$	661,926,016		$	65,244
Other Financial Instruments***
Futures Contracts		$	3,623,644		$	3,623,644		$	—		$	—
Total Assets - Other Financial Instruments		$	3,623,644		$	3,623,644		$	—		$	—

226 See Notes to Financial Statements.

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short:
Australia		$	(7,011,905	)		$	(7,011,905	)		$	—			$	—
Belgium			(191,347	)			(191,347	)			—				—
Bermuda			(384,996	)			(384,996	)			—				—
Denmark			(2,077,898	)			—				(2,077,898	)			—
Finland			(2,568,065	)			(281,494	)			(2,286,571	)			—
France			(11,398,719	)			—				(11,398,719	)			—
Germany			(18,987,936	)			(18,987,936	)			—				—
Italy			(3,066,234	)			—				(3,066,234	)			—
Japan			(19,879,299	)			—				(19,879,299	)			—
Liberia			(415,321	)			(415,321	)			—				—
Luxembourg			(1,555,072	)			—				(1,555,072	)			—
Netherlands			(6,598,607	)			—				(6,598,607	)			—
Norway			(2,748,107	)			(2,748,107	)			—				—
Sweden			(486,190	)			—				(486,190	)			—
Switzerland			(1,627,466	)			—				(1,627,466	)			—
United Kingdom			(12,141,855	)			(12,141,855	)			—				—
Total Liabilities - Investments in Securities		$	(91,139,017	)		$	(42,162,961	)		$	(48,976,056	)		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(620,375	)		$	—			$	(620,375	)		$	—
Total Liabilities - Other Financial Instruments		$	(620,375	)		$	—			$	(620,375	)		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

LEVEL 1 - 2 TRANSFERS

The Fund had securities that transferred from Level 2 to Level 1 of the fair value hierarchy as a result of foreign equities that were fair valued at December 31, 2012 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of December 31, 2013 is $589,265,140.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2013.

See Notes to Financial Statements. 227

Emerging Markets Equity Fund (Unaudited)

Emerging market equities significantly lagged the performance of equities in developed markets during the year as the MSCI Emerging Markets Index (Net) posted an annual return of -2.60%. The worst performing markets were primarily in the Latin American region, while Europe was the only positive performing region for the year. From a sector perspective, seven of the ten groups posted negative returns for calendar year 2013. The materials and energy sectors were the worst performers and experienced double-digit declines, while the technology, healthcare and consumer discretionary sectors were the only positive performing sectors for the one-year period.

The Emerging Markets Equity Fund is actively managed and invests mainly in a diversified portfolio of stocks of foreign companies of any market capitalization located in emerging markets. The inception date of the Fund was 10/31/13. The GS4 Class of the Fund outperformed its benchmark, the MSCI Emerging Markets Index (Net), for the remaining two month period (-2.50% versus -2.89%). On a country basis, security selection in China and Brazil contributed positively to benchmark-relative performance, while security selection to South Africa negatively impacted performance. On a sector basis, overweight exposure and security selection to the technology sector added value, while overweight exposure and security selection to the materials sector detracted from benchmark-relative returns during the two month period. Within the Fund, certain derivatives were utilized to express active views in currency and country selection. These derivative positions primarily included currency forward contracts and stock index futures. Overall, derivative exposure had a slight positive impact on Fund performance.

This fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio with emerging market stocks. The fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Medium and small companies have limited product lines, markets and financial resources, and their stocks historically have been more volatile and less liquid than large company stocks. To the extent that the investment advisor misjudges current market conditions, the fund’s volatility may be amplified by its use derivatives, and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the fund’s portfolio to have disproportionately large effects or cause the NAV of the fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		28.0
Technology		16.5
Materials & Processing		14.6
Money Market Funds		13.1
Consumer Discretionary		8.5
Energy		7.6
Utilities		4.7
Consumer Staples		4.0
Producer Durables		3.3
Foreign Preferred Stocks		2.2
Healthcare		2.2
Rights		—	**
		104.7

** Rounds to less than 0.005%.

228

EMERGING MARKETS EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
FOREIGN COMMON STOCKS — 89.4%
Argentina — 0.1%
Banco Macro SA ADRD*		16,263	$	394,703
Bermuda — 0.1%
Kosmos Energy, Ltd.*		34,700		387,946
Brazil — 5.8%
All - America Latina Logistica SA		333,700		927,868
Arteris SA		900		7,267
Banco Bradesco SA ADR		42,400		531,272
Banco do Brasil SA		61,200		632,947
Banco Santander Brasil SA		247,400		1,465,996
Banco Santander Brasil SA ADRD		478,089		2,916,343
BR Malls Participacoes SA		11,200		80,941
BR Properties SA		5,500		43,361
CCR SA		140,300		1,056,747
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		7,200		321,624
Cia Energetica de Minas Gerais ADR*		51,300		399,627
Fibria Celulose SA*		17,800		208,613
Grupo BTG Pactual*		84,000		973,428
Itau Unibanco Holding SA ADR		95,369		1,294,157
JBS SA		261,900		973,556
Lojas Renner SA*		33,800		873,922
Magnesita Refratarios SA		56,700		141,795
Multiplan Empreendimentos Imobiliarios SA*		2,300		48,647
Petroleo Brasileiro SA ADRD*		44,600		655,174
Porto Seguro SA*		55,600		701,113
Telefonica Brasil SA ADRD		34,300		659,246
Tim Participacoes SA ADRD*		1,300		34,112
Totvs SA*		27,700		433,948
Tractebel Energia SA*		33,600		511,851
Ultrapar Participacoes SA		27,900		661,653
Vale SA ADR		23,800		333,438
				16,888,646
Canada — 2.2%
First Quantum Minerals, Ltd.D		336,100		6,055,970
Torex Gold Resources, Inc.*		254,100		224,857
				6,280,827
Chile — 0.8%
Banco Santander Chile ADRD		13,700		322,909
Embotelladora Andina SA ADR Class BD		35,696		1,008,055
Enersis SA ADRD		52,900		792,971
Latam Airlines Group SA ADRD		12,600		205,506
				2,329,441
China — 9.6%
AAC Technologies Holdings, Inc.D		278,500		1,352,221
Agile Property Holdings, Ltd.		36,000		38,580
Agricultural Bank of China, Ltd.		983,000		482,988
Anhui Conch Cement Co., Ltd. Class H		799,500		2,964,242
Baidu, Inc. ADR*		7,557		1,344,239
Bank of China, Ltd. Class H		2,245,000		1,033,575

	Shares		Value
Bank of Communications Co., Ltd. Class A		389,000	$	274,406
Beijing Capital International Airport Co., Ltd. Class H		178,000		139,337
China CITIC Bank Corporation, Ltd. Class H		350,000		190,024
China Communications Construction Co., Ltd. Class H		126,000		101,557
China Construction Bank Corporation Class H		1,826,000		1,377,571
China Life Insurance Co., Ltd. Class H		334,000		1,044,517
China Merchants Bank Co., Ltd. Class H		1,736,500		3,699,493
China Minsheng Banking Corporation, Ltd. Class H		78,000		86,607
China Oilfield Services, Ltd. Class H		130,000		403,196
China Petroleum & Chemical Corporation Class H		254,000		207,346
China Railway Construction Corporation, Ltd. Class HD		317,000		315,598
China Telecom Corporation, Ltd. Class H		380,000		192,100
Chongqing Rural Commercial Bank Class H		767,000		371,912
Country Garden Holdings Co., Ltd.		121,000		73,028
Dongfeng Motor Group Co., Ltd. Class H		234,000		366,346
Evergrande Real Estate Group, Ltd.		173,000		66,038
Guangzhou R&F Properties Co., Ltd. Class H		23,600		34,513
Huaneng Power International, Inc. Class H		322,000		291,093
Industrial & Commercial Bank of China, Ltd. Class H		1,953,000		1,319,748
Li Ning Co., Ltd.*		921,500		727,284
Longfor Properties Co., Ltd.		848,000		1,185,448
Mindray Medical International, Ltd. ADRD		20,002		727,273
Parkson Retail Group, Ltd.D		1,259,500		388,198
PICC Property & Casualty Co., Ltd. Class H		64,000		94,915
Sihuan Pharmaceutical Holdings Group, Ltd.		993,000		906,651
Sino-Ocean Land Holdings, Ltd.		78,000		51,200
Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,968,000		565,962
SOHO China, Ltd.		53,000		45,657
Tencent Holdings, Ltd.		43,200		2,755,467
Tingyi Cayman Islands Holding Corporation		530,000		1,531,021
West China Cement, Ltd.*		2,000,000		296,610
Wumart Stores, Inc. Class H		401,000		651,587
Zhejiang Expressway Co., Ltd. Class H		172,000		162,588
				27,860,136
Colombia — 0.4%
BanColombia SA		85,799		1,058,929
Cyprus — 0.7%
Eurasia Drilling Co., Ltd. GDR		27,325		1,229,625

See Notes to Financial Statements. 229

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Global Ports Investments PLC GDR		44,166		$	617,441
QIWI PLC ADR		4,600			257,600
					2,104,666
Egypt — 0.1%
ElSwedy Electric Co.		82,700			380,737
Estonia — 0.2%
Tallink Group AS@		486,725			595,935
Hong Kong — 5.6%
ASM Pacific Technology, Ltd.D		171,900			1,438,726
Belle International Holdings, Ltd.		909,000			1,051,511
China Gas Holdings, Ltd.		126,000			185,239
China Mengniu Dairy Co., Ltd.		531,000			2,519,995
China Mobile, Ltd.		327,500			3,395,664
China Overseas Land & Investment, Ltd.		942,000			2,648,285
China Resources Cement Holdings, Ltd.		274,000			184,097
China Resources Land, Ltd.		54,000			133,846
China Resources Power Holdings Co., Ltd.		144,000			341,323
CNOOC, Ltd.		262,000			487,219
COSCO Pacific, Ltd.		62,000			85,073
Geely Automobile Holdings, Ltd.		1,645,000			795,526
GOME Electrical Appliances Holdings, Ltd.		4,899,000			903,443
Kingboard Chemical Holdings, Ltd.		123,500			322,515
Lee & Man Paper Manufacturing, Ltd.		258,000			170,019
New World Department Store China, Ltd.		491,000			276,074
Shimao Property Holdings, Ltd.*		36,000			82,731
Sino Biopharmaceutical, Ltd.		1,452,000			1,151,593
Yuexiu Property Co., Ltd.		138,000			33,991
					16,206,870
Hungary — 0.0%
OTP Bank PLC		5,313			100,812
India — 8.9%
Aditya Birla Nuvo, Ltd.		6,363			127,836
Ambuja Cements, Ltd.		529,600			1,563,842
Axis Bank, Ltd.		126,800			2,664,020
Cairn India, Ltd.*		58,265			304,960
Canara Bank		22,833			104,189
Dabur India, Ltd.@		489,319			1,347,595
GAIL India, Ltd.*		15,616			86,417
HCL Technologies, Ltd.		28,181			575,215
Hero MotoCorp, Ltd.		28,411			953,219
Infosys, Ltd.		27,048			1,524,207
Infosys, Ltd. ADRD		49,758			2,816,303
Kotak Mahindra Bank, Ltd.@		265,448			3,125,253
Lupin, Ltd.		179,354			2,633,261
Maruti Suzuki India, Ltd.		68,120			1,942,557
Power Finance Corporation, Ltd.		140,715			379,797
Reliance Industries, Ltd.		17,270			249,941
Shriram Transport Finance Co., Ltd.@		120,097			1,305,913
Tata Consultancy Services, Ltd.		57,961			2,035,311

	Shares		Value
Tata Motors, Ltd. ADR		17,800		$	548,240
Wipro, Ltd.		104,841			947,815
Wockhardt, Ltd.		74,786			547,278
					25,783,169
Indonesia — 1.9%
PT Bank Negara Indonesia Persero Tbk		953,500			310,578
PT Bank Rakyat Indonesia Persero Tbk		132,000			78,899
PT Bank Tabungan Pensiunan Nasional Tbk*		64,500			22,814
PT Global Mediacom Tbk		1,928,500			301,396
PT Indocement Tunggal Prakarsa Tbk		1,315,000			2,166,148
PT Lippo Karawaci Tbk		541,000			40,503
PT Media Nusantara Citra Tbk		1,036,000			224,425
PT Perusahaan Gas Negara Persero Tbk		479,500			176,750
PT Ramayana Lestari Sentosa Tbk		2,635,000			229,707
PT Semen Indonesia Persero Tbk		1,249,500			1,457,048
PT Telekomunikasi Indonesia Tbk ADRD*		4,700			168,495
PT Unilever Indonesia Tbk		61,500			131,754
PT United Tractors Tbk		152,500			238,705
					5,547,222
Luxembourg — 0.4%
O’Key Group SA GDR		10,400			123,760
Ternium SA ADRD		34,878			1,091,681
					1,215,441
Malaysia — 1.8%
AMMB Holdings Bhd		119,200			263,474
CIMB Group Holdings Bhd		555,900			1,293,225
IOI Corporation Bhd		188,200			270,622
IOI Properties Group Bhd+*		62,733			33,708
Lafarge Malaysia Bhd		154,300			403,710
Malayan Banking Bhd		135,800			412,106
MISC Bhd*		55,200			96,058
Petronas Chemicals Group Bhd		201,300			425,277
Public Bank Bhd		71,400			425,937
RHB Capital Bhd		35,700			86,103
Sime Darby Bhd		33,300			96,784
Tenaga Nasional Bhd		363,900			1,264,290
Westports Holdings Bhd*		355,900			274,897
					5,346,191
Mexico — 5.3%
Alfa SAB de CV		295,700			829,360
America Movil SAB de CV ADRD		200,478			4,685,171
Arca Continental SAB de CV*		108,700			679,765
Cemex SAB de CV ADRD*		26,700			315,861
Coca-Cola Femsa SAB de CV ADR		900			109,593
Compartamos SAB de CV		309,300			578,494
Corporacion Moctezuma SAB de CV@		190,009			581,385
Fibra Uno Administracion SA de CV REIT		36,600			117,230
Genomma Lab Internacional SAB de CV Class B*		520,000			1,458,461

230 See Notes to Financial Statements.

	Shares			Value
Grupo Aeroportuario del Pacifico SAB de CV Class B		68,800			$	367,804
Grupo Financiero Banorte SAB de CV		381,200				2,667,363
Grupo Financiero Inbursa SAB de CV		527,900				1,493,153
Grupo Mexico SAB de CV Series B		120,500				398,975
Kimberly-Clark de Mexico SAB de CV Class A		40,800				115,871
Megacable Holdings SAB de CV		267,400				904,407
						15,302,893
Mongolia — 0.1%
Mongolian Mining CorporationD*		1,524,500				202,499
Netherlands — 0.9%
OCID*		57,305				2,580,656
Nigeria — 1.3%
FBN Holdings PLC		2,210,200				225,234
FCMB Group PLC*		12,000,000				276,836
Guaranty Trust Bank PLC		14,259,274				2,408,788
United Bank for Africa PLC		15,258,631				849,027
						3,759,885
Peru — 0.1%
Credicorp, Ltd.D		3,200				424,736
Philippines — 0.4%
International Container Terminal Services, Inc.		519,950				1,196,962
Poland — 0.8%
Alior Bank SA*		20,073				540,964
Bank Zachodni WBK SA		1,994				255,830
Eurocash SA		11,499				181,522
Grupa Lotos SA*		5,550				65,126
PGE SA		82,818				446,294
Polskie Gornictwo Naftowe i Gazownictwo SA		261,173				445,223
Synthos SA		74,449	��			134,799
Tauron Polska Energia SA		100,309				145,099
						2,214,857
Russia — 6.9%
Gazprom OAO ADR		283,539				2,424,258
LSR Group GDR		137,600				575,994
Lukoil OAO ADR		10,216				644,834
NovaTek OAO GDR		36,282				4,967,006
Novolipetsk Steel OJSC GDR		79,198				1,329,932
Rosneft OAO GDR*		42,657				326,612
Sberbank of Russia ADR		405,109				5,092,220
Sistema JSFC GDR		55,643				1,787,253
Surgutneftegas OAO ADRD		61,695				534,896
Tatneft OAO ADR		15,225				581,138
VTB Bank OJSC GDR		7,603				22,980
X5 Retail Group NV GDR*		100,827				1,690,869
						19,977,992
South Africa — 3.4%
African Bank Investments, Ltd.D		582,728				669,387
African Rainbow Minerals, Ltd.		6,681				120,373
Bidvest Group, Ltd.		111,062				2,841,133
Capitec Bank Holdings, Ltd.D		17,600				349,433
Discovery, Ltd.		29,150				234,812

	Shares		Value
Growthpoint Properties, Ltd.		48,957		$	113,315
Imperial Holdings, Ltd.		28,497			550,408
Investec. Ltd.		36,321			257,952
Liberty Holdings, Ltd.		35,539			411,968
Mediclinic International, Ltd.		19,872			143,973
MMI Holdings, Ltd.		55,918			134,864
Netcare, Ltd.		23,976			59,471
Northam Platinum, Ltd.*		50,227			201,100
Pick n Pay Stores, Ltd.		193,900			961,182
Redefine Properties, Ltd.*		79,691			73,993
Remgro, Ltd.		11,242			222,718
RMB Holdings, Ltd.		10,184			46,940
Standard Bank Group, Ltd.		195,800			2,415,675
					9,808,697
South Korea — 10.8%
AMOREPACIFIC Corporation		459			435,157
AMOREPACIFIC Group		533			235,147
Coway Co., Ltd.		2,091			131,728
Daelim Industrial Co., Ltd.		6,016			537,492
DGB Financial Group, Inc.		5,610			87,889
E-Mart Co., Ltd.		1,212			306,523
Hanwha Life Insurance Co., Ltd.		35,490			255,744
Hyosung Corporation		10,788			719,809
Hyundai Department Store Co., Ltd.		564			86,242
Hyundai Mobis Co., Ltd.		3,532			983,323
Hyundai Motor Co.		2,728			612,345
Hyundai Wia Corporation		1,696			306,072
KB Financial Group, Inc.		5,610			226,756
KCC Corporation		1,073			477,126
Kia Motors Corporation		6,259			333,302
KIWOOM Securities Co., Ltd.		7,205			345,593
Korea Zinc Co., Ltd.		477			143,891
KT Corporation ADR		1,100			16,357
LG Chem, Ltd.		1,407			400,209
LG Display Co., Ltd.*		19,430			469,202
Mirae Asset Securities Co., Ltd.		9,400			342,854
NAVER Corporation		233			160,567
POSCO		1,489			463,321
Samsung Electronics Co., Ltd.		8,414			10,963,840
Samsung Fire & Marine Insurance Co., Ltd.		21,046			5,171,687
Shinhan Financial Group Co., Ltd.		100,110			4,494,423
Shinsegae Co., Ltd.		860			205,984
SK Holdings Co., Ltd.		3,959			717,784
SK Hynix, Inc.*		15,240			533,058
SK Telecom Co., Ltd.		5,049			1,104,919
Woori Finance Holdings Co., Ltd.		21,810			275,521
					31,543,865
Switzerland — 0.6%
Coca-Cola HBC AG*		62,438			1,821,815
Taiwan — 8.2%
Cheng Uei Precision Industry Co., Ltd.		76,000			152,492
Chicony Electronics Co., Ltd.		36,000			90,473
China Life Insurance Co., Ltd.		221,000			223,940
Chroma ATE, Inc.		138,000			289,396
CTBC Financial Holding Co., Ltd.		411,000			280,633
Far Eastern Department Stores, Ltd.		211,000			208,851

See Notes to Financial Statements. 231

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Far EasTone Telecommunications Co., Ltd.		302,000		$	663,714
Fubon Financial Holding Co., Ltd.		448,000			655,386
Hon Hai Precision Industry Co., Ltd.		366,000			983,663
Inventec Corporation		1,041,000			920,373
Kinsus Interconnect Technology Corporation		139,000			461,258
MediaTek, Inc.		197,000			2,931,518
Pegatron Corporation		256,000			329,840
Pou Chen Corporation		211,000			315,401
Powertech Technology, Inc.*		60,000			91,701
President Chain Store Corporation		109,000			755,230
Realtek Semiconductor Corporation		216,000			579,798
Richtek Technology Corporation		64,000			298,488
Ruentex Development Co., Ltd.		17,000			32,969
Siliconware Precision Industries Co.		116,000			138,561
SinoPac Financial Holdings Co., Ltd.		674,000			335,830
Taishin Financial Holding Co., Ltd.		760,000			373,580
Taiwan Cooperative Financial Holding Co., Ltd.		212,000			115,946
Taiwan Semiconductor Manufacturing Co., Ltd.		3,178,000			11,249,652
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		28,400			495,296
Teco Electric and Machinery Co., Ltd.		145,000			166,147
Uni-President Enterprises Corporation		279,000			502,703
Walsin Lihwa Corporation*		289,000			92,702
					23,735,541
Thailand — 3.1%
Airports of Thailand PCL NVDR		64,600			312,694
Bangkok Bank PCL NVDR		46,600			253,834
BEC World PCL NVDR		334,800			516,112
Big C Supercenter PCL NVDR		222,100			1,247,282
Central Pattana PCL		2,235,700			2,789,522
Krung Thai Bank PCL NVDR		191,200			96,631
PTT Exploration & Production PCL NVDR		82,600			419,559
PTT Global Chemical PCL NVDR		229,900			555,220
Robinson Department Store PCL		308,800			451,077
Siam Commercial Bank PCL (The)		419,400			1,831,525
TMB Bank PCL		6,687,100			419,216
					8,892,672
Turkey — 2.0%
Akfen Holding AS		106,500			210,621
Coca-Cola Icecek AS		21,836			525,832
Eregli Demir ve Celik Fabrikalari TAS		329,561			395,657
TAV Havalimanlari Holding AS		83,690			601,680
Turk Hava Yollari		204,722			613,499
Türkiye Garanti Bankasi AS		536,995			1,739,174

	Shares		Value
Ulker Biskuvi Sanayi AS		91,700		$	648,600
Yapi ve Kredi Bankasi AS		577,100			998,982
					5,734,045
United Kingdom — 5.9%
Anglo American PLC		481,852			10,522,049
Hikma Pharmaceuticals PLC		15,579			309,836
Tullow Oil PLC		446,917			6,327,648
					17,159,533
United States of America — 1.0%
Cognizant Technology Solutions Corporation Class A*		28,200			2,847,636
Southern Copper Corporation		3,900			111,969
					2,959,605
Total Foreign Common Stocks (Cost $265,439,770)					259,797,924
FOREIGN PREFERRED STOCKS — 2.2%
Brazil — 1.0%
Banco do Estado do Rio Grande do Sul SA Class B 0.78%		14,400			76,906
Cia Brasileira de Distribuicao Grupo Pao de Acucar 1.04%		13,800			613,651
Cia Energetica de Sao Paulo, Class B 1.42%		73,200			695,621
Itau Unibanco Holding SA 1.00%		4,800			63,783
Itausa Investimentos Itau SA 0.33%		308,500			1,163,781
Metalurgica Gerdau SA 0.31%		29,500			292,593
					2,906,335
South Korea — 1.2%
Samsung Electronics Co., Ltd. 1.50%		3,727			3,584,288
Total Foreign Preferred Stocks (Cost $6,833,153)					6,490,623
RIGHTS — 0.0%
IOI Properties Group Bhd+*
(Cost $7,182)		31,367			—
MONEY MARKET FUNDS — 13.1%
GuideStone Money Market Fund (GS4 Class)¥		13,828,315			13,828,315
Northern Institutional Liquid Assets Portfolio§		24,260,022			24,260,022
Total Money Market Funds (Cost $38,088,337)					38,088,337
TOTAL INVESTMENTS — 104.7% (Cost $310,368,442)					304,376,884
Liabilities in Excess of Other Assets — (4.7)%					(13,775,796	)
NET ASSETS — 100.0%				$	290,601,088

232 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina		$	394,703		$	394,703		$	—		$	—
Bermuda			387,946			387,946			—			—
Brazil			16,888,646			16,888,646			—			—
Canada			6,280,827			6,280,827			—			—
Chile			2,329,441			2,329,441			—			—
China			27,860,136			27,860,136			—			—
Colombia			1,058,929			1,058,929			—			—
Cyprus			2,104,666			2,104,666			—			—
Egypt			380,737			380,737			—			—
Estonia			595,935			595,935			—			—
Hong Kong			16,206,870			16,206,870			—			—
Hungary			100,812			100,812			—			—
India			25,783,169			25,783,169			—			—
Indonesia			5,547,222			168,495			5,378,727			—
Luxembourg			1,215,441			1,215,441			—			—
Malaysia			5,346,191			5,312,483			—			33,708
Mexico			15,302,893			15,302,893			—			—
Mongolia			202,499			202,499			—			—
Netherlands			2,580,656			2,580,656			—			—
Nigeria			3,759,885			3,759,885			—			—
Peru			424,736			424,736			—			—
Philippines			1,196,962			—			1,196,962			—
Poland			2,214,857			2,214,857			—			—
Russia			19,977,992			19,977,992			—			—
South Africa			9,808,697			9,808,697			—			—
South Korea			31,543,865			16,357			31,527,508			—
Switzerland			1,821,815			1,821,815			—			—
Taiwan			23,735,541			23,735,541			—			—
Thailand			8,892,672			5,491,340			3,401,332			—
Turkey			5,734,045			5,734,045			—			—
United Kingdom			17,159,533			17,159,533			—			—
United States of America			2,959,605			2,959,605			—			—
Foreign Preferred Stocks:
Brazil			2,906,335			2,906,335			—			—
South Korea			3,584,288			—			3,584,288			—
Money Market Funds			38,088,337			38,088,337			—			—
Rights			—			—			—			—
Total Assets - Investments in Securities		$	304,376,884		$	259,254,359		$	45,088,817		$	33,708
Other Financial Instruments***
Forward Foreign Currency Contracts		$	40,328		$	—		$	40,328		$	—
Futures Contracts			934,639			934,639			—			—
Total Assets - Other Financial Instruments		$	974,967		$	934,639		$	40,328		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the period ending December 31, 2013.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2013.

See Notes to Financial Statements. 233

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	Defensive Market Strategies Fund				Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value		$	525,803,274		$	368,687,320
Investments in securities of affiliated issuers, at value			64,725,574			12,116,847
Total investments (1)(2)			590,528,848			380,804,167
Cash			60,320			—
Cash collateral for derivatives			1,024,000			435,000
Deposits with broker for securities sold short			23,455,465			—
Foreign currency(3)			42,412			—
Receivables:
Dividends and reclaims			638,992			411,524
Interest			678,630			—
Securities lending			46,487			70,172
Investment securities sold			6,989,459			—
Fund shares sold			138,208			153,818
Variation margin on financial futures contracts			77,120			44,800
Unrealized appreciation on foreign currency exchange contracts			2,329			—
Prepaid expenses and other assets			21,605			18,089
Total Assets			623,703,875			381,937,570
Liabilities
Securities sold short, at value (4)			47,002,923			—
Options written at value (5)			3,440			—
Unrealized depreciation on foreign currency exchange contracts			33,958			—
Collateral held for securities on loan at value			84,172,289			25,398,730
Collateral held for derivatives			—			—
Payables:
Investment securities purchased			7,165,631			—
Dividends on short sales			12,387			—
Fund shares redeemed			30,786			8,812
Variation margin on financial futures contracts			—			—
Securities lending			3,392			486
Deferred foreign capital gains taxes			—			—
Accrued expenses:
Investment advisory fees			352,902			14,146
Shareholder servicing fees			78,618			57,320
Other expenses			140,539			143,118
Total Liabilities			138,996,865			25,622,612
Net Assets		$	484,707,010		$	356,314,958
Net Assets Consist of:
Paid-in-capital		$	435,439,990		$	228,801,247
Accumulated (distributions in excess of) net investment income (loss)			(228,862	)		64,888
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions			(4,079,862	)		(5,760,991	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions			53,575,744			133,209,814
Net Assets		$	484,707,010		$	356,314,958
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class		$	89,429,797		$	66,377,857
GS2 shares outstanding			7,821,868			7,804,989
Net asset value, offering and redemption price per GS2 share		$	11.43		$	8.50
Net assets applicable to the GS4 Class		$	395,277,213		$	289,937,101
GS4 shares outstanding			34,599,098			14,011,133
Net asset value, offering and redemption price per GS4 share		$	11.42		$	20.69
___________
(1) Investments in securities of unaffiliated issuers, at cost		$471,060,683			$235,905,507
Investments in securities of affiliated issuers, at cost			64,725,574			12,116,847
Total investments at cost		$	535,786,257		$	248,022,354
(2) Includes securities loaned of:		$	82,427,706		$	25,034,522
(3) Foreign currency at cost		$	42,261		$	—
(4) Proceeds from securities sold short		$	44,997,373		$	—
(5) Premiums received on options written		$	32,881		$	—
(6) Net of $(111,602) accrued foreign capital gains taxes on appreciated securities

234 See Notes to Financial Statements.

Value Equity Fund			Growth Equity Fund		Small Cap Equity Fund		International Equity Fund			Emerging Markets Equity Fund
$	1,401,110,889		$	1,511,080,317	$	703,815,106	$	1,474,864,777		$	290,548,569
	48,058,108			60,581,823		27,331,387		81,447,283			13,828,315
	1,449,168,997			1,571,662,140		731,146,493		1,556,312,060			304,376,884
	28,000			—		109,262		922,017			7,694,600
	2,109,000			2,667,000		1,472,003		8,334,779			2,056,000
	—			—		—		704,194			—
	—			—		210,423		9,186,887			139,893
	1,501,437			812,745		458,689		3,186,157			103,148
	—			—		355,931		—			—
	285,370			347,398		515,418		418,987			10,174
	1,895,941			2,694,313		2,323,306		368,634			474,232
	131,547			387,799		390,449		193,554			28,913
	173,120			206,765		360,242		256,452			430,074
	—			—		71,271		1,288,413			661,456
	33,099			33,670		23,447		34,855			35,807
	1,455,326,511			1,578,811,830		737,436,934		1,581,206,989			316,011,181
	—			—		—		91,139,017			—
	—			—		5,813		—			—
	—			—		68,310		1,908,788			621,128
	109,412,405			156,992,176		154,309,256		68,447,083			24,260,022
	—			—		—		349,547			—
	1,869,794			1,915,498		7,521,303		447,501			—
	—			—		—		53,831			—
	17,114			14,645		3,724		9,263			—
	—			—		2,078		354,814			50,955
	3,578			3,026		26,743		6,840			1,976
	—			—		—		4,091			112,450
	686,618			901,100		405,952		926,110			208,054
	215,935			233,728		95,425		226,231			48,853
	106,436			107,812		153,499		652,996			106,655
	112,311,880			160,167,985		162,592,103		164,526,112			25,410,093
$	1,343,014,631		$	1,418,643,845	$	574,844,831	$	1,416,680,877		$	290,601,088
$	1,024,684,168		$	1,012,967,656	$	461,981,447	$	1,235,244,047		$	297,546,167
	246,220			—		238,176		(3,519,110	)		(1,244,447	)
	(17,974,722	)		10,633,373		5,907,778		(71,930,152	)		(571,040	)
	336,058,965			395,042,816		106,717,430		256,886,092			(5,129,592	)(6)
$	1,343,014,631		$	1,418,643,845	$	574,844,831	$	1,416,680,877		$	290,601,088
$	253,988,275		$	227,933,797	$	84,139,143	$	269,499,468		$	46,420,031
	25,645,461			18,685,378		8,128,586		23,336,082			4,759,526
$	9.90		$	12.20	$	10.35	$	11.55		$	9.75
$	1,089,026,356		$	1,190,710,048	$	490,705,688	$	1,147,181,409		$	244,181,057
	51,850,876			51,730,929		26,970,705		75,251,195			25,047,066
$	21.00		$	23.02	$	18.19	$	15.24		$	9.75
$	1,066,843,017		$	1,118,389,674	$	601,463,179	$	1,209,904,294		$	296,540,127
	48,058,108			60,581,823		27,331,387		81,447,283			13,828,315
$	1,114,901,125		$	1,178,971,497	$	628,794,566	$	1,291,351,577		$	310,368,442
$	107,204,960		$	154,845,403	$	152,100,244	$	66,487,987		$	24,687,797
$	—		$	—	$	207,841	$	9,096,323		$	140,875
$	—		$	—	$	—	$	79,825,201		$	—
$	—		$	—	$	3,974	$	—		$	—

See Notes to Financial Statements. 235

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	Defensive Market Strategies Fund				Equity Index Fund
Investment Income
Dividends		$	7,635,976		$	6,111,564
Income distributions received from affiliated funds			3,171			1,201
Interest			2,752,484			202
Securities lending			219,828			104,066
Less foreign taxes withheld			(33,042	)		(1,296	)
Total Investment Income			10,578,417			6,215,737
Expenses
Investment advisory fees			3,831,391			468,175
Transfer agent fees:
GS2 shares			3,778			3,755
GS4 shares			19,269			24,821
Custodian fees			143,777			28,795
Shareholder servicing fees:
GS4 shares			864,062			596,448
Accounting and administration fees			157,935			87,105
Professional fees			67,671			68,594
Blue sky fees:
GS2 shares			1,883			4,148
GS4 shares			18,914			15,806
Shareholder reporting fees:
GS2 shares			381			311
GS4 shares			5,257			15,605
Trustee expenses			4,672			3,136
Line of credit facility fees			4,500			3,015
Other expenses			356,529			15,315
Total expenses before dividends and interest on securities sold short			5,480,019			1,335,029
Dividends and interest on securities sold short			497,710			—
Expenses waived/reimbursed net of amount recaptured(2)			(87,229	)		(260,266	)
Fees paid indirectly			(17,950	)		—
Net expenses			5,872,550			1,074,763
Net Investment Income (Loss)			4,705,867			5,140,974
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			46,639,367			3,449,958
Investment securities sold short			(13,855,311	)		—
Futures transactions			5,824,421			2,798,542
Swap agreements			—
Option contracts written			14,073			—
Option contracts purchased			(605,569	)		—
Foreign currency transactions			146,255			—
Net realized gain (loss)			38,163,236			6,248,500
Net change in unrealized appreciation (depreciation) on:
Investment securities
(net of estimated capital gains taxes of $(111,602) for Emerging Markets Equity)			32,405,880			71,983,294
Investment securities sold short			(1,277,045	)		—
Futures			733,249			391,506
Option contracts written			29,441			—
Option contracts purchased			(117,849	)		—
Foreign currency translation			(46,848	)		—
Net change in unrealized appreciation (depreciation)			31,726,828			72,374,800
Net Realized and Unrealized Gain (Loss)			69,890,064			78,623,300
Net Increase (Decrease) in Net Assets Resulting from Operations		$	74,595,931		$	83,764,274

⁽¹⁾  Inception Date for the Emerging Markets Equity Fund was October 31, 2013.

⁽²⁾  See Note 3a and 3c in Notes to Financial Statements.

236 See Notes to Financial Statements.

Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund(1)
$	28,520,609		$	10,560,097		$	4,640,676		$	43,552,338		$	437,111
	3,447			5,859			2,398			10,126			149
	677			—			1,349,224			—			—
	441,853			590,561			1,094,357			1,255,526			13,702
	(80,092	)		(95,000	)		(406	)		(3,422,485	)		(22,190	)
	28,886,494			11,061,517			7,086,249			41,395,505			428,772
	8,048,298			11,095,613			4,332,272			13,585,138			548,343
	3,916			3,860			3,941			3,978			617
	27,219			26,480			27,826			27,228			3,327
	68,315			95,718			141,358			1,148,214			47,318
	2,481,161			2,664,600			1,045,543			2,882,252			94,428
	279,848			293,354			207,059			652,029			21,978
	64,959			64,959			70,459			93,290			89,421
	4,148			4,148			4,148			4,148			1,142
	16,625			16,727			17,399			16,514			1,686
	661			548			703			674			111
	20,917			18,616			22,009			18,617			1,694
	13,106			13,633			5,240			14,817			740
	12,553			13,035			5,004			14,454			664
	32,161			35,654			24,271			748,955			6,661
	11,073,887			14,346,945			5,907,232			19,210,308			818,130
	—			—			—			2,288,233			—
	(81,634	)		(737,777	)		(56,514	)		(2,065,865	)		(133,958	)
	(86,296	)		(81,045	)		(68,008	)		(71,257	)		—
	10,905,957			13,528,123			5,782,710			19,361,419			684,172
	17,980,537			(2,466,606	)		1,303,539			22,034,086			(255,400	)
	137,310,798			235,251,924			78,734,837			83,529,063			(139,725	)
	—			—			—			(11,116,143	)		—
	8,569,444			15,573,869			29,142,977			20,062,582			(430,714	)
	—			—			—			(108,215	)		—
	—			—			34,180			—			—
	—			—			(30,452	)		—			—
	—			(9,086	)		60,061			2,444,190			(1,244,448	)
	145,880,242			250,816,707			107,941,603			94,811,477			(1,814,887	)
	217,997,259			141,075,986			52,215,641			149,314,676			(6,103,160	)
	—			—			—			(9,000,213	)		—
	1,685,630			2,186,149			3,178,527			2,190,495			934,639
	—			—			(9,282	)		—			—
	—			—			9,915			—			—
	—			1,610			25,744			(4,435,144	)		38,929
	219,682,889			143,263,745			55,420,545			138,069,814			(5,129,592	)
	365,563,131			394,080,452			163,362,148			232,881,291			(6,944,479	)
$	383,543,668		$	391,613,846		$	164,665,687		$	254,915,377		$	(7,199,879	)

See Notes to Financial Statements. 237

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Year Ended
	12/31/13			12/31/12
Operations:
Net investment income	$	4,705,867		$	5,323,718
Net realized gain on investment securities, foreign currency transactions and derivative transactions		38,163,236			10,591,923
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		31,726,828			12,885,168
Net increase in net assets resulting from operations		74,595,931			28,800,809
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(1,173,699	)		(1,340,492	)
GS4 shares		(4,069,569	)		(4,192,927	)
Distributions from net realized capital gains
GS2 shares		(7,059,195	)		(2,470,784	)
GS4 shares		(30,890,202	)		(9,083,204	)
Total dividends and distributions		(43,192,665	)		(17,087,407	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		7,592,070			15,153,959
GS4 shares		74,050,825			57,511,353
Reinvestment of dividends and distributions
GS2 shares		8,223,321			3,807,041
GS4 shares		34,959,748			13,276,131
Total proceeds from shares sold and reinvested		124,825,964			89,748,484
Value of shares redeemed
GS2 shares		(18,746,972	)		(10,919,229	)
GS4 shares		(52,760,180	)		(5,602,873	)
Total value of shares redeemed		(71,507,152	)		(16,522,102	)
Net increase (decrease) from capital share transactions(1)		53,318,812			73,226,382
Total increase in net assets		84,722,078			84,939,784
Net Assets:
Beginning of Year		399,984,932			315,045,148
End of Year*	$	484,707,010		$	399,984,932
*  Including undistributed net investment income	$	(228,862	)	$	(2,176	)

⁽¹⁾See Note 6 in Notes to Financial Statements.

238 See Notes to Financial Statements.

Equity Index Fund						Value Equity Fund
For the Year Ended						For the Year Ended
12/31/13			12/31/12			12/31/13			12/31/12
$	5,140,974		$	4,459,095		$	17,980,537		$	19,356,667
	6,248,500			3,524,631			145,880,242			28,714,675
	72,374,800			26,719,460			219,682,889			128,975,407
	83,764,274			34,703,186			383,543,668			177,046,749
	(1,910,992	)		(1,571,769	)		(9,104,181	)		(6,831,856	)
	(3,169,798	)		(2,883,760	)		(16,327,168	)		(12,514,527	)
	(1,874,438	)		(1,164,145	)		(12,958,074	)		—
	(3,460,464	)		(2,337,106	)		(27,109,606	)		—
	(10,415,692	)		(7,956,780	)		(65,499,029	)		(19,346,383	)
	8,865,349			9,096,280			23,449,413			9,537,724
	42,055,015			23,839,386			82,826,039			45,285,927
	3,781,445			2,732,297			22,042,894			6,825,833
	6,630,100			5,219,194			43,431,117			12,513,223
	61,331,909			40,887,157			171,749,463			74,162,707
	(5,225,280	)		(4,607,900	)		(58,523,134	)		(28,255,572	)
	(28,402,934	)		(27,559,476	)		(236,877,855	)		(108,252,456	)
	(33,628,214	)		(32,167,376	)		(295,400,989	)		(136,508,028	)
	27,703,695			8,719,781			(123,651,526	)		(62,345,321	)
	101,052,277			35,466,187			194,393,113			95,355,045
	255,262,681			219,796,494			1,148,621,518			1,053,266,473
$	356,314,958		$	255,262,681		$	1,343,014,631		$	1,148,621,518
$	64,888		$	3,817		$	246,220		$	7,694,927

See Notes to Financial Statements. 239

	Growth Equity Fund
	For the Year Ended
	12/31/13			12/31/12
Operations:
Net investment income (loss)	$	(2,466,606	)	$	2,147,545
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		250,816,707			124,715,096
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		143,263,745			61,890,168
Net increase (decrease) in net assets resulting from operations		391,613,846			188,752,809
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		—			(997,169	)
GS4 shares		—			(1,161,213	)
Distributions from net realized capital gains
GS2 shares		(59,354,927	)		(22,360,470	)
GS4 shares		(184,064,261	)		(72,908,150	)
Total dividends and distributions		(243,419,188	)		(97,427,002	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		16,158,120			8,038,745
GS4 shares		57,212,428			62,823,460
Reinvestment of dividends and distributions
GS2 shares		59,313,648			23,338,265
GS4 shares		184,053,788			74,068,713
Total proceeds from shares sold and reinvested		316,737,984			168,269,183
Value of shares redeemed
GS2 shares		(51,027,934	)		(25,997,419	)
GS4 shares		(216,524,263	)		(112,712,284	)
Total value of shares redeemed		(267,552,197	)		(138,709,703	)
Net increase (decrease) from capital share transactions(2)		49,185,787			29,559,480
Total increase (decrease) in net assets		197,380,445			120,885,287
Net Assets:
Beginning of Year		1,221,263,400			1,100,378,113
End of Year*	$	1,418,643,845		$	1,221,263,400
*  Including undistributed (distributions in excess of) net investment income	$	—		$	(865	)

⁽¹⁾Inception Date for the Emerging Markets Equity Fund was October 31, 2013.

⁽²⁾See Note 6 in Notes to Financial Statements.

240 See Notes to Financial Statements.

Small Cap Equity Fund						International Equity Fund						Emerging Markets Equity Fund
For the Year Ended						For the Year Ended						For the Period
12/31/13			12/31/12			12/31/13			12/31/12			10/31/13(1)-12/31/13
$	1,303,539		$	2,734,679		$	22,034,086		$	21,715,795		$	(255,400	)
	107,941,603			42,096,483			94,811,477			(7,086,651	)		(1,814,887	)
	55,420,545			16,481,702			138,069,814			193,119,661			(5,129,592	)
	164,665,687			61,312,864			254,915,377			207,748,805			(7,199,879	)
	(680,686	)		(824,580	)		(5,710,188	)		(5,831,914	)		—
	(1,183,448	)		(2,228,182	)		(15,633,737	)		(16,637,904	)		—
	(21,979,674	)		(4,730,877	)		—			—			—
	(82,693,531	)		(17,549,897	)		—			—			—
	(106,537,339	)		(25,333,536	)		(21,343,925	)		(22,469,818	)		—
	8,015,941			3,532,639			26,480,523			22,643,677			47,632,875
	58,431,827			26,607,000			116,146,641			98,709,445			250,401,654
	22,649,010			5,551,218			5,708,234			5,830,084			—
	83,870,624			19,776,480			15,631,209			16,637,209			—
	172,967,402			55,467,337			163,966,607			143,820,415			298,034,529
	(16,576,386	)		(9,202,703	)		(75,614,406	)		(15,820,816	)		(64,000	)
	(84,498,033	)		(55,335,902	)		(331,679,243	)		(65,824,409	)		(169,562	)
	(101,074,419	)		(64,538,605	)		(407,293,649	)		(81,645,225	)		(233,562	)
	71,892,983			(9,071,268	)		(243,327,042	)		62,175,190			297,800,967
	130,021,331			26,908,060			(9,755,590	)		247,454,177			290,601,088
	444,823,500			417,915,440			1,426,436,467			1,178,982,290			—
$	574,844,831		$	444,823,500		$	1,416,680,877		$	1,426,436,467		$	290,601,088
$	238,176		$	51,833		$	(3,519,110	)	$	(1,019,310	)	$	(1,244,447	)

See Notes to Financial Statements. 241

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Invest- ment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Invest- ment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Defensive Market Strategies Fund
GS2 Class
2013(3)	$	10.61	$	0.14	#	$	1.80(4	)	$	(0.15	)	$	(0.97	)	$	11.43		18.47	%	$	89,430		1.10	%(5)		1.13	%(5)		1.25	%		208	%
2012		10.20		0.18	#		0.73(4	)		(0.18	)		(0.32	)		10.61		8.93			85,347		1.04	(5)		1.12	(5)		1.67			304
2011(6)		10.00		0.04	#		0.21(4	)		(0.04	)		(0.01	)		10.20		2.51			74,516		1.03	(5)		1.10	(5)		1.11			120
GS4 Class
2013(3)	$	10.60	$	0.12	#	$	1.79(4	)	$	(0.12	)	$	(0.97	)	$	11.42		18.22	%	$	395,277		1.36	%(5)		1.38	%(5)		0.99	%		208	%
2012		10.20		0.15	#		0.72(4	)		(0.15	)		(0.32	)		10.60		8.57			314,638		1.30	(5)		1.37	(5)		1.42			304
2011(6)		10.00		0.03	#		0.21(4	)		(0.03	)		(0.01	)		10.20		2.43			240,529		1.29	(5)		1.35	(5)		0.86			120
Equity Index Fund
GS2 Class
2013(7)	$	6.85	$	0.14	#	$	2.02(4	)	$	(0.26	)	$	(0.25	)	$	8.50		32.04	%	$	66,378		0.23	%		0.24	%		1.81	%		4	%
2012		6.29		0.13	#		0.86(4	)		(0.25	)		(0.18	)		6.85		15.92			47,071		0.23			0.24			1.95			3
2011		8.63		0.15	#		0.04(4	)		(0.31	)		(2.22	)		6.29		3.00			36,721		0.23			0.24			1.71			4
2010		7.77		0.14	#		0.97			(0.25	)		—			8.63		14.57			71,093		0.22			0.22			1.77			5
2009		6.36		0.14	#		1.49			(0.22	)		—			7.77		26.38			65,217		0.22			0.24			2.05			4
GS4 Class
2013(7)	$	16.07	$	0.31	#	$	4.79(4	)	$	(0.23	)	$	(0.25	)	$	20.69		31.95	%	$	289,937		0.38	%		0.48	%		1.66	%		4	%
2012		14.24		0.28	#		1.95(4	)		(0.22	)		(0.18	)		16.07		15.76			208,192		0.38			0.49			1.79			3
2011		16.36		0.26	#		0.12(4	)		(0.28	)		(2.22	)		14.24		2.75			183,076		0.38			0.47			1.57			4
2010		14.51		0.24	#		1.84			(0.23	)		—			16.36		14.45			335,859		0.37			0.41			1.60			5
2009		11.70		0.24	#		2.77			(0.20	)		—			14.51		26.14			321,486		0.37			0.43			1.90			4

#  Calculated using the average shares outstanding method.

(1)  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(2)  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(3)  An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.01% and 0.00% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(4)  Amount includes Capital Gains distributions received by the Fund from the GuideStone Money Market Fund. The amount of these distributions represents less than $0.005 per share.

(5)  The ratio for the Defensive Market Strategies Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.04%, 0.05% and 0.11% for the years 2011, 2012 and 2013, respectively.

(6)  Inception date was September 1, 2011. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(7)  An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.03% and 0.03% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

242 See Notes to Financial Statements.

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Invest- ment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Invest- ment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Value Equity Fund
GS2 Class
2013(3)	$	7.99	$	0.15	#	$	2.64	(4)	$	(0.34	)	$	(0.54	)	$	9.90		35.52	%	$	253,988		0.66	%		0.67	%		1.61	%		45	%
2012		7.03		0.15	#		1.06	(4)		(0.25	)		—			7.99		17.47			215,512		0.67			0.68			1.90			27
2011		7.18		0.12	#		(0.07	)(4)		(0.20	)		—			7.03		0.57			200,308		0.67			0.68			1.62			35
2010		6.46		0.10	#		0.78			(0.16	)		—			7.18		14.01			231,079		0.67			0.68			1.52			36
2009		5.52		0.11	#		1.02			(0.19	)		—			6.46		21.35			181,123		0.68			0.69			2.06			32
GS4 Class
2013(3)	$	16.18	$	0.26	#	$	5.39	(4)	$	(0.29	)		(0.54	)	$	21.00		35.22	%	$	1,089,026		0.90	%		0.91	%		1.36	%		45	%
2012		14.00		0.25	#		2.14	(4)		(0.21	)		—			16.18		17.20			933,110		0.92			0.92			1.66			27
2011		14.12		0.20	#		(0.16	)(4)		(0.16	)		—			14.00		0.27			852,958		0.89			0.91			1.39			35
2010		12.54		0.17	#		1.56			(0.15	)		—			14.12		13.96			958,211		0.85			0.87			1.35			36
2009		10.53		0.20	#		1.98			(0.17	)		—			12.54		21.16			1,001,814		0.84			0.88			1.89			32
Growth Equity Fund
GS2 Class
2013(5)	$	12.19	$	—	†#	$	4.12	(4)	$	—		$	(4.11	)	$	12.20		34.83	%	$	227,934		0.84	%		0.88	%		0.00	%		83	%
2012		11.76		0.04	#		2.00	(4)		(0.06	)		(1.55	)		12.19		17.39			198,329		0.87			0.89			0.33			67
2011		11.91		—	†#		(0.15	)(4)		—			—			11.76		(1.26	)		184,418		0.87			0.89			0.02			60
2010		10.00		—	†		1.91			—	†		—			11.91		19.13			215,863		0.87			0.89			0.06			63
2009		7.26		0.02			2.74			(0.02	)		—			10.00		38.14			196,026		0.87			0.89			0.22			78
GS4 Class
2013(5)	$	20.26	$	(0.05	)#	$	6.92	(4)	$	—		$	(4.11	)	$	23.02		34.52	%	$	1,190,710		1.05	%		1.12	%		(0.22	)%		83	%
2012		18.63		0.03	#		3.17	(4)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05			1.13			0.15			67
2011		18.90		(0.02	)#		(0.25	)(4)		—			—			18.63		(1.43	)		915,960		1.02			1.11			(0.13	)		60
2010		15.88		(0.01	)		3.03			—	†		—			18.90		19.03			1,044,060		0.97			1.08			(0.04	)		63
2009		11.52		0.01			4.36			(0.01	)		—			15.88		37.99			1,067,654		0.96			1.09			0.13			78
Small Cap Equity Fund
GS2 Class
2013(6)	$	10.27	$	0.06	#	$	3.82	(4)	$	(0.08	)	$	(3.72	)	$	10.35		38.39	%	$	84,139		0.92	%		0.94	%		0.45	%		161	%
2012		9.70		0.08	#		1.40	(4)		(0.13	)		(0.78	)		10.27		15.25			67,723		0.99			1.02			0.79			128
2011		9.61		0.03	#		0.11	(4)		(0.05	)		—			9.70		1.40			63,903		1.00			1.03			0.27			165
2010		7.57		0.03	#		2.06			(0.05	)		—			9.61		27.64			74,424		1.00			1.02			0.42			177
2009		5.94		0.03	#		1.64			(0.04	)		—			7.57		28.12			64,033		1.03			1.05			0.44			130
GS4 Class
2013(6)	$	15.94	$	0.04	#	$	5.97	(4)	$	(0.04	)	$	(3.72	)	$	18.19		38.09	%	$	490,706		1.16	%		1.19	%		0.22	%		161	%
2012		14.62		0.09	#		2.10	(4)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19			1.27			0.59			128
2011		14.46		0.01	#		0.17	(4)		(0.02	)		—			14.62		1.22			354,013		1.17			1.26			0.10			165
2010		11.37		0.03	#		3.09			(0.03	)		—			14.46		27.47			400,072		1.15			1.21			0.27			177
2009		8.91		0.03	#		2.46			(0.03	)		—			11.37		27.93			356,043		1.14			1.25			0.33			130

†  Amount represents less than $0.005 per share.

#  Calculated using the average shares outstanding method.

(1)  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(2)  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(3)  An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.02% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(4)  Amount includes Capital Gains distributions received by the Fund from the GuideStone Money Market Fund. The amount of these distributions represents less than $0.005 per share.

(5)  An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.05%, and the Ratio of Net Investment Income to Average Net Assets by 0.03% and 0.03% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(6)  An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.01 and $0.01, Total Return by 0.14% and 0.08%, and the Ratio of Net Investment Income to Average Net Assets by 0.07% and 0.08% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

See Notes to Financial Statements. 243

FINANCIAL HIGHLIGHTS (Continued)

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Invest- ment Income			Realized and Unrealized Gain (Loss) on Investm- ents			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Invest- ment Income/ (Loss), Net(1)			Portfolio Turnover Rate
International Equity Fund
GS2 Class
2013(3)	$	9.96	$	0.18	#	$	1.66	(4)	$	(0.25	)	$	—		$	11.55		18.49	%	$	269,499		1.11	%(5)		1.25	%(5)		1.69	%		51	%
2012		8.67		0.18	#		1.33	(4)		(0.22	)		—			9.96		17.43			270,130		1.15	(5)		1.32	(5)		1.89			53
2011		10.35		0.22	#		(1.66)	(4)		(0.24	)		—			8.67		(13.86	)		223,677		1.02	(5)		1.22	(5)		2.17			82
2010		9.64		0.17	#		0.83			(0.29	)		—			10.35		10.45			262,103		0.97	(5)		1.19	(5)		1.81			56
2009		7.32		0.17	#		2.42			(0.27	)		—	†		9.64		35.81			240,483		0.98	(5)		1.21	(5)		2.12			59
GS4 Class
2013(3)	$	13.07	$	0.20	#	$	2.18	(4)	$	(0.21	)	$	—		$	15.24		18.23	%	$	1,147,181		1.35	%(5)		1.49	%(5)		1.44	%		51	%
2012		11.33		0.20	#		1.73	(4)		(0.19	)		—			13.07		17.05			1,156,306		1.39	(5)		1.57	(5)		1.65			53
2011		13.43		0.25	#		(2.13)	(4)		(0.22	)		—			11.33		(14.01	)		955,305		1.24	(5)		1.45	(5)		1.95			82
2010		12.44		0.21	#		1.05			(0.27	)		—			13.43		10.14			1,029,317		1.15	(5)		1.38	(5)		1.67			56
2009		9.38		0.20	#		3.11			(0.25	)		—	†		12.44		35.61			1,101,628		1.16	(5)		1.40	(5)		1.98			59
Emerging Markets Equity Fund
GS2 Class
2013(6)(7)	$	10.00	$	(0.01	)#	$	(0.24)	(4)	$	—		$	—		$	9.75		(2.50	)%	$	46,420		1.25	%		1.55	%		(0.34	)%		6	%
GS4 Class
2013(6)(7)	$	10.00	$	(0.01	)#	$	(0.24)	(4)	$	—		$	—		$	9.75		(2.50	)%	$	244,181		1.50	%		1.78	%		(0.58	)%		6	%

†  Amount represents less than $0.005 per share.

#  Calculated using the average shares outstanding method.

(1)  The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(2)  The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(3)  An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.03% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(4)  Amount includes Capital Gains distributions received by the Fund from the GuideStone Money Market Fund. The amount of these distributions represents less than $0.005 per share.

(5)  The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.04% for the years 2009 and 2010, and 0.08%, 0.20% and 0.15% for the years 2011, 2012 and 2013, respectively.

(6)  An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.00% and 0.01% for GS2 Class and GS4 Class, respectively. See Note 10 in Notes to Financial Statements.

(7)  Inception Date was October 31, 2013. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

244 See Notes to Financial Statements.

REAL RETURN SELECT FUNDS (Unaudited)

Real assets performance was mixed in 2013. The Real Return Select Funds include funds that invest in various real asset strategies that are commonly used as a strategic diversifier to traditional equity and fixed income investments and as inflation hedges within a broader investment portfolio. Real assets represent a broadly diverse set of investments that can be classified into several sub-categories including inflation-linked bonds, commodities, global natural resource equities, real estate and floating-rate bank loans.

U.S. Treasury Inflation Protected Securities (“TIPS”) historically have been the least volatile of the real asset categories. However, TIPS, as measured by the Barclays U.S. TIPS Index, fell 8.61% in 2013. This compares to the nominal U.S. Treasury sector declining 2.75% within the Barclays U.S. Aggregate Bond Index.

The S&P Dow-Jones UBS Commodity Index posted a -9.52% return for 2013. This Index represents diversified exposure to a basket of commodities futures across energy, agriculture, livestock and industrial and precious metals. While the energy sector was up 5.2% for the year, metals and agriculture sectors posted double digit declines. In particular, gold made headlines with prices falling 28% during 2013.

Global natural resource equities were the best performing real asset category, with the MSCI World Commodity Producers Index up 8.12% for the year. Energy producers, which make up the majority of the index, drove returns as they posted double digit returns in 2013. The worst performing segment for the year were gold and silver mining stocks, which in aggregate lost approximately half or more of their value during the year.

The global REIT market, as measured by the FTSE/EPRA NAREIT Developed Index (Gross), returned 4.4% for the year. While Asian markets led gains with an advance of over 16%, currency depreciation versus the U.S. dollar hampered returns so that the U.S. dollar investor realized a return of only 4.4%. European markets posted the highest U.S. dollar return with an advance of over 16.3%, partially boosted from currency gains. U.S. REITs were the significant laggard, posting a modest 1.3% return for the year. Rising yields put pressure on real estate categories with long-term tenants given their bond-like features – therefore, the health care sector was the worst performer in the U.S. with a 7.4% decline. On the other hand, hotels, which benefit from a stronger economy and are less sensitive to rising rates, were the best performing segment with a 7.7% gain.

Bank loans, predominately senior-secured, were up 5.29% for the year based on the S&P Leveraged Loan Index. During a risk-on environment, investor demand was high for these below-investment grade investments that provided a combination of higher yields and lower duration (a measure of bond prices’ sensitivity to changes in interest rates) than in traditional fixed income instruments. Bank loans provided investors seeking higher yields with a spread over LIBOR that at December 31, 2013 was 438 basis points for the index. Bank loans benefited from a low default rate environment, and while they underperformed the broader high yield market (below-investment grade fixed income securities), they meaningfully outperformed the broader fixed income marketplace as investors were compensated for holding additional credit risk.

245

Inflation Protected Bond Fund (Unaudited)

The Fund was actively managed and was primarily comprised of inflation-indexed debt securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between four and 10 years. The Fund underperformed the benchmark index, the Barclays U.S. TIPS Index, for the one year period ended December 31, 2013 (-8.64% versus -8.61%).

The Fund was invested predominately in U.S. Treasury Inflation Protected Securities (“TIPS”) throughout the year. Negative performance for U.S. TIPS was concentrated in May and June of 2013, as the benchmark index fell 7.78% over these two months. This was the worst period of the year for all fixed income assets, as the Federal Reserve rattled the markets with suggestions that tapering of its quantitative easing program could come as early as September 2013. This was much sooner than markets had been expecting, especially with economic indicators well short of Federal Reserve targets. The change in expectations led to a sharp rise in yields across fixed income instruments, negatively impacting all fixed income sectors including U.S. TIPS.

The Fund was consistently managed to provide inflation protection and income consistent with investment in inflation-indexed securities.

Certain strategies involving derivatives were utilized during the year. Interest rate futures and options were utilized to manage duration and yield curve exposure and to express active views on valuations of securities. The portfolio’s overall duration and yield curve posture contributed positively to relative performance for the year. The Fund also utilized currency forwards and options to hedge non-dollar positions and to express active views in foreign currencies. The use of currency forwards and futures detracted marginally from performance over the year.

This Fund may be suitable for investors who have a long-term investment horizon, want protection from inflation, can accept short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Treasury Obligations		86.9
Foreign Government Inflation-Linked Bond		8.4
Money Market Fund		5.0
Purchased Options		—	**
Written Options		—	**
		100.3

** Rounds to less than 0.005%.

246

Inflation Protected Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**
One Year	-8.64%	-8.61%
Since Inception	4.26%	5.04%
Inception Date	06/25/09
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	0.67%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since June 25, 2009 (commencement of operations), with all dividends and capital gains reinvested, with the Barclays U.S. TIPS Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

247

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par			Value
U.S. TREASURY OBLIGATIONS — 86.9%
U.S. Treasury Inflationary Index Bonds
2.00%, 01/15/16		$	4,735,000		$	5,942,339
0.13%, 04/15/16			19,970,600			21,713,017
2.50%, 07/15/16			6,167,200			7,831,110
2.38%, 01/15/17			1,750,000			2,231,891
0.13%, 04/15/17			8,173,300			8,643,867
0.13%, 04/15/18			30,750,000			31,703,658
1.38%, 07/15/18			3,300,000			3,877,311
2.13%, 01/15/19			475,900			578,549
1.88%, 07/15/19			2,240,000			2,725,016
1.38%, 01/15/20			3,370,000			3,912,044
1.25%, 07/15/20			5,480,000			6,284,840
1.13%, 01/15/21			9,875,000			11,091,925
0.63%, 07/15/21			1,080,000			1,137,173
0.13%, 01/15/22			11,059,200			10,980,109
0.13%, 07/15/22			4,945,000			4,815,702
0.13%, 01/15/23			15,729,000			15,045,603
0.38%, 07/15/23			20,510,000			19,868,207
2.38%, 01/15/25‡‡			9,575,200			13,656,379
2.00%, 01/15/26			3,775,000			4,924,798
2.38%, 01/15/27			3,870,000			5,172,032
1.75%, 01/15/28			7,330,000			8,764,943
3.63%, 04/15/28			3,880,000			7,422,267
2.50%, 01/15/29			5,350,000			6,848,628
3.88%, 04/15/29			4,875,000			9,507,094
3.38%, 04/15/32			627,100			1,099,804
2.13%, 02/15/40			2,787,600			3,390,291
2.13%, 02/15/41			4,138,900			4,969,584
0.75%, 02/15/42			7,294,400			6,077,598
0.63%, 02/15/43			10,275,000			8,047,338
Total U.S. Treasury Obligations (Cost $245,898,143)						238,263,117
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 8.4%
Canada — 0.2%
Canadian Government Bond 1.50%,12/01/44(C)			350,000			369,636
Germany — 5.6%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75%, 04/15/18(E)			1,045,000			1,586,638
Deutsche Bundesrepublik Inflation Linked Bond 1.50%, 04/15/16(E)			8,245,000			13,712,846
						15,299,484
Italy — 2.3%
Italy Buoni Poliennali Del Tesoro 2.10%, 09/15/16(E)			4,200,000			6,367,421
New Zealand — 0.3%
New Zealand Government Bond 3.00%, 09/20/30(Z)			1,096,000			912,347
Total Foreign Government Inflation-Linked Bond (Cost $23,016,011)						22,948,888

	Number of Contracts				Value
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
2-Year Eurodollar Mid-Curve Option, Strike Price $98.75, Expires 01/11/14 (JPM)			200			$	97,500
	Notional Amount
Euro vs. U.S. Dollar, Strike Price $1.32, Expires 01/24/14 (DEUT)		$	1,955,000				1,565
Euro vs. U.S. Dollar, Strike Price $1.35, Expires 01/24/14 (DEUT)			1,930,000				6,513
Total Purchased Options (Cost $75,527)							105,578
	Shares
MONEY MARKET FUND — 5.0%
GuideStone Money Market Fund (GS4 Class)¥ (Cost $13,562,904)			13,562,904				13,562,904
TOTAL INVESTMENTS — 100.3% (Cost $282,552,585)							274,880,487
	Notional Amount
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
Euro vs. U.S. Dollar, Strike Price $1.41, Expires 01/24/14 (DEUT)		$	(1,930,000	)			(3,555	)
U.S. Dollar vs. Japanese Yen, Strike Price $105.25, Expires 03/18/14 (DEUT)			(1,015,000	)			(17,799	)
							(21,354	)
	Number of Contracts
Put Options — 0.0%
2-Year Eurodollar Mid-Curve Option, Strike Price $98.50, Expires 01/11/14 (JPM)			(200	)			(22,500	)
	Notional Amount
Euro vs. U.S. Dollar, Strike Price $1.35, Expires 01/24/14 (DEUT)		$	(1,945,000	)			(5,349	)
							(27,849	)
Total Written Options (Premiums received $(81,583))							(49,203	)
Liabilities in Excess of Other Assets — (0.3)%							(720,770	)
NET ASSETS — 100.0%						$	274,110,514

248 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Government Inflation-Linked Bond		$	22,948,888			$	—			$	22,948,888			$	—
Money Market Fund			13,562,904				13,562,904				—				—
Purchased Options			105,578				105,578				—				—
U.S. Treasury Obligations			238,263,117				—				238,263,117				—
Total Assets - Investments in Securities		$	274,880,487			$	13,668,482			$	261,212,005			$	—
Other Financial Instruments***
Futures Contracts		$	68,822			$	68,822			$	—			$	—
Total Assets - Other Financial Instruments		$	68,822			$	68,822			$	—			$	—
Liabilities:
Investments in Securities:
Written Options		$	(49,203	)		$	(49,203	)		$	—			$	—
Total Liabilities - Investments in Securities		$	(49,203	)		$	(49,203	)		$	—			$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(419,123	)		$	—			$	(419,123	)		$	—
Total Liabilities - Other Financial Instruments		$	(419,123	)		$	—			$	(419,123	)		$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

See Notes to Financial Statements. 249

Flexible Income Fund (Unaudited)

The Flexible Income Fund was launched on July 1, 2013, as part of an expanded GuideStone Real Return Select Fund suite of offerings. The Fund primarily invests in below-investment grade, senior secured floating rate loans issued by U.S. banks or other financial institutions, otherwise referred to as “bank loans” or “leveraged loans”. To a lesser extent, the Fund may also invest in other below investment grade corporate fixed income securities or unsecured floating rate loans and may include non-U.S. securities. The Fund underperformed its benchmark, the S&P LSTA U.S. B- & Above Leveraged Loan Index, for the since inception period ending December 31, 2013 (1.57% versus 2.86%).

The bank loan market ended the year on a high note with positive investment returns for all months in the fourth quarter. The Fund returned 1.84% in the fourth quarter compared to 1.61% for the benchmark. Strong market demand for bank loans helped to push prices higher during 2013, particularly in the fourth quarter when new issuance volume declined.

The Fund’s benchmark relative underperformance for the year occurred entirely during the third quarter and was largely due to cash exposure that is not included in the benchmark. In addition, the Fund’s underweight exposure to and negative selection within the lowest rated bonds, those rated CCC or lower by Standard and Poor’s, also hurt benchmark relative returns. Lastly, underweight exposure and negative selection in the printing and publishing sector along with underweight exposure in the utilities sector detracted from benchmark relative performance for the Fund. Positive security selection in BB-rated and B-rated loans, which comprised over 90% of the Fund’s market value at year-end, contributed positively to benchmark-relative results.

During the year, the Fund remained focused on its objective of seeking a high level of current income. At year-end, the current yield of the Fund was 4.34%.

The Fund did not invest in derivative instruments during the year.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and are seeking income which may be more sensitive to interest rates than traditional bonds.

There is a risk that the issuer of a fixed-income investment owned by the Fund may fail to pay interest or principal due in a timely manner or at all. If the Fund acquires a participation interest in a senior secured or unsecured floating rate loan (“Senior Loans”), the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. Senior Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. The Fund is subject to collateral risk in that the value of collateral securing a Senior Loan may decline after investment and that the collateral may not be sufficient to cover the amount owed. The Fund might not be able to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. High yield securities (“junk bonds”) involve greater risks of default and are more volatile than securities rated investment grade.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Loan Agreements		93.8
Money Market Fund		4.7
		98.5

250

FLEXIBLE INCOME FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Par			Value
LOAN AGREEMENTS — 93.8%
Accudyne Industries Borrower SCA Term Loan
4.00%, 12/13/19		$	1,959,949		$	1,961,987
ADS Waste Holdings, Inc. Term B Loan
4.25%, 10/09/19			1,243,719			1,249,241
Affinia Group, Inc. Term B-2 Loan
4.75%, 04/25/20			1,044,750			1,057,809
Akorn, Inc. Term B Loan
0.00%, 11/13/20S			650,000			653,250
AlixPartners LLP Term B-2 Loan
5.00%, 07/02/20			987,500			993,366
Allflex Holdings III, Inc. Term B Loan
4.25%, 07/17/20			936,652			939,697
Ancestry.com, Inc. Term B-1 Loan
5.25%, 12/28/18			748,125			749,838
Apex Tool Group LLC Term B Loan
4.50%, 02/01/20			994,987			998,470
ARRIS Group, Inc. Term B Loan
3.50%, 03/27/20			632,319			629,556
Asurion LLC Term B-1 Loan
4.50%, 05/24/19			1,492,462			1,491,343
Berry Plastics Group, Inc. Term D Loan
3.50%, 02/08/20			746,241			743,129
Biomet, Inc. Term B-2 Loan
3.66%-3.75%, 07/25/17			746,250			750,451
BJ’s Wholesale Club, Inc. Term B Loan
4.50%, 09/26/19			994,987			1,000,092
BJ’s Wholesale Club, Inc. Term Loan
8.50%, 03/31/20			500,000			509,375
BMC Software Finance, Inc. Term B Loan
5.00%, 09/10/20			1,750,000			1,758,207
Bombardier Recreational Products, Inc. Term B Loan
4.00%, 01/29/19			750,000			751,875
Brand Energy & Infrastructure Services, Inc. Term B Loan
4.75%, 11/26/20			980,000			984,596
Bright Horizons Family Solutions, Inc. Term Loan
4.00%, 01/30/20			1,243,719			1,250,248
BSN Medical International Holding GmbH & Co. Term B1A Loan
4.00%, 06/01/19			1,000,000			1,005,310
Capsugel Holdings US, Inc. Term B Loan
3.50%, 08/01/18			455,298			455,016

	Par			Value
Catalina Marketing Corporation Term B Loan
5.25%, 10/11/20		$	748,125		$	757,477
CDW LLC Term B-1 Loan
3.25%, 04/29/20			994,989			990,900
Chesapeake Energy Corporation Term B Loan
5.75%, 12/02/17			1,000,000			1,020,000
Chromaflo Technologies Corporation Term B Loan
4.50%, 12/02/19			500,000			499,690
Cincinnati Bell, Inc. Term B Loan
4.00%, 09/10/20			1,496,250			1,498,120
CompuCom Systems, Inc. Term B Loan
4.25%, 05/09/20			1,936,425			1,931,584
CPG International, Inc. Term B Loan
4.75% ,09/30/20			997,500			999,994
CWGS Group LLC Term B Loan
5.75%, 02/20/20			500,000			503,750
Del Monte Corporation Term B-New Loan
4.00%, 03/08/18			500,000			501,155
Del Monte Foods, Inc. Term Loan
0.00%, 11/26/20S			500,000			502,500
Dell International LLC Term B Loan
4.50%, 04/29/20			1,280,000			1,282,291
Delta 2 Lux S.à r.l. Term B Loan
4.50%, 04/30/19			1,492,481			1,507,197
Dole Food Co., Inc. Term B Loan
4.50%, 11/01/18			500,000			501,665
DS Waters of America, Inc. Term Loan
5.25%, 09/03/20			1,246,875			1,264,020
E.W. Scripps Co. Term B Loan
3.25%, 11/26/20			700,000			699,125
Equipower Resources Holdings LLC Term B Loan
4.25%, 12/21/18			1,245,133			1,248,632
Exopack Holdngs SA Term B Loan
5.25%, 11/08/19			700,000			710,500
Fairmount Minerals, Ltd. Term B-2 Loan
5.00%, 09/05/19			1,246,875			1,265,890
Fieldwood Energy LLC Term Loan
3.88%, 09/25/18			438,900			441,582
8.38%, 09/30/20			400,000			408,000
Filtration Group, Inc. Term B Loan
4.50%, 11/21/20			500,000			504,690
Foresight Energy LLC Term B Loan
5.50%, 08/23/20			1,072,312			1,081,695

See Notes to Financial Statements. 251

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Garda World Security Corporation Delayed Draw Term B-DD Loan
0.00%, 11/08/20S		$	101,852		$	101,948
Garda World Security Corporation Term B Loan
4.00%, 11/08/20			398,148			398,522
Gardner Denver, Inc. Term Loan
4.25%, 07/30/20			1,745,625			1,745,416
Genesys Telecommunications Laboratories, Inc. Term B Loan
4.00%, 02/08/20			994,987			987,525
Getty Images, Inc. Term B Loan
4.75%, 10/18/19			994,975			927,018
Great Wolf Resorts, Inc. Term B Loan
4.50%, 08/06/20			995,000			998,423
HGIM Corporation Term B Loan
5.50%, 06/18/20			997,500			1,006,228
Hilton Worldwide Finance LLC Term B Loan
4.00%, 10/25/20			888,158			894,819
Hub International, Ltd. Term B Loan
4.75%, 10/02/20			1,745,625			1,765,263
Hudson’s Bay Co. Term B Loan
4.75%, 11/04/20			850,000			863,073
Infor US, Inc. Term B-3 Loan
3.75%, 06/03/20			986,222			983,756
Integra Telecom Holdings, Inc. Term Loan
5.25%, 02/22/19			994,987			1,007,007
Interactive Data Corporation Term B Loan
3.75%, 02/11/18			1,244,104			1,243,843
ION Media Networks, Inc. Term B Loan
0.00%, 12/18/20S			800,000			803,336
J. Crew Group, Inc. Term B-1 Loan
4.00%, 03/07/18			1,272,843			1,279,831
Jo-Ann Stores, Inc. Term Loan
4.00%, 03/18/18			746,241			747,173
Kronos, Inc. Term Loan
9.75%, 04/30/20			750,000			774,375
Level 3 Financing, Inc. Term B-III Loan
4.00%, 08/01/19			1,250,000			1,255,725
Live Nation Entertainment, Inc. Term B-1 Loan
3.50%, 08/16/20			1,995,000			2,000,825
LTS Buyer LLC Term B Loan
4.50%, 04/01/20			1,243,750			1,248,029
MacDermid, Inc. Term Loan
4.00%, 06/07/20			995,000			1,001,527

	Par			Value
McJunkin Red Man Corporation Term B Loan
5.00%, 11/09/19		$	498,750		$	504,984
Michaels Stores, Inc. Term B Loan
3.75%, 01/28/20			997,494			1,000,606
Mission Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20			1,039,063			1,040,039
MoneyGram International, Inc. Term B Loan
4.25%, 03/28/20			994,987			1,003,385
Monitronics International, Inc. Term B Loan
4.25%, 03/23/18			497,487			501,219
MultiPlan, Inc. Term B-1 Loan
4.00%, 08/18/17			885,321			890,376
Murray Energy Corporation Term B Loan
5.25%, 12/05/19			850,000			857,973
Neiman Marcus Group Ltd., Inc. Term Loan
5.00%, 10/25/20			1,000,000			1,011,530
Nexstar Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20			207,812			208,008
Nuveen Investments, Inc. Term B Loan
4.17%, 05/13/17			500,000			497,605
OXEA S.à r.l. Term Loan
8.25%, 06/06/20			750,000			762,660
Pacific Drilling SA Term B Loan
4.50%, 06/03/18			796,000			804,461
Pacific Industrial Services BidCo Property, Ltd. Term B Loan
5.00%, 10/02/18			1,496,250			1,515,582
Par Pharmaceutical Cos., Inc. Term B Loan
4.25%, 09/28/19			1,989,950			1,999,900
Party City Holdings, Inc. Term B Loan
4.25%, 07/27/19			1,243,719			1,247,997
Performance Food Group, Inc. Term Loan
6.25%, 11/14/19			995,000			999,557
Quebecor Media, Inc. Term B Loan
3.25%, 08/17/20			997,500			989,400
Quikrete Co., Inc. Term B Loan
4.00%, 09/30/20			1,496,250			1,501,577
Ravago Holdings America, Inc. Term B Loan
0.00%, 12/20/20S			500,000			500,000
Rexnord LLC Term B Loan
4.00%, 08/21/20			1,995,000			1,999,150
Sabre, Inc. Term B-2 Loan
4.50%, 02/19/19			997,500			998,747

252 See Notes to Financial Statements.

	Par			Value
SAM Finance Lux S.à r.l. Term B Loan
4.25%, 11/26/20		$	500,000		$	500,625
Sandy Creek Energy Associates LP Term B Loan
5.00%, 11/08/20			300,000			299,667
Sedgwick Claims Management Services, Inc. Term B Loan
4.25%, 06/12/18			746,250			749,966
Sequa Corporation Term B Loan
5.25%, 06/19/17			1,493,715			1,455,566
Spin Holdco, Inc. Term B Loan
5.50%, 11/08/19			997,500			1,001,869
Springer Science + Business Media GmbH Term B-2 Loan
5.00%, 08/15/20			1,496,250			1,501,233
Springleaf Financial Funding Co. Term B-2 Loan
4.75%, 09/30/19			500,000			505,250
Syncreon Group BV Term B Loan
5.25%, 10/28/20			500,000			497,190
Syniverse Holdings, Inc. Term B Loan
4.00%, 04/23/19			1,211,902			1,215,937
Templar Energy LLC Term Loan
8.00%, 11/25/20			500,000			501,250
TGGT Holdings LLC Term B Loan
6.50%, 11/15/18			600,000			603,000
TMS International Corporation Term B Loan
4.50%, 10/16/20			500,000			503,540
TNT Crane & Rigging, Inc. Term Loan
5.50%, 11/27/20			500,000			495,000
10.00%, 11/27/21			250,000			238,750
Toys “R” Us Property Co. Term B Loan
6.00%, 08/21/19			500,000			480,470
Tribune Co. Term B Loan
0.00%, 12/27/20S			1,250,000			1,242,187
Univision Communications, Inc. Term C-3 Loan
4.00%, 03/01/20			1,243,734			1,248,398
UPC Financing Partnership Term AH Loan
3.25%, 06/30/21			1,000,000			998,000
US Foods, Inc. Term B Loan
4.50%, 03/31/19			1,492,500			1,505,246
Walter Investment Management Corporation Term Loan
0.00%, 12/19/20S			500,000			500,375
WaveDivision Holdings LLC Term Loan
4.00%,10/15/19			1,243,719			1,248,383

	Par			Value
West Corporation Term B-8 Loan
3.75%, 06/30/18		$	728,015		$	730,738
WideOpenWest Finance LLC Term B Loan
4.75%, 04/01/19			994,987			998,967
Zayo Group LLC Term B Loan
4.00%, 07/02/19			497,476			497,591
Total Loan Agreements (Cost $101,923,854)						102,440,929
	Shares
MONEY MARKET FUND — 4.7%
GuideStone Money Market Fund (GS4 Class)¥ (Cost $5,129,568)			5,129,568			5,129,568
TOTAL INVESTMENTS — 98.5% (Cost $107,053,422)						107,570,497
Other Assets in Excess of Liabilities — 1.5%						1,592,158
NET ASSETS — 100.0%					$	109,162,655

See Notes to Financial Statements. 253

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other  Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Loan Agreements	$	102,440,929	$	—	$	95,340,787	$	7,100,142
Money Market Fund		5,129,568		5,129,568		—		—
Total Assets - Investments in Securities	$	107,570,497	$	5,129,568	$	95,340,787	$	7,100,142

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013.

The unobservable inputs used in the fair value measurement of the reporting entity’s loan agreements are values based on evaluated quotations received from dealers who make markets in such securities. Significant increases (decreases) in those evaluated quotations would result in a significantly higher (lower) fair value measurement.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Total Value			Loan Agreements
Balance, 12/31/12	$	—		$	—
Accrued discounts/premiums		383			383
Realized gain (loss)(1)		13			13
Change in unrealized appreciation (depreciation)(2)		80,231			80,231
Purchases		7,040,121			7,040,121
Sales		(20,606	)		(20,606	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Maturities		—			—
Paydowns		—			—
Balance, 12/31/13	$	7,100,142		$	7,100,142

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net realized gain (loss) from: Investment securities.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities.

254 See Notes to Financial Statements.

Real Assets Fund (Unaudited)

The Real Assets Fund was launched on July 1, 2013, as part of an expanded GuideStone Real Return Select Fund suite of offerings. The Fund, through investments in other funds, invests mainly in securities or physical assets with real return characteristics.

The Fund had a target asset allocation to Real Return Select Funds and another real return fund including 33% Inflation Protected Bond Fund, 15% Real Estate Securities Fund, 17.5% Credit Suisse Commodity Return Strategy Fund (a third party mutual fund), 17.5% Global Natural Resources Equity Fund and 17% Flexible Income Fund.

As a fund of funds, its performance was based on the performance of the underlying funds. The Fund underperformed its composite benchmark index (33% Barclays U.S. TIPS Index, 17% S&P/LSTA Leveraged Loan Index, 15% FTSE EPRA / NAREIT Developed Index, 14% MSCI World Commodity Producers Index, 4% NYSE Arca Gold Miners Index and 17% S&P Dow Jones-UBS Commodity Index) for the since inception period ending December 31, 2013 ( -0.87% versus 1.01%).

On an absolute basis, the only underlying Real Asset Select Fund with a positive contribution to performance was the Flexible Income Fund, which gained 1.57% since its July 1, 2013 inception.

Only the Real Estate Securities Fund contributed positively to benchmark-relative performance, with all other underlying Real Asset Select Funds underperforming their respective benchmarks. The dominant driver of benchmark-relative underperformance was the Fund’s allocation to the Global Natural Resources Equity Fund, which trailed its benchmark by 8.72% in 2013.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of real return related securities. The Fund attempts to achieve its objective by investing in selected GuideStone Select Funds and other investments. By investing in the Fund you will also incur the expenses and risks of underlying fund investments. The principal risks of the Fund will change depending on the asset mix of the Select Funds and other investments in which it invests. You may directly invest only in those Select Funds which are eligible for direct investment. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Real Return Select Funds		81.4
Credit Suisse Commodity Return Strategy Fund		16.9
Fixed Income Select Fund		1.4
		99.7

255

REAL ASSETS FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (GS4 Class)¥		377,614		$	377,614
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		883,204			8,964,518
GuideStone Flexible Income Fund (GS4 Class)¥		459,180			4,619,355
GuideStone Real Estate Securities Fund (GS4 Class)¥		443,588			4,151,983
GuideStone Global Natural Resources Equity Fund (GS4 Class)¥		493,110			4,788,101
Credit Suisse Commodity Return Strategy Fund		646,734			4,675,884
Total Mutual Funds (Cost $28,509,605)					27,577,455
TOTAL INVESTMENTS — 99.7% (Cost $28,509,605)					27,577,455
Other Assets in Excess of Liabilities — 0.3%					73,157
NET ASSETS — 100.0%				$	27,650,612

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	27,577,455	$	27,577,455	$	—	$	—
Total Assets - Investments in Securities	$	27,577,455	$	27,577,455	$	—	$	—

256 See Notes to Financial Statements.

Real Estate Securities Fund (Unaudited)

Since the Fund’s inception in December 2006, the Fund has had a domestic-only focus to investing in real estate securities. However, the investment landscape for investing in real estate securities has changed considerably since the Fund was launched. Since that time, the global real estate securities market has increased substantially and many global real estate markets have matured significantly with the adoption of more investor-friendly structures for accessing real estate being launched in many countries. Today, institutional demand for real estate is concentrated in global mandates versus U.S. only focused strategies. Compared to just five or ten years ago, investment managers now have much stronger and more established global capabilities with proven track records.

With that background in mind, GuideStone Capital Management broadened the investment mandate to a global focus for the Fund in 2013. The Fund’s name, principal investment strategy and historical performance track record remained unchanged; however, the transition involved a number of modifications in the Fund. The benchmark index became the FTSE EPRA / NAREIT Developed Index - Net. The benchmark index is global in nature with roughly half of its exposure outside of the United States.

The Fund provided exposure to real estate by investing in public real estate securities with strong cash flow growth potential that provided the capacity for sustained dividend increases. The Fund was diversified among property sectors and geographical locations. The Fund transitioned to a global portfolio at the end of the third quarter. For the year-to-date period through the end of the third quarter, the Fund underperformed its former benchmark, the Dow Jones U.S. Select Real Estate Securities Index (1.98% versus 2.41%) as security selection within the regional mall, office, apartment and retail sectors and underweight exposure to stocks with the highest yields and above average leverage detracted from benchmark relative performance. During the fourth quarter, the Fund slightly outperformed its new global-oriented benchmark, the FTSE EPRA / NAREIT Developed Index - Net (-0.47% versus -0.66%). For the calendar year ending December 31, 2013, the Fund modestly underperformed its new global benchmark (1.49% versus 3.67%).

This Fund may be suitable for investors who seek the potential for current income and long-term capital appreciation. Investors should be willing to accept significant short-term fluctuations in account value and want to diversify their portfolio through exposure to publicly traded real estate securities.

This Fund invests substantial assets in REITs that involve equity market risks as well as risks linked directly to the real estate market. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Foreign Common Stocks		52.4
Financial Services		44.8
Money Market Funds		12.5
		109.7

257

Real Estate Securities Fund (Unaudited)

Average Annual Total Returns as of 12/31/13
	GS4 Class*	Benchmark**	Benchmark***
One Year	1.49%	3.67%	1.31%
Five Year	16.86%	15.24%	16.44%
Since Inception	1.28%	-0.29%	0.88%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2013 Prospectus, as amended on October 31, 2013)(1)	1.07%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the FTSE EPRA/NAREIT Developed Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

***The Fund’s benchmark was changed from the Dow Jones U.S. Select Real Estate Securities IndexSM due to a change in the Fund’s investment strategy.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

258

REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS December 31, 2013

	Shares		Value
COMMON STOCKS — 44.8%
Financial Services — 44.8%
Acadia Realty Trust REIT		24,922		$	618,813
Alexandria Real Estate Equities, Inc. REIT		12,654			805,047
American Campus Communities, Inc. REITD		60,999			1,964,778
AvalonBay Communities, Inc. REITD		29,128			3,443,803
Boston Properties, Inc. REIT		57,313			5,752,506
BRE Properties, Inc. REIT		17,815			974,659
Camden Property Trust REITD		23,271			1,323,655
CBL & Associates Properties, Inc. REITD		49,529			889,541
Chesapeake Lodging Trust REIT		35,212			890,511
CoreSite Realty Corporation REITD		45,838			1,475,525
CubeSmart REIT		53,516			853,045
DCT Industrial Trust, Inc. REIT		391,961			2,794,682
DiamondRock Hospitality Co. REITD		56,794			655,971
Douglas Emmett, Inc. REIT		84,789			1,974,736
Duke Realty Corporation REIT		213,525			3,211,416
DuPont Fabros Technology, Inc. REITD		33,011			815,702
Education Realty Trust, Inc. REITD		1,059			9,340
Equity Lifestyle Properties, Inc. REIT		12,838			465,121
Equity One, Inc. REIT		57,757			1,296,067
Equity Residential REIT		116,949			6,066,145
Essex Property Trust, Inc. REITD		7,101			1,019,065
Extra Space Storage, Inc. REIT		36,714			1,546,761
Federal Realty Investment Trust REITD		16,350			1,658,054
General Growth Properties, Inc. REIT		129,547			2,600,008
Glimcher Realty Trust REITD		88,684			830,082
HCP, Inc. REIT		76,911			2,793,408
Health Care REIT, Inc.		20,535			1,100,060
Healthcare Realty Trust, Inc. REIT		42,038			895,830
Highwoods Properties, Inc. REITD		24,075			870,793
Host Hotels & Resorts, Inc. REIT		87,167			1,694,526
Kilroy Realty Corporation REITD		22,124			1,110,182
Kimco Realty Corporation REITD		82,625			1,631,844
Kite Realty Group Trust REIT		87,608			575,585
LaSalle Hotel Properties REITD		41,716			1,287,356
LTC Properties, Inc. REIT		16,909			598,410
Macerich Co. (The) REITD		22,625			1,332,386
Mack-Cali Realty Corporation REITD		18,525			397,917
Mid-America Apartment Communities, Inc. REIT		19,100			1,160,134
National Health Investors, Inc. REITD		14,204			796,844
National Retail Properties, Inc. REITD		78,105			2,368,925
Pennsylvania Real Estate Investment Trust REIT		28,194			535,122

	Shares		Value
Piedmont Office Realty Trust, Inc. Class A REITD		48,954		$	808,720
Post Properties, Inc. REIT		3,514			158,938
Prologis, Inc. REIT		60,860			2,248,777
Public Storage REIT		22,308			3,357,800
Realty Income Corporation REITD		27,049			1,009,739
Regency Centers Corporation REIT		25,997			1,203,661
Retail Properties of America, Inc. Class A REITD		76,719			975,866
Rexford Industrial Realty, Inc.		30,397			401,240
RLJ Lodging Trust REIT		51,454			1,251,361
Sabra Health Care REIT, Inc.D		19,780			517,049
Select Income REIT		39,902			1,066,979
Simon Property Group, Inc. REIT		72,145			10,977,583
SL Green Realty Corporation REITD		18,528			1,711,617
Spirit Realty Capital, Inc. REITD		220,182			2,164,389
Sunstone Hotel Investors, Inc. REIT		176,338			2,362,929
Taubman Centers, Inc. REIT		12,565			803,155
Ventas, Inc. REIT		110,036			6,302,862
Vornado Realty Trust REITD		47,566			4,223,385
Weingarten Realty Investors REIT		25,890			709,904
Total Common Stocks (Cost $110,167,749)					105,340,309
FOREIGN COMMON STOCKS — 52.4%
Australia — 6.3%
CFS Retail Property Trust Group REIT		386,331			670,935
Dexus Property Group REIT		1,090,494			978,567
Federation Centres, Ltd. REIT		521,925			1,090,499
GDI Property Group*		112,403			89,324
Goodman Group REIT		337,878			1,426,995
GPT Group REIT		256,331			778,182
Investa Office Fund REIT		25,760			71,993
Mirvac Group REIT		1,422,429			2,133,739
Stockland REIT		329,397			1,061,765
Westfield Group REIT		534,224			4,813,001
Westfield Retail Trust REIT		621,309			1,647,652
					14,762,652
Austria — 0.1%
CA Immobilien Anlagen AG*		19,412			343,963
Belgium — 0.2%
Warehouses De Pauw SCA REIT		5,428			393,528
Canada — 3.7%
Allied Properties Real Estate Investment Trust REIT		72,553			2,237,549
Boardwalk Real Estate Investment Trust REIT		30,259			1,704,873
Canadian Real Estate Investment Trust REIT		15,400			628,758
Chartwell Retirement Residences REITD		121,674			1,144,291
First Capital Realty, Inc. D		40,168			669,687
RioCan Real Estate Investment Trust REITD		94,713			2,208,558
					8,593,716

See Notes to Financial Statements. 259

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
China — 0.5%
Agile Property Holdings, Ltd.		412,000		$	441,525
Country Garden Holdings Co., Ltd.		1,118,000			674,754
					1,116,279
France — 3.5%
Gecina SA REIT		6,894			912,818
ICADE REIT		2,683			249,763
Klepierre REIT		34,895			1,617,470
Societe Fonciere Lyonnaise SA		4,500			235,803
Unibail-Rodamco SE REIT		20,404			5,228,736
					8,244,590
Germany — 1.7%
Alstria Office REIT AG*		48,566			611,468
Deutsche Euroshop AG		16,500			722,400
Deutsche Wohnen AG		50,982			984,361
DIC Asset AG		74,316			683,965
LEG Immobilien AG*		18,000			1,063,558
					4,065,752
Hong Kong — 7.7%
Cheung Kong Holdings, Ltd.		32,000			505,113
Hang Lung Properties, Ltd.		233,000			736,172
Henderson Land Development Co., Ltd.		165,000			941,574
Hongkong Land Holdings, Ltd.		396,000			2,383,920
Link REIT (The)		349,000			1,692,274
New World Development Co., Ltd.		839,000			1,059,259
Shimao Property Holdings, Ltd.D*		625,500			1,437,449
Sino Land Co., Ltd.D		151,948			207,710
Sun Hung Kai Properties, Ltd.		395,000			5,009,898
Swire Properties, Ltd.		449,800			1,136,928
Wharf Holdings, Ltd.		256,000			1,957,727
Wheelock & Co., Ltd.		243,000			1,117,180
					18,185,204
Ireland — 0.1%
Hibernia REIT PLC*		203,747			327,946
Japan — 15.4%
Advance Residence Investment Corporation REIT		300			647,170
AEON REIT Investment Corporation		162			198,751
Frontier Real Estate Investment Corporation REIT		122			602,378
Global One Real Estate Investment Corporation REIT		59			400,634
GLP J-REIT*		235			229,531
Japan Hotel REIT Investment Corporation		733			351,407
Japan Prime Realty Investment Corporation REIT		165			528,059
Japan Real Estate Investment Corporation REIT		160			856,011
Japan Retail Fund Investment Corporation REIT		426			866,780
Mitsubishi Estate Co., Ltd.		317,500			9,501,519
Mitsui Fudosan Co., Ltd.		209,313			7,550,061
Nippon Accommodations Fund, Inc. REIT		142			955,360
Nippon Building Fund, Inc. REIT		412			2,393,807

	Shares		Value
Nippon Prologis REIT, Inc.		112		$	1,072,844
Nomura Real Estate Master Fund, Inc. REIT		822			846,924
Nomura Real Estate Office Fund, Inc. REIT		101			469,409
NTT Urban Development Corporation		86,200			993,635
Sumitomo Realty & Development Co., Ltd.		91,000			4,534,298
Tokyo Tatemono Co., Ltd.		217,000			2,413,033
Tokyu REIT, Inc.		122			752,512
					36,164,123
Jersey — 0.4%
LXB Retail Properties PLC*		380,000			804,671
Max Property Group PLC*		54,329			137,649
					942,320
Luxembourg — 0.2%
GAGFAH SA*		24,607			362,216
Netherlands — 0.6%
Corio NV REITD		24,827			1,114,170
Wereldhave NV REIT		2,582			203,161
					1,317,331
Norway — 0.3%
Norwegian Property ASA		615,000			737,152
Singapore — 4.1%
Ascendas Real Estate Investment Trust REIT		334,000			582,274
CapitaCommercial Trust REIT		945,137			1,085,977
CapitaLand, Ltd.		936,000			2,247,379
CapitaMall Trust REIT		484,000			730,631
CapitaMalls Asia, Ltd.		452,000			702,024
City Developments, Ltd.		69,000			524,902
Global Logistic Properties, Ltd.		1,109,000			2,539,728
Soilbuild Business Space REITD		862,000			525,964
Suntec Real Estate Investment Trust REIT		651,000			794,437
					9,733,316
Sweden — 1.1%
Castellum AB		45,000			700,662
Fabege AB		87,055			1,039,918
Fastighets AB Balder Class B*		46,191			474,500
Wihlborgs Fastigheter AB		25,720			461,282
					2,676,362
Switzerland — 0.7%
PSP Swiss Property AG*		19,219			1,628,623
United Kingdom — 5.8%
Big Yellow Group PLC REIT		43,264			342,455
British Land Co. PLC REIT		290,706			3,027,987
Capital & Counties Properties PLC		202,455			1,103,666
Derwent London PLC REIT		38,096			1,573,980
Great Portland Estates PLC REIT		91,500			907,606
Hammerson PLC REIT		233,475			1,940,856
Helical Bar PLC		40,500			218,971
Land Securities Group PLC REIT		154,823			2,470,225
Quintain Estates & Development PLC*		230,000			359,923
Safestore Holdings PLC REIT		131,070			349,445

260 See Notes to Financial Statements.

	Shares		Value
ST Modwen Properties PLC		64,000		$	389,269
Unite Group PLC		126,577			843,874
					13,528,257
Total Foreign Common Stocks (Cost $124,698,601)					123,123,330
MONEY MARKET FUNDS — 12.5%
GuideStone Money Market Fund (GS4 Class)¥		4,512,863			4,512,863
Northern Institutional Liquid Assets Portfolio§		24,822,432			24,822,432
Total Money Market Funds (Cost $29,335,295)					29,335,295
TOTAL INVESTMENTS — 109.7% (Cost $264,201,645)					257,798,934
Liabilities in Excess of Other Assets — (9.7)%					(22,896,221	)
NET ASSETS — 100.0%				$	234,902,713

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	105,340,309	$	105,340,309	$	—	$	—
Foreign Common Stocks:
Australia		14,762,652		14,762,652		—		—
Austria		343,963		343,963		—		—
Belgium		393,528		393,528		—		—
Canada		8,593,716		8,593,716		—		—
China		1,116,279		1,116,279		—		—
France		8,244,590		235,803		8,008,787		—
Germany		4,065,752		4,065,752		—		—
Hong Kong		18,185,204		18,185,204		—		—
Ireland		327,946		327,946		—		—
Japan		36,164,123		198,751		35,965,372		—
Jersey		942,320		942,320		—		—
Luxembourg		362,216		362,216		—		—
Netherlands		1,317,331		—		1,317,331		—
Norway		737,152		737,152		—		—
Singapore		9,733,316		9,733,316		—		—
Sweden		2,676,362		—		2,676,362		—
Switzerland		1,628,623		—		1,628,623		—
United Kingdom		13,528,257		13,528,257		—		—
Money Market Funds		29,335,295		29,335,295		—		—
Total Assets - Investments in Securities	$	257,798,934	$	208,202,459	$	49,596,475	$	—
Other Financial Instruments***
Futures Contracts	$	157,537	$	157,537	$	—	$	—
Total Assets - Other Financial Instruments	$	157,537	$	157,537	$	—	$	—

***Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Details of these investments can be found in the Notes to Financial Statements.

There were no transfers between Level 1 and Level 2 during the the year ended December 31, 2013.

See Notes to Financial Statements. 261

Global Natural Resources Equity Fund (Unaudited)

The Global Natural Resources Equity Fund was launched on July 1, 2013, as part of an expanded GuideStone Real Return Select Fund suite of offerings. The Fund primarily invests in equity securities of companies considered to be principally engaged in natural resources industries and related sectors or that supply goods, technology and services to such companies. The Fund underperformed its benchmark, 75% MSCI World Commodity Producers Index / 25% NYSE Gold Miners Arca Index, for the since inception period ending December 31, 2013 (-1.69% versus 7.03%).

From an absolute performance perspective, the Fund’s exposure to gold miners detracted from returns, as the NYSE Arca Gold Miners Index fell 13.9% since the 2013 inception of the Fund while the MSCI World Commodity Producers Index gained 14.46%. Benchmark-relative results were benefited from stock selection within the gold miners sector.

The Fund’s benchmark relative underperformance for the year was partially attributable to cash positions within the portfolio that are not held in the benchmark. In addition, a material underweight to the energy sector versus other commodity sectors detracted from results, as energy commodities and related companies tended to outperform other sectors. Negative security selection across sectors also detracted from benchmark-relative results.

During the year, the Fund remained focused on achieving its objective of seeking long-term capital appreciation.

The Fund did not invest in derivative instruments during the year.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a high tolerance for risk and seek to participate in the return potential of natural resources related equity securities. An investment in medium-, small- and micro-cap companies may involve greater risk and be more volatile and less liquid than an investment in a larger company. Investment in companies in natural resources industries may be significantly affected by (often rapid) changes in supply of, or demand for various natural resources. Concentrating investments in the natural resources sector increases the risk of loss because the securities of many or all of the companies in the sector may decline in value due to developments adversely affecting the sector, including market, economic, political or regulatory developments. Prices of precious metals and of precious metal-related securities have historically been very volatile due to various economic, financial, social and political factors and may adversely affect the financial condition of companies involved with precious metals.

At December 31, 2013, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Foreign Common Stocks		59.4
Money Market Funds		30.9
Energy		20.1
Materials & Processing		7.7
Utilities		2.7
Rights/Warrants		0.6
		121.4

262

GLOBAL NATURAL RESOURCES EQUITY FUND SCHEDULE OF INVESTMENTS   December 31, 2013  

	Shares		Value
COMMON STOCKS — 30.5%
Energy — 20.1%
Cabot Oil & Gas Corporation		152,272		$	5,902,063
Concho Resources, Inc.*		66,200			7,149,600
Denbury Resources, Inc.D*		459,000			7,541,370
EOG Resources, Inc.		11,705			1,964,567
Laredo Petroleum Holdings, Inc.D*		218,262			6,043,675
Noble Energy, Inc.		82,249			5,601,979
Range Resources Corporation		71,400			6,019,734
Rosetta Resources, Inc.D*		133,800			6,427,752
Southwestern Energy Co.*		146,500			5,761,845
					52,412,585
Materials & Processing — 7.7%
Compass Minerals International, Inc.D		79,400			6,355,970
Mosaic Co. (The)		210,570			9,953,644
Newmont Mining CorporationD		36,000			829,080
Royal Gold, Inc.D	��	63,000			2,902,410
					20,041,104
Utilities — 2.7%
Calpine Corporation*		365,470			7,130,320
Total Common Stocks (Cost $77,568,897)					79,584,009
FOREIGN COMMON STOCKS — 59.4%
Australia — 5.9%
Evolution Mining, Ltd.		989,000			543,091
Gryphon Minerals, Ltd.*		1,077,000			163,480
Iluka Resources, Ltd.		923,753			7,118,165
Mineral Resources, Ltd.		554,486			5,876,824
Newcrest Mining, Ltd.*		163,000			1,135,229
Papillon Resources, Ltd.*		482,000			421,769
					15,258,558
Bermuda — 1.5%
Continental Gold, Ltd.*		245,000			779,572
Kosmos Energy, Ltd.*		291,300			3,256,734
					4,036,306
Canada — 34.9%
Alamos Gold, Inc.		181,000			2,192,958
ARC Resources, Ltd.D		176,900			4,924,390
Argonaut Gold, Inc.D*		375,000			1,878,089
Asanko Gold, Inc.D*		331,000			538,611
AuRico Gold, Inc.D		536,000			1,961,760
B2Gold CorporationD*		754,000			1,542,074
Bear Creek Mining Corporation*		128,000			175,928
Belo Sun Mining CorporationD*		319,000			100,602
Eastmain Resources, Inc.D*		237,000			60,240
Eldorado Gold CorporationD		754,000			4,290,260
First Quantum Minerals, Ltd.D		569,300			10,257,851
Fortuna Silver Mines, Inc.D*		124,000			355,880
Franco-Nevada CorporationD		71,000			2,892,540
Gold Canyon Resources, Inc.*		230,000			49,800
Goldcorp, Inc.		562,839			12,196,721
Guyana Goldfields, Inc.D*		184,000			284,076
Hudbay Minerals, Inc.D		421,800			3,454,542
Kinross Gold CorporationD		285,000			1,248,300
Klondex Mines, Ltd.D*		269,000			407,710
Midway Gold CorporationD*		339,000			274,590
New Gold, Inc.D*		1,837,262			9,627,038

	Shares		Value
Orezone Gold CorporationD*		383,000		$	194,700
Osisko Mining Corporation*		891,000			3,950,680
Painted Pony Petroleum, Ltd.*		264,300			1,726,752
Peyto Exploration & Development CorporationD		247,300			7,568,579
Premier Gold Mines, Ltd.*		58,000			81,902
Pretium Resources, Inc.D*		73,000			376,597
Primero Mining CorporationD*		159,000			705,960
Romarco Minerals, Inc.*		419,000			147,917
Roxgold, Inc.*		219,000			91,744
Rubicon Minerals CorporationD*		278,000			239,358
Sabina Gold & Silver CorporationD*		332,000			228,157
SEMAFO, Inc.D*		190,000			499,035
Silver Wheaton CorporationD		162,000			3,270,780
Silvercorp Metals, Inc.		331,000			757,990
Sulliden Gold Corp, Ltd.*		271,000			183,686
Tahoe Resources, Inc.*		160,600			2,671,501
Timmins Gold Corporation*		372,000			395,726
Torex Gold Resources, Inc.*		859,000			760,141
Tourmaline Oil Corporation*		4,600			193,570
Turquoise Hill Resources Ltd.D*		1,613,340			5,324,022
Yamana Gold, Inc.D		332,000			2,861,840
					90,944,597
Chile — 3.9%
Sociedad Quimica y Minera de Chile SA ADRD		394,632			10,213,076
Jersey — 1.9%
Lydian International, Ltd.D*		370,000			254,272
Randgold Resources, Ltd. ADRD		75,000			4,710,750
					4,965,022
Papua New Guinea — 2.9%
Oil Search, Ltd.		1,040,774			7,536,655
United Kingdom — 8.4%
Antofagasta PLC		622,872			8,499,147
Fresnillo PLC*		101,000			1,246,862
Ophir Energy PLC*		1,089,832			5,915,859
Salamander Energy PLC*		1,010,153			1,869,322
Tullow Oil PLC		307,818			4,358,223
					21,889,413
Total Foreign Common Stocks (Cost $168,968,163)					154,843,627
RIGHTS/WARRANTS — 0.6%
Turquoise Hill Resources, Ltd. RightsD* (Cost $1,905,824)		1,613,340			1,548,806
MONEY MARKET FUNDS — 30.9%
GuideStone Money Market Fund (GS4 Class)¥		24,983,443			24,983,443
Northern Institutional Liquid Assets Portfolio§		55,648,353			55,648,353
Total Money Market Funds (Cost $80,631,796)					80,631,796
TOTAL INVESTMENTS — 121.4% (Cost $329,074,680)					316,608,238
Liabilities in Excess of Other Assets — (21.4)%					(55,886,385	)
NET ASSETS — 100.0%				$	260,721,853

See Notes to Financial Statements. 263

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2013, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	79,584,009	$	79,584,009	$	—	$	—
Foreign Common Stocks:
Australia		15,258,558		15,258,558		—		—
Bermuda		4,036,306		4,036,306		—		—
Canada		90,944,597		90,944,597		—		—
Chile		10,213,076		10,213,076		—		—
Jersey		4,965,022		4,965,022		—		—
Papua New Guinea		7,536,655		7,536,655		—		—
United Kingdom		21,889,413		21,889,413		—		—
Money Market Funds		80,631,796		80,631,796		—		—
Rights/Warrants		1,548,806		1,548,806		—		—
Total Assets - Investments in Securities	$	316,608,238	$	316,608,238	$	—	$	—

264 See Notes to Financial Statements.

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265

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2013

	Inflation Protected Bond Fund			Flexible Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	261,317,583		$	102,440,929
Investments in securities of affiliated issuers, at value		13,562,904			5,129,568
Total investments (1)(2)		274,880,487			107,570,497
Cash		—			751,649
Cash collateral for derivatives		—			—
Foreign currency (3)		519,375			—
Receivables:
Dividends and reclaims		59			45
Interest		1,158,271			323,850
Securities lending		31,810			—
Receivable from advisor		—			—
Investment securities sold		2,508,545			4,995,313
Fund shares sold		6,717			—
Variation margin on financial futures contracts		91,777			—
Unrealized appreciation on foreign currency exchange contracts		166,502			—
Prepaid expenses and other assets		14,036			4,614
Total Assets		279,377,579			113,645,968
Liabilities
Cash overdraft		15,974			—
Foreign currency overdraft (3)		—			—
Options written at value (4)		49,203			—
Unrealized depreciation on foreign currency exchange contracts		585,625			—
Collateral held for securities on loan at value		—			—
Payables:
Investment securities purchased		4,391,932			4,273,467
Fund shares redeemed		15,342			—
Variation margin on financial futures contracts		26,528			—
Securities lending		—			—
Accrued expenses:
Investment advisory fees		70,080			114,177
Shareholder servicing fees		55,588			22,130
Other expenses		56,793			73,539
Total Liabilities		5,267,065			4,483,313
Net Assets	$	274,110,514		$	109,162,655
Net Assets Consist of:
Paid-in-capital	$	282,939,318		$	108,554,393
Undistributed (distributions in excess of) net investment income		400,620			—
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions		(1,254,211	)		91,187
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		(7,975,213	)		517,075
Net Assets	$	274,110,514		$	109,162,655
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class		N/A			N/A
GS2 shares outstanding		N/A			N/A
Net asset value, offering and redemption price per GS2 share		N/A			N/A
Net assets applicable to the GS4 Class	$	274,110,514		$	109,162,655
GS4 shares outstanding		26,995,903			10,856,249
Net asset value, offering and redemption price per GS4 share	$	10.15		$	10.06

(1) Investments in securities of unaffiliated issuers, at cost	$	268,989,681	$	101,923,854
Investments in securities of affiliated issuers, at cost		13,562,904		5,129,568
Total investments at cost	$	282,552,585	$	107,053,422
(2)  Includes securities loaned of:	$	—	$	—
(3)  Foreign currency at cost	$	508,432	$	—
(4)  Premiums received on options written	$	81,583	$	—

266 See Notes to Financial Statements.

Real Assets Fund		Real Estate Securities Fund			Global Natural Resources Equity Fund
$	4,675,884	$	253,286,071		$	291,624,795
	22,901,571		4,512,863			24,983,443
	27,577,455		257,798,934			316,608,238
	—		—			—
	—		226,250			—
	—		1,097,395			—
	4		980,806			102,240
	—		—			—
	—		67,039			17,382
	10,543		—
	—		856,848			—
	73,331		11,209			—
	—		12,950			—
	—		—			—
	17,758		21,036			4,614
	27,679,091		261,072,467			316,732,474
	—		—			—
	—		—			43
	—		—			—
	—		—			—
	—		24,822,432			55,648,353
	—		980,026			1,029
	—		113,142			—
	—		—			—
	—		1,059			2,300
	—		138,568			222,243
	—		46,644			50,930
	28,479		67,883			85,723
	28,479		26,169,754			56,010,621
$	27,650,612	$	234,902,713		$	260,721,853
$	28,268,319	$	243,574,026		$	273,640,124
	310		(367,712	)		(490,104	)
	314,133		(2,054,663	)		38,075
	(932,150)		(6,248,938	)		(12,466,242	)
$	27,650,612	$	234,902,713		$	260,721,853
	N/A		N/A			N/A
	N/A		N/A			N/A
	N/A		N/A			N/A
$	27,650,612	$	234,902,713		$	260,721,853
	2,816,029		25,088,476			26,860,089
	$9.82	$	9.36		$	9.71
$	4,704,100	$	259,688,782		$	304,091,237
	23,805,505		4,512,863			24,983,443
$	28,509,605	$	264,201,645		$	329,074,680
$	—	$	25,313,133		$	68,203,448
$	—	$	1,100,585		$	(43	)
$	—	$	—		$	—

See Notes to Financial Statements. 267

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013

	Inflation Protected Bond Fund			Flexible  Income Fund(1)
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		881			243
Interest		3,681,273			1,555,516
Securities lending		36,134			—
Less foreign taxes withheld		—			—
Total Investment Income		3,718,288			1,555,759
Expenses
Investment advisory fees		716,980			342,874
Transfer agent fees:
GS4 shares		21,564			8,543
Custodian fees		35,583			23,598
Shareholder servicing fees:
GS4 shares		552,213			109,320
Accounting and administration fees		54,249			19,090
Professional fees		57,569			57,234
Blue sky fees:
GS4 shares		18,974			1,000
Shareholder reporting fees:
GS4 shares		8,084			952
Trustee expenses		2,365			476
Line of credit facility fees		2,284			5,902
Other expenses		16,737			5,867
Total Expenses		1,486,602			574,856
Expenses waived/reimbursed net of amount recaptured(2)		(20,971	)		(28,255	)
Net expenses		1,465,631			546,601
Net Investment Income (Loss)		2,252,657			1,009,158
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		321			223
Investment securities		(2,192,130	)		109,330
Investment securities of affiliated issuers		—			—
Futures transactions		1,108,298			—
Option contracts written		374,024			—
Option contracts purchased		(379,205	)		—
Foreign currency transactions		(27,545	)		—
Net realized gain (loss)		(1,116,237	)		109,553
Net change in unrealized appreciation (depreciation) on:
Investment securities		(19,879,965	)		517,075
Investment securities of unaffiliated issuers		—			—
Futures		(53,424	)		—
Option contracts written		32,380			—
Option contracts purchased		30,051			—
Foreign currency translation		(408,656	)		—
Net change in unrealized appreciation (depreciation)		(20,279,614	)		517,075
Net Realized and Unrealized Gain (Loss)		(21,395,851	)		626,628
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(19,143,194	)	$	1,635,786

⁽¹⁾ Inception Date was July 1, 2013.

⁽²⁾ See Note 3a and 3c in Notes to Financial Statements.

268 See Notes to Financial Statements.

Real Assets Fund(1)			Real Estate Securities Fund			Global Natural Resources Equity Fund(1)
$	—		$	5,443,208		$	1,474,189
	117,940			735			1,075
	—			375,005			—
	—			114,766			44,163
	—			(45,718	)		(159,769	)
	117,940			5,887,996			1,359,658
	9,002			1,583,792			1,219,811
	8,711			24,747			8,510
	4,025			45,816			38,258
	—			541,450			277,012
	5,979			58,769			38,736
	33,326			66,573			49,165
	8,426			19,240			1,000
	2,136			14,693			781
	92			2,353			1,173
	87			2,220			1,068
	5,867			18,217			5,867
	77,651			2,377,870			1,641,381
	(67,124	)		(16,967	)		—
	10,527			2,360,903			1,641,381
	107,413			3,527,093			(281,723	)
	465,335			156			1,156
	(2,248	)		23,498,549			3,095,029
	1,124			—			—
	—			1,706,784			—
	—			—			—
	—			—			—
	—			(63,094	)		(140,467	)
	464,211			25,142,395			2,955,718
	(903,935	)		(26,861,166	)		(12,466,442	)
	(28,215	)		—			—
	—			66,776			—
	—			—			—
	—			—			—
	—			(3,764	)		200
	(932,150	)		(26,798,154	)		(12,466,242	)
	(467,939	)		(1,655,759	)		(9,510,524	)
$	(360,526	)	$	1,871,334		$	(9,792,247	)

See Notes to Financial Statements. 269

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Year Ended
	12/31/13			12/31/12
Operations:
Net investment income (loss)	$	2,252,657		$	3,231,235
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		(1,116,237	)		5,069,301
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		(20,279,614	)		1,959,361
Net increase (decrease) in net assets resulting from operations		(19,143,194	)		10,259,897
Dividends and Distributions to Shareholders:
Dividends from net investment income(2)		(1,868,128	)		(3,186,492	)
Distributions from net realized capital gains		(882,675	)		(6,129,916	)
Total dividends and distributions		(2,750,803	)		(9,316,408	)
Capital Share Transactions:
Proceeds from GS4 shares sold		151,311,796			52,030,483
Reinvestment of dividends and distributions into GS4 shares		2,749,825			9,312,059
Total proceeds from shares sold and reinvested		154,061,621			61,342,542
Value of GS4 shares redeemed		(55,819,406	)		(27,679,464	)
Total value of shares redeemed		(55,819,406	)		(27,679,464	)
Net increase (decrease) from capital share transactions(3)		98,242,215			33,663,078
Total increase (decrease) in net assets		76,348,218			34,606,567
Net Assets:
Beginning of Period		197,762,296			163,155,729
End of Year*	$	274,110,514		$	197,762,296
*  Including undistributed (distributions in excess of) net investment income	$	400,620		$	11,998

⁽¹⁾  Inception date was July 1, 2013.

⁽²⁾  Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds for the Real Assets Fund.

⁽³⁾  See Note 6 in Notes to Financial Statements.

270 See Notes to Financial Statements.

Flexible Income Fund		Real Assets Fund			Real Estate Securities Fund						Global Natural Resources Equity Fund
					For the Year Ended
For the Period 07/01/13(1) - 12/31/13		For the Period 07/01/13(1) - 12/31/13			12/31/13			12/31/12			For the Period 07/01/13(1) - 12/31/13
$	1,009,158	$	107,413		$	3,527,093		$	2,837,011		$	(281,723	)
	109,553		464,211			25,142,395			21,121,145			2,955,718
	517,075		(932,150	)		(26,798,154	)		2,192,568			(12,466,242	)
	1,635,786		(360,526	)		1,871,334			26,150,724			(9,792,247	)
	(1,014,482)		(258,438	)		(4,569,650	)		(2,553,245	)		(747,193	)
	(14,042)		—			(25,908,952	)		—			(2,379,831	)
	(1,028,524)		(258,438	)		(30,478,602	)		(2,553,245	)		(3,127,024	)
	109,825,782		29,147,087			142,160,856			48,804,620			274,513,313
	1,028,524		258,438			30,476,790			2,553,036			3,127,024
	110,854,306		29,405,525			172,637,646			51,357,656			277,640,337
	(2,298,913)		(1,135,949	)		(100,275,836	)		(34,033,826	)		(3,999,213	)
	(2,298,913)		(1,135,949	)		(100,275,836	)		(34,033,826	)		(3,999,213	)
	108,555,393		28,269,576			72,361,810			17,323,830			273,641,124
	109,162,655		27,650,612			43,754,542			40,921,309			260,721,853
	—		—			191,148,171			150,226,862			—
$	109,162,655	$	27,650,612		$	234,902,713		$	191,148,171		$	260,721,853
$	—	$	310		$	(367,712	)	$	468,376		$	(490,104	)

See Notes to Financial Statements. 271

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																												Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains(2)			Excess Distribution/ Return of Capital			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(3)(4)			Expenses, Gross(3)(5)			Invest- ment Income, Net (1)(4)			Portfolio Turnover Rate
Inflation Protected Bond Fund
GS4 Class
2013(6)	$	11.25	$	0.10	#	$	—	†	$	(1.06	)	$	(0.09	)	$	(0.05	)	$	—		$	10.15		(8.64	)%	$	274,111		0.64	%		0.65	%		0.98	%		75	%
2012		11.16		0.21	#		—	†		0.46			(0.20	)		(0.38	)		—			11.25		6.06			197,762		0.65			0.66			1.80			94
2011		10.43		0.29	#		—	†		0.94			(0.31	)		(0.19	)		—			11.16		12.00			163,156		0.66			0.68			2.65			114
2010		10.32		0.20	#		—			0.40			(0.21	)		(0.28	)		—			10.43		5.82			107,825		0.65			0.66			1.90			113
2009(7)		10.00		0.19	#		—			0.32			(0.18	)		(0.01	)		—			10.32		5.12			87,994		0.67			0.70			3.53			55
Flexible Income Fund
GS4 Class
2013(8)	$	10.00	$	0.11	#	$	—	†	$	0.05		$	(0.10	)	$	—	†	$	—		$	10.06		1.57	%	$	109,163		1.20	%		1.26	%		2.22	%		25	%
Real Assets Fund
GS4 Class
2013(8)	$	10.00	$	0.06	#	$	0.27		$	(0.42	)	$	(0.09	)	$	—		$	—		$	9.82		(0.87	)%	$	27,651		0.12	%		0.89	%		1.22	%		1	%
Real Estate Securities Fund
GS4 Class
2013(9)	$	10.60	$	0.17	#	$	—	†	$	(0.02	)	$	(0.21	)	$	(1.18	)	$	—		$	9.36		1.49	%	$	234,903		1.05	%		1.05	%		1.56	%		168	%
2012		9.18		0.17	#		—	†		1.40			(0.15	)		—			—			10.60		17.09			191,148		1.05			1.06			1.62			95
2011		8.52		0.08	#		—	†		0.65			(0.07	)		—			—			9.18		8.51			150,227		1.14			1.14			0.85			90
2010		6.74		0.11	#		—			1.82			(0.15	)		—			—			8.52		28.80			141,900		1.19			1.19			1.41			105
2009		5.25		0.12	#		—			1.49			(0.12	)		—			—	†		6.74		31.21			121,533		1.27			1.28			2.29			128
Global Natural Resources Equity Fund
GS4 Class
2013(8)(10)	$	10.00	$	(0.01	)#	$	—	†	$	(0.16	)	$	(0.03	)	$	(0.09	)	$	—		$	9.71		(1.69	)%	$	260,722		1.42	%		1.42	%		(0.24	)%		18	%

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(2) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

(3) Does not include expenses of the investment companies in which the Fund invests.

(4) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower) than the ratio shown.

(5) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.

(6) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.01%. See Note 10 in Notes to Financial Statements.

(7) Inception date was June 25, 2009. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(8) Inception date was July 1, 2013. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(9) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.03%. See Note 10 in Notes to Financial Statements.

(10) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.01%. See Note 10 in Notes to Financial Statements.

272 See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

1. DESCRIPTION OF THE FUNDS

GuideStone Funds (the “Trust”) was organized as a Delaware statutory trust on March 2, 2000. The Trust has established thirty-one series (each, a “Fund” and together, the “Funds”). Each Fund is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The MyDestination 2005, MyDestination 2015, MyDestination 2025, MyDestination 2035, MyDestination 2045 and MyDestination 2055 Fund are each referred to as a “Date Target Fund” and together as the “Date Target Funds.”

The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I are each referred to as an “Asset Allocation Fund” and together as the “Asset Allocation Funds.”

The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Money Market Fund is referred to as the “Money Market Fund.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund and Global Bond Fund are together referred to as the “Fixed Income Funds.”

The Defensive Market Strategies Fund, Equity Index Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Fund and Emerging Markets Equity Fund are together referred to as the “Equity Funds.”

The Inflation Protected Bond Fund, Flexible Income Fund, Real Assets Fund, Real Estate Securities Fund and the Global Natural Resources Equity Fund are together referred to as the “Real Return Select Funds.”

The Flexible Income Fund, Real Assets Fund and Global Natural Resources Equity Fund commenced operations as registered investment companies on July 1, 2013.

The Emerging Markets Equity Fund commenced operations as a registered investment company on October 31, 2013. There are two classes of shares issued by the Funds — the GS2 Class and the GS4 Class (each, a “Class” and together the “Classes”), except the Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I which issued the GS2 Class only. The Date Target Funds, Global Bond Fund, Inflation Protected Bond Fund, Flexible Income Fund, Real Assets Fund, Real Estate Securities Fund and the Global Natural Resources Equity Fund issued the GS4 Class only. All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The Date Target, Asset Allocation and Real Assets Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Date Target Funds, Asset Allocation Funds and Real Assets Fund are commonly referred to as “Fund of Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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a. Valuation of Securities

The Funds (except the Money Market Fund) each value securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. Securities which are primarily traded on foreign exchanges are generally valued at the closing values of such securities on their respective exchanges, except that when an occurrence subsequent to the time when the foreign security is valued is likely to have changed such value, then the fair value of those securities will be determined through procedures established by the Board of Trustees of the Trust (the “Board of Trustees”) and under the direction of a valuation committee appointed by the Board of Trustees. The valuation committee is comprised of individuals from the Adviser and BNY Mellon Investment Servicing (US) Inc. who previously have been identified to the Board. Non-exchange traded securities for which an over-the-counter quotation is readily available are valued at the last quoted bid price.

Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available. Asset-backed and mortgage-backed securities are generally valued at the last bid price, if available. Certain debt securities may be valued on the basis of broker quotations, valuations provided by a pricing service which may use a matrix, formula or other objective methods that take into consideration market indices, matrices, yield curves and other specific adjustments or by a sub-adviser using various methodologies approved by the Board of Trustees.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost which approximates current market value in accordance with Rule 2a-7 of the 1940 Act.

Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market. Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

Options, rights and warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options, rights and warrants not traded on a national securities exchange are valued at the last quoted bid price.

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty. (Please see Note i, “Derivative Financial Instruments” for additional information regarding the valuation of swap agreements).

To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Board of Trustees. Securities for which market quotations are not readily available are valued at fair value according to methods established in good faith by the Board of Trustees. Due to the potential excessive volatility at the time valuations are developed, pricing techniques may materially vary from the actual amounts realized upon sale of the securities.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation

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with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by IDC.

The Asset Allocation, Date Target and Real Assets Funds value their investments in the underlying Select Funds daily at the closing NAV of each respective Select Fund.

The Financial Accounting Standards Board’s (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – quoted prices in active markets for identical securities which include:

Equity securities, including restricted securities, for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded; and

Investments in open-end mutual funds, including the GuideStone Funds, Credit Suisse Commodity Return Strategy Fund and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing net asset value each business day.

Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) which include:

Equity securities for which there were no sales or closing prices for that day, that are valued at the last quoted bid price or that may be valued using the last available price;

Foreign equity securities for which a Significant Event has occurred and a fair value price is provided by IDC;

Debt securities, including restricted securities that are valued based on evaluated quotations received from independent pricing. For corporate bonds, pricing services that utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices; and

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available and are valued at amortized cost.

Level 3 – prices determined using significant unobservable inputs (including the valuation committee’s own assumptions in determining the fair value of investments) which include:

Restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used; and

Debt securities, including restricted securities that are valued based on evaluated quotations received from dealers who make markets in such securities.

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Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.

In accordance with FASB “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRSs”),” management has not presented quantitative disclosures as the securities which are advisor priced or valued by the valuation committee are immaterial. Additionally, there have been no adjustments to prices received from third parties as of December 31, 2013.

A valuation hierarchy including information regarding transfers between levels and Level 3 securities, where applicable, is shown at the end of each Fund’s Schedule of Investments.

b. Fixed Income Securities

The Bond Funds, Defensive Market Strategies Fund and the Small Cap Equity Fund may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to

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no principal will be received at the maturity of an IO, adjustments are made to the book value of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

“TBA” (to be announced) purchase commitments are commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund’s other assets. Unsettled TBAs are valued at the current market value of the underlying securities, according to the procedures described in the section entitled “Valuation of Securities”.

During the year ended December 31, 2013, the Low-Duration Bond Fund and Medium-Duration Bond Fund entered into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

TBA sale commitments are commitments to sell mortgage-backed securities for a fixed price at a future date. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be sold increases prior to settlement date of the Fund’s other assets.

U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Funds’ shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

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The U.S. Treasury has historically had the authority to purchase obligations of Fannie Mae and Freddie Mac (collectively, the “GSEs”). However, in 2008, due to capitalization concerns, Congress provided the U.S. Treasury with additional authority to lend the GSEs emergency funds and to purchase their stock. In September 2008, those capital concerns led the U.S. Treasury and the Federal Housing Finance Authority (“FHFA”) to announce that the GSEs had been placed in conservatorship.

Since that time, the GSEs have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases, of their mortgage backed securities (“MBS”). The FHFA and the U.S. Treasury (through its agreement to purchase GSE preferred stock) have imposed strict limits on the size of their mortgage portfolios. While the MBS purchase programs ended in 2010, the U.S. Treasury announced in December 2009 that it would continue its support for the entities’ capital as necessary to prevent a negative net worth through at least 2012. While the U.S. Treasury is committed to offset negative equity at the GSEs through its preferred stock purchases through 2012, no assurance can be given that the Federal Reserve, U.S. Treasury, or FHFA initiatives will ensure that the GSEs will remain successful in meeting their obligations with respect to the debt and MBS they issue beyond that date.

The problems faced by the GSEs, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. The Obama Administration produced a report to Congress on February 11, 2011, outlining a proposal to wind down the GSEs by increasing their guarantee fees, reducing their conforming loan limits (the maximum amount of each loan they are authorized to purchase) and continuing progressive limits on the size of their investment portfolio. Congress is currently considering several pieces of legislation that would reform the GSEs and possibly wind down their existence, addressing portfolio limits and guarantee fees, among other issues.

Based on quarterly loss figures, in August 2011, both GSEs requested additional support from the U.S. Treasury (Fannie Mae requested $2.8 billion and Freddie Mac requested $1.5 billion, net of dividend payments to the U.S. Treasury). In August 2012, the U.S. Treasury announced a set of modifications to the Preferred Stock Purchase Agreements between the U.S. Treasury and the FHFA. Instead of receiving 10% dividends from the GSEs, the U.S. Treasury is taking a quarterly sweep of all profits earned by the firms.

Serious discussions among policymakers continue, however, as to what role the U.S. Government should play in the U.S. housing market. Fannie Mae and Freddie Mac are also the subject to several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities. Importantly, the future of the GSEs is in serious question as the U.S. Government considers multiple options.

c. Foreign Currency Translations

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the

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Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

d. Loan Participations

The Bond Funds, Small Cap Equity Fund and the Flexible Income Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. A Fund’s investments in loans may be in the form of participations in loans. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, a Fund may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

e. REITs

The Real Estate Securities Fund invests substantial assets in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general.

Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

f. Repurchase Agreements

Each Fund may agree to purchase securities from financial institutions subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. It is the Fund’s policy that repurchase agreements are fully collateralized by U.S. Treasury and Government Agency securities. All collateral is held by the Fund’s custodian bank or a bank with which the custodian bank has entered into a subcustodian agreement, or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

Repurchase transactions are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

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At December 31, 2013, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value  of Non-cash Collateral Received			Cash Collateral Received		Net  Amount(1)
Money Market
Goldman Sachs & Co.	$	30,361,000	$	(30,361,000	)	$	—	$	—
Low-Duration Bond
Barclays Capital, Inc.	$	12,200,000	$	(12,200,000	)	$	—	$	—
Citigroup Global Markets, Inc.		26,900,000		(26,900,000	)		—		—
Total Repurchase Agreements	$	39,100,000	$	(39,100,000	)	$	—	$	—
Medium-Duration Bond
Citigroup Global Markets, Inc.	$	11,400,000	$	(11,400,000	)	$	—	$	—

⁽¹⁾ Net amount represents the net amount receivable due from (payable to) the counterparty in the event of default.

Additional information about master netting arrangements can be found in the Derivative Financial Instruments and Securities Lending sections of the Notes to Financial Statements.

g. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by cash equivalents deposited in an account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Date Target Funds, Asset Allocation Funds, Bond Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond and Medium-Duration Bond Funds will occasionally enter into a short sale to initiate a dollar roll transaction. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of the Fund’s assets. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 7% of the Fund’s assets.

At December 31, 2013, the value of securities sold short in the Low-Duration Bond, Medium-Duration Bond, Defensive Market Strategies and International Equity Funds amounted to $3,084,500, $7,360,243, $47,002,923 and $91,139,017, respectively.

h. Synthetic Convertible Instruments

The Defensive Market Strategies Fund invests in synthetic convertible instruments. Synthetic convertible instruments are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income received from synthetic convertible instruments will be recorded as realized gains in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The risks of investing in synthetic convertible instruments include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with synthetic convertible instruments and the appreciation potential may be limited. Synthetic convertible instruments may be more volatile and less liquid than other investments held by the Fund.

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i. Derivative Financial Instruments

The Funds may engage in various portfolio strategies to seek to increase their return by hedging their portfolios against adverse movements in the equity, debt and currency markets. Losses may arise due to changes in the value of the contract if the counterparty does not perform under the contract. The Funds, in their normal course of business, may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ exposure may include future claims that may be made against the Funds that have not yet occurred.

Financial Futures Contracts — The Funds (except the Money Market Fund) may purchase or sell financial futures contracts and the options on such futures contracts for the purpose of hedging risk on existing securities, demonstrating purchase of securities or gaining market exposure on cash balances. Financial futures contracts are contracts for the delivery of securities at a specified future date at an agreed upon price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected.

Pursuant to the contract, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such payments or receipts are known as variation margin and are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Foreign Currency Options and Futures — The Bond Funds, Defensive Market Strategies Fund, Small Cap Equity Fund and International Equity Fund may also enter into futures contracts on foreign currencies and related options on transactions as a short or long hedge against possible variations in foreign exchange rates.

Forward Foreign Exchange Contracts — Certain Funds may enter into forward foreign currency exchange contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Options — Certain Funds are authorized to write and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party and that party’s ability to perform. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Options purchased are recorded as an asset, and written options are recorded as liabilities to the extent of premiums paid or received. Each Fund will realize a gain or loss when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid.

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When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption. Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap contract amounts reported in the Statement of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

Swap Agreements — Each Select Fund, except the Money Market Fund, may enter into swap agreements. The Equity Funds may enter into equity swap contracts and the Bond Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Bond Funds and International Equity Fund may enter into cross-currency swaps, and each Select Fund may enter into total return swaps.

Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of a Fund’s portfolio, to protect a Fund’s value from changes in interest rates, to expose a Fund to a different security or market, or to help a Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, a Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the agreement). Credit default swaps involve the payment of amounts based on a specified rate multiplied by a notional amount as well as upon an event of default. In connection with these agreements, securities are set aside as collateral by the Fund’s custodian.

Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued pursuant to guidelines established by the Board of Trustees. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee, generally based upon recommendations provided by the Fund’s sub-adviser. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These up-front payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

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Certain of the Fund’s derivative agreements contain provisions that require the Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over one-month, three-month and 12-month periods. If a Fund were to violate such provisions, the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. For the year ended December 31, 2013, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swaps — Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Any up-front payments made or received upon entering a credit default swap contract are treated as part of the cost and are reflected as part of the unrealized gain (loss) on valuation. Upon termination of the swap contract, the amount included in the cost is reversed and becomes part of the swap’s realized gain (loss).

The sub-advisers monitor a variety of factors including cash flow assumptions, market activity, market sentiment and valuation as part of their ongoing process of assessing payment and performance risk. As payment and performance risk increases, the value of a credit default swap increases, resulting in recognition of unrealized gains for long positions and unrealized losses for short positions. Conversely, as payment and performance risk decreases, unrealized gains are recognized for short positions and unrealized losses are recognized for long positions. Any current or future declines in the fair value of the swap may be partially offset by up-front payments received by the Fund as a seller of protection if applicable. The change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices

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and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, up-front payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Credit default swaps involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, credit default swaps are subject to liquidity risk and counterparty credit risk. The Funds enter into credit default swaps with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

Exchange Traded Swap Agreements — Exchange traded swaps are either interest rate or credit default swap agreements brokered by the Chicago Mercantile Exchange (the “CME”) where the CME is the counterparty to both the buyer and seller of protection. Exchange traded swaps involve a lesser degree of risk because the CME, as counterparty, monitors risk factors for the involved parties. Exchange traded swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the “Margin”) and daily interest on the margin. In the case of exchange traded interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Exchange traded swaps require no payments at the beginning of the measurement period nor are there liquidation payments at the termination of the swap.

Cross-Currency Swap Agreements — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a

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predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

Total Return Swap Agreements — Total return swap agreements on commodities involve commitments where exchanged cash flows are based on the price of a commodity and in return a Fund receives either fixed or determined by floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” require additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Schedules of Investments within the Swap agreements outstanding disclosure and in the Notes to Financial Statements.

As of December 31, 2013, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $28,628,025 and $28,212,000, respectively, and the sellers (“providing protection”) on a total notional amount of $1,200,000 and $16,250,000, respectively. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amount does approximate the maximum potential amount of future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event was to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:

Written Credit Derivative Contracts	Single Name Credit Default Swaps					Credit Default Swap Index
	Corporate		Sovereign			Asset-Backed		Corporate
Reference Asset	Debt		Debt			Securities		Debt		Total
Low-Duration Bond Fund
Fair value of written credit derivatives	$	20,560	$	—		$	—	$	—	$	20,560
Maximum potential amount of future payments		1,200,000		—			—		—		1,200,000
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	364,059	$	(12,387	)	$	178,235	$	—	$	529,907
Maximum potential amount of future payments		4,100,000		1,000,000			11,150,000		—		16,250,000

At December 31, 2013, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of a triggering event.

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The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.

	Maximum Potential Amount of Future Payments by Contract  Term
Current credit spread on underlying (in basis points)	0-6     Months		6-12     Months		1-5 Years		5-10 Years		More Than     10 Years		Total
Low-Duration Bond Fund
0 - 100	$	—	$	—	$	1,200,000	$	—	$	—	$	1,200,000
101 - 250		—		—		—		—		—		—
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	1,200,000	$	—	$	—	$	1,200,000
Medium-Duration Bond Fund
0 - 100	$	—	$	—	$	9,950,000	$	1,200,000	$	—	$	11,150,000
101 - 250		—		—		5,100,000		—		—		5,100,000
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	15,050,000	$	1,200,000	$	—	$	16,250,000

Offsetting of Financial and Derivative Assets and Liabilities

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to an ISDA MA in the Statements of Assets and Liabilities.

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At December 31, 2013, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	1,600	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,600		—
Derivatives not subject to an MA or similar agreement		1,600		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	13,255	$	2,750
Total derivative assets and liabilities in the Statements of Assets and Liabilities		13,255		2,750
Derivatives not subject to an MA or similar agreement		13,255		2,750
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	20,755	$	2,750
Total derivative assets and liabilities in the Statements of Assets and Liabilities		20,755		2,750
Derivatives not subject to an MA or similar agreement		20,755		2,750
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	17,600	$	1,375
Total derivative assets and liabilities in the Statements of Assets and Liabilities		17,600		1,375
Derivatives not subject to an MA or similar agreement		17,600		1,375
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	14,445	$	344
Total derivative assets and liabilities in the Statements of Assets and Liabilities		14,445		344
Derivatives not subject to an MA or similar agreement		14,445		344
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	960	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		960		—
Derivatives not subject to an MA or similar agreement		960		—
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	3,430	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,430		—
Derivatives not subject to an MA or similar agreement		3,430		—
Total assets and liabilities subject to an MA	$	—	$	—

288

Fund	Assets		Liabilities
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	50,470	$	18,891
Total derivative assets and liabilities in the Statements of Assets and Liabilities		50,470		18,891
Derivatives not subject to an MA or similar agreement		50,470		18,891
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	54,265	$	6,687
Total derivative assets and liabilities in the Statements of Assets and Liabilities		54,265		6,687
Derivatives not subject to an MA or similar agreement		54,265		6,687
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	66,700	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		66,700		—
Derivatives not subject to an MA or similar agreement		66,700		—
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	640	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		640		—
Derivatives not subject to an MA or similar agreement		640		—
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	12,755	$	4,781
Total derivative assets and liabilities in the Statements of Assets and Liabilities		12,755		4,781
Derivatives not subject to an MA or similar agreement		12,755		4,781
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	13,215	$	1,750
Total derivative assets and liabilities in the Statements of Assets and Liabilities		13,215		1,750
Derivatives not subject to an MA or similar agreement		13,215		1,750
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	13,895	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		13,895		—
Derivatives not subject to an MA or similar agreement		13,895		—
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	69,731	$	54,955
Forward foreign exchange contracts		809,848		676,173
Options		306,971		662,660
Swaps		1,190,111		2,145,810
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,376,661		3,539,598
Derivatives not subject to an MA or similar agreement		687,053		744,397
Total assets and liabilities subject to an MA	$	1,689,608	$	2,795,201
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	66,655	$	130,330
Forward foreign exchange contracts		648,260		639,799
Options		477,498		762,589
Swaps		1,858,636		1,825,329
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,051,049		3,358,047
Derivatives not subject to an MA or similar agreement		597,831		1,066,632
Total assets and liabilities subject to an MA	$	2,453,218	$	2,291,415
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	6,837	$	—
Forward foreign exchange contracts		308,131		533,319
Options		20,812		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		335,780		533,319
Derivatives not subject to an MA or similar agreement		27,649		—
Total assets and liabilities subject to an MA	$	308,131	$	533,319
Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	77,120	$	—
Forward foreign exchange contracts		2,329		33,958
Options		17,955		3,440
Total derivative assets and liabilities in the Statements of Assets and Liabilities		97,404		37,398
Derivatives not subject to an MA or similar agreement		97,404		37,398
Total assets and liabilities subject to an MA	$	—	$	—
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	44,800	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		44,800		—
Derivatives not subject to an MA or similar agreement		44,800		—
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	173,120	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		173,120		—
Derivatives not subject to an MA or similar agreement		173,120		—
Total assets and liabilities subject to an MA	$	—	$	—

290

Fund	Assets		Liabilities
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	206,765	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		206,765		—
Derivatives not subject to an MA or similar agreement		206,765		—
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	360,242	$	2,078
Forward foreign exchange contracts		71,271		68,310
Options		21,105		5,813
Total derivative assets and liabilities in the Statements of Assets and Liabilities		452,618		76,201
Derivatives not subject to an MA or similar agreement		381,346		7,891
Total assets and liabilities subject to an MA	$	71,272	$	68,310
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	256,452	$	354,814
Forward foreign exchange contracts		1,288,413		1,908,788
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,544,865		2,263,602
Derivatives not subject to an MA or similar agreement		256,452		354,814
Total assets and liabilities subject to an MA	$	1,288,413	$	1,908,788
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	430,074	$	50,955
Forward foreign exchange contracts		661,456		621,128
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,091,530		672,083
Derivatives not subject to an MA or similar agreement		430,074		50,955
Total assets and liabilities subject to an MA	$	661,456	$	621,128
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	91,777	$	26,528
Forward foreign exchange contracts		166,502		585,625
Options		105,578		49,203
Total derivative assets and liabilities in the Statements of Assets and Liabilities		363,857		661,356
Derivatives not subject to an MA or similar agreement		197,355		75,731
Total assets and liabilities subject to an MA	$	166,502	$	585,625
Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	12,950	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		12,950		—
Derivatives not subject to an MA or similar agreement		12,950		—
Total assets and liabilities subject to an MA	$	—	$	—

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At December 31, 2013, derivative assets and liabilities by counterparty net of amounts available for offset under an MA and net of the related collateral (received)/pledged by the Trust are as follows:

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA			Derivative Liabilities Subject to an MA				Value of Derivatives Subject to an MA				Collateral (Received)/ Pledged				Net Exposure
Low-Duration Bond
Sub-adviser A
WEST		$	398,745		$	—			$	398,745			$	—			$	398,745
Other Counterparties*			293,709			(415,333	)			(121,624	)			—				(121,624	)
			692,454			(415,333	)			277,121				—				277,121
Sub-adviser B
GSC			12,676			(890,825	)			(878,149	)			—				(878,149	)
Other Counterparties*			926,072			(1,350,055	)			(423,983	)			—				(423,983	)
			938,748			(2,240,880	)			(1,302,132	)			—				(1,302,132	)
Sub-adviser C
Other Counterparties*			58,406			(138,988	)			(80,582	)			—				(80,582	)
Total Derivatives		$	1,689,608		$	(2,795,201	)		$	(1,105,593	)		$	—			$	(1,105,593	)
Medium-Duration Bond
Sub-adviser A
Other Counterparties*		$	1,131,885		$	(259,856	)		$	872,029			$	(566,963	)		$	305,066
Sub-adviser B
Other Counterparties*			910,950			(1,661,655	)			(750,705	)			—				(750,705	)
Sub-adviser C
Other Counterparties*			410,383			(369,904	)			40,479				—				40,479
Total Derivatives		$	2,453,218		$	(2,291,415	)		$	161,803			$	(566,963	)		$	(405,160	)
Global Bond
Sub-adviser A
BAR		$	198,819		$	(22,081	)		$	176,738			$	—			$	176,738
CITIC			23,212			(186,307	)			(163,095	)			—				(163,095	)
Other Counterparties*			86,100			(324,931	)			(238,831	)			—				(238,831	)
Total Derivatives		$	308,131		$	(533,319	)		$	(225,188	)		$	—			$	(225,188	)
Small Cap Equity
Sub-adviser A
Other Counterparties*		$	71,272		$	(68,310	)		$	2,962			$	—			$	2,962

292

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA			Derivative Liabilities Subject to an MA				Value of Derivatives Subject to an MA				Collateral (Received)/ Pledged				Net Exposure
International Equity
Sub-adviser A
Other Counterparties*		$	855,079		$	(1,864,322	)		$	(1,009,243	)		$	590,000			$	(419,243	)
Sub-adviser B
Other Counterparties*			433,334			(44,466	)			388,868				—				388,868
Total Derivatives		$	1,288,413		$	(1,908,788	)		$	(620,375	)		$	590,000			$	(30,375	)
Emerging Markets Equity
Sub-adviser A
Other Counterparties*		$	661,456		$	(621,128	)		$	40,328			$	(40,328	)		$	—
Inflation Protected Bond
Sub-adviser A
BAR		$	9,563		$	(384,159	)		$	(374,596	)		$	—			$	(374,596	)
Other Counterparties*			156,939			(201,466	)			(44,527	)			—				(44,527	)
Total Derivatives		$	166,502		$	(585,625	)		$	(419,123	)		$	—			$	(419,123	)

*Other Counterparties represent amounts that are held with counterparties where the absolute value of the total is less than 0.05% of the net assets of the respective Fund. Those holdings are deemed immaterial to the respective Fund and are listed collectively.

Additional information about master netting arrangements can be found in the Repurchase Agreements and Securities Lending sections of the Notes to Financial Statements.

Derivative Holdings Categorized by Risk Exposure

FASB “Derivatives and Hedging” also requires all companies to disclose information intended to enable financial statement users to understand how and why the entity uses derivative instruments, how derivatives are accounted for, and how derivative instruments affect the entity’s financial position, results of operations, and cash flows.

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Interest rate contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Receivables: Variation margin*	Payables: Variation margin*
	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Foreign exchange contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Unrealized appreciation on foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts
Credit contracts	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Equity contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Receivables: Variation margin*	Payables: Variation margin*

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures and exchange traded swap contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until December 31, 2013.

	Asset Derivative Value
Fund	Total Value at 12/31/13			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2005
Futures		$	18,103		$	—		$	—		$	—		$	18,103

293

	Asset Derivative Value
Fund	Total Value at 12/31/13				Interest Rate Contracts				Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2015
Futures		$	100,500			$	(27,773	)		$	—		$	—		$	128,273
MyDestination 2025
Futures		$	182,494			$	(25,960	)		$	—		$	—		$	208,454
MyDestination 2035
Futures		$	160,230			$	(16,609	)		$	—		$	—		$	176,839
MyDestination 2045
Futures		$	129,522			$	(4,547	)		$	—		$	—		$	134,069
MyDestination 2055
Futures		$	10,862			$	—			$	—		$	—		$	10,862
Conservative Allocation
Futures		$	38,191			$	(3,780	)		$	—		$	—		$	41,971
Balanced Allocation
Futures		$	393,143			$	(177,567	)		$	—		$	—		$	570,710
Growth Allocation
Futures		$	555,401			$	(59,562	)		$	—		$	—		$	614,963
Aggressive Allocation
Futures		$	756,054			$	—			$	—		$	—		$	756,054
Conservative Allocation I
Futures		$	7,241			$	—			$	—		$	—		$	7,241
Balanced Allocation I
Futures		$	92,697			$	(38,921	)		$	—		$	—		$	131,618
Growth Allocation I
Futures		$	140,579			$	(16,406	)		$	—		$	—		$	156,985
Aggressive Allocation I
Futures		$	139,848			$	—			$	—		$	—		$	139,848
Low-Duration Bond
Forwards		$	809,848			$	—			$	809,848		$	—		$	—
Futures			(626,132	)			(626,132	)			—			—			—
Purchased Options			306,971				306,971				—			—			—
Swaps			1,190,111				777,495				—			412,616			—
Totals		$	1,680,798			$	458,334			$	809,848		$	412,616		$	—
Medium-Duration Bond
Forwards		$	648,260			$	—			$	648,260		$	—		$	—
Futures			(735,121	)			(735,121	)			—			—			—
Purchased Options			477,498				446,330				31,168			—			—
Swaps			1,858,636				1,300,731				—			557,905			—
Totals		$	2,249,273			$	1,011,940			$	679,428		$	557,905		$	—

294

	Asset Derivative Value
Fund	Total Value at 12/31/13			Interest Rate Contracts			Foreign  Exchange Contracts		Credit Contracts		Equity Contracts
Global Bond Fund
Forwards	$	308,131		$	—		$	308,131	$	—	$	—
Futures		(62,381	)		(62,381	)		—		—		—
Purchased Options		20,812			—			20,812		—		—
Totals	$	266,562		$	(62,381	)	$	328,943	$	—	$	—
Defensive Market Strategies
Forwards	$	2,329		$	—		$	2,329	$	—	$	—
Futures		840,099			—			—		—		840,099
Purchased Options		17,955			—			—		—		17,955
Totals	$	860,383		$	—		$	2,329	$	—	$	858,054
Equity Index
Futures	$	428,001		$	—		$	—	$	—	$	428,001
Value Equity
Futures	$	1,791,093		$	—		$	—	$	—	$	1,791,093
Growth Equity Fund
Futures	$	2,352,173		$	—		$	—	$	—	$	2,352,173
Small Cap Equity
Forwards	$	71,271		$	—		$	71,271	$	—	$	—
Futures		4,146,969			(8,143	)		—		—		4,155,112
Purchased Options		21,105			14,719			6,386		—		—
Totals	$	4,239,345		$	6,576		$	77,657	$	—	$	4,155,112
International Equity
Forwards	$	1,288,413		$	—		$	1,288,413	$	—	$	—
Futures		5,232,594			—			—		—		5,232,594
Totals	$	6,521,007		$	—		$	1,288,413	$	—	$	5,232,594
Emerging Markets Equity
Forwards	$	661,456		$	—		$	661,456	$	—	$	—
Futures		1,047,815			—			—		—		1,047,815
Totals	$	1,709,271		$	—		$	661,456	$	—	$	1,047,815
Inflation Protected Bond
Forwards	$	166,502		$	—		$	166,502	$	—	$	—	��
Futures		(191,148	)		(191,148	)		—		—		—
Purchased Options		105,578			97,500			8,078		—		—
Totals	$	80,932		$	(93,648	)	$	174,580	$	—	$	—
Real Estate Securities
Futures	$	157,537		$	—		$	—	$	—	$	157,537
	Liability Derivative Value
Fund	Total Value at 12/31/13			Interest Rate Contracts			Foreign  Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	676,173		$	—		$	676,173	$	—	$	—
Futures		(1,015,479	)		(1,015,479	)		—		—		—
Written Options		662,660			662,660			—		—		—
Swaps		2,145,810			1,353,621			—		792,189		—
Totals	$	2,469,164		$	1,000,802		$	676,173	$	792,189	$	—

295

	Liability Derivative Value
Fund	Total Value at 12/31/13			Interest Rate Contracts			Foreign  Exchange Contracts		Credit Contracts		Equity Contracts
Medium-Duration Bond
Forwards	$	639,799		$	—		$	639,799	$	—	$	—
Futures		(566,822	)		(566,822	)		—		—		—
Written Options		762,589			762,589			—		—		—
Swaps		1,825,329			1,513,604			—		311,725		—
Totals	$	2,660,895		$	1,709,371		$	639,799	$	311,725	$	—
Global Bond
Forwards	$	533,319		$	—		$	533,319	$	—	$	—
Futures		(71,530	)		(71,530	)		—		—		—
Totals	$	461,789		$	(71,530	)	$	533,319	$	—	$	—
Defensive Market Strategies
Forwards	$	33,958		$	—		$	33,958	$	—	$	—
Written Options		3,440			—			—		—		3,440
Totals	$	37,398		$	—		$	33,958	$	—	$	3,440
Small Cap Equity
Forwards	$	68,310		$	—		$	68,310	$	—	$	—
Futures		(214,818	)		(214,818	)		—		—		—
Written Options		5,813			5,813			—		—		—
Totals	$	(140,695	)	$	(209,005	)	$	68,310	$	—	$	—
International Equity
Forwards	$	1,908,788		$	—		$	1,908,788	$	—	$	—
Futures		1,608,950			—			—		—		1,608,950
Totals	$	3,517,738		$	—		$	1,908,788	$	—	$	1,608,950
Emerging Markets
Equity
Forwards	$	621,128		$	—		$	621,128	$	—	$	—
Futures		113,176			—			—		—		113,176
Totals	$	734,304		$	—		$	621,128	$	—	$	113,176
Inflation Protected Bond
Forwards	$	585,625		$	—		$	585,625	$	—	$	—
Futures		(259,970	)		(259,970	)		—		—		—
Written Options		49,203			22,500			26,703		—		—
Totals	$	374,858		$	(237,470	)	$	612,328	$	—	$	—

296

Derivative Type	Location on the Statements of Operations
Interest rate contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Swap agreements
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts	Net realized gain (loss) from: Foreign currency transactions
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Foreign currency translations
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Option contracts written
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/13		Interest Rate Contracts			Foreign  Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	110,903	$	(18,330	)	$	—	$	—	$	129,233
MyDestination 2015
Futures	$	608,511	$	(95,555	)	$	—	$	—	$	704,066
MyDestination 2025
Futures	$	948,591	$	(67,139	)	$	—	$	—	$	1,015,730
MyDestination 2035
Futures	$	770,941	$	(14,821	)	$	—	$	—	$	785,762
MyDestination 2045
Futures	$	653,358	$	(6,226	)	$	—	$	—	$	659,584
MyDestination 2055
Futures	$	19,936	$	—		$	—	$	—	$	19,936
Conservative Allocation
Futures	$	254,012	$	6,186		$	—	$	—	$	247,826
Balanced Allocation
Futures	$	2,239,119	$	(476,577	)	$	—	$	—	$	2,715,696
Growth Allocation
Futures	$	2,683,817	$	(142,720	)	$	—	$	—	$	2,826,537
Aggressive Allocation
Futures	$	2,654,901	$	—		$	—	$	—	$	2,654,901

297

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/13			Interest Rate Contracts				Foreign  Exchange Contracts			Credit Contracts			Equity Contracts
Conservative Allocation I
Futures	$	39,184		$	(1,630	)		$	—		$	—		$	40,814
Balanced Allocation I
Futures	$	577,566		$	(103,524	)		$	—		$	—		$	681,090
Growth Allocation I
Futures	$	637,020		$	(15,111	)		$	—		$	—		$	652,131
Aggressive Allocation I
Futures	$	494,098		$	—			$	—		$	—		$	494,098
Low-Duration Bond
Forwards	$	(1,036,757	)	$	—			$	(1,036,757	)	$	—		$	—
Futures		1,242,454			1,242,454				—			—			—
Swaps		(566,541	)		626,722				—			(1,193,263	)		—
Written Options		639,967			639,967				—			—			—
Totals	$	279,123		$	2,509,143			$	(1,036,757	)	$	(1,193,263	)	$	—
Medium-Duration Bond
Forwards	$	(1,217,577	)	$	—			$	(1,217,577	)	$	—		$	—
Futures		1,353,193			1,353,193				—			—			—
Purchased Options		(76,645	)		(62,354	)			(14,291	)		—			—
Swaps		(705,709	)		415,435				—			(1,121,144	)		—
Written Options		1,078,503			1,078,503				—			—			—
Totals	$	431,765		$	2,784,777			$	(1,231,868	)	$	(1,121,144	)	$	—
Global Bond
Forwards	$	(1,978,780	)	$	—			$	(1,978,780	)	$	—		$	—
Futures		364,330			364,330				—			—			—
Purchased Options		(370,694	)		(131,848	)			(238,846	)		—			—
Written Options		16,883			16,883				—			—			—
Totals	$	(1,968,261	)	$	249,365			$	(2,217,626	)	$	—		$	—
Defensive Market Strategies
Forwards	$	184,765		$	—			$	184,765		$	—		$	—
Futures		5,824,421			—				—			—			5,824,421
Purchased Options		(605,569	)		—				—			—			(605,569	)
Written Options		14,073			—				—			—			14,073
Totals	$	5,417,690		$	—			$	184,765		$	—		$	5,232,925
Equity Index
Futures	$	2,798,542		$	—			$	—		$	—		$	2,798,542
Value Equity
Futures	$	8,569,444		$	—			$	—		$	—		$	8,569,444
Growth Equity
Futures	$	15,573,869		$	—		��	$	—		$	—		$	15,573,869
Small Cap Equity
Forwards	$	63,128		$	—			$	63,128		$	—		$	—
Futures		29,142,977			887,128				—			—			28,255,849
Purchased Options		(30,452	)		(27,946	)			(2,506	)		—			—
Written Options		34,180			34,180				—			—			—
Totals	$	29,209,833		$	893,362			$	60,622		$	—		$	28,255,849

298

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/13			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
International Equity
Forwards	$	4,719,042		$	—		$	4,719,042		$	—		$	—
Futures		20,062,582			—			—			—			20,062,582
Swaps		(108,215	)		—			—			—			(108,215	)
Totals	$	24,673,409		$	—		$	4,719,042		$	—		$	19,954,367
Emerging Markets Equity
Futures	$	(430,714	)	$	—		$	—		$	(430,714	)	$	—
Inflation Protected Bond
Forwards	$	(77,858	)	$	—		$	(77,858	)	$	—		$	—
Futures		1,108,298			1,108,298			—			—			—
Purchased Options		(379,205	)		(261,317	)		(117,888	)		—			—
Written Options		374,024			222,585			151,439			—			—
Totals	$	1,025,259		$	1,069,566		$	(44,307	)	$	—		$	—
Real Estate Securities
Futures	$	1,706,784		$	—		$	—		$	—		$	1,706,784
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/13			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2005
Futures	$	11,191		$	(687	)	$	—		$	—		$	11,878
MyDestination 2015
Futures	$	84,121		$	(20,499	)	$	—		$	—		$	104,620
MyDestination 2025
Futures	$	155,142		$	(21,851	)	$	—		$	—		$	176,993
MyDestination 2035
Futures	$	140,792		$	(14,445	)	$	—		$	—		$	155,237
MyDestination 2045
Futures	$	114,984		$	(3,969	)	$	—		$	—		$	118,953
MyDestination 2055
Futures	$	10,862		$	—		$	—		$	—		$	10,862
Conservative Allocation
Futures	$	26,458		$	(4,061	)	$	—		$	—		$	30,519
Balanced Allocation
Futures	$	322,838		$	(140,257	)	$	—		$	—		$	463,095
Growth Allocation
Futures	$	452,871		$	(43,120	)	$	—		$	—		$	495,991
Aggressive Allocation
Futures	$	653,729		$	—		$	—		$	—		$	653,729
Conservative Allocation I
Futures	$	5,786		$	(65	)	$	—		$	—		$	5,851
Balanced Allocation I
Futures	$	79,027		$	(34,618	)	$	—		$	—		$	113,645

299

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/13			Interest Rate Contracts			Foreign  Exchange Contracts			Credit Contracts		Equity Contracts
Growth Allocation I
Futures	$	119,943		$	(13,633	)	$	—		$	—	$	133,576
Aggressive Allocation I
Futures	$	122,117		$	—		$	—		$	—	$	122,117
Low-Duration Bond
Forwards	$	1,690,721		$	—		$	1,690,721		$	—	$	—
Futures		277,383			277,383			—			—		—
Purchased Options		163,214			163,214			—			—		—
Swaps		(1,638,978	)		(1,772,404	)		—			133,426		—
Written Options		(370,182	)		(370,182	)		—			—		—
Totals	$	122,158		$	(1,701,989	)	$	1,690,721		$	133,426	$	—
Medium-Duration Bond
Forwards	$	1,554,270		$	—		$	1,554,270		$	—	$	—
Futures		(214,642	)		(214,642	)		—			—		—
Purchased Options		224,445			270,880			(46,435	)		—		—
Swaps		(2,346,447	)		(3,021,666	)		—			675,219		—
Written Options		(440,032	)		(440,032	)		—			—		—
Totals	$	(1,222,406	)	$	(3,405,460	)	$	1,507,835		$	675,219	$	—
Global Bond
Forwards	$	980,924		$	—		$	980,924		$	—	$	—
Futures		(65,342	)		(65,342	)		—			—		—
Purchased Options		(229,283	)		—			(229,283	)		—		—
Totals	$	686,299		$	(65,342	)	$	751,641		$	—	$	—
Defensive Market Strategies
Forwards	$	(47,649	)	$	—		$	(47,649	)	$	—	$	—
Futures		733,249			—			—			—		733,249
Purchased Options		(117,849	)		—			—			—		(117,849	)
Written Options		29,441			—			—			—		29,441
Totals	$	597,192		$	—		$	(47,649	)	$	—	$	644,841
Equity Index
Futures	$	391,506		$	—		$	—		$	—	$	391,506
Value Equity
Futures	$	1,685,630		$	—		$	—		$	—	$	1,685,630
Growth Equity
Futures	$	2,186,149		$	—		$	—		$	—	$	2,186,149
Small Cap Equity
Forwards	$	24,657		$	—		$	24,657		$	—	$	—
Futures		3,178,527			107,682			—			—		3,070,845
Purchased Options		9,915			19,194			(9,279	)		—		—
Written Options		(9,282	)		(9,282	)		—			—		—
Totals	$	3,203,817		$	117,594		$	15,378		$	—	$	3,070,845
International Equity
Forwards	$	(4,517,197	)	$	—		$	(4,517,197	)	$	—	$	—
Futures		2,190,495			—			233,840			—		1,956,655
Totals	$	(2,326,702	)	$	—		$	(4,283,357	)	$	—	$	1,956,655

300

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/13			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Emerging Markets Equity
Forwards	$	(3,856,494	)	$	—		$	(3,856,494	)	$	—	$	—
Futures		934,639			—			—			—		934,639
Totals	$	(2,921,855	)	$	—		$	(3,856,494	)	$	—	$	934,639
Inflation Protected Bond
Forwards	$	(419,123	)	$	—		$	(419,123	)	$	—	$	—
Futures		(53,424	)		(53,424	)		—			—		—
Purchased Options		30,051			52,160			(22,109	)		—		—
Written Options		32,380			(7,840	)		40,220			—		—
Totals	$	(410,116	)	$	(9,104	)	$	(401,012	)	$	—	$	—
Real Estate Securities
Futures	$	66,776		$	—		$	—		$	—	$	66,776

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the year ended December 31, 2013. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average  Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional  Amount)
MyDestination 2005	$	—	$	1,079,633	$	—	$	—
MyDestination 2015		—		6,002,100		—		—
MyDestination 2025		—		7,419,651		—		—
MyDestination 2035		—		5,085,787		—		—
MyDestination 2045		—		3,603,083		—		—
MyDestination 2055		—		239,436		—		—
Conservative Allocation		—		4,180,104		—		—
Balanced Allocation		—		26,491,669		—		—
Growth Allocation		—		19,055,733		—		—
Aggressive Allocation		—		16,240,131		—		—
Conservative Allocation I		—		649,333		—		—
Balanced Allocation I		—		6,108,330		—		—
Growth Allocation I		—		4,423,373		—		—
Aggressive Allocation I		—		2,996,498		—		—
Low-Duration Bond		38,719,657		119,997,400		151,445		48,981,345
Medium-Duration Bond		34,301,932		137,287,389		228,950		112,141,600
Global Bond		23,427,906		6,523,075		105,847		—
Defensive Market Strategies		927,521		25,035,194		199,698		—
Equity Index		—		12,195,093		—		—
Value Equity		—		36,036,802		—		—
Growth Equity		—		59,068,435		—		—
Small Cap Equity		690,944		102,254,357		13,136		—
International Equity		344,775,417		210,932,217		—		—
Emerging Markets Equity		42,962,836		26,126,465		—		—
Inflation Protected Bond		5,506,770		34,955,932		179,811		—
Real Estate Securities		—		7,066,991		—		—

301

	Short Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)			Futures Contracts (Average  Notional Value)		Written Option Contracts (Average Notional Cost)			Swap Contracts (Average Notional Amount)
Low-Duration Bond		$	96,337,656		$92,208,655		$	402,433		$	65,463,200
Medium-Duration Bond			76,676,569		87,691,257			522,326			1,342,992,150
Global Bond			37,520,429		12,390,106			18,660			—
Defensive Market Strategies			5,029,780		—			21,201			—
Small Cap Equity			2,967,868		31,268,884			9,370			—
International Equity			325,640,034		39,569,951			—			618,276
Emerging Markets Equity			33,999,740		3,396,754			—			—
Inflation Protected Bond			23,825,046		37,635,174			179,812			—

j. Dividends and Distributions to Shareholders

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund, Global Bond Fund and Flexible Income Fund declare and pay dividends from net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund declares and pays dividends from net investment income semi-annually. Each of the other Funds (including all the Date Target Funds and Asset Allocation Funds) declares and pays dividends from net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. Dividends and distributions to shareholders are recorded on the ex-dividend date.

k. Expenses

Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally allocated to each Fund in proportion to their relative net assets. Each Class of shares bears its pro-rata portion of expenses attributable to its Class, except that each Class separately bears expenses related specifically to that Class, such as shareholder reporting, registration, transfer agent, shareholder servicing and distribution fees.

l. Security Transactions, Income and Realized Gains and Losses

Security transactions are accounted for on the date securities are purchased or sold (the trade date). Dividend income is recognized on the ex-dividend date, except certain dividends from foreign securities where the ex-date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income is accrued daily, including the amortization of market premium and the accretion of market discount. Realized gains and losses from security transactions are on an identified cost basis.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a. Investment Advisory Fees

Pursuant to a separate investment advisory agreement, GuideStone Capital Management (“GSCM” or “Adviser”) acts as the Adviser to the Funds. As Adviser, it supervises the investments of the Funds and for such services is paid a fee. GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund’s investments. Under the general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds, and for such services, each sub-adviser receives a fee from the Funds.

302

The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers are computed daily based upon the net assets of each Fund. The actual advisory fees accrued and the sub-advisory fees accrued during the year ended December 31, 2013, based upon average daily net assets, were as follows:

Fund	Advisory Fees	Sub-Adviser Fees
MyDestination 2005	0.10%	0.00%
MyDestination 2015	0.10%	0.00%
MyDestination 2025	0.10%	0.00%
MyDestination 2035	0.10%	0.00%
MyDestination 2045	0.10%	0.00%
MyDestination 2055	0.10%	0.00%
Conservative Allocation	0.10%	0.00%
Balanced Allocation	0.10%	0.00%
Growth Allocation	0.10%	0.00%
Aggressive Allocation	0.10%	0.00%
Conservative Allocation I	0.10%	0.00%
Balanced Allocation I	0.10%	0.00%
Growth Allocation I	0.10%	0.00%
Aggressive Allocation I	0.10%	0.00%
Money Market	0.09%	0.07%
Low-Duration Bond	0.13%	0.21%
Medium-Duration Bond	0.21%	0.21%
Extended-Duration Bond	0.25%	0.23%
Global Bond	0.21%	0.25%
Defensive Market Strategies	0.37%	0.48%
Equity Index	0.13%	0.02%
Value Equity	0.40%	0.23%
Growth Equity	0.45%	0.38%
Small Cap Equity	0.27%	0.57%
International Equity	0.47%	0.44%
Emerging Markets Equity	0.47%	0.70%
Inflation Protected Bond	0.20%	0.11%
Flexible Income	0.25%	0.50%
Real Assets	0.10%	0.00%
Real Estate Securities	0.28%	0.42%
Global Natural Resources Equity	0.39%	0.67%

For the year ended December 31, 2013, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee			Waiver/ Reimbursements				Net Advisory Fee (Reimbursement)
MyDestination 2005		$	84,357		$	(40,223	)		$	44,134
MyDestination 2015			398,346			—				398,346
MyDestination 2025			456,263			—				456,263
MyDestination 2035			237,696			70,071				307,767
MyDestination 2045			171,312			28,663				199,975
MyDestination 2055			10,787			(87,450	)			(76,663	)
Conservative Allocation			323,150			(122,093	)			201,057
Balanced Allocation			1,256,272			(98,366	)			1,157,906
Growth Allocation			904,810			(87,577	)			817,233
Aggressive Allocation			796,206			(79,432	)			716,774
Conservative Allocation I			84,979			(43,252	)			41,727
Balanced Allocation I			374,190			—				374,190
Growth Allocation I			251,752			—				251,752
Aggressive Allocation I			168,337			(9,637	)			158,700
Money Market(1)			1,204,715			—				1,204,715

303

	Gross Advisory Fee			Waiver/ Reimbursements				Net Advisory Fee (Reimbursement)
Low-Duration Bond		$	1,077,624		$	(685,289	)		$	392,335
Medium-Duration Bond			1,774,036			(913,007	)			861,029
Extended-Duration Bond			910,660			(152,852	)			757,808
Global Bond			604,470			(85,036	)			519,434
Defensive Market Strategies			1,665,318			(87,229	)			1,578,089
Equity Index			396,773			(260,266	)			136,507
Value Equity			5,112,646			(81,634	)			5,031,012
Growth Equity(1)			5,979,794			(392,517	)			5,587,277
Small Cap Equity			1,385,522			(56,514	)			1,329,008
International Equity			6,981,940			(2,065,865	)			4,916,075
Emerging Markets Equity			220,265			(133,958	)			86,307
Inflation Protected Bond			460,177			(20,971	)			439,206
Flexible Income			113,875			(28,255	)			85,620
Real Assets			8,772			(67,124	)			(58,352	)
Real Estate Securities			631,692			(16,967	)			614,725
Global Natural Resources Equity			450,144			—				450,144

⁽¹⁾  The Statement of Operations “Expenses waived/reimbursed net of amount recaptured” for the Money Market Fund and the Growth Equity Fund include shareholder servicing fee waiver and other waivers, respectively, in addition to the advisory fee waiver.

b. Shareholder Servicing Fees

The Board of Trustees has adopted a Shareholder Service Plan for the GS4 Class of each Select Fund. Under this Plan, the GS4 Class of each Select Fund, with the exception of the Real Assets Fund, is authorized to pay fees of 0.24% of average daily net assets to parties that provide services for and maintain shareholder accounts.

The Board of Trustees voluntarily agreed to waive shareholder servicing fees and/or reimburse expenses for the GS4 Class of the Money Market Fund to the extent necessary to maintain a minimum daily net yield of at least 0.01%. This voluntary shareholder servicing fee waiver and expense reimbursement may be changed or terminated by the Board of Trustees at any time.

c. Expense Limitation

GSCM has agreed, through April 30, 2014, to waive fees and reimburse expenses of the GS2 Class and GS4 Class of each Fund (excluding interest, taxes, brokerage commissions, dividend expense on securities sold short and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:

Fund	GS2 Class	GS4 Class
MyDestination 2005	N/A	0.20%
MyDestination 2015	N/A	0.20%
MyDestination 2025	N/A	0.20%
MyDestination 2035	N/A	0.20%
MyDestination 2045	N/A	0.20%
MyDestination 2055	N/A	0.20%
Conservative Allocation	N/A	0.12%
Balanced Allocation	N/A	0.12%
Growth Allocation	N/A	0.12%
Aggressive Allocation	N/A	0.12%
Conservative Allocation I	0.15%	N/A
Balanced Allocation I	0.15%	N/A
Growth Allocation I	0.15%	N/A
Aggressive Allocation I	0.15%	N/A
Money Market	0.20%	0.39%
Low-Duration Bond	0.36%	0.57%

304

Fund	GS2 Class	GS4 Class
Medium-Duration Bond	0.48%	0.63%
Extended-Duration Bond	0.63%	0.75%
Global Bond	N/A	1.02%
Defensive Market Strategies	0.99%	1.25%
Equity Index	0.23%	0.38%
Value Equity	0.74%	0.94%
Growth Equity	0.88%	1.06%
Small Cap Equity	1.12%	1.21%
International Equity	0.96%	1.20%
Emerging Markets Equity	1.25%	1.50%
Inflation Protected Bond	N/A	0.67%
Flexible Income	N/A	1.20%
Real Assets	N/A	0.12%
Real Estate Securities	N/A	1.29%
Global Natural Resources Equity	N/A	1.50%

Each Fund in turn agrees to reimburse GSCM for any operating expenses in excess of the expense limitation paid, waived or assumed by GSCM for that Fund during the limitation period, provided GSCM would not be entitled to reimbursement for any amount that would cause operating expenses to exceed the expense limitation during the year in which the reimbursement would be made, and provided further that no amount will be reimbursed by the Fund more than three years after the year in which it was incurred or waived by GSCM.

At December 31, 2013, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

GS2 Class

GS4 Class

2011

2012

2013

2011

2012

2013

MyDestination 2005

N/A

N/A

N/A

$

91,223

$

48,296

$

40,223

MyDestination 2015

N/A

N/A

N/A

N/A

N/A

N/A

MyDestination 2025

N/A

N/A

N/A

N/A

N/A

N/A

MyDestination 2035

N/A

N/A

N/A

N/A

N/A

N/A

MyDestination 2045

N/A

N/A

N/A

74,220

15,118

N/A

MyDestination 2055

N/A

N/A

N/A

N/A

95,601

87,450

Conservative Allocation

N/A

N/A

N/A

148,927

119,266

122,093

Balanced Allocation

N/A

N/A

N/A

157,363

117,270

98,366

Growth Allocation

N/A

N/A

N/A

133,967

104,633

87,577

Aggressive Allocation

N/A

N/A

N/A

129,580

97,258

79,432

Conservative Allocation I

$

66,248

$

42,753

$

43,252

N/A

N/A

N/A

Balanced Allocation I

N/A

N/A

N/A

N/A

N/A

N/A

Growth Allocation I

N/A

N/A

N/A

N/A

N/A

N/A

Aggressive Allocation I

38,072

17,895

9,637

N/A

N/A

N/A

Money Market

N/A

N/A

N/A

N/A

N/A

N/A

Low-Duration Bond

59,610

53,538

62,386

501,417

493,263

539,623

Medium-Duration Bond

34,814

12,070

48,408

701,423

679,378

703,036

Extended-Duration Bond

N/A

N/A

N/A

141,631

82,647

129,150

Global Bond

N/A

N/A

N/A

N/A

N/A

N/A

Defensive Market Strategies

8,654

46,439

13,140

19,443

133,940

N/A

Equity Index

N/A

220

N/A

240,739

210,543

234,035

Value Equity

N/A

N/A

N/A

28,595

N/A

N/A

Growth Equity

N/A

N/A

N/A

775,619

544,115

254,800

Small Cap Equity

N/A

N/A

N/A

232,755

186,783

N/A

International Equity

494,427

388,370

345,716

2,083,992

1,703,913

1,480,579

Emerging Markets Equity

N/A

N/A

22,538

N/A

N/A

111,351

305

GS2 Class

GS4 Class

2011

2012

2013

2011

2012

2013

Inflation Protected Bond

N/A

N/A

N/A

N/A

N/A

N/A

Flexible Income

N/A

N/A

N/A

N/A

N/A

$

28,255

Real Assets

N/A

N/A

N/A

N/A

N/A

67,124

Real Estate Securities

N/A

N/A

N/A

N/A

N/A

N/A

Global Natural Resources Equity

N/A

N/A

N/A

N/A

N/A

N/A

During the year ended December 31, 2013, GSCM recaptured the following amounts:

	GS2 Class		GS4 Class
MyDestination 2035		N/A	$	70,071
MyDestination 2045		N/A		28,663
Defensive Market Strategies		N/A		846
Equity Index	$	2,152		N/A

d. Brokerage Service Arrangements

The Adviser directs the sub-advisers to place a certain percentage of security trades (if feasible) with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds shown below.

Fund	Expenses Paid Through Brokerage Service Arrangements
Defensive Market Strategies		$	17,950
Value Equity			86,296
Growth Equity			81,045
Small Cap Equity			68,008
International Equity			71,257

e. Administrator, Transfer Agent and Distributor

For its services as Administrator, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between 0.004% and 0.02% of average daily net assets. For its services as Transfer Agent, BNY Mellon receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the year ended December 31, 2013, BNY Mellon received $2,848,233 in aggregate fees and expenses for services rendered under the various agreements described above.

Certain employees of BNY Mellon are officers of the Funds. BNY Mellon serves as Administrator and Transfer Agent of the Funds.

Foreside Funds Distributors LLC serves as the Underwriter and does not receive any fees in its capacity as Underwriter from GuideStone Funds. The fees are paid by GSCM.

306

f. Investments in Affiliates

The Date Target and Asset Allocation Funds and the Real Asset Fund do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Date Target and Asset Allocation Fund and the Real Asset Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At December 31, 2013, the Date Target and Asset Allocation Funds and the Real Asset Fund were the owner of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

Fund	Low- Duration Bond			Medium- Duration Bond			Extended- Duration Bond			Global Bond			Defen- sive Market Strategies			Value Equity			Growth Equity			Small Cap Equity			Inter- national Equity			Emer- ging Markets Equity			Inflation Protected Bond			Flexible Income			Real Estate Securities			Global Natural Resources Equity
MyDestination 2005		2.91	%		0.89	%		—			0.64	%		1.98	%		0.28	%		0.28	%		0.17	%		0.35	%		0.51	%		3.61	%		3.78	%		0.35	%		0.63	%
MyDestination 2015		5.46			4.90			1.80	%		5.50			16.34			2.26			2.31			1.55			2.90			4.01			15.49			15.63			3.71			3.78
MyDestination 2025		3.13			4.98			3.28			10.21			18.67			3.96			4.00			2.96			5.13			7.28			5.79			4.77			6.84			6.24
MyDestination 2035		—			0.83			2.10			6.30			—			3.43			3.44			2.97			4.55			6.56			—			—			4.06			3.65
MyDestination 2045		—			—			0.52			3.16			—			2.69			2.70			2.53			3.63			5.23			—			—			2.97			2.65
MyDestination 2055		—			—			—			0.22			—			0.21			0.21			0.20			0.28			0.41			—			—			0.23			0.20
Conservative Allocation		19.81			—			—			—			4.98			0.71			0.72			0.40			0.87			1.20			13.53			12.83			1.46			4.93
Balanced Allocation		16.53			19.46			12.87			28.38			21.41			7.09			7.26			4.06			8.84			12.37			26.39			35.14			14.34			29.13
Growth Allocation		7.38			8.69			5.88			12.79			—			10.48			10.53			5.88			13.01			18.18			—			—			13.71			21.76
Aggressive Allocation		—			—			—			—			—			14.29			14.58			8.12			17.82			24.89			—			—			—			—
Conservative Allocation I		8.11			—			—			—			1.30			0.40			0.35			0.18			0.30			0.31			3.54			3.36			0.38			1.29
Balanced Allocation I		7.79			12.01			13.32			8.56			6.45			4.54			4.13			2.15			3.52			3.73			7.96			10.60			4.32			8.79
Growth Allocation I		3.24			5.01			5.67			3.60			—			6.25			5.59			2.91			4.83			5.12			—			—			3.86			6.12
Aggressive Allocation I		—			—			—			—			—			6.51			5.91			3.07			5.06			5.35			—			—			—			—
Real Assets Fund		—			—			—	��		—			—			—			—			—			—			—			3.27			4.23			1.77			1.84

A summary of the Fund of Fund’s total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the year ended December 31, 2013 is as follows:

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	1,736,846	$	1,750,776	$	30,694,786	$	30,680,856	$	158	$	68
Low-Duration Bond		23,178,698		26,643,303		5,624,702		1,832,150		260,352		14,600
Medium-Duration Bond		12,957,406		9,314,107		996,436		4,160,200		186,734		6,202
Global Bond		—		2,303,743		2,480,241		196,500		43,291		—
Defensive Market Strategies		10,365,666		9,615,183		1,297,970		2,915,800		106,044		774,276
Value Equity		5,379,933		4,530,323		491,478		2,724,750		76,911		115,567
Growth Equity		5,320,915		4,515,306		994,719		2,564,900		—		732,218
Small Cap Equity		1,348,977		1,089,610		292,627		762,700		2,637		187,490
International Equity		6,685,711		5,319,158		921,415		3,340,998		72,565		—
Emerging Markets Equity		—		1,475,630		1,515,748		3,000		—		—
Inflation Protected Bond		11,644,573		9,885,972		2,429,174		2,999,500		91,064		53,460
Flexible Income		—		4,132,693		4,352,306		243,500		39,271		536
Real Estate Securities		1,696,755		830,902		174,360		990,250		22,176		95,184
Global Natural Resources Equity		—		1,650,400		1,773,021		44,500		4,728		15,093
	$	80,315,480	$	83,057,106	$	54,038,983	$	53,459,604	$	905,931	$	1,994,694
MyDestination 2015
Money Market	$	4,696,654	$	6,090,835	$	69,511,229	$	68,117,048	$	667	$	373
Low-Duration Bond		31,307,086		49,961,846		19,134,236		—		422,263		20,474
Medium-Duration Bond		42,710,156		51,248,345		11,437,999		1,048,850		821,167		21,582
Extended-Duration Bond		12,871,681		7,125,395		818,102		5,142,250		327,129		290,972
Global Bond		14,129,910		19,687,399		5,961,932		—		538,782		—
Defensive Market Strategies		67,882,208		79,140,133		9,265,625		3,291,700		820,953		6,194,673
Value Equity		33,221,896		36,830,884		2,090,028		7,868,050		572,378		917,651
Growth Equity		32,049,744		37,360,474		5,787,384		5,026,850		—		5,787,384
Small Cap Equity		8,829,041		9,878,392		1,693,355		2,010,800		23,904		1,669,450

307

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
International Equity	$	42,074,716	$	43,575,438	$	6,051,365	$	11,951,295	$	594,465	$	—
Emerging Markets Equity		—		11,652,513		11,951,295		—		—		—
Inflation Protected Bond		43,670,168		42,435,631		15,958,278		12,244,200		371,111		213,292
Flexible Income		—		17,072,258		16,973,418		—		151,085		2,132
Real Estate Securities		18,965,722		8,723,360		1,600,150		11,188,700		262,665		1,017,485
Global Natural Resources Equity		—		9,862,035		10,372,286		—		28,255		85,481
	$	352,408,982	$	430,644,938	$	188,606,682	$	127,889,743	$	4,934,824	$	16,220,949
MyDestination 2025
Money Market	$	5,298,470	$	8,386,521	$	101,627,650	$	98,539,599	$	787	$	504
Low-Duration Bond		8,894,556		28,603,451		19,868,721		—		190,035		6,236
Medium-Duration Bond		32,007,365		52,073,121		21,608,676		—		741,983		16,543
Extended-Duration Bond		23,160,943		13,006,251		7,351,160		14,634,450		622,536		533,124
Global Bond		23,945,093		36,500,550		13,382,490		—		986,340		—
Defensive Market Strategies		61,891,535		90,438,214		26,550,681		2,632,800		893,627		7,031,724
Value Equity		51,673,128		64,490,884		4,532,207		6,772,250		925,401		1,606,806
Growth Equity		51,546,186		64,816,050		12,505,209		6,548,350		—		9,996,209
Small Cap Equity		15,649,935		18,870,550		3,654,791		2,785,200		45,664		3,189,127
International Equity		66,113,612		77,069,778		19,062,301		20,872,019		1,051,401		—
Emerging Markets Equity		—		21,153,075		21,662,019		—		—		—
Inflation Protected Bond		10,683,899		15,858,641		9,632,439		3,027,250		109,825		55,664
Flexible Income		—		5,209,362		5,178,840		—		47,919		670
Real Estate Securities		24,153,755		16,051,144		7,463,423		14,110,900		422,981		1,835,442
Global Natural Resources Equity		—		16,286,154		17,090,796		—		46,661		148,936
	$	375,018,477	$	528,813,746	$	291,171,403	$	169,922,818	$	6,085,160	$	24,420,985
MyDestination 2035
Money Market	$	3,762,803	$	5,601,401	$	53,212,006	$	51,373,408	$	521	$	323
Medium-Duration Bond		4,998,964		8,713,362		4,321,980		337,500		121,203		2,777
Extended-Duration Bond		5,012,252		8,332,236		4,524,945		340,850		235,989		289,205
Global Bond		12,856,753		22,546,037		10,162,797		—		574,547		—
Value Equity		40,888,978		55,746,522		7,524,076		5,104,750		779,138		1,388,938
Growth Equity		40,865,787		55,765,221		13,805,304		4,788,850		—		8,577,024
Small Cap Equity		14,154,286		18,951,646		4,921,192		2,226,800		45,860		3,202,832
International Equity		52,506,416		68,380,341		22,953,095		17,957,922		928,761		—
Emerging Markets Equity		—		19,050,818		19,487,922		—		—		—
Real Estate Securities		12,984,905		9,539,390		5,223,214		7,743,850		242,292		1,066,922
Global Natural Resources Equity		—		9,529,671		9,991,601		—		27,303		87,148
	$	188,031,144	$	282,156,645	$	156,128,132	$	89,873,930	$	2,955,614	$	14,615,169
MyDestination 2045
Money Market	$	3,135,660	$	4,335,152	$	35,909,696	$	34,710,204	$	378	$	227
Extended-Duration Bond		1,326,683		2,049,390		932,846		1,650		58,854		71,742
Global Bond		6,632,689		11,296,170		4,931,793		—		293,192		—
Value Equity		30,426,322		43,786,511		6,938,190		3,032,850		596,139		1,084,050
Growth Equity		30,523,562		43,675,710		11,754,574		2,978,850		—		6,703,224

308

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Small Cap Equity	$	11,391,795	$	16,131,917	$	4,369,834	$	1,312,200	$	39,037	$	2,726,297
International Equity		39,397,456		54,502,717		21,002,956		14,368,340		738,756		—
Emerging Markets Equity		—		15,188,913		15,528,340		—		—		—
Real Estate Securities		11,954,159		6,964,203		4,503,900		8,891,950		199,750		784,151
Global Natural Resources Equity		—		6,900,755		7,226,737		—		19,771		62,166
	$	134,788,326	$	204,831,438	$	113,098,866	$	65,296,044	$	1,945,877	$	11,431,857
MyDestination 2055
Money Market	$	140,843	$	415,075	$	7,620,872	$	7,346,640	$	26	$	20
Global Bond		307,765		789,543		576,962		79,000		18,562		—
Value Equity		1,424,338		3,407,487		1,793,223		358,250		39,745		83,979
Growth Equity		1,423,806		3,393,408		2,138,417		355,250		—		506,166
Small Cap Equity		540,926		1,280,757		830,497		151,750		3,085		215,662
International Equity		1,840,197		4,243,038		3,237,384		1,395,188		57,884		—
Emerging Markets Equity		—		1,191,035		1,215,188		—		—		—
Real Estate Securities		619,147		528,778		663,723		697,700		14,522		59,651
Global Natural Resources Equity		—		532,392		594,788		37,500		1,524		4,864
	$	6,297,022	$	15,781,513	$	18,671,054	$	10,421,278	$	135,348	$	870,342
Conservative Allocation
Money Market	$	5,925,474	$	4,124,830	$	49,493,593	$	51,294,237	$	449	$	207
Low-Duration Bond		191,140,214		181,357,631		4,439,518		11,798,793		1,876,973		112,545
Defensive Market Strategies		24,043,313		24,101,563		2,152,190		4,018,323		257,594		1,894,595
Value Equity		16,962,524		11,615,696		629,299		9,978,549		243,891		289,408
Growth Equity		16,930,172		11,586,568		1,947,137		9,551,129		—		1,897,137
Small Cap Equity		3,856,292		2,552,633		442,573		2,401,484		6,177		431,396
International Equity		20,907,918		12,999,842		177,346		10,661,652		177,346		—
Emerging Markets Equity		—		3,476,288		3,565,424		—		—		—
Inflation Protected Bond		46,875,888		37,061,722		1,590,657		6,852,494		347,848		202,809
Flexible Income				14,017,375		14,072,592		140,000		131,689		1,804
Real Estate Securities		—		3,435,007		4,018,714		—		41,365		362,848
Global Natural Resources Equity		—		12,847,970		13,864,903		332,000		36,810		117,494
	$	326,641,795	$	319,177,125	$	96,393,946	$	107,028,661	$	3,120,142	$	5,310,243
Balanced Allocation
Money Market	$	25,212,869	$	28,394,843	$	134,660,286	$	131,478,312	$	2,921	$	1,339
Low-Duration Bond		171,847,392		151,286,470		4,131,424		22,502,192		1,631,368		102,057
Medium-Duration Bond		248,047,517		203,632,561		9,984,863		45,086,532		3,769,108		115,754
Extended-Duration Bond		100,515,605		51,050,418		11,918,316		50,045,627		2,534,789		2,138,527
Global Bond		58,885,101		101,512,097		46,894,986		2,931,866		2,574,185		—
Defensive Market Strategies		115,930,568		103,700,222		9,401,144		31,250,639		1,176,730		8,224,413
Value Equity		141,390,538		115,385,816		5,033,188		67,117,015		2,158,322		2,874,866
Growth Equity		139,533,578		117,555,854		20,162,778		61,759,596		—		18,837,779
Small Cap Equity		32,695,791		25,883,218		4,436,903		16,809,935		62,634		4,374,269
International Equity		169,629,188		132,825,976		1,812,039		63,333,417		1,812,039		—
Emerging Markets Equity		—		35,939,786		36,861,319		—		—		—
Inflation Protected Bond		—		72,324,031		74,610,176		900,000		250,176		—

309

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Flexible Income	$	—	$	38,381,452	$	38,398,625	$	250,000	$	360,486	$	4,939
Real Estate Securities		—		33,665,678		40,413,001		1,900,000		405,411		3,556,190
Global Natural Resources Equity		—		75,969,866		80,229,296		350,000		217,658		694,739
	$	1,203,688,147	$	1,287,508,288	$	518,948,344	$	495,715,131	$	16,955,827	$	40,924,872
Growth Allocation
Money Market	$	18,606,768	$	19,336,501	$	76,200,082	$	75,470,349	$	1,990	$	933
Low-Duration Bond		59,249,861		67,509,057		10,162,921		1,175,555		632,157		34,363
Medium-Duration Bond		86,256,786		91,002,174		9,642,556		1,705,161		1,494,767		39,189
Extended-Duration Bond		35,063,972		23,302,975		7,263,483		14,885,128		985,209		923,274
Global Bond		20,678,872		45,723,874		25,833,233		411,863		1,069,433		—
Value Equity		184,200,559		170,602,934		7,462,242		69,589,917		2,911,628		4,250,615
Growth Equity		181,742,369		170,653,044		26,989,581		63,641,143		—		26,989,582
Small Cap Equity		42,282,215		37,525,434		6,432,612		17,906,535		90,806		6,341,806
International Equity		224,959,845		195,545,699		4,429,774		68,761,032		2,667,674		—
Emerging Markets Equity		—		52,827,873		54,182,434		—		—		—
Real Estate Securities		—		32,195,539		36,918,103		—		387,707		3,400,895
Global Natural Resources Equity		—		56,743,574		59,701,689		—		162,573		518,916
	$	853,041,247	$	962,968,678	$	325,218,710	$	313,546,683	$	10,403,944	$	42,499,573
Aggressive Allocation
Money Market	$	14,287,922	$	17,878,395	$	46,839,870	$	43,249,397	$	1,607	$	898
Value Equity		190,846,412		232,579,031		9,385,097		22,509,390		3,290,333		5,794,764
Growth Equity		189,842,940		236,169,182		36,307,837		16,713,262		—		36,307,837
Small Cap Equity		42,824,378		51,819,192		8,882,850		6,290,108		125,395		8,757,456
International Equity		288,345,749		267,705,065		19,048,786		86,653,015		3,652,086		—
Emerging Markets Equity		—		72,347,121		74,202,175		—		—		—
	$	726,147,401	$	878,497,986	$	194,666,615	$	175,415,172	$	7,069,421	$	50,860,955
Conservative Allocation I
Money Market	$	1,257,792	$	1,003,363	$	12,773,381	$	13,027,810	$	478	$	48
Low-Duration Bond		48,270,806		47,501,174		6,336,465		6,130,000		934,454		47,118
Defensive Market Strategies		6,076,033		6,313,658		1,236,503		1,503,000		81,950		495,030
Value Equity		4,287,962		3,040,580		604,245		2,748,000		147,950		155,046
Growth Equity		4,277,949		3,038,462		1,115,616		2,624,000		—		831,187
Small Cap Equity		974,717		668,463		255,036		668,000		5,418		175,034
International Equity		5,286,140		3,405,600		504,699		3,041,000		72,171		—
Emerging Markets Equity		—		912,549		940,000		4,000		—		—
Inflation Protected Bond		11,841,975		9,704,788		1,545,089		2,496,000		91,063		54,732
Flexible Income		—		3,673,259		3,735,028		84,000		34,555		473
Real Estate Securities		—		900,449		1,057,960		8,000		10,843		95,117
Global Natural Resources Equity		—		3,364,729		3,849,947		304,000		9,640		30,807
	$	82,273,374	$	83,527,074	$	33,953,969	$	32,637,810	$	1,388,522	$	1,884,592

310

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income			Distributions of Realized Gains
Balanced Allocation I
Money Market	$	6,348,888	$	7,009,585	$	34,906,715	$	34,246,017	$	2,544		$	285
Low-Duration Bond		49,353,157		45,601,127		4,466,200		7,216,000		923,849			47,459
Medium-Duration Bond		71,271,324		61,464,073		8,492,141		14,216,000		2,502,215			69,694
Extended-Duration Bond		28,885,176		15,414,850		8,199,588		15,290,000		2,452,370			1,992,391
Global Bond		16,910,122		30,621,300		15,796,131		1,680,000		775,265			—
Defensive Market Strategies		33,335,730		31,292,866		4,767,888		9,624,000		432,380			2,482,169
Value Equity		40,609,639		34,815,915		5,630,957		20,450,000		1,519,925			1,778,316
Growth Equity		40,072,993		35,474,776		12,205,732		18,842,000		—			9,527,236
Small Cap Equity		9,389,671		7,810,599		2,592,068		5,052,000		63,311			2,049,422
International Equity		48,756,549		40,093,098		3,936,951		19,758,000		849,653			—
Emerging Markets Equity		—		10,840,765		11,148,000		28,000		—			—
Inflation Protected Bond		—		21,817,397		22,811,116		572,000		75,116			—
Flexible Income		—		11,576,680		11,666,327		160,000		108,834			1,494
Real Estate Securities		—		10,155,515		12,297,614		680,000		122,295			1,075,319
Global Natural Resources Equity		—		22,917,798		24,367,769		260,000		65,661			210,109
	$	344,933,249	$	386,906,344	$	183,285,197	$	148,074,017	$	9,893,418		$	19,233,894
Growth Allocation I
Money Market	$	3,753,596	$	5,114,024	$	19,678,512	$	18,318,084	$	1,714	��	$	236
Low-Duration Bond		15,083,811		18,996,085		4,985,398		744,000		334,887			14,956
Medium-Duration Bond		21,982,444		25,627,848		6,075,566		1,064,000		925,337			22,069
Extended-Duration Bond		8,929,444		6,560,575		3,983,236		4,061,000		889,990			803,518
Global Bond		5,267,041		12,867,895		8,045,715		336,000		300,852			—
Value Equity		46,889,255		47,984,403		9,259,894		19,224,000		1,924,856			2,446,921
Growth Equity		46,283,021		48,042,442		17,300,332		17,472,000		—			12,713,889
Small Cap Equity		10,770,610		10,554,319		3,872,686		4,886,000		85,551			2,763,600
International Equity		57,287,210		55,049,827		8,533,214		20,092,000		1,166,615			—
Emerging Markets Equity		—		14,866,752		15,272,000		24,000		—			—
Real Estate Securities		—		9,059,241		10,502,044		112,000		109,094			956,950
Global Natural Resources Equity		—		15,970,817		17,011,809		208,000		45,757			146,052
	$	216,246,432	$	270,694,228	$	124,520,406	$	86,541,084	$	5,784,653		$	19,868,191
Aggressive Allocation I
Money Market	$	2,213,460	$	3,618,856	$	12,339,381	$	10,933,985	$	1,124		$	164
Value Equity		37,636,761		49,964,167		7,393,834		4,374,000		1,668,667			2,547,877
Growth Equity		37,455,347		50,784,861		16,258,605		3,281,000		—			13,056,943
Small Cap Equity		8,456,203		11,136,469		3,746,511		1,292,000		90,270			2,916,034
International Equity		56,916,582		57,574,864		9,839,966		18,752,000		1,220,126			—
Emerging Markets Equity		—		15,535,488		15,940,000		8,000		—			—
	$	142,678,353	$	188,614,705	$	65,518,297	$	38,640,985	$	2,980,187		$	18,521,018

311

	Total Value at 12/31/12		Total Value at 12/31/13		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Real Assets
Money Market	$	—	$	377,614	$	10,952,049	$	10,574,435	$	23	$	49
Inflation Protected Bond		—		8,964,518		9,118,549		—		18,549		—
Flexible Income		—		4,619,355		4,596,325		—		37,050		575
Real Estate Securities		—		4,151,983		4,693,262		—		49,156		421,106
Global Natural Resources Equity		—		4,788,101		5,051,880		31,000		13,675		43,605
	$	—	$	22,901,571	$	34,412,065	$	10,605,435	$	118,453	$	465,335

g. Transactions with Affiliates

Advisers to Investment Companies, including GuideStone Funds, are permitted under Rule 17a-7 of the 1940 Act to purchase or sell securities directly between affiliated clients. When affecting these “cross” transactions, Rule 17a-7 imposes restrictions on how the trades are processed and reported. The specified conditions within Rule 17a-7 are outlined in procedures established by or under the direction of the Board of Trustees. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another Fund complies with Rule 17a-7 under the 1940 act.

For the year ended December 31, 2013, the Funds engaged in the following security transactions with affiliates:

	Purchases		Sales Proceeds		Net Realized Loss from Sales
Low-Duration Bond	$	6,294,742	$	15,882,115	$	(580,884	)
Medium-Duration Bond		66,487,806		11,285,140		805,490
Extended-Duration Bond		—		25,977,424		2,024,661
Global Bond		25,734,473		—		—
International Equity		117,817		609,748		105,733

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, an affiliate of the Funds, which invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. At December 31, 2013, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned			Value of Non-cash Collateral		Value of Cash Collateral		Total Value  of Collateral
Low-Duration Bond	$	122,959,189		$	45,588,420	$	79,891,920	$	125,480,340
Medium-Duration Bond		94,097,595			7,577,754		88,599,222		96,176,976
Extended-Duration Bond		29,495,862			—		30,220,442		30,220,442
Global Bond		71,220,818	��		4,874,707		68,161,728		73,036,435
Defensive Market Strategies		82,427,706			70,564		84,172,289		84,242,853
Equity Index		25,034,522			220,952		25,398,730		25,619,682
Value Equity		107,204,960			3,713		109,412,405		109,416,118
Growth Equity		154,845,403			451,158		156,992,176		157,443,334
Small Cap Equity		152,100,244			1,140,436		154,309,256		155,449,692
International Equity		66,487,987			880,275		68,447,083		69,327,358
Emerging Markets Equity		24,687,797			1,227,690		24,260,022		25,487,712

312

Fund	Value of Securities Loaned		Value of Non-cash Collateral		Value of Cash Collateral		Total Value of Collateral
Real Estate Securities	$	25,313,133	$	1,273,935	$	24,822,432	$	26,096,367
Global Natural Resources Equity		68,203,448		14,409,706		55,648,353		70,058,059

Securities lending transactions are entered into by the Funds under a Securities Lending Authorization Agreement which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At December 31, 2013, the securities loaned which are subject to an MA on a net payment basis are as follows:

Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net  Amount(1)
Low-Duration Bond	$	122,959,189	$	(45,588,420	)	$	(77,370,769	)	$	—
Medium-Duration Bond		94,097,595		(7,577,754	)		(86,519,841	)		—
Extended-Duration Bond		29,495,862		—			(29,495,862	)		—
Global Bond		71,220,818		(4,874,707	)		(66,346,111	)		—
Defensive Market Strategies		82,427,706		(70,564	)		(82,357,142	)		—
Equity Index		25,034,522		(220,952	)		(24,813,570	)		—
Value Equity		107,204,960		(3,713	)		(107,201,247	)		—
Growth Equity		154,845,403		(451,158	)		(154,394,245	)		—
Small Cap Equity		152,100,244		(1,140,436	)		(150,959,808	)		—
International Equity		66,487,987		(880,275	)		(65,607,712	)		—
Emerging Markets Equity		24,687,797		(1,227,690	)		(23,460,107	)		—
Real Estate Securities		25,313,133		(1,273,935	)		(24,039,198	)		—
Global Natural Resources Equity		68,203,448		(14,409,706	)		(53,793,742	)		—

⁽¹⁾  Net amount represents the net amount receivable due from (payable to) the counterparty in the event of default.

Additional information about master netting arrangements can be found in the Repurchase Agreements and Derivative Financial Instruments sections of the Notes to Financial Statements.

5. INVESTMENT TRANSACTIONS

For the year ended December 31, 2013, the cost of purchases and proceeds from sales and maturities for each Fund were as follows:

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
MyDestination 2005	$	22,166,098	$	22,807,748	$	—	$	—
MyDestination 2015		107,537,120		59,772,695		—		—
MyDestination 2025		174,997,599		71,383,219		—		—
MyDestination 2035		94,685,137		38,500,522		—		—
MyDestination 2045		70,635,940		30,585,840		—		—
MyDestination 2055		10,605,338		3,113,638		—		—
Conservative Allocation		38,470,624		55,734,424		—		—
Balanced Allocation		326,411,619		364,236,819		—		—
Growth Allocation		196,118,034		238,076,334		—		—
Aggressive Allocation		89,898,875		132,165,775		—		—
Conservative Allocation I		17,908,000		19,610,000		—		—
Balanced Allocation I		119,254,000		113,828,000		—		—
Growth Allocation I		79,191,000		68,223,000		—		—

313

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)						Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases			Sale and Maturity Proceeds			Purchases			Sale and Maturity Proceeds
Aggressive Allocation I		$	31,679,000		$	27,707,000		$	—		$	—
Low-Duration Bond			1,077,735,671			1,107,524,826			493,268,186			445,197,317
Medium-Duration Bond			2,613,155,380			2,698,250,501			751,611,824			677,954,311
Extended-Duration Bond			83,042,657			215,883,160			46,798,956			63,968,007
Global Bond			355,907,604			250,887,487			16,420,654			9,569,922
Defensive Market Strategies			954,512,223			941,871,707			—			—
Equity Index			34,547,326			12,896,133			—			—
Value Equity			549,498,299			741,901,754			—			—
Growth Equity			1,050,618,396			1,246,671,070			—			—
Small Cap Equity			709,207,250			724,559,925			30,453,569			26,130,125
International Equity			762,864,507			957,827,180			—			—
Emerging Markets Equity			289,557,791			17,045,489			—			—
Inflation Protected Bond			28,302,896			5,776,743			245,891,700			160,268,047
Flexible Income			123,691,237			21,876,854			—			—
Real Assets			27,647,900			98,500			—			—
Real Estate Securities			408,745,662			360,826,460			—			—
Global Natural Resources Equity			286,463,471			41,372,313			—			—

Financial Futures Contracts

Investments as of December 31, 2013, included cash and securities that were valued and pledged as collateral to cover initial margin deposits. The market value of the open futures contracts is as follows:

Fund/Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts			Counter- party	Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
S&P 500® E-Mini	03/2014	5		$	460,275	GSC		$	18,103
MyDestination 2015 Fund
10-Year U.S. Treasury Note	03/2014	16		$	1,968,750	GSC		$	(27,773	)
MSCI EAFE Index E-Mini	03/2014	11			1,054,790	GSC			51,109
MSCI Emerging Markets E-Mini	03/2014	7			355,880	GSC			8,330
S&P 500® E-Mini	03/2014	23			2,117,265	GSC			68,834
				$	5,496,685			$	100,500
MyDestination 2025 Fund
10-Year U.S. Treasury Note	03/2014	16		$	1,968,750	GSC		$	(25,960	)
MSCI EAFE Index E-Mini	03/2014	19			1,821,910	GSC			81,654
MSCI Emerging Markets E-Mini	03/2014	9			457,560	GSC			10,105
S&P 500® E-Mini	03/2014	37			3,406,035	GSC			116,695
				$	7,654,255			$	182,494
MyDestination 2035 Fund
10-Year U.S. Treasury Note	03/2014	8		$	984,375	GSC		$	(16,609	)
MSCI EAFE Index E-Mini	03/2014	16			1,534,240	GSC			67,858
MSCI Emerging Markets E-Mini	03/2014	8			406,720	GSC			9,520
S&P 500® E-Mini	03/2014	31			2,853,705	GSC			99,461
				$	5,779,040			$	160,230

314

Fund/Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts			Counter- party	Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2045 Fund
10-Year U.S. Treasury Note	03/2014	2		$	246,094	GSC		$	(4,547	)
MSCI EAFE Index E-Mini	03/2014	13			1,246,570	GSC			61,351
MSCI Emerging Markets E-Mini	03/2014	7			355,880	GSC			8,330
S&P 500® E-Mini	03/2014	25			2,301,375	GSC			64,388
				$	4,149,919			$	129,522
MyDestination 2055 Fund
S&P 500® E-Mini	03/2014	3		$	276,165	GSC		$	10,862
Conservative Allocation Fund
2-Year U.S. Treasury Note	03/2014	10		$	2,198,125	GSC		$	(3,780	)
MSCI EAFE Index E-Mini	03/2014	4			383,560	GSC			19,057
MSCI Emerging Markets E-Mini	03/2014	1			50,840	GSC			1,190
S&P 500® E-Mini	03/2014	6			552,330	GSC			21,724
				$	3,184,855			$	38,191
Balanced Allocation Fund
10-Year U.S. Treasury Note	03/2014	27		$	3,322,266	GSC		$	(61,381	)
5-Year U.S. Treasury Note	03/2014	47			5,607,688	GSC			(71,233	)
Long U.S. Treasury Bond	03/2014	21			2,694,562	GSC			(44,953	)
MSCI EAFE Index E-Mini	03/2014	46			4,410,940	GSC			218,674
MSCI Emerging Markets E-Mini	03/2014	22			1,118,480	GSC			26,180
S&P 500® E-Mini	03/2014	90			8,284,950	GSC			325,856
				$	25,438,886			$	393,143
Growth Allocation Fund
10-Year U.S. Treasury Note	03/2014	10		$	1,230,469	GSC		$	(22,734	)
5-Year U.S. Treasury Note	03/2014	13			1,551,062	GSC			(19,703	)
Long U.S. Treasury Bond	03/2014	8			1,026,500	GSC			(17,125	)
MSCI EAFE Index E-Mini	03/2014	51			4,890,390	GSC			242,443
MSCI Emerging Markets E-Mini	03/2014	24			1,220,160	GSC			28,560
S&P 500® E-Mini	03/2014	95			8,745,225	GSC			343,960
				$	18,663,806			$	555,401
Aggressive Allocation Fund
MSCI EAFE Index E-Mini	03/2014	62		$	5,945,180	GSC		$	294,735
MSCI Emerging Markets E-Mini	03/2014	29			1,474,360	GSC			34,510
S&P 500® E-Mini	03/2014	118			10,862,490	GSC			426,809
				$	18,282,030			$	756,054
Conservative Allocation Fund I
S&P 500® E-Mini	03/2014	2		$	184,110	GSC		$	7,241
Balanced Allocation Fund I
10-Year U.S. Treasury Note	03/2014	6		$	738,281	GSC		$	(13,640	)
5-Year U.S. Treasury Note	03/2014	10			1,193,125	GSC			(12,734	)
Long U.S. Treasury Bond	03/2014	6			769,875	GSC			(12,547	)
MSCI EAFE Index E-Mini	03/2014	11			1,054,790	GSC			52,292
MSCI Emerging Markets E-Mini	03/2014	5			254,200	GSC			5,950
S&P 500® E-Mini	03/2014	24			2,209,320	GSC			73,376
				$	6,219,591			$	92,697

315

Fund/Future Type	Expiration Date	Open Long (Short) Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Growth Allocation Fund I
10-Year U.S. Treasury Note	03/2014		2			$	246,094			GSC		$	(4,547	)
5-Year U.S. Treasury Note	03/2014		5				596,562			GSC			(7,578	)
Long U.S. Treasury Bond	03/2014		2				256,625			GSC			(4,281	)
MSCI EAFE Index E-Mini	03/2014		13				1,246,570			GSC			61,799
MSCI Emerging Markets E-Mini	03/2014		4				203,360			GSC			4,760
S&P 500® E-Mini	03/2014		25				2,301,375			GSC			90,426
						$	4,850,586					$	140,579
Aggressive Allocation Fund I
MSCI EAFE Index E-Mini	03/2014		11			$	1,054,790			GSC		$	52,292
MSCI Emerging Markets E-Mini	03/2014		7				355,880			GSC			7,175
S&P 500® E-Mini	03/2014		25				2,301,375			GSC			80,381
						$	3,712,045					$	139,848
Low-Duration Bond Fund
90-Day Euro	03/2014		45			$	11,089,125			CITI		$	(16,952	)
5-Year U.S. Treasury Note	03/2014		290				29,099,688			CITI			(337,553	)
10-Year U.S. Treasury Note	03/2014		(5	)			(615,234	)		CITI			11,323
10-Year U.S. Treasury Note	03/2014		(6	)			(738,281	)		GSC			8,820
10-Year U.S. Treasury Note	03/2014		(149	)			(18,333,984	)		UBS			335,118
2-Year U.S. Treasury Note	03/2014		281				61,767,312			CITI			(107,106	)
2-Year U.S. Treasury Note	03/2014		85				18,684,062			JPM			(34,830	)
2-Year U.S. Treasury Note	03/2014		20				4,396,250			UBS			(22	)
2-Year U.S. Treasury Note	03/2014		19				4,176,437			CS			(7,630	)
5-Year U.S. Treasury Note	03/2014		9				1,073,812			CITI			(13,653	)
5-Year U.S. Treasury Note	03/2014		(57	)			(6,800,812	)		CITI			85,726
5-Year U.S. Treasury Note	03/2014		(109	)			(5,369,062	)		GSC			45,842
5-Year U.S. Treasury Note	03/2014		(142	)			(16,942,375	)		JPM			196,252
5-Year U.S. Treasury Note	03/2014		(210	)			(25,055,625	)		UBS			315,466
90-Day Euro	06/2014		45				11,053,688			CITI			(45,545	)
90-Day Euro	06/2014		(1	)			(249,213	)		CITI			(2,540	)
90-Day Euro	09/2014		(1	)			(249,088	)		CITI			(2,928	)
Euro-OAT	12/2014		(9	)			(1,627,404	)		CITI			22,400
90-Day Euro	12/2014		1				248,925			CITI			1,610
90-Day Euro	03/2015		109				27,105,575			CITI			(24,027	)
90-Day Euro	06/2015		159				39,481,687			CITI			(40,424	)
						$	132,195,483					$	389,347
Medium-Duration Bond Fund
90-Day Euro	03/2014		45			$	11,089,125			BAR		$	(16,952	)
90-Day Euro	03/2014		224				55,703,200			DEUT			(53,564	)
10-Year U.S. Treasury Note	03/2014		(4	)			(492,188	)		BAR			9,393
10-Year U.S. Treasury Note	03/2014		(16	)			(738,281	)		GSC			2,449
10-Year U.S. Treasury Note	03/2014		(18	)			(2,214,844	)		JPM			30,486
10-Year U.S. Treasury Note	03/2014		(194	)			(23,871,094	)		CITI			280,270
2-Year U.S. Treasury Note	03/2014		110				24,179,375			CITI			(49,243	)
2-Year U.S. Treasury Note	03/2014		(7	)			(1,538,688	)		GSC			3,100
5-Year U.S. Treasury Note	03/2014		147				17,538,938			CITI			(220,916	)
5-Year U.S. Treasury Note	03/2014		(18)				(2,147,625	)		GSC			27,035
Long U.S. Treasury Bond	03/2014		8				1,026,500			GSC			(6,838	)
Long U.S. Treasury Bond	03/2014		(36	)			(4,619,250	)		CITI			79,928

316

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Ultra Long U.S. Treasury Bond		03/2014		113			$	15,396,250			CITI		$	(275,739	)
Ultra Long U.S. Treasury Bond		03/2014		3				408,750			GSC			(5,447	)
90-Day Euro		06/2014		45				11,053,688			CITI			(45,545	)
90-Day Euro		06/2014		191				47,427,688			DEUT			(54,899	)
90-Day Euro		06/2014		(40	)			(9,825,500	)		CITI			24,415
Euro-OAT		12/2014		(11	)			(1,989,049	)		DEUT			27,377
90-Day Euro		03/2015		51				12,682,425			GSC			(5,978	)
90-Day Euro		12/2015		(51	)			(12,606,563	)		GSC			13,547
90-Day Euro		12/2015		(80	)			(19,775,000	)		CITI			49,820
90-Day Euro		03/2016		(40	)			(9,857,000	)		CITI			19,002
							$	106,830,857					$	(168,299	)
Global Bond Fund
10-Year U.S. Treasury Note		03/2014		(34	)		$	(4,183,594	)		GSC		$	71,530
Long Gilt		03/2014		15				2,646,884			GSC			(62,381	)
							$	(1,536,710	)				$	9,149
Defensive Market Strategies Fund
S&P 500® E-Mini		03/2014		241			$	22,185,255			GSC		$	840,099
Equity Index Fund
S&P 500® E-Mini		03/2014		140			$	12,887,700			GSC		$	428,001
Value Equity Fund
S&P 500® E-Mini		03/2014		541			$	49,801,755			GSC		$	1,791,093
Growth Equity Fund
S&P 500® E-Mini		03/2014		688			$	63,333,840			GSC		$	2,352,173
Small Cap Equity Fund
10-Year U.S. Treasury Note		03/2014		(68	)		$	(8,367,187	)		GSC		$	125,373
2-Year U.S. Treasury Note		03/2014		(47	)			(10,331,188	)		GSC			17,785
5-Year U.S. Treasury Note		03/2014		24				2,863,500			GSC			(8,305	)
90-Day Euro		03/2014		(3	)			(747,938	)		GSC			140
Long U.S. Treasury Bond		03/2014		(16	)			(2,053,000	)		GSC			22,237
Russell 2000® IMM-Mini		03/2014		678				78,742,920			GSC			4,155,112
Ultra Long U.S. Treasury Bond		03/2014		(19	)			(2,588,750	)		GSC			48,126
90-Day Euro		09/2014		(3	)			(747,262	)		GSC			(1,435	)
90-Day Euro		12/2014		8				1,991,400			GSC			162
90-Day Euro		12/2015		(10	)			(2,471,875	)		GSC			2,592
							$	56,290,620					$	4,361,787
International Equity Fund
AEX Index		01/2014		(7	)		$	(774,921	)		BAR		$	(41,302	)
Hang Seng Index		01/2014		66				9,929,833			BAR			179,991
IBEX 35		01/2014		12				1,629,286			BAR			91,208
MSCI Singapore Index		01/2014		4				231,515			BAR			5,467
OMX 30 Index		01/2014		(279	)			(5,790,947	)		BAR			(290,818	)
DAX Index		03/2014		24				7,928,601			BAR			369,930
FTSE 100 Index®		03/2014		73				8,096,268			BAR			309,669
MSCI EAFE Index E-Mini		03/2014		638				61,177,820			GSC			2,937,570
S&P/TSE 60 Index		03/2014		(87	)			(12,791,396	)		BAR			(501,470	)
SPI 200 Index		03/2014		(82	)			(9,734,274	)		BAR			(446,788	)
TOPIX Index®		03/2014		229				28,323,284			BAR			1,052,805
CAC40 Index		01/2020		99				5,854,334			BAR			285,954

317

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Swiss Market Index Future		03/2014		(99	)		$	(8,717,149	)		JPM		$	(328,572	)
							$	85,362,254					$	3,623,644
Emerging Markets Equity Fund
MSCI Taiwan Index		01/2014		36			$	1,091,520			BAR		$	22,653
HSCEI Index		01/2014		16				1,117,625			BAR			20,285
FBM KLCI Index		01/2014		(22	)			(626,988	)		BAR			(9,218	)
MSCI Singapore Index		01/2014		10				578,787			BAR			13,868
BIST 30 Index		02/2014		11				42,306			JPM			2,629
KOSPI 200 Index		03/2014		(45	)			(5,663,642	)		BAR			(85,983	)
FTSE/JSE Africa Top40 Tradeable Index		03/2014		117				4,651,001			BAR			260,972
MEXBOL Index		03/2014		(36	)			(1,184,072	)		JPM			(23,603	)
MSCI Emerging Markets E-Mini		03/2014		463				23,538,920			GSC			548,090
SET50 Index		03/2014		(32	)			(849,471	)		BAR			30,386
MSCI Taiwan Index		01/2014		14				424,480			GSC			9,916
HSCEI Index		01/2014		39				2,724,211			GSC			56,572
TA-25 Index		01/2014		31				1,186,955			GSC			2,258
Bovespa Index		02/2014		250				5,488,078			GSC			110,572
RTS Index		03/2014		(334	)			(964,792	)		GSC			(35,270	)
WIG20 Index		03/2014		(106	)			(849,109	)		GSC			10,512
							$	30,705,809					$	934,639
Inflation Protected Bond Fund
10-Year Canadian Bond		03/2014		(9	)		$	(1,073,815	)		UBS		$	14,218
10-Year U.S. Treasury Note		03/2014		24				2,953,125			UBS			1,863
2-Year U.S. Treasury Note		03/2014		(10	)			(2,198,125	)		UBS			4,362
5-Year U.S. Treasury Note		03/2014		81				9,664,312			UBS			(30,975	)
Long U.S. Treasury Bond		03/2014		(61	)			(7,827,062	)		UBS			77,930
Ultra Long U.S. Treasury Bond		03/2014		(63	)			(8,583,750	)		UBS			130,897
90-Day Euro		09/2015		(167	)			(41,386,775	)		UBS			32,563
90-Day Euro		09/2020		167				40,430,700			UBS			(162,036	)
							$	(8,021,390	)				$	68,822
Real Estate Securities Fund
S&P 500® MidCap 400 E-Mini		03/2014		37			$	4,955,780			GSC		$	157,537

Forward Foreign Currency Contracts

As of December 31, 2013, the following Funds have forward foreign currency exchange contracts that obligate them to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts are as follows:

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
01/02/14	U.S. Dollars		313,529	Euro		233,000		JPM	$	(7,010	)
01/02/14	Euro		233,000	U.S. Dollars		320,771		CITI		(232	)
01/03/14	Brazilian Reals		1,298,196	U.S. Dollars		550,456		MSCS		(631	)
01/03/14	U.S. Dollars		555,734	Brazilian Reals		1,298,196		MSCS		5,909
01/06/14	Euro		1,400,000	Switzerland Francs		1,725,290		UBS		(8,173	)
01/06/14	New Zealand Dollars		1,348,181	Australian Dollars		1,200,000		BAR		37,205
01/06/14	New Zealand Dollars		775,535	Australian Dollars		690,000		UBS		21,666

318

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/06/14	Australian Dollars		538,000	U.S. Dollars		476,956		BAR	$	3,228
01/06/14	U.S. Dollars		490,988	Australian Dollars		538,000		CITI		10,804
01/07/14	Japanese Yen		29,924,040	U.S. Dollars		300,000		DEUT		(15,838	)
01/07/14	Swedish Kronor		4,040,874	Norwegian Krone		3,800,000		BNP		1,835
01/07/14	Swedish Kronor		4,022,110	U.S. Dollars		617,334		GSC		7,930
01/07/14	Norwegian Krone		3,800,000	Swedish Kronor		4,086,026		GSC		(8,853	)
01/07/14	Norwegian Krone		3,800,000	Swedish Kronor		4,135,654		BNP		(16,570	)
01/07/14	New Zealand Dollars		1,661,415	Euro		1,000,000		BAR		(10,063	)
01/07/14	Euro		1,000,000	New Zealand Dollars		1,697,760		UBS		(19,811	)
01/07/14	British Pounds		829,150	Euro		1,000,000		BAR		(2,727	)
01/07/14	New Zealand Dollars		800,000	Canadian Dollars		687,976		UBS		10,032
01/07/14	Canadian Dollars		698,704	New Zealand Dollars		800,000		UBS		66
01/07/14	U.S. Dollars		617,334	Norwegian Krone		3,800,000		GSC		(9,012	)
01/07/14	U.S. Dollars		300,000	Japanese Yen		29,970,450		DEUT		15,398
01/08/14	U.S. Dollars		300,000	Switzerland Francs		273,390		DEUT		(6,491	)
01/08/14	Switzerland Francs		272,535	U.S. Dollars		300,000		DEUT		5,532
01/09/14	U.S. Dollars		3,304,106	Euro		2,431,000		CITIG		(40,212	)
01/09/14	U.S. Dollars		1,704,591	British Pounds		1,041,000		HKSB		(19,155	)
01/10/14	Euro		1,000,000	Switzerland Francs		1,228,007		UBS		(1,011	)
01/10/14	Euro		1,000,000	Switzerland Francs		1,232,858		DEUT		(6,450	)
01/22/14	U.S. Dollars		3,188,233	Euro		2,361,000		BAR		(59,757	)
01/23/14	U.S. Dollars		5,738,013	Australian Dollars		5,989,000		WEST		398,743
01/23/14	U.S. Dollars		3,031,064	British Pounds		1,878,000		BAR		(78,333	)
01/23/14	U.S. Dollars		380,770	Australian Dollars		400,000		BNP		24,165
01/30/14	U.S. Dollars		921,712	Brazilian Reals		2,171,000		HKSB		8,683
02/04/14	Brazilian Reals		1,298,196	U.S. Dollars		551,391		MSCS		(6,066	)
02/04/14	U.S. Dollars		476,045	Australian Dollars		538,000		BAR		(3,214	)
02/04/14	U.S. Dollars		320,764	Euro		233,000		CITI		232
02/06/14	U.S. Dollars		1,437,030	Mexican Pesos		18,991,790		GSC		(13,050	)
02/06/14	U.S. Dollars		1,293,836	Mexican Pesos		17,092,611		MSCS		(11,235	)
02/10/14	New Zealand Dollars		1,522,260	Euro		900,000		DEUT		10,089
02/13/14	Norwegian Krone		3,585,000	U.S. Dollars		580,163		UBS		9,937
02/20/14	U.S. Dollars		1,654,357	Mexican Pesos		21,477,196		BNP		16,202
02/20/14	U.S. Dollars		1,323,200	Mexican Pesos		17,181,757		GSC		12,676
03/04/14	British Pounds		2,287,000	U.S. Dollars		3,742,024		JPM		43,497
03/04/14	U.S. Dollars		3,705,901	British Pounds		2,287,000		JPM		(79,621	)
03/10/14	U.S. Dollars		601,165	Switzerland Francs		536,940		DEUT		(1,062	)
03/12/14	U.S. Dollars		6,947,275	British Pounds		4,246,000		BAR		(80,415	)
03/12/14	New Zealand Dollars		759,822	Australian Dollars		700,000		DEUT		(466	)
03/12/14	New Zealand Dollars		666,236	Euro		400,000		BAR		(5,162	)
03/12/14	U.S. Dollars		600,000	Switzerland Francs		532,988		DEUT		2,195
03/12/14	Euro		400,000	New Zealand Dollars		682,268		UBS		(7,955	)
03/25/14	U.S. Dollars		1,800,137	Mexican Pesos		23,580,000		RBS		6,226
									$	133,675
Medium-Duration Bond Fund
01/02/14	U.S. Dollars		2,427,493	Euro		1,804,000		JPM	$	(54,275	)
01/02/14	Euro		1,804,000	U.S. Dollars		2,483,567		CITI		(1,798	)
01/02/14	U.S. Dollars		1,052,832	Mexican Pesos		13,963,075		BNP		(16,419	)
01/03/14	Brazilian Reals		1,814,147	U.S. Dollars		769,228		MSCS		(881	)
01/03/14	U.S. Dollars		776,604	Brazilian Reals		1,814,147		MSCS		8,257
01/06/14	Australian Dollars		2,133,000	U.S. Dollars		1,890,979		BAR		12,800

319

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/06/14	U.S. Dollars		1,946,614	Australian Dollars		2,133,000		CITI	$	42,835
01/15/14	Brazilian Reals		1,622,476	U.S. Dollars		706,192		JPM		(21,176	)
01/24/14	U.S. Dollars		1,262,809	British Pounds		773,643		JPM		(18,099	)
01/29/14	U.S. Dollars		1,108,125	Euro		805,031		JPM		662
01/30/14	U.S. Dollars		1,745,751	Mexican Pesos		22,494,004		UBS		27,379
02/04/14	U.S. Dollars		2,483,511	Euro		1,804,000		CITI		1,794
02/04/14	U.S. Dollars		1,887,368	Australian Dollars		2,133,000		BAR		(12,741	)
02/04/14	Brazilian Reals		1,814,147	U.S. Dollars		770,535		MSCS		(8,478	)
02/06/14	U.S. Dollars		1,401,499	Mexican Pesos		18,522,213		GSC		(12,727	)
02/06/14	U.S. Dollars		1,261,846	Mexican Pesos		16,669,992		MSCS		(10,958	)
02/13/14	Norwegian Krone		1,133,000	U.S. Dollars		183,354		UBS		3,140
02/18/14	U.S. Dollars		6,392,967	Euro		4,781,701		CITIC		(185,073	)
02/18/14	U.S. Dollars		4,198,811	Euro		3,100,000		CITIC		(65,765	)
02/18/14	U.S. Dollars		3,513,227	Euro		2,600,000		CITIC		(63,514	)
02/18/14	U.S. Dollars		3,059,791	Japanese Yen		303,288,000		CITIC		179,151
02/18/14	U.S. Dollars		1,556,565	Japanese Yen		153,366,000		BAR		99,889
02/18/14	Australian Dollars		1,550,000	U.S. Dollars		1,390,858		CITIC		(11,290	)
02/18/14	U.S. Dollars		1,459,697	Australian Dollars		1,550,000		CITIC		80,129
02/18/14	Euro		1,408,585	U.S. Dollars		1,886,532		MLCS		51,215
02/18/14	U.S. Dollars		1,111,172	Euro		824,514		UBS		(23,086	)
02/20/14	U.S. Dollars		3,648,070	Mexican Pesos		47,359,971		BNP		35,728
02/20/14	U.S. Dollars		2,917,826	Mexican Pesos		37,887,977		GSC		27,953
03/06/14	U.S. Dollars		1,971,322	Mexican Pesos		26,266,288		MSCS		(29,989	)
03/06/14	U.S. Dollars		1,970,834	Mexican Pesos		26,266,288		DEUT		(30,477	)
03/12/14	U.S. Dollars		3,840,145	British Pounds		2,347,000		BAR		(44,450	)
03/19/14	Japanese Yen		20,732,580	U.S. Dollars		200,000		DEUT		(3,050	)
03/19/14	Japanese Yen		20,711,000	U.S. Dollars		200,000		BNP		(3,255	)
03/19/14	Japanese Yen		13,985,216	U.S. Dollars		133,000		SS		(147	)
03/19/14	Japanese Yen		13,968,192	U.S. Dollars		133,000		MLCS		(309	)
03/19/14	Japanese Yen		13,692,084	U.S. Dollars		133,000		MLCS		(2,931	)
03/19/14	Japanese Yen		7,056,507	U.S. Dollars		67,000		SS		34
03/19/14	Japanese Yen		7,041,566	U.S. Dollars		67,000		MLCS		(108	)
03/19/14	Japanese Yen		7,005,647	U.S. Dollars		67,000		DEUT		(450	)
03/19/14	Japanese Yen		6,992,153	U.S. Dollars		67,000		DEUT		(578	)
03/19/14	Japanese Yen		6,978,146	U.S. Dollars		67,000		DEUT		(711	)
03/19/14	Norwegian Krone		2,978,374	Euro		352,193		DEUT		5,126
03/19/14	U.S. Dollars		1,079,202	Switzerland Francs		956,000		BAR		6,873
03/19/14	U.S. Dollars		777,041	Japanese Yen		80,131,561		UBS		15,827
03/19/14	U.S. Dollars		465,046	Canadian Dollars		496,755		RBC		(1,708	)
03/19/14	Australian Dollars		449,000	U.S. Dollars		397,697		WEST		1,175
03/19/14	U.S. Dollars		399,033	Euro		291,000		MLCS		(1,288	)
03/19/14	U.S. Dollars		386,990	New Zealand Dollars		469,762		WEST		2,860
03/19/14	U.S. Dollars		332,000	Japanese Yen		34,075,816		MLCS		8,295
03/19/14	British Pounds		326,689	U.S. Dollars		534,012		SC		6,672
03/19/14	Australian Dollars		292,428	Euro		193,000		WEST		(5,725	)
03/19/14	U.S. Dollars		264,359	Australian Dollars		298,000		WEST		(371	)
03/19/14	U.S. Dollars		200,000	Japanese Yen		20,522,560		HKSB		5,045
03/19/14	U.S. Dollars		199,000	Japanese Yen		20,527,049		SS		4,002
03/19/14	Euro		194,000	Switzerland Francs		236,836		MLCS		1,226
03/19/14	British Pounds		163,289	Euro		194,000		HKSB		3,369
03/19/14	Australian Dollars		142,000	U.S. Dollars		127,392		BAR		(1,245	)
03/19/14	U.S. Dollars		141,844	Swedish Kronor		926,306		JPM		(1,982	)

320

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/19/14	U.S. Dollars		133,000	Japanese Yen		13,527,829		SS	$	4,492
03/19/14	U.S. Dollars		133,000	Canadian Dollars		142,503		RBC		(896	)
03/19/14	Euro		98,000	U.S. Dollars		133,585		MLCS		1,231
03/19/14	New Zealand Dollars		82,000	U.S. Dollars		66,615		MLCS		437
03/19/14	British Pounds		81,721	Euro		97,000		HKSB		1,811
03/19/14	New Zealand Dollars		81,000	U.S. Dollars		66,141		MLCS		94
03/19/14	British Pounds		80,925	Euro		97,000		MLCS		494
03/19/14	New Zealand Dollars		80,000	U.S. Dollars		65,784		WEST		(367	)
03/19/14	Canadian Dollars		71,977	U.S. Dollars		67,000		RBC		630
03/19/14	Canadian Dollars		71,806	U.S. Dollars		67,000		DEUT		469
03/19/14	Canadian Dollars		71,542	U.S. Dollars		67,000		DEUT		221
03/19/14	U.S. Dollars		67,000	Japanese Yen		6,873,798		SC		1,702
03/19/14	U.S. Dollars		66,500	Canadian Dollars		70,554		RBC		207
03/19/14	U.S. Dollars		66,408	Euro		48,000		JPM		375
03/19/14	U.S. Dollars		66,194	Euro		48,000		MLCS		162
03/19/14	U.S. Dollars		65,718	New Zealand Dollars		80,000		WEST		302
03/19/14	Switzerland Francs		60,015	U.S. Dollars		67,000		UBS		318
03/19/14	Euro		49,000	U.S. Dollars		67,012		BNP		396
03/19/14	U.S. Dollars		4,637	Euro		3,370		CS		1
									$	8,461
Global Bond Fund
01/16/14	Chinese Yuan Renminbi		21,064,000	U.S. Dollars		3,434,674		HSBC	$	41,229
01/24/14	Indian Rupees		64,920,000	U.S. Dollars		1,029,332		CITIC		13,911
01/24/14	Indian Rupees		51,960,000	U.S. Dollars		824,762		JPM		10,219
01/24/14	Brazilian Reals		4,003,000	U.S. Dollars		1,695,899		BAR		(9,779	)
01/24/14	U.S. Dollars		3,067,598	Brazilian Reals		6,832,000		BAR		189,863
02/18/14	Norwegian Krone		21,560,000	U.S. Dollars		3,596,332		DEUT		(48,115	)
02/18/14	Swedish Kronor		5,133,306	U.S. Dollars		788,471		BAR		8,957
02/18/14	U.S. Dollars		3,130,054	Polish Zloty		9,810,683		JPM		(107,543	)
02/18/14	U.S. Dollars		2,410,061	Euro		1,808,255		MSCS		(77,501	)
02/18/14	U.S. Dollars		2,176,408	Euro		1,614,942		UBS		(45,218	)
02/18/14	U.S. Dollars		1,491,175	British Pounds		931,041		JPM		(50,069	)
02/18/14	U.S. Dollars		1,280,694	Euro		947,399		GSC		(22,614	)
02/18/14	U.S. Dollars		1,276,166	Euro		954,524		CITIC		(36,944	)
02/18/14	U.S. Dollars		1,269,679	British Pounds		790,000		RBC		(38,086	)
02/18/14	U.S. Dollars		1,041,723	British Pounds		650,000		CS		(34,287	)
02/18/14	U.S. Dollars		929,912	Euro		696,830		JPM		(28,695	)
02/18/14	U.S. Dollars		796,149	South African Rand		8,273,340		JPM		12,994
02/18/14	U.S. Dollars		784,500	Swedish Kronor		5,130,000		UBS		(12,415	)
02/18/14	U.S. Dollars		619,362	Turkish Lira		1,280,270		RBC		29,752
02/18/14	U.S. Dollars		434,175	British Pounds		269,710		BAR		(12,302	)
02/18/14	U.S. Dollars		321,328	British Pounds		200,000		GSC		(9,752	)
02/18/14	U.S. Dollars		172,740	Australian Dollars		192,725		HSBC		1,207
									$	(225,188	)
Defensive Market Strategies Fund
01/30/14	U.S. Dollars		2,942,452	Euro		2,154,261		UBS	$	(21,115	)
01/31/14	U.S. Dollars		1,313,577	Canadian Dollars		1,407,018		JPM		(9,953	)
01/31/14	U.S. Dollars		441,097	Switzerland Francs		395,366		CS		(2,209	)
01/31/14	U.S. Dollars		290,481	Japanese Yen		30,348,000		CS		2,260
01/31/14	U.S. Dollars		87,103	Euro		63,625		UBS		(425	)

321

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/31/14	U.S. Dollars		36,142	Canadian Dollars		38,693		JPM	$	(256	)
01/31/14	U.S. Dollars		34,600	Canadian Dollars		36,780		JPM		2
01/31/14	U.S. Dollars		12,661	Switzerland Francs		11,232		CS		67
									$	(31,629	)
Small Cap Equity Fund
01/27/14	U.S. Dollars		45,146	Euro		33,000		CS	$	(252	)
02/18/14	U.S. Dollars		581,151	Japanese Yen		57,604,000		CITIG		34,027
02/18/14	U.S. Dollars		478,933	Euro		359,341		MSCS		(15,401	)
02/18/14	Euro		126,550	U.S. Dollars		169,490		CITIG		4,601
02/18/14	U.S. Dollars		837,769	Euro		620,000		MLCS		(15,146	)
02/18/14	U.S. Dollars		761,000	Euro		569,200		CITIG		(22,031	)
02/18/14	U.S. Dollars		677,228	Euro		500,000		CITIG		(10,607	)
02/18/14	Australian Dollars		300,000	U.S. Dollars		271,887		CITIG		(4,874	)
02/18/14	U.S. Dollars		282,522	Australian Dollars		300,000		CITIG		15,509
02/18/14	U.S. Dollars		267,009	Japanese Yen		26,308,000		BAR		17,135
									$	2,961
International Equity Fund
01/31/14	U.S. Dollars		7,554,045	Australian Dollars		7,991,500		NT	$	433,334
01/31/14	Australian Dollars		1,618,000	U.S. Dollars		1,476,344		NT		(34,648	)
01/31/14	Australian Dollars		384,000	U.S. Dollars		347,016		NT		(4,858	)
01/31/14	Australian Dollars		284,000	U.S. Dollars		258,013		NT		(4,959	)
03/19/14	Japanese Yen		1,398,319,000	U.S. Dollars		13,630,420		RBS		(347,026	)
03/19/14	Japanese Yen		968,008,899	U.S. Dollars		9,405,082		RBS		(209,438	)
03/19/14	Japanese Yen		908,579,000	U.S. Dollars		8,869,213		RBS		(238,126	)
03/19/14	Japanese Yen		168,655,101	U.S. Dollars		1,646,246		RBS		(44,099	)
03/19/14	Norwegian Krone		40,206,654	U.S. Dollars		6,529,651		RBS		80,102
03/19/14	Norwegian Krone		31,983,000	U.S. Dollars		5,215,590		RBS		42,240
03/19/14	Euro		25,735,681	U.S. Dollars		35,375,438		RBS		28,470
03/19/14	U.S. Dollars		24,235,275	Canadian Dollars		25,828,657		RBS		(33,461	)
03/19/14	U.S. Dollars		18,794,441	British Pounds		11,547,000		RBS		(316,335	)
03/19/14	Norwegian Krone		15,873,346	U.S. Dollars		2,573,249		RBS		36,242
03/19/14	U.S. Dollars		11,526,451	British Pounds		7,030,000		RBS		(108,496	)
03/19/14	U.S. Dollars		11,079,101	Canadian Dollars		11,833,532		RBS		(39,745	)
03/19/14	Canadian Dollars		10,952,000	U.S. Dollars		10,302,240		RBS		(11,685	)
03/19/14	Euro		9,311,000	U.S. Dollars		12,816,927		RBS		(8,026	)
03/19/14	Hong Kong Dollars		8,810,000	U.S. Dollars		1,136,569		RBS		(325	)
03/19/14	U.S. Dollars		8,598,467	Australian Dollars		9,516,000		RBS		144,867
03/19/14	Euro		8,299,393	U.S. Dollars		11,311,866		RBS		105,394
03/19/14	U.S. Dollars		7,946,498	Canadian Dollars		8,497,905		RBS		(38,177	)
03/19/14	U.S. Dollars		7,928,778	Canadian Dollars		8,497,906		RBS		(55,897	)
03/19/14	New Zealand Dollars		6,783,729	U.S. Dollars		5,581,470		RBS		(34,340	)
03/19/14	U.S. Dollars		6,316,126	Swedish Kronor		41,521,000		RBS		(130,755	)
03/19/14	U.S. Dollars		4,399,931	Japanese Yen		452,694,000		RBS		99,544
03/19/14	U.S. Dollars		4,318,371	Euro		3,156,000		RBS		(23,257	)
03/19/14	Euro		4,177,926	U.S. Dollars		5,674,919		RBS		72,546
03/19/14	U.S. Dollars		3,812,176	Swedish Kronor		24,980,438		RBS		(66,486	)
03/19/14	Israeli Shekels		3,456,056	U.S. Dollars		986,509		RBS		7,660
03/19/14	New Zealand Dollars		3,314,000	U.S. Dollars		2,701,613		RBS		8,281
03/19/14	British Pounds		3,218,000	U.S. Dollars		5,260,388		RBS		65,539
03/19/14	Switzerland Francs		3,100,000	U.S. Dollars		3,423,355		RBS		53,863

322

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/19/14	U.S. Dollars		3,068,793	Australian Dollars		3,459,000		RBS	$	(4,032	)
03/19/14	U.S. Dollars		2,724,585	British Pounds		1,662,000		RBS		(26,095	)
03/19/14	New Zealand Dollars		2,681,271	U.S. Dollars		2,184,375		RBS		8,130
03/19/14	New Zealand Dollars		2,476,000	U.S. Dollars		2,015,955		RBS		8,697
03/19/14	U.S. Dollars		1,743,321	Swedish Kronor		11,425,000		RBS		(30,615	)
03/19/14	U.S. Dollars		1,717,617	Swedish Kronor		11,192,227		RBS		(20,177	)
03/19/14	U.S. Dollars		1,637,082	New Zealand Dollars		1,998,000		RBS		3,296
03/19/14	U.S. Dollars		1,573,509	Swedish Kronor		10,277,765		RBS		(22,299	)
03/19/14	Hong Kong Dollars		1,503,000	U.S. Dollars		193,869		RBS		(24	)
03/19/14	U.S. Dollars		1,463,221	Danish Kroner		7,933,000		RBS		(579	)
03/19/14	U.S. Dollars		1,330,962	Swedish Kronor		8,696,570		RBS		(19,337	)
03/19/14	Hong Kong Dollars		1,322,000	U.S. Dollars		170,543		RBS		(42	)
03/19/14	British Pounds		1,286,967	U.S. Dollars		2,108,877		RBS		21,108
03/19/14	Switzerland Francs		1,125,000	U.S. Dollars		1,246,434		RBS		15,460
03/19/14	U.S. Dollars		1,121,741	Japanese Yen		116,590,000		RBS		14,189
03/19/14	New Zealand Dollars		1,048,000	U.S. Dollars		861,445		RBS		(4,484	)
03/19/14	Israeli Shekels		894,944	U.S. Dollars		253,479		RBS		3,961
03/19/14	U.S. Dollars		818,279	Norwegian Krone		5,025,000		RBS		(7,804	)
03/19/14	U.S. Dollars		667,144	Euro		492,000		RBS		(9,688	)
03/19/14	U.S. Dollars		652,974	Australian Dollars		735,000		RBS		32
03/19/14	U.S. Dollars		539,487	Norwegian Krone		3,337,000		RBS		(9,098	)
03/19/14	Danish Kroner		532,000	U.S. Dollars		98,351		RBS		(187	)
03/19/14	British Pounds		492,293	U.S. Dollars		806,672		RBS		8,093
03/19/14	British Pounds		492,292	U.S. Dollars		804,550		RBS		10,214
03/19/14	British Pounds		395,448	U.S. Dollars		645,727		RBS		8,756
03/19/14	U.S. Dollars		383,987	Australian Dollars		424,000		RBS		7,324
03/19/14	Danish Kroner		280,000	U.S. Dollars		50,916		RBS		750
03/19/14	Singapore Dollars		278,000	U.S. Dollars		222,519		RBS		(2,220	)
03/19/14	Hong Kong Dollars		246,000	U.S. Dollars		31,738		RBS		(10	)
03/19/14	Danish Kroner		223,000	U.S. Dollars		41,181		RBS		(33	)
03/19/14	Hong Kong Dollars		220,000	U.S. Dollars		28,378		RBS		(4	)
03/19/14	U.S. Dollars		162,944	Hong Kong Dollars		1,263,000		RBS		53
03/19/14	U.S. Dollars		150,858	Danish Kroner		822,000		RBS		(818	)
03/19/14	Hong Kong Dollars		140,000	U.S. Dollars		18,060		RBS		(4	)
03/19/14	U.S. Dollars		68,667	Singapore Dollars		87,000		RBS		(276	)
03/19/14	U.S. Dollars		67,326	Hong Kong Dollars		522,000		RBS		3
03/19/14	Singapore Dollars		63,000	U.S. Dollars		50,433		RBS		(510	)
03/19/14	Israeli Shekels		36,000	U.S. Dollars		10,249		RBS		107
03/19/14	U.S. Dollars		35,027	Singapore Dollars		44,000		RBS		160
03/19/14	Euro		21,000	U.S. Dollars		28,928		RBS		(39	)
03/19/14	Singapore Dollars		19,000	U.S. Dollars		15,141		RBS		(85	)
03/19/14	U.S. Dollars		17,118	Israeli Shekels		60,000		RBS		(141	)
03/19/14	U.S. Dollars		5,703	Israeli Shekels		20,000		RBS		(50	)
									$	(620,375	)
Emerging Markets Equity Fund
03/19/14	South Korean Won		10,600,000,000	U.S. Dollars		9,931,802		RBS	$	63,389
03/19/14	Indonesian Rupiahs		3,800,000,000	U.S. Dollars		307,319		RBS		525
03/19/14	Indonesian Rupiahs		2,226,402,913	U.S. Dollars		180,659		RBS		(294	)
03/19/14	Hungarian Forint		739,000,000	U.S. Dollars		3,306,019		RBS		99,274
03/19/14	Columbian Peso		510,000,000	U.S. Dollars		261,070		RBS		2,085
03/19/14	Indian Rupees		207,000,000	U.S. Dollars		3,276,373		RBS		8,820

323

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/19/14	Taiwan Dollars		176,700,000	U.S. Dollars		6,005,218		RBS	$	(62,985	)
03/19/14	South Korean Won		170,000,000	U.S. Dollars		159,887		RBS		413
03/19/14	Hungarian Forint		98,000,000	U.S. Dollars		449,932		RBS		1,649
03/19/14	Hungarian Forint		76,000,000	U.S. Dollars		348,048		RBS		2,159
03/19/14	South Korean Won		70,000,000	U.S. Dollars		66,211		RBS		(205	)
03/19/14	Russian Rubles		39,900,000	U.S. Dollars		1,191,604		RBS		6,055
03/19/14	Russian Rubles		38,600,000	U.S. Dollars		1,155,775		RBS		2,863
03/19/14	South African Rand		31,872,619	U.S. Dollars		3,038,175		RBS		(34,050	)
03/19/14	Czech Republic Koruna		30,100,000	U.S. Dollars		1,492,813		RBS		23,847
03/19/14	Polish Zloty		29,570,000	U.S. Dollars		9,524,492		RBS		216,560
03/19/14	Taiwan Dollars		24,196,497	U.S. Dollars		823,302		RBS		(9,600	)
03/19/14	Russian Rubles		22,300,000	U.S. Dollars		668,328		RBS		1,041
03/19/14	Indian Rupees		12,955,000	U.S. Dollars		206,734		RBS		(1,132	)
03/19/14	South African Rand		9,412,381	U.S. Dollars		887,810		RBS		(654	)
03/19/14	Mexican Pesos		9,200,000	U.S. Dollars		705,538		RBS		(5,288	)
03/19/14	U.S. Dollars		8,473,553	Singapore Dollars		10,630,000		RBS		49,887
03/19/14	Taiwan Dollars		7,465,503	U.S. Dollars		253,756		RBS		(2,699	)
03/19/14	Mexican Pesos		6,800,000	U.S. Dollars		520,689		RBS		(3,113	)
03/19/14	Mexican Pesos		6,000,000	U.S. Dollars		460,977		RBS		(4,292	)
03/19/14	Brazilian Reals		5,722,000	U.S. Dollars		2,365,734		RBS		13,990
03/19/14	Hong Kong Dollars		5,700,000	U.S. Dollars		735,328		RBS		(188	)
03/19/14	U.S. Dollars		5,410,583	Chilean Peso		2,905,000,000		RBS		(69,877	)
03/19/14	U.S. Dollars		4,924,955	Brazilian Reals		11,960,000		RBS		(49,092	)
03/19/14	U.S. Dollars		4,590,619	South African Rand		48,900,000		RBS		(18,406	)
03/19/14	U.S. Dollars		4,553,359	Mexican Pesos		59,900,000		RBS		(5,876	)
03/19/14	Brazilian Reals		4,400,000	U.S. Dollars		1,848,859		RBS		(18,942	)
03/19/14	U.S. Dollars		3,236,440	Philippine Peso		141,500,000		RBS		44,723
03/19/14	Turkish Lira		2,640,000	U.S. Dollars		1,270,187		RBS		(61,922	)
03/19/14	Turkish Lira		2,270,000	U.S. Dollars		1,092,489		RBS		(53,564	)
03/19/14	Turkish Lira		2,250,000	U.S. Dollars		1,076,394		RBS		(46,623	)
03/19/14	Turkish Lira		2,250,000	U.S. Dollars		1,088,089		RBS		(58,318	)
03/19/14	U.S. Dollars		2,130,923	Israeli Shekels		7,520,000		RBS		(32,281	)
03/19/14	Hong Kong Dollars		2,000,000	U.S. Dollars		257,952		RBS		(8	)
03/19/14	U.S. Dollars		1,745,080	Singapore Dollars		2,190,000		RBS		9,630
03/19/14	Hong Kong Dollars		1,600,000	U.S. Dollars		206,378		RBS		(23	)
03/19/14	Malaysian Ringgits		1,575,000	U.S. Dollars		487,088		RBS		(8,502	)
03/19/14	Malaysian Ringgits		1,410,000	U.S. Dollars		435,589		RBS		(7,140	)
03/19/14	Turkish Lira		1,210,000	U.S. Dollars		582,987		RBS		(29,199	)
03/19/14	Hong Kong Dollars		1,200,000	U.S. Dollars		154,805		RBS		(38	)
03/19/14	U.S. Dollars		1,170,036	Turkish Lira		2,490,000		RBS		30,422
03/19/14	U.S. Dollars		1,146,186	Turkish Lira		2,420,000		RBS		38,610
03/19/14	U.S. Dollars		1,132,400	Brazilian Reals		2,740,000		RBS		(7,139	)
03/19/14	U.S. Dollars		1,111,948	Russian Rubles		37,400,000		RBS		(10,670	)
03/19/14	Thailand Baht		1,100,000	U.S. Dollars		33,962		RBS		(605	)
03/19/14	U.S. Dollars		1,096,645	Mexican Pesos		14,300,000		RBS		8,213
03/19/14	U.S. Dollars		1,072,633	Singapore Dollars		1,340,000		RBS		10,760
03/19/14	Thailand Baht		1,000,000	U.S. Dollars		30,317		RBS		7
03/19/14	Czech Republic Koruna		900,000	U.S. Dollars		44,904		RBS		445
03/19/14	Thailand Baht		900,000	U.S. Dollars		27,871		RBS		(579	)
03/19/14	U.S. Dollars		834,209	Mexican Pesos		10,900,000		RBS		4,565
03/19/14	U.S. Dollars		817,829	Brazilian Reals		1,950,000		RBS		6,843
03/19/14	U.S. Dollars		785,019	Hong Kong Dollars		6,085,000		RBS		225

324

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/19/14	U.S. Dollars		709,117	Singapore Dollars		890,000		RBS	$	3,843
03/19/14	Thailand Baht		700,000	U.S. Dollars		21,301		RBS		(74	)
03/19/14	Mexican Pesos		698,000	U.S. Dollars		52,367		RBS		761
03/19/14	U.S. Dollars		516,710	Brazilian Reals		1,240,000		RBS		1,006
03/19/14	Polish Zloty		447,178	U.S. Dollars		146,223		RBS		1,088
03/19/14	U.S. Dollars		428,391	Brazilian Reals		1,040,000		RBS		(4,135	)
03/19/14	Czech Republic Koruna		400,000	U.S. Dollars		20,009		RBS		146
03/19/14	Hong Kong Dollars		400,000	U.S. Dollars		51,595		RBS		(6	)
03/19/14	U.S. Dollars		296,671	Hong Kong Dollars		2,300,000		RBS		35
03/19/14	Turkish Lira		264,000	U.S. Dollars		127,518		RBS		(6,691	)
03/19/14	U.S. Dollars		242,627	South Korean Won		256,865,313		RBS		417
03/19/14	U.S. Dollars		206,368	Hong Kong Dollars		1,600,000		RBS		13
03/19/14	Polish Zloty		200,000	U.S. Dollars		65,414		RBS		470
03/19/14	U.S. Dollars		190,218	Chilean Peso		102,756,000		RBS		(3,637	)
03/19/14	U.S. Dollars		170,001	South Korean Won		180,000,000		RBS		271
03/19/14	Peruvian Nuevos Soles		140,000	U.S. Dollars		49,192		RBS		292
03/19/14	U.S. Dollars		131,700	Thailand Baht		4,300,000		RBS		1,306
03/19/14	U.S. Dollars		131,283	South Korean Won		140,000,000		RBS		(729	)
03/19/14	U.S. Dollars		124,750	Brazilian Reals		300,000		RBS		(17	)
03/19/14	Polish Zloty		120,000	U.S. Dollars		39,163		RBS		368
03/19/14	Polish Zloty		118,102	U.S. Dollars		37,888		RBS		1,018
03/19/14	U.S. Dollars		114,449	Polish Zloty		350,000		RBS		(849	)
03/19/14	U.S. Dollars		103,189	Hong Kong Dollars		800,000		RBS		12
03/19/14	South African Rand		100,000	U.S. Dollars		9,491		RBS		(65	)
03/19/14	Polish Zloty		93,720	U.S. Dollars		30,288		RBS		586
03/19/14	U.S. Dollars		90,302	Hong Kong Dollars		700,000		RBS		21
03/19/14	U.S. Dollars		88,443	Polish Zloty		270,000		RBS		(501	)
03/19/14	U.S. Dollars		81,766	Polish Zloty		250,000		RBS		(590	)
03/19/14	U.S. Dollars		68,816	Mexican Pesos		900,000		RBS		314
03/19/14	U.S. Dollars		66,208	South Korean Won		70,000,000		RBS		202
03/19/14	U.S. Dollars		63,889	Singapore Dollars		80,000		RBS		493
03/19/14	Polish Zloty		60,000	U.S. Dollars		19,641		RBS		125
03/19/14	U.S. Dollars		49,883	South Korean Won		53,248,687		RBS		(327	)
03/19/14	U.S. Dollars		43,063	Thailand Baht		1,400,000		RBS		609
03/19/14	Polish Zloty		30,000	U.S. Dollars		9,802		RBS		80
03/19/14	U.S. Dollars		28,342	South Korean Won		30,000,000		RBS		54
03/19/14	U.S. Dollars		25,795	Hong Kong Dollars		200,000		RBS		1
03/19/14	U.S. Dollars		24,676	Thailand Baht		800,000		RBS		416
03/19/14	U.S. Dollars		12,231	Thailand Baht		400,000		RBS		101
03/19/14	U.S. Dollars		10,667	Peruvian Nuevos Soles		30,000		RBS		63
03/19/14	Polish Zloty		10,000	U.S. Dollars		3,279		RBS		15
03/19/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,546		RBS		(12	)
03/19/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,551		RBS		(16	)
03/19/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,580		RBS		(46	)
03/19/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,586		RBS		(51	)
03/19/14	U.S. Dollars		9,299	Thailand Baht		300,000		RBS		202
03/19/14	U.S. Dollars		6,513	Polish Zloty		20,000		RBS		(76	)
03/19/14	U.S. Dollars		6,173	Thailand Baht		200,000		RBS		108
03/19/14	U.S. Dollars		3,552	Peruvian Nuevos Soles		10,000		RBS		18
									$	40,328

325

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
Inflation Protected Bond Fund
01/15/14	Norwegian Krone		7,883,130	Australian Dollars		1,420,000		UBS	$	32,327
01/15/14	Norwegian Krone		4,458,646	Australian Dollars		794,000		CS		26,439
01/15/14	U.S. Dollars		4,424,938	Euro		3,285,000		DEUT		(94,206)
01/15/14	Euro		1,501,615	Switzerland Francs		1,848,282		CS		(6,406)
01/22/14	U.S. Dollars		20,495,979	Euro		15,178,000		BAR		(384,158)
01/22/14	U.S. Dollars		1,580,578	Euro		1,169,000		BNP		(27,597)
01/23/14	New Zealand Dollars		1,200,000	U.S. Dollars		985,734		DEUT		(552)
01/23/14	U.S. Dollars		1,023,516	Japanese Yen		105,326,000		UBS		23,252
01/23/14	Australian Dollars		594,855	British Pounds		330,000		DEUT		(16,059)
01/23/14	U.S. Dollars		587,951	New Zealand Dollars		725,000		DEUT		(7,263)
01/23/14	U.S. Dollars		555,868	Australian Dollars		615,000		BNP		7,588
01/23/14	Euro		490,000	U.S. Dollars		662,289		DEUT		11,796
01/23/14	U.S. Dollars		373,673	Canadian Dollars		387,000		BAR		9,563
01/23/14	U.S. Dollars		322,233	New Zealand Dollars		385,000		BNP		6,153
									$	(419,123)

Options Written

Transactions in options written during the year ended December 31, 2013 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/12		—		$	—		$	36,000,000		$	586,250		$	586,250
Options written		396			173,943			204,100,000			404,553			578,496
Options expired		—			—			(92,700,000	)		(191,438	)		(191,438	)
Options closed		—			—			(57,200,000	)		(568,496	)		(568,496	)
Options written, 12/31/13		396		$	173,943		$	90,200,000		$	230,869		$	404,812
Medium-Duration Bond
Options written, 12/31/12		—		$	—		$	43,100,000		$	702,140		$	702,140
Options written		31,764			584,062			246,400,000			553,154			1,137,216
Options expired		(261	)		(104,199	)		(106,400,000	)		(673,632	)		(777,831	)
Options closed		(31,091	)		(299,104	)		(75,600,000	)		(305,450	)		(604,554	)
Options written, 12/31/13		412		$	180,759		$	107,500,000		$	276,212		$	456,971
Global Bond
Options written, 12/31/12		—		$	—		$	—		$	—		$	—
Options written		18			18,660			—			—			18,660
Options expired		—			—			—			—			—
Options closed		(18	)		(18,660	)		—			—			(18,660	)
Options written, 12/31/13		—		$	—		$	—		$	—		$	—
Defensive Market Strategies
Options written, 12/31/12		—		$	—		$	—		$	—		$	—
Options written		2,337			135,556			—			—			135,556
Options expired		(185	)		(7,229	)		—			—			(7,229	)
Options closed		(1,464	)		(95,446	)		—			—			(95,446	)
Options written, 12/31/13		688		$	32,881		$	—		$	—		$	32,881

326

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Small Cap Equity
Options written, 12/31/12		18		$	11,848		$	—		$	—		$	11,848
Options written		5,353			49,951			—			—			49,951
Options expired		(75	)		(27,163	)		—			—			(27,163	)
Options closed		(5,283	)		(30,662	)		—			—			(30,662	)
Options written, 12/31/13		13		$	3,974		$	—		$	—		$	3,974
Inflation Protected Bond
Options written, 12/31/12		—		$	—		$	—		$	—		$	—
Options written		1,391			248,363			19,690,000			218,362			466,725
Options expired		(1,127	)		(216,976	)		(14,800,000	)		(151,439	)		(368,415	)
Options closed		(64	)		(16,727	)		—			—			(16,727	)
Options written, 12/31/13		200		$	14,660		$	4,890,000		$	66,923		$	81,583

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended 12/31/13				Year Ended 12/31/12
	GS2	GS4			GS2	GS4
MyDestination 2005
Shares sold			2,390,141				2,186,065
Shares reinvested			133,788				154,580
Shares redeemed			(2,453,997	)			(1,213,387	)
Net increase			69,932				1,127,258
MyDestination 2015
Shares sold			7,823,039				7,180,208
Shares reinvested			1,056,637				772,986
Shares redeemed			(3,249,231	)			(2,677,229	)
Net increase			5,630,445				5,275,965
MyDestination 2025
Shares sold			11,525,044				7,889,241
Shares reinvested			2,356,280				740,061
Shares redeemed			(1,456,827	)			(2,077,575	)
Net increase			12,424,497				6,551,727
MyDestination 2035
Shares sold			6,160,978				4,505,585
Shares reinvested			1,469,835				334,266
Shares redeemed			(599,267	)			(801,820	)
Net increase			7,031,546				4,038,031
MyDestination 2045
Shares sold			4,414,752				3,601,217
Shares reinvested			1,643,081				224,875
Shares redeemed			(400,028	)			(336,308	)
Net increase			5,657,805				3,489,784

327

	Year Ended 12/31/13						Year Ended 12/31/12
	GS2			GS4			GS2			GS4
MyDestination 2055
Shares sold					779,633						1,228,311
Shares reinvested					79,228						10,652
Shares redeemed					(158,031	)					(675,062	)
Net increase (decrease)					700,830						563,901
Conservative Allocation
Shares sold					3,550,322						3,749,359
Shares reinvested					1,864,374						532,286
Shares redeemed					(5,118,767	)					(2,659,967	)
Net increase					295,929						1,621,678
Balanced Allocation
Shares sold					6,124,611						4,803,801
Shares reinvested					6,104,594						3,071,332
Shares redeemed					(8,788,484	)					(6,451,079	)
Net increase					3,440,721						1,424,054
Growth Allocation
Shares sold					3,092,779						2,499,289
Shares reinvested					6,462,903						1,385,054
Shares redeemed					(6,124,482	)					(5,983,566	)
Net increase (decrease)					3,431,200						(2,099,223	)
Aggressive Allocation
Shares sold					2,138,220						6,233,287
Shares reinvested					3,947,279						1,382,510
Shares redeemed					(5,065,859	)					(11,235,355	)
Net increase (decrease)					1,019,640						(3,619,558	)
Conservative Allocation I
Shares sold		1,051,991						1,302,574
Shares reinvested		307,930						218,686
Shares redeemed		(1,268,188	)					(971,386	)
Net increase		91,733						549,874
Balanced Allocation I
Shares sold		2,931,254						2,004,250
Shares reinvested		1,297,121						1,359,355
Shares redeemed		(2,315,029	)					(2,221,689	)
Net increase		1,913,346						1,141,916

328

	Year Ended 12/31/13						Year Ended 12/31/12
	GS2			GS4			GS2			GS4
Growth Allocation I
Shares sold		2,619,702						968,767
Shares reinvested		769,800						556,094
Shares redeemed		(1,488,489	)					(2,009,594	)
Net increase (decrease)		1,901,013						(484,733	)
Aggressive Allocation I
Shares sold		1,441,037						563,200
Shares reinvested		335,244						206,778
Shares redeemed		(988,775	)					(1,360,178	)
Net increase (decrease)		787,506						(590,200	)
Money Market
Shares sold		105,460,546			4,335,936,657			83,682,824			3,411,426,687
Shares reinvested		38,908			105,203			96,490			73,574
Shares redeemed		(106,106,557	)		(4,204,891,545	)		(93,414,476	)		(3,441,385,827	)
Net increase (decrease)		(607,103	)		131,150,315			(9,635,162	)		(29,885,566	)
Low-Duration Bond
Shares sold		2,410,812			7,197,509			1,736,358			10,131,882
Shares reinvested		320,329			549,518			425,569			818,950
Shares redeemed		(2,259,882	)		(5,397,894	)		(853,542	)		(7,872,202	)
Net increase		471,259			2,349,133			1,308,385			3,078,630
Medium-Duration Bond
Shares sold		3,728,890			5,082,508			3,397,961			4,647,929
Shares reinvested		1,297,479			725,378			2,151,022			1,406,047
Shares redeemed		(6,539,868	)		(6,915,624	)		(2,638,135	)		(8,957,431	)
Net increase (decrease)		(1,513,499	)		(1,107,738	)		2,910,848			(2,903,455	)
Extended-Duration Bond
Shares sold		1,450,978			1,802,684			1,716,122			3,486,474
Shares reinvested		2,566,909			1,075,013			2,028,140			1,132,113
Shares redeemed		(6,720,701	)		(10,234,291	)		(1,682,883	)		(3,286,612	)
Net increase (decrease)		(2,702,814	)		(7,356,594	)		2,061,379			1,331,975
Global Bond
Shares sold					13,971,357						5,063,867
Shares reinvested					931,764						1,042,050
Shares redeemed					(1,865,216	)					(1,155,096	)
Net increase					13,037,905						4,950,821
Defensive Market Strategies
Shares sold		661,878			6,381,892			1,394,675			5,372,393
Shares reinvested		721,331			3,070,861			357,500			1,246,865
Shares redeemed		(1,607,751	)		(4,528,408	)		(1,010,990	)		(527,398	)
Net increase (decrease)		(224,542	)		4,924,345			741,185			6,091,860

329

	Year Ended 12/31/13						Year Ended 12/31/12
	GS2			GS4			GS2			GS4
Equity Index
Shares sold		1,131,793			2,256,224			1,309,015			1,535,150
Shares reinvested		460,083			335,582			400,508			330,280
Shares redeemed		(662,076	)		(1,537,196	)		(674,532	)		(1,761,582	)
Net increase		929,800			1,054,610			1,034,991			103,848
Value Equity
Shares sold		2,595,246			4,377,712			1,248,320			2,949,920
Shares reinvested		2,293,663			2,159,615			919,754			839,556
Shares redeemed		(6,218,683	)		(12,367,991	)		(3,682,506	)		(7,027,650	)
Net decrease		(1,329,774	)		(5,830,664	)		(1,514,432	)		(3,238,174	)
Growth Equity
Shares sold		1,209,794			2,482,933			608,864			2,980,715
Shares reinvested		4,889,718			8,132,474			1,904,890			3,649,389
Shares redeemed		(3,679,257	)		(9,363,004	)		(1,935,265	)		(5,320,301	)
Net increase		2,420,255			1,252,403			578,489			1,309,803
Small Cap Equity
Shares sold		674,645			3,097,274			335,769			1,682,203
Shares reinvested		2,205,035			4,671,768			537,278			1,237,825
Shares redeemed		(1,346,815	)		(4,452,164	)		(866,465	)		(3,478,641	)
Net increase (decrease)		1,532,865			3,316,878			6,582			(558,613	)
International Equity
Shares sold		2,527,358			8,472,335			2,421,769			8,188,523
Shares reinvested		497,233			1,031,763			589,493			1,281,757
Shares redeemed		(6,818,923	)		(22,701,043	)		(1,678,205	)		(5,351,027	)
Net increase (decrease)		(3,794,332	)		(13,196,945	)		1,333,057			4,119,253
Emerging Markets Equity(1)
Shares sold		4,766,135			25,064,445
Shares redeemed		(6,609	)		(17,379	)
Net increase		4,759,526			25,047,066
Inflation Protected Bond
Shares sold					14,472,849						4,566,757
Shares reinvested					256,571						824,710
Shares redeemed					(5,308,242	)					(2,437,517	)
Net increase					9,421,178						2,953,950
Flexible Income(2)
Shares sold					10,983,177
Shares reinvested					102,640
Shares redeemed					(229,568	)
Net increase					10,856,249

330

	Year Ended 12/31/13				Year Ended 12/31/12
	GS2	GS4			GS2	GS4
Real Assets(2)
Shares sold			2,902,856
Shares reinvested			26,318
Shares redeemed			(113,145	)
Net increase			2,816,029
Real Estate Securities
Shares sold			12,984,775				4,786,237
Shares reinvested			3,225,459				246,062
Shares redeemed			(9,162,135	)			(3,358,942	)
Net increase			7,048,099				1,673,357
Global Natural Resources Equity(2)
Shares sold			26,918,280
Shares reinvested			328,917
Shares redeemed			(387,108	)
Net increase			26,860,089

⁽¹⁾Inception date was October 31, 2013

⁽²⁾Inception date was July 1, 2013

7. BANK BORROWINGS

The Board of Trustees approved the renewal of a credit agreement with Bank of America, N.A. dated November 29, 2013 through November 28, 2014. The agreement permits up to $50 million, collectively. Interest is charged to each Fund based on its borrowings at a rate equal to the Bank Prime plus 0.60% or the Wall Street Journal LIBOR One Month Floating Rate plus 1.00%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility at a rate of 0.23% per annum.

The following Funds borrowed for the year ended December 31, 2013. The repayment amount represents principal and accrued interest.

Fund	Loan Date	Loan Amount		Loan Rate			Repayment Date	Repayment Amount
MyDestination 2055	01/18/13	$	250,000		1.021	%	01/22/13	$	250,034
	10/09/13		250,000		1.174	%	10/10/13		250,008
Extended-Duration Bond	06/04/13		1,000,000		1.194	%	06/05/13		1,000,033
	08/09/13		15,000,000		1.185	%	08/12/13		15,001,481

No other Funds borrowed for the year ended December 31, 2013, and there were no outstanding loans at December 31, 2013.

8. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the Funds on the sale of securities in certain countries

331

are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For year ended December 31, 2013, the Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $111,602.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations (including court decisions). Each of the Funds’ federal tax returns for the prior three fiscal years (years ended December 31, 2010 through December 31, 2012) remains subject to examination by the Internal Revenue Service.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the year ended December 31, 2013, were characterized as follows for tax purposes:

Fund		Ordinary Income		Long-Term Capital Gain		Total Distribution
MyDestination 2005	2013	$	1,430,800	$	—	$	1,430,800
	2012		1,578,267		—		1,578,267
MyDestination 2015	2013		11,082,375		507,649		11,590,024
	2012		7,838,073		—		7,838,073
MyDestination 2025	2013		13,816,231		11,772,816		25,589,047
	2012		7,215,597		—		7,215,597
MyDestination 2035	2013		6,111,194		9,769,547		15,880,741
	2012		2,242,099		879,202		3,121,301
MyDestination 2045	2013		4,505,425		12,558,112		17,063,537
	2012		1,379,906		660,432		2,040,338
MyDestination 2055	2013		337,035		689,617		1,026,652
	2012		118,877		—		118,877
Conservative Allocation	2013		4,707,701		17,556,365		22,264,066
	2012		5,840,997		688,186		6,529,183
Balanced Allocation	2013		27,828,660		53,077,462		80,906,122
	2012		25,943,077		13,284,081		39,227,158
Growth Allocation	2013		19,778,720		71,013,455		90,792,175
	2012		12,093,852		5,913,471		18,007,323
Aggressive Allocation	2013		18,059,402		40,374,215		58,433,617
	2012		7,350,220		9,829,880		17,180,100
Conservative Allocation I	2013		2,555,600		476,930		3,032,530
	2012		2,141,071		—		2,141,071
Balanced Allocation I	2013		13,881,599		—		13,881,599
	2012		13,614,253		—		13,614,253
Growth Allocation I	2013		9,414,953		—		9,414,953
	2012		5,883,636		—		5,883,636
Aggressive Allocation I	2013		4,675,371		—		4,675,371
	2012		2,288,303		—		2,288,303
Money Market	2013		228,385		—		228,385
	2012		256,904		—		256,904

332

Fund		Ordinary Income		Long-Term Capital Gain			Total Distribution
Low-Duration Bond	2013	$	10,153,806.00	$	—		$	10,153,806.00
	2012		14,200,533		430,869			14,631,402
Medium-Duration Bond	2013		19,625,346		—			19,625,346
	2012		36,230,589		—			36,230,589
Extended-Duration Bond	2013		16,784,004		15,235,598			32,019,602
	2012		25,350,803		8,562,989			33,913,792
Global Bond	2013		9,497,750		—			9,497,750
	2012		10,523,011		—			10,523,011
Defensive Market Strategies	2013		24,435,473		18,757,192			43,192,665
	2012		14,722,792		2,364,615			17,087,407
Equity Index	2013		6,219,243		4,196,449			10,415,692
	2012		5,289,625		2,667,155			7,956,780
Value Equity	2013		25,431,349		40,067,680			65,499,029
	2012		19,346,383		—			19,346,383
Growth Equity	2013		50,068,100		193,351,088			243,419,188
	2012		2,148,451		95,278,551			97,427,002
Small Cap Equity	2013		39,689,845		66,847,494	��		106,537,339
	2012		3,052,762		22,280,774			25,333,536
International Equity	2013		21,343,925		—			21,343,925
	2012		22,469,818		—			22,469,818
Inflation Protected Bond	2013		2,068,697		682,106			2,750,803
	2012		7,052,735		2,263,673			9,316,408
Flexible Income	2013		1,028,524		—			1,028,524
Real Assets	2013		258,438		—			258,438
Real Estate Securities	2013		10,582,340		19,896,262			30,478,602
	2012		2,553,245		—			2,553,245
Global Natural Resources Equity	2013		3,127,024		—			3,127,024

At December 31, 2013, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Late Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	83,785	$	1,356,949		$	—		$	2,202,178
MyDestination 2015		—		10,218,241			—			35,242,944
MyDestination 2025		78,978		15,609,679			—			53,589,787
MyDestination 2035		68,660		10,599,160			—			38,394,452
MyDestination 2045		60,829		8,242,663			—			28,023,688
MyDestination 2055		5,263		636,071			—			1,036,090
Conservative Allocation		13,257		3,058,599			—			14,498,618
Balanced Allocation		107,105		27,634,774			—			129,598,801
Growth Allocation		197,890		31,187,159			—			113,718,347
Aggressive Allocation		291,461		37,793,564			—			151,067,455
Conservative Allocation I		—		1,154,011			—			(2,728,184	)
Balanced Allocation I		5,275,083		(2,089,258	)		—			(4,171,921	)
Growth Allocation I		1,464,856		7,330,894			—			6,995,407
Aggressive Allocation I		4,390,854		3,534,218			—			6,771,111
Money Market		47,830		—			—			—
Low-Duration Bond		190,509		462,630			—			(5,095,179	)
Medium-Duration Bond		1,121,489		(10,419,386	)		—			(154,153	)
Extended-Duration Bond		154,959		486,133			—			11,717,206
Global Bond		639,097		(7,751,153	)		(69,959	)		9,266,210

333

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Late Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
Defensive Market Strategies	$	1,418,808	$	3,727,575		$	—		$	44,120,637
Equity Index		344,212		1,163,051			—			126,006,448
Value Equity		246,220		14,943,180			—			303,141,063
Growth Equity		4,112,762		18,877,835			—			382,685,592
Small Cap Equity		6,278,462		5,659,213			—			100,925,709
International Equity		1,717,147		(45,022,506	)		—			224,742,189
Emerging Markets Equity		—		42,811			(1,088,983	)		(5,898,907	)
Inflation Protected Bond		30,727		(1,141,069	)		—			(7,718,462	)
Flexible Income		91,204		—			—			517,058
Real Assets		310		315,257			—			(933,274	)
Real Estate Securities		—		258,324			(902,246	)		(8,027,391	)
Global Natural Resources Equity		152,400		—			—			(13,070,671	)

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. Capital loss carryovers and their expiration dates, were as follows as of December 31, 2013:

Expiring December 31,	2017		2018		Unlimited		Total
Balanced Allocation I	$	—	$	2,089,258	$	—	$	2,089,258
Medium-Duration Bond		—		—		10,419,386		10,419,386
Global Bond		7,751,153		—		—		7,751,153
International Equity		45,022,506		—		—		45,022,506
Inflation Protected Bond		—		—		1,141,069		1,141,069

Under the Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. Such losses are presented in the table above under the column heading “Unlimited.” However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term losses as under previous law.

During the year ended December 31, 2013, the following Funds utilized capital loss carryforwards to offset capital gains:

	Carryforward Utilized
MyDestination 2005	$	1,881,232
MyDestination 2015		9,086,079
Conservative Allocation I		2,058,253
Balanced Allocation I		15,326,290
Growth Allocation I		7,761,554
Aggressive Allocation I		7,608,540
Global Bond		2,653,072
Value Equity		91,152,620
International Equity		90,064,756

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For federal income tax purposes, late year loss deferrals, which will reverse in 2014, were as follows as of December 31, 2013:

	Capital		Ordinary Income		Total
Global Bond	$	69,959	$	—	$	69,959
Emerging Markets Equity		—		1,088,983		1,088,983
Real Estate Securities		902,246		—		902,246

At December 31, 2013, the aggregate cost of investment securities for federal income tax purposes (excluding foreign currency, securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having an excess of value over cost and net unrealized depreciation from investments for those securities having an excess of cost over value (based on cost for federal income tax purposes) were as follows:

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2005	$	82,536,368	$	2,202,178		$	4,246,908	$	(2,044,730	)
MyDestination 2015		404,850,373		35,242,944			46,791,497		(11,548,553	)
MyDestination 2025		491,092,361		53,589,787			65,955,731		(12,365,944	)
MyDestination 2035		253,051,178		38,394,452			43,100,470		(4,706,018	)
MyDestination 2045		183,540,135		28,023,688			32,591,732		(4,568,044	)
MyDestination 2055		15,264,377		1,036,090			1,182,185		(146,095	)
Conservative Allocation		304,678,507		14,498,618			19,066,213		(4,567,595	)
Balanced Allocation		1,157,909,487		129,598,801			148,640,164		(19,041,363	)
Growth Allocation		849,250,331		113,718,347			126,378,074		(12,659,727	)
Aggressive Allocation		727,430,531		151,067,455			153,248,924		(2,181,469	)
Conservative Allocation I		86,255,258		(2,728,184	)		1,981,011		(4,709,195	)
Balanced Allocation I		391,078,265		(4,171,921	)		33,956,989		(38,128,910	)
Growth Allocation I		263,698,821		6,995,407			29,745,586		(22,750,179	)
Aggressive Allocation I		181,843,594		6,771,111			19,764,817		(12,993,706	)
Money Market		1,368,841,770		—			—		—
Low-Duration Bond		958,827,095		(3,461,607	)		4,693,553		(8,155,160	)
Medium-Duration Bond		957,317,733		105,716			19,392,718		(19,287,002	)
Extended-Duration Bond		286,152,531		11,719,293			18,858,019		(7,138,726	)
Global Bond		424,643,921		9,205,070			14,491,005		(5,285,935	)
Defensive Market Strategies		544,304,079		46,224,769			53,746,210		(7,521,441	)
Equity Index		254,797,719		126,006,448			136,148,274		(10,141,826	)
Value Equity		1,146,027,934		303,141,063			349,488,855		(46,347,792	)
Growth Equity		1,188,976,548		382,685,592			397,071,101		(14,385,509	)
Small Cap Equity		630,223,255		100,923,238			112,365,530		(11,442,292	)
International Equity		1,320,249,884		236,062,176			299,051,161		(62,988,985	)
Emerging Markets Equity		310,508,335		(6,131,451	)		7,006,095		(13,137,546	)
Inflation Protected Bond		282,552,585		(7,672,098	)		571,457		(8,243,555	)
Flexible Income		107,053,439		517,058			747,683		(230,625	)
Real Assets		28,510,729		(933,274	)		23,030		(956,304	)
Real Estate Securities		265,822,561		(8,023,627	)		3,985,185		(12,008,812	)��
Global Natural Resources Equity		329,679,109		(13,070,871	)		7,919,500		(20,990,371	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and investments in PFIC’s.

At December 31, 2013, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses.

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The following amounts were reclassified within the capital accounts:

Fund	Paid in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain (Loss) on Investments, Currency  Translations and Derivative Transactions
MyDestination 2005	$	—	$	675,232	$	(675,232)
MyDestination 2015		—		5,343,266		(5,343,266)
MyDestination 2025		—		7,410,221		(7,410,221)
MyDestination 2035		—		3,276,328		(3,276,328)
MyDestination 2045		—		2,620,682		(2,620,682)
MyDestination 2055		(364)		204,135		(203,771)
Conservative Allocation		—		1,853,778		(1,853,778)
Balanced Allocation		—		11,269,401		(11,269,401)
Growth Allocation		—		9,189,205		(9,189,205)
Aggressive Allocation		—		10,702,757		(10,702,757)
Conservative Allocation I		—		590,161		(590,161)
Balanced Allocation I		—		4,488,148		(4,488,148)
Growth Allocation I		—		3,990,638		(3,990,638)
Aggressive Allocation I		—		3,766,916		(3,766,916)
Low-Duration Bond		—		(230,981)		230,981
Medium-Duration Bond		—		1,102,045		(1,102,045)
Extended-Duration Bond		—		731,583		(731,583)
Global Bond		—		(2,278,226)		2,278,226
Defensive Market Strategies		(252)		310,715		(310,463)
Equity Index		—		887		(887)
Value Equity		—		2,105		(2,105)
Growth Equity		—		2,467,471		(2,467,471)
Small Cap Equity		—		746,938		(746,938)
International Equity		—		(3,189,961)		3,189,961
Emerging Markets Equity		(254,800)		(989,047)		1,243,847
Inflation Protected Bond		—		4,093		(4,093)
Flexible Income		(1,000)		5,324		(4,324)
Real Assets		(1,257)		151,335		(150,078)
Real Estate Securities		—		206,469		(206,469)
Global Natural Resources Equity		(1,000)		538,812		(537,812)

Net investment income, net realized gain (loss) on investments and net assets were not affected by these reclassifications.

9. MARKET AND CREDIT RISK

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (market risk) or due to the failure of the other party to a transaction to perform (credit and counterparty risks).

Market Risks — A Fund’s investments in derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income’s market price to interest rate (i.e. yield) movements.

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If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

The market values of equities, such as common stocks and preferred stocks, or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Market values may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

A Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks — A Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. A Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Financial assets, which potentially expose a Fund to counterparty risk, consist principally of cash due from counterparties and investments. The investment advisers minimize counterparty risks to the Funds by performing extensive reviews of each counterparty and obtaining approval from the Counterparty Risk Committee prior to entering into transactions with a third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

10. OUT OF PERIOD ADJUSTMENT

The Statement of Operations contains an out of period adjustment to Investment Income. GuideStone Capital Management was notified of a clerical error by a third party service provider in certain Select Funds that are identified in the table below. The

337

adjustment includes amounts due to the Funds from the years 2004 to 2013. This resulted in an understatement of Total Investment Income on the Statement of Operations for each year. As management believes that this error was not material to prior years’ financial statements and that the impact of recording the error in the current year is not material to the Funds’ financial statements, the Funds recorded the cumulative adjustment in the current year.

	Payment Amount
Money Market	$	36,613
Low-Duration Bond		199,296
Medium-Duration Bond		348,413
Extended-Duration Bond		156,881
Global Bond		52,815
Defensive Market Strategies		31,058
Equity Index		67,963
Value Equity		269,107
Growth Equity		333,638
Small Cap Equity		393,800
International Equity		387,891
Emerging Markets Equity		1,189
Inflation Protected Bond		31,810
Real Estate Securities		62,221
Global Natural Resources Equity		6,927

11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date that the financial statements were available to be issued. Except as described in Note 10, above, all subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

338

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and

Shareholders of GuideStone Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of MyDestination 2005 Fund, MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund, MyDestination 2055 Fund, Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I, Aggressive Allocation Fund I, Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund, Global Bond Fund, Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, Real Assets Fund, Flexible Income Fund, and Global Natural Resources Equity Fund (constituting GuideStone Funds, hereafter referred to as the “Trust”) at December 31, 2013, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian, brokers and transfer agent of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 1, 2014

339

NOTICE TO SHAREHOLDERS (Unaudited)

Each Fund is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise its shareholders of the federal tax status of distributions received by each Fund’s shareholders. During the year ended December 31, 2013, the Funds hereby designate the following dividends and distributions paid by each of the Funds:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
MyDestination 2005	$	1,430,800	$	—	$	—
MyDestination 2015		11,082,375		507,649		—
MyDestination 2025		13,816,231		11,772,816		—
MyDestination 2035		6,111,194		9,769,547		—
MyDestination 2045		4,505,425		12,558,112		—
MyDestination 2055		337,035		689,617		—
Conservative Allocation		4,707,701		17,556,365		—
Balanced Allocation		27,828,660		53,077,462		—
Growth Allocation		19,778,720		71,013,455		—
Aggressive Allocation		18,059,402		40,374,215		—
Conservative Allocation I		2,555,600		476,930		—
Balanced Allocation I		13,881,599		—		—
Growth Allocation I		9,414,953		—		—
Aggressive Allocation I		4,675,371		—		—
Money Market		228,385		—		—
Low-Duration Bond		10,153,806		—		—
Medium-Duration Bond		19,625,346		—		—
Extended-Duration Bond		16,784,004		15,235,598		—
Global Bond		9,497,750		—		—
Defensive Market Strategies		24,435,473		18,757,192		—
Equity Index		6,219,243		4,196,449		—
Value Equity		25,431,349		40,067,680		—
Growth Equity		50,068,100		193,351,088		—
Small Cap Equity		39,689,845		66,847,494		—
International Equity		21,343,925		—		—
Inflation Protected Bond		2,068,697		682,106		—
Flexible Income		1,028,524		—		—
Real Assets		258,438		—		—
Real Estate Securities		10,582,340		19,896,262		—
Global Natural Resources Equity		3,127,024		—		—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes. Long-term capital gain distributions are taxable as capital gain dividends.

340

NOTICE TO SHAREHOLDERS (Continued)

The following percentages of ordinary income dividends paid for the year ended December 31, 2013, have been designated as qualified for the reduced tax rate under The Job and Growth Tax Relief Reconciliation Act of 2003.

Fund
MyDestination 2005	21.16	%
MyDestination 2015	21.52	%
MyDestination 2025	25.03	%
MyDestination 2035	32.94	%
MyDestination 2045	34.74	%
MyDestination 2055	32.78	%
Conservative Allocation	17.60	%
Balanced Allocation	22.05	%
Growth Allocation	33.18	%
Aggressive Allocation	44.36	%
Conservative Allocation I	12.96	%
Balanced Allocation I	22.14	%
Growth Allocation I	36.29	%
Aggressive Allocation I	68.25	%
Defensive Market Strategies	25.60	%
Equity Index	77.94	%
Value Equity	88.35	%
Growth Equity	17.22	%
Small Cap Equity	5.55	%
International Equity	100.00	%
Real Assets	7.89	%
Real Estate Securities	4.81	%
Global Natural Resources Equity	32.93	%

All above designations are based on financial information available as of the date of this annual report, and accordingly, are subject to change. It is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

341

FUND MANAGEMENT (Unaudited)

Information pertaining to the Trustees and officers of the Trust is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling 1-888-98-GUIDE (1-888-984-8433).

Name, (DOB), Address and Position(s) with Trust	Term of Office     and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of   Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee
INDEPENDENT TRUSTEES
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	31	Ouachita Baptist University - Board of Trustees Member
Carson L. Eddy (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	Partner in Charge (Orlando office), Carr, Riggs & Ingram, LLC, 2007 - 2014 – Certified Public Accountants; President, Quantum Consulting Group LLC, 2000 - 2013.	31	N/A
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2004	Chief Credit Officer, CapStone Bank, 2011 - present; Executive Vice President/ Regional Credit Officer, SunTrust Bank, 1995 - 2011.	31	N/A
Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	G400 Field Representative, American Institute of Certified Public Accountants, 2012 - present; Executive Director, Society of Louisiana CPAs, 1995 - 2012.	31	Neighbors Federal Credit Union — Board of Directors Member and Chairman of Audit Committee; Stonetrust Commercial Insurance Company — Board of Directors Member and Member of Audit Committee
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Retired - Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - 2011.	31	N/A
Franklin R. Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Retired - Senior Vice President, Director of International Administration, Prudential Securities, Inc., January 1962 - May 2003.	31	N/A
Kyle Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2013	Vice President and Financial Advisor - CAPTRUST Financial Advisors, 2006 - Present.	31	N/A
INTERESTED TRUSTEES2,3
Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2012	Appraiser, Manager and Owner, Encompass Financial Services, Inc., 1985 – present, President and Owner, Custom Land Management, LLC, 1984 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 – present.	31	GuideStone Financial Resources – Board of Trustees Member, June 2010 – present; Baptist Foundation of Oklahoma, Board of Directors Member and Chairman, 2004 – present; Pioneer Spirit Foundation – Board of Trustees Member, 1993 – present; GuideStone Capital Management, LLC, Board of Directors Member, July 2011 – July 2012
James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2010	Retired	31	GuideStone Financial Resources – Board of Trustees Member, June 2008 – present; GuideStone Advisors – Board of Directors Member, July 2008 – present; GuideStone Financial Services – Board of Directors Member, July 2008 – present

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FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time  Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee
OFFICERS WHO ARE NOT TRUSTEES4
Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Compliance Officer and AML Officer.	Since 2009	Director of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, June 2009 – present; Manager of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, 2008 – May 2009.	N/A	N/A
Jeffrey P. Billinger (1946) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Treasurer	Since 2000	Vice President, Treasurer and Chief Financial Officer, GuideStone Financial Resources, 1995 - present.	N/A	N/A
Rodric E. Cummins (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Investment Officer	Since 2000	Vice President and Chief Investment Officer, GuideStone Financial Resources, 1998 - present.	N/A	N/A
Ronald C. Dugan, Jr. (1962) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Investment Officer	Since 2010	Vice President and Chief Strategic Investment Officer, GuideStone Financial Resources, 2013 - present; Director of Global Investment Strategies, GuideStone Financial Resources, 2010 - 2013; Managing Director, Equities, Russell Investments, 2000 - 2010.	N/A	N/A
John R. Jones (1953) 2401 Cedar Springs Road Dallas, TX 75201-1407 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 - present.	N/A	N/A
Cherika N. Latham(1982) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Legal Officer and Secretary	Since 2013	Assistant Secretary, GuideStone Financial Resources, 2008 - present.	N/A	N/A
Patricia A. Weiland (1959) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President - Fund Operations and Sales	Since 2000	Officer, Financial Solutions and Services, GuideStone Financial Resources, 2006 - January 2014; Director, Mutual Funds, GuideStone Financial Resources, 2000 - 2006.	N/A	N/A

    ¹  Each Independent Trustee serves until his or her resignation, removal or mandatory retirement. Each Interested Trustee serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the board of trustees of GuideStone Financial Resources. All Trustees must retire after reaching the age of seventy-seven years or after achieving ten years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

    ²  The Trust pays no compensation to the Trustees. The Trust reimburses the Trustees for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds.

    ³  Messrs. Evans and Hixson are “interested persons” of the Trust as the term is defined in the Investment Company Act of 1940, due to their positions on the Board of Trustees of GuideStone Financial Resources.

    ⁴  The officers of the Trust may be deemed to be affiliates of the Adviser due to their positions with the Adviser and/or GuideStone Financial Resources.

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PROXY VOTING

A description of the policies and procedures that GuideStone Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how GuideStone Funds voted proxies during the most recent 12-month period ended June 30 is available without charge by calling 1-888-98-GUIDE (1-888-984-8433), by visiting our website at www.GuideStoneFunds.org or by visiting the SEC’s website at www.sec.gov.

FORM N-MFP

Beginning December 2009, the GuideStone Money Market Fund began filing Form N-MFP with the SEC. Form N-MFP is filed on a monthly basis by money market mutual funds and includes detailed information about a money market fund’s investments and the market-based price of its portfolio known as its “shadow NAV” or mark-to-market valuation. The portfolio holdings information is posted on our website, www.GuideStoneFunds.org within five business days after the end of the month. Form N-MFP is made available online with a 60-day delay at www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

In addition to the semi-annual and annual reports that GuideStone Funds delivers to shareholders and makes available through its website, GuideStone Funds files a complete schedule of portfolio holdings with the SEC for each Fund’s first and third fiscal quarters on Form N-Q. GuideStone Funds does not deliver the schedule for the first and third fiscal quarters to shareholders; however, the schedule is posted to our website, www.GuideStoneFunds.org. You may also obtain the Form N-Q filings by accessing the SEC’s website at www.sec.gov or copy them at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) 732-0330. You can also request copies of this information, upon payment of a fee for duplication, at the SEC’s email address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.

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BOARD REVIEW OF THE CONTINUATION OF THE ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited)

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Trustees”), recently considered the renewal of (i) the investment advisory agreement between GuideStone Capital Management (the “Adviser” or “GSCM”) and the Trust on behalf of the Date Target, Asset Allocation and Select Funds (each a “Fund” and together, the “Funds”) (the “Advisory Agreement”); (ii) the sub-advisory agreements among the Adviser, each sub-adviser and the Trust on behalf of each Select Fund; (iii) the sub-advisory agreement among the Adviser, Parametric Portfolio Associates LLC, d/b/a The Clifton Group (“The Clifton Group”) and the Trust on behalf of each Fund participating in the cash overlay program (“Cash Overlay Program”); (iv) the sub-advisory agreements for AQR Capital Management, LLC (“AQR”) (emerging markets mandate), Genesis Asset Managers, LLP (“GAM”) and The Clifton Group (Canadian mandate) on behalf of the International Equity Fund for a period not to exceed December 1, 2013; and (v) the amended sub-advisory fee schedule for RS Investment Management Co. LLC (“RS Investments”) on behalf of the Global Natural Resources Equity Fund (Items ii, iii, iv and v referred to collectively as the “Sub-Advisory Agreements”). The Advisory Agreement and the Sub-Advisory Agreements presented for renewal (collectively, the “Agreements”) were approved for an additional one-year term, except as noted, at a meeting of the Board held on September 12-13, 2013. The Board’s decision to approve the Agreements reflects the exercise of its business judgment to continue each existing arrangement. In approving the Agreements, the Board considered information provided by the Adviser, each applicable sub-adviser and a consulting firm engaged by the Adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust. Because each was approved for an initial two-year term at a meeting of the Board held on February 28-March 1, 2013 (as discussed below), the following agreements were not subject to annual renewal at the September 12-13, 2013 Board meeting: (i) the advisory or any sub-advisory agreements for the Real Assets Fund, Flexible Income Fund, Global Natural Resources Equity Fund or Emerging Markets Equity Fund; and (ii) the sub-advisory agreements for the Growth Equity Fund with Brown Advisory, LLC and the Small Cap Equity Fund with RBC Global Asset Management (U.S.) Inc.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to continue the Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser or sub-adviser; (ii) the experience and expertise of the Adviser or sub-adviser; (iii) the financial capabilities of the Adviser or sub-adviser; (iv) the compliance procedures and history of the Adviser or sub-adviser; (v) the performance of the Fund or portfolio account in comparison to relevant benchmarks, similarly managed funds and the Adviser’s or sub-adviser’s other clients; (vi) the costs of the services to be provided by the Adviser or sub-adviser; (vii) the amount of the contractual advisory fee in comparison to similarly managed funds and the Adviser’s or sub-adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangements; (viii) the total expenses of the Fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (ix) the profitability of the Adviser or sub-adviser with respect to the Fund or portfolio account and its overall business as well as the effect of fee waivers and expense caps on profitability; (x) the extent of any economies of scale and whether the fee structure reflects such economies of scale through breakpoints; (xi) the existence of any collateral benefits realized by the Adviser and sub-advisers, such as affiliated brokerage arrangements or the use of soft dollars; and (xii) the existence of any collateral benefits realized by the Fund resulting from its relationship with the Adviser and sub-advisers. In its decision to renew the Agreements, the Board was also mindful of the potential disruptions of the Trust’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an Agreement. The Board also evaluated whether the approval of an Agreement is in the best interests of each Fund and its shareholders. No one factor was determinative in the Board’s consideration of the Agreements.

The Board undertook a review of the terms of the Agreements and the nature, extent and quality of the services provided by the Adviser and each applicable sub-adviser. The Board conducted its analysis on a Fund-by-Fund basis with respect to the Adviser and each applicable sub-adviser. The Adviser provided the Board with substantial detailed information in the form of reports about each Date Target Fund, Asset Allocation Fund, Select Fund, applicable sub-advisory firm and the Adviser prior to and during the meeting, which addressed the factors listed previously. The Adviser also provided additional information about the

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Adviser and each sub-adviser in presentations made during the meeting and responded to questions from the Trustees. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the continuation of the Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

BOARD APPROVAL OF CONTINUATION OF ADVISORY AGREEMENT WITH GSCM

In considering the renewal of the existing Advisory Agreement with GSCM, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the comprehensive discussions during the meeting, including the discussions between the Independent Trustees and their independent legal counsel during the executive session. More specifically, the Board examined the nature, extent and quality of the services to be provided by the Adviser to the Funds. The Board evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of each Fund’s assets among the sub-advisers and continually reviewing the investment performance of each Fund, the nature and quality of the services provided by each sub-adviser for that Fund, and recommending changes to the sub-advisers as and when appropriate. The Board considered the experience of key personnel at the Adviser in providing investment management and administrative services and the systems used by such persons and the ability of the Adviser to attract and retain capable personnel. The Board considered the reputation, compliance history, compliance program and financial condition of the Adviser. The Board also considered the terms of the advisory and sub-advisory agreements and the responsibilities that the Adviser has as investment adviser to the Funds, including oversight of sub-adviser compliance with each Fund’s policies and objectives, oversight of general Fund compliance, including compliance with social restrictions and the implementation of Board directives as they relate to the Funds. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of these services as a result of the Adviser’s experience, personnel, operations and resources. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

The Board also reviewed a memorandum prepared by a consulting firm engaged by the Adviser for, among other things, supplying research on expense comparisons and investment performance of other similar funds. The memorandum compared each Date Target, Asset Allocation and Select Fund with other funds having the same investment style or objective, and compared the share class of each Fund with other funds in the same distribution channel. The Board analyzed the comparative expense information for each Fund and the performance information for each Select Fund in the memorandum, including comparative expense information for each Fund based on a sampling of funds similar in asset size. The Board considered the comparative fee and expense information that had been provided in its evaluation of the management fees charged to each Fund.

The Board examined fee and expense information for the Select Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the GS4 Class as of June 30, 2013. The Board determined that the management fees (combined advisory and sub-advisory fees) net of any fee waiver or expense reimbursement, for each Select Fund were the same as, or lower, than the median management fees for other mutual funds in the Fund’s asset-stratified peer group, except for the Medium-Duration Bond, Defensive Market Strategies, Equity Index, Value Equity, Growth Equity, Small Cap Equity and International Equity Funds. The Board took into account that the management fees, net of any fee waiver or expense reimbursement, for the Low-Duration Bond, Extended-Duration Bond, Global Bond and Real Estate Securities Funds ranked in the second quartile, and the Money Market and Inflation Protected Bond Funds ranked in the first quartile among similar funds at similar asset levels. The Board also considered that the management fees, net of any fee waiver or expense reimbursement, for the Medium-Duration Bond, Defensive Market Strategies, Equity Index and Value Equity Funds ranked in the third quartile; and the Growth Equity, Small Cap Equity and International Equity Funds ranked in the fourth quartile, among similar funds at similar asset levels. The Board also evaluated the total expense ratios for other funds in the Funds’ asset-stratified peer groups and determined that each Fund’s total expense ratio, with the exception of the Money Market, Defensive Market Strategies and International Equity Funds, was lower than the median total expense ratio for such other funds. The Board took into account that the total expense ratio for the International Equity Fund ranked in the third quartile; and the Money Market and Defensive Market Strategies Funds ranked in the fourth quartile, among similar funds at similar asset levels.

The Board also examined fee and expense information for the Select Funds, as compared to other funds in the peer groups for the GS2 Class as of June 30, 2013. The Board determined that the management fees, net of any fee waiver or expense

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reimbursement, for each Select Fund were the same as, or lower than, the median management fees for other mutual funds in each Fund’s broad peer group, except for the Money Market, Defensive Market Strategies, Equity Index, Growth Equity, Small Cap Equity and International Equity Funds. The Board noted that the management fees, net of any fee waiver or expense reimbursement, for the Low-Duration Bond, Extended-Duration Bond and Value Equity Funds ranked in the second quartile; the Money Market, Medium-Duration Bond and Equity Index Funds ranked in the third quartile; and the Defensive Market Strategies, Growth Equity, Small Cap Equity and International Equity Funds ranked in the fourth quartile. The Board also evaluated the total expense ratios for other funds in each Fund’s broad peer group and determined that each Fund’s total expense ratio was the same as, or lower than, the median total expense ratio for such other funds, except for the Money Market, Defensive Market Strategies, Equity Index, Growth Equity, Small Cap Equity and International Equity Funds. The Board took into account that the total expense ratios for the Money Market, Equity Index, Growth Equity, Small Cap Equity and International Equity Funds ranked in the third quartile and the Defensive Market Strategies Fund ranked in the fourth quartile.

The Board also examined fee and expense information for the Date Target Funds and the Asset Allocation Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the GS4 Class of the Date Target Funds and the GS2 and GS4 Classes of the Asset Allocation Funds as of June 30, 2013. The Board determined that the management fees, net of any fee waiver or expense reimbursement, for each Date Target Fund were lower than the median management fees for other mutual funds in each Fund’s asset-stratified peer group and that the total expense ratios for each Date Target Fund were lower than the median total expense ratio (top quartile) for such other funds. For the Asset Allocation Funds, the Board determined that the management fees, net of any fee waiver or expense reimbursement, for each Asset Allocation Fund for both the GS2 and GS4 Classes were higher than the median management fees for other mutual funds in each Fund’s asset-stratified peer group but that the total expense ratios for each Asset Allocation Fund for both the GS2 and GS4 Classes were lower than the median total expense ratio for such other funds.

The Board examined the performance information for the GS4 Class of the Select Funds compared to the relevant benchmark and to Morningstar peer rankings, specifically for the three-, five- and 10-year average annual total returns for the period ended June 30, 2013. Among Morningstar peers, the Board noted that the average annual total returns for the three-, five- and 10-year periods ended June 30, 2013, for the Money Market Fund ranked in the first quartile. For the period ended June 30, 2013, the Board noted that for the three-year average annual total returns the Global Bond, Real Estate Securities, Value Equity, Growth Equity and Small Cap Equity Funds ranked in the first quartile; the Low-Duration Bond, Medium-Duration Bond and Extended-Duration Bond Funds ranked in the second quartile; the Inflation Protected Bond Fund ranked in the third quartile; and the International Equity Fund ranked in the fourth quartile. For the five-year average annual total return for the period ended June 30, 2013, the Board noted that the Medium-Duration Bond, Extended-Duration Bond and Global Bond Funds ranked in the first quartile; the Low-Duration Bond, Real Estate Securities, Value Equity, Growth Equity and Small Cap Equity Funds ranked in the second quartile; and the International Equity Fund ranked in the third quartile. For the 10-year average annual total return period ended June 30, 2013, the Board noted that the Medium-Duration Bond and Extended-Duration Bond Funds ranked in the first quartile; the Low-Duration Bond, Value Equity and International Equity Funds ranked in the second quartile; and the Growth Equity and Small Cap Equity Funds ranked in the third quartile. The Board recognized the inception dates of the Inflation Protected Bond Fund (2009), Global Bond Fund (2006), Defensive Market Strategies Fund (2011) and Real Estate Securities Fund (2006), and noted that the 10-year average annual total return information for the Global Bond and Real Estate Securities Funds and the five- and 10-year average annual total return information for the Inflation Protected Bond and Defensive Market Strategies Funds was not available.

The Board then examined the performance information presented in the relevant meeting materials for the GS4 Class of each Asset Allocation Fund compared to the relevant benchmark and to Lipper peer rankings for the three-, five- and 10-year periods ended June 30, 2013, and for the Date Target Funds for the three- and five-year periods ended June 30, 2013. Among Lipper peers, the Board noted that the Conservative Allocation Fund ranked in the fourth quartile for the three- and 10-year periods and the third quartile for the five-year period ended June 30, 2013; the Balanced Allocation Fund ranked in the second quartile for the five- and 10-year periods and the third quartile for the three-year period ended June 30, 2013; the Growth Allocation Fund ranked in the second quartile for the three-, five- and 10-year periods ended June 30, 2013; and the Aggressive Allocation Fund ranked in the first quartile for the three-year period, and the third quartile for the five- and ten-year periods ended June 30, 2013.

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The Board also noted that the MyDestination 2015, 2025, 2035 and 2045 Funds each ranked in the first quartile among Lipper peers for the three-year period ended June 30, 2013; and the MyDestination 2005 Fund ranked in the third quartile among Lipper peers for the same period. Among Lipper peers for the five-year period ended June 30, 2013, the Board noted that the MyDestination 2015 and 2025 Funds each ranked in the first quartile among Lipper peers for the five-year period ended June 30, 2013; and the MyDestination 2005, 2035 and 2045 Funds each ranked in the second quartile among Lipper peers for the same period.

The Board considered the costs to GSCM of serving as the Adviser to the Funds, including the costs associated with the personnel, systems and equipment necessary to manage the Funds in accordance with the existing Advisory Agreement. The Board considered the anticipated revenues that GSCM expected to receive for serving as the Adviser to the Funds, the fact that any profit realized by the Adviser is forwarded to its affiliate, GuideStone Financial Resources, which for many years had operated at a deficit with respect to the Trust. The Board also considered the profitability estimates for the Adviser, first without taking into account sub-advisory fees, and second, taking into account sub-advisory fees. The Board then considered whether any direct or indirect collateral benefits inured to either the Adviser or the Trust as a result of their affiliation with one another. In light of these considerations, the Board concluded that any profits realized in connection with the Adviser’s services appeared reasonable.

The Board considered the extent to which the advisory fee to be paid to the Adviser reflected economies of scale. The Board noted that all of the Funds are subject to an expense cap and considered the amount of any fees waived by the Adviser for each Fund and the total amount of fees waived for the Trust as a whole during the past year. The Board also noted that the total expense ratios net of any fee waiver and expense reimbursement were below the median total expense ratio for other similar funds at the same asset levels for the GS4 Class, except for the Money Market, Defensive Market Strategies and International Equity Funds. Based on their review, the Board concluded that each Fund’s advisory fee was reasonable.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board concluded that the fee paid to the Adviser by each Fund was reasonable, and in the exercise of its business judgment, determined to approve the continuation of the Advisory Agreement for each Fund. The Board also determined that approval of the continuation of each Advisory Agreement is in the best interests of each Fund and its shareholders.

BOARD APPROVAL OF CONTINUATION OF SUB-ADVISORY AGREEMENTS FOR THE SELECT FUNDS AND THE FUNDS PARTICIPATING IN THE CASH OVERLAY PROGRAM

In considering the existing Sub-Advisory Agreements with each of the applicable sub-advisers, the Board took into account the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive sessions with their independent legal counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to the Trust’s sub-advisers, questions submitted by the Committee to Trust management regarding various sub-advisers, Trust management’s responses to those questions and recommendations made by the Committee. More specifically, the Board examined the nature, extent and quality of the services to be provided by the sub-advisers. The Board evaluated each sub-adviser’s experience in serving as a sub-adviser to a Fund. The Board noted that each sub-adviser currently provides investment advice to various clients, including, in some cases, other pooled investment vehicles. The Board noted the experience of key personnel at each sub-adviser in providing investment management services and the systems used by such persons and the ability of each sub-adviser to attract and retain capable personnel. The Board noted the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also noted the terms of the existing Sub-Advisory Agreements and the responsibilities that each sub-adviser has towards a Fund, including the responsibility of the day-to-day management of the investment portfolio of each Fund, compliance with each Fund’s policies and objectives and the implementation of Board directives as they relate to the Funds. The Board also took into account the overall structure of each Fund and the particular role each sub-adviser plays in that structure and in achieving each Fund’s overall investment objective. The Board also noted that market conditions presented challenges for certain active management strategies during recent periods. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

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The Board examined performance information for each segment of a Fund managed by a sub-adviser. The Board noted that, for many of the sub-advisers, the performance record of the segment of the Fund managed by the sub-adviser compared favorably to the relevant benchmark, the composite performance for the sub-adviser’s clients (on a gross fee basis) and the peer universe of similarly managed funds for the period of time the sub-adviser performed advisory services on behalf of the Fund. In cases where the sub-adviser’s performance lagged behind the relevant benchmark, the Board also considered more recent investment performance, performance measured against other relevant benchmarks or how the sub-adviser’s strategy deviated from the composition of the benchmark, any recent reductions in the sub-advisory fee, and the role each sub-adviser plays in that structure and in achieving each Fund’s overall investment objective.

The Board also noted that, in certain cases, market trends due to the economic downturn have contributed to the underperformance of certain sub-advisers. The Board concluded that, although past performance is no guarantee of future performance, the performance of each Fund was satisfactory and the Funds were likely to benefit from each sub-adviser continuing to serve as a sub-adviser to the Trust’s Funds.

The Board also examined the fee schedule for each sub-adviser, noting how the fee levels charged to the Trust compared with available information about fees charged by the sub-advisers to their other similarly situated clients, which in many cases include separately managed accounts, as well as how the sub-adviser fee levels for each Select Fund compared to the median sub-advisory fee for the peer universe of similarly managed funds.

The Board also took into account the profitability and the financial capability of each sub-adviser in light of information presented at the meeting. In light of these considerations, the Board concluded that the profits realized by each sub-adviser who completed a profitability questionnaire appeared reasonable. For those sub-advisers that did not provide profitability information, the Board relied upon other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees and the sub-adviser’s performance history. The Board noted that, based on the Adviser’s representations, the financial statements of the sub-advisers did not appear to raise any significant concerns regarding the financial capability of those sub-advisers. The Board also considered the Adviser’s representations in the materials prepared for the meeting that to its knowledge no sub-adviser experienced any material change in its financial condition since the date of its most recent audited financial statements, and took into account the Adviser’s representation that it would continue to monitor the financial condition of each sub-adviser.

The Board considered the extent to which sub-adviser fees to be paid to each sub-adviser reflected economies of scale. The Board noted that each sub-adviser’s fee schedule either reflected economies of scale by reducing the fee on assets in excess of certain stated breakpoints or the fee level negotiated was below or on par with the standard fee level for the sub-adviser.

In evaluating the benefits that are expected to accrue to each sub-adviser through its relationship as sub-adviser to a Select Fund, the Board noted that certain sub-advisers allocate portfolio brokerage to affiliated broker-dealers that receive commissions from the execution of Fund trades. The Board also noted that certain sub-advisers expect to benefit from “soft dollar” arrangements by which brokers will provide research and other services to the sub-adviser in exchange for commissions on trades of the portfolio securities of the Select Fund. The Board considered whether any direct or indirect collateral benefits inured to the Trust as a result of its affiliation with each sub-adviser.

With respect to the conditional sub-advisory agreement extensions for AQR, GAM and The Clifton Group, the Board noted that the terminations of these sub-advisers were necessary in order to effectuate the restructuring of the International Equity Fund and the launch of the Emerging Markets Equity Fund. The Board noted that because the restructuring of the International Equity Fund was not scheduled to occur until after the expiration of the current sub-advisory agreements with AQR, GAM and The Clifton Group, the Board approved the continuance of the sub-advisory agreements for AQR (with respect to the emerging markets mandate only), GAM and The Clifton Group (with respect to the Canadian mandate only) for a limited period not to exceed December 1, 2013 in order to effectuate an orderly transition of assets for those accounts.

With respect to the amended sub-advisory fee schedule for RS Investments on behalf of the Global Natural Resources Equity Fund, the Board noted that the new fee schedule would not change the total fees the Fund would pay to the firm at current and anticipated asset levels, but rather would modify the tier levels previously approved by the Board and provide for a fourth tier level. The Board noted that RS Investments would likely not offer the Fund enough additional capacity to reach these higher tier breakpoints and therefore, the Fund will likely not be able to take advantage of these fee reductions in the future.

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Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the continuation of each Sub-Advisory Agreement. The Board also determined that approval of the continuation of each Sub-Advisory Agreement is in the best interest of each Select Fund and each Fund participating in the Cash Overlay Program and their respective shareholders.

BOARD REVIEW OF NEW INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND, FLEXIBLE INCOME FUND, GLOBAL NATURAL RESOURCES EQUITY FUND AND REAL ASSETS FUND AND THE FUNDS PARTICIPATING IN THE CASH OVERLAY

As required by the 1940 Act, the Board, including all of the Independent Trustees, considered the approval of four new Advisory Agreements between the Adviser and the Trust on behalf of the Emerging Markets Equity Fund, Flexible Income Fund, Global Natural Resources Equity Fund and Real Assets Fund (“New Advisory Agreements”), each a new series of the Trust (together, “New Funds”). The Board also considered the approval of the following new sub-advisory agreements related to the four New Funds among: (i) AQR, the Adviser and the Trust on behalf of the Emerging Markets Equity Fund; (ii) GAM, the Adviser and the Trust on behalf of the Emerging Markets Equity Fund; (iii) Shenkman Capital Management, Inc. (“Shenkman”), the Adviser and Trust on behalf of the Flexible Income Fund; (iv) RS Investments, the Adviser and the Trust on behalf of the Global Natural Resources Equity Fund; (v) Van Eck Associates Corporation (“Van Eck”), the Adviser and the Trust on behalf of the Global Natural Resources Equity Fund; and (vi) The Clifton Group, the Adviser and the Trust on behalf of each participating series of the Trust for the purpose of investing in the Cash Overlay Program (collectively referred to hereinafter as the “New Sub-Advisory Agreements”). Each sub-adviser was selected to manage all or a portion of each New Fund’s assets. The Board noted that the investment mandates currently utilized by AQR (emerging markets mandate) and GAM on behalf of the International Equity Fund, another series of the Trust, would be transitioned to the Emerging Markets Equity Fund through the termination and rehiring of each sub-adviser. The Board noted that the Real Assets Fund is a fund-of-funds that achieves its investment objective by allocating a diversified set of real assets strategies among multiple registered investment companies and, therefore, does not participate in sub-advisory engagements under its investment mandate. The Board noted that RS Investments and Van Eck are new sub-advisers to the Trust, while AQR, Genesis and Shenkman are existing sub-advisers to other series of the Trust.

The Board approved each New Advisory and Sub-Advisory Agreement for a two-year term at an in-person meeting of the Board held on February 28-March 1, 2013. The Flexible Income Fund, Global Natural Resources Equity Fund and Real Assets Fund each commenced operations effective July 1, 2013; and the Emerging Markets Equity Fund commenced operations effective October 31, 2013. The Board’s decision to approve the New Advisory Agreements and New Sub-Advisory Agreements on behalf of the New Funds reflects the exercise of its business judgment to enter into such agreements. In approving each New Advisory Agreement and New Sub-Advisory Agreement, the Board considered information provided by the Adviser and each sub-adviser, as applicable, to the New Funds with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve each New Advisory and Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser and each sub-adviser; (ii) the experience and expertise of the Adviser and each sub-adviser; (iii) the financial capability of the Adviser and each sub-adviser; (iv) the compliance procedures and history of the Adviser and each sub-adviser; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the New Funds; (vi) the amount of the contractual advisory and sub-advisory fees in comparison to similarly managed funds and the Adviser’s and each sub-adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangements; (vii) the total expenses for each of the New Funds in comparison to similarly managed funds and the use of any anticipated expense caps; (viii) to the extent available, the anticipated profitability of each sub-adviser with respect to the News Funds and their overall business; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (x) the existence of any collateral benefits to be realized by the Adviser or each sub-adviser; and (xi) the existence of any collateral benefits to be realized by the New Funds. The Board also evaluated whether the approval of the New Advisory Agreements and New Sub-Advisory Agreements were in the best interest of the New Funds and their shareholders. No one factor was determinative in the Board’s consideration of the New Advisory Agreements, and each Board member may have attributed different weights to the factors considered.

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The Board undertook a review of the terms of the New Advisory Agreements and New Sub-Advisory Agreements, the nature and quality of the services to be provided by the Adviser and each sub-adviser. The Adviser provided the Board with substantial detailed information in the form of reports about each of the New Funds, the Adviser and each sub-adviser prior to the meeting which addressed the factors listed previously. The Adviser also provided additional information about the Adviser and each sub-adviser in a presentation made during the meeting, discussed the comprehensive screening process used to recommend each sub-adviser and responded to questions from the Board. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the approval of the New Advisory Agreements and New Sub-Advisory Agreements, as well as the Board’s responsibilities and duties in approving the New Agreements.

BOARD APPROVAL OF NEW INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND, FLEXIBLE INCOME FUND, GLOBAL NATURAL RESOURCES EQUITY FUND AND REAL ASSETS FUND AND THE FUNDS PARTICIPATING IN THE CASH OVERLAY PROGRAM

In considering the approval of each New Advisory Agreement with the Adviser on behalf of the New Funds, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussion the Independent Trustees had during their executive session with their independent legal counsel. More specifically, the Board examined the nature, extent and quality of the services to be provided by the Adviser to the New Funds. The Board evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of existing Fund assets among the underlying Select Funds as well as the Asset Allocation Funds (with respect to the Real Assets Fund). The Board noted the experience of key personnel in providing investment management and administrative services, the systems used by such persons and the Adviser’s ability to attract and retain capable personnel.

The Board noted the reputation, compliance history, compliance program and financial condition of the Adviser. The Board noted the terms of each New Advisory Agreement and the responsibilities that the Adviser has as an investment adviser to the New Funds, including oversight of general Fund compliance, compliance with social restrictions and the implementation of Board directives as they relate to the New Funds. The Board also noted that, except for the identity of the New Funds and their respective management fees, each New Advisory Agreement is identical in all material respects to other advisory agreements entered into by the other series of the Trust. The Board concluded that the New Funds are likely to benefit from the extent and quality of these services as a result of the Adviser’s experience, personnel, operations and resources.

The Board also reviewed a memorandum prepared by a third-party independent consulting firm engaged by the Adviser for, among other things, supplying research on expense comparisons. The Board noted that the aggregate management fees of the New Funds, taking into account the proposed fee cap for each New Fund, were competitive relative to other comparable funds with similar investment objectives and policies. With respect to the Real Assets Fund, the Board also noted that the proposed advisory fee was the same as the fee the Adviser assessed for the Asset Allocation Funds.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve each New Advisory Agreement.

In considering the approval of the New Sub-Advisory Agreements for the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund and the Funds participating in the Cash Overlay Program, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive session with their independent legal counsel. The Board also took into account the Committee’s review of information related to each new sub-advisory arrangement, questions submitted by the Committee to Trust management regarding those sub-advisers, Trust management’s responses to those questions and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management teams at each sub-adviser, the reasonableness of the sub-advisory fees and whether the appointment of each sub-adviser would be in the best interests of the shareholders of the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund and the Funds participating in the Cash Overlay Program. The Board reviewed the above factors in evaluating whether to approve each New Sub-Advisory Agreement and the materials provided to support each factor.

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The Board considered the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also considered the experience of key personnel at each sub-adviser in providing investment management services to the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund and the Funds participating in the Cash Overlay Program; the systems and resources used by such persons to implement and manage the applicable strategy; and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of the New Sub-Advisory Agreements and the responsibilities that each sub-adviser has to each Fund, as applicable, including the responsibility of day-to-day management and compliance with each Fund’s investment objectives and policies and the implementation of Board directives as they relate to the New Funds. The Board concluded that the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund were likely to benefit from the nature, extent and quality of the services with respect to each sub-adviser’s experience, personnel, operations and resources.

With respect to the Emerging Markets Equity Fund, the Board examined the nature, extent and quality of services to be provided by AQR. The Board noted that AQR was currently being utilized in the International Equity Fund, another series of the Trust. The Board noted that the existing International Equity Fund fee schedule for AQR (emerging markets mandate) would apply to the Emerging Markets Equity Fund. The Board also considered the level of the proposed fee as compared to peer universe fee information that was provided.

With respect to the Emerging Markets Equity Fund, the Board examined the nature, extent and quality of services to be provided by GAM. The Board noted that GAM was currently being utilized in the International Equity Fund, another series of the Trust. The Board noted that the existing International Equity Fund fee schedule for GAM would also apply to the Emerging Markets Equity Fund. The Board also considered the level of the proposed fee as compared to peer universe information that was provided and took into account both the performance history of GAM as sub-adviser to the International Equity Fund and the favorable results generated from the back-tested performance, expense and peer information for the Emerging Market Equity Fund’s sub-adviser composite (post restructure) versus the benchmark index (MSCI Emerging Markets Index).

With respect to the Flexible Income Fund, the Board examined the nature, extent and quality of services to be provided by Shenkman. The Board noted Shenkman’s expertise in managing high yield securities. The Board noted that the Shenkman High Yield Bank Loan Investment Strategy is one of the lower risk strategies compared to its peer universe, and took into account Shenkman’s risk adjusted returns in evaluating Shenkman’s performance record for this strategy. The Board acknowledged that the estimated tracking error on the High Yield Bank Loan Investment Strategy would be approximately 200 to 400 basis points, with superior performance expected in stressed markets. The Board noted that while attempts to negotiate fees below the standard fee schedule during the due diligence period were unsuccessful and while the fee schedule does not contain breakpoints, the Adviser indicated to the Board that it believes Shenkman’s fee is reasonable given the quality of the product, the ongoing labor-intensive nature of the strategy and its competitiveness versus peers.

With respect to the Global Natural Resources Equity Fund, the Board examined the nature, extent and quality of the services to be provided by RS Investments. The Board noted that RS Investments Global Natural Resources Strategy would consist of a concentrated portfolio of publicly traded natural resource companies, and would exhibit a high tracking error range of approximately 600 to 1200 basis points. The Board noted that the performance of the strategy since inception has been strong and they specifically noted that the strategy outperformed its benchmark in seven of the past ten years. The Board noted that while attempts to negotiate fees below the standard fee schedule during the due diligence period were unsuccessful, the fee schedule does include several breakpoints. Moreover, the Adviser indicated to the Board that it believes RS Investments’ fee is reasonable given the quality of the product, the labor-intensive nature of this strategy and its competitiveness versus peers.

With respect to the Global Natural Resources Equity Fund, the Board examined the nature, extent and quality of the services to be provided by Van Eck. The Board noted Van Eck’s experience in managing portfolios investing in securities of gold mining companies, and they emphasized that the firm’s leading International Investors Gold Fund has been in operation since 1968. The Board noted that the Van Eck Gold Strategy would exhibit a high tracking error range of 500 to 1500 basis points. The Board noted that Van Eck’s performance history has been strong on an absolute and benchmark-relative basis, emphasized that the strategy has outperformed its benchmark in 10 of the previous 15 years and exceeded the benchmark by nearly 4% on an annualized basis in that same timeframe. The Board noted that the Adviser succeeded in negotiating a fee schedule that resulted

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in nearly a 23% annual savings from the initial fee schedule proposed by Van Eck. The Board highlighted that the Trust will follow a tiered fee schedule, based on the total assets managed by Van Eck, and that fees charged could decline as assets under management grow.

With respect to the New Funds’ participation in the Cash Overlay Program, the Board examined the nature, extent and quality of the services to be provided The Clifton Group in providing cash overlay services. The Board also noted the ability of The Clifton Group to attract and retain capable personnel as well as The Clifton Group’s reputation, compliance history and financial condition. The Board also noted that the contractual arrangements established with The Clifton Group were established at the Trust level and the fees would remain the same as the fees for the other series participating in the Cash Overlay Program.

The Board noted the terms of each New Sub-Advisory Agreement and the responsibilities of each sub-adviser, including oversight of general Fund compliance and compliance with the Trust’s social restrictions. The Board considered the Adviser’s assessment of each sub-adviser’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by each sub-adviser, felt comfortable that each sub-adviser was financially sound.

Based on all the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund were likely to benefit from the nature, extent, and quality of each sub-adviser’s services, as applicable, and the Board determined to approve the New Sub-Advisory Agreements. The Board also determined that approval of the New Sub-Advisory Agreements was in the best interest of the Emerging Markets Equity Fund, Flexible Income Fund and Global Natural Resources Equity Fund and their respective shareholders.

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENT FOR THE EXTENDED-DURATION BOND FUND

As required by the 1940 Act, the Board of the Trust, including all of the Independent Trustees, considered the approval of a new sub-advisory agreement among the Adviser, Schroder Investment Management North America Inc. (“SIMNA”) and the Trust on behalf of the Extended-Duration Bond Fund due to a corporate reorganization of STW Fixed Income Management LLC. The Board approved a new sub-advisory agreement with SIMNA (the “SIMNA Sub-Advisory Agreement”) at an in-person meeting of the Board held on September 12-13, 2013, to be effective upon the completion of the corporate reorganization.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the SIMNA Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the changes, if any, in fees, services or other terms of the SIMNA Sub-Advisory Agreement; (ii) SIMNA’s corporate structure after the transaction causing the transfer of the sub-advisory agreement and any potential effects on the ability of SIMNA to provide services to the Extended-Duration Bond Fund; (iii) any changes to SIMNA’s personnel, systems or policies arising from the transaction; and (iv) any other possible effects of the transaction on the operations of SIMNA or the services it provides to the Extended-Duration Bond Fund.

The Independent Trustees consulted with counsel to the Independent Trustees and Trust counsel to discuss and consider the information presented in connection with the change of control and the approval of the SIMNA Sub-Advisory Agreement, including the Board’s responsibilities and duties in approving the agreement. The Board’s decision to approve the SIMNA Sub-Advisory Agreement reflects the exercise of its business judgment to enter into new or amended sub-advisory arrangements. In approving the SIMNA Sub-Advisory Agreement, the Board considered information provided by the Adviser and the relevant parties to the change of control with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the SIMNA Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of the sub-adviser; (ii) the experience and expertise of the sub-adviser; (iii) the financial capability of the sub-adviser; (iv) the compliance procedures and history of the sub-adviser; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the Extended-Duration Bond Fund; (vi) the costs of the services to be provided by the sub-adviser; (vii) the amount of the contractual sub-advisory fee in comparison to similarly managed funds and any available information for the sub-adviser’s other similarly situated clients and the effect of any fee waiver and expense reimbursement arrangements; (viii) the total expenses of the Extended-Duration Bond Fund in comparison to similarly managed funds and the use of any anticipated expense caps; (ix) to the extent available, the anticipated profitability of the sub-adviser with

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respect to the Extended-Duration Bond Fund and its overall business; (x) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (xi) the existence of any collateral benefits to be realized by the sub-adviser; and (xii) the existence of any collateral benefits to be realized by the Extended-Duration Bond Fund. The Board evaluated the material aspects of the change of control and considered whether the approval of the SIMNA Sub-Advisory Agreement is in the best interests of the Extended-Duration Bond Fund and its shareholders. No one factor was determinative in the Board’s consideration of the SIMNA Sub-Advisory Agreement.

The Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider the information presented in connection with the change of control and the approval of the SIMNA Sub-Advisory Agreement, including the Board’s responsibilities and duties in approving the new agreement.

BOARD APPROVAL OF SIMNA SUB-ADVISORY AGREEMENT FOR THE EXTENDED-DURATION BOND FUND

In considering the approval of the SIMNA Sub-Advisory Agreement, the Board took into account the materials provided prior to (including the materials that the Board had considered at the February 2013 meeting) and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive session with independent legal counsel. The Board also took into account the Committee’s review of information related to the Trust’s new sub-adviser and any recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the SIMNA Sub-Advisory Agreement, the investment management team at SIMNA, the reasonableness of the sub-advisory fees, the material aspects of the change of control and whether the appointment of SIMNA would be in the best interests of the shareholders of the Extended-Duration Bond Fund. The Board reviewed the above factors in evaluating whether to approve the SIMNA Sub-Advisory Agreement and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of SIMNA. The Board also considered the experience of key personnel at SIMNA in providing investment management services to the Extended-Duration Bond Fund, the systems and resources used by such persons to implement and manage the strategy and the ability of the sub-adviser to attract and retain capable personnel. The Board also noted the terms of the SIMNA Sub-Advisory Agreement and the responsibilities that SIMNA has to the Extended-Duration Bond Fund, including the responsibility of day-to-day management and compliance with the Extended-Duration Bond Fund’s investment objective and policies. The Board concluded that the Extended-Duration Bond Fund is likely to benefit from the nature, extent and quality of the services with respect to SIMNA’s experience, personnel, operations and resources.

In considering the approval of the SIMNA Sub-Advisory Agreement, the Board examined the nature, extent and quality of the services to be provided by SIMNA on behalf of the Extended-Duration Bond Fund. The Board noted the terms of the SIMNA Sub-Advisory Agreement and the responsibilities of SIMNA, including oversight of general Fund compliance and compliance with the Trust’s social restrictions. The Board noted that SIMNA has been a sub-adviser to the Extended-Duration Bond Fund since June 2006, and took into account that the SIMNA Sub-Advisory Agreement was identical in all material respects to the prior agreement, including compensation. The Board considered the Adviser’s assessment of SIMNA’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by SIMNA, felt comfortable that SIMNA was financially sound.

Based on all the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the Extended-Duration Bond Fund is likely to benefit from the extent and quality of SIMNA’s services, and the Board determined to approve the SIMNA Sub-Advisory Agreement effective upon the change of control of SIMNA. The Board also determined that approval of the SIMNA Sub-Advisory Agreement is in the best interests of the Extended-Duration Bond Fund and its shareholders.

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR THE REAL ESTATE SECURITIES FUND AND EMERGING MARKETS EQUITY FUND

As required by the 1940 Act, the Board, including all of the Independent Trustees, considered the approval of the following new sub-advisory agreements among: (i) RREEF America L.L.C. (“RREEF America”), Deutsche Investment Australia Limited (“DIAL”), Deutsche Alternative Asset Management (Global) Limited (“DeAAM Global”), the Adviser and the Trust on behalf of

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the Real Estate Securities Fund; (ii) Heitman International Real Estate Securities GmbH (“HIRES GmbH”), the Adviser and the Trust on behalf of the Real Estate Securities Fund; (iii) Heitman International Real Estate Securities HK Limited (“HIRES HK”), the Adviser and the Trust on behalf of the Real Estate Securities Fund; and (iv) GAM and Genesis Investment Management, LLP (“GIM”), the Adviser and the Trust on behalf of the Emerging Markets Equity Fund.

The Board noted the following: (i) RREEF America is an existing sub-adviser to the Trust, while DIAL and DeAAM Global are each new sub-advisers to the Trust and affiliates of RREEF America (together, “RREEF”); (ii) HIRES GmbH and HIRES HK are each new sub-advisers to the Trust and affiliates of Heitman Real Estate Securities, LLC (“HRES”), a previously approved sub-adviser to the Trust; and (iii) GAM is an existing sub-adviser to the Trust, while GIM is a new sub-adviser to the Trust and an affiliate of GAM (together, “Genesis”).

The Board approved the new sub-advisory agreements with RREEF, HIRES GmbH and HIRES HK each for a two-year term at an in-person meeting of the Board held on September 12-13, 2013. The Board approved the new sub-advisory agreement with Genesis for a two-year term at an in-person meeting of the Board held on November 7, 2013 (the new sub-advisory agreements for RREEF, HIRES GmbH, HIRES HK and Genesis are collectively referred to as the “New Sub-Advisory Agreements”).

The Board’s decision to approve the New Sub-Advisory Agreements reflects the exercise of its business judgment to enter into new sub-advisory arrangements. In approving the New Sub-Advisory Agreements, the Board considered information provided by the Adviser and each sub-adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreements for each sub-adviser. The factors considered by the Board included, but were not limited to: (i) the resources of each sub-adviser; (ii) the experience and expertise of each sub-adviser; (iii) the financial capability of each sub-adviser; (iv) the compliance procedures and history of each sub-adviser; (v) the performance of similarly managed funds and accounts in comparison to the relevant benchmarks for each Fund; (vi) the costs of the services to be provided by each sub-adviser; (vii) the amount of the contractual advisory fee in comparison to similarly managed funds and any available information for each sub-adviser’s other similarly situated clients and the effect of any fee waiver and expense reimbursement arrangements; (viii) the total expenses of each Fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (ix) to the extent available, the anticipated profitability of each sub-adviser with respect to each Fund and its overall business; (x) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (xi) the existence of any collateral benefits realized by each sub-adviser; and (xii) the existence of any collateral benefits realized by the Funds. The Board also evaluated whether the approval of the New Sub-Advisory Agreements was in the best interest of each Fund and its shareholders. No one factor was determinative in the Board’s consideration of the New Sub-Advisory agreements, and each Board member may have attributed different weights to the factors considered.

The Board undertook a review of the terms of the New Sub-Advisory Agreements, and the nature, extent and quality of the services to be provided by each sub-adviser. The Adviser provided the Board with information in the form of reports about each sub-adviser prior to the relevant meeting, which addressed the factors listed previously. The Adviser also provided additional information about each sub-adviser in a presentation made during the relevant meeting, discussed the comprehensive screening process used to recommend each sub-adviser and responded to questions from the Board.

The Independent Trustees met separately in executive sessions with counsel to the Independent Trustees to discuss and consider information presented in connection with the approval of the New Sub-Advisory Agreements, including the Board’s responsibilities and duties in approving the New Sub-Advisory Agreements.

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND AND REAL ESTATE SECURITIES FUND

In considering the approval of the New Sub-Advisory Agreements for the Real Estate Securities Fund and the Emerging Markets Equity Fund, the Board took into account the materials provided prior to and during the relevant meeting, the presentations made during the relevant meeting and the extensive discussions during the relevant meeting, including the discussions the Independent Trustees had during their executive sessions with independent legal counsel. The Board also took into account the Committee’s review of information related to each new sub-advisory arrangement and any recommendations made by the Committee. The

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Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management teams at each sub-adviser, the reasonableness of the sub-advisory fees and whether the appointment of each sub-adviser would be in the best interests of the shareholders of the Real Estate Securities Fund and Emerging Markets Equity Fund. The Board reviewed the above factors in evaluating whether to approve the New Sub-Advisory Agreements and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also considered the experience of key personnel at each sub-adviser in providing investment management services to each Fund; the systems and resources used by such persons to implement and manage the applicable strategies; and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of the New Sub-Advisory Agreements and the responsibilities that each sub-adviser has to Real Estate Securities Fund and Emerging Markets Equity Fund, including the responsibility of day-to-day management and compliance with each Fund’s objectives and policies. The Board concluded that the Real Estate Securities Fund and Emerging Markets Equity Fund are likely to benefit from the nature, extent and quality of services with respect to each sub-adviser’s experience, personnel, operations and resources.

With respect to the Real Estate Securities Fund, the Board examined the nature, extent and quality of the services to be provided by RREEF America, DIAL and DeAAM Global. The Board noted that the current RREEF America strategy has outperformed its benchmark, net of fees, for the three-, five- and seven-year and since inception periods ended June 30, 2013. With respect to DIAL and DeAAM Global, related to the RREEF Global Real Estate Securities Strategy, the Board noted that the strategy has outperformed its benchmark, net of fees, for the one-, three- and five-year and since inception periods ended June 30, 2013. The Board further noted that the existing RREEF America fee schedule would also apply to each RREEF America affiliate sub-advising the Real Estate Securities Fund.

With respect to the Real Estate Securities Fund, the Board examined the nature, extent and quality of services to be provided by HIRES GmbH and HIRES HK. The Board noted that the HIRES GmbH and HIRES HK strategy has outperformed its benchmark, net of fees, for the three- and five-year and since inception periods ended June 30, 2013. The Board noted that the approved HRES fee schedule would also apply to each HRES affiliate sub-advising the Real Estate Securities Fund.

With respect to the Emerging Markets Equity Fund, the Board examined the nature, extent and quality of the services to be provided by Genesis. The Board noted that there was no historical performance for GIM. However, with respect to GAM, the Board noted that the strategy has outperformed its benchmark, net of fees, for the one-, three-, five- and seven-year and since inception periods ended June 30, 2013. The Board further noted that the existing GAM fee schedule would be extended to GIM, and there would be no changes to the current portfolio management team.

The Board considered the Adviser’s assessment of each sub-adviser’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by each sub-adviser, felt comfortable that each sub-adviser was financially sound.

The Board considered the Adviser’s assessment of each sub-adviser’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by each sub-adviser, felt comfortable that each sub-adviser was financially sound.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the Real Estate Securities Fund and Emerging Markets Equity Fund are likely to benefit from the extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources and determined to approve the New Sub-Advisory Agreements. The Board also determined that approval of the New Sub-Advisory Agreements was in the best interests of the Real Estate Securities Fund and Emerging Markets Equity Fund and their respective shareholders.

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INVESTMENT SUB-ADVISERS (Assets under management as of December 31, 2013) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.

Fund	Sub-Adviser	Firm Established	Total Assets Managed
Money Market	BlackRock Advisors, LLC	1994		$	4.3Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988		$	4.3Tr
	Pacific Investment Management Company LLC (PIMCO)	1971		$	1.9Tr
	Payden & Rygel	1983		$	82.8B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984		$	807.6B
	Pacific Investment Management Company LLC (PIMCO)	1971		$	1.9Tr
	Western Asset Management Company	1971		$	364.7B
	Western Asset Management Company Limited	1971		$	38.6B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926		$	200.0B
	Schroder Investment Management North America Inc.(1)	1804		$	415.8B
Global Bond	Loomis, Sayles & Company, L.P.	1926		$	200.0B
	Western Asset Management Company	1971		$	364.7B
	Western Asset Management Company Limited	1971		$	38.6B
Defensive Market Strategies	American Century Investment Management, Inc.	1958		$	139B
	AQR Capital Management, LLC	1998		$	98.8B
	Shenkman Capital Management, Inc.	1985		$	24.1B
	Turner Investments, L.P.	1990		$	8.4B
Equity Index	Northern Trust Investments, Inc.	1889		$	751.4B
Value Equity	AJO, LP	1984		$	24.0B
	Barrow, Hanley, Mewhinney & Straus, LLC	1979		$	91.0B
	Northern Trust Investments, Inc.	1889		$	751.4B
	TCW Investment Management Company	1971		$	131.9B
Growth Equity	Brown Advisory, LLC	1993		$	40.3B
	Columbus Circle Investors	1975		$	17.0B
	Marsico Capital Management, LLC	1997		$	17.1B
	Rainier Investment Management, Inc.®	1991		$	10.4B
	Sands Capital Management, LLC	1992		$	42.1B
Small Cap Equity	AJO, LP	1984		$	24.0B
	Columbus Circle Investors	1975		$	17.0B
	RBC Global Asset Management (U.S.) Inc.	1983		$	46.3B
	TimesSquare Capital Management, LLC	2000		$	20.4B
	Western Asset Management Company	1971		$	364.7B
	Western Asset Management Company Limited	1971		$	38.6B
International Equity	AQR Capital Management, LLC	1998		$	98.8B
	Baillie Gifford Overseas Limited	1983		$	174.4B
	Barrow, Hanley, Mewhinney & Strauss	1979		$	91.0B
	MFS Institutional Advisors, Inc.	1970		$	412.2B
	Mondrian Investment Partners Ltd.	1990		$	70.0B
	Philadelphia International Advisors, L.P.	1956		$	2.8B
Emerging Markets Equity	AQR Capital Management, LLC	1998		$	98.8B
	Genesis Asset Managers, LLP and Genesis Investment Management, LLP	1989		$	37.0B
Inflation Protected Bond	BlackRock Financial Management, Inc.	1988		$	4.3Tr
Flexible Income	Shenkman Capital Management, Inc.	1985		$	24.1B
Real Estate Securities	Heitman Real Estate Securities, LLC	1966		$	2.1B
	Heitman International Real Estate Securities GmbH	1966		$	219.4M
	Heitman International Real Estate Securities HK Limited	1966		$	113.6M
	RREEF America L.L.C.	1975		$	32.7B
Global Natural Resources Equity	RS Investment Management Co. LLC	1986		$	27.5B
	Van Eck Associates Corporation	1955		$	31.0B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889		$	5.6Tr
CashOverlayforDateTarget,AssetAllocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC	1992		$	115.7B

⁽¹⁾Assets as of September 30, 2013.

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	2401 Cedar Springs Road, Dallas, TX 75201-1498	Funds distributed by Foreside Funds Distributors LLC
	1-888-98-GUIDE • www.GuideStoneFunds.org	400 Berwyn Park, 899 Cassatt Road, Berwyn, PA 19312
		© 2014 GuideStone Funds   23834   02/14   2233

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Carson L. Eddy is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $601,323 and $731,746 for 2012 and 2013, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $38,977 and $40,146 for 2012 and 2013, respectively. Audit-related fees are related to procedures performed and the issuance of the auditors’ reports in connection with the Funds’ 17F-2 security counts.

Tax Fees

      (c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $102,900 and $126,360 for 2012 and 2013, respectively. Tax fees are related to tax services in connection with Funds’ excise tax calculations and review of the Funds’ applicable tax returns.

All Other Fees

(d)	The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0 for 2012 and 2013, respectively.
(e)(1)	Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

GuideStone

Non-Audit Services Provided to the Company, Advisor, and Others

The Audit Committee shall pre-approve all permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditors, including the fees therefor;

provided, that if the Committee chooses to delegate the authority to grant pre-approvals to one or more Committee members, each acting on behalf of the Committee, then the Committee shall adopt policies and procedures detailed as to the particular service and designed to safeguard the continued independence of the auditors, consistent with the requirements of the Sarbanes-Oxley Act of 2002 (the “S-O Act”) and related SEC regulations, which shall then be used in making such pre-approvals; and,

further provided, that each delegated pre-approval shall be reported to the Committee during its next regularly scheduled meeting.

The pre-approval requirement for a permitted non-audit service may be waived if:

(1) the aggregate amount of all such non-audit services provided constitutes not more than 5% of the total revenues paid by the Company to the Auditors in the fiscal year in which the non-audit services are provided;

(2) such services were not recognized by the Company at the time of the engagement to be non-audit services; and

(3) such services are promptly brought to the attention of, and approved by, the Audit Committee or by a member of the Audit Committee to whom the Committee has delegated the authority to grant such approvals, if any, prior to the Auditors’ completion of the Company’s audit.

Additionally, if the Auditors’ engagement relates directly to the operations and financial reporting of the Company, to the extent required by Rule 2-01 of Regulation S-X, the Audit Committee shall pre-approve their engagements for non-audit services with:

(1) the Advisor (excluding any subadviser whose role is primarily portfolio management and is sub-contracted or overseen by the Advisor), and

(2) any entity controlling, controlled by, or under common control with such Advisor that provides ongoing services to the Company (each, a “Control Entity”)

in accordance with the foregoing paragraph, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditors by the Company, the Advisor and any such Control Entity during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee pursuant to this paragraph (in the absence of this exception). The Auditors may not perform contemporaneously any prohibited non-audit services for the Company, which currently include the following:

1. bookkeeping or other services related to the accounting records or financial statements of the Company;

2. financial information systems design and implementation;

3. appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

4. actuarial services;

5. internal audit outsourcing services;

6. management functions or human resources;

7. broker or dealer, investment adviser, or investment banking services;

8. legal services and expert services unrelated to the audit; and

9. any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

  (e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) N/A

(f)   The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g)   The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 and $0 for 2012 and 2013, respectively.

(h)   The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.   Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

(a)   Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)   Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.   Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the

registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11.   Controls and Procedures.

(a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (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 their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.   Exhibits.

(a)(1)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(12.other)	Not applicable.

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) GuideStone Funds

By (Signature and Title)*	/s/ John R. Jones
	John R. Jones, President
	(principal executive officer)

Date 03/01/2014

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/ John R. Jones
	John R. Jones, President
	(principal executive officer)

Date 03/01/2014

By (Signature and Title)*	/s/ Jeffrey P. Billinger
	Jeffrey P. Billinger, Vice President and Treasurer
	(principal financial officer)

Date 03/01/2014

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