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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10263

  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)

Harold R. Loftin, 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: June 30, 2015

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.

Semi-Annual Report June 30, 2015 (Unaudited) INSTITUTIONAL INVESTOR 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 GIPYX GIPZX Global Bond Fund GGBEX GGBFX Flexible Income Fund GFLZX Defensive Market Strategies Fund GDMYX GDMZX Real Assets Fund GRAZX Equity Index Fund GEQYX GEQZX Real Estate Securities Fund GREYX GREZX Value Equity Fund GVEYX GVEZX Growth Equity Fund GGEYX GGEZX Small Cap Equity Fund GSCYX GSCZX International Equity Index Fund GIIYX International Equity Fund GIEYX GIEZX Emerging Markets Equity Fund GEMYX GEMZX Global Natural Resources Equity Fund GNRZX

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

This notice will provide you with information concerning our policies with respect to non-public 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 non-public personal information about you with regard to your IRA and/or 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 non-public 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 Capital Management, LLC, GuideStone Resource Management, Inc., GuideStone Investment Services, GuideStone Trust Services, GuideStone Financial Services and GuideStone Advisors (collectively “GuideStone”) are affiliates of one another. GuideStone and Foreside Funds Distributors LLC do not sell your personal information to non-affiliated third parties.

We may also disclose any of the personal information that we collect about you to non-affiliated third parties as permitted by law. For example, we may provide your information to non-affiliated 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 non-public 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-GS-FUNDS (1-888-473-8637).

TABLE OF CONTENTS

Letter from the President	2
From the Chief Investment Officer	4
About Your Expenses	6
Abbreviations, Footnotes and Index Definitions	9
Date Target Funds:
MyDestination 2005 Fund	13
MyDestination 2015 Fund	15
MyDestination 2025 Fund	17
MyDestination 2035 Fund	19
MyDestination 2045 Fund	21
MyDestination 2055 Fund	23
Financial Statements	26
Asset Allocation Funds:
Conservative Allocation Fund	34
Balanced Allocation Fund	36
Growth Allocation Fund	38
Aggressive Allocation Fund	40
Financial Statements	42
Conservative Allocation Fund I	47
Balanced Allocation Fund I	49
Growth Allocation Fund I	51
Aggressive Allocation Fund I	52
Financial Statements	54
Money Market and Bond Funds:
Money Market Fund	59
Low-Duration Bond Fund	62
Medium-Duration Bond Fund	77
Extended-Duration Bond Fund	103
Global Bond Fund	108
Financial Statements	122
Equity Funds:
Defensive Market Strategies Fund	132
Equity Index Fund	143
Value Equity Fund	149
Growth Equity Fund	153
Small Cap Equity Fund	156
International Equity Index Fund	163
International Equity Fund	173
Emerging Markets Equity Fund	182
Financial Statements	188
Real Return Funds:
Inflation Protected Bond Fund	200
Flexible Income Fund	203
Real Assets Fund	209
Real Estate Securities Fund	210
Global Natural Resources Equity Fund	214
Financial Statements	216
Notes to Financial Statements	224
Fund Management	295
Board Review of Advisory Agreements	298

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. 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. 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 2015 GuideStone Funds Semi-Annual Report. This report reflects our unwavering commitment to integrity in financial reporting so you may stay fully informed of your investments. We trust that you will find this information valuable when making investment decisions.

For the fourth consecutive year, GuideStone Funds was recognized by the Lipper Fund Awards. Ranking No. 1 out of 44 eligible funds, the Extended-Duration Bond Fund was recognized again as the Best Fund Over 3 Years and, ranking No. 1 out of 41 eligible funds, as the Best Fund Over 5 Years in the Corporate Debt A-Rated Funds category for the Fund’s performance ending November 30, 2014.

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

GuideStone Funds restructures fees. In May, we launched a restructuring of our fees to help simplify and clarify the fee structure of our funds. This resulted in an overall fee reduction in several funds, including the MyDestination Funds^® family.

Institutional Class shares for Inflation Protected Bond, Global Bond and Real Estate Securities Funds launched May 1.

As part of our ongoing commitment to maximize the benefit for our shareholders and maintain consistency with industry practices, GuideStone Funds launched Institutional Class shares in these three Funds. Shareholders who are eligible for Institutional Class shares can now purchase shares of these three Funds at a reduced fee structure. If you are an Institutional Class shareholder who holds Investor Class shares of any of these Funds, please contact GuideStone Funds regarding these Institutional Class offerings.

International Equity Index Fund launched June 1. Available to those investors eligible for the Institutional share class, the International Equity Index Fund, under normal market conditions, will invest substantially all (at least 80%) of its total assets in the equity securities included in the MSCI EAFE Index in weightings that approximate the relative composition of the securities contained in the MSCI EAFE Index, within the guidelines established by GuideStone Funds. This Fund is passively managed, which means it will buy and hold securities until changes are made in the holdings of the MSCI EAFE Index. The 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.

We invite you to learn more about the continued success of GuideStone Funds and the various investment options available by visiting our website, GuideStoneFunds.com, or contacting us at 1-888-GS-FUNDS (1-888-473-8637). Thank you for choosing to invest in GuideStone Funds.

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 more than 213,000 share classes and more than 117,000 funds in more than 61 registered for sale (RFS) universes. It provides the free Lipper Leader ratings for mutual funds registered for sale in more than 30 countries. Lipper Fund Awards are based on Lipper Ratings for Consistent Return (Effective Return), which reflect a fund’s historical risk-adjusted total returns relative to funds in the same Lipper Global Classification. 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 10 years. The Institutional Class of the GuideStone Extended Duration Bond Fund won the 2014 Lipper Funds Awards for 3-year and 5-year periods in the Corporate Debt A-Rated category. Additional information is available at lipperweb.com.

3

FROM THE CHIEF INVESTMENT OFFICER

Matt L. Peden, CFA

Amid the zero interest rate policy environment, the U.S. posted negative economic growth as measured by Gross Domestic Product (“GDP”) in the first quarter of the year, but many rationalized this was temporary for several reasons including a very harsh winter on the east coast and port strikes on the west coast. Reports of U.S. economic growth were better in the second quarter as consumer spending, housing and employment gains all improved. Economists are projecting moderate, positive economic growth in the U.S. for the remainder of the year.

In the midst of this improving economic backdrop, the capital markets continued to anticipate that the Federal Reserve (“Fed”) would implement its first rate hike in the second half of 2015 in its effort to begin the rate normalization process. The Fed has telegraphed that the timing of the initial rate hike will be data dependent as they would like to see further improvement in the areas of wage growth and core inflation. On a global basis, there was a divergence in monetary policies with the U.S. ending its quantitative easing (“QE”) program (fourth quarter of 2014) and looking to begin normalizing rates this year. In contrast, other major central banks, such as Europe and Japan, were implementing further QE and accommodative policies in their efforts to stimulate their respective economies. During the first six months, the U.S. dollar appreciated versus the basket of foreign currencies given the U.S.’s stronger economic growth and the relative yield advantage in the U.S. Treasury market versus other sovereign bond yields. Other major economic concerns during the year’s first half were the downward pressure on oil prices, the continued deterioration in Greece and its ability to remain in the Euro and China’s economic slowdown and stock market correction.

As of 06/30/15
	2nd Quarter		1 Year
U.S. Stocks		0.28%		1.23%
Non-U.S. Stocks		0.62%		5.52%
Bonds		(1.68)%		(0.10)%
Commodities		4.66%		(1.56)%
Commodity Producers (Equities)		(1.51)%		(6.31)%
Real Estate Investment Trust (Equities)		(10.02)%		(5.69)%
TIPS		(1.06)%		0.34%

U.S. Treasury yields rose during the first half of the year, specifically in the second quarter, upon signs of improving economic growth and somewhat tighter core inflation. During the second quarter, yields on the 10-year and 30-year U.S. Treasuries increased from the levels of 1.92% and 2.54% to 2.35% and 3.12%, respectively. The rising interest rate environment in the second quarter made it a difficult environment for bond returns given the inverse relationship between bond prices and yields. The broad U.S. Bond market, as measured by the Barclays U.S. Aggregate Bond Index, posted a second quarter return of -1.68%, bringing the year-to-date return to -0.10%. The worst performing area of the bond market has been long-duration U.S. Treasuries given their high price sensitivity to changes in interest rates.

U.S. Equity markets generated mixed returns during the second quarter and for the first six months of the year. The S&P 500^® Index, a measure of the broad U.S. equity market, generated a second quarter return of 0.28%, bringing its year-to-date return to 1.23%. In general, U.S. stocks have been trading at valuations considered at or slightly higher than historical averages; thus, more emphasis will be placed on corporate earnings for further price appreciation. While corporate earnings remain strong, the growth in earnings has slowed as they have been under pressure due to a strong U.S. dollar, lower earnings from the energy sector and the lack of pricing flexibility for top-line revenue growth. For the first six months of the year, the best performing area of the U.S. equity market has been small cap growth stocks, which posted a year-to-date return of 8.74%, as measured by the Russell 2000^® Growth Index.

Non-U.S. stocks, both developed and emerging markets, generally outpaced their U.S. stock counterparts. The MSCI EAFE Index, the proxy for non-U.S. developed market stocks, posted a second quarter return of 0.62% and a year-to-date return of 5.52%. The MSCI Emerging Markets Index posted a second quarter return of 0.69%, bringing its year-to-date return to 2.95%. Non-U.S. stocks, in general, have benefited during the year from accommodative monetary policies and more attractive valuations. There are several issues that warrant a great deal of attention in the non-U.S. markets over upcoming months. First is Greece and its ability (or willingness) to stay within the Euro. Many expect this issue to be contained to Greece, but if Greece does exit the Euro, watch closely for contagion to other countries such as Portugal, Spain and Italy. The “spreading” of the pressure on the financial and economic systems is the issue, not Greece’s economy, which by itself, is immaterial. Second is China. China has been a meaningful contributor to global economic growth and a big user of commodities. There are reports and indications of slowing economic growth in conjunction with high debt levels. Additionally, the Chinese equity market experienced a meaningful correction as many speculators recently exited the market.

Overall, we expect higher volatility in asset prices with the increasing probability of greater macro-economic dislocations and events (such as Greece and/or China). While both asset classes (equities and bonds) are considered expensive, equities appear to offer a better risk/return tradeoff compared to bonds, although bonds will continue to play an important role in well diversified portfolios. Diversification and patience will be key for investors going forward.

4

We sincerely thank you for investing in GuideStone Funds and the trust you have placed with us. While some of the events in the market place today have been creating uncertainty, we want you to know that the implementation of our investment process is certain and consistently applied. We seek to add value for our clients in times of volatility, looking to take advantage of market dislocations.

Lastly, we welcome questions and comments. For additional commentary on the capital markets and information on GuideStone Funds, we invite you to visit our website, GuideStoneFunds.com. Please consider our website a central resource for your investment information.

Sincerely,

Matt L. Peden, CFA

Vice President - Chief Investment Officer

GuideStone Funds

⁽¹⁾  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 bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

⁽²⁾  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.

⁽³⁾  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

⁽⁴⁾  The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

⁽⁵⁾  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.

5

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 January 1, 2015 to June 30, 2015.

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 01/01/15		Ending Account Value 06/30/15		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005	Investor	$	1,000.00	$	1,010.44		0.25	%	$	1.25
MyDestination 2015	Investor		1,000.00		1,011.99		0.21			1.05
MyDestination 2025	Investor		1,000.00		1,013.14		0.21			1.04
MyDestination 2035	Investor		1,000.00		1,018.11		0.22			1.09
MyDestination 2045	Investor		1,000.00		1,022.00		0.24			1.18
MyDestination 2055	Investor		1,000.00		1,022.22		0.25			1.27
Conservative Allocation	Investor		1,000.00		1,009.49		0.20			0.98
Balanced Allocation	Investor		1,000.00		1,008.54		0.20			1.00
Growth Allocation	Investor		1,000.00		1,016.38		0.20			1.02
Aggressive Allocation	Investor		1,000.00		1,029.16		0.21			1.05
Conservative Allocation I	Institutional		1,000.00		1,011.60		0.18			0.88
Balanced Allocation I	Institutional		1,000.00		1,009.60		0.13			0.65
Growth Allocation I	Institutional		1,000.00		1,017.12		0.14			0.71
Aggressive Allocation I	Institutional		1,000.00		1,030.92		0.16			0.79
Money Market	Institutional		1,000.00		1,000.21		0.17			0.86
	Investor		1,000.00		1,000.06		0.21			1.05
Low-Duration Bond	Institutional		1,000.00		1,011.33		0.37			1.85
	Investor		1,000.00		1,009.99		0.58			2.88
Medium-Duration Bond	Institutional		1,000.00		1,000.24		0.45			2.25
	Investor		1,000.00		998.54		0.64			3.16

6

Actual
			Beginning		Ending		Annualized			Expenses
			Account Value		Account Value		Expense			Paid During
Fund	Class		01/01/15		06/30/15		Ratio (1)			Period (2)
Extended-Duration Bond		Institutional	$	1,000.00	$	959.07		0.59	%	$	2.85
		Investor		1,000.00		956.31		0.77			3.76
Global Bond (3)		Institutional		1,000.00		978.67		0.57			0.95
		Investor		1,000.00		996.67		0.79			3.91
Defensive Market Strategies (4)		Institutional		1,000.00		1,013.46		0.74			3.67
		Investor		1,000.00		1,012.13		0.99			4.93
Equity Index		Institutional		1,000.00		1,010.17		0.18			0.90
		Investor		1,000.00		1,008.76		0.39			1.96
Value Equity		Institutional		1,000.00		1,007.36		0.63			3.11
		Investor		1,000.00		1,006.79		0.89			4.44
Growth Equity		Institutional		1,000.00		1,031.71		0.79			3.98
		Investor		1,000.00		1,030.11		1.05			5.28
Small Cap Equity		Institutional		1,000.00		1,048.21		0.98			4.97
		Investor		1,000.00		1,047.42		1.20			6.12
International Equity Index (3)		Institutional		1,000.00		973.00		0.57			0.45
International Equity (4)		Institutional		1,000.00		1,055.93		1.13			5.76
		Investor		1,000.00		1,054.88		1.38			7.02
Emerging Markets Equity		Institutional		1,000.00		1,003.30		1.27			6.32
		Investor		1,000.00		1,001.10		1.50			7.46
Inflation Protected Bond (3)		Institutional		1,000.00		982.70		0.41			0.68
		Investor		1,000.00		1,003.04		0.63			3.13
Flexible Income		Investor		1,000.00		1,025.77		1.17			5.89
Real Assets		Investor		1,000.00		994.60		0.19			0.95
Real Estate Securities (3)		Institutional		1,000.00		949.11		0.92			1.49
		Investor		1,000.00		971.72		1.11			5.45
Global Natural Resources Equity		Investor		1,000.00		976.95		1.36			6.65
HYPOTHETICAL (assuming a 5% return before expenses)
			Beginning		Ending		Annualized			Expenses
			Account Value		Account Value		Expense			Paid During
Fund	Class		01/01/15		06/30/15		Ratio (1)			Period (2)
MyDestination 2005		Investor	$	1,000.00	$	1,023.53		0.25	%	$	1.26
MyDestination 2015		Investor		1,000.00		1,023.73		0.21			1.06
MyDestination 2025		Investor		1,000.00		1,023.75		0.21			1.04
MyDestination 2035		Investor		1,000.00		1,023.70		0.22			1.09
MyDestination 2045		Investor		1,000.00		1,023.61		0.24			1.18
MyDestination 2055		Investor		1,000.00		1,023.52		0.25			1.27
Conservative Allocation		Investor		1,000.00		1,023.80		0.20			0.99
Balanced Allocation		Investor		1,000.00		1,023.79		0.20			1.00
Growth Allocation		Investor		1,000.00		1,023.77		0.20			1.02
Aggressive Allocation		Investor		1,000.00		1,023.74		0.21			1.05
Conservative Allocation I		Institutional		1,000.00		1,023.90		0.18			0.89
Balanced Allocation I		Institutional		1,000.00		1,024.13		0.13			0.66

7

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)
		Beginning		Ending		Annualized			Expenses
		Account Value		Account Value		Expense			Paid During
Fund	Class	01/01/15		06/30/15		Ratio (1)			Period (2)
Growth Allocation I	Institutional	$	1,000.00	$	1,024.07		0.14	%	$	0.72
Aggressive Allocation I	Institutional		1,000.00		1,024.00		0.16			0.79
Money Market	Institutional		1,000.00		1,023.92		0.17			0.87
	Investor		1,000.00		1,023.73		0.21			1.06
Low-Duration Bond	Institutional		1,000.00		1,022.93		0.37			1.86
	Investor		1,000.00		1,021.89		0.58			2.90
Medium-Duration Bond	Institutional		1,000.00		1,022.51		0.45			2.28
	Investor		1,000.00		1,021.59		0.64			3.20
Extended-Duration Bond	Institutional		1,000.00		1,021.85		0.59			2.94
	Investor		1,000.00		1,020.90		0.77			3.89
Global Bond (3)	Institutional		1,000.00		1,005.50		0.57			2.86
	Investor		1,000.00		1,020.83		0.79			3.96
Defensive Market Strategies (4)	Institutional		1,000.00		1,021.10		0.74			3.69
	Investor		1,000.00		1,019.83		0.99			4.96
Equity Index	Institutional		1,000.00		1,023.89		0.18			0.90
	Investor		1,000.00		1,022.82		0.39			1.97
Value Equity	Institutional		1,000.00		1,021.65		0.63			3.14
	Investor		1,000.00		1,020.31		0.89			4.48
Growth Equity	Institutional		1,000.00		1,020.82		0.79			3.97
	Investor		1,000.00		1,019.52		1.05			5.27
Small Cap Equity	Institutional		1,000.00		1,019.88		0.98			4.91
	Investor		1,000.00		1,018.74		1.20			6.05
International Equity Index (3)	Institutional		1,000.00		1,001.14		0.57			2.83
International Equity (4)	Institutional		1,000.00		1,019.12		1.13			5.67
	Investor		1,000.00		1,017.88		1.38			6.91
Emerging Markets Equity	Institutional		1,000.00		1,018.40		1.27			6.39
	Investor		1,000.00		1,017.24		1.50			7.55
Inflation Protected Fund (3)	Institutional		1,000.00		1,006.33		0.41			2.03
	Investor		1,000.00		1,021.63		0.63			3.16
Flexible Income	Investor		1,000.00		1,018.91		1.17			5.88
Real Assets	Investor		1,000.00		1,023.83		0.19			0.96
Real Estate Securities Fund (3)	Institutional		1,000.00		1,003.79		0.92			4.57
	Investor		1,000.00		1,019.20		1.11			5.59
Global Natural Resources Equity	Investor		1,000.00		1,017.98		1.36			6.81

⁽¹⁾  Expenses include the effect of contractual waivers by GuideStone Capital Management. The Date Target Funds’, Asset Allocation Funds’ and Real Assets Fund’s 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 January 1, 2015 through June 30, 2015, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

⁽³⁾  Actual expense calculation for Institutional Class of Global Bond, Inflation Protected Bond and Real Estate Securities and Investor Class of International Equity Index are based on data since commencement of operations (May 1, 2015 and June 1, respectively) and Hypothetical Expense calculation for the share class assumes the share class has been in existence for 181 days, and are based on data since January 1, 2015.

⁽⁴⁾  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.

8

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:

ADR	—	American Depositary Receipt
CDO	—	Collateralized Debt Obligation
CLO	—	Collateralized Loan Obligation
CMBS	—	Commercial Mortgage-Backed Securities
CONV	—	Convertible
GDR	—	Global Depositary Receipt
IO	—	Interest Only (Principal amount shown is notional)
iTraxx	—	Rule based Credit Derivative Swap indices comprised of the most liquid names in each of their respective markets, Europe, Asia, Australia and Japan.
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
PO	—	Principal Only
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STRIP	—	Stripped Security
TBA	—	To be announced
TIPS	—	Treasury Inflation Protected Security.

	Value of		Percentage of
Fund	144A Securities		Net Assets
Money Market	$	529,905,554		42.29	%
Low-Duration Bond		198,753,796		22.78
Medium-Duration Bond		102,914,812		11.22
Extended-Duration Bond		19,659,853		7.08
Global Bond		75,918,275		18.51
Defensive Market Strategies		28,282,998		4.72
Small Cap Equity		2		—
International Equity Index		127,981		0.12
International Equity		5,041,718		0.38
Emerging Markets Equity		1,954,231		0.62
Inflation Protected Bond
Flexible Income Fund		5,042,487		3.51

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. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Rates shown reflect the effective yields as of June 30, 2015.
¥	—	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 by the Valuation Committee (see Note 1 in Notes to Financial Statements). As of June 30, 2015, 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	$	—		—	%
Medium-Duration Bond		19,893,430		2.17
Global Bond		3,159,573		0.77
Defensive Market Strategies		5,305,736		0.89
Small Cap Equity		2		—
International Equity Index		3,585		—
International Equity		106,427		0.01
Emerging Markets Equity		1,035,065		0.33
Real Estate Securities Fund		340,589		0.13
Global Natural Resources Fund		605,284		0.21

9

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).
(K)	—	Par is denominated in Norwegian Krone (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(P)	—	Par is denominated in Polish Zloty (PLN).
(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).
(X)	—	Par is denominated in Colombian Peso (COP).
(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.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is Hong Kong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
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.

10

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The Bank of America Merrill Lynch 1-3 Year 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 Bloomberg Commodity Index provides a broadly diversified representation of commodity markets as an asset class. The index is made up of exchange-traded futures on physical commodities and represents 20 commodities, which are weighted to account for economic significance and market liquidity. Weighting restrictions on individual commodities and commodity groups promote diversification.

The Citigroup 3-Month Treasury 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 a 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.

11

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

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.

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.

The S&P/LSTA U.S. B- Ratings and Above Loan Index is a daily total return index that tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included in the S&P/LSTA U.S. B- Ratings and Above Loan Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers.

The WTI Crude Oil Subindex Total Return index is a single commodity subindex of the Bloomberg CI composed of futures contracts on crude oil. It reflects the return of underlying commodity futures price movements only and is quoted in USD.

12

MYDESTINATION 2005 FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		1,665,719	$	1,665,719
GuideStone Low-Duration Bond Fund (Institutional Class)¥		4,267,372		36,101,970
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		1,404,488		9,648,835
GuideStone Global Bond Fund (Institutional Class)¥		244,659		2,405,003
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		835,269		9,714,178
GuideStone Equity Index Fund (Institutional Class)¥		330,311		2,986,007
GuideStone Value Equity Fund (Institutional Class)¥		339,099		3,004,415
GuideStone Growth Equity Fund (Institutional Class)¥		275,677		3,035,199
GuideStone Small Cap Equity Fund (Institutional Class)¥		111,292		1,040,584
GuideStone International Equity Fund (Institutional Class)¥		312,977		3,486,564
GuideStone International Equity Index Fund (Institutional Class)*¥		179,386		1,745,422
GuideStone Emerging Market Equity Fund (Institutional Class)¥		154,362		1,407,780
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		916,910		9,379,992
GuideStone Flexible Income Fund (Investor Class)¥		471,994		4,658,585
GuideStone Real Estate Securities Fund (Institutional Class)¥		94,404		916,661
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		232,417		1,773,340
Credit Suisse Commodity Return Strategy Fund*		325,085		1,911,499
Total Mutual Funds (Cost $96,804,816)				94,881,753
TOTAL INVESTMENTS — 100.0% (Cost $96,804,816)				94,881,753
Other Assets in Excess of Liabilities — 0.0%				7,775
NET ASSETS — 100.0%			$	94,889,528

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		52.5
U.S. Equity Select Funds		20.9
Real Return Select Funds		17.6
Non-U.S. Equity Select Funds		7.0
Credit Suisse Commodity Return Strategy		2.0
		100.0

See Notes to Financial Statements.

13

MYDESTINATION 2005 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	94,881,753		$	94,881,753		$	—	$	—
Total Assets — Investments in Securities	$	94,881,753		$	94,881,753		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(11,092	)	$	(11,092	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(11,092	)	$	(11,092	)	$	—	$	—

*** 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.

14

MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		7,802,100	$	7,802,100
GuideStone Low-Duration Bond Fund (Institutional Class)¥		7,617,461		64,443,717
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		9,204,817		63,237,092
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,754,679		7,281,917
GuideStone Global Bond Fund (Institutional Class)¥		2,325,516		22,859,821
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		7,510,856		87,351,256
GuideStone Equity Index Fund (Institutional Class)¥		2,832,693		25,607,546
GuideStone Value Equity Fund (Institutional Class)¥		2,919,430		25,866,148
GuideStone Growth Equity Fund (Institutional Class)¥		2,377,904		26,180,723
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,085,147		10,146,124
GuideStone International Equity Fund (Institutional Class)¥		2,746,910		30,600,574
GuideStone International Equity Index Fund (Institutional Class)*¥		1,543,826		15,021,424
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,330,683		12,135,826
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		4,784,233		48,942,705
GuideStone Flexible Income Fund (Investor Class)¥		2,482,998		24,507,188
GuideStone Real Estate Securities Fund (Institutional Class)¥		502,503		4,879,303
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,231,876		9,399,212
Credit Suisse Commodity Return Strategy Fund*		1,684,137		9,902,727
Total Mutual Funds (Cost $509,820,834)				496,165,403
TOTAL INVESTMENTS — 99.9% (Cost $509,820,834)				496,165,403
Other Assets in Excess of Liabilities — 0.1%				291,747
NET ASSETS — 100.0%			$	496,457,150

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		35.3
Fixed Income Select Funds		33.3
Real Return Select Funds		17.7
Non-U.S. Equity Select Funds		11.6
Credit Suisse Commodity Return Strategy		2.0
		99.9

See Notes to Financial Statements.

15

MYDESTINATION 2015 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	496,165,403		$	496,165,403		$	—	$	—
Total Assets — Investments in Securities	$	496,165,403		$	496,165,403		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(89,494	)	$	(89,494	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(89,494	)	$	(89,494	)	$	—	$	—

*** 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.

See Notes to Financial Statements.

16

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		11,103,324	$	11,103,324
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,266,504		44,554,626
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		9,940,293		68,289,813
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		4,181,602		17,353,646
GuideStone Global Bond Fund (Institutional Class)¥		4,061,836		39,927,850
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		10,429,515		121,295,265
GuideStone Equity Index Fund (Institutional Class)¥		5,802,496		52,454,567
GuideStone Value Equity Fund (Institutional Class)¥		5,944,324		52,666,715
GuideStone Growth Equity Fund (Institutional Class)¥		4,809,037		52,947,493
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,371,616		22,174,613
GuideStone International Equity Fund (Institutional Class)¥		5,593,030		62,306,354
GuideStone International Equity Index Fund (Institutional Class)*¥		3,198,167		31,118,168
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,761,201		25,182,157
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		2,879,820		29,460,557
GuideStone Flexible Income Fund (Investor Class)¥		1,196,386		11,808,331
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,875,360		18,209,748
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,606,281		19,885,926
Credit Suisse Commodity Return Strategy Fund*		3,567,854		20,978,983
Total Mutual Funds (Cost $726,285,316)				701,718,136
TOTAL INVESTMENTS — 99.9% (Cost $726,285,316)				701,718,136
Other Assets in Excess of Liabilities — 0.1%				511,246
NET ASSETS — 100.0%			$	702,229,382

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		42.9
Fixed Income Select Funds		25.8
Non-U.S. Equity Select Funds		16.9
Real Return Select Funds		11.3
Credit Suisse Commodity Return Strategy		3.0
		99.9

See Notes to Financial Statements.

17

MYDESTINATION 2025 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	701,718,136		$	701,718,136		$	—	$	—
Total Assets — Investments in Securities	$	701,718,136		$	701,718,136		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(158,098	)	$	(158,098	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(158,098	)	$	(158,098	)	$	—	$	—

*** 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.

18

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		8,991,097	$	8,991,097
GuideStone Low-Duration Bond Fund (Institutional Class)¥		387,280		3,276,387
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,036,735		20,862,368
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		941,673		3,907,941
GuideStone Global Bond Fund (Institutional Class)¥		3,263,283		32,078,071
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		555,776		6,463,676
GuideStone Equity Index Fund (Institutional Class)¥		5,214,569		47,139,700
GuideStone Value Equity Fund (Institutional Class)¥		5,301,896		46,974,800
GuideStone Growth Equity Fund (Institutional Class)¥		4,298,602		47,327,609
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,587,423		24,192,403
GuideStone International Equity Fund (Institutional Class)¥		5,159,296		57,474,555
GuideStone International Equity Index Fund (Institutional Class)*¥		2,957,834		28,779,722
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,548,175		23,239,357
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,290,306		12,528,867
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,554,212		11,858,638
Credit Suisse Commodity Return Strategy Fund*		2,182,541		12,833,343
Total Mutual Funds (Cost $403,517,326)				387,928,534
TOTAL INVESTMENTS — 99.9% (Cost $403,517,326)				387,928,534
Other Assets in Excess of Liabilities — 0.1%				500,952
NET ASSETS — 100.0%			$	388,429,486

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		44.3
Non-U.S. Equity Select Funds		28.2
Fixed Income Select Funds		17.8
Real Return Select Funds		6.3
Credit Suisse Commodity Return Strategy		3.3
		99.9

See Notes to Financial Statements.

19

MYDESTINATION 2035 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	387,928,534		$	387,928,534		$	—	$	—
Total Assets — Investments in Securities	$	387,928,534		$	387,928,534		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(138,710	)	$	(138,710	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(138,710	)	$	(138,710	)	$	—	$	—

*** 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.

20

MYDESTINATION 2045 FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		6,419,672	$	6,419,672
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		183,334		1,259,507
GuideStone Global Bond Fund (Institutional Class)¥		1,767,284		17,372,404
GuideStone Equity Index Fund (Institutional Class)¥		4,229,017		38,230,313
GuideStone Value Equity Fund (Institutional Class)¥		4,303,996		38,133,403
GuideStone Growth Equity Fund (Institutional Class)¥		3,496,288		38,494,127
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,313,633		21,632,465
GuideStone International Equity Fund (Institutional Class)¥		4,301,741		47,921,395
GuideStone International Equity Index Fund (Institutional Class)*¥		2,464,214		23,976,805
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,105,531		19,202,440
GuideStone Real Estate Securities Fund (Institutional Class)¥		930,124		9,031,505
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,157,731		8,833,484
Credit Suisse Commodity Return Strategy Fund*		1,569,533		9,228,853
Total Mutual Funds (Cost $290,982,189)				279,736,373
TOTAL INVESTMENTS — 99.9% (Cost $290,982,189)				279,736,373
Other Assets in Excess of Liabilities — 0.1%				282,041
NET ASSETS — 100.0%			$	280,018,414

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		48.7
Non-U.S. Equity Select Funds		32.5
Fixed Income Select Funds		9.0
Real Return Select Funds		6.4
Credit Suisse Commodity Return Strategy		3.3
		99.9

See Notes to Financial Statements.

21

MYDESTINATION 2045 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	279,736,373		$	279,736,373		$	—	$	—
Total Assets — Investments in Securities	$	279,736,373		$	279,736,373		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(102,065	)	$	(102,065	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(102,065	)	$	(102,065	)	$	—	$	—

*** 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.

22

MYDESTINATION 2055 FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (Institutional Class)¥		716,954	$	716,954
GuideStone Global Bond Fund (Institutional Class)¥		164,803		1,620,009
GuideStone Equity Index Fund (Institutional Class)¥		502,413		4,541,817
GuideStone Value Equity Fund (Institutional Class)¥		512,203		4,538,122
GuideStone Growth Equity Fund (Institutional Class)¥		416,002		4,580,180
GuideStone Small Cap Equity Fund (Institutional Class)¥		282,077		2,637,421
GuideStone International Equity Fund (Institutional Class)¥		503,326		5,607,051
GuideStone International Equity Index Fund (Institutional Class)*¥		287,500		2,797,375
GuideStone Emerging Market Equity Fund (Institutional Class)¥		249,670		2,276,994
GuideStone Real Estate Securities Fund (Institutional Class)¥		109,308		1,061,384
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		138,634		1,057,781
Credit Suisse Commodity Return Strategy Fund*		181,232		1,065,646
Total Mutual Funds (Cost $33,769,584)				32,500,734
TOTAL INVESTMENTS — 99.7% (Cost $33,769,584)				32,500,734
Other Assets in Excess of Liabilities — 0.3%				99,547
NET ASSETS — 100.0%			$	32,600,281

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		50.0
Non-U.S. Equity Select Funds		32.7
Fixed Income Select Funds		7.2
Real Return Select Funds		6.5
Credit Suisse Commodity Return Strategy		3.3
		99.7

See Notes to Financial Statements.

23

MYDESTINATION 2055 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	32,500,734		$	32,500,734		$	—	$	—
Total Assets — Investments in Securities	$	32,500,734		$	32,500,734		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(10,115	)	$	(10,115	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(10,115	)	$	(10,115	)	$	—	$	—

*** 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.

24

(This page intentionally left blank)

25

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,911,499		$	9,902,727
Investments in securities of affiliated issuers, at value		92,970,254			486,262,676
Total investments (1)		94,881,753			496,165,403
Cash collateral for derivatives		77,200			271,000
Receivables:
Dividends		58			275
Receivable from advisor		2,691			—
Investment securities sold		42			304
Fund shares sold		16,551			267,714
Variation margin on financial futures contracts		1,170			7,676
Prepaid expenses and other assets		10,144			12,161
Total Assets		94,989,609			496,724,533
Liabilities
Payables:
Investment securities purchased		—			86
Fund shares redeemed		59,381			102,012
Variation margin on financial futures contracts		273			4,258
Accrued expenses:
Investment advisory fees		—			25,252
Shareholder servicing fees		19,784			102,747
Other expenses		20,643			33,028
Total Liabilities		100,081			267,383
Net Assets	$	94,889,528		$	496,457,150
Net Assets Consist of:
Paid-in-capital	$	91,687,962		$	451,801,701
Accumulated net investment income		401,392			2,314,928
Undistributed net realized gain on investments and derivative transactions		4,734,329			56,085,446
Net unrealized appreciation (depreciation) on investments and derivative transactions		(1,934,155	)		(13,744,925	)
Net Assets	$	94,889,528		$	496,457,150
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	94,889,528		$	496,457,150
Investor shares outstanding		8,907,337			45,268,957
Net asset value, offering and redemption price per Investor share	$	10.65		$	10.97

(1)      Investments in securities of unaffiliated issuers, at cost	$	2,264,332	$	11,946,400
Investments in securities of affiliated issuers, at cost		94,540,484		497,874,434
Total investments at cost	$	96,804,816	$	509,820,834

See Notes to Financial Statements.

26

MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	20,978,983	$	12,833,343		$	9,228,853		$	1,065,646
	680,739,153		375,095,191			270,507,520			31,435,088
	701,718,136		387,928,534			279,736,373			32,500,734
	423,000		358,900			275,500			37,000
	397		286			208			24
	—		—			—			6,642
	—		—			—			—
	342,409		310,161			282,191			94,362
	17,760		7,795			13,901			1,170
	11,854		11,815			10,188			7,058
	702,513,556		388,617,491			280,318,361			32,646,990
	—		—			—			57
	56,187		60,465			200,932			21,377
	6,901		—			5,226			—
	39,719		17,683			9,969			—
	145,016		80,672			58,222			6,759
	36,351		29,185			25,598			18,516
	284,174		188,005			299,947			46,709
$	702,229,382	$	388,429,486		$	280,018,414		$	32,600,281
$	636,122,180	$	344,387,516		$	248,131,847		$	31,303,528
	3,034,208		1,405,289			809,527			86,449
	87,798,272		58,364,183			42,424,921			2,489,269
	(24,725,278)		(15,727,502	)		(11,347,881	)		(1,278,965	)
$	702,229,382	$	388,429,486		$	280,018,414		$	32,600,281
$	702,229,382	$	388,429,486		$	280,018,414		$	32,600,281
	65,050,524		36,354,518			27,391,521			2,531,888
$	10.80	$	10.68		$	10.22		$	12.88
$	24,848,700	$	15,148,450		$	10,928,900		$	1,248,480
	701,436,616		388,368,876			280,053,289			32,521,104
$	726,285,316	$	403,517,326		$	290,982,189		$	33,769,584

See Notes to Financial Statements.

27

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	517,934		$	2,818,086
Total Investment Income		517,934			2,818,086
Expenses
Investment advisory fees		48,456			248,245
Transfer agent fees:
Investor Shares		10,203			12,901
Custodian fees		4,955			11,523
Shareholder servicing fees:
Investor Shares		40,468			209,120
Accounting and administration fees		4,161			14,489
Professional fees		23,901			23,901
Blue sky fees:
Investor Shares		9,593			10,803
Shareholder reporting fees:
Investor Shares		3,061			7,798
Trustee expenses		585			3,032
Line of credit facility fees		311			1,610
Other expenses		6,493			7,060
Total Expenses		152,187			550,482
Expenses waived/reimbursed net of amount recaptured(1)		(32,991	)		(35,354	)
Net Expenses		119,196			515,128
Net investment income		398,738			2,302,958
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		247,302			2,133,614
Net realized gain on investment securities of unaffiliated issuers		3,869,859			48,574,072
Net realized gain on futures transactions		29,034			206,983
Net realized gain		4,146,195			50,914,669
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(3,531,551	)		(47,525,898	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(30,677	)		(184,913	)
Change in unrealized appreciation (depreciation) on futures		(18,195	)		(103,328	)
Net change in unrealized appreciation (depreciation)		(3,580,423	)		(47,814,139	)
Net Realized and Unrealized Gain		565,772			3,100,530
Net Increase in Net Assets Resulting from Operations	$	964,510		$	5,403,488

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

See Notes to Financial Statements.

28

MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	3,741,444	$	1,814,005		$	1,118,009		$	124,532
	3,741,444		1,814,005			1,118,009			124,532
	346,746		192,161			137,264			15,798
	14,122		11,596			11,309			9,067
	14,372		11,724			9,927			5,411
	294,816		164,146			118,297			13,803
	19,491		11,496			8,664			2,036
	23,901		23,901			23,901			23,901
	10,261		10,201			9,152			7,924
	10,374		5,702			5,151			1,329
	4,186		2,296			1,620			183
	2,222		1,217			859			97
	8,221		7,089			7,350			6,585
	748,712		441,529			333,494			86,134
	(41,476)		(32,813	)		(17,602	)		(46,982	)
	707,236		408,716			315,892			39,152
	3,034,208		1,405,289			802,117			85,380
	4,070,714		2,843,815			2,207,445			261,948
	73,226,108		45,919,343			33,420,489			1,228,624
	372,198		358,052			244,296			17,191
	77,669,020		49,121,210			35,872,230			1,507,763
	(72,033,772)		(43,680,676	)		(31,004,159	)		(945,137	)
	(341,852)		(187,672	)		(125,301	)		(17,114	)
	(196,800)		(159,310	)		(132,421	)		(17,217	)
	(72,572,424)		(44,027,658	)		(31,261,881	)		(979,468	)
	5,096,596		5,093,552			4,610,349			528,295
$	8,130,804	$	6,498,841		$	5,412,466		$	613,675

See Notes to Financial Statements.

29

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Six Months Ended 06/30/15			For the  Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the  Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	398,738		$	1,092,696		$	2,302,958		$	6,032,526
Net realized gain on investment securities and futures transactions		4,146,195			2,918,216			50,914,669			20,072,402
Net change in unrealized appreciation (depreciation) on investment securities and futures		(3,580,423	)		(1,743,938	)		(47,814,139	)		(8,404,973	)
Net increase in net assets resulting from operations		964,510			2,266,974			5,403,488			17,699,955
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		—			(1,608,633	)		155			(9,591,134	)
Distributions from net realized capital gains		—			(2,064,197	)		—			(14,318,200	)
Total dividends and distributions		—			(3,672,830	)		155			(23,909,334	)
Capital Share Transactions:
Proceeds from Investor shares sold		11,814,371			26,180,994			34,761,475			76,410,888
Reinvestment of dividends and distributions into Investor shares		—			3,672,256			(155	)		23,902,599
Total proceeds from shares sold and reinvested		11,814,371			29,853,250			34,761,320			100,313,487
Value of Investor shares redeemed		(10,110,985	)		(21,042,438	)		(24,032,822	)		(54,260,161	)
Net increase from capital share transactions(2)		1,703,386			8,810,812			10,728,498			46,053,326
Total increase in net assets		2,667,896			7,404,956			16,132,141			39,843,947
Net Assets:
Beginning of Period		92,221,632			84,816,676			480,325,009			440,481,062
End of Period*	$	94,889,528		$	92,221,632		$	496,457,150		$	480,325,009
*Including undistributed net investment income	$	401,392		$	2,654		$	2,314,928		$	11,815

⁽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.

See Notes to Financial Statements.

30

MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Six Months  Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months  Ended 06/30/15			For the  Year Ended 12/31/14			For the Six Months  Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
$	3,034,208		$	7,464,341		$	1,405,289		$	3,629,051		$	802,117		$	2,162,583		$	85,380		$	222,143
	77,669,020			28,234,518			49,121,210			17,055,415			35,872,230			13,695,781			1,507,763			1,485,993
	(72,572,424	)		(13,801,389	)		(44,027,658	)		(12,766,541	)		(31,261,881	)		(11,093,247	)		(979,468	)		(1,347,538	)
	8,130,804			21,897,470			6,498,841			7,917,925			5,412,466			4,765,117			613,675			360,598
	—			(13,308,504	)		—			(6,498,605	)		—			(4,349,803	)		—			(460,778	)
	—			(19,891,012	)		—			(12,938,463	)		—			(10,268,393	)		—			(894,166	)
	—			(33,199,516	)		—			(19,437,068	)		—			(14,618,196	)		—			(1,354,944	)
	51,812,292			117,034,212			31,207,111			69,056,168			25,120,531			45,733,966			8,727,415			14,017,411
	—			33,198,784			—			19,437,068			—			14,618,196			—			1,354,944
	51,812,292			150,232,996			31,207,111			88,493,236			25,120,531			60,352,162			8,727,415			15,372,355
	(16,409,115	)		(25,887,589	)		(8,088,648	)		(10,035,436	)		(3,909,308	)		(9,205,978	)		(4,553,485	)		(2,947,845	)
	35,403,177			124,345,407			23,118,463			78,457,800			21,211,223			51,146,184			4,173,930			12,424,510
	43,533,981			113,043,361			29,617,304			66,938,657			26,623,689			41,293,105			4,787,605			11,430,164
	658,695,401			545,652,040			358,812,182			291,873,525			253,394,725			212,101,620			27,812,676			16,382,512
$	702,229,382		$	658,695,401		$	388,429,486		$	358,812,182		$	280,018,414		$	253,394,725		$	32,600,281		$	27,812,676
$	3,034,208		$	—		$	1,405,289		$	—		$	809,527		$	7,410		$	86,449		$	1,069

See Notes to Financial Statements.

31

FINANCIAL HIGHLIGHTS (Unaudited)

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 Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions 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
Investor Class
2015(6)	$	10.54	$	0.04	#	$	0.03	$	0.04		$	—		$	—		$	10.65		1.04	%	$	94,890		0.25	%		0.32	%		0.84	%		103	%
2014		10.70		0.13	#		0.21		(0.06	)		(0.19	)		(0.25	)		10.54		2.54			92,222		0.20			0.24			1.22			9
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
MyDestination 2015 Fund
Investor Class
2015(6)	$	10.84	$	0.05	#	$	0.05	$	0.03		$	—		$	—		$	10.97		1.20	%	$	496,457		0.21	%		0.23	%		0.94	%		102	%
2014		10.97		0.15	#		0.35		(0.07	)		(0.22	)		(0.34	)		10.84		3.92			480,325		0.14			0.14			1.29			6
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
MyDestination 2025 Fund
Investor Class
2015(6)	$	10.66	$	0.05	#	$	0.06	$	0.03		$	—		$	—		$	10.80		1.31	%	$	702,229		0.21	%		0.22	%		0.89	%		108	%
2014		10.80		0.14	#		0.46		(0.18	)		(0.22	)		(0.34	)		10.66		3.88			658,695		0.14			0.14			1.23			3
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

# 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements.

32

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 Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions 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
Investor Class
2015(6)	$	10.49	$	0.04	#	$	0.08		$	0.07		$	—		$	—		$	10.68		1.81	%	$	388,429		0.22	%		0.24	%		0.75	%		117	%
2014		10.79		0.12	#		0.51			(0.34	)		(0.19	)		(0.40	)		10.49		2.70			358,812		0.15			0.15			1.10			5
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
MyDestination 2045 Fund
Investor Class
2015(6)	$	10.00	$	0.03	#	$	0.08		$	0.11		$	—		$	—		$	10.22		2.20	%	$	280,018		0.24	%		0.25	%		0.60	%		121	%
2014		10.37		0.10	#		0.53			(0.40	)		(0.17	)		(0.43	)		10.00		2.23			253,395		0.20			0.17			0.92			4
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
MyDestination 2055 Fund
Investor Class
2015(6)	$	12.60	$	0.04	#	$	0.11		$	0.13		$	—		$	—		$	12.88		2.22	%	$	32,600		0.25	%		0.56	%		0.55	%		126	%
2014		12.95		0.14	#		0.77			(0.62	)		(0.21	)		(0.43	)		12.60		2.25			27,813		0.20			0.62			1.02			5
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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements.

33

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.2%
GuideStone Money Market Fund (Institutional Class)¥		4,482,745	$	4,482,745
GuideStone Low-Duration Bond Fund (Institutional Class)¥		14,849,699		125,628,454
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		4,864,175		33,416,883
GuideStone Global Bond Fund (Institutional Class)¥		847,015		8,326,161
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,329,771		27,095,239
GuideStone Value Equity Fund (Institutional Class)¥		1,468,911		13,014,550
GuideStone Growth Equity Fund (Institutional Class)¥		1,196,535		13,173,848
GuideStone Small Cap Equity Fund (Institutional Class)¥		314,248		2,938,220
GuideStone International Equity Fund (Institutional Class)¥		1,346,983		15,005,394
GuideStone Emerging Market Equity Fund (Institutional Class)¥		433,832		3,956,548
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		2,959,719		30,277,927
GuideStone Flexible Income Fund (Investor Class)¥		1,556,523		15,362,881
GuideStone Real Estate Securities Fund (Institutional Class)¥		307,919		2,989,897
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,439,200		10,981,099
Total Mutual Funds (Cost $313,766,519)				306,649,846
TOTAL INVESTMENTS — 100.2% (Cost $313,766,519)				306,649,846
Liabilities in Excess of Other Assets — (0.2)%				(545,464	)
NET ASSETS — 100.0%			$	306,104,382

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		56.1
Real Return Select Funds		19.5
U.S. Equity Select Funds		18.4
Non-U.S Equity Select Fund		6.2
		100.2

See Notes to Financial Statements.

34

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	306,649,846		$	306,649,846		$	—	$	—
Total Assets — Investments in Securities	$	306,649,846		$	306,649,846		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(14,439	)	$	(14,439	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(14,439	)	$	(14,439	)	$	—	$	—

*** 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

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		23,661,117	$	23,661,117
GuideStone Low-Duration Bond Fund (Institutional Class)¥		18,379,070		155,486,933
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		30,021,321		206,246,478
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		12,667,061		52,568,302
GuideStone Global Bond Fund (Institutional Class)¥		10,370,702		101,944,003
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		8,833,662		102,735,487
GuideStone Value Equity Fund (Institutional Class)¥		12,815,629		113,546,472
GuideStone Growth Equity Fund (Institutional Class)¥		10,303,146		113,437,634
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,609,828		24,401,891
GuideStone International Equity Fund (Institutional Class)¥		11,495,590		128,060,872
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,621,143		33,024,821
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		7,363,417		75,327,752
GuideStone Flexible Income Fund (Investor Class)¥		3,927,069		38,760,171
GuideStone Real Estate Securities Fund (Institutional Class)¥		3,474,173		33,734,222
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		9,737,187		74,294,738
Total Mutual Funds (Cost $1,325,728,408)				1,277,230,893
TOTAL INVESTMENTS — 100.0% (Cost $1,325,728,408)				1,277,230,893
Liabilities in Excess of Other Assets — 0.0%				(297,758	)
NET ASSETS — 100.0%			$	1,276,933,135

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		42.3
U.S. Equity Select Funds		27.7
Real Return Select Funds		17.4
Non-U.S Equity Select Fund		12.6
		100.0

See Notes to Financial Statements.

36

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	1,277,230,893		$	1,277,230,893		$	—	$	—
Total Assets — Investments in Securities	$	1,277,230,893		$	1,277,230,893		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(276,322	)	$	(276,322	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(276,322	)	$	(276,322	)	$	—	$	—

*** 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.

37

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2015 (Unaudited)  

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		21,391,610	$	21,391,610
GuideStone Low-Duration Bond Fund (Institutional Class)¥		8,251,092		69,804,243
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		13,423,214		92,217,484
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		5,759,087		23,900,210
GuideStone Global Bond Fund (Institutional Class)¥		4,623,228		45,446,334
GuideStone Value Equity Fund (Institutional Class)¥		18,677,773		165,485,069
GuideStone Growth Equity Fund (Institutional Class)¥		15,031,195		165,493,456
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,860,804		36,098,516
GuideStone International Equity Fund (Institutional Class)¥		17,161,348		191,177,411
GuideStone Emerging Market Equity Fund (Institutional Class)¥		5,346,246		48,757,765
GuideStone Real Estate Securities Fund (Institutional Class)¥		3,343,527		32,465,649
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		7,446,068		56,813,500
Total Mutual Funds (Cost $990,125,605)				949,051,247
TOTAL INVESTMENTS — 100.1% (Cost $990,125,605)				949,051,247
Liabilities in Excess of Other Assets — (0.1)%				(913,460	)
NET ASSETS — 100.0%			$	948,137,787

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		38.7
Fixed Income Select Funds		26.7
Non-U.S Equity Select Fund		25.3
Real Return Select Funds		9.4
		100.1

See Notes to Schedules of Investments.

38

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	949,051,247		$	949,051,247		$	—	$	—
Total Assets — Investments in Securities	$	949,051,247		$	949,051,247		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(321,315	)	$	(321,315	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(321,315	)	$	(321,315	)	$	—	$	—

*** 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.

39

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		18,642,926	$	18,642,926
GuideStone Value Equity Fund (Institutional Class)¥		26,042,921		230,740,279
GuideStone Growth Equity Fund (Institutional Class)¥		21,102,306		232,336,390
GuideStone Small Cap Equity Fund (Institutional Class)¥		5,498,986		51,415,516
GuideStone International Equity Fund (Institutional Class)¥		24,228,915		269,910,119
GuideStone Emerging Market Equity Fund (Institutional Class)¥		7,683,801		70,076,264
Total Mutual Funds (Cost $900,032,860)				873,121,494
TOTAL INVESTMENTS — 100.0% (Cost $900,032,860)				873,121,494
Other Assets in Excess of Liabilities — 0.0%				230,867
NET ASSETS — 100.0%			$	873,352,361

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		58.9
Non-U.S Equity Select Fund		38.9
Fixed Income Select Funds		2.2
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	873,121,494		$	873,121,494		$	—	$	—
Total Assets — Investments in Securities	$	873,121,494		$	873,121,494		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(397,832	)	$	(397,832	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(397,832	)	$	(397,832	)	$	—	$	—

*** 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.

40

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41

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Assets
Investments in securities of affiliated issuers, at value (1)	$	306,649,846		$	1,277,230,893		$	949,051,247		$	873,121,494
Cash collateral for derivatives		78,200			642,600			753,000			863,000
Receivables:
Dividends from affiliated funds		136			850			689			581
Investment securities sold		—			929			—			—
Fund shares sold		53,642			122,179			30,394			34,555
Variation margin on financial futures contracts		1,766			29,751			31,240			46,145
Prepaid expenses and other assets		8,188			7,969			9,139			7,756
Total Assets		306,791,778			1,278,035,171			949,875,709			874,073,531
Liabilities
Payables:
Investment securities purchased		—			57			—			1,555
Fund shares redeemed		573,020			669,539			1,403,612			399,635
Variation margin on financial futures contracts		1,703			13,773			15,137			16,320
Accrued expenses:
Investment advisory fees		10,582			84,722			69,115			75,037
Professional fees		8,390			8,390			8,390			8,390
Shareholder servicing fees		63,362			266,407			198,789			183,501
Other expenses		30,339			59,148			42,879			36,732
Total Liabilities		687,396			1,102,036			1,737,922			721,170
Net Assets	$	306,104,382		$	1,276,933,135		$	948,137,787		$	873,352,361
Net Assets Consist of:
Paid-in-capital	$	291,865,920		$	1,131,871,278		$	824,794,657		$	703,175,950
Accumulated net investment income		1,368,111			6,262,022			2,971,106			1,224,912
Undistributed net realized gain on investments and derivative transactions		20,001,464			187,573,672			161,767,697			196,260,697
Net unrealized appreciation (depreciation) on investments and derivative transactions		(7,131,113	)		(48,773,837	)		(41,395,673	)		(27,309,198	)
Net Assets	$	306,104,382		$	1,276,933,135		$	948,137,787		$	873,352,361
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	306,104,382		$	1,276,933,135		$	948,137,787		$	873,352,361
Investor shares outstanding		26,158,997			98,248,784			69,458,070			60,353,077
Net asset value, offering and redemption price per Investor share	$	11.70		$	13.00		$	13.65		$	14.47
(1)       Investments in securities of affiliated issuers, at cost	$	313,766,519		$	1,325,728,408		$	990,125,605		$	900,032,860

See Notes to Financial Statements.

42

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	1,671,412		$	7,524,545		$	3,941,101		$	2,142,398
Total Investment Income		1,671,412			7,524,545			3,941,101			2,142,398
Expenses
Investment advisory fees		156,111			660,603			490,766			447,316
Transfer agent fees:
Investor shares		17,024			33,062			22,050			18,516
Custodian fees		9,163			19,574			17,363			14,790
Shareholder servicing fees:
Investor shares		129,427			545,597			407,514			375,303
Accounting and administration fees		10,014			35,726			26,988			24,611
Professional fees		23,901			23,901			23,901			23,901
Blue sky fees:
Investor shares		10,022			10,892			8,701			8,111
Shareholder reporting fees:
Investor shares		13,460			27,558			18,666			15,141
Trustee expenses		1,942			8,062			5,952			5,450
Line of credit facility fees		1,031			4,283			3,159			2,889
Other expenses		6,265			8,247			8,008			8,180
Total Expenses		378,360			1,377,505			1,033,068			944,208
Expenses waived/reimbursed(1)		(74,364	)		(83,191	)		(55,953	)		(26,722	)
Net Expenses		303,996			1,294,314			977,115			917,486
Net investment income		1,367,416			6,230,231			2,963,986			1,224,912
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		924,224			7,726,634			9,286,409			11,614,900
Net realized gain on investment securities of affiliated issuers		14,924,773			159,793,118			124,177,213			144,292,494
Net realized gain on futures transactions		48,271			773,401			728,235			619,237
Net realized gain		15,897,268			168,293,153			134,191,857			156,526,631
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(14,195,410	)		(162,760,378	)		(121,044,741	)		(132,024,143	)
Change in unrealized appreciation (depreciation) on futures		(19,556	)		(429,453	)		(404,303	)		(457,617	)
Net change in unrealized appreciation		(14,214,966	)		(163,189,831	)		(121,449,044	)		(132,481,760	)
Net Realized and Unrealized Gain		1,682,302			5,103,322			12,742,813			24,044,871
Net Increase in Net Assets Resulting from Operations	$	3,049,718		$	11,333,553		$	15,706,799		$	25,269,783

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

See Notes to Financial Statements.

43

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,367,416		$	3,724,789		$	6,230,231		$	18,140,467
Net realized gain on investment securities and futures transactions		15,897,268			10,499,529			168,293,153			49,001,772
Net change in unrealized appreciation (depreciation) on investment securities and futures		(14,214,966	)		(9,709,249	)		(163,189,831	)		(21,985,343	)
Net increase in net assets resulting from operations		3,049,718			4,515,069			11,333,553			45,156,896
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		—			(5,082,503	)		—			(26,663,373	)
Distributions from net realized capital gains		—			(5,814,296	)		—			(42,105,899	)
Total dividends and distributions		—			(10,896,799	)		—			(68,769,272	)
Capital Share Transactions:
Proceeds from Investor shares sold		13,765,221			37,399,207			23,920,617			59,860,682
Reinvestment of dividends and distributions into Investor shares		—			10,890,939			—			68,739,088
Total proceeds from shares sold and reinvested		13,765,221			48,290,146			23,920,617			128,599,770
Value of Investor shares redeemed		(22,148,190	)		(49,683,717	)		(50,180,314	)		(101,656,659	)
Net increase (decrease) from capital share transactions(2)		(8,382,969	)		(1,393,571	)		(26,259,697	)		26,943,111
Total increase (decrease) in net assets		(5,333,251	)		(7,775,301	)		(14,926,144	)		3,330,735
Net Assets:
Beginning of Period		311,437,633			319,212,934			1,291,859,279			1,288,528,544
End of Period*	$	306,104,382		$	311,437,633		$	1,276,933,135		$	1,291,859,279
* Including undistributed net investment income	$	1,368,111		$	695		$	6,262,022		$	31,791

⁽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.

See Notes to Financial Statements.

44

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)						(Unaudited)
$	2,963,986		$	10,338,909		$	1,224,912		$	6,918,431
	134,191,857			54,953,676			156,526,631			68,721,169
	(121,449,044	)		(36,968,953	)		(132,481,760	)		(46,977,084	)
	15,706,799			28,323,632			25,269,783			28,662,516
	(79	)		(17,351,172	)		—			(13,898,214	)
	—			(48,439,446	)		—			(59,010,154	)
	(79	)		(65,790,618	)		—			(72,908,368	)
	17,495,446			36,300,427			14,088,500			24,675,504
	79			65,783,344			—			72,902,702
	17,495,525			102,083,771			14,088,500			97,578,206
	(37,167,070	)		(76,415,769	)		(35,731,704	)		(63,169,720	)
	(19,671,545	)		25,668,002			(21,643,204	)		34,408,486
	(3,964,825	)		(11,798,984	)		3,626,579			(9,837,366	)
	952,102,612			963,901,596			869,725,782			879,563,148
$	948,137,787		$	952,102,612		$	873,352,361		$	869,725,782
$	2,971,106		$	7,199		$	1,224,912		$	—

See Notes to Financial Statements.

45

FINANCIAL HIGHLIGHTS (Unaudited)

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 (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End  of Period (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund
Investor Class
2015(6)	$	11.59	$	0.05	#	$	0.03		$	0.03		$	—		$	—		$	11.70		0.95	%	$	306,104		0.20	%		0.25	%		0.89	%		92	%
2014		11.84		0.14	#		0.19			(0.17	)		(0.19	)		(0.22	)		11.59		1.40			311,438		0.12			0.16			1.17			20
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
Balanced Allocation Fund
Investor Class
2015(6)	$	12.89	$	0.06	#	$	0.08		$	(0.03	)	$	—		$	—		$	13.00		0.85	%	$	1,276,933		0.20	%		0.21	%		0.96	%		93	%
2014		13.14		0.19	#		0.36			(0.09	)		(0.27	)		(0.44	)		12.89		3.53			1,291,859		0.12			0.13			1.38			3
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
Growth Allocation Fund
Investor Class
2015(6)	$	13.43	$	0.04	#	$	0.13		$	0.05		$	—	†	$	—		$	13.65		1.64	%	$	948,138		0.20	%		0.22	%		0.62	%		96	%
2014		14.00		0.15	#		0.54			(0.28	)		(0.25	)		(0.73	)		13.43		2.93			952,103		0.12			0.13			1.07			4
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
Aggressive Allocation Fund
Investor Class
2015(6)	$	14.06	$	0.02	#	$	0.19		$	0.20		$	—		$	—		$	14.47		2.92	%	$	873,352		0.21	%		0.22	%		0.28	%		102	%
2014		14.82		0.12	#		0.80			(0.41	)		(0.23	)		(1.04	)		14.06		3.38			869,726		0.12			0.13			0.79			4
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

† 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements.

46

CONSERVATIVE ALLOCATION FUND I
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		1,254,866	$	1,254,866
GuideStone Low-Duration Bond Fund (Institutional Class)¥		3,566,181		30,169,894
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		1,168,005		8,024,194
GuideStone Global Bond Fund (Institutional Class)¥		203,421		1,999,625
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		559,574		6,507,846
GuideStone Value Equity Fund (Institutional Class)¥		352,637		3,124,362
GuideStone Growth Equity Fund (Institutional Class)¥		287,384		3,164,095
GuideStone Small Cap Equity Fund (Institutional Class)¥		75,389		704,883
GuideStone International Equity Fund (Institutional Class)¥		323,439		3,603,106
GuideStone Emerging Market Equity Fund (Institutional Class)¥		103,970		948,208
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		710,530		7,268,725
GuideStone Flexible Income Fund (Investor Class)¥		373,598		3,687,413
GuideStone Real Estate Securities Fund (Institutional Class)¥		73,681		715,444
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		345,204		2,633,904
Total Mutual Funds (Cost $75,592,187)				73,806,565
TOTAL INVESTMENTS — 99.9% (Cost $75,592,187)				73,806,565
Other Assets in Excess of Liabilities — 0.1%				61,494
NET ASSETS — 100.0%			$	73,868,059

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		56.1
Real Return Select Funds		19.4
U.S. Equity Select Funds		18.3
Non-U.S Equity Select Fund		6.1
		99.9

See Notes to Financial Statements.

47

CONSERVATIVE ALLOCATION FUND I

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	73,806,565		$	73,806,565		$	—	$	—
Total Assets — Investments in Securities	$	73,806,565		$	73,806,565		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(4,470	)	$	(4,470	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(4,470	)	$	(4,470	)	$	—	$	—

*** 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.

48

BALANCED ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		7,794,829	$	7,794,830
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,252,682		44,437,689
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		8,580,288		58,946,575
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		3,619,817		15,022,240
GuideStone Global Bond Fund (Institutional Class)¥		2,963,812		29,134,268
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,524,620		29,361,333
GuideStone Value Equity Fund (Institutional Class)¥		3,662,878		32,453,102
GuideStone Growth Equity Fund (Institutional Class)¥		2,944,737		32,421,559
GuideStone Small Cap Equity Fund (Institutional Class)¥		745,970		6,974,817
GuideStone International Equity Fund (Institutional Class)¥		3,285,706		36,602,764
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,034,770		9,437,103
GuideStone Inflation Protected Bond Fund (Investor Class)*¥		2,104,244		21,526,418
GuideStone Flexible Income Fund (Investor Class)¥		1,122,223		11,076,340
GuideStone Real Estate Securities Fund (Institutional Class)¥		992,922		9,641,270
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,783,061		21,234,759
Total Mutual Funds (Cost $371,707,293)				366,065,067
TOTAL INVESTMENTS — 99.9% (Cost $371,707,293)				366,065,067
Other Assets in Excess of Liabilities — 0.1%				261,657
NET ASSETS — 100.0%			$	366,326,724

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		42.4
U.S. Equity Select Funds		27.6
Real Return Select Funds		17.3
Non-U.S Equity Select Fund		12.6
		99.9

See Notes to Financial Statements.

49

BALANCED ALLOCATION FUND I

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	366,065,067		$	366,065,067		$	—	$	—
Total Assets — Investments in Securities	$	366,065,067		$	366,065,067		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(97,387	)	$	(97,387	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(97,387	)	$	(97,387	)	$	—	$	—

*** 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.

50

GROWTH ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		5,082,360	$	5,082,360
GuideStone Low-Duration Bond Fund (Institutional Class)¥		2,354,190		19,916,445
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,829,468		26,308,447
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,642,567		6,816,655
GuideStone Global Bond Fund (Institutional Class)¥		1,319,027		12,966,034
GuideStone Value Equity Fund (Institutional Class)¥		5,328,931		47,214,326
GuideStone Growth Equity Fund (Institutional Class)¥		4,288,995		47,221,839
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,101,835		10,302,153
GuideStone International Equity Fund (Institutional Class)¥		4,896,678		54,548,990
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,525,305		13,910,783

	Shares		Value
GuideStone Real Estate Securities Fund (Institutional Class)¥		953,870	$	9,262,077
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,124,284		16,208,287
Total Mutual Funds (Cost $266,567,524)				269,758,396
TOTAL INVESTMENTS — 99.9% (Cost $266,567,524)				269,758,396
Other Assets in Excess of Liabilities — 0.1%				263,229
NET ASSETS — 100.0%			$	270,021,625

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		38.8
Fixed Income Select Funds		26.3
Non-U.S Equity Select Fund		25.4
Real Return Select Funds		9.4
		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	269,758,396		$	269,758,396		$	—	$	—
Total Assets — Investments in Securities	$	269,758,396		$	269,758,396		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(73,196	)	$	(73,196	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(73,196	)	$	(73,196	)	$	—	$	—

*** 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.

51

AGGRESSIVE ALLOCATION FUND I SCHEDULE OF INVESTMENTS   June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		3,075,536	$	3,075,536
GuideStone Value Equity Fund (Institutional Class)¥		5,572,253		49,370,157
GuideStone Growth Equity Fund (Institutional Class)¥		4,515,243		49,712,823
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,176,564		11,000,876
GuideStone International Equity Fund (Institutional Class)¥		5,184,034		57,750,140
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,644,251		14,995,567
Total Mutual Funds (Cost $179,330,137)				185,905,099
TOTAL INVESTMENTS — 99.9% (Cost $179,330,137)				185,905,099
Other Assets in Excess of Liabilities — 0.1%				112,262
NET ASSETS — 100.0%			$	186,017,361

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		59.2
Non-U.S Equity Select Fund		39.1
Fixed Income Select Funds		1.6
		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	185,905,099		$	185,905,099		$	—	$	—
Total Assets — Investments in Securities	$	185,905,099		$	185,905,099		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(60,082	)	$	(60,082	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(60,082	)	$	(60,082	)	$	—	$	—

*** 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.

52

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53

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

	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)	$	73,806,565		$	366,065,067		$	269,758,396	$	185,905,099
Cash		—			—			1		—
Cash collateral for derivatives		50,400			239,000			221,950		164,000
Receivables:
Dividends from affiliated funds		34			252			164		109
Fund shares sold		15,931			52,787			61,388		167
Variation margin on financial futures contracts		598			7,790			7,400		7,010
Prepaid expenses and other assets		14,193			15,326			15,326		14,569
Total Assets		73,887,721			366,380,222			270,064,625		186,090,954
Liabilities
Payables:
Investment securities purchased		—			1,554			—		57
Fund shares redeemed		—			—			—		37,749
Variation margin on financial futures contracts		—			4,456			3,627		2,805
Accrued expenses:
Investment advisory fees		4,857			24,176			19,535		15,960
Professional fees		8,390			8,390			8,390		8,390
Other expenses		6,415			14,922			11,448		8,632
Total Liabilities		19,662			53,498			43,000		73,593
Net Assets	$	73,868,059		$	366,326,724		$	270,021,625	$	186,017,361
Net Assets Consist of:
Paid-in-capital	$	76,661,950		$	372,590,387		$	262,170,331	$	175,342,769
Undistributed net investment income		512,629			2,830,757			1,336,064		318,891
Undistributed (accumulated) net realized gain (loss) on investments and futures transactions		(1,516,428	)		(3,354,807	)		3,397,554		3,840,821
Net unrealized appreciation (depreciation) on investments and futures		(1,790,092	)		(5,739,613	)		3,117,676		6,514,880
Net Assets	$	73,868,059		$	366,326,724		$	270,021,625	$	186,017,361
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	73,868,059		$	366,326,724		$	270,021,625	$	186,017,361
Institutional shares outstanding		7,705,255			34,868,915			22,722,437		13,609,994
Net asset value, offering and redemption price per Institutional share	$	9.59		$	10.51		$	11.88	$	13.67
(1)       Investments in securities of affiliated issuers, at cost	$	75,592,187		$	371,707,293		$	266,567,524	$	179,330,137

See Notes to Financial Statements.

54

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Investment Income
Income distributions received from affiliated funds	$	577,634		$	3,066,691		$	1,524,820		$	459,254
Total Investment Income		577,634			3,066,691			1,524,820			459,254
Expenses
Investment advisory fees		38,481			188,780			138,591			95,209
Transfer agent fees:
Institutional Shares		1,941			2,060			1,962			1,916
Custodian fees		4,708			14,379			12,705			8,578
Accounting and administration fees		3,731			11,595			8,972			6,542
Professional fees		23,901			23,902			23,901			23,901
Blue sky fees:
Institutional Shares		5,041			5,407			5,407			5,164
Shareholder reporting fees		214			453			301			163
Trustee expenses		484			2,330			1,693			1,163
Line of credit facility fees		629			1,332			898			616
Other expenses		6,407			6,407			6,781			6,609
Total Expenses		85,537			256,645			201,211			149,861
Expenses waived/reimbursed net of amount recaptured(1)		(18,320	)		(14,090	)		(7,383	)		(2,831	)
Net expenses		67,217			242,555			193,828			147,030
Net investment income		510,417			2,824,136			1,330,992			312,224
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		238,789			2,716,358			2,872,505			2,489,127
Net realized gain (loss) on investment securities of affiliated issuers		(353,685	)		3,793,908			1,151,803			(647,913	)
Net realized gain on futures transactions		16,234			191,348			186,453			166,874
Net realized gain (loss)		(98,662	)		6,701,614			4,210,761			2,008,088
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		450,277			(5,743,891	)		(766,302	)		3,364,466
Change in unrealized depreciation on futures		(7,311	)		(124,412	)		(92,593	)		(77,798	)
Net change in unrealized appreciation		442,966			(5,868,303	)		(858,895	)		3,286,668
Net Realized and Unrealized Gain		344,304			833,311			3,351,866			5,294,756
Net Increase in Net Assets Resulting from Operations	$	854,721		$	3,657,447		$	4,682,858		$	5,606,980

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

See Notes to Financial Statements.

55

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Six Months  Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months  Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	510,417		$	1,496,209		$	2,824,136		$	9,487,853
Net realized gain (loss) on investment securities and futures transactions		(98,662	)		2,194,615			6,701,614			24,865,325
Net change in unrealized appreciation (depreciation) on investment securities and futures		442,966			(2,366,707	)		(5,868,303	)		(20,421,868	)
Net increase in net assets resulting from operations		854,721			1,324,117			3,657,447			13,931,310
Dividends to Shareholders:
Dividends from net investment income(1)		—			(1,913,134	)		—			(18,280,125	)
Distributions from net realized capital gains		—			(1,485,422	)		—			(4,586,199	)
Total dividends		—			(3,398,556	)		—			(22,866,324	)
Capital Share Transactions:
Proceeds from Institutional shares sold		4,523,069			10,535,416			11,546,933			19,100,799
Reinvestment of dividends and distributions into Institutional shares		—			3,378,625			—			22,795,617
Total proceeds from shares sold and reinvested		4,523,069			13,914,041			11,546,933			41,896,416
Value of Institutional shares redeemed		(9,969,995	)		(17,018,223	)		(22,237,261	)		(46,969,152	)
Net increase (decrease) from capital share transactions(2)		(5,446,926	)		(3,104,182	)		(10,690,328	)		(5,072,736	)
Total increase (decrease) in net assets		(4,592,205	)		(5,178,621	)		(7,032,881	)		(14,007,750	)
Net Assets:
Beginning of Period		78,460,264			83,638,885			373,359,605			387,367,355
End of Period*	$	73,868,059		$	78,460,264		$	366,326,724		$	373,359,605
*Including undistributed net investment income	$	512,629		$	2,212		$	2,830,757		$	6,621

⁽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.

See Notes to Financial Statements.

56

Growth Allocation Fund I						Aggressive Allocation Fund I
For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)						(Unaudited)
$	1,330,992		$	5,633,639		$	312,224		$	2,915,159
	4,210,761			21,830,815			2,008,088			19,905,442
	(858,895	)		(19,256,718	)		3,286,668			(16,279,998	)
	4,682,858			8,207,736			5,606,980			6,540,603
	—			(10,334,898	)		—			(9,973,326	)
	—			(10,495,559	)		—			(6,195,848	)
	—			(20,830,457	)		—			(16,169,174	)
	6,403,174			13,206,215			2,673,206			7,792,356
	—			20,812,280			—			16,162,392
	6,403,174			34,018,495			2,673,206			23,954,748
	(11,566,767	)		(21,989,417	)		(7,941,254	)		(17,509,150	)
	(5,163,593	)		12,029,078			(5,268,048	)		6,445,598
	(480,735	)		(593,643	)		338,932			(3,182,973	)
	270,502,360			271,096,003			185,678,429			188,861,402
$	270,021,625		$	270,502,360		$	186,017,361		$	185,678,429
$	1,336,064		$	5,072		$	318,891		$	6,667

See Notes to Financial Statements.

57

FINANCIAL HIGHLIGHTS (Unaudited)

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 (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(3)(4)			Expenses, Gross(3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund I
Institutional Class
2015(6)	$	9.48	$	0.06	#	$	0.03		$	0.02		$	—		$	—		$	9.59		1.16	%	$	73,868		0.18	%		0.23	%		1.35	%		18	%
2014		9.76		0.18	#		0.24			(0.27	)		(0.24	)		(0.19	)		9.48		1.48			78,460		0.15			0.20			1.84			25
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
Balanced Allocation Fund I
Institutional Class
2015(6)	$	10.41	$	0.08	#	$	0.08		$	(0.06	)	$	—		$	—		$	10.51		0.96	%	$	366,327		0.13	%		0.14	%		1.52	%		20	%
2014		10.69		0.27	#		0.50			(0.37	)		(0.54	)		(0.14	)		10.41		3.65			373,360		0.13			0.13			2.44			6
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
Growth Allocation Fund I
Institutional Class
2015(6)	$	11.68	$	0.06	#	$	0.13		$	0.01		$	—		$	—		$	11.88		1.71	%	$	270,022		0.14	%		0.15	%		0.98	%		11	%
2014		12.26		0.26	#		0.92			(0.81	)		(0.46	)		(0.49	)		11.68		3.02			270,502		0.14			0.14			2.06			8
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
Aggressive Allocation Fund I
Institutional Class
2015(6)	$	13.26	$	0.02	#	$	0.18		$	0.21		$	—		$	—		$	13.67		3.09	%	$	186,017		0.16	%		0.16	%		0.33	%		1	%
2014		14.00		0.22	#		1.48			(1.21	)		(0.75	)		(0.48	)		13.26		3.48			185,678		0.15			0.15			1.55			6
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

† 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements.

58

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 6.3%
Federal Home Loan Bank
0.07%, 07/17/15	$	27,025,000	$	27,024,159
0.07%, 07/24/15		39,700,000		39,698,225
0.07%, 08/21/15		12,800,000		12,798,821
Total Agency Obligations (Cost $79,521,205)				79,521,205
CERTIFICATES OF DEPOSIT — 24.1%
Bank of Montreal CHI
0.27%, 07/16/15†		13,000,000		13,000,000
Bank of Nova Scotia Houston
0.73%, 09/11/15†		5,000,000		5,004,042
0.29%, 11/06/15†		10,500,000		10,500,000
0.27%, 11/09/15†		10,000,000		10,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.30%, 07/09/15		18,000,000		18,000,000
0.33%, 09/11/15†		14,000,000		14,000,000
BMO Harris Bank NA
0.29%, 08/27/15†		23,000,000		23,000,000
Credit Agricole Corporate & Investment Bank
0.29%, 09/03/15		10,000,000		10,000,000
Credit Industriel et Commercial
0.30%, 08/03/15		15,000,000		15,000,000
0.38%, 08/03/15		4,000,000		4,000,000
Mitsubishi UFJ Trust & Banking Corporation
0.34%, 10/23/15†		10,000,000		10,000,000
National Bank of Canada NY
0.30%, 10/20/15†		5,000,000		5,000,000
0.34%, 12/24/15†		14,000,000		14,000,000
Norinchukin Bank
0.34%, 10/20/15†		18,000,000		18,000,000
0.34%, 11/12/15†		6,000,000		6,000,000
Rabobank Nederland NY
0.33%, 09/16/15†		22,500,000		22,500,000
0.30%, 11/02/15		8,000,000		8,000,000
Royal Bank of Canada NY
0.29%, 09/10/15†		10,000,000		10,000,000
State Street Bank and Trust Co.
0.32%, 10/01/15		20,000,000		20,000,000
0.33%, 10/23/15		3,000,000		3,000,000
Sumitomo Mitsui Banking Corporation
0.33%, 12/08/15†		25,500,000		25,500,000
Sumitomo Mitsui Trust Bank, Ltd.
0.30%, 07/20/15		12,000,000		12,000,000
0.33%, 11/09/15†		12,000,000		12,000,000
Toronto-Dominion Bank NY
0.30%, 07/15/15		14,000,000		13,999,999
Total Certificates of Deposit (Cost $302,504,041)				302,504,041
COMMERCIAL PAPER — 52.7%
Antalis US Funding Corporation
0.14%, 07/02/15 144A		20,000,000		19,999,922
0.14%, 07/06/15 144A		20,000,000		19,999,611
Bedford Row Funding Corporation
0.31%, 11/20/15 144A		10,000,000		10,000,000
BNP Paribas SA
0.03%, 07/01/15		10,000,000		10,000,000

	Par		Value
0.31%, 09/01/15	$	10,000,000	$	9,994,661
0.30%, 09/15/15		20,000,000		19,987,333
Caisse Centrale Desjardins Du Quebec
0.13%, 07/02/15 144A		45,000,000		44,999,838
Chariot Funding
0.33%, 11/06/15 144A		8,000,000		7,990,613
0.33%, 11/23/15 144A		15,000,000		14,980,063
Charta LLC
0.30%, 08/14/15 144A		13,500,000		13,495,050
0.34%, 11/24/15 144A		15,000,000		14,979,317
Ciesco LLC
0.28%, 08/18/15 144A		10,000,000		9,996,267
0.34%, 12/01/15 144A		20,000,000		19,971,100
Collateralized Commercial Paper Co. LLC
0.25%, 09/17/15		15,000,000		14,991,875
0.32%, 10/26/15		30,000,000		29,968,800
CRC Funding LLC
0.31%, 09/21/15 144A		20,000,000		19,985,878
0.34%, 11/02/15 144A		14,000,000		13,983,604
DNB Bank ASA
0.30%, 08/24/15 144A		18,000,000		17,991,495
0.30%, 08/24/15 144A		15,000,000		14,993,475
0.28%, 09/24/15 144A		12,000,000		11,992,067
Erste Abwicklungsanstalt
0.30%, 10/29/15 144A		25,000,000		24,975,000
General Electric Capital Corporation
0.25%, 10/19/15		41,000,000		41,000,000
HSBC Bank PLC
0.28%, 10/23/15 144A		10,000,000		10,000,000
Kells Funding LLC
0.27%, 09/22/15 144A		14,000,000		13,999,655
Macquarie Bank, Ltd.
0.41%, 10/26/15 144A		11,000,000		10,985,343
MUFG Union Bank NA
0.05%, 07/01/15		15,000,000		15,000,000
Nederlandse Waterchapsbank NV
0.26%, 10/01/15 144A		25,000,000		25,000,000
Nieuw Amsterdam Receivables Corporation
0.30%, 07/27/15 144A		10,000,000		9,997,833
0.30%, 08/04/15 144A		20,000,000		19,994,333
NRW.Bank
0.10%, 07/07/15 144A		30,000,000		29,999,500
Old Line Funding LLC
0.28%, 09/01/15 144A		10,000,000		9,995,178
0.30%, 09/25/15 144A		10,000,000		9,992,833
Skandinaviska Enskilda Banken
0.30%, 08/25/15 144A		20,000,000		19,990,833
Starbird Funding Corporation
0.27%, 09/09/15 144A		13,000,000		12,993,175
Sumitomo Mitsui Banking Corporation
0.12%, 07/06/15 144A		15,000,000		14,999,750
Svenska Handelsbanken AB
0.36%, 11/13/15 144A†		9,800,000		9,800,000
Victory Receivables Corporation
0.11%, 07/01/15		14,632,000		14,632,000
Westpac Banking Corporation
0.31%, 04/04/16 144A		17,000,000		17,000,000

See Notes to Financial Statements.

59

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Working Captial Management
0.15%, 07/06/15 144A	$	9,000,000	$	8,999,813
Total Commercial Paper (Cost $659,656,215)				659,656,215
CORPORATE BONDS — 4.0%
ING Bank NV
2.00%, 09/25/15 144A		20,849,000		20,924,008
Jets Stadium Development LLC
0.14%, 07/07/15 144A†		4,900,000		4,900,000
Province of Nova Scotia Canada
2.38%, 07/21/15		8,300,000		8,309,718
Wells Fargo Bank NA
0.56%, 07/20/15†		16,000,000		16,002,224
Total Corporate Bonds (Cost $50,135,950)				50,135,950
MUNICIPAL BONDS — 3.6%
California Statewide Communities Development Authority, Kimberly Woods Apartments, Revenue Bond, Series B 0.07%, 07/07/15†		17,100,000		17,100,000
Maryland Community Development Administration, Multifamily Barrington Apartments Project, Revenue Bond, Series A 0.07%, 07/07/15†		27,575,000		27,575,000
Total Municipal Bonds (Cost $44,675,000)				44,675,000
TIME DEPOSITS — 3.1%
Credit Agricole Corporate & Investment Bank
0.07%, 07/01/15		18,000,000		18,000,000
ING Bank NV
0.14%, 07/01/15		12,000,000		12,000,000
Natixis SA
0.06%, 07/01/15		9,000,000		9,000,000
Total Time Deposits (Cost $39,000,000)				39,000,000

	Par		Value
U.S. TREASURY OBLIGATIONS — 2.8%
U.S. Treasury Bills
0.08%, 04/30/16†	$	10,000,000	$	10,000,000
0.30%, 06/23/16		17,000,000		16,950,889
				26,950,889
U.S. Treasury Note
0.07%, 10/31/16†		8,000,000		7,994,910
Total U.S. Treasury Obligations (Cost $34,945,799)				34,945,799
REPURCHASE AGREEMENTS — 3.2%
Goldman Sachs & Co. 0.13% (dated 06/30/15, due 07/01/15, repurchase price $40,000,144, collateralized by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, 2.500% to 5.500%, due 11/01/22 to 06/01/45, total value $41,200,000) (Cost $40,000,000)		40,000,000		40,000,000
TOTAL INVESTMENTS — 99.8% (Cost $1,250,438,210)				1,250,438,210
Other Assets in Excess of Liabilities — 0.2%				2,480,381
NET ASSETS — 100.0%			$	1,252,918,591

PORTFOLIO SUMMARY (based on net assets)

	%
Commercial Paper		52.7
Certificates of Deposit		24.1
Agency Obligations		6.3
Corporate Bonds		4.0
Municipal Bonds		3.6
Repurchase Agreements		3.2
Time Deposits		3.1
U.S. Treasury Obligations		2.8
		99.8

See Notes to Financial Statements.

60

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	79,521,205	$	—	$	79,521,205	$	—
Certificates of Deposit		302,504,041		—		302,504,041		—
Commercial Paper		659,656,215		—		659,656,215		—
Corporate Bonds		50,135,950		—		50,135,950		—
Municipal Bonds		44,675,000		—		44,675,000		—
Repurchase Agreements		40,000,000		—		40,000,000		—
Time Deposits		39,000,000		—		39,000,000		—
U.S. Treasury Obligations		34,945,799		—		34,945,799		—
Total Assets — Investments in Securities	$	1,250,438,210	$	—	$	1,250,438,210	$	—

See Notes to Financial Statements.

61

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.7%
Federal Home Loan Bank
0.50%, 09/28/16D	$	2,610,000	$	2,611,104
Federal Home Loan Mortgage Corporation
0.57%, 08/26/16		3,500,000		3,502,229
1.10%, 10/03/17		5,000,000		5,012,410
Federal National Mortgage Association
1.38%, 04/27/18		3,300,000		3,319,879
Small Business Administration
6.95%, 11/01/16		39,393		40,776
Total Agency Obligations (Cost $14,452,032)				14,486,398
ASSET-BACKED SECURITIES — 13.8%
ABCLO 2007-1, Ltd.
0.63%, 04/15/21 144A†		1,275,000		1,268,320
ACAS CLO 2007-1, Ltd.
0.51%, 04/20/21 144A†		1,014,598		1,009,226
Aircraft Lease Securitisation, Ltd.
0.45%, 05/10/32 144A†		265,140		263,483
Ally Master Owner Trust
0.64%, 04/15/18†		1,400,000		1,400,552
ALM V, Ltd.
1.51%, 02/13/23 144A†		900,000		899,286
American Express Credit Account Master Trust
0.98%, 05/15/19		2,250,000		2,251,735
American Homes 4 Rent
1.25%, 06/17/31 144A†		1,866,081		1,847,701
AmeriCredit Automobile Receivables Trust
4.04%, 07/10/17		1,226,000		1,238,738
1.31%, 11/08/17		370,000		370,404
0.96%, 04/09/18		1,031,242		1,032,506
1.19%, 05/08/18		785,000		785,681
1.66%, 09/10/18		500,000		502,059
1.79%, 03/08/19		980,000		981,403
2.15%, 03/09/20		825,000		827,381
Apidos CDO V
0.51%, 04/15/21 144A†		960,154		954,039
Apidos CDO XIV
1.43%, 04/15/25 144A†		2,090,000		2,059,703
1.98%, 04/15/25 144A†		250,000		244,146
Asset-Backed Securities Corporation Home Equity Loan Trust
0.74%, 09/25/34†		19,053		19,052
Atrium VII
1.38%, 11/16/22 144A†		931,271		928,922
Avalon IV Capital, Ltd.
1.44%, 04/17/23 144A†		1,190,000		1,190,008
BA Credit Card Trust
0.57%, 06/15/21†		1,110,000		1,109,336
Babson CLO, Inc.
0.50%, 01/18/21 144A†		969,133		956,495
Babson CLO, Ltd.
1.38%, 04/20/25 144A†		1,200,000		1,186,278
3.13%, 04/20/27 144A†		600,000		599,944
Bear Stearns Asset Backed Securities Trust
0.64%, 12/25/42†		111,535		110,061

	Par		Value
Bear Stearns Asset-Backed Securities Trust
1.19%, 10/25/37†	$	699,600	$	656,370
0.38%, 01/25/47†		6,256		6,250
Cabela’s Credit Card Master Note Trust
1.45%, 06/15/20 144A		1,440,000		1,446,127
2.26%, 03/15/23		950,000		952,698
Capital Auto Receivables Asset Trust
1.29%, 04/20/18		260,000		260,031
1.74%, 10/22/18		270,000		270,734
Capital One Multi-Asset Execution Trust
2.08%, 03/15/23		1,000,000		999,985
Cent CLO 18, Ltd.
1.40%, 07/23/25 144A†D		1,400,000		1,382,626
CenterPoint Energy Transition Bond Co., LLC
0.90%, 04/15/18		649,908		650,082
Chase Issuance Trust
1.59%, 02/18/20		2,725,000		2,739,274
CIFC Funding 2015-II, Ltd.
3.22%, 04/15/27 144A†		700,000		699,438
Citibank Credit Card Issuance Trust
1.32%, 09/07/18		493,000		495,482
1.02%, 02/22/19		2,600,000		2,598,796
5.65%, 09/20/19		3,500,000		3,829,854
Colony American Homes
1.40%, 05/17/31 144A†		566,930		563,875
1.14%, 07/17/31 144A†		842,500		831,328
Conseco Financial Corporation
6.04%, 11/01/29		5,125		5,237
Credit Acceptance Auto Loan Trust
1.50%, 04/15/21 144A		1,410,000		1,413,618
2.00%, 07/15/22 144A		1,140,000		1,140,106
Credit-Based Asset Servicing and Securitization LLC
0.62%, 05/25/35†		174,350		173,739
Crusade ABS Trust
3.05%, 07/12/23(A)†		622,584		481,564
CSAB Mortgage Backed Trust
5.72%, 09/25/36 STEP		510,776		385,316
Dell Equipment Finance Trust
1.36%, 06/22/20 144A		900,000		901,578
Discover Card Execution Note Trust
1.90%, 10/17/22		2,820,000		2,796,291
Drive Auto Receivables Trust
2.28%, 06/17/19 144A		2,710,000		2,714,819
Drug Royalty II LP 2
3.08%, 07/15/23 144A†@		272,006		275,663
Dryden XXII Senior Loan Fund
1.45%, 01/15/22 144A†		1,173,442		1,173,436
Dryden XXVIII Senior Loan Fund
1.37%, 08/15/25 144A†		930,000		920,749
1.82%, 08/15/25 144A†		1,175,000		1,149,344
Dryden XXXI Senior Loan Fund
3.13%, 04/18/26 144A†		675,000		675,879

See Notes to Financial Statements.

62

	Par		Value
FHLMC Structured Pass-Through Securities
0.45%, 08/25/31†	$	531,582	$	520,226
Great America Leasing Receivables Funding LLC
1.83%, 06/17/19 144A		325,000		324,589
IFC SBA Loan-Backed Adjustable Rate Certificate
1.25%, 01/15/24 144A†		81,310		80,802
Invitation Homes 2013-SFR1 Trust
1.40%, 12/17/30 144A†		769,626		766,388
Invitation Homes 2014-SFR1 Trust
1.19%, 06/17/31 144A†		2,420,000		2,392,153
Invitation Homes 2014-SFR2 Trust
1.29%, 09/17/31 144A†		1,500,000		1,484,782
JP Morgan Mortgage Acquisition Corporation
0.92%, 07/25/35†		113,930		113,601
0.37%, 02/25/36†		414,990		396,559
Kubota Credit Owner Trust
0.94%, 12/15/17 144A		1,205,000		1,206,248
LA Arena Funding LLC
7.66%, 12/15/26 144A		284,027		312,681
LCM XII LP
1.54%, 10/19/22 144A†		1,190,000		1,185,478
Madison Park Funding XVII, Ltd.
3.18%, 07/21/27 144A†		400,000		399,604
Mayport CLO, Ltd.
0.93%, 02/22/20 144A†		1,430,000		1,422,700
MMAF Equipment Finance LLC
2.10%, 07/15/17 144A		783,353		788,055
Navient Private Education Loan Trust
0.89%, 09/16/24 144A†		241,015		240,604
Oaktree Enhanced Income Funding, Series III Ltd.
1.48%, 07/20/23 144A†		900,000		898,681
1.93%, 07/20/23 144A†		1,300,000		1,279,499
Octagon Investment Partners XIX, Ltd.
1.80%, 04/15/26 144A†		865,000		864,941
2.28%, 04/15/26 144A†		905,000		904,583
OHA Intrepid Leveraged Loan Fund, Ltd.
1.20%, 04/20/21 144A†		842,706		842,672
OneMain Financial Issuance Trust
2.47%, 09/18/24 144A		2,605,000		2,618,833
2.57%, 07/18/25 144A		3,475,000		3,477,276
3.19%, 03/18/26 144A		2,300,000		2,323,818
Option One Mortgage Loan Trust
0.45%, 11/25/35†		778,888		770,195
Progress Residential 2015-SFR1 Trust
1.59%, 02/17/32 144A†		465,000		463,603
Santander Drive Auto Receivables Trust
2.94%, 12/15/17		1,315,527		1,328,358
1.94%, 03/15/18		270,000		271,127
3.01%, 04/16/18		1,058,621		1,066,704

	Par		Value
2.70%, 08/15/18	$	300,000	$	303,345
1.78%, 11/15/18 144A		1,770,000		1,778,713
1.76%, 01/15/19		1,690,000		1,694,833
3.12%, 10/15/19 144A		1,025,000		1,049,488
2.60%, 11/16/20		1,350,000		1,368,876
Securitized Asset Backed Receivables LLC Trust
0.56%, 10/25/35†		2,800,000		2,693,424
SLC Student Loan Trust
0.39%, 09/15/26†		1,500,000		1,486,054
SLM Private Credit Student Loan Trust
0.49%, 06/15/21†		386,411		384,344
0.69%, 03/15/22†		308,034		305,870
0.49%, 06/15/23†		1,419,474		1,382,258
SLM Private Education Loan Trust
1.29%, 12/15/21 144A†		54,769		54,848
1.04%, 02/15/22 144A†		708,210		710,307
1.29%, 08/15/23 144A†		443,407		444,769
0.94%, 10/16/23 144A†		195,944		196,391
1.59%, 12/15/23 144A†		454,632		455,904
1.33%, 01/15/26 144A†		1,245,000		1,254,212
2.59%, 01/15/26 144A		555,000		563,841
3.44%, 05/16/44 144A†		1,905,212		1,995,245
SoFi Professional Loan Program 2015-A LLC
1.38%, 03/25/33 144A†		1,240,345		1,239,444
Springleaf Funding Trust
3.16%, 11/15/24 144A		1,045,000		1,057,397
Structured Asset Securities Corporation Mortgage Loan Trust
1.68%, 04/25/35†		550,428		522,428
Symphony CLO, Ltd.
1.37%, 01/09/23 144A†		1,658,296		1,658,160
1.72%, 10/17/26 144A†		2,650,000		2,647,292
Synchrony Credit Card Master Note Trust
1.60%, 04/15/21		1,500,000		1,498,449
2.37%, 03/15/23		1,285,000		1,295,942
Trade MAPS 1, Ltd.
0.89%, 12/10/18 144A†		1,500,000		1,499,929
Tyron Park CLO, Ltd.
1.40%, 07/15/25 144A†		1,270,000		1,258,134
1.83%, 07/15/25 144A†		1,175,000		1,150,632
Venture XVII CLO, Ltd.
3.13%, 07/15/26 144A†		360,000		359,600
Volkswagen Auto Loan Enhanced Trust
0.46%, 01/20/17		881,327		881,239
World Financial Network Credit Card Master Trust
0.67%, 02/15/22†		1,190,000		1,189,435
World Omni Master Owner Trust
0.54%, 02/15/18 144A†		750,000		750,000
Total Asset-Backed Securities (Cost $120,854,911)				120,502,311
CORPORATE BONDS — 26.6%
AbbVie, Inc.
1.75%, 11/06/17		1,130,000		1,133,607
1.80%, 05/14/18		870,000		868,044
2.50%, 05/14/20		1,620,000		1,605,201

See Notes to Financial Statements.

63

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
AES Corporation
3.26%, 06/01/19D	$	800,000	$	802,000
3.28%, 06/01/19		100,000		100,250
Air Lease Corporation
4.50%, 01/15/16D		1,700,000		1,726,562
3.38%, 01/15/19D		625,000		638,281
Ally Financial, Inc.
2.75%, 01/30/17D		1,400,000		1,397,200
3.25%, 09/29/17D		810,000		812,025
American Express Credit Corporation
1.13%, 06/05/17D		630,000		627,806
0.84%, 03/18/19†D		4,900,000		4,886,074
American Honda Finance Corporation
1.13%, 10/07/16		500,000		501,523
American Tower Corporation
2.80%, 06/01/20		2,900,000		2,862,953
AmeriGas Partners LP
6.25%, 08/20/19		500,000		511,250
ARC Properties Operating Partnership LP
2.00%, 02/06/17		160,000		155,600
Ashland, Inc.
3.88%, 04/15/18D		1,480,000		1,526,250
Astoria Financial Corporation
5.00%, 06/19/17		770,000		809,051
AT&T, Inc.
1.21%, 06/30/20†		4,000,000		4,020,356
2.45%, 06/30/20D		240,000		235,539
Autodesk, Inc.
1.95%, 12/15/17		350,000		351,710
Aviation Capital Group Corporation
3.88%, 09/27/16 144AD		1,900,000		1,934,192
4.63%, 01/31/18 144A		500,000		518,125
Bank of America Corporation
3.75%, 07/12/16		920,000		943,363
6.50%, 08/01/16		1,582,000		1,669,247
3.88%, 03/22/17		130,000		135,214
1.70%, 08/25/17D		570,000		570,953
6.40%, 08/28/17		400,000		438,798
5.75%, 12/01/17		1,700,000		1,852,993
1.35%, 03/22/18†		1,200,000		1,211,730
6.88%, 04/25/18		800,000		904,329
1.32%, 01/15/19†		280,000		282,759
2.65%, 04/01/19D		4,350,000		4,405,432
Baxalta, Inc.
1.07%, 06/22/18 144AW†		380,000		380,164
2.00%, 06/22/18 144A		210,000		209,874
Baylor Scott & White Holdings
2.12%, 11/15/20		1,050,000		1,032,963
BB&T Corporation
1.60%, 08/15/17		340,000		341,253
Becton Dickinson and Co.
0.74%, 06/15/16†		3,000,000		3,002,094
1.45%, 05/15/17D		1,250,000		1,249,655
1.80%, 12/15/17		700,000		700,502
Boston Scientific Corporation
2.65%, 10/01/18D		1,800,000		1,827,340
3.38%, 05/15/22D		1,100,000		1,078,638
Burlington Northern Santa Fe LLC
3.40%, 09/01/24D		500,000		497,397

	Par		Value
Cameron International Corporation
1.40%, 06/15/17D	$	270,000	$	268,363
Cantor Fitzgerald LP
6.50%, 06/17/22 144A@		750,000		774,552
Capital One NA
1.50%, 09/05/17D		690,000		687,439
1.65%, 02/05/18		730,000		724,858
Case New Holland Industrial, Inc.
7.88%, 12/01/17D		380,000		418,000
Caterpillar Financial Services Corporation
1.25%, 08/18/17D		490,000		490,921
CC Holdings GS V LLC
2.38%, 12/15/17		300,000		303,646
Chesapeake Energy Corporation
3.53%, 04/15/19†D		3,300,000		3,027,750
CHS/Community Health Systems, Inc.
5.13%, 08/15/18D		200,000		205,500
CIT Group, Inc.
5.00%, 05/15/17D		175,000		180,898
4.25%, 08/15/17		2,250,000		2,289,375
5.25%, 03/15/18		320,000		331,600
5.50%, 02/15/19 144AD		100,000		104,500
Citigroup, Inc.
1.24%, 07/25/16†		3,200,000		3,209,907
4.45%, 01/10/17		450,000		470,314
1.55%, 08/14/17D		1,300,000		1,298,392
1.80%, 02/05/18		2,030,000		2,026,378
Citizens Bank NA
1.60%, 12/04/17D		900,000		899,048
CNH Industrial Capital LLC
3.88%, 07/16/18 144A		530,000		531,325
Compass Bank
1.85%, 09/29/17		500,000		499,672
Computer Sciences Corporation
2.50%, 09/15/15		210,000		210,636
ConAgra Foods, Inc.
1.30%, 01/25/16D		240,000		240,066
ConocoPhillips Co.
1.18%, 05/15/22†D		1,600,000		1,614,266
Continental Airlines 2009-2 Class B Pass Through Trust
9.25%, 11/10/18		433,113		476,425
Continental Airlines 2010-1 Class B Pass Through Trust
6.00%, 07/12/20		389,718		404,333
Crown Castle Towers LLC
3.22%, 05/15/42 144A@		1,500,000		1,476,150
Daimler Finance North America LLC
1.25%, 01/11/16 144A		530,000		531,597
1.13%, 03/10/17 144A		300,000		298,415
0.62%, 08/01/17 144A†		200,000		199,847
1.38%, 08/01/17 144A		660,000		659,264
1.65%, 03/02/18 144A		750,000		747,072
Delta Air Lines 2010-2 Class B Pass Through Trust
6.75%, 05/23/17		300,000		305,250
DIRECTV Holdings LLC
3.13%, 02/15/16D		320,000		323,841
DISH DBS Corporation
7.13%, 02/01/16		2,800,000		2,877,000
4.25%, 04/01/18D		700,000		714,000

See Notes to Financial Statements.

64

	Par		Value
DTE Energy Co.
2.40%, 12/01/19D	$	100,000	$	100,096
Eli Lilly & Co.
1.25%, 03/01/18		410,000		409,030
Enable Midstream Partners LP
2.40%, 05/15/19 144A		300,000		290,157
Entergy Corporation
3.63%, 09/15/15		2,000,000		2,007,896
ERAC USA Finance LLC
1.40%, 04/15/16 144A		180,000		180,343
Express Scripts Holding Co.
1.25%, 06/02/17		380,000		378,397
Federal Express Corporation 2012 Pass-Through Trust
2.63%, 01/15/18 144A		256,059		258,578
Fidelity National Information Services, Inc.
2.00%, 04/15/18		340,000		339,914
Fifth Third Bancorp
5.45%, 01/15/17		250,000		265,114
First Horizon National Corporation
5.38%, 12/15/15D		1,400,000		1,421,620
Ford Motor Credit Co., LLC
8.00%, 12/15/16		1,820,000		1,984,095
3.00%, 06/12/17		560,000		573,088
2.15%, 01/09/18		700,000		703,310
1.10%, 03/12/19		1,160,000		1,152,180
1.12%, 03/12/19		3,300,000		3,277,755
Freeport-McMoran Oil & Gas LLC
6.50%, 11/15/20		350,000		371,000
Freeport-McMoRan, Inc.
2.15%, 03/01/17		210,000		210,389
2.30%, 11/14/17D		840,000		837,890
General Motors Co.
3.50%, 10/02/18D		953,000		986,365
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A		863,000		873,497
2.63%, 07/10/17D		1,060,000		1,072,058
4.75%, 08/15/17D		1,000,000		1,055,846
3.00%, 09/25/17D		1,300,000		1,326,788
1.63%, 04/10/18†D		3,000,000		3,024,828
2.40%, 04/10/18		2,050,000		2,056,462
Glencore Funding LLC
2.13%, 04/16/18 144AD		610,000		605,818
1.64%, 01/15/19 144A†		1,200,000		1,199,784
Goldman Sachs Group, Inc.
5.35%, 01/15/16		761,000		779,211
3.63%, 02/07/16D		2,874,000		2,920,812
5.75%, 10/01/16		135,000		142,461
1.37%, 11/15/18†		580,000		585,619
1.44%, 04/23/20†		600,000		606,562
1.88%, 11/29/23†		6,100,000		6,211,868
HCA, Inc.
3.75%, 03/15/19D		1,600,000		1,616,000
Health Care REIT, Inc.
3.63%, 03/15/16		400,000		406,044
6.20%, 06/01/16		1,546,000		1,611,914
Hess Corporation
1.30%, 06/15/17		310,000		308,551
Hewlett-Packard Co.
1.22%, 01/14/19†		520,000		513,135

	Par		Value
HJ Heinz Co.
1.60%, 06/30/17 144A	$	850,000	$	850,501
2.00%, 07/02/18 144A@		1,830,000		1,830,743
HSBC Finance Corporation
0.71%, 06/01/16†		400,000		399,440
HSBC USA, Inc.
1.70%, 03/05/18D		1,595,000		1,591,231
1.16%, 09/24/18†		800,000		803,870
0.89%, 11/13/19†		2,000,000		1,994,336
Huntington National Bank
1.30%, 11/20/16		500,000		499,354
0.70%, 04/24/17†		250,000		249,500
1.38%, 04/24/17		290,000		289,051
Hyundai Capital America
1.63%, 10/02/15 144A		500,000		500,642
3.75%, 04/06/16 144A		190,000		193,555
1.45%, 02/06/17 144A		800,000		797,758
IAC/InterActiveCorp
4.88%, 11/30/18D		300,000		310,500
Ingredion, Inc.
3.20%, 11/01/15		200,000		201,318
International Business Machines Corporation
1.13%, 02/06/18D		900,000		894,626
International Lease Finance Corporation
8.63%, 09/15/15		1,000,000		1,013,750
5.75%, 05/15/16		1,000,000		1,026,250
6.75%, 09/01/16 144A		1,365,000		1,438,369
3.88%, 04/15/18D		795,000		800,962
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		285,371
Jabil Circuit, Inc.
7.75%, 07/15/16		295,000		309,750
Jackson National Life Global Funding
1.25%, 02/21/17 144A		600,000		600,965
JB Hunt Transport Services, Inc.
2.40%, 03/15/19		620,000		626,200
John Deere Capital Corporation
1.35%, 01/16/18		400,000		401,430
Johnson Controls, Inc.
1.40%, 11/02/17D		130,000		129,571
JPMorgan Chase & Co.
0.73%, 11/18/16†		1,300,000		1,300,892
0.79%, 02/15/17†		3,400,000		3,406,096
1.16%, 01/25/18		610,000		614,403
1.18%, 01/25/18		2,500,000		2,518,045
1.70%, 03/01/18		1,500,000		1,494,732
2.35%, 01/28/19		501,000		502,930
KeyBank NA
1.70%, 06/01/18		1,505,000		1,503,680
Kinder Morgan, Inc.
7.00%, 06/15/17		351,000		381,875
2.00%, 12/01/17D		415,000		413,982
3.05%, 12/01/19		550,000		549,953
4.30%, 06/01/25D		100,000		96,731
Kinder Morgan Energy Partners LP
5.80%, 03/01/21D		100,000		110,867
5.00%, 10/01/21		200,000		211,902
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144AD		2,300,000		2,493,370

See Notes to Financial Statements.

65

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Kroger Co.
2.20%, 01/15/17	$	500,000	$	507,166
L-3 Communications Corporation
1.50%, 05/28/17		300,000		298,078
Lehman Escrow Bonds
0.00%, 12/28/17+W†#		2,600,000		—
0.00%, 12/31/99W†#		600,000		66,000
Lennar Corporation
4.50%, 06/15/19D		1,000,000		1,020,000
Leucadia National Corporation
8.13%, 09/15/15D		2,500,000		2,532,800
Liberty Property LP
6.63%, 10/01/17D		375,000		413,756
Life Technologies Corporation
3.50%, 01/15/16		800,000		810,068
Manufacturers & Traders Trust Co.
1.25%, 01/30/17D		700,000		699,838
1.40%, 07/25/17		780,000		779,136
Masco Corporation
6.13%, 10/03/16		500,000		528,750
McKesson Corporation
1.29%, 03/10/17		300,000		299,687
Medtronic, Inc.
1.50%, 03/15/18 144A		270,000		269,495
2.50%, 03/15/20 144A		1,700,000		1,703,963
Morgan Stanley
5.75%, 10/18/16		5,400,000		5,708,599
4.75%, 03/22/17		1,015,000		1,071,035
6.63%, 04/01/18		510,000		572,466
2.20%, 12/07/18D		310,000		311,925
1.02%, 07/23/19†		940,000		934,581
1.42%, 01/27/20†		1,350,000		1,370,091
Motorola Solutions, Inc.
3.50%, 09/01/21D		1,900,000		1,891,950
Mylan, Inc.
1.80%, 06/24/16D		180,000		180,133
Nabors Industries, Inc.
2.35%, 09/15/16D		1,100,000		1,103,536
National Oilwell Varco, Inc.
1.35%, 12/01/17		660,000		653,116
NBCUniversal Enterprise, Inc.
0.96%, 04/15/18 144A†		355,000		356,857
NextEra Energy Capital Holdings, Inc.
1.34%, 09/01/15D		3,300,000		3,303,201
Nissan Motor Acceptance Corporation
1.00%, 03/15/16 144AD		910,000		911,845
1.95%, 09/12/17 144A		520,000		523,777
Northwest Airlines 2002-1 Class G-2 Pass Through Trust
6.26%, 05/20/23		122,475		128,133
Occidental Petroleum Corporation
2.50%, 02/01/16		5,000,000		5,062,100
Ohio Power Co.
6.05%, 05/01/18		1,000,000		1,114,221
Omnicom Group, Inc.
5.90%, 04/15/16		285,000		295,462
PACCAR Financial Corporation
0.75%, 05/16/16		270,000		270,410
1.10%, 06/06/17		250,000		250,309
0.88%, 12/06/18†		250,000		251,206

	Par		Value
Parker Hannifin Corporation
4.13%, 11/11/15(E)	$	700,000	$	790,880
Penske Truck Leasing Co. LP
2.50%, 03/15/16 144A		1,650,000		1,661,821
2.50%, 06/15/19 144A		190,000		188,363
Phillips 66
2.95%, 05/01/17		210,000		215,950
Pioneer Natural Resources Co.
6.65%, 03/15/17		900,000		973,678
6.88%, 05/01/18D		400,000		449,420
Piper Jaffray Cos.
4.78%, 11/30/15 144A†@		100,000		100,268
Plains All American Pipeline LP
2.60%, 12/15/19		900,000		897,117
Prologis LP
4.50%, 08/15/17		500,000		530,353
Prudential Covered Trust
3.00%, 09/30/15 144AD		560,000		562,962
Prudential Financial, Inc.
1.05%, 08/15/18†D		500,000		503,598
QUALCOMM, Inc.
3.00%, 05/20/22D		1,200,000		1,192,969
Regions Financial Corporation
2.00%, 05/15/18D		550,000		550,010
Samsung Electronics America, Inc.
1.75%, 04/10/17 144A		1,150,000		1,157,887
Santander Bank NA
2.00%, 01/12/18D		600,000		600,279
Scripps Networks Interactive, Inc.
3.50%, 06/15/22		900,000		886,764
Southern California Edison Co.
1.85%, 02/01/22D		1,500,000		1,499,241
Southwestern Energy Co.
4.05%, 01/23/20D		400,000		411,495
SunTrust Bank
5.20%, 01/17/17		890,000		939,282
Synchrony Financial
1.88%, 08/15/17		750,000		750,075
3.00%, 08/15/19D		390,000		393,146
1.51%, 02/03/20†		950,000		955,237
Sysco Corporation
1.45%, 10/02/17		280,000		282,800
Thermo Fisher Scientific, Inc.
3.30%, 02/15/22D		1,900,000		1,880,310
TIAA Asset Management Finance Co. LLC
2.95%, 11/01/19 144A		1,400,000		1,411,206
T-Mobile USA, Inc.
5.25%, 09/01/18		600,000		618,000
Toyota Motor Credit Corporation
1.45%, 01/12/18		630,000		630,839
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		242,147		263,940
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18		436,887		475,115
United Technologies Corporation
1.78%, 05/04/18 STEP		1,250,000		1,254,361

See Notes to Financial Statements.

66

	Par		Value
Ventas Realty LP
1.55%, 09/26/16	$	414,000	$	415,651
1.25%, 04/17/17		230,000		229,535
Verizon Communications, Inc.
1.82%, 09/15/16†		5,900,000		5,974,375
1.35%, 06/09/17		840,000		839,207
2.04%, 09/14/18†		570,000		590,148
Vesey Street Investment Trust I
4.40%, 09/01/16 STEP		700,000		725,159
Volkswagen Group of America Finance LLC
1.25%, 05/23/17 144A		1,060,000		1,061,722
1.60%, 11/20/17 144A		470,000		470,709
Walgreens Boots Alliance, Inc.
1.75%, 11/17/17		230,000		231,037
WEA Finance LLC
1.75%, 09/15/17 144A		220,000		220,732
2.70%, 09/17/19 144A		260,000		260,635
WellPoint, Inc.
2.38%, 02/15/17		1,060,000		1,078,532
Whirlpool Corporation
1.65%, 11/01/17D		340,000		341,353
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 144A		200,000		200,576
2.00%, 10/20/17 144A		200,000		201,860
WPX Energy, Inc.
5.25%, 01/15/17D		780,000		801,450
Wyndham Worldwide Corporation
2.95%, 03/01/17		1,000,000		1,015,485
ZF North America Capital, Inc.
4.00%, 04/29/20 144A		700,000		701,750
Zimmer Holdings, Inc.
2.00%, 04/01/18		820,000		820,837
2.70%, 04/01/20		190,000		189,269
Total Corporate Bonds (Cost $232,308,752)				232,472,951
FOREIGN BONDS — 13.0%
Australia — 0.9%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A		1,500,000		1,608,588
Macquarie Bank, Ltd.
2.00%, 08/15/16 144A		1,500,000		1,515,445
5.00%, 02/22/17 144A@		250,000		264,142
0.91%, 10/27/17 144A†		480,000		481,139
1.60%, 10/27/17 144A		860,000		860,095
Macquarie Group, Ltd.
1.28%, 01/31/17 144A†		1,240,000		1,246,250
4.88%, 08/10/17 144A		355,000		375,348
National Australia Bank, Ltd.
1.30%, 06/30/17 144AD		390,000		389,642
Perpetual Trustee- Apollo
3.94%, 10/03/40(A)		512,630		398,538
QBE Insurance Group, Ltd.
6.13%, 09/28/15(U)		250,000		397,275
Virgin Australia 2013-1A Trust
5.00%, 04/23/25 144A		575,817		600,289
				8,136,751
Bermuda — 0.2%
Aircastle, Ltd.
6.75%, 04/15/17		1,430,000		1,526,525

	Par		Value
Brazil — 0.2%
Banco do Nordeste do Brasil SA
3.63%, 11/09/15 144A	$	710,000	$	713,550
Banco Santander Brasil SA
4.63%, 02/13/17 144A		1,000,000		1,032,300
				1,745,850
Canada — 0.8%
Bell Canada
1.53%, 04/22/16(C)†		1,150,000		921,579
Canadian Natural Resources, Ltd.
1.75%, 01/15/18		480,000		477,048
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A		1,290,000		1,304,101
Rogers Communications, Inc.
1.60%, 03/13/17(C)†		550,000		439,802
Royal Bank of Canada
1.20%, 09/19/17		1,885,000		1,882,059
Shaw Communications, Inc.
1.69%, 02/01/16(C)†		1,000,000		801,617
Thomson Reuters Corporation
0.88%, 05/23/16		600,000		598,916
1.65%, 09/29/17D		640,000		640,140
TransAlta Corporation
1.90%, 06/03/17D		250,000		248,858
				7,314,120
Cayman Islands — 0.3%
Alibaba Group Holding, Ltd.
1.63%, 11/28/17 144AD		400,000		400,094
Baidu, Inc.
2.25%, 11/28/17		440,000		442,903
Hutchison Whampoa International, (12) (II), Ltd.
2.00%, 11/08/17 144A		370,000		372,329
Seagate HDD Cayman
3.75%, 11/15/18		325,000		337,963
Seagate HDD Cayman
3.75%, 11/15/18 144A		660,000		685,231
Trafford Centre Finance, Ltd.
0.77%, 07/28/15(U)†		7,193		11,301
				2,249,821
Chile — 0.3%
Banco Santander Chile
1.88%, 01/19/16 144A†		2,500,000		2,506,250
Corpbanca SA
3.88%, 09/22/19 144A		500,000		508,763
				3,015,013
Denmark — 0.1%
AP Moeller—Maersk A/S
2.55%, 09/22/19 144A		670,000		675,287
France — 1.9%
BNP Paribas SA
0.88%, 12/12/16†		100,000		100,230
BPCE SA
1.63%, 02/10/17D		440,000		444,157
Credit Agricole SA
1.08%, 04/15/19 144A†		1,260,000		1,270,196
1.26%, 06/10/20 144AW†		1,400,000		1,400,868
Dexia Credit Local SA
0.66%, 11/07/16 144A†		2,500,000		2,507,968
0.68%, 01/11/17†		9,800,000		9,834,124

See Notes to Financial Statements.

67

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Lafarge SA
6.63%, 11/29/18(E)	$	600,000	$	762,061
				16,319,604
Germany — 0.1%
FMS Wertmanagement AoeR
1.13%, 09/05/17		1,100,000		1,105,392
Iceland — 0.2%
Iceland Government International Bond
4.88%, 06/16/16		1,945,000		2,015,018
Ireland — 0.1%
AerCap Ireland Capital, Ltd.
2.75%, 05/15/17 144A		700,000		697,375
Italy — 0.4%
Intesa Sanpaolo SpA
1.66%, 04/11/16†		3,300,000		3,307,804
Japan — 0.8%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.69%, 03/10/17 144A†		3,000,000		2,999,007
1.20%, 03/10/17 144A		620,000		618,565
1.45%, 09/08/17 144A		750,000		747,460
Japan Finance Organization for Municipalities
1.50%, 09/12/17		200,000		201,232
Mitsubishi UFJ Trust & Banking Corporation
1.60%, 10/16/17 144A		500,000		499,340
Mizuho Bank, Ltd.
1.30%, 04/16/17 144AD		490,000		488,286
0.73%, 09/25/17 144A†		300,000		299,600
1.70%, 09/25/17 144A@		1,110,000		1,110,598
				6,964,088
Mexico — 0.3%
Kansas City Southern de Mexico SA de CV
0.98%, 10/28/16†		1,000,000		995,526
Petroleos Mexicanos
5.50%, 01/21/21D		1,400,000		1,521,800
				2,517,326
Netherlands — 0.7%
ABN AMRO Bank NV
1.08%, 10/28/16 144A†		600,000		603,165
EDP Finance BV
6.00%, 02/02/18 144A		800,000		859,089
ING Bank NV
1.80%, 03/16/18 144A		645,000		645,400
0.97%, 10/01/19 144A†@		250,000		250,676
Petrobras Global Finance BV
3.88%, 01/27/16		1,900,000		1,910,488
1.90%, 05/20/16†D		300,000		296,307
2.64%, 03/17/17†D		1,300,000		1,280,110
				5,845,235
New Zealand — 0.4%
ANZ New Zealand International, Ltd.
1.40%, 04/27/17 144A		660,000		661,047
1.75%, 03/29/18 144A		680,000		679,886

	Par		Value
BNZ International Funding, Ltd.
1.90%, 02/26/18 144A	$	2,000,000	$	2,008,928
				3,349,861
Norway — 0.0%
Eksportfinans ASA
2.38%, 05/25/16		300,000		300,750
Panama — 0.0%
Carnival Corporation
1.20%, 02/05/16D		310,000		310,434
Singapore — 0.0%
DBS Group Holdings, Ltd.
0.78%, 07/16/19 144A†		400,000		400,230
South Korea — 2.8%
Export-Import Bank of Korea
1.13%, 09/17/16†		800,000		803,017
5.38%, 10/04/16 144A		1,300,000		1,368,318
Hana Bank
4.00%, 11/03/16		1,500,000		1,553,545
3.50%, 10/25/17		800,000		830,430
Hyundai Capital Services, Inc.
4.38%, 07/27/16		1,657,000		1,710,334
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A		2,900,000		2,993,342
Industrial Bank of Korea
2.38%, 07/17/17		2,000,000		2,033,912
Korea Development Bank
3.88%, 05/04/17		4,800,000		4,999,205
Korea Exchange Bank
1.75%, 09/27/15		500,000		501,168
Korea Land & Housing Corporation
1.88%, 08/02/17 144A		2,000,000		2,007,812
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		3,081,441
KT Corporation
1.75%, 04/22/17 144A		2,000,000		2,000,520
2.63%, 04/22/19@		800,000		810,372
				24,693,416
Spain — 0.2%
Instituto de Credito Oficial
1.13%, 04/01/16 144A		1,300,000		1,302,575
Sweden — 0.1%
Swedbank AB
1.60%, 03/02/18 144A		900,000		896,832
Switzerland — 0.7%
Credit Suisse
1.38%, 05/26/17		1,480,000		1,479,315
1.75%, 01/29/18		500,000		498,242
1.70%, 04/27/18		1,185,000		1,177,223
3.63%, 09/09/24		500,000		497,607
UBS AG
1.80%, 03/26/18		2,200,000		2,197,598
				5,849,985
United Kingdom — 1.1%
Abbey National Treasury Services PLC
1.65%, 09/29/17D		1,150,000		1,153,772
Anglo American Capital PLC
1.23%, 04/15/16 144A†		300,000		299,353

See Notes to Financial Statements.

68

	Par		Value
Barclays Bank PLC
0.86%, 02/17/17†	$	890,000	$	887,304
Barclays PLC
2.00%, 03/16/18		1,350,000		1,346,973
HSBC Bank PLC
0.91%, 05/15/18 144A†		1,190,000		1,195,882
Jaguar Land Rover Automotive PLC
4.13%, 12/15/18 144A		700,000		711,375
Nationwide Building Society
2.35%, 01/21/20 144A		800,000		798,053
Rofin
1.97%, 08/16/46		374,536		588,230
Standard Chartered PLC
1.50%, 09/08/17 144A		1,320,000		1,318,811
Yorkshire Building Society
2.13%, 03/18/19(E)		900,000		1,038,265
				9,338,018
Virgin Islands (British) — 0.4%
Sinopec Group Overseas Development 2014, Ltd.
1.05%, 04/10/17 144A†		3,000,000		2,997,606
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		366,011
				3,363,617
Total Foreign Bonds (Cost $113,316,962)				113,240,927
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.6%
Germany — 0.6%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75%, 04/15/18(E)		4,100,000		5,074,646
LOAN AGREEMENTS — 0.1%
Activision Blizzard, Inc. Term B Loan
3.25%, 10/11/20		635,375		636,785
H.J. Heinz Co. Term B2 Loan
3.50%, 06/05/20		137,576		137,508
Total Loan Agreements (Cost $779,572)				774,293
MORTGAGE-BACKED SECURITIES — 19.3%
Adjustable Rate Mortgage Trust
3.80%, 03/25/37†		1,659,176		1,302,473
American Home Mortgage Investment Trust
2.07%, 10/25/34†		291,946		291,859
American Home Mortgage Assets Trust
1.08%, 11/25/46†		875,099		462,974
Arran Residential Mortgages Funding PLC
1.73%, 11/19/47 144A†		599,371		602,094
Banc of America Commercial Mortgage Trust
5.62%, 07/10/46†		289,878		300,351
5.75%, 06/10/49†		310,340		331,310
5.49%, 02/10/51		1,830,317		1,932,432

	Par		Value
6.00%, 02/10/51†	$	1,290,000	$	1,385,159
Banc of America Merrill Lynch Commercial Mortgage, Inc.
5.33%, 09/10/47†		1,195,000		1,206,603
Banc of America Mortgage 2003-L Trust
2.62%, 01/25/34†		185,614		181,873
Banc of America Mortgage 2004-I Trust
2.62%, 10/25/34†		300,702		298,251
Banc of America Funding 2006 J Trust
2.93%, 01/20/47†		443,185		373,935
Banc of America Mortgage Trust
6.50%, 10/25/31		53,156		55,787
BBCMS Trust
1.34%, 05/15/32 144A†		2,200,000		2,196,500
Bear Stearns Adjustable Rate Mortgage Trust
2.72%, 01/25/34†		250,253		249,822
3.08%, 07/25/34†		341,791		342,300
2.60%, 10/25/34†		72,330		71,649
2.68%, 03/25/35†		535,550		540,177
Bear Stearns Alt-A Trust
0.93%, 11/25/34†		190,355		188,875
Bear Stearns Commercial Mortgage Securities Trust
5.60%, 03/11/39†		1,472,264		1,493,178
5.32%, 02/11/44		1,009,200		1,059,595
5.51%, 01/12/45†		845,000		899,677
5.69%, 06/11/50†		1,900,000		2,025,402
5.74%, 06/11/50		72,873		72,820
6.08%, 06/11/50†		1,055,000		1,151,668
BLCP Hotel Trust
1.14%, 08/15/29 144A†		2,000,000		1,996,138
CD 2007-CD4 Commercial Mortgage Trust
5.37%, 12/11/49†		395,000		409,783
CDGJ Commercial Mortgage Trust
1.59%, 12/15/27 144A†		790,000		790,280
CGBAM Commercial Mortgage Trust
3.21%, 04/10/28 144A		850,000		860,615
Citigroup Commercial Mortgage Trust
3.24%, 09/15/17 144A†		1,185,000		1,181,449
2.11%, 01/12/30 144A		1,274,819		1,286,882
COBALT CMBS Commercial Mortgage Trust
5.96%, 05/15/46†		1,040,000		1,111,340
COMM 2006-C8 Mortgage Trust
5.31%, 12/10/46		1,113,654		1,157,465
COMM 2010-C1 Mortgage Trust
3.16%, 07/10/46 144A		424,641		424,873
COMM 2012-9W57 Mortgage Trust
2.36%, 02/10/29 144A		1,155,000		1,173,555
COMM 2012-CCRE2 Mortgage Trust
0.00%, 08/15/45 IOW†		2,008,570		185,020

See Notes to Financial Statements.

69

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SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
COMM 2013-CCRE11 Mortgage Trust
0.00%, 10/10/46 IOW†	$	5,944,894	$	409,056
COMM 2013-CCRE12 Mortgage Trust
2.90%, 10/10/46		2,055,000		2,120,333
COMM 2013-CCRE7 Mortgage Trust
0.00%, 03/10/46 IOW†		5,642,116		423,644
COMM 2013-FL3 Mortgage Trust
1.70%, 10/13/28 144A†		1,057,580		1,057,402
COMM 2013-SFS Mortgage Trust
1.87%, 04/12/35 144A		628,820		615,260
COMM 2014-FL5 Mortgage Trust
2.33%, 10/15/31 144A†		670,000		670,004
COMM 2014-KYO Mortgage Trust
1.09%, 06/11/27 144A†		3,400,000		3,398,133
COMM 2015-LC21 Mortgage Trust
0.00%, 07/10/48W†		6,890,000		390,191
2.98%, 07/10/48		2,050,000		2,117,482
Countrywide Home Loan Mortgage Pass-Through Trust
0.73%, 02/25/35†		152,439		144,059
Credit Suisse Commercial Mortgage Trust
5.64%, 02/15/39†		655,000		664,835
5.62%, 09/15/40†		302,802		311,572
6.17%, 02/15/41†		436,745		439,354
Crusade Global Trust
0.33%, 11/15/37†		1,213,010		1,207,601
CSMC Trust 2013-IVR2
1.55%, 04/25/43 144A†		1,095,718		1,025,031
DBRR 2011-C32 Trust
5.90%, 06/17/49 144A†		1,805,000		1,890,622
Del Coronado Trust 2013-DEL
0.99%, 03/15/26 144A†		530,000		528,859
Deutsche Alt-B Securities Mortgage Loan Trust
5.87%, 10/25/36 STEP		395,854		328,707
5.89%, 10/25/36 STEP		395,854		328,978
Eurosail PLC
0.87%, 06/13/45(U)†		558,009		871,096
Fannie Mae Connecticut Avenue Securities
2.19%, 10/25/23†		899,110		910,632
1.79%, 01/25/24†		974,559		980,259
1.14%, 05/25/24†		1,366,325		1,356,611
1.39%, 07/25/24†		2,007,712		2,006,240
Fannie Mae Grantor Trust
3.31%, 02/25/32		49,046		49,860
FDIC 2010-R1 Trust
2.18%, 05/25/50 144A		589,553		591,526
FDIC Guaranteed Notes Trust
0.90%, 12/04/20 144A†		1,526,361		1,535,747
3.25%, 04/25/38 144A		372,283		381,766
0.73%, 02/25/48 144A†		132,150		132,192
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		97,366		103,234

	Par		Value
5.00%, 02/01/19	$	120,890	$	128,348
5.00%, 12/01/19		230,226		244,035
5.50%, 05/01/22		743,610		794,908
2.55%, 07/01/27†		10,673		11,355
2.38%, 11/01/31†		48,269		51,551
2.50%, 04/01/32†		8,654		9,161
2.27%, 06/01/33†		774,751		822,850
2.38%, 10/01/34†		190,931		204,029
2.43%, 08/01/35†		700,051		744,442
1.86%, 09/01/35†		411,365		435,267
2.13%, 10/01/35†		598,076		635,994
2.12%, 04/01/36†		524,714		556,690
5.50%, 05/01/38		457,172		511,834
5.50%, 02/01/40		146,069		163,424
Federal Home Loan Mortgage Corporation REMIC
4.00%, 08/15/25 STEP		337,239		360,597
4.50%, 09/15/41		828,826		913,843
4.50%, 11/15/41		849,564		925,873
4.00%, 12/15/43		557,520		593,383
Federal National Mortgage Association
5.00%, 07/01/19		52,945		56,198
5.00%, 05/01/21		443,318		471,839
5.00%, 11/01/21		188,871		201,205
0.00%, 07/25/22W†		24,901,587		786,392
2.19%, 12/01/24 CONV†		14,612		14,994
9.00%, 05/01/25		5,113		5,183
9.00%, 07/01/25		11,290		11,442
3.50%, 07/01/26 TBA		5,775,000		6,090,549
4.00%, 07/01/26 TBA		1,300,000		1,363,578
3.00%, 07/01/27 TBA		3,920,000		4,061,151
2.50%, 12/01/27		2,481,576		2,527,361
2.36%, 09/01/31†		68,343		73,011
1.45%, 08/01/32†		651,328		681,084
5.50%, 10/01/32		400,976		452,504
2.29%, 12/01/32†		472,921		503,796
2.06%, 04/01/33†		138,425		146,522
1.98%, 06/01/33†		110,051		116,596
2.63%, 06/01/33†		57,924		61,616
2.43%, 10/01/33†		243,761		258,815
2.29%, 12/01/33†		83,310		88,651
2.70%, 03/01/34†		91,390		92,383
1.92%, 09/01/34†		163,013		172,151
1.93%, 09/01/34†		190,706		201,345
1.81%, 10/01/34†		178,774		188,525
1.99%, 10/01/34†		227,678		240,783
2.25%, 02/01/35†		308,397		329,541
2.23%, 09/01/35†		485,487		517,530
2.27%, 12/01/35†		14,479		15,181
5.50%, 07/01/37 TBA		6,000,000		6,738,750
1.35%, 08/01/42†		439,571		449,711
3.63%, 09/01/42†		1,362,757		1,430,897
1.35%, 07/01/44†		295,818		303,570
1.35%, 10/01/44†		220,783		226,483
Federal National Mortgage Association REMIC
4.00%, 11/25/19		58,370		60,323
4.00%, 06/25/26 STEP		555,634		590,354
0.74%, 09/25/41†		3,050,984		3,082,653
Federal National Mortgage Association
5.50%, 08/01/35 TBA		500,000		561,094

See Notes to Financial Statements.

70

	Par		Value
FHLMC Multifamily VRD Certificates
5.50%, 08/15/51	$	3,000,000	$	3,116,250
FHLMC Structured Pass-Through Securities
1.19%, 05/25/43†		732,737		747,339
1.55%, 07/25/44†		1,082,489		1,093,063
First Horizon Alternative Mortgage Securities Trust
2.22%, 06/25/34†		391,043		383,047
GAHR Commericial Mortgage Trust
1.48%, 12/15/16 144A†		1,990,000		1,993,487
GE Capital Commercial Mortgage Corporation
5.48%, 12/10/49†		964,592		1,019,788
Giovecca Mortgages SRL
0.60%, 04/23/48(E)†		410,325		456,204
GMAC Commercial Mortgage Securities, Inc.
5.23%, 11/10/45†		1,358,368		1,368,516
Government National Mortgage Association
1.63%, 06/20/17†		2,477		2,549
2.00%, 06/20/21†		2,806		2,959
1.75%, 03/20/22†		148,154		153,601
1.75%, 01/20/23†		25,006		25,838
1.63%, 05/20/24†		46,806		48,629
1.63%, 07/20/25†		60,719		63,165
1.63%, 08/20/25†		15,643		16,273
1.63%, 11/20/25†		51,328		53,321
1.63%, 12/20/26†		71,611		74,429
1.63%, 07/20/27†		1,714		1,783
1.63%, 10/20/27†		29,394		30,540
8.50%, 10/15/29		23,940		24,778
0.78%, 02/16/30†		83,431		84,077
8.50%, 03/15/30		764		767
8.50%, 04/15/30		5,048		5,189
8.50%, 05/15/30		63,962		67,468
1.63%, 05/20/30†		45,172		47,105
8.50%, 07/15/30		50,931		55,257
8.50%, 08/15/30		12,848		13,975
8.50%, 11/15/30		8,166		8,679
8.50%, 12/15/30		28,758		33,554
8.50%, 02/15/31		16,934		17,881
0.49%, 03/20/37†		623,616		625,443
0.49%, 05/20/37†		267,007		267,711
Granite Master Issuer PLC
0.27%, 12/17/54†		405,270		403,639
0.28%, 12/17/54†		102,847		102,439
0.27%, 12/20/54†		969,347		965,479
0.33%, 12/20/54 144A†		380,481		379,070
Granite Mortgages 03-3 PLC
0.38%, 01/20/44(E)†		74,682		83,176
Granite Mortgages 04-1 PLC
0.89%, 03/20/44(U)†		171,747		269,209
Granite Mortgages 04-2 PLC
0.89%, 06/20/44(U)†		751,322		1,177,675
GreenPoint Mortgage Funding Trust
0.37%, 01/25/37†		668,532		509,278
0.46%, 11/25/45†		190,338		160,076
GS Mortgage Securities Trust
5.79%, 08/10/45†		224,495		240,992

	Par		Value
GSR Mortgage Loan Trust
2.67%, 09/25/34†	$	399,103	$	385,849
2.68%, 09/25/35†		323,130		323,820
Hilton USA Trust 2013-HLF
1.19%, 11/05/30 144A†		1,202,267		1,203,080
Hilton USA Trust 2013-HLT
4.41%, 11/05/30 144A		825,000		835,061
5.61%, 11/05/30 144A†		975,000		991,516
Impac CMB Trust
0.99%, 03/25/33†		315,316		307,645
IndyMac INDX Mortgage Loan Trust
0.46%, 06/25/37†		430,253		282,481
0.38%, 09/25/46†		762,071		649,213
JP Morgan Chase Commercial Mortgage Securities Trust
1.59%, 11/15/31 144A†		845,000		844,337
1.44%, 01/15/32 144A†		1,090,000		1,086,170
5.50%, 10/12/37 144A		1,770,720		1,838,871
5.81%, 06/12/43†		2,931,048		3,024,208
5.88%, 02/12/49†		770,662		820,124
5.85%, 02/15/51†		1,233,808		1,326,340
JP Morgan Mortgage Trust
2.59%, 02/25/35†		93,246		92,941
2.50%, 03/25/43 144A†		427,677		422,698
Lanark Master Issuer PLC
1.68%, 12/22/54 144A†		609,621		612,588
LB-UBS Commercial Mortgage Trust
5.42%, 02/15/40		1,161,360		1,218,432
6.11%, 07/15/40†		1,645,000		1,760,209
6.37%, 09/15/45†		2,130,000		2,335,360
Luminent Mortgage Trust
0.36%, 12/25/36†		750,527		600,382
MASTR Adjustable Rate Mortgages Trust
2.48%, 12/25/33†		239,414		237,051
Merrill Lynch Mortgage Investors Trust
2.16%, 12/25/34†		433,247		433,730
2.12%, 02/25/36†		510,898		504,260
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.20%, 12/12/49		915,000		959,701
Morgan Stanley Bank of America Merrill Lynch Trust 0.00%,
08/15/45 IO 144AW†		9,315,647		713,858
0.00%, 11/15/46 IOW†		4,911,678		341,504
2.98%, 07/15/50		1,400,000		1,442,295
Morgan Stanley Capital I Trust
5.48%, 02/12/44†		1,655,000		1,748,451
5.41%, 03/15/44		1,090,000		1,150,241
National RMBS Trust
3.14%, 06/20/44(A)†		392,864		307,586
NCUA Guaranteed Notes Trust
1.84%, 10/07/20		30,684		30,793
0.74%, 12/08/20†		2,761,653		2,781,630
0.71%, 03/09/21		1,570,159		1,574,362
Progress 2007-1G Trust
0.42%, 08/19/38 144A†		186,278		185,928
RALI Series 2003-QS1 Trust
0.59%, 01/25/33†		23,533		23,344
RBSSP Resecuritization Trust
4.00%, 12/26/36 144A		97,956		97,814

See Notes to Financial Statements.

71

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SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
RCMC LLC
5.62%, 11/15/44 144A	$	234,073	$	239,198
RFMSI Series 2003-S9 Trust
6.50%, 03/25/32		13,865		14,367
Selkirk No. 1, Ltd.
1.33%, 02/20/41 144A		1,879,561		1,871,612
Sequoia Mortgage Trust
2.87%, 01/25/42†		487,217		488,775
3.50%, 04/25/42†		332,947		336,503
1.45%, 02/25/43†		612,877		591,742
1.55%, 04/25/43†		710,982		687,405
Springleaf Mortgage Loan Trust
2.22%, 10/25/57 144A†		211,891		212,416
1.27%, 06/25/58 144A†		676,111		673,430
1.57%, 12/25/59 144A†		287,651		288,220
1.78%, 12/25/65 144A†		397,181		398,097
STRIPs 2012-1, Ltd.
1.50%, 12/25/44 144A		221,295		215,276
Structured Adjustable Rate Mortgage Loan Trust
2.50%, 08/25/34†		626,347		611,747
0.49%, 09/25/34†		131,863		117,068
Structured Agency Credit Risk Debt Notes
1.64%, 11/25/23†		648,630		648,630
Structured Asset Mortgage Investments II Trust
2.16%, 10/19/34†		156,342		129,168
0.44%, 07/19/35†		125,542		108,259
0.47%, 02/25/36†		626,945		508,887
Talisman-6 Finance PLC
0.19%, 10/22/16(E)†		448,775		496,190
TBW Mortgage Backed Trust
6.01%, 07/25/37 STEP		391,761		294,540
TORRENS Series 2013-1 Trust
3.00%, 04/12/44(A)†		1,821,151		1,406,447
UBS-Barclays Commercial Mortgage Trust
0.00%,
05/10/63 IO 144AW†		6,340,821		450,801
Wachovia Bank Commercial Mortgage Trust
5.42%, 01/15/45†		1,069,178		1,074,893
5.90%, 06/15/49†		1,002,787		1,059,674
Washington Mutual Mortgage Pass-Through Certificates
2.38%, 08/25/33†		423,794		434,924
2.18%, 02/25/37†		496,266		413,747
2.15%, 05/25/37†		545,656		445,616
2.16%, 07/25/37†		1,482,886		1,258,215
1.56%, 06/25/42†		19,191		18,499
0.50%, 01/25/45†		642,933		603,519
1.14%, 06/25/46†		1,127,423		1,047,815
0.90%, 01/25/47†		617,818		501,180
1.00%, 05/25/47 IO†		336,671		26,477
Wells Fargo Commercial Mortgage Trust
2.94%, 01/15/27 144A†		790,000		784,351
3.35%, 11/15/43 144A		1,611,338		1,651,283
Wells Fargo Mortgage-Backed Securities 2004-EE Trust
2.69%, 12/25/34†		392,758		394,921
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust
2.67%, 08/25/33†		75,382		76,754

	Par		Value
WFRBS Commercial Mortgage Trust 0.00%,
08/15/45 IO 144AW†	$	3,577,496	$	338,671
Total Mortgage-Backed Securities (Cost $172,369,408)				168,472,683
MUNICIPAL BONDS — 2.0%
California Earthquake Authority, Revenue Bond
1.82%, 07/01/17		480,000		483,140
2.81%, 07/01/19		1,300,000		1,334,255
Energy Northwest
2.20%, 07/01/19		1,350,000		1,357,965
Energy Northwest, Revenue Bond
1.79%, 07/01/18		400,000		406,180
Florida Hurricane Catastrophe Fund Finance Corporation, Series A, Revenue Bond
1.30%, 07/01/16		720,000		724,190
North Texas Higher Education Authority, Inc. Taxable Student Loan, Revenue Bond, Series 1
1.37%, 04/01/40†		285,238		287,982
Permanent University Fund
1.75%, 07/01/20		2,500,000		2,485,900
State of Michigan
3.99%, 11/01/19		2,100,000		2,283,666
State of Texas, General Obligation, Series C-2
0.58%, 06/01/19†		3,300,000		3,316,302
University of California, Revenue Bond
0.68%, 07/01/41†		1,000,000		1,000,540
University of California, Revenue Bond, Series Y-1
0.68%, 07/01/41†		1,100,000		1,100,594
University of Massachusetts Building Authority, Revenue Bond, Series 4
1.31%, 11/01/17		3,000,000		3,010,470
Total Municipal Bonds (Cost $17,759,163)				17,791,184
	Number of Contracts
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
90-Day Euro, Strike Price $97.88, Expires 06/13/16 (JPM)		215		6,719
90-Day Euro, Strike Price $98.63, Expires 06/13/16 (JPM)		215		37,625
Total Purchased Options (Cost $188,770)				44,344

See Notes to Financial Statements.

72

	Par			Value
U.S. TREASURY OBLIGATIONS — 32.9%
U.S. Treasury Bills
0.45%, 10/08/15	$	650,000		$	649,986
0.00%, 06/23/16		10,000,000			9,974,140
					10,624,126
U.S. Treasury Notes
0.38%, 03/15/16		5,000,000			5,006,250
0.25%, 04/15/16		12,745,000			12,741,024
0.38%, 05/31/16		831,000			831,617
0.50%, 01/31/17		11,065,000			11,062,411
0.63%, 02/15/17		3,180,000			3,184,471
0.50%, 04/30/17D		45,000,000			44,929,710
0.63%, 05/31/17D		110,925,000			110,916,348
0.88%, 07/15/17D		13,550,000			13,607,167
1.00%, 09/15/17		13,540,000			13,619,331
0.88%, 11/15/17		11,275,000			11,297,020
1.00%, 02/15/18D		25,575,000			25,652,927
0.75%, 02/28/18		2,920,000			2,908,594
1.00%, 05/15/18D		19,050,000			19,070,841
1.13%, 06/15/18		1,590,000			1,596,086
					276,423,797
Total U.S. Treasury Obligations (Cost $286,843,949)					287,047,923
	Shares
MONEY MARKET FUNDS — 11.6%
GuideStone Money Market Fund (Investor Class)¥		42,780,292			42,780,292
Northern Institutional Liquid Assets Portfolio§		58,481,674			58,481,674
Total Money Market Funds (Cost $101,261,966)					101,261,966
TOTAL INVESTMENTS — 121.6% (Cost $1,065,193,423)					1,061,169,626
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
90-Day Euro, Strike Price $98.75, Expires 06/13/16 (MSCS)		(208	)		(218,399	)
90-Day Euro, Strike Price $99.00, Expires 09/19/16 (MSCS)		(123	)		(61,500	)
90-Day Euro, Strike Price $99.25, Expires 03/14/16 (MSCS)		(143	)		(58,094	)
					(337,993	)
Put Options — 0.0%
90-Day Euro, Strike Price $98.25, Expires 06/13/16 (JPM)		(430	)		(26,875	)
90-Day Euro, Strike Price $98.75, Expires 06/13/16 (MSCS)		(208	)		(50,700	)
90-Day Euro, Strike Price $99.00, Expires 09/16/16 (MSCS)		(123	)		(107,625	)

	Number of Contracts			Value
90-Day Euro, Strike Price $99.25, Expires 03/14/16 (MSCS)		(143	)	$	(47,369	)
					(232,569	)
Total Written Options (Premiums received $(864,132))					(570,562	)
	Par
TBA SALE COMMITMENTS — (0.4)%
Federal Home Loan Mortgage Corporation 5.50%, 07/01/39 (Proceeds $(3,381,563))	$	(3,000,000	)		(3,362,109	)
Liabilities in Excess of Other Assets — (21.2)%					(184,587,627	)
NET ASSETS — 100.0%				$	872,649,328

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		32.9
Corporate Bonds		26.6
Mortgage-Backed Securities		19.3
Asset-Backed Securities		13.8
Foreign Bonds		13.0
Money Market Funds		11.6
Municipal Bonds		2.0
Agency Obligations		1.7
Foreign Government Inflation-Linked Bond		0.6
Loan Agreements		0.1
Purchased Option		—	**
Written Options		—	**
TBA Sale Commitments		(0.4	)
		121.2

** Rounds to less than 0.005%.

See Notes to Financial Statements.

73

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SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2015:

Maturity Date		Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
	Credit Default Swaps on Credit Indices — Sell Protection
	10/12/52	CMBX.NA.AAA.1 Index		0.27	%		1.00	%		USD		2,930,268	$	(1,599	)		GSC	$	8,231
	10/12/52	CMBX.NA.AAA.1 Index		0.27	%		1.00	%		USD		189,050		(103	)		CS		493
													$	(1,702	)			$	8,724

Maturity Date		Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
	Interest Rate Swaps
	06/17/17	U.S. Federal Funds Rate		0.99	%		USD		191,800,000	$	(1,238,709	)		CITI	$	(843,806	)
	12/16/19	3-Month LIBOR		(2.00	)%		USD		600,000		(4,846	)		CME		(2,082	)
	12/16/20	3-Month LIBOR		(2.00	)%		USD		22,500,000		11,826			CS		(85,857	)
	12/16/22	3-Month LIBOR		(2.25	)%		USD		6,600,000		28,862			CS		(51,382	)
	12/16/22	3-Month LIBOR		(2.25	)%		USD		2,400,000		9,611			CME		(12,833	)
										$	(1,193,256	)			$	(995,960	)
	Total Swap agreements outstanding at June 30, 2015									$	(1,194,958	)			$	(987,236	)

See Notes to Financial Statements.

74

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	14,486,398	$	—	$	14,445,622	$	40,776
Asset-Backed Securities		120,502,311		—		86,236,801		34,265,510
Corporate Bonds		232,472,951		—		231,635,235		837,716
Foreign Bonds:
Australia		8,136,751		—		7,738,213		398,538
Bermuda		1,526,525		—		1,526,525		—
Brazil		1,745,850		—		1,745,850		—
Canada		7,314,120		—		7,314,120		—
Cayman Islands		2,249,821		—		2,249,821		—
Chile		3,015,013		—		3,015,013		—
Denmark		675,287		—		675,287		—
France		16,319,604		—		16,319,604		—
Germany		1,105,392		—		1,105,392		—
Iceland		2,015,018		—		2,015,018		—
Ireland		697,375		—		697,375		—
Italy		3,307,804		—		3,307,804		—
Japan		6,964,088		—		6,964,088		—
Mexico		2,517,326		—		2,517,326		—
Netherlands		5,845,235		—		5,845,235		—
New Zealand		3,349,861		—		3,349,861		—
Norway		300,750		—		300,750		—
Panama		310,434		—		310,434		—
Singapore		400,230		—		400,230		—
South Korea		24,693,416		—		24,693,416		—
Spain		1,302,575		—		1,302,575		—
Sweden		896,832		—		896,832		—
Switzerland		5,849,985		—		5,849,985		—
United Kingdom		9,338,018		—		9,338,018		—
Virgin Islands (British)		3,363,617		—		3,363,617		—
Foreign Government Inflation-Linked Bond		5,074,646		—		5,074,646		—
Loan Agreements		774,293		—		774,293		—
Money Market Funds		101,261,966		101,261,966		—		—
Mortgage-Backed Securities		168,472,683		—		157,740,125		10,732,558
Municipal Bonds		17,791,184		—		17,791,184		—
Purchased Options		44,344		44,344		—		—
U.S. Treasury Obligations		287,047,923		—		287,047,923		—
Total Assets — Investments in Securities	$	1,061,169,626	$	101,306,310	$	913,588,218	$	46,275,098
Other Financial Instruments***
Futures Contracts	$	375,701	$	375,701	$	—	$	—
Total Assets — Other Financial Instruments	$	375,701	$	375,701	$	—	$	—

See Notes to Financial Statements.

75

LOW-DURATION BOND 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:
TBA Sale Commitments	$	(3,362,109	)	$	—		$	(3,362,109	)	$	—
Written Options		(570,562	)		(570,562	)		—			—
Total Liabilities — Investments in Securities	$	(3,932,671	)	$	(570,562	)	$	(3,362,109	)	$	—
Other Financial Instruments***
Swap Agreements	$	(1,194,958	)	$	—		$	(1,194,958	)	$	—
Forward Foreign Currency Contracts		(545,339	)		—			(545,339	)		—
Total Liabilities — Other Financial Instruments	$	(1,740,297	)	$	—		$	(1,740,297	)	$	—

*** 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 securities transferred between Level 1 and Level 2 during the period ended June 30, 2015.

The unobservable inputs used in the fair value measurement of the reporting entity’s agency obligations, asset-backed securities, corporate bonds, foreign bonds and mortgage-backed securities 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			Agency Obligations		Asset-Backed Securities			Corporate Bonds			Foreign Bonds			Mortgage-Backed Securities
Balance, 12/31/14	$	43,863,320		$	—	$	25,455,737		$	3,451,214		$	1,157,486		$	13,798,883
Accrued discounts/premiums		9,567			—		27,780			(14,674	)		(18	)		(3,521	)
Realized gain (loss)(1)		(112,439	)		—		(1,228	)		(855	)		(29,061	)		(81,295	)
Change in unrealized appreciation (depreciation)(2)		141,983			—		228,659			(12,780	)		6,643			(80,539	)
Purchases		12,279,826			—		12,279,826			—			—			—
Sales		(4,974,216	)		—		(3,038,938	)		(479,988	)		(85,530	)		(1,369,760	)
Transfers in to Level 3(3)		40,776			40,776		—			—			—			—
Transfers out of Level 3(4)		(1,339,344	)		—		—			(739,055	)		(600,289	)		—
Maturities		(1,180,000	)		—		—			(1,180,000	)		—			—
Paydowns		(2,454,375	)		—		(686,326	)		(186,146	)		(50,693	)		(1,531,210	)
Balance, 06/30/15	$	46,275,098		$	40,776	$	34,265,510		$	837,716		$	398,538		$	10,732,558

⁽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 in to Level 3 represent the value of a security at June 30, 2015 that was transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at June 30, 2015 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.

76

MEDIUM-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

		Par		Value
AGENCY OBLIGATIONS — 2.3%
Federal Farm Credit Bank
5.05%, 11/06/17		$	400,000	$	438,720
Federal Home Loan Bank
0.05%, 08/21/15			10,000,000		9,999,326
0.88%, 05/24/17D			20,000		20,070
3.00%, 09/10/21D			800,000		842,307
3.38%, 12/08/23			200,000		211,286
Federal Home Loan Mortgage Corporation
2.38%, 01/13/22D			1,300,000		1,317,005
Federal National Mortgage Association
0.00%, 10/09/19W†			3,350,000		3,061,592
2.63%, 09/06/24D			1,000,000		1,000,386
6.25%, 05/15/29			500,000		684,045
6.63%, 11/15/30			1,170,000		1,656,105
Tennessee Valley Authority
3.88%, 02/15/21D			1,000,000		1,101,454
5.25%, 09/15/39			230,000		280,460
4.63%, 09/15/60			200,000		212,528
Total Agency Obligations (Cost $20,457,190)					20,825,284
ASSET-BACKED SECURITIES — 4.2%
Access Group, Inc.
1.58%, 10/27/25†			800,703		807,249
Asset-Backed Securities Corporation Home Equity Loan Trust
0.74%, 09/25/34†			31,755		31,753
AUTO ABS
0.60%, 09/27/24(E)			1,077,123		1,202,535
Avis Budget Rental Car Funding AESOP LLC
1.92%, 09/20/19 144A			160,000		159,485
2.97%, 02/20/20 144A			160,000		164,303
2.46%, 07/20/20 144A			150,000		150,985
2.50%, 02/20/21 144A			550,000		549,351
Bayview Financial Mortgage Pass-Through Trust
0.86%, 02/28/44†	��		79,739		79,368
Bear Stearns Asset-Backed Securities Trust
6.00%, 10/25/36			1,595,014		1,329,668
6.50%, 10/25/36			2,512,145		2,048,858
Chapel BV
0.36%, 07/17/66(E)†			1,153,638		1,235,477
CWHEQ Revolving Home Equity Loan Trust
0.43%, 12/15/35†			261,156		239,222
0.33%, 07/15/36†			490,848		417,592
Edsouth Indenture No. 7 LLC
0.79%, 02/25/36 144A†			1,434,801		1,414,691
Education Funding Capital Trust
0.00%, 06/15/43W†			700,000		673,480
EMC Mortgage Loan Trust
0.74%, 11/25/41 144A†			24,153		22,661
Financial Asset Securities Corporation AAA Trust
0.60%, 02/27/35 144A†			935,517		784,636
Fremont Home Loan Trust
0.43%, 01/25/36†			1,694,814		1,633,538

	Par		Value
GMACM Home Equity Loan Trust
6.72%, 09/25/37†	$	127,465	$	132,961
7.00%, 09/25/37†		64,656		64,559
Goal Capital Funding Trust
0.37%, 09/25/28†		553,420		546,793
GSAMP Trust
1.04%, 02/25/47†		1,123,776		1,094,209
Hertz Vehicle Financing LLC
1.83%, 08/25/19 144A		210,000		208,913
JGWPT XXXIII LLC
3.50%, 06/15/77 144A		442,359		439,538
Mississippi Higher Education Assistance Corporation
0.87%, 10/25/35†		869,209		865,594
Nelnet Student Loan Trust
0.38%, 01/25/30†		1,800,000		1,782,324
Panhandle-Plains Higher Education Authority, Inc.
1.41%, 10/01/35†		476,878		483,135
Park Place Securities, Inc.
1.03%, 01/25/36†		100,000		95,328
Penarth Master Issuer PLC
0.59%, 05/18/19 144A†		1,700,000		1,700,383
Provident Home Equity Loan Trust
0.73%, 08/25/31†		80,464		45,535
RAMP Series 2004-RZ1 Trust
0.67%, 03/25/34†		244,902		243,258
RAMP Series 2005-EFC6 Trust
0.62%, 11/25/35†		1,900,000		1,679,864
RAMP Series 2006-NC1 Trust
0.38%, 01/25/36†		480,965		478,637
Salomon Brothers Mortgage Securities VII, Inc.
0.67%, 03/25/28†		8,780		8,692
Saxon Asset Securities Trust
0.98%, 03/25/35†		879,400		796,028
SLM Private Education Loan Trust
3.44%, 05/16/44 144A†		793,838		831,352
SLM Student Loan EDC Repackaging Trust
3.50%, 10/28/29 144A		360,212		358,218
SLM Student Loan Trust
1.78%, 04/25/23†		3,503,002		3,593,671
0.39%, 07/25/25†		2,050,000		2,036,577
1.04%, 12/15/25 144A†		400,000		399,262
1.03%, 10/25/28†		400,000		356,495
Soundview Home Loan Trust
0.37%, 05/25/36†		1,263,070		1,191,369
SpringCastle America Funding LLC
2.70%, 05/25/23 144A		372,756		375,211
SPS Servicer Advance Receivables Trust
2.53%, 06/15/45+		4,050,000		4,049,983
Structured Asset Investment Loan Trust
1.03%, 08/25/34†		339,695		332,633
United States Small Business Administration
3.37%, 10/01/33		329,839		343,372
2.46%, 02/01/35		80,000		79,038
2.51%, 04/01/35		260,000		259,180

See Notes to Financial Statements.

77

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Utah State Board of Regents
0.79%, 02/25/43†	$	1,050,000	$	1,048,352
Total Asset-Backed Securities (Cost $39,385,543)				38,865,316
COMMERCIAL PAPER — 1.3%
Barclays Bank PLC
0.00%, 04/13/16W†@		1,500,000		1,500,056
NBCUniversal Enterprise
0.44%, 07/07/15 144A		1,700,000		1,699,875
0.46%, 07/07/15 144A		1,700,000		1,699,870
0.45%, 07/13/15 144A@		1,700,000		1,699,745
Virginia Electric Power
0.42%, 07/13/15		1,700,000		1,699,762
0.41%, 07/14/15		1,700,000		1,699,768
0.40%, 07/23/15		1,700,000		1,699,584
Total Commercial Paper (Cost $11,698,604)				11,698,660
CORPORATE BONDS — 19.4%
21st Century Fox America, Inc.
3.70%, 09/15/24D		725,000		731,796
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		39,727
AbbVie, Inc.
1.75%, 11/06/17D		280,000		280,894
2.50%, 05/14/20		575,000		569,747
3.20%, 11/06/22		225,000		223,157
3.60%, 05/14/25		370,000		366,458
AES Corporation
4.88%, 05/15/23		80,000		75,600
Amazon.com, Inc.
3.30%, 12/05/21D		525,000		532,668
4.95%, 12/05/44		390,000		381,503
American Campus Communities Operating Partnership LP
3.75%, 04/15/23		525,000		516,402
American Express Co.
6.80%, 09/01/66†		1,215,000		1,253,151
American Honda Finance Corporation
1.00%, 08/11/15 144AD		480,000		480,321
American International Group, Inc.
2.30%, 07/16/19D		200,000		199,834
4.50%, 07/16/44		100,000		95,501
6.25%, 03/15/87		278,000		306,854
American Tower Corporation REIT
3.40%, 02/15/19		200,000		204,837
Amgen, Inc.
3.63%, 05/22/24		100,000		99,385
5.38%, 05/15/43D		350,000		372,774
Anadarko Petroleum Corporation
6.38%, 09/15/17		10,000		10,980
8.70%, 03/15/19D		25,000		30,252
3.45%, 07/15/24D		320,000		315,927
6.45%, 09/15/36		250,000		289,350
Antero Resources Corporation
5.38%, 11/01/21		100,000		96,500
5.63%, 06/01/23 144AD		425,000		412,781
Anthem, Inc.
1.25%, 09/10/15		110,000		110,066

	Par		Value
5.88%, 06/15/17	$	720,000	$	782,227
Apache Corporation
3.25%, 04/15/22		125,000		123,114
4.75%, 04/15/43		50,000		46,443
4.25%, 01/15/44D		695,000		605,906
ARC Properties Operating Partnership LP REIT
3.00%, 02/06/19		500,000		475,625
Arch Coal, Inc.
7.25%, 06/15/21D		500,000		72,500
Argos Merger Sub, Inc.
7.13%, 03/15/23 144AD		200,000		210,000
AT&T, Inc.
2.95%, 05/15/16		425,000		432,188
4.45%, 05/15/21D		80,000		85,494
3.00%, 02/15/22		170,000		166,185
3.40%, 05/15/25		2,230,000		2,131,164
5.55%, 08/15/41		160,000		164,501
4.35%, 06/15/45D		100,000		85,704
Atwood Oceanics, Inc.
6.50%, 02/01/20D		30,000		29,100
Baker Hughes, Inc.
7.50%, 11/15/18D		710,000		834,530
Bank of America Corporation
6.05%, 05/16/16D		275,000		285,619
3.88%, 03/22/17D		130,000		135,214
5.70%, 05/02/17		1,100,000		1,174,087
5.75%, 12/01/17		1,890,000		2,060,092
6.88%, 04/25/18		1,400,000		1,582,575
5.65%, 05/01/18D		700,000		769,462
2.60%, 01/15/19		320,000		323,756
5.63%, 07/01/20		50,000		56,415
5.88%, 01/05/21D		150,000		171,824
5.00%, 05/13/21D		320,000		351,734
3.30%, 01/11/23		120,000		118,375
4.13%, 01/22/24		450,000		462,019
4.00%, 04/01/24D		4,845,000		4,939,201
4.20%, 08/26/24D		390,000		389,793
4.00%, 01/22/25		440,000		429,530
4.25%, 10/22/26D		440,000		431,981
5.00%, 01/21/44		750,000		781,713
4.88%, 04/01/44		370,000		377,277
6.25%, 09/29/49†D		300,000		299,064
6.50%, 10/29/49†D		150,000		155,438
Barrick North America Finance LLC
4.40%, 05/30/21D		570,000		583,013
Baxalta, Inc.
5.25%, 06/23/45 144A		130,000		131,003
Bear Stearns Cos. LLC (The)
6.40%, 10/02/17D		1,200,000		1,321,121
Becton, Dickinson and Co.
2.68%, 12/15/19		400,000		400,719
3.73%, 12/15/24		370,000		369,483
4.69%, 12/15/44		130,000		126,287
BellSouth Corporation
4.82%, 04/26/16 144A@		1,600,000		1,646,189
Berkshire Hathaway Energy Co.
6.50%, 09/15/37		70,000		86,150
Boeing Capital Corporation
4.70%, 10/27/19D		230,000		255,138
Boeing Co.
6.63%, 02/15/38		210,000		281,588

See Notes to Financial Statements.

78

	Par		Value
Boeing Co. (The)
4.88%, 02/15/20D	$	50,000	$	56,450
Calpine Corporation
7.88%, 01/15/23 144A		542,000		588,070
Catholic Health Initiatives
4.35%, 11/01/42		40,000		36,662
CBRE Services, Inc.
5.25%, 03/15/25		400,000		415,000
CCO Holdings LLC
7.00%, 01/15/19D		168,000		174,720
5.38%, 05/01/25 144AD		280,000		273,350
Chesapeake Energy Corporation
3.53%, 04/15/19†		850,000		779,875
6.13%, 02/15/21D		220,000		207,900
5.75%, 03/15/23D		470,000		427,700
CHS/Community Health Systems, Inc.
8.00%, 11/15/19		100,000		105,625
Chubb Corporation
6.38%, 03/29/67†D		375,000		394,313
Cimarex Energy Co.
4.38%, 06/01/24		75,000		74,451
CIT Group, Inc.
4.25%, 08/15/17D		1,100,000		1,119,250
Citigroup, Inc.
5.50%, 02/15/17		1,160,000		1,232,898
6.13%, 11/21/17		1,205,000		1,326,207
3.50%, 05/15/23D		220,000		215,158
3.88%, 10/25/23D		1,100,000		1,124,558
3.75%, 06/16/24		300,000		302,348
4.40%, 06/10/25		450,000		449,217
5.50%, 09/13/25		290,000		314,048
4.30%, 11/20/26D		1,600,000		1,567,994
6.63%, 06/15/32		50,000		59,346
6.68%, 09/13/43		10,000		12,154
5.35%, 04/29/49†D		180,000		169,695
8.40%, 04/29/49†		300,000		342,000
5.95%, 07/29/49†D		170,000		167,662
5.80%, 11/29/49†D		1,700,000		1,706,375
5.88%, 12/29/49†D		175,000		175,604
5.95%, 12/29/49†		690,000		666,850
6.30%, 12/29/49†D		50,000		48,875
Clean Harbors, Inc.
5.25%, 08/01/20D		195,000		198,900
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		760,000		732,544
Comcast Corporation
5.70%, 05/15/18		1,250,000		1,391,085
3.38%, 08/15/25D		270,000		266,777
6.95%, 08/15/37		70,000		91,180
6.55%, 07/01/39		30,000		37,689
6.40%, 03/01/40D		120,000		149,212
Compass Bank
2.75%, 09/29/19		375,000		373,856
5.50%, 04/01/20		300,000		327,786
ConAgra Foods, Inc.
3.20%, 01/25/23D		450,000		421,223
Concho Resources, Inc.
5.50%, 10/01/22D		170,000		170,000
5.50%, 04/01/23		70,000		70,350
ConocoPhillips Co.
3.35%, 11/15/24D		330,000		326,941

	Par		Value
4.15%, 11/15/34D	$	175,000	$	169,588
ConocoPhillips Holding Co.
6.95%, 04/15/29		220,000		281,798
Continental Airlines 1998-1 Class A Pass Through Trust
6.65%, 03/15/19		81,155		83,736
Continental Resources, Inc.
5.00%, 09/15/22		10,000		9,819
3.80%, 06/01/24D		125,000		114,311
Crown Castle International Corporation REIT
5.25%, 01/15/23		525,000		530,775
CVS Health Corporation
4.13%, 05/15/21		250,000		267,753
2.75%, 12/01/22		500,000		482,812
4.00%, 12/05/23		400,000		413,913
CVS Pass-Through Trust
6.94%, 01/10/30		723,595		861,190
Daimler Finance North America LLC
1.30%, 07/31/15 144A		640,000		640,296
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24D		230,000		226,550
5.00%, 05/01/25		390,000		376,350
DDR Corporation REIT
4.63%, 07/15/22		400,000		420,624
Delta Air Lines 2007-1 Class A Pass Through Trust
6.82%, 02/10/24		302,562		347,190
Depository Trust & Clearing Corporation
4.88%, 12/29/49 144A†@		750,000		748,125
Devon Energy Corporation
3.25%, 05/15/22		115,000		113,835
5.60%, 07/15/41		340,000		357,193
4.75%, 05/15/42D		205,000		196,337
5.00%, 06/15/45		420,000		416,225
Devon Financing Corporation LLC
7.88%, 09/30/31		60,000		77,534
DIRECTV Holdings LLC
3.80%, 03/15/22		550,000		553,976
4.45%, 04/01/24		150,000		153,767
3.95%, 01/15/25D		575,000		564,845
Discover Bank
3.10%, 06/04/20		250,000		250,034
Discover Financial Services
3.75%, 03/04/25		450,000		430,531
DISH DBS Corporation
5.88%, 07/15/22		360,000		353,700
5.88%, 11/15/24D		170,000		163,731
Duke Energy Corporation
3.75%, 04/15/24		200,000		204,153
Dynegy Finance I, Inc.
6.75%, 11/01/19 144AD		1,100,000		1,150,050
Eagle Spinco, Inc.
4.63%, 02/15/21D		210,000		204,488
Eastman Chemical Co.
3.80%, 03/15/25		425,000		425,103
Eaton Corporation
1.50%, 11/02/17		120,000		119,986
2.75%, 11/02/22		710,000		691,701
4.15%, 11/02/42D		200,000		185,238

See Notes to Financial Statements.

79

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Ecolab, Inc.
3.00%, 12/08/16D	$	275,000	$	281,527
4.35%, 12/08/21		100,000		108,036
5.50%, 12/08/41		175,000		191,879
Education Realty Operating Partnership LP REIT
4.60%, 12/01/24		625,000		630,514
EMD Finance LLC
2.95%, 03/19/22 144A		750,000		735,196
Energy Transfer Partners LP
5.20%, 02/01/22		85,000		89,117
3.60%, 02/01/23D		75,000		71,141
Enterprise Products Operating LLC
3.35%, 03/15/23		60,000		58,696
3.75%, 02/15/25		60,000		58,922
5.70%, 02/15/42		60,000		64,082
8.38%, 08/01/66†D		475,000		498,750
7.03%, 01/15/68†D		475,000		511,812
ERP Operating LP REIT
4.63%, 12/15/21		250,000		273,089
Exelon Corporation
5.63%, 06/15/35		415,000		446,479
Express Scripts Holding Co.
2.65%, 02/15/17D		250,000		254,578
Family Tree Escrow LLC
5.25%, 03/01/20 144AD		150,000		157,688
5.75%, 03/01/23 144AD		60,000		63,000
First Data Corporation
6.75%, 11/01/20 144AD		490,000		519,096
First Niagara Financial Group, Inc.
6.75%, 03/19/20		250,000		275,578
FirstEnergy Corporation
2.75%, 03/15/18D		120,000		121,844
4.25%, 03/15/23		490,000		493,839
7.38%, 11/15/31		770,000		940,553
Fiserv, Inc.
2.70%, 06/01/20		350,000		349,727
Florida Power & Light Co.
3.80%, 12/15/42		525,000		491,100
Ford Motor Co.
4.75%, 01/15/43D		100,000		97,327
Ford Motor Credit Co., LLC
8.00%, 12/15/16D		1,300,000		1,417,211
5.00%, 05/15/18		225,000		242,057
5.88%, 08/02/21		575,000		655,459
Freeport-McMoran Oil & Gas LLC
6.50%, 11/15/20		46,000		48,760
6.88%, 02/15/23D		62,000		66,650
Freeport-McMoRan, Inc.
4.00%, 11/14/21D		390,000		383,502
3.55%, 03/01/22D		20,000		18,539
5.40%, 11/14/34		500,000		432,542
GE Capital Trust
6.38%, 11/15/67†D		321,000		343,630
General Electric Capital Corporation
1.63%, 07/02/15		810,000		810,000
8.50%, 04/06/18(M)		2,000,000		140,251
6.00%, 08/07/19		1,050,000		1,200,905
4.38%, 09/16/20D		690,000		751,874
5.30%, 02/11/21		360,000		405,093
4.65%, 10/17/21		140,000		153,518

	Par		Value
3.15%, 09/07/22	$	800,000	$	803,994
6.15%, 08/07/37		25,000		31,146
5.88%, 01/14/38		250,000		299,606
6.88%, 01/10/39		30,000		40,360
General Electric Co.
4.50%, 03/11/44		100,000		101,805
General Motors Co.
6.25%, 10/02/43		50,000		55,973
General Motors Financial Co., Inc.
2.75%, 05/15/16		90,000		91,095
3.25%, 05/15/18D		320,000		327,501
3.50%, 07/10/19D		325,000		332,189
3.45%, 04/10/22		40,000		39,253
4.25%, 05/15/23D		40,000		40,542
Gilead Sciences, Inc.
3.70%, 04/01/24D		340,000		347,802
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18D		380,000		424,284
Glencore Funding LLC
2.50%, 01/15/19 144A		400,000		395,843
2.88%, 04/16/20 144A		800,000		785,005
Goldman Sachs Capital II
4.00%, 12/29/49†		60,000		45,825
Goldman Sachs Group, Inc.
5.95%, 01/18/18		1,000,000		1,099,676
1.37%, 11/15/18†		3,800,000		3,836,814
5.38%, 03/15/20		200,000		222,844
6.00%, 06/15/20D		540,000		617,473
5.25%, 07/27/21		560,000		622,378
4.00%, 03/03/24D		900,000		916,704
3.85%, 07/08/24		150,000		150,040
6.75%, 10/01/37		440,000		517,685
6.25%, 02/01/41		750,000		889,490
5.15%, 05/22/45		90,000		87,150
HCA, Inc.
6.50%, 02/15/16D		686,000		708,720
7.69%, 06/15/25		250,000		285,000
HCP, Inc. REIT
6.00%, 01/30/17		300,000		320,147
2.63%, 02/01/20		300,000		297,291
HD Supply, Inc.
5.25%, 12/15/21 144A		200,000		203,500
Hess Corporation
8.13%, 02/15/19		110,000		130,333
Hewlett-Packard Co.
3.00%, 09/15/16		300,000		306,184
2.60%, 09/15/17		300,000		305,588
2.75%, 01/14/19		375,000		379,386
HJ Heinz Co.
2.80%, 07/02/20 144A		250,000		250,480
4.25%, 10/15/20D		20,000		20,425
4.88%, 02/15/25 144A		40,000		43,650
3.95%, 07/15/25 144A		650,000		654,922
5.00%, 07/15/35 144A		150,000		152,276
Humana, Inc.
7.20%, 06/15/18D		480,000		552,671
3.15%, 12/01/22		70,000		67,629
4.63%, 12/01/42		60,000		57,538
Hyundai Capital America
2.13%, 10/02/17 144AD		130,000		131,338
ILFC E-Capital Trust
6.25%, 12/21/65 144A†		280,000		277,200

See Notes to Financial Statements.

80

	Par		Value
International Lease Finance Corporation
6.75%, 09/01/16 144A	$	990,000	$	1,043,212
8.88%, 09/01/17		100,000		112,000
7.13%, 09/01/18 144A		1,975,000		2,207,062
8.63%, 01/15/22D		250,000		305,938
John Deere Capital Corporation
2.25%, 04/17/19		160,000		161,525
1.70%, 01/15/20D		80,000		78,381
JPMorgan Chase & Co.
5.15%, 10/01/15		960,000		968,945
0.83%, 04/25/18†D		2,200,000		2,202,677
2.25%, 01/23/20		1,700,000		1,671,639
4.40%, 07/22/20D		980,000		1,056,548
4.35%, 08/15/21		70,000		74,988
4.50%, 01/24/22		700,000		750,812
3.38%, 05/01/23		190,000		184,807
3.88%, 09/10/24		1,070,000		1,054,793
4.95%, 06/01/45		400,000		390,319
5.30%, 12/29/49†D		1,450,000		1,442,895
Kerr-McGee Corporation
6.95%, 07/01/24		290,000		350,232
7.88%, 09/15/31		280,000		359,530
Kimberly-Clark Corporation
3.70%, 06/01/43D		500,000		458,478
Kinder Morgan, Inc.
7.00%, 06/15/17		710,000		772,453
5.05%, 02/15/46		225,000		195,805
KKR & Co. LP
0.06%, 02/01/43 144A		30,000		30,366
Kraft Foods Group, Inc.
5.38%, 02/10/20		223,000		249,166
3.50%, 06/06/22D		320,000		321,274
Kroger Co.
6.15%, 01/15/20D		360,000		414,640
Laredo Petroleum, Inc.
6.25%, 03/15/23D		100,000		102,250
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%, 12/31/99W†#@		5,700,000		286,500
Liberty Property LP REIT
4.75%, 10/01/20		575,000		620,285
M&T Bank Corporation
6.88%, 12/29/49		750,000		766,875
MarkWest Energy Partners LP
4.88%, 12/01/24		320,000		314,400
MDC Holdings, Inc.
5.63%, 02/01/20		325,000		342,875
5.50%, 01/15/24D		250,000		246,875
6.00%, 01/15/43		175,000		147,875
Medtronic, Inc.
2.50%, 03/15/20 144A		125,000		125,291
4.45%, 03/15/20D		300,000		327,451
3.15%, 03/15/22 144A		300,000		301,615
3.50%, 03/15/25 144A		2,530,000		2,524,452
4.63%, 03/15/45 144A		300,000		304,442
MetLife Capital Trust
7.88%, 12/15/67 144A		300,000		377,550
MetLife, Inc.
4.75%, 02/08/21		270,000		298,443
6.40%, 12/15/66		50,000		55,000

	Par		Value
Mondelez International, Inc.
4.00%, 02/01/24D	$	450,000	$	466,899
Morgan Stanley
0.73%, 10/18/16†		340,000		339,672
4.75%, 03/22/17		60,000		63,312
6.63%, 04/01/18		700,000		785,738
5.50%, 07/24/20		250,000		280,556
3.88%, 04/29/24		275,000		278,240
3.70%, 10/23/24D		1,475,000		1,470,748
4.30%, 01/27/45		200,000		187,334
5.55%, 12/29/49†D		425,000		422,450
Murray Energy Corporation
11.25%, 04/15/21 144AD		550,000		463,375
Navient Corporation
8.45%, 06/15/18D		300,000		334,140
NBCUniversal Media LLC
2.88%, 01/15/23		750,000		729,082
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		315,720
Nielsen Finance LLC
4.50%, 10/01/20D		300,000		299,625
Noble Energy, Inc.
4.15%, 12/15/21D		620,000		646,776
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A		500,000		599,130
Occidental Petroleum Corporation
3.13%, 02/15/22D		100,000		100,336
2.70%, 02/15/23D		20,000		19,360
Omnicare, Inc.
4.75%, 12/01/22		60,000		63,900
Oracle Corporation
1.20%, 10/15/17D		470,000		470,159
2.50%, 05/15/22D		375,000		364,469
Pacific Gas & Electric Co.
8.25%, 10/15/18		130,000		155,973
6.05%, 03/01/34		550,000		663,178
5.80%, 03/01/37		210,000		243,722
Penn Virginia Resource Partners LP
8.38%, 06/01/20		300,000		325,875
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A@D		575,000		578,168
PepsiCo, Inc.
0.70%, 08/13/15D		520,000		520,207
7.90%, 11/01/18D		140,000		167,238
PNC Preferred Funding Trust
1.51%, 03/29/49 144A†		600,000		541,500
Principal Life Global Funding
2.38%, 09/11/19 144A@		2,900,000		2,913,253
Private Export Funding Corporation
5.45%, 09/15/17		1,600,000		1,755,509
Progress Energy, Inc.
7.75%, 03/01/31D		350,000		473,525
Prudential Financial, Inc.
5.38%, 05/15/45†D		250,000		246,875
Puget Sound Energy, Inc.
6.97%, 06/01/67†D		200,000		184,026
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15		98,000		98,248
QEP Resources, Inc.
5.25%, 05/01/23		80,000		77,000

See Notes to Financial Statements.

81

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
QUALCOMM, Inc.
3.00%, 05/20/22D	$	525,000	$	521,924
Range Resources Corporation
5.00%, 03/15/23D		310,000		305,350
4.88%, 05/15/25 144A		30,000		29,255
Raytheon Co.
3.13%, 10/15/20D		200,000		207,378
Regency Energy Partners LP
4.50%, 11/01/23		310,000		300,700
Reliance Standard Life Global Funding
2.50%, 01/15/20 144A		475,000		472,645
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000		768,106
Roche Holdings, Inc.
6.00%, 03/01/19 144A		114,000		129,792
3.35%, 09/30/24 144A		1,700,000		1,718,239
Rock-Tenn Co.
3.50%, 03/01/20		150,000		154,637
4.00%, 03/01/23		30,000		30,546
Roper Industries, Inc.
2.05%, 10/01/18D		375,000		374,342
Sally Holdings LLC
6.88%, 11/15/19		100,000		105,000
Santander Bank NA
2.00%, 01/12/18		450,000		450,209
Santander Holdings USA, Inc.
3.00%, 09/24/15		300,000		300,838
Select Income REIT
2.85%, 02/01/18		75,000		76,058
3.60%, 02/01/20		125,000		127,934
4.15%, 02/01/22D		175,000		173,589
Senior Housing Properties Trust REIT
3.25%, 05/01/19		250,000		250,404
SESI LLC
7.13%, 12/15/21		80,000		85,200
Southern Copper Corporation
5.25%, 11/08/42D		760,000		663,358
Southern Natural Gas Co. LLC
8.00%, 03/01/32D		400,000		476,001
Springleaf Finance Corporation
5.40%, 12/01/15D		100,000		101,125
Sprint Capital Corporation
8.75%, 03/15/32D		120,000		117,000
Sprint Communications, Inc.
9.00%, 11/15/18 144A		80,000		90,541
Sprint Corporation
7.25%, 09/15/21D		40,000		39,100
7.63%, 02/15/25D		850,000		803,250
State Street Corporation
4.96%, 03/15/18		480,000		516,317
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24D		100,000		97,279
SunTrust Banks, Inc.
3.60%, 04/15/16D		300,000		305,735
Synchrony Financial
3.00%, 08/15/19D		375,000		378,025
2.70%, 02/03/20		200,000		197,774
4.25%, 08/15/24		200,000		201,227
Sysco Corporation
3.50%, 10/02/24		950,000		959,500
4.50%, 10/02/44		225,000		227,250

	Par		Value
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A	$	540,000	$	677,496
4.90%, 09/15/44 144AD		660,000		674,618
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17D		250,000		273,125
Thermo Fisher Scientific, Inc.
3.60%, 08/15/21D		160,000		163,081
5.30%, 02/01/44D		30,000		31,826
Time Warner Cable, Inc.
5.00%, 02/01/20D		175,000		189,126
4.13%, 02/15/21D		500,000		516,841
7.30%, 07/01/38		100,000		113,002
5.88%, 11/15/40		330,000		320,517
Time Warner, Inc.
4.70%, 01/15/21		10,000		10,819
7.70%, 05/01/32		610,000		803,391
6.10%, 07/15/40		140,000		157,981
6.25%, 03/29/41		40,000		45,927
Time Warner Entertainment Co. LP
8.38%, 07/15/33		390,000		479,906
Toyota Motor Credit Corporation
1.25%, 10/05/17		520,000		521,499
Transatlantic Holdings, Inc.
8.00%, 11/30/39		200,000		259,619
Tyson Foods, Inc.
5.15%, 08/15/44D		60,000		61,931
United Airline 1995 Pass Through Trust
9.56%, 10/19/18		107,870		183
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18		80,729		87,793
United Technologies Corporation
4.50%, 06/01/42		250,000		254,569
UnitedHealth Group, Inc.
1.63%, 03/15/19D		170,000		168,058
Univision Communications, Inc.
6.75%, 09/15/22 144A		334,000		354,458
Valero Energy Corporation
3.65%, 03/15/25D		325,000		316,649
Verizon Communications, Inc.
1.82%, 09/15/16†		1,200,000		1,215,127
2.04%, 09/14/18†D		400,000		414,139
2.63%, 02/21/20		1,056,000		1,054,767
4.50%, 09/15/20		975,000		1,052,988
3.45%, 03/15/21D		130,000		132,683
2.45%, 11/01/22D		10,000		9,403
5.15%, 09/15/23		985,000		1,080,236
4.15%, 03/15/24D		925,000		951,116
6.40%, 09/15/33		459,000		527,464
6.55%, 09/15/43		2,179,000		2,557,769
4.67%, 03/15/55 144A@		247,000		215,772
Voya Financial, Inc.
2.90%, 02/15/18		60,000		61,610
5.70%, 07/15/43D		500,000		562,386
Wachovia Capital Trust
5.57%, 03/29/49†D		580,000		574,200
Walgreen Co.
1.80%, 09/15/17D		300,000		301,351

See Notes to Financial Statements.

82

	Par		Value
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19	$	425,000	$	425,996
3.80%, 11/18/24		325,000		318,919
Waste Management, Inc.
3.50%, 05/15/24		150,000		150,482
7.38%, 05/15/29		140,000		190,670
WEA Finance LLC
3.75%, 09/17/24 144AD		400,000		396,100
Wells Fargo & Co.
3.68%, 06/15/16 STEP		290,000		297,939
4.60%, 04/01/21D		70,000		76,742
3.45%, 02/13/23D		200,000		199,115
4.48%, 01/16/24		2,196,000		2,314,279
4.10%, 06/03/26		440,000		442,434
5.38%, 11/02/43		190,000		203,321
4.65%, 11/04/44		90,000		86,467
3.90%, 05/01/45		40,000		36,089
5.88%, 12/29/49†		900,000		922,545
Wells Fargo Capital X
5.95%, 12/01/86D		140,000		143,010
West Corporation
5.38%, 07/15/22 144AD		200,000		187,000
Western Gas Partners LP
3.95%, 06/01/25		225,000		216,823
Williams Cos., Inc.
7.50%, 01/15/31		10,000		10,970
7.75%, 06/15/31D		25,000		27,970
8.75%, 03/15/32		451,000		548,224
Williams Partners LP
4.88%, 05/15/23D		60,000		59,280
3.90%, 01/15/25		500,000		472,268
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000		60,899
2.90%, 10/21/19 144AD		230,000		234,423
3.38%, 10/21/20 144AD		70,000		72,220
Total Corporate Bonds (Cost $175,628,390)				178,225,698
FOREIGN BONDS — 13.8%
Australia — 0.6%
Australia & New Zealand Banking Group, Ltd.
4.50%, 03/19/24 144A		275,000		277,024
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21		920,000		935,825
5.00%, 09/30/43		220,000		229,243
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20		2,500,000		2,470,095
Commonwealth Bank of Australia
1.25%, 09/18/15		320,000		320,500
5.00%, 10/15/19 144A		50,000		55,756
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144AD		490,000		507,150
Macquarie Bank, Ltd.
2.60%, 06/24/19 144A		50,000		50,326
6.63%, 04/07/21 144A@		375,000		430,053
Rio Tinto Finance USA, Ltd.
2.50%, 05/20/16D		30,000		30,530
3.50%, 11/02/20D		500,000		521,546
3.75%, 09/20/21D		10,000		10,378
				5,838,426

	Par		Value
Austria — 0.0%
Sappi Papier Holding GmbH
7.75%, 07/15/17 144A@D	$	225,000	$	241,875
Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000		226,258
Digicel, Ltd.
6.75%, 03/01/23 144AD		300,000		294,840
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15		150,000		152,178
Weatherford International, Ltd.
9.63%, 03/01/19		165,000		192,801
				866,077
Brazil — 0.2%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)		3,249,000		995,471
Brazilian Government International Bond
4.25%, 01/07/25D		400,000		386,700
				1,382,171
Canada — 0.4%
Bank of Nova Scotia
1.65%, 10/29/15 144A		300,000		301,177
Barrick Gold Corporation
3.85%, 04/01/22D		130,000		126,185
4.10%, 05/01/23D		230,000		224,476
Canadian Imperial Bank of Commerce
2.60%, 07/02/15 144A		400,000		400,000
Enbridge, Inc.
3.50%, 06/10/24		150,000		140,366
Glencore Finance Canada, Ltd.
2.05%, 10/23/15 144A		390,000		391,028
5.80%, 11/15/16 144A		80,000		84,232
2.70%, 10/25/17 144A		360,000		363,935
MEG Energy Corporation
6.38%, 01/30/23 144A		350,000		325,500
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D		110,000		121,303
TransCanada PipeLines, Ltd.
6.35%, 05/15/67†D		400,000		381,000
Valeant Pharmaceuticals International, Inc.
5.88%, 05/15/23 144AD		150,000		154,125
6.13%, 04/15/25 144AD		350,000		360,938
Videotron, Ltd.
5.00%, 07/15/22D		300,000		300,375
				3,674,640
Cayman Islands — 0.2%
Brazil Minas SPE
5.33%, 02/15/28		470,000		446,500
Shelf Drilling Holdings, Ltd.
8.63%, 11/01/18 144AD		70,000		62,650
Transocean, Inc.
5.55%, 12/15/16		130,000		135,033
6.50%, 11/15/20D		100,000		93,125
Vale Overseas, Ltd.
4.38%, 01/11/22D		392,000		383,945

See Notes to Financial Statements.

83

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
8.25%, 01/17/34D	$	80,000		$	89,313
6.88%, 11/21/36D		511,000			496,595
					1,707,161
Chile — 0.0%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22D		240,000			250,850
Chile Government International Bond
3.63%, 10/30/42		160,000			144,200
					395,050
Colombia — 0.2%
Colombia Government International Bond
4.00%, 02/26/24D		394,000			393,015
5.63%, 02/26/44		710,000			718,875
Ecopetrol SA
5.38%, 06/26/26D		380,000			376,675
5.88%, 05/28/45		290,000			257,375
					1,745,940
Costa Rica — 0.0%
Costa Rica Government International Bond
7.00%, 04/04/44		200,000			194,500
Croatia (Hrvatska) — 0.0%
Croatia Government International Bond
5.50%, 04/04/23D		200,000			206,626
Dominican Republic — 0.0%
Dominican Republic Bond
0.10%, 03/04/22(V)		800,000	��		18,446
0.11%, 07/06/29(V)		700,000			16,547
Dominican Republic International Bond
14.50%, 02/10/23(V)		1,300,000			35,118
7.45%, 04/30/44 144AD		320,000			351,200
					421,311
France — 1.1%
BNP Paribas SA
2.38%, 09/14/17		270,000			274,190
BPCE SA
4.63%, 07/11/24 144A		700,000			685,780
4.50%, 03/15/25 144AD		1,300,000			1,259,545
Credit Agricole SA
4.38%, 03/17/25 144A		1,060,000			1,017,515
7.88%, 01/29/49 144A†D		1,600,000			1,649,829
8.38%, 10/29/49 144A†		720,000			838,800
Dexia Credit Local SA
0.66%, 11/07/16 144A†		3,200,000			3,210,199
Societe Generale SA
4.25%, 04/14/25 144A@D		1,400,000			1,318,947
					10,254,805
Germany — 0.4%
Bundesrepublik Deutschland
4.25%, 07/04/39(E)D		1,900,000			3,281,773
4.75%, 07/04/40(E)		100,000			186,211
2.50%, 07/04/44(E)		200,000			272,177
					3,740,161

	Par		Value
Greece — 0.1%
Hellenic Railways Organization SA
4.03%, 03/17/17(E)	$	700,000	$	417,512
5.01%, 12/27/17(E)		100,000		59,645
				477,157
Guernsey — 0.2%
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/25 144A		1,100,000		1,061,070
4.88%, 05/15/45 144A		350,000		338,058
				1,399,128
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 — 0.1%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144AD		530,000		523,204
Indonesia — 0.1%
Indonesia Government International Bond
4.88%, 05/05/21		770,000		819,126
7.75%, 01/17/38		100,000		127,750
				946,876
Ireland — 0.4%
Depfa ACS Bank
4.88%, 10/28/15		3,300,000		3,346,484
Israel — 0.3%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000		1,453,830
5.50%, 12/04/23D		200,000		243,115
5.50%, 04/26/24		500,000		610,955
				2,307,900
Italy — 1.2%
Intesa Sanpaolo SpA
3.63%, 08/12/15 144A		290,000		290,726
1.66%, 04/11/16†		1,700,000		1,704,020
2.38%, 01/13/17		400,000		402,115
3.88%, 01/16/18		1,200,000		1,239,544
5.02%, 06/26/24 144AD		975,000		948,942
Italy Buoni Poliennali Del Tesoro
4.50%, 03/01/24(E)		100,000		131,548
3.75%, 09/01/24(E)		4,790,000		5,985,460
				10,702,355
Japan — 0.1%
Resona Bank, Ltd.
5.85%, 09/29/49 144A†@		250,000		258,125
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144AD		330,000		330,385
Sumitomo Mitsui Financial Group, Inc.
4.44%, 04/02/24 144A		550,000		562,760
				1,151,270

See Notes to Financial Statements.

84

	Par		Value
Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A	$	230,000	$	248,478
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000		1,239,004
Luxembourg — 0.1%
Altice Financing SA
6.63%, 02/15/23 144AD		400,000		398,120
Intelsat Jackson Holdings SA
7.50%, 04/01/21D		500,000		496,250
				894,370
Mexico — 1.8%
America Movil SAB de CV
5.63%, 11/15/17D		370,000		406,038
6.00%, 06/09/19(M)		3,030,000		193,955
5.00%, 03/30/20D		240,000		265,968
Mexican Bonos
8.00%, 06/11/20(M)		16,940,600		1,210,140
6.50%, 06/10/21(M)		1,625,000		108,174
6.50%, 06/09/22(M)		22,995,700		1,519,369
8.00%, 12/07/23(M)		1,761,600		126,875
10.00%, 12/05/24(M)		14,240,000		1,162,348
7.50%, 06/03/27(M)		1,334,300		93,472
8.50%, 05/31/29(M)		964,000		73,226
7.75%, 11/13/42(M)		45,505,200		3,234,333
Mexico Cetes
0.00%, 07/02/15(M)W†		69,247,800		440,503
0.00%, 07/16/15(M)W†		14,320,500		90,992
0.00%, 07/23/15(M)W†		33,421,900		212,237
0.00%, 08/20/15(M)W†		32,487,800		205,830
0.00%, 08/27/15(M)W†		33,339,500		211,103
0.00%, 09/10/15(M)W†		22,607,700		142,949
0.00%, 09/17/15(M)W†		180,474,800		1,140,456
0.00%, 09/24/15(M)W		7,103,100		44,853
0.00%, 10/01/15(M)W†		223,593,200		1,411,237
Mexico Government International Bond
6.05%, 01/11/40		134,000		152,760
4.75%, 03/08/44		1,498,000		1,430,590
5.55%, 01/21/45		1,210,000		1,291,675
4.60%, 01/23/46		200,000		185,750
Petroleos Mexicanos
5.50%, 01/21/21D		190,000		206,530
6.63%, 06/15/35		159,000		170,528
5.50%, 06/27/44 144A		170,000		157,250
6.38%, 01/23/45		590,000		608,438
Trust F/1401 REIT
5.25%, 12/15/24 144A		200,000		209,000
				16,706,579
Morocco & Antilles — 0.1%
OCP SA
4.50%, 10/22/25 144A		450,000		429,187
Netherlands — 1.1%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.63%, 12/01/23		400,000		413,400
8.38%, 07/29/49†		100,000		104,747
11.00%, 12/29/49 144A†		487,000		619,099

	Par		Value
Deutsche Telekom International Finance BV
5.75%, 03/23/16D	$	510,000	$	527,289
ING Bank NV
5.80%, 09/25/23 144A		340,000		371,859
4.13%, 11/21/23†		600,000		617,269
ING Groep NV
6.00%, 12/29/49†		375,000		371,692
Majapahit Holding BV
7.75%, 01/20/20		240,000		278,100
Petrobras Global Finance BV
3.88%, 01/27/16		200,000		201,104
1.90%, 05/20/16†D		300,000		296,307
6.13%, 10/06/16		271,000		279,130
2.64%, 03/17/17†D		2,500,000		2,461,750
3.25%, 03/17/17		200,000		197,722
2.42%, 01/15/19†		300,000		278,100
5.75%, 01/20/20D		635,000		630,771
5.38%, 01/27/21D		1,230,000		1,186,089
6.25%, 03/17/24		380,000		367,829
6.85%, 06/05/15D		350,000		288,001
Royal Bank of Scotland NV
4.65%, 06/04/18D		130,000		136,537
Shell International Finance BV
4.38%, 03/25/20		320,000		350,703
4.13%, 05/11/35		140,000		137,508
4.38%, 05/11/45		230,000		227,965
				10,342,971
New Zealand — 0.0%
ANZ New Zealand International, Ltd.
1.85%, 10/15/15 144A		220,000		220,826
Norway — 0.1%
Kommunalbanken AS
1.00%, 09/26/17 144A		500,000		499,627
Peru — 0.0%
Peruvian Government International Bond
6.55%, 03/14/37		160,000		200,000
5.63%, 11/18/50		100,000		112,000
				312,000
Poland — 0.7%
Poland Government Bond
3.25%, 07/25/25(P)		19,080,000		5,068,775
Poland Government International Bond
4.00%, 01/22/24		980,000		1,030,225
				6,099,000
Russia — 0.1%
Russian Foreign Bond
4.50%, 04/04/22		400,000		393,500
7.50%, 03/31/30 STEPD		299,375		351,463
Russian Foreign Bond
7.50%, 03/31/30 STEP 144A		168,750		198,110
				943,073
South Africa — 0.1%
South Africa Government International Bond
5.88%, 09/16/25D		860,000		955,326

See Notes to Financial Statements.

85

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
South Korea — 0.4%
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A	$	3,400,000	$	3,509,436
Spain — 0.0%
Santander US Debt SA Unipersonal
3.78%, 10/07/15 144A		100,000		100,698
Telefonica Emisiones SA Unipersonal
6.42%, 06/20/16		90,000		94,126
6.22%, 07/03/17		20,000		21,749
5.88%, 07/15/19		70,000		79,156
				295,729
Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18		400,000		396,825
Sweden — 0.2%
Nordea Bank AB
4.88%, 05/13/21 144A		640,000		693,720
Stadshypotek AB
1.88%, 10/02/19 144AD		900,000		901,173
				1,594,893
Switzerland — 0.8%
Credit Suisse
0.59%, 03/11/16†		1,700,000		1,699,538
1.38%, 05/26/17		1,500,000		1,499,306
Credit Suisse AG
6.50%, 08/08/23 144A		225,000		246,625
Credit Suisse Group AG
7.50%, 12/29/49 144A†		525,000		548,234
UBS AG
0.84%, 06/01/17†		2,700,000		2,694,111
1.14%, 06/01/20†D		1,000,000		997,136
				7,684,950
Turkey — 0.3%
Turkey Government International Bond
5.63%, 03/30/21		160,000		173,264
6.25%, 09/26/22		820,000		914,251
5.75%, 03/22/24		410,000		445,875
Turkish Airlines 2015-1 Class A Pass Through Trust
4.20%, 03/15/27 144A		1,600,000		1,592,000
				3,125,390
United Kingdom — 1.7%
Aire Valley Mortgages PLC
0.29%, 09/20/66(E)†		398,737		432,376
Bank of Scotland PLC
5.25%, 02/21/17 144A		100,000		107,243
Barclays Bank PLC
6.05%, 12/04/17 144AD		230,000		250,532	��
2.50%, 02/20/19		300,000		302,157
Barclays PLC
4.38%, 09/11/24		350,000		336,223
6.50%, 12/29/49(E)†		800,000		890,455
BP Capital Markets PLC
3.56%, 11/01/21		30,000		31,161
3.51%, 03/17/25D		390,000		385,074

	Par		Value
GlaxoSmithKline Capital PLC
2.85%, 05/08/22	$	350,000	$	347,256
HSBC Bank PLC
4.75%, 01/19/21 144A		200,000		220,608
HSBC Holdings PLC
4.25%, 03/14/24D		240,000		242,834
6.50%, 09/15/37		1,000,000		1,210,547
6.38%, 12/29/49†		1,700,000		1,708,250
LBG Capital No.1 PLC
8.00%, 12/31/66 144A		300,000		344,250
Lloyds Bank PLC
2.30%, 11/27/18		275,000		278,133
12.00%, 12/29/49 144A†@		1,600,000		2,300,000
Lloyds Banking Group PLC
4.50%, 11/04/24D		240,000		240,595
NRAM PLC
5.63%, 06/22/17 144A		1,400,000		1,527,505
Paragon Mortgages No. 15 PLC
0.23%, 12/15/39(E)†		1,189,110		1,244,868
Royal Bank of Scotland PLC
9.50%, 03/16/22†		175,000		193,423
Royal Bank of Scotland Group PLC
2.55%, 09/18/15		560,000		561,594
6.40%, 10/21/19D		160,000		178,973
6.13%, 12/15/22		180,000		194,112
6.00%, 12/19/23		410,000		434,883
5.13%, 05/28/24		280,000		280,154
7.64%, 03/29/49†		100,000		107,350
Standard Chartered PLC
5.70%, 03/26/44 144A		680,000		707,881
Virgin Media Finance PLC
6.00%, 10/15/24 144AD		600,000		611,250
				15,669,687
Virgin Islands (British) — 0.5%
Sinopec Group Overseas Development 2012, Ltd.
2.75%, 05/17/17 144A		230,000		234,177
Sinopec Group Overseas Development 2014, Ltd.
1.05%, 04/10/17 144A†		3,200,000		3,197,446
4.38%, 04/10/24 144A		750,000		788,622
				4,220,245
Total Foreign Bonds (Cost $130,300,078)				126,910,727
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.2%
Brazil — 0.2%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B)		2,072,000		1,769,339
LOAN AGREEMENTS — 0.3%
Avago Technologies Cayman, Ltd.
Term B Loan
3.75%, 05/06/21
(Cost $2,743,755)		2,755,254		2,757,706
MORTGAGE-BACKED SECURITIES — 34.0%
Aire Valley Mortgages PLC
0.50%, 09/20/66 144A†		123,428		118,441
0.52%, 09/20/66 144A†		295,412		285,397
0.62%, 09/20/66†		401,338		390,121

See Notes to Financial Statements.

86

	Par		Value
Alba 2007-1 PLC
0.74%, 03/17/39†	$	1,100,000	$	1,596,792
Alba PLC
0.02%, 04/24/49 STEP(U)†		1,067,879		1,669,779
Alternative Loan Trust
5.50%, 10/25/33		66,608		67,943
0.46%, 01/25/36†		391,660		348,402
0.38%, 09/25/46†		783,928		670,010
American Home Mortgage Assets Trust
1.08%, 11/25/46†		1,006,777		532,639
American Home Mortgage Investment Trust
1.92%, 09/25/45†		1,474,695		1,420,063
BAMLL Commercial Mortgage Securities Trust
3.22%, 04/14/33 144A†		360,000		356,223
Banc of America Commercial Mortgage Trust
5.79%, 04/10/49†		75,000		79,017
Banc of America Funding 2005-D Trust
2.70%, 05/25/35†		1,487,630		1,513,546
Banc of America Mortgage 2004-F Trust
2.72%, 07/25/34†		125,190		126,483
Banc of America Re-REMIC Trust
5.67%, 02/17/51 144A†		88,416		91,571
Bayview Commercial Asset Trust
0.56%, 01/25/35 144A†		615,302		567,666
BBCMS Trust
1.34%, 05/15/32 144A†		1,700,000		1,697,295
Bear Stearns Adjustable Rate Mortgage Trust
2.35%, 02/25/33†		13,086		12,808
3.17%, 05/25/34†		53,455		50,496
2.68%, 03/25/35†		524,393		528,924
Bear Stearns ALT-A Trust
2.58%, 05/25/35†		373,058		368,561
Bear Stearns Commercial Mortgage Securities Trust
5.60%, 06/11/50		822,159		882,094
Bear Stearns Structured Products, Inc. Trust
2.58%, 01/26/36†		994,370		799,380
Berica 8 Residential MBS SRL
0.29%, 03/31/48(E)†		161,113		176,631
Berica ABS SRL
0.32%, 12/31/55(E)†		1,023,032		1,134,383
Chevy Chase Funding LLC
0.42%, 10/25/35 144A†@		301,351		277,563
CHL Mortgage Pass-Through Trust
2.60%, 02/19/34†		581,756		577,267
2.35%, 04/20/35†		1,200,711		1,199,179
Citigroup Commercial Mortgage Trust
0.94%, 06/15/33 144A†		200,000		198,918
0.00%, 05/10/47 IOW†		1,236,122		103,981
3.77%, 02/10/48		170,000		165,339
3.11%, 04/10/48 144A		420,000		319,777
6.26%, 12/10/49†		608,392		659,577

	Par		Value
COMM 2007-C9 Mortgage Trust
5.99%, 12/10/49†	$	1,185,331	$	1,269,479
COMM 2013-CCRE12 Mortgage Trust
4.30%, 10/10/46		100,000		106,618
4.76%, 10/10/46†		40,000		42,881
5.25%, 10/10/46†		20,000		21,206
COMM 2013-CCRE13 Mortgage Trust
0.00%, 12/10/23 IOW†		1,110,709		59,867
COMM 2014-277P Mortgage Trust
3.73%, 08/10/49 144A†		160,000		163,036
COMM 2014-CCRE19 Mortgage Trust
4.88%, 08/10/47†		218,000		220,338
COMM 2014-SAVA Mortgage Trust
3.29%, 06/15/34 144A†		400,000		400,383
COMM 2015-DC1 Mortgage Trust
4.04%, 02/10/48†		100,000		99,264
4.50%, 02/10/48†		80,000		77,659
COMM 2015-LC19 Mortgage Trust
3.83%, 02/10/48†		100,000		99,268
4.41%, 02/10/48†		190,000		185,722
Commercial Mortgage Pass-Through Certificates
2.82%, 10/15/45		30,000		29,873
Core Industrial Trust
3.98%, 02/10/34 144A†		460,000		418,212
Credit Suisse Commercial Mortgage Trust
5.62%, 01/15/49†		101,000		106,175
Credit Suisse First Boston Mortgage Securities Corporation
0.00%, 07/25/33 IOW		83,748		240
0.00%, 08/25/33 IOW†		82,028		—
Credit Suisse Mortgage Trust
4.18%, 09/15/37 144A		300,000		309,278
4.37%, 09/15/37 144A		310,000		301,193
1.13%, 09/15/38 144A†		300,000		299,585
CSAIL 2015-C1 Commercial Mortgage Trust
4.04%, 04/15/50		60,000		60,203
DECO Series
1.20%, 04/27/27 144A(E)†		1,495,126		1,672,678
EQTY 2014-INNS Mortgage Trust
2.54%, 05/08/31 144A†		300,000		299,139
Federal Home Loan Mortgage Corporation
8.50%, 06/01/18		962		1,005
4.50%, 09/01/18		3,537		3,684
8.00%, 08/01/24		1,369		1,535
2.81%, 01/25/25		400,000		395,644
4.00%, 10/01/25		408,832		436,728
5.50%, 02/01/27		63,363		70,913
7.50%, 11/01/29		5,387		6,616
7.50%, 12/01/29		7,119		8,431
7.50%, 02/01/31		17,130		19,244
2.36%, 07/01/31†		13,540		14,043
7.50%, 11/01/31		9,018		9,102

See Notes to Financial Statements.

87

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.60%, 04/01/32†	$	2,247	$	2,355
3.50%, 08/01/33		1,705,852		1,785,956
5.00%, 08/01/33		9,083		10,096
5.00%, 09/01/33		1,774		1,961
5.00%, 10/01/33		5,874		6,518
2.59%, 03/01/34†		3,137		3,357
5.00%, 12/01/34		158,540		175,195
5.50%, 05/01/35		354,630		396,763
5.00%, 07/01/35		8,454		9,403
5.00%, 11/01/35		303,405		334,063
5.50%, 11/01/35		52,886		59,408
5.00%, 12/01/35		21,894		24,141
5.50%, 01/01/36		39,226		44,187
6.00%, 02/01/36		578,201		654,060
2.76%, 01/01/37†		601,719		651,796
5.00%, 02/01/37		30,392		33,443
5.50%, 07/01/37		73,349		82,371
1.74%, 09/01/37†		57,575		60,700
5.50%, 04/01/38		18,063		20,209
7.00%, 02/01/39		225,613		262,983
7.00%, 03/01/39		41,743		45,935
5.50%, 04/01/39		463,041		520,773
4.50%, 06/01/39		200,063		216,542
6.50%, 09/01/39		77,377		89,138
5.50%, 08/01/40		385,179		430,982
5.00%, 06/01/41		5,843		6,433
4.00%, 08/01/41 TBA		500,000		527,627
3.50%, 10/01/42		173,897		179,507
4.00%, 10/01/42		84,966		90,663
3.50%, 11/01/42		355,771		367,267
3.50%, 12/01/42		87,761		90,587
3.50%, 01/01/43		546,675		564,264
3.50%, 02/01/43		373,991		386,047
3.50%, 04/01/43		950,323		980,565
4.00%, 04/01/43		181,672		193,926
3.50%, 05/01/43		683,680		705,843
4.00%, 05/01/43		89,601		95,803
4.00%, 06/01/43		91,260		97,578
4.00%, 07/01/43		343,474		366,878
4.00%, 08/01/43		184,622		197,112
4.50%, 12/01/43		1,218,429		1,341,641
3.50%, 02/01/44		96,025		99,120
4.50%, 02/01/44		934,465		1,028,733
4.50%, 03/01/44		286,959		316,069
3.50%, 03/01/45		1,049,684		1,083,552
Federal Home Loan Mortgage Corporation REMIC
0.00%, 06/15/27 IOW†		714,737		90,314
0.00%, 09/15/31 IOW†		693,668		89,675
6.00%, 05/15/36		393,072		447,437
0.69%, 06/15/37†		288,761		292,014
0.00%, 07/15/37 IOW†		2,032,459		364,427
0.00%, 01/15/40 IOW†		498,125		84,044
0.00%, 04/15/41 IO†		452,975		32,811
0.00%, 10/15/41 IOW†		340,571		61,482
0.00%, 11/15/41 IOW†		331,889		63,761
0.00%, 07/15/42 IOW†		78,099		16,204
0.00%, 08/15/42 IOW†		473,433		103,629
0.00%, 11/15/42 IOW†		239,238		58,435
0.00%, 12/15/42 IO†		232,548		57,534
0.00%, 04/15/43 IOW†		2,244,372		390,707
3.00%, 05/15/43		419,144		374,310
3.00%, 07/15/43		211,822		191,549
0.00%, 02/15/44 IOW†		186,200		40,855

	Par		Value
0.00%, 05/15/44 IOW†	$	186,991	$	40,880
Federal Housing Administration
7.43%, 10/01/18@		32,861		33,528
Federal National Mortgage Association
8.00%, 09/01/15		24		24
3.07%, 12/01/17		922,818		954,266
5.00%, 12/01/17		8,326		8,826
2.80%, 03/01/18		548,634		567,481
3.74%, 05/01/18		1,317,373		1,396,896
3.84%, 05/01/18		420,000		448,028
4.51%, 06/01/19		1,000,000		1,079,234
3.42%, 10/01/20		277,073		294,082
3.62%, 12/01/20		176,577		189,003
4.38%, 06/01/21		646,683		712,060
9.50%, 05/01/22		599		655
1.95%, 07/01/22†		5,044		5,165
5.50%, 09/01/23		81,773		89,128
5.50%, 10/01/23		18,051		19,817
5.00%, 05/01/24		63,052		69,550
9.50%, 07/01/24		1,148		1,259
2.81%, 04/01/25		240,000		235,609
5.50%, 05/01/25		408,005		427,881
3.50%, 07/01/26 TBA		1,100,000		1,160,105
1.94%, 07/01/27†		17,532		18,303
2.50%, 07/01/27 TBA		300,000		303,634
3.00%, 07/01/27 TBA		7,100,000		7,355,655
2.31%, 08/01/27†		34,108		36,300
3.00%, 08/01/27 TBA		100,000		103,386
1.94%, 11/01/27 CONV†		18,449		19,429
2.76%, 02/01/30†		99,656		102,116
2.51%, 06/01/30 CONV†		15,207		15,612
8.00%, 10/01/30		19,566		23,758
2.63%, 12/01/30 CONV†		5,633		5,772
1.94%, 01/01/31†		6,442		6,569
4.50%, 04/01/31		111,917		121,715
2.45%, 05/01/31†		13,505		13,637
4.50%, 05/01/31		386,378		420,088
4.50%, 06/01/31		116,372		126,590
4.50%, 11/01/31		166,521		181,416
6.00%, 11/01/31		3,206		3,680
4.50%, 12/01/31		243,192		265,049
6.00%, 01/01/32		63,065		71,597
6.00%, 03/01/32		12,322		14,000
6.00%, 04/01/32		158,777		180,564
3.50%, 05/01/32		595,545		625,349
1.94%, 06/01/32†		8,044		8,243
1.95%, 08/01/32†		9,890		10,217
6.00%, 08/01/32		1,652		1,884
2.38%, 02/01/33†		1,069		1,096
5.50%, 04/01/33		36,326		41,401
1.95%, 05/01/33†		39,111		41,753
6.00%, 05/01/33		511		579
5.00%, 07/01/33		50,469		55,940
3.50%, 08/01/33		82,677		86,546
5.00%, 08/01/33		4,252		4,726
5.00%, 09/01/33		62,385		69,202
5.50%, 09/01/33		2,241		2,542
3.50%, 10/01/33		162,116		169,673
3.50%, 11/01/33		82,135		85,962
3.50%, 12/01/33		82,253		86,102
5.50%, 12/01/33		9,355		10,489
6.00%, 12/01/33		448		509
5.50%, 02/01/34		2,922		3,297

See Notes to Financial Statements.

88

	Par		Value
5.50%, 04/01/34	$	508	$	579
3.50%, 05/01/34		275,160		288,557
5.50%, 08/01/34		4,090		4,660
5.50%, 10/01/34		178		201
6.00%, 10/01/34		30,420		34,507
1.92%, 12/01/34†		89,760		95,504
5.50%, 12/01/34		18,935		21,468
6.00%, 05/01/35		1,165,968		1,326,067
5.50%, 07/01/35		210		239
6.00%, 07/01/35		175,632		200,337
5.50%, 08/01/35		394		446
6.00%, 08/01/35		44		50
5.50%, 09/01/35		74,268		83,365
5.00%, 10/01/35		170,023		188,592
6.00%, 10/01/35		39,673		45,064
1.94%, 11/01/35†		13,136		13,689
2.11%, 11/01/35†		68,462		72,314
2.11%, 11/01/35†		72,431		76,158
2.14%, 11/01/35†		86,743		91,033
2.14%, 11/01/35†		99,559		104,714
2.15%, 11/01/35†		73,872		77,723
6.00%, 11/01/35		502,384		571,922
5.50%, 12/01/35		1,881		2,145
6.00%, 12/01/35		7,856		9,025
6.00%, 01/01/36		105,966		120,232
6.00%, 02/01/36		4,580		5,259
6.00%, 03/01/36		5,132		5,873
5.50%, 04/01/36		51,209		55,963
6.00%, 04/01/36		6,750		7,659
3.83%, 05/01/36†		101,032		106,227
6.00%, 09/01/36		112,769		128,286
5.50%, 11/01/36		153,800		172,662
6.00%, 01/01/37		732,031		830,005
1.75%, 02/01/37†		642,637		674,670
5.50%, 02/01/37		203		231
6.00%, 02/01/37		614,959		699,848
5.50%, 03/01/37		9,042		10,159
6.00%, 03/01/37		412,809		469,799
5.50%, 04/01/37		368		417
5.50%, 05/01/37		318		359
5.50%, 06/01/37		175		199
6.00%, 06/01/37		391		444
6.00%, 07/01/37		1,202,900		1,363,911
5.50%, 08/01/37		422,272		474,689
6.00%, 08/01/37		110,968		126,128
6.00%, 09/01/37		195,813		221,994
6.50%, 10/01/37		57,186		65,673
7.00%, 10/01/37		8,369		10,115
7.00%, 11/01/37		8,495		9,360
1.94%, 12/01/37†		54,848		57,142
6.00%, 12/01/37		496,750		565,035
7.00%, 12/01/37		5,313		6,053
1.94%, 01/01/38†		33,238		35,413
6.00%, 01/01/38		325,727		372,473
5.50%, 02/01/38		5,207		5,855
7.00%, 02/01/38		5,585		6,115
4.50%, 03/01/38		10,153		10,976
5.50%, 03/01/38		575		650
6.00%, 03/01/38		211,955		241,135
4.50%, 04/01/38		196,769		212,729
5.00%, 04/01/38		180,092		198,652
6.00%, 04/01/38		790		896
5.50%, 05/01/38		180		201
6.00%, 05/01/38		41,554		47,224

	Par		Value
5.00%, 06/01/38	$	195,426	$	215,567
5.50%, 06/01/38		593		668
4.50%, 07/01/38 TBA		1,000,000		1,081,094
5.00%, 07/01/38 TBA		1,200,000		1,325,625
5.50%, 07/01/38		105,565		119,741
5.50%, 08/01/38		120,858		136,571
7.00%, 08/01/38		6,911		7,523
5.50%, 09/01/38		514		581
6.00%, 11/01/38		52,824		60,024
7.00%, 11/01/38		39,734		46,444
5.50%, 12/01/38		207		232
6.00%, 12/01/38		179,680		204,003
6.00%, 01/01/39		257,106		291,999
7.00%, 02/01/39		19,326		22,612
7.00%, 03/01/39		167,831		192,712
4.00%, 07/01/39 TBA		3,000,000		3,178,441
4.00%, 08/01/39 TBA		3,600,000		3,805,692
6.00%, 09/01/39		37,320		42,406
6.00%, 10/01/39		40,511		46,070
6.00%, 12/01/39		617,890		703,669
1.55%, 06/01/40†		52,762		55,200
4.50%, 07/01/40 TBA		6,000,000		6,486,563
5.00%, 07/01/40 TBA		1,000,000		1,104,688
1.55%, 10/01/40†		141,345		150,492
1.94%, 11/01/40†		18,714		19,545
4.50%, 04/01/41		163,452		177,083
3.50%, 08/01/41 TBA		27,000,000		27,753,048
4.50%, 08/01/41		136,457		148,036
4.50%, 11/01/41		519,460		563,711
4.00%, 06/01/42		80,785		85,997
3.00%, 08/01/42		313,462		313,979
3.00%, 09/01/42		266,284		266,723
3.50%, 09/01/42		85,399		88,145
2.50%, 10/01/42		586,212		563,048
4.00%, 10/01/42		342,049		364,958
2.50%, 11/01/42		32,289		31,018
3.00%, 11/01/42		120,794		120,977
4.00%, 11/01/42		774,618		826,693
2.50%, 12/01/42		24,574		23,603
3.00%, 12/01/42		1,680,964		1,683,521
4.00%, 12/01/42		239,100		254,180
2.50%, 01/01/43		21,954		21,087
3.00%, 01/01/43		1,588,742		1,589,743
3.50%, 01/01/43		2,539,310		2,620,903
2.50%, 02/01/43		21,802		20,941
3.00%, 02/01/43		429,915		430,624
2.50%, 03/01/43		1,877,552		1,803,356
3.00%, 03/01/43		389,712		390,189
3.50%, 03/01/43		264,670		273,501
2.50%, 04/01/43		1,821,157		1,749,241
3.00%, 04/01/43		474,654		475,267
3.50%, 04/01/43		1,145,566		1,183,751
4.00%, 04/01/43		83,405		89,160
2.50%, 05/01/43		38,665		37,140
3.00%, 05/01/43		2,261,860		2,263,967
3.50%, 05/01/43		87,963		90,899
4.00%, 05/01/43		—		—
2.50%, 06/01/43		36,578		35,134
3.00%, 06/01/43		82,361		82,431
4.00%, 06/01/43		862,898		920,726
3.00%, 07/01/43		761,276		761,926
4.00%, 07/01/43		861,173		918,175
2.50%, 08/01/43		920,486		884,232
4.00%, 08/01/43		282,542		301,618

See Notes to Financial Statements.

89

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.50%, 09/01/43	$	1,224,330	$	1,330,680
2.50%, 10/01/43		47,550		45,676
4.50%, 10/01/43		278,869		307,124
4.50%, 11/01/43		183,419		201,968
4.50%, 12/01/43		276,106		304,048
4.50%, 01/01/44		185,493		204,223
4.50%, 02/01/44		1,589,076		1,720,830
4.50%, 07/01/44		188,907		207,449
4.50%, 10/01/44		852,415		934,383
4.00%, 01/01/45		294,913		314,283
4.50%, 02/01/45		1,580,807		1,743,060
3.00%, 03/01/45		1,081,303		1,079,736
0.00%, 07/31/55+W†		100,000		25,357
0.00%, 08/01/55+W†		400,000		24,844
Federal National Mortgage Association Interest STRIP
0.00%, 04/25/27 IOW†		568,285		63,893
0.00%, 11/25/39 IOW†		108,125		22,101
0.00%, 11/25/41 IOW†		741,842		160,427
0.00%, 04/25/42 IOW†		782,254		184,420
Federal National Mortgage Association REMIC
0.00%, 08/25/21 IOW†		51		956
0.00%, 10/25/21 IOW†		77		1,368
0.00%, 07/25/27 IOW†		1,563,282		181,341
0.64%, 10/18/30†		15,109		15,298
5.50%, 04/25/35		784,725		817,541
0.00%, 03/25/37 IOW†		1,208,440		193,163
6.50%, 06/25/39		41,406		46,428
0.00%, 12/25/39 IOW†		548,207		80,907
0.00%, 12/25/40 IOW†		122,149		19,534
0.00%, 02/25/41 IOW†		68,829		14,374
5.00%, 06/25/41		749,986		827,994
5.50%, 07/25/41		996,360		1,149,942
0.00%, 09/25/41 IOW†		126,785		24,548
0.74%, 09/25/41†		3,610,331		3,647,806
0.00%, 10/25/41 IOW†		775,056		134,978
0.00%, 03/25/42 IOW†		344,251		62,234
5.50%, 04/25/42		1,267,364		1,426,081
6.00%, 05/25/42		337,698		383,731
0.00%, 07/25/42 IOW†		243,514		51,270
6.50%, 07/25/42		568,933		656,152
7.00%, 07/25/42		225,352		263,507
0.00%, 09/25/42 IOW†		228,293		46,614
7.00%, 10/25/42		75,504		88,204
0.00%, 11/25/42 IOW†		417,899		103,552
0.00%, 12/25/42 IOW†		318,882		70,242
0.00%, 03/25/43 IOW†		1,130,547		253,459
0.00%, 04/25/43 IOW†		1,621,462		293,787
0.00%, 07/25/43 IOW†		170,993		42,937
0.00%, 08/25/44 IOW†		2,430,282		183,495
Federal National Mortgage Association
3.00%, 08/01/42 TBA		17,000,000		16,892,753
FHLMC Multifamily Structured Pass Through Certificates
4.32%, 11/25/19		1,100,000		1,209,016
0.00%, 04/25/20 IOW†		2,185,837		91,530
0.00%, 06/25/20 IOW†		725,741		45,544
3.03%, 10/25/20		800,000		836,238
0.00%, 07/25/21 IOW†		624,734		51,175
2.99%, 09/25/21		150,000		155,772
0.00%, 10/25/21 IOW†		205,294		16,455

	Par		Value
2.78%, 09/25/22	$	274,642	$	284,609
2.64%, 01/25/23		240,000		240,748
3.46%, 08/25/23		100,000		105,159
FHLMC Multifamily VRD Certificates
5.50%, 07/15/16		3,500,000		3,635,625
FHLMC Structured Pass-Through Securities
1.55%, 07/25/44†		1,092,154		1,102,823
First Horizon Alternative Mortgage Securities Trust
2.22%, 06/25/34†		521,391		510,729
FREMF Mortgage Trust
0.00%, 05/25/22 IO 144AW†		5,743,666		62,959
4.07%, 09/25/24 144A		550,000		537,913
3.96%, 10/25/24 144A		300,000		296,702
GE Business Loan Trust
0.36%, 04/16/35 144A†	��	568,846		539,364
GE Commercial Mortgage Corporation Series 2007-C1 Trust
5.54%, 12/10/49		800,000		835,067
Giovecca Mortgages SRL
0.60%, 04/23/48(E)†		410,325		456,204
Government National Mortgage Association
3.95%, 07/15/25		130,026		138,961
7.00%, 10/15/25		11,620		11,865
7.00%, 01/15/26		5,090		5,695
7.00%, 07/15/27		53,476		63,090
7.00%, 12/15/27		1,234		1,274
7.00%, 01/15/28		14,781		15,194
7.00%, 03/15/28		70,345		83,131
7.00%, 07/15/28		9,580		10,674
7.50%, 07/15/28		12,451		12,840
6.50%, 08/15/28		4,428		5,052
7.00%, 08/15/28		16,326		18,735
7.50%, 08/15/28		9,215		10,467
6.50%, 09/15/28		25,600		29,599
7.00%, 10/15/28		36,951		39,605
7.50%, 03/15/29		21,921		26,541
1.63%, 11/20/29†		40,181		41,770
8.50%, 08/15/30		784		851
8.50%, 11/20/30		8,460		10,188
6.50%, 08/15/31		39,866		45,618
7.50%, 08/15/31		10,578		12,151
6.50%, 10/15/31		76,522		87,889
6.00%, 11/15/31		195,131		221,461
6.50%, 11/15/31		95,615		109,412
6.00%, 12/15/31		41,870		47,519
6.00%, 01/15/32		106,217		122,486
6.00%, 02/15/32		215,413		244,481
6.50%, 02/15/32		114,702		131,040
6.00%, 04/15/32		48,171		54,647
7.50%, 04/15/32		59,077		61,318
6.50%, 06/15/32		104,110		119,132
6.50%, 07/15/32		1,944		2,224
6.50%, 08/15/32		158,290		181,130
6.50%, 09/15/32		144,344		165,172
6.00%, 10/15/32		111,572		126,628
5.50%, 11/15/32		29,018		33,365
6.00%, 11/15/32		89,764		102,903
6.00%, 12/15/32		37,029		42,025

See Notes to Financial Statements.

90

	Par		Value
6.50%, 12/15/32	$	16,404	$	18,771
5.50%, 01/15/33		22,141		25,004
6.00%, 01/15/33		64,030		72,670
5.50%, 02/15/33		25,759		29,740
6.00%, 02/15/33		48,420		54,954
5.50%, 03/15/33		29,055		33,530
6.50%, 04/15/33		315,758		361,320
6.00%, 05/15/33		147,588		167,503
6.00%, 06/15/33		21,143		23,996
5.50%, 07/15/33		30,948		35,714
5.50%, 08/15/33		16,484		18,616
5.50%, 09/15/33		11,665		13,174
6.00%, 10/15/33		148,158		168,151
6.50%, 10/15/33		146,773		167,951
6.00%, 12/15/33		225,909		256,393
5.50%, 04/15/34		15,673		17,929
5.50%, 05/15/34		19,116		21,878
6.50%, 08/15/34		288,902		336,898
5.50%, 09/15/34		146,073		166,143
5.50%, 12/15/34		114,754		130,347
5.50%, 01/15/35		120,485		137,187
0.49%, 03/20/37†		631,822		633,672
0.49%, 05/20/37†		275,620		276,348
0.00%, 02/20/38 IOW†		348,002		43,730
6.00%, 09/20/38		391,575		444,617
0.00%, 03/20/39 IOW†		90,679		12,608
0.00%, 01/20/40 IOW†		118,825		21,759
4.00%, 07/20/40 TBA		1,400,000		1,483,645
5.00%, 07/20/40		33,527		37,342
0.00%, 08/20/40 IOW†		220,108		44,111
5.00%, 09/20/40		136,119		151,791
6.00%, 10/20/40		52,459		59,561
6.00%, 01/20/41		57,850		66,082
2.17%, 04/16/41		321,732		325,524
4.50%, 04/20/41		657,350		717,281
0.00%, 10/16/41 IOW†		250,653		53,329
0.00%, 03/20/42 IO†		71,779		15,797
3.00%, 07/15/42 TBA		9,000,000		9,084,375
3.50%, 07/15/42 TBA		3,000,000		3,112,266
3.00%, 07/20/42 TBA		4,000,000		4,037,812
3.50%, 07/20/42 TBA		400,000		415,141
3.50%, 08/01/42 TBA		900,000		931,570
3.50%, 07/20/43 TBA		11,000,000		11,416,369
0.00%, 08/16/43 IOW†@		307,317		58,189
0.00%, 12/20/43 IOW†		78,604		15,988
0.00%, 08/20/44 IOW†		89,273		15,375
3.50%, 05/20/45		497,983		519,510
3.50%, 06/20/45		1,500,000		1,564,845
4.00%, 07/20/45 TBA		3,000,000		3,179,239
0.00%, 06/16/55 IOW†		892,403		53,347
0.00%, 11/16/55 IOW†		4,759,016		341,221
0.00%, 01/16/56 IOW†		7,899,661		578,042
0.58%, 12/20/60†		396,568		396,521
0.66%, 03/20/61†		477,367		478,771
0.68%, 03/20/61†		311,879		313,051
0.53%, 12/20/62†		1,542,359		1,535,641
0.62%, 05/20/65+		3,300,000		3,294,780
0.73%, 05/20/65†		3,300,639		3,299,668
0.76%, 06/20/65		5,000,000		4,981,055
0.77%, 06/20/65		2,100,000		2,094,176
0.79%, 06/20/65+†		4,900,000		4,891,578
0.82%, 07/01/65+		5,000,000		4,992,383
Granite Master Issuer PLC
0.27%, 12/17/54†		143,205		142,629

	Par		Value
0.33%, 12/20/54†	$	455,652	$	451,955
Granite Mortgages 03-3 PLC
0.38%, 01/20/44(E)†		62,235		69,313
0.95%, 01/20/44(U)†		18,894		29,648
GreenPoint Mortgage Funding Trust
0.37%, 01/25/37†		846,807		645,085
GS Mortgage Securities Corporation
3.38%, 05/10/50		490,000		380,410
3.78%, 05/10/50		370,000		370,468
GS Mortgage Securities Trust
0.00%, 08/10/44 IO 144AW†		450,654		23,206
5.79%, 08/10/45†		810,000		824,987
5.99%, 08/10/45†		4,489,287		4,790,765
5.16%, 11/10/46†		130,000		141,432
GSMPS Mortgage Loan Trust
0.65%, 02/25/35 144A†		70,235		65,922
GSR Mortgage Loan Trust
2.68%, 09/25/35†		1,558,629		1,561,954
Hertz 2015-1A B
3.90%, 05/15/21+		500,000		497,130
Hertz Vehicle Financing LLC
3.10%, 05/25/21+		350,000		348,022
Impac CMB Trust
0.91%, 10/25/34†		63,911		54,122
IndyMac ARM Trust
1.72%, 01/25/32†		7,011		6,525
IndyMac INDX Mortgage Loan Trust
0.38%, 09/25/46†		953,461		812,259
JP Morgan Alternative Loan Trust
0.71%, 01/25/36†		302,313		277,229
JP Morgan Chase Commercial Mortgage Securities Trust
5.37%, 05/15/45†		280,000		301,164
JP Morgan Mortgage Trust
2.59%, 02/25/35†		122,386		121,985
JPMBB Commercial Mortgage Securities Trust
5.25%, 11/15/45†		90,000		95,969
5.05%, 01/15/47†		50,000		54,185
3.41%, 11/15/47		840,000		864,096
4.12%, 11/15/47†		290,000		295,338
Kensington Mortgage Securities PLC
0.46%, 06/14/40†		1,361,313		1,275,843
LB Commercial Mortgage Trust
6.06%, 07/15/44†		562,687		606,948
LB-UBS Commercial Mortgage Trust
0.00%, 06/15/36 IO 144AW†@		410,639		1,127
Leek Finance Number Seventeen PLC
0.27%, 12/21/37(E)†		58,964		69,647
0.56%, 12/21/37 144A†		147,410		154,846
0.85%, 12/21/37(U)†		29,482		48,993
Leek Finance Number Eighteen PLC
0.25%, 09/21/38(E)†		45,252		52,790
0.54%, 09/21/38†		362,016		378,055

See Notes to Financial Statements.

91

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Lehman XS Trust
0.49%, 11/25/35†	$	511,077	$	457,321
Ludgate Funding PLC
1.17%, 01/01/61(U)†		928,048		1,402,222
Luminent Mortgage Trust
0.36%, 12/25/36†		2,056,238		1,644,881
0.39%, 02/25/46†		622,864		459,278
Mansard Mortgages PLC
0.75%, 04/15/47(U)†		1,091,831		1,565,991
MASTR Adjustable Rate Mortgages Trust
2.44%, 05/25/34†		207,855		202,534
2.70%, 11/21/34†		721,896		738,410
0.83%, 11/25/34†		242,167		241,260
2.67%, 11/25/35 144A†		798,736		617,341
Merrill Lynch Mortgage Investors Trust
1.67%, 10/25/35†		48,838		47,257
ML-CFC Commercial Mortgage Trust
6.06%, 06/12/46†		1,293,476		1,324,700
Morgan Stanley Bank of America Merrill Lynch Trust
2.92%, 02/15/46		70,000		69,638
3.21%, 02/15/46		41,000		40,932
3.10%, 05/15/46		300,000		301,082
3.46%, 05/15/46		140,000		140,991
3.56%, 05/15/46		480,000		473,283
4.00%, 12/15/47		370,000		370,236
Morgan Stanley Capital I Trust
1.34%, 08/14/31 144A†		300,000		299,672
5.48%, 02/12/44†		50,000		52,823
Morgan Stanley Re-REMIC Trust
5.99%, 08/12/45 144A†		1,542,600		1,633,427
MortgageIT Trust
0.47%, 10/25/35†		853,728		777,900
MSCG Trust
3.58%, 06/07/35 144A†		580,000		579,810
Prime Mortgage Trust
5.50%, 05/25/35 144A		2,786,704		2,718,912
6.00%, 05/25/35 144A		2,398,383		2,404,598
Quadrivio Finance SRL
0.50%, 07/25/60(E)†		217,357		242,139
RBSCF Trust
5.95%, 02/16/51 144A†		2,642,350		2,719,440
Reperforming Loan REMIC Trust
0.61%, 11/25/34 144A†		10,779		9,622
Resloc UK PLC
0.00%, 12/15/43(U)†		1,533,858		1,538,715
Sequoia Mortgage Trust
0.83%, 04/19/27†		710,557		664,683
1.01%, 07/20/33†		113,112		106,092
Structured Adjustable Rate Mortgage Loan Trust
2.44%, 05/25/34†		440,990		438,855
0.53%, 08/25/35†		236,592		225,755
0.49%, 10/25/35†		1,683,207		1,562,668
Structured Asset Mortgage Investments II Trust
0.44%, 07/19/35†		164,774		142,090
Structured Asset Securities Corporation
0.54%, 06/25/35 144A†		145,983		117,927

	Par		Value
Thornburg Mortgage Securities Trust
0.83%, 09/25/43†	$	16,647	$	16,073
2.23%, 04/25/45†		145,002		145,678
Thrones 2013-1 PLC
2.07%, 07/20/44(U)†		72,924		114,792
UBS Commercial Mortgage Trust
0.00%, 05/10/45 IO 144AW†		2,575,210		276,471
UBS-Barclays Commercial Mortgage Trust
4.65%, 12/10/45 144A†		320,000		308,520
VNDO 2012-6AVE Mortgage Trust
3.00%, 11/15/30 144A		100,000		99,048
Wachovia Bank Commercial Mortgage Trust
0.39%, 12/15/43 144A†		398,000		385,521
5.56%, 10/15/48		380,303		396,704
Washington Mutual Mortgage Pass-Through Certificates
2.39%, 02/25/33†		10,259		10,095
2.18%, 02/25/37†		500,174		417,005
2.29%, 02/25/37†		335,073		288,127
1.56%, 06/25/42†		22,790		21,967
0.48%, 07/25/45†		241,727		225,903
0.48%, 10/25/45†		1,730,581		1,609,672
0.92%, 04/25/47†		906,802		792,879
Wells Fargo Alternative Loan 2007-PA6 Trust
2.57%, 12/28/37†		1,099,047		923,253
Wells Fargo Commercial Mortgage Trust
4.44%, 07/15/46†		20,000		20,850
3.66%, 05/15/48†		350,000		343,398
0.00%, 08/15/50 IOW†		3,057,814		251,803
Wells Fargo Mortgage-Backed Securities 2005-AR13 Trust
2.74%, 05/25/35†		71,178		70,700
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust
2.67%, 08/25/33†		226,145		230,261
Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust
2.62%, 03/25/35†		143,874		146,275
WFRBS Commercial Mortgage Trust
0.00%, 05/15/45 IO 144AW†		3,020,689		231,571
0.00%, 06/15/45 IO 144AW†		307,646		24,354
0.00%, 12/15/45 IO 144AW†		2,400,809		220,788
0.00%, 03/15/47 IOW†		1,069,667		78,488
0.00%, 08/15/47 IOW†		3,659,464		276,699
3.93%, 11/15/47		290,000		298,876
4.29%, 11/15/47		300,000		295,231
Total Mortgage-Backed Securities (Cost $310,939,801)				311,372,042
MUNICIPAL BONDS — 1.5%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		3,300,000		4,389,132

See Notes to Financial Statements.

92

	Par		Value
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50	$	600,000	$	896,196
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		297,408
Bay Area Toll Authority, Revenue Bond, Series S1
7.04%, 04/01/50		600,000		823,590
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000		807,247
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000		345,855
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32		5,000		3,044
6.00%, 07/01/34		10,000		6,300
8.00%, 07/01/35		490,000		331,975
5.13%, 07/01/37		5,000		3,025
5.25%, 07/01/37		20,000		11,951
5.50%, 07/01/39		85,000		51,850
5.00%, 07/01/41		10,000		6,000
5.75%, 07/01/41		10,000		6,150
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36		10,000		6,225
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39		10,000		6,225
County of Clark Department of Aviation, Revenue Bond, Series C
6.82%, 07/01/45		200,000		273,978
Los Angeles Community College District, General Obligation, Series D
6.68%, 08/01/36		300,000		387,771
Municipal Electric Authority of Georgia, Revenue Bond, Series B
6.66%, 04/01/57		700,000		818,006
Port Authority of New York & New Jersey, Revenue Bond
5.65%, 11/01/40		500,000		588,470
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000		13,076
6.00%, 07/01/44		75,000		49,313
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Series C
5.25%, 08/01/40		10,000		6,226
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.25%, 08/01/27		5,000		2,762
5.50%, 08/01/28		60,000		33,150
6.13%, 08/01/29		5,000		2,800
0.00%, 08/01/32		85,000		44,840
0.00%, 08/01/33		25,000		9,629
5.50%, 08/01/37		65,000		35,913
5.75%, 08/01/37		45,000		24,862

	Par		Value
5.38%, 08/01/39	$	35,000	$	19,338
6.38%, 08/01/39		5,000		2,781
5.50%, 08/01/42		120,000		66,300
6.00%, 08/01/42		100,000		55,500
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
0.00%, 08/01/37		10,000		785
5.38%, 08/01/38		15,000		8,288
6.00%, 08/01/39		35,000		19,425
5.25%, 08/01/41		100,000		55,250
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
5.00%, 08/01/43		20,000		11,050
5.25%, 08/01/43		10,000		5,525
State of California, General Obligation
7.95%, 03/01/36		165,000		199,858
7.55%, 04/01/39		85,000		122,958
7.35%, 11/01/39		800,000		1,123,864
7.60%, 11/01/40		800,000		1,169,744
State of Illinois, General Obligation
7.35%, 07/01/35		375,000		415,474
Total Municipal Bonds (Cost $13,842,864)				13,559,109
	Number of
	Contracts
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
90-Day Euro, Strike Price $99.63, Expires 12/14/15 (MLCS)		43		2,956
Put Options — 0.0%
90-Day Euro, Strike Price $98.88, Expires 12/14/15 (MLCS)		43		538
10-Year U.S. Treasury Note, Strike Price $123.50, Expires 08/21/15 (MLCS)		17		5,312
U.S, Treasury Long Bond, Strike Price $143.00, Expires 07/02/15 (MLCS)		27		422
U.S, Treasury Long Bond, Strike Price $147.00, Expires 07/02/15 (MLCS)		27		2,531
				8,803
	Notional
	Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 2.50%, Expires 09/21/15 (MSCS)	$	380,000,000		135,313
3-Month LIBOR, Strike Price 2.58%, Expires 05/23/16 (MSCS)		170,000,000		59,264

See Notes to Financial Statements.

93

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional
	Amount		Value
3-Month LIBOR, Strike Price 3.45%, Expires 05/23/16 (RBS)	$	2,300,000	$	13,576
				208,153
Total Purchased Options (Cost $370,497)				219,912
	Par
U.S. TREASURY OBLIGATIONS — 31.2%
U.S. Treasury Bonds
6.13%, 11/15/27		200,000		277,453
4.38%, 11/15/39		200,000		246,031
3.13%, 02/15/42		300,000		301,641
3.00%, 05/15/42		2,200,000		2,155,828
2.75%, 08/15/42		600,000		558,328
2.75%, 11/15/42		1,750,000		1,628,321
3.63%, 08/15/43		4,500,000		4,951,404
3.75%, 11/15/43D		1,000,000		1,125,000
3.38%, 05/15/44D		12,740,000		13,383,969
3.13%, 08/15/44D		23,000,000		23,041,331
3.00%, 11/15/44		2,500,000		2,445,898
2.50%, 02/15/45		2,220,000		1,954,244
3.00%, 05/15/45D		9,680,000		9,487,910
				61,557,358
U.S. Treasury Inflationary Index Bonds
1.88%, 07/15/15		1,600,000		1,952,162
0.13%, 04/15/20		1,000,000		1,019,652
1.13%, 01/15/21		3,800,000		4,352,147
0.13%, 01/15/22		500,000		518,598
0.13%, 07/15/22		6,800,000		6,951,503
0.38%, 07/15/23		1,540,000		1,573,163
0.63%, 01/15/24		2,360,000		2,436,643
0.13%, 07/15/24D		12,670,000		12,331,093
0.25%, 01/15/25		4,600,000		4,513,989
2.38%, 01/15/25		1,530,000		2,262,057
1.75%, 01/15/28		8,000,000		10,248,307
2.50%, 01/15/29		7,000,000		9,524,380
2.13%, 02/15/40		1,280,000		1,728,670
1.38%, 02/15/44D		2,530,000		2,747,631
0.75%, 02/15/45D		2,350,000		2,162,157
				64,322,152
U.S. Treasury Notes
0.25%, 10/31/15		19,000		19,013
0.25%, 05/15/16		4,270,000		4,269,001
0.63%, 11/30/17		3,390,000		3,375,698
1.00%, 03/15/18		1,700,000		1,704,117
1.50%, 08/31/18		8,710,000		8,824,319
1.50%, 12/31/18D		2,800,000		2,827,782
1.63%, 07/31/19		3,980,000		4,014,204
1.50%, 11/30/19		4,540,000		4,541,062
1.63%, 12/31/19		10,780,000		10,825,481
1.38%, 04/30/20		2,050,000		2,027,739
1.50%, 05/31/20D		2,000,000		1,989,218
2.25%, 04/30/21		14,900,000		15,213,138
2.25%, 07/31/21		25,990,000		26,483,394
2.00%, 08/31/21		8,000,000		8,026,872
2.00%, 10/31/21		2,600,000		2,604,875
2.13%, 12/31/21		16,780,000		16,912,411
1.50%, 01/31/22		3,220,000		3,117,614

	Par			Value
1.88%, 05/31/22	$	3,700,000		$	3,659,241
2.13%, 06/30/22		5,470,000			5,493,504
1.63%, 08/15/22		8,100,000			7,852,569
2.75%, 11/15/23		900,000			935,648
2.75%, 02/15/24		8,700,000			9,033,045
2.50%, 05/15/24D		2,730,000			2,776,923
2.38%, 08/15/24		400,000			402,188
2.25%, 11/15/24		3,590,000			3,568,402
2.00%, 02/15/25D		3,960,000			3,847,698
2.13%, 05/15/25		5,490,000			5,390,922
					159,736,078
Total U.S. Treasury Obligations (Cost $287,133,181)					285,615,588
	Shares
PREFERRED STOCK — 0.1%
GMAC Capital Trust I, 8.125%, 02/15/40D* (Cost $592,347)		23,879			620,376
MONEY MARKET FUNDS — 14.7%
GuideStone Money Market Fund (Investor Class)¥		51,940,124			51,940,124
Northern Institutional Liquid Assets Portfolio§		82,978,862			82,978,862
Total Money Market Funds (Cost $134,918,986)					134,918,986
TOTAL INVESTMENTS — 123.0% (Cost $1,129,475,478)					1,127,358,743
	Number of
	Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $122.00, Expires 07/24/15 (MLCS)		(20	)		(938	)
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 07/24/15 (MSCS)		(20	)		(13,750	)
10-Year U.S. Treasury Note, Strike Price $127.00, Expires 07/24/15 (MSCS)		(40	)		(20,000	)
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 07/24/15 (MSCS)		(20	)		(7,188	)
10-Year U.S. Treasury Note, Strike Price $129.00, Expires 08/21/15 (WF)		(13	)		(3,453	)
10-Year U.S. Treasury Note, Strike Price $129.00, Expires 08/21/15 (MLCS)		(27	)		(9,281	)
10-Year U.S. Treasury Note, Strike Price $129.50, Expires 07/24/15 (MLCS)		(30	)		(3,281	)
10-Year U.S. Treasury Note, Strike Price $130.00, Expires 08/21/15 (MLCS)		(43	)		(9,406	)
30-Year U.S. Treasury Bond, Strike Price $155.00, Expires 07/24/15 (MLCS)		(60	)		(49,688	)

See Notes to Financial Statements.

94

	Number of
	Contracts			Value
30-Year U.S. Treasury Bond, Strike Price $156.00, Expires 07/24/15 (MLCS)		(42	)	$	(26,906	)
30-Year U.S. Treasury Bond, Strike Price $159.00, Expires 08/15/15 (WF)		(13	)		(9,953	)
30-Year U.S. Treasury Bond, Strike Price $160.00, Expires 08/15/15 (MLCS)		(13	)		(8,328	)
90-Day Euro, Strike Price $99.25, Expires 12/14/15 (MLCS)		(43	)		(25,800	)
					(187,972	)
	Notional
	Amount
Euro vs. U.S. Dollar, Strike Price $1.145, Expires 07/30/15 (CS)	$	(3,600,000	)		(21,754	)
Euro-Bund, Strike Price $1,535.00, Expires 07/24/15 (MLCS)		(13,000	)		4,336
Euro-Bund, Strike Price $1,540.00, Expires 07/24/15 (MLCS)		(22,000	)		4,126
Euro-Bund, Strike Price $1,545.00, Expires 07/24/15 (MLCS)		(26,000	)		109
Euro-Bund, Strike Price $1,550.00, Expires 07/24/15 (MLCS)		(9,000	)		1,274
Euro-Bund, Strike Price $1,560.00, Expires 07/24/15 (MLCS)		(11,000	)		(1,670	)
U.S. Dollar vs. Indonesian Rupiahs, Strike Price $65.00, Expires 07/15/15 (JPM)		(400,000	)		(231	)
					(13,810	)
					(201,782	)
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price 2.35%, Expires 08/03/15 (MSCS)		(400,000,000	)		(22,400	)
	Number of
	Contracts
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $123.50, Expires 07/24/15 (MLCS)		(13	)		(1,422	)
10-Year U.S. Treasury Note, Strike Price $125.00, Expires 07/24/15 (MSCS)		(24	)		(9,000	)
10-Year U.S. Treasury Note, Strike Price $125.50, Expires 07/24/15 (MSCS)		(14	)		(7,438	)
30-Year U.S. Treasury Bond, Strike Price $144.00, Expires 07/24/15 (MLCS)		(33	)		(10,312	)
30-Year U.S. Treasury Bond, Strike Price $145.00, Expires 07/24/15 (MLCS)		(29	)		(12,234	)
90-Day Euro, Strike Price $99.25, Expires 12/14/15 (MLCS)		(43	)		(2,688	)

	Number of
	Contracts			Value
U.S, Treasury Long Bond, Strike Price $145.00, Expires 07/02/15 (MLCS)		(54	)	$	(844	)
					(43,938	)
	Notional
	Amount
30-Year Federal National Mortgage Association Bond, Strike Price $101.77, Expires 0/07/15 (JPM)	$	(10,000	)		(413	)
30-Year Federal National Mortgage Association Bond, Strike Price $102.10, Expires 0/07/15 (CS)		(10,000	)		(792	)
30-Year Federal National Mortgage Association Bond, Strike Price $102.28, Expires 0/07/15 (JPM)		(10,000	)		(1,092	)
Dow Jones iTraxx, Strike Price $0.95, Expires 08/19/15 (BNP)		(19,000	)		(3,813	)
Dow Jones iTraxx, Strike Price $0.95, Expires 08/19/15 (GSC)		(21,000	)		(3,513	)
Euro-Bund, Strike Price $1,440.00, Expires 07/24/15 (MLCS)		(11,000	)		649
U.S. Dollar vs. Indonesian Rupiahs, Strike Price $61.50, Expires 07/15/15 (JPM)		(400,000	)		(7	)
					(8,981	)
					(52,919	)
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 2.50%, Expires 05/12/16 (MSCS)		(1,580,000,000	)		(48,632	)
3-Month LIBOR, Strike Price 2.50%, Expires 05/23/16 (MSCS)		(3,680,000,000	)		(117,852	)
3-Month LIBOR, Strike Price 2.50%, Expires 09/21/15 (RBS)		(9,700,000	)		(8,289	)
3-Month LIBOR, Strike Price 2.75%, Expires 08/03/15 (MSCS)		(400,000,000	)		(9,999	)
					(184,772	)
Total Written Options
(Premiums received $(685,635))					(461,873	)

See Notes to Financial Statements.

95

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
SECURITIES SOLD SHORT — (1.0)%
U.S. Treasury Notes
1.63%, 08/15/22	$	(8,100,000	)	$	(7,852,569	)
2.75%, 11/15/23		(900,000	)		(935,648	)
Total Securities Sold Short (Proceeds $(8,923,724))					(8,788,217	)
TBA SALE COMMITMENT — (0.8)%
Federal National Mortgage Association
3.00%, 07/01/42 TBA (Proceeds $(6,920,781))		(7,000,000	)		(6,973,887	)
Liabilities in Excess of Other Assets — (21.2)%					(194,190,428	)
NET ASSETS — 100.0%				$	916,944,338

PORTFOLIO SUMMARY (based on net assets)

	%
Mortgage-Backed Securities		34.0
U.S. Treasury Obligations		31.2
Corporate Bonds		19.4
Money Market Funds		14.7
Foreign Bonds		13.8
Asset-Backed Securities		4.2
Agency Obligations		2.3
Municipal Bonds		1.5
Commercial Paper		1.3
Loan Agreements		0.3
Foreign Government Inflation-Linked Bond		0.2
Preferred Stocks		0.1
Purchased Options		—	**
Written Options		—	**
TBA Sale Commitment		(0.8	)
Security Sold Short		(1.0	)
		121.2

** Rounds to less than 0.005%.

See Notes to Financial Statements.

96

Swap agreements outstanding at June 30, 2015:

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		950,000	$	(11,059	)		CITI	$	(11,059	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		460,000		(5,331	)		CITI		(3,757	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		430,000		(5,355	)		CITI		(3,376	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		250,000		(2,910	)		CITI		(1,588	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		220,000		(2,740	)		CITI		(1,658	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		210,000		(2,445	)		CITI		(1,273	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		190,000		(2,365	)		CITI		(1,989	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		190,000		(2,365	)		CITI		(1,886	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		180,000		(2,241	)		CITI		(1,912	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		140,000		(1,743	)		CITI		(1,168	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		130,000		(1,618	)		CITI		(1,452	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,390	)		CITI		(1	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,391	)		CITI		(774	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,391	)		CITI		(785	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,397	)		CITI		(165	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,494	)		CITI		(1,325	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		120,000		(1,494	)		JPM		(1,197	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		80,000		(927	)		CITI		45
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		80,000		(996	)		CITI		(754	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		60,000		(695	)		CITI		(390	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		60,000		(698	)		CITI		(398	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		60,000		(747	)		JPM		(578	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		50,000		(582	)		CITI		(308	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		40,000		(465	)		CITI		(42	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		30,000		(349	)		BOA		(206	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		20,000		(233	)		BOA		(127	)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		20,000		(249	)		CITI		(153	)

See Notes to Financial Statements.

97

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
06/20/19	Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		USD		10,000	$	(116	)		JPM	$	(67	)
09/20/20	Credit Suisse, Inc., 6.50%, due 01/15/12		(1.00	)%		USD		300,000		(6,522	)		GSC		(10,562	)
									$	(61,308	)			$	(48,905	)

Maturity Date	Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
05/20/17	Federated Republic of Brazil,     12.50% due 03/06/30		0.02	%		(1.04	)%		USD		1,000,000	$	(8,681	)		DEUT	$	(8,681	)
09/20/17	GMAC LLC,     6.88% due 08/28/12		0.01	%		(3.53	)%		USD		2,300,000		116,708			DEUT		116,708
12/20/18	Goldman Sachs Group, Inc.,     5.95% due 01/18/18		0.66	%		(1.00	)%		USD		700,000		8,398			MSCS		2,544
												$	116,425				$	110,571

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
12/20/15	Dow Jones CDX.NA.HY15 Index		(5.00	)%		USD		2,024,000	$	(35,855	)		CME	$	(77,600	)
06/20/20	Dow Jones CDX.NA.IG24 Index		0.00	%		USD		11,300,000		163,162			CME		(35,011	)
									$	127,307				$	(112,611	)

Maturity Date	Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value		Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
06/20/16	Dow Jones CDX.NA.IG16 Index		0.16	%		1.00	%		USD		4,825,000	$	41,311		JPM	$	37,372
06/20/16	Dow Jones CDX.NA.IG16 Index		0.16	%		1.00	%		USD		3,000,000		25,685		BOA		24,359
												$	66,996			$	61,731

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Interest Rate Swaps
06/17/16	U.S. Federal Funds Rate		(0.50	)%		USD		6,700,000	$	(11,682	)		CME	$	(4,379	)
01/02/17	Brazil CETIP Interbank Deposit		12.27	%		BRL		20,000		(59	)		DEUT		(59	)
01/02/17	Brazil CETIP Interbank Deposit		12.65	%		BRL		10,000		(3	)		DEUT		(3	)
03/07/17	3-Month KORIBOR		2.88	%		KRW		706,340,000		12,882			CITI		12,882
09/16/17	3-Month LIBOR		(1.50	)%		USD		9,000,000		(80,761	)		BAR		(24,913	)
10/06/17	6-Month LIBOR		(1.84	)%		GBP		10,000,000		(187,355	)		CME		(15,265	)
10/15/17	3-Month KORIBOR		2.53	%		KRW		3,619,650,000		41,748			DEUT		41,748
10/28/17	3-Month KORIBOR		2.17	%		KRW		382,410,000		3,482			CITI		3,482
12/14/17	3-Month LIBOR		(1.75	)%		USD		16,600,000		(20,240	)		CME		(20,240	)
12/16/17	6-Month LIBOR		(1.50	)%		GBP		6,700,000		(33,216	)		CME		(18,224	)

See Notes to Financial Statements.

98

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
11/14/18	3-Month KLIBOR		(3.88	)%		MYR		860,000	$	(652	)		DEUT	$	(652	)
11/19/18	3-Month KLIBOR		(3.92	)%		MYR		960,000		(1,060	)		CITI		(1,060	)
12/11/18	3-Month KLIBOR		(3.97	)%		MYR		1,570,000		(2,560	)		JPM		(2,560	)
02/05/20	MXN-TIIE-Banxico		5.27	%		MXN		270,500,000		49,719			CME		57,937
02/06/20	3-Month LIBOR		5.62	%		USD		12,200,000		10,708			CME		4,895
05/05/20	3-Month LIBOR		2.18	%		USD		4,670,000		(18,445	)		CME		(19,959	)
09/16/20	3-Month LIBOR		3.00	%		USD		3,200,000		95,931			BAR		(208,795	)
09/16/20	3-Month LIBOR		(2.25	)%		USD		3,000,000		(53,324	)		BAR		(16,223	)
12/16/20	3-Month LIBOR		(2.00	)%		USD		13,600,000		7,148			CS		(51,896	)
12/16/20	3-Month LIBOR		(2.00	)%		USD		3,500,000		(27,121	)		CME		(10,996	)
06/24/21	3-Month LIBOR		2.92	%		USD		4,300,000		1,957			BAR		4,557
09/21/21	MXN-TIIE-Banxico		6.07	%		MXN		5,400,000		6,941			CME		6,941
11/17/21	MXN-TIIE-Banxico		5.43	%		MXN		30,100,000		(34,046	)		CME		(22,554	)
09/16/22	3-Month LIBOR		(2.50	)%		USD		4,400,000		(82,606	)		BAR		(103,948	)
12/16/22	3-Month LIBOR		(2.25	)%		USD		106,300,000		464,851			CS		(417,794	)
08/08/23	3-Month KORIBOR		(3.45	)%		KRW		1,328,210,000		(119,348	)		CITI		(119,348	)
08/14/23	3-Month KLIBOR		(4.49	)%		MYR		220,000		(984	)		DEUT		(984	)
08/16/23	3-Month KORIBOR		(3.49	)%		KRW		185,320,000		(17,402	)		CITI		(17,402	)
08/19/23	3-Month KORIBOR		(3.56	)%		KRW		228,920,000		(22,277	)		JPM		(22,282	)
09/26/23	3-Month KLIBOR		(4.33	)%		MYR		370,000		(421	)		JPM		(421	)
11/15/23	3-Month KLIBOR		(4.45	)%		MYR		600,000		(2,710	)		CITI		(2,710	)
12/23/23	3-Month KORIBOR		(3.47	)%		KRW		239,520,000		(21,984	)		CITI		(21,984	)
01/07/24	3-Month KORIBOR		(3.47	)%		KRW		172,160,000		(16,358	)		CITI		(16,358	)
01/13/24	3-Month KORIBOR		(3.45	)%		KRW		71,390,000		(6,676	)		JPM		(6,676	)
11/13/24	6-Month LIBOR		(2.45	)%		GBP		1,200,000		(57,986	)		CME		(57,895	)
05/06/25	MXN-TIIE-Banxico		6.53	%		MXN		11,400,000		10,734			CME		5,008
09/16/25	3-Month LIBOR		(2.75	)%		USD		3,400,000		(72,344	)		BAR		(72,344	)
12/16/25	3-Month LIBOR		(2.50	)%		USD		2,000,000		16,302			CS		(14,044	)
05/05/27	3-Month LIBOR		(2.61	)%		USD		1,520,000		44,028			BAR		45,178
06/24/29	3-Month LIBOR		(3.22	)%		USD		1,100,000		1,284			BAR		(1,764	)
11/29/29	MXN-TIIE-Banxico		6.77	%		MXN		23,400,000		7,169			CME		7,169
01/14/30	United Kingdom Retail Price Index		3.14	%		GBP		1,410,000		(49,941	)		GSC		(49,941	)
12/18/43	3-Month LIBOR		(3.00	)%		USD		2,700,000		(47,685	)		JPM		(492,771	)
12/15/44	United Kingdom Retail Price Index		(3.53	)%		GBP		100,000		7,509			CS		6,692
12/15/44	United Kingdom Retail Price Index		3.45	%		GBP		100,000		(585	)		CS		(232	)
12/16/45	3-Month LIBOR		(2.75	)%		USD		18,500,000		870,272			CME		(194,050	)
12/16/45	3-Month LIBOR		(2.75	)%		USD		9,700,000		456,305			CS		(107,442	)
									$	1,119,139				$	(1,941,679	)

Maturity Date

Fixed Deal Rate

Notional Amount of Currency Received

Currency

Fixed Pay Rate

Notional Amount of Currency Delivered

Currency

Market Value

Counter- party

Unrealized Appreciation (Depreciation)

Cross Currency Swap

12/16/25

3-Month EURIBOR

5,900,000

EUR

3-Month LIBOR

6,858,750

USD

$

198,747

CITI

$

213,774

Total Swap agreements outstanding at June 30, 2015

$

1,567,306

$

(1,717,119

)

See Notes to Financial Statements.

99

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	20,825,284	$	—	$	20,825,284	$	—
Asset-Backed Securities		38,865,316		—		30,975,243		7,890,073
Commercial Paper		11,698,660		—		11,698,660		—
Corporate Bonds		178,225,698		—		178,141,962		83,736
Foreign Bonds:
Australia		5,838,426		—		5,838,426		—
Austria		241,875		—		241,875		—
Bermuda		866,077		—		866,077		—
Brazil		1,382,171		—		1,382,171		—
Canada		3,674,640		—		3,674,640		—
Cayman Islands		1,707,161		—		1,707,161		—
Chile		395,050		—		395,050		—
Colombia		1,745,940		—		1,745,940		—
Costa Rica		194,500		—		194,500		—
Croatia (Hrvatska)		206,626		—		206,626		—
Dominican Republic		421,311		—		421,311		—
France		10,254,805		—		10,254,805		—
Germany		3,740,161		—		3,740,161		—
Greece		477,157		—		477,157		—
Guernsey		1,399,128		—		1,399,128		—
Iceland		14		—		—		14
India		523,204		—		523,204		—
Indonesia		946,876		—		946,876		—
Ireland		3,346,484		—		3,346,484		—
Israel		2,307,900		—		2,307,900		—
Italy		10,702,355		—		10,702,355		—
Japan		1,151,270		—		1,151,270		—
Jersey		248,478		—		248,478		—
Jordan		1,239,004		—		1,239,004		—
Luxembourg		894,370		—		894,370		—
Mexico		16,706,579		—		16,706,579		—
Morocco & Antilles		429,187		—		429,187		—
Netherlands		10,342,971		—		10,342,971		—
New Zealand		220,826		—		220,826		—
Norway		499,627		—		499,627		—
Peru		312,000		—		312,000		—
Poland		6,099,000		—		6,099,000		—
Russia		943,073		—		943,073		—
South Africa		955,326		—		955,326		—
South Korea		3,509,436		—		3,509,436		—
Spain		295,729		—		295,729		—
Supranational		396,825		—		396,825		—
Sweden		1,594,893		—		1,594,893		—
Switzerland		7,684,950		—		7,684,950		—
Turkey		3,125,390		—		1,533,390		1,592,000
United Kingdom		15,669,687		—		15,669,687		—
Virgin Islands (British)		4,220,245		—		4,220,245		—
Foreign Government Inflation-Linked Bond		1,769,339		—		—		1,769,339
Loan Agreements		2,757,706		—		2,757,706		—

See Notes to Financial Statements.

100

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Money Market Funds	$	134,918,986		$	134,918,986		$	—		$	—
Mortgage-Backed Securities		311,372,042			—			284,209,760			27,162,282
Municipal Bonds		13,559,109			—			13,559,109			—
Preferred Stock		620,376			620,376			—			—
Purchased Options		219,912			11,759			208,153			—
U.S. Treasury Obligations		285,615,588			—			285,615,588			—
Total Assets — Investments in Securities	$	1,127,358,743		$	135,551,121		$	953,310,178		$	38,497,444
Other Financial Instruments***
Swap Agreements	$	1,567,306			—		$	1,567,306			—
Total Assets — Other Financial Instruments	$	1,567,306		$	—		$	1,567,306		$	—
Liabilities:
Investments in Securities:
Securities Sold Short	$	(8,788,217	)	$	—		$	(8,788,217	)	$	—
TBA Sale Commitment		(6,973,887	)		—			(6,973,887	)		—
Written Options		(461,873	)		(223,086	)		(238,787	)		—
Total Liabilities — Investments in Securities	$	(16,223,977	)	$	(223,086	)	$	(16,000,891	)	$	—
Other Financial Instruments***
Futures Contracts	$	(3,062,672	)	$	(3,062,672	)	$	—		$	—
Forward Foreign Currency Contracts		(541,622	)		—			(541,622	)		—
Total Liabilities — Other Financial Instruments	$	(3,604,294	)	$	(3,062,672	)	$	(541,622	)	$	—

*** 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 ended June 30, 2015.

The unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed securities, corporate bonds, foreign bonds, foreign government inflation-linked note and mortgage-backed securities 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.

See Notes to Financial Statements.

101

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

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

													Foreign
													Government
				Asset-									Inflation-			Mortgage-
	Total			Backed			Corporate			Foreign			Linked			Backed
	Value			Securities			Bonds			Bonds			Note			Securities
Balance, 12/31/14	$	12,902,321		$	2,138,585		$	1,259,902		$	211,147		$	1,903,946		$	7,388,741
Accrued discounts/premiums		3,092			8,214			(1,764	)		1,345			(216	)		(4,487	)
Realized gain (loss)(1)		1,954,948			65,548			(1,840	)		1,887,466			—			3,774
Change in unrealized appreciation (depreciation)(2)		(276,227	)		47,907			(82,465	)		(20,242	)		(134,391	)		(87,036	)
Purchases		29,814,781			7,048,016			—			1,612,000			—			21,154,765
Sales		(2,720,165	)		(1,408,671	)		(74,894	)		—			—			(1,236,600	)
Transfers in to Level 3(3)		299,585			—			—			—			—			299,585
Transfers out of Level 3(4)		(1,015,203	)		—			(1,015,203	)		—			—			—
Maturities		(2,099,702	)		—			—			(2,099,702	)		—			—
Paydowns		(365,986	)		(9,526	)		—			—			—			(356,460	)
Balance, 06/30/15	$	38,497,444		$	7,890,073		$	83,736		$	1,592,014		$	1,769,339		$	27,162,282

⁽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 in to Level 3 represent the value of securities at June 30, 2015 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾ Transfers out of Level 3 represent the value of securities at June 30, 2015 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.

102

EXTENDED-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Par		Value
ASSET-BACKED SECURITY — 1.1%
Citibank Credit Card Issuance Trust
6.15%, 06/15/39 (Cost $3,055,209)	$	2,300,000	$	2,978,684
CORPORATE BONDS — 53.9%
21st Century Fox America, Inc.
4.75%, 09/15/44D		1,847,000		1,812,985
AbbVie, Inc.
4.70%, 05/14/45		1,154,000		1,139,623
AES Corporation
4.88%, 05/15/23		60,000		56,700
Aflac, Inc.
6.45%, 08/15/40		4,705,000		5,729,495
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000		108,806
Alcoa, Inc.
5.87%, 02/23/22		10,000		10,800
6.75%, 01/15/28D		235,000		262,613
5.95%, 02/01/37		85,000		85,212
Ally Financial, Inc.
8.00%, 11/01/31		177,000		212,621
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		469,130		546,337
American International Group, Inc.
4.38%, 01/15/55D		3,170,000		2,835,755
Andarko Holding Co.
7.15%, 05/15/28		250,000		305,690
Anthem, Inc.
6.38%, 06/15/37D		1,208,000		1,383,190
AT&T, Inc.
4.50%, 05/15/35		529,000		487,850
4.30%, 12/15/42		1,242,000		1,068,464
4.35%, 06/15/45		1,120,000		959,881
4.75%, 05/15/46		506,000		462,224
Bank of America Corporation
6.11%, 01/29/37		900,000		1,011,888
Bank of America NA
6.00%, 10/15/36D		5,000,000		5,951,855
Barrick North America Finance LLC
5.70%, 05/30/41		2,582,000		2,367,302
BorgWarner, Inc.
4.38%, 03/15/45		727,000		682,878
Brocade Communications Systems, Inc. 1.38%,
01/01/20 CONV 144AD		60,000		62,550
Bruce Mansfield Unit
6.85%, 06/01/34D		942,217		958,948
California Institute of Technology
4.70%, 11/01/11		3,030,000		2,927,450
CBS Corporation
4.60%, 01/15/45D		1,298,000		1,163,419
CenturyLink, Inc.
6.45%, 06/15/21		260,000		263,250
6.88%, 01/15/28D		65,000		62,725
7.65%, 03/15/42		295,000		268,450
Chesapeake Energy Corporation
6.63%, 08/15/20D		10,000		9,800

	Par		Value
6.88%, 11/15/20	$	15,000	$	14,700
2.75%, 11/15/35 CONVD		75,000		74,625
2.50%, 05/15/37 CONV		200,000		190,500
2.25%, 12/15/38 CONV		50,000		43,625
Ciena Corporation 3.75%,
10/15/18 CONV 144A		155,000		211,769
Citigroup, Inc.
8.13%, 07/15/39		3,584,000		5,160,620
Cliffs Natural Resources, Inc.
4.80%, 10/01/20D		40,000		19,200
4.88%, 04/01/21		25,000		11,875
6.25%, 10/01/40D		75,000		33,375
Comcast Corporation
4.20%, 08/15/34		2,612,000		2,524,064
4.50%, 01/15/43		1,460,000		1,430,974
ConocoPhillips Co.
4.30%, 11/15/44D		1,983,000		1,900,424
Continental Airlines 1999-2 Class B Pass Through Trust
7.57%, 09/15/21		25,620		26,261
Continental Resources, Inc.
4.50%, 04/15/23		5,000		4,829
3.80%, 06/01/24D		70,000		64,014
Corning, Inc.
7.25%, 08/15/36		850,000		1,073,150
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,707,713
Darden Restaurants, Inc.
6.00%, 08/15/35D		990,000		1,012,849
DCP Midstream LLC
6.45%, 11/03/36 144A		490,000		472,274
Devon Energy Corporation
5.00%, 06/15/45D		970,000		961,282
Dillard’s, Inc.
7.00%, 12/01/28		500,000		555,000
Dow Chemical Co.
9.40%, 05/15/39		920,000		1,388,768
DPL, Inc.
6.75%, 10/01/19 144AD		173,000		184,678
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		580,897
4.95%, 10/15/54		515,000		481,423
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,222,500
Ford Motor Co.
6.63%, 10/01/28		680,000		830,020
6.38%, 02/01/29		1,255,000		1,484,041
FTS International, Inc.
6.25%, 05/01/22D		90,000		66,600
General Electric Capital Corporation
6.75%, 03/15/32		2,000,000		2,600,738
6.15%, 08/07/37		3,000,000		3,737,532
5.88%, 01/14/38		150,000		179,764
General Motors Financial Co., Inc.
3.45%, 04/10/22		130,000		127,571
Genworth Holdings, Inc.
4.90%, 08/15/23D		115,000		102,098
4.80%, 02/15/24D		45,000		39,375
6.50%, 06/15/34		50,000		45,125
Global Marine, Inc.
7.00%, 06/01/28D		20,000		14,900

See Notes to Financial Statements.

103

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Goldman Sachs Group, Inc.
6.75%, 10/01/37	$	500,000	$	588,278
HCA, Inc.
7.58%, 09/15/25		1,000,000		1,115,000
7.05%, 12/01/27		500,000		527,500
HJ Heinz Co.
5.20%, 07/15/45 144A		655,000		673,813
Home Depot, Inc.
4.25%, 04/01/46		2,098,000		2,042,382
HSBC Bank USA NA
7.00%, 01/15/39		4,248,000		5,507,991
Intel Corporation
3.25%, 08/01/39 CONV		1,155,000		1,759,215
International Paper Co.
8.70%, 06/15/38		2,643,000		3,632,256
iStar Financial, Inc.
7.13%, 02/15/18D		180,000		188,091
Jefferies Group LLC
6.45%, 06/08/27		50,000		54,516
3.88%, 11/01/29 CONV		65,000		66,584
6.25%, 01/15/36		185,000		184,500
6.50%, 01/20/43		1,990,000		1,950,377
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		263,481
5.60%, 07/15/41D		2,547,000		2,893,935
4.95%, 06/01/45D		1,912,000		1,865,726
KB Home
1.38%, 02/01/19 CONV		30,000		29,344
Kinder Morgan Energy Partners LP
5.80%, 03/15/35D		280,000		277,109
5.00%, 08/15/42		271,000		236,595
Kinder Morgan, Inc.
5.55%, 06/01/45		2,218,000		2,057,217
Kraft Foods Group, Inc.
6.88%, 01/26/39		267,000		328,230
6.50%, 02/09/40		1,000,000		1,179,444
Level 3 Communications, Inc.
5.75%, 12/01/22D		65,000		65,000
Level 3 Financing, Inc.
5.63%, 02/01/23 144AD		430,000		435,912
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,641,924
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37D		240,000		286,101
Marathon Petroleum Corporation
5.00%, 09/15/54D		1,241,000		1,128,941
Masco Corporation
7.75%, 08/01/29		275,000		319,000
6.50%, 08/15/32D		55,000		58,300
Mead Corporation
7.55%, 03/01/47@		515,000		608,532
Medtronic, Inc.
4.63%, 03/15/45 144A		1,852,000		1,879,419
MetLife, Inc.
5.88%, 02/06/41		2,675,000		3,153,937
6.40%, 12/15/66		310,000		341,000
Monsanto Co.
4.70%, 07/15/64D		537,000		466,892
Morgan Stanley
4.75%, 11/16/18(A)		295,000		235,386
3.13%, 08/05/21(C)		235,000		193,518
4.10%, 05/22/23		300,000		301,063

	Par		Value
6.25%, 08/09/26	$	600,000	$	720,166
4.35%, 09/08/26		410,000		402,630
4.30%, 01/27/45		1,092,000		1,022,841
Motorola Solutions, Inc.
6.63%, 11/15/37		46,000		50,726
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		125,106
Navient Corporation
5.00%, 06/15/18D		335,000		334,581
5.88%, 10/25/24D		20,000		18,850
New Albertsons, Inc.
7.45%, 08/01/29D		55,000		53,075
8.70%, 05/01/30		25,000		25,500
8.00%, 05/01/31		295,000		293,525
Newell Rubbermaid, Inc.
4.00%, 12/01/24		200,000		202,969
Noble Energy, Inc.
5.05%, 11/15/44D		1,016,000		977,097
Old Republic International Corporation
3.75%, 03/15/18 CONVD		2,255,000		2,673,584
4.88%, 10/01/24		230,000		238,826
Owens Corning
7.00%, 12/01/36		2,360,000		2,704,175
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,320,215
Phillips 66
4.65%, 11/15/34		1,271,000		1,247,317
4.88%, 11/15/44		1,000,000		958,773
Phillips 66 Partners LP
4.68%, 02/15/45		417,000		368,475
Priceline Group, Inc.
0.90%,
09/15/21 CONV 144AD		110,000		105,188
Prudential Financial, Inc.
6.63%, 06/21/40		3,912,000		4,823,320
5.63%, 05/12/41		987,000		1,086,806
PulteGroup, Inc.
6.38%, 05/15/33D		1,000,000		1,017,500
Quicken Loans, Inc.
5.75%, 05/01/25 144A		125,000		120,000
Qwest Corporation
7.25%, 09/15/25		490,000		560,433
6.88%, 09/15/33D		2,250,000		2,236,028
RPM International, Inc.
2.25%, 12/15/20 CONV		22,000		25,712
Sealed Air Corporation
4.88%, 12/01/22 144A		10,000		9,850
Sempra Energy
6.00%, 10/15/39		991,000		1,176,531
SLM Corporation
5.63%, 08/01/33		1,460,000		1,182,600
Sprint Capital Corporation
6.88%, 11/15/28		1,025,000		884,062
8.75%, 03/15/32		20,000		19,500
Sprint Communications, Inc.
6.00%, 11/15/22D		40,000		36,650
Sprint Corporation
7.13%, 06/15/24		15,000		13,952
Tenet Healthcare Corporation
5.00%, 03/01/19 144AD		225,000		225,844
Textron, Inc.
6.63%, 04/07/20(U)		160,000		288,867

See Notes to Financial Statements.

104

	Par		Value
Time Warner Cable, Inc.
4.50%, 09/15/42D	$	45,000	$	36,838
Toro Co.
6.63%, 05/01/37@		300,000		338,275
Tyson Foods, Inc.
5.15%, 08/15/44D		895,000		923,802
United Air Lines 2014-1 Class A Pass Through Trust
4.00%, 10/11/27D		115,000		115,575
United States Steel Corporation
6.65%, 06/01/37D		95,000		85,025
University of Pennsylvania
4.67%, 09/01/12		3,370,000		3,312,400
University of Southern California
5.25%, 10/01/11		2,779,000		3,277,658
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26		396,571		448,125
Verizon Communications, Inc.
6.00%, 04/01/41		2,593,000		2,862,286
5.01%, 08/21/54		491,000		452,368
4.67%, 03/15/55 144A		580,000		506,670
Verizon Maryland, Inc.
5.13%, 06/15/33D		150,000		147,007
Wells Fargo & Co.
5.61%, 01/15/44		4,912,000		5,406,805
Weyerhaeuser Co.
6.88%, 12/15/33		580,000		697,531
Total Corporate Bonds (Cost $137,862,017)				149,476,062
FOREIGN BONDS — 19.2%
Australia — 3.0%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39D		2,870,000		2,766,861
BHP Billiton Finance (USA), Ltd.
5.00%, 09/30/43		1,846,000		1,923,558
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000		616,807
3.50%, 03/20/19(A)		60,000		48,150
Rio Tinto Finance USA, Ltd.
5.20%, 11/02/40		2,946,000		3,013,469
				8,368,845
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		858,424
Canada — 4.2%
Bombardier, Inc.
6.00%, 10/15/22 144AD		745,000		664,912
Canada Generic Residual STRIP
0.00%, 06/01/25(C)W†		3,685,000		2,494,205
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144A		1,979,000		1,928,146
Ontario Generic Residual STRIP
0.00%, 03/08/29(C)W†		4,600,000		2,435,974
Saskatchewan Residual STRIP
0.00%, 02/04/22(C)W†		3,000,000		2,054,844

	Par		Value
Talisman Energy, Inc.
6.25%, 02/01/38	$	450,000	$	443,111
TransCanada PipeLines, Ltd.
6.20%, 10/15/37		1,541,000		1,754,165
				11,775,357
Cayman Islands — 0.1%
Transocean, Inc.
6.50%, 11/15/20D		5,000		4,656
6.88%, 12/15/21D		40,000		36,100
4.30%, 10/15/22D		205,000		155,288
6.80%, 03/15/38D		5,000		3,762
				199,806
Ireland — 0.1%
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)		200,000		242,871
Italy — 0.6%
Telecom Italia Capital SA
6.38%, 11/15/33D		755,000		777,650
6.00%, 09/30/34		1,010,000		987,891
				1,765,541
Luxembourg — 0.4%
ArcelorMittal
7.75%, 10/15/39D		215,000		215,000
7.50%, 03/01/41D		975,000		960,375
				1,175,375
Malaysia — 0.1%
Telekom Malaysia Bhd
7.88%, 08/01/25 144A		225,000		293,605
Mexico — 1.1%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		159,300
8.46%, 12/18/36(M)		12,000,000		742,152
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,534,086
10.00%, 12/05/24(M)		3,500,000		285,690
7.50%, 06/03/27(M)		3,500,000		245,186
8.50%, 05/31/29(M)		500,000		37,980
7.75%, 05/29/31(M)		1,000,000		71,090
				3,075,484
Netherlands — 3.2%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.63%, 12/01/23		2,996,000		3,096,366
5.25%, 05/24/41		1,023,000		1,124,862
Enel Finance International NV
6.80%, 09/15/37 144A		100,000		120,934
6.00%, 10/07/39 144A		500,000		557,065
Koninklijke Philips NV
6.88%, 03/11/38		3,250,000		3,921,372
Petrobras Global Finance BV
5.63%, 05/20/43D		120,000		92,748
				8,913,347

See Notes to Financial Statements.

105

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)	$	945,000	$	686,758
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17(K)		7,670,000		1,041,862
4.50%, 05/22/19(K)		265,000		38,323
3.75%, 05/25/21(K)		196,000		28,347
				1,108,532
Spain — 0.8%
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		82,129
7.05%, 06/20/36		1,720,000		2,118,698
				2,200,827
Supranational — 0.8%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000		2,248,242
United Kingdom — 3.8%
Barclays Bank PLC
3.68%, 08/20/15(W)		740,000,000		668,518
Ensco PLC
5.75%, 10/01/44D		2,434,000		2,176,288
HBOS PLC
6.00%, 11/01/33 144A		925,000		1,002,413
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		1,548,000		1,397,232
Standard Chartered PLC
5.20%, 01/26/24 144AD		2,514,000		2,636,902
5.70%, 03/26/44 144A		2,492,000		2,594,177
				10,475,530
Total Foreign Bonds (Cost $52,331,177)				53,388,544
MORTGAGE-BACKED SECURITY — 0.3%
Community Program Loan Trust 4.50%, 04/01/29 (Cost $816,232)		898,102		905,751
MUNICIPAL BONDS — 2.0%
State of Illinois, General Obligation
5.10%, 06/01/33		635,000		592,423
State of Illinois, General Obligation, Series B
5.52%, 04/01/38		425,000		370,668
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		4,912,000		4,529,306
Total Municipal Bonds (Cost $5,828,881)				5,492,397
U.S. TREASURY OBLIGATIONS — 19.9%
U.S. Treasury Bill
0.07%, 07/16/15		1,500,000		1,499,996
U.S. Treasury Bonds
4.50%, 02/15/36		10,568,000		13,290,909
2.75%, 11/15/42D		1,200,000		1,116,563
2.88%, 05/15/43D		1,345,000		1,281,953
3.75%, 11/15/43D		466,300		524,587
3.63%, 02/15/44		5,439,600		5,981,433

	Par		Value
3.13%, 08/15/44D	$	22,163,000	$	22,202,827
3.00%, 11/15/44D		5,393,600		5,276,877
2.50%, 02/15/45D		810,000		713,035
3.00%, 05/15/45D		1,990,000		1,950,510
				52,338,694
U.S. Treasury Note
2.25%, 11/15/24		1,400,000		1,391,578
Total U.S. Treasury Obligations (Cost $57,352,975)				55,230,268
	Shares
PREFERRED STOCKS — 0.2%
Alcoa, Inc.,
5.38%, 10/01/17 CONVD		1,660		65,620
Ally Financial, Inc.,
7.00%, 12/31/49 144A		41		41,429
Chesapeake Energy Corporation,
5.00%, 12/31/49 CONVD		620		43,555
Chesapeake Energy Corporation,
5.75%, 12/31/49 CONV 144A		80		55,850
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		5,350		298,476
Total Preferred Stocks (Cost $441,832)				504,930
MONEY MARKET FUNDS — 10.7%
GuideStone Money Market Fund (Investor Class)¥		7,381,139		7,381,139
Northern Institutional Liquid Assets Portfolio§		22,442,980		22,442,980
Total Money Market Funds (Cost $29,824,119)				29,824,119
TOTAL INVESTMENTS — 107.3% (Cost $287,512,442)				297,800,755
Liabilities in Excess of Other Assets — (7.3)%				(20,240,917	)
NET ASSETS — 100.0%			$	277,559,838

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		53.9
U.S. Treasury Obligations		19.9
Foreign Bonds		19.2
Money Market Funds		10.7
Municipal Bonds		2.0
Asset-Backed Security		1.1
Mortgage-Backed Security		0.3
Preferred Stocks		0.2
		107.3

See Notes to Financial Statements.

106

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	2,978,684	$	—	$	2,978,684	$	—
Corporate Bonds		149,476,062		—		149,449,801		26,261
Foreign Bonds		53,388,544		—		53,388,544		—
Money Market Funds		29,824,119		29,824,119		—		—
Mortgage-Backed Security		905,751		—		905,751		—
Municipal Bonds		5,492,397		—		5,492,397		—
Preferred Stocks		504,930		504,930		—		—
U.S. Treasury Obligations		55,230,268		—		55,230,268		—
Total Assets — Investments in Securities	$	297,800,755	$	30,329,049	$	267,445,445	$	26,261

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2015.

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 June 30, 2015.

See Notes to Financial Statements.

107

GLOBAL BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Par		Value
CORPORATE BONDS — 36.5%
Acadia Healthcare Co., Inc.
12.88%, 11/01/18	$	106,000	$	116,335
5.13%, 07/01/22		110,000		109,450
Access Midstream Partners LP
6.13%, 07/15/22		150,000		159,433
Activision Blizzard, Inc.
5.63%, 09/15/21 144A		70,000		73,500
6.13%, 09/15/23 144A		60,000		64,500
AECOM Technology Corporation
5.75%, 10/15/22 144A		55,000		55,825
5.88%, 10/15/24 144AD		245,000		248,981
AES Corporation
8.00%, 06/01/20D		350,000		406,000
7.38%, 07/01/21		170,000		187,425
4.88%, 05/15/23D		1,710,000		1,615,950
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		275,000		284,969
Alcoa, Inc.
5.87%, 02/23/22		5,000		5,400
5.90%, 02/01/27D		825,000		876,562
6.75%, 01/15/28D		1,380,000		1,542,150
5.95%, 02/01/37		65,000		65,162
Ally Financial, Inc.
5.50%, 02/15/17		70,000		73,150
8.00%, 12/31/18		104,000		116,095
3.50%, 01/27/19		1,000,000		995,000
8.00%, 03/15/20D		161,000		189,980
5.13%, 09/30/24D		920,000		925,750
8.00%, 11/01/31		345,000		414,431
American Airlines Group, Inc.
5.50%, 10/01/19 144AD		1,825,000		1,843,250
American Axle & Manufacturing, Inc.
6.63%, 10/15/22		150,000		158,250
Anadarko Petroleum Corporation
5.95%, 09/15/16		10,000		10,552
6.38%, 09/15/17		80,000		87,838
Antero Resources Corporation
5.13%, 12/01/22		160,000		152,000
Anthem, Inc.
6.38%, 06/15/37		221,000		253,051
Appvion, Inc.
9.00%, 06/01/20 144A		170,000		107,950
Arch Coal, Inc.
9.88%, 06/15/19D		400,000		70,000
Ashtead Capital, Inc.
5.63%, 10/01/24 144AD		330,000		332,475
AT&T, Inc.
3.88%, 08/15/21		60,000		61,971
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144A		565,000		460,475
Atwood Oceanics, Inc.
6.50%, 02/01/20D		100,000		97,000
Avon Products, Inc.
7.70%, 03/15/43D		115,000		94,588
Ball Corporation
5.25%, 07/01/25		460,000		455,400
Bank of America Corporation
5.49%, 03/15/19		100,000		109,700
4.25%, 10/22/26		100,000		98,178

	Par		Value
6.11%, 01/29/37	$	1,300,000	$	1,461,616
6.50%, 10/29/49†		920,000		953,350
5.20%, 12/29/49†D		550,000		526,625
Barrick North America Finance LLC
5.75%, 05/01/43		1,000,000		965,180
Baxalta, Inc.
5.25%, 06/23/45 144A		120,000		120,926
Beazer Homes USA, Inc.
7.25%, 02/01/23		50,000		48,750
Best Buy Co., Inc.
5.00%, 08/01/18D		3,455,000		3,662,300
Blue Racer Midstream LLC
6.13%, 11/15/22 144AD		200,000		207,000
BreitBurn Energy Partners LP
8.63%, 10/15/20D		60,000		53,100
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONV 144AD		130,000		135,525
California Resources Corporation
6.00%, 11/15/24D		970,000		839,050
Calpine Corporation
5.88%, 01/15/24 144AD		304,000		323,000
Calumet Specialty Products Partners LP
6.50%, 04/15/21		230,000		227,700
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23		330,000		332,475
CCO Holdings LLC
7.00%, 01/15/19		230,000		239,200
5.38%, 05/01/25 144AD		130,000		126,912
Cemex Finance LLC
9.38%, 10/12/22		550,000		615,312
Century Intermediate Holding Co. 2 Cash coupon
9.75%, 02/15/19 PIK 144A		130,000		135,688
CenturyLink, Inc.
7.60%, 09/15/39		755,000		687,994
Chemours Co.
6.63%, 05/15/23 144AD		1,055,000		1,024,669
7.00%, 05/15/25 144AD		195,000		189,638
Chesapeake Energy Corporation
6.63%, 08/15/20D		5,000		4,900
6.88%, 11/15/20		75,000		73,500
6.13%, 02/15/21		140,000		132,300
5.38%, 06/15/21D		80,000		72,800
4.88%, 04/15/22D		55,000		47,988
5.75%, 03/15/23D		140,000		127,400
2.75%, 11/15/35 CONVD		170,000		169,150
2.50%, 05/15/37 CONV		390,000		371,475
2.25%, 12/15/38 CONV		1,560,000		1,361,100
Chrysler Group LLC
8.25%, 06/15/21		200,000		218,500
Ciena Corporation
0.88%, 06/15/17 CONVD		2,090,000		2,108,287
3.75%, 10/15/18 CONV 144A		415,000		566,994
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000		149,575

See Notes to Financial Statements.

108

	Par		Value
CIT Group, Inc.
5.00%, 08/15/22	$	500,000	$	496,250
5.00%, 08/01/23D		670,000		661,625
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000		451,142
3.50%, 05/15/23		1,305,000		1,276,276
5.35%, 04/29/49†D		360,000		339,390
6.30%, 12/29/49†D		1,330,000		1,300,075
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000		108,900
Cliffs Natural Resources, Inc.
6.25%, 10/01/40D		1,920,000		854,400
Cloud Peak Energy Resources LLC
6.38%, 03/15/24D		60,000		43,200
Colorado Interstate Gas Co. LLC
6.80%, 11/15/15D		125,000		127,652
Comcast Corporation
5.15%, 03/01/20		170,000		191,484
Communications Sales & Leasing, Inc.
8.25%, 10/15/23 144AD		410,000		403,850
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A		360,000		275,400
Concho Resources, Inc.
5.50%, 10/01/22		260,000		260,000
5.50%, 04/01/23		700,000		703,500
Concordia Healthcare Corporation
7.00%, 04/15/23 144AD		550,000		551,375
ConocoPhillips
6.50%, 02/01/39		20,000		24,870
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 10/19/23		440,638		491,311
Continental Airlines 2009-1 Pass Through Trust
9.00%, 01/08/18		893,424		953,731
Continental Resources, Inc.
4.50%, 04/15/23		15,000		14,487
3.80%, 06/01/24D		145,000		132,600
Countrywide Financial Corporation
6.25%, 05/15/16D		280,000		291,056
Crestwood Midstream Partners LP
6.00%, 12/15/20		250,000		260,000
6.13%, 03/01/22		120,000		123,000
CSC Holdings LLC
6.75%, 11/15/21		210,000		222,075
5.25%, 06/01/24		140,000		135,100
CST Brands, Inc.
5.00%, 05/01/23D		170,000		170,000
CTR Partnership LP
5.88%, 06/01/21		500,000		511,250
Cummins, Inc.
5.65%, 03/01/98		860,000		906,564
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,369,875
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24		90,000		88,650

	Par		Value
Delta Air Lines 2007-1 Class B Pass Through Trust
8.02%, 02/10/24	$	60,580	$	69,515
Dillard’s, Inc.
7.75%, 07/15/26		890,000		1,034,625
DISH DBS Corporation
5.88%, 07/15/22		600,000		589,500
5.00%, 03/15/23		410,000		380,275
5.88%, 11/15/24		470,000		452,669
DJO Finance LLC
8.13%, 06/15/21 144A		830,000		856,975
DPL, Inc.
6.75%, 10/01/19 144AD		390,000		416,325
DS Services of America, Inc.
10.00%, 09/01/21 144A		265,000		310,050
Eagle Spinco, Inc.
4.63%, 02/15/21		520,000		506,350
El Paso LLC
7.75%, 01/15/32		80,000		92,133
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		111,297
8.38%, 06/15/32		75,000		90,986
Embarq Corporation
8.00%, 06/01/36		995,000		1,105,644
Enterprise Products Operating LLC
8.38%, 08/01/66†		60,000		63,000
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,305,808
ExamWorks Group, Inc.
5.63%, 04/15/23		550,000		566,010
EXCO Resources, Inc.
7.50%, 09/15/18D		150,000		96,000
Family Tree Escrow LLC
5.25%, 03/01/20 144AD		120,000		126,150
First Cash Financial Services, Inc.
6.75%, 04/01/21D		40,000		42,300
First Data Corporation
12.63%, 01/15/21D		320,000		370,400
FirstEnergy Corporation
7.38%, 11/15/31		185,000		225,977
Florida East Coast Holdings Corporation
6.75%, 05/01/19 144AD		630,000		633,150
9.75%, 05/01/20 144A		40,000		38,100
Ford Motor Co.
6.63%, 10/01/28		850,000		1,037,525
Fresenius Medical Care US Finance, Inc.
5.75%, 02/15/21 144A		750,000		802,500
Fresenius US Finance II, Inc.
8.75%, 07/15/15 144A(E)		30,000		33,518
Frontier Communications Corporation
7.88%, 01/15/27		405,000		376,650
FTS International, Inc.
6.25%, 05/01/22D		410,000		303,400
GameStop Corporation
5.50%, 10/01/19 144AD		295,000		304,219
General Electric Capital Corporation
6.50%, 09/28/15(Z)		255,000		173,924
6.75%, 09/26/16(Z)		150,000		105,643
3.15%, 09/07/22		330,000		331,648

See Notes to Financial Statements.

109

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.75%, 03/15/32	$	30,000	$	39,011
General Motors Financial Co., Inc.
2.75%, 05/15/16		10,000		10,122
4.38%, 09/25/21		120,000		124,887
3.45%, 04/10/22		300,000		294,394
Genesis Energy LP
6.00%, 05/15/23		230,000		230,690
Genworth Holdings, Inc.
4.90%, 08/15/23D		250,000		221,952
4.80%, 02/15/24D		105,000		91,875
6.50%, 06/15/34D		110,000		99,275
Geo Group, Inc.
5.88%, 10/15/24D		100,000		103,500
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		874,898
Global Marine, Inc.
7.00%, 06/01/28D		45,000		33,525
Goldman Sachs Capital II
4.00%, 12/29/49†		1,290,000		985,238
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		133,116
6.75%, 10/01/37		355,000		417,678
Goodyear Tire & Rubber Co.
7.00%, 03/15/28		690,000		734,850
Guitar Center, Inc.
9.63%, 04/15/20 144AD		200,000		167,000
Gulfmark Offshore, Inc.
6.38%, 03/15/22D		220,000		165,550
Gulfport Energy Corporation
7.75%, 11/01/20		30,000		31,575
Halcon Resources Corporation
8.88%, 05/15/21D		270,000		178,875
9.25%, 02/15/22D		1,440,000		932,400
Hardwoods Acquisition, Inc.
7.50%, 08/01/21 144AD		90,000		87,300
HCA, Inc.
7.19%, 11/15/15		205,000		209,356
7.50%, 02/15/22		500,000		575,625
7.50%, 12/15/23		770,000		850,850
8.36%, 04/15/24		90,000		106,650
5.38%, 02/01/25		370,000		376,956
7.69%, 06/15/25		815,000		929,100
7.58%, 09/15/25		715,000		797,225
7.05%, 12/01/27		20,000		21,100
7.50%, 11/06/33		205,000		224,475
7.75%, 07/15/36		120,000		129,000
Hercules Offshore, Inc.
10.25%, 04/01/19 144AD		250,000		87,500
8.75%, 07/15/21 144A@D		735,000		257,250
7.50%, 10/01/21 144A@		1,865,000		652,750
6.75%, 04/01/22 144A		70,000		24,675
Hercules, Inc.
6.50%, 06/30/29		250,000		228,750
Hexion Inc
9.00%, 11/15/20		185,000		135,050
Hiland Partners LP
7.25%, 10/01/20 144A		545,000		591,325
Hilton Worldwide Finance LLC
5.63%, 10/15/21		180,000		187,866
HJ Heinz Co.
4.25%, 10/15/20D		80,000		81,700
4.88%, 02/15/25 144A		330,000		360,112

	Par		Value
Howard Hughes Corporation
6.88%, 10/01/21 144A	$	140,000	$	149,100
IASIS Healthcare LLC
8.38%, 05/15/19		520,000		539,500
Idearc, Inc. Escrow
0.00%, 11/15/16+W† #		185,000		—
Intel Corporation
2.95%, 12/15/35 CONVD		580,000		699,262
3.25%, 08/01/39 CONV		460,000		700,640
International Lease Finance Corporation
3.88%, 04/15/18		10,000		10,075
6.25%, 05/15/19		75,000		81,281
4.63%, 04/15/21		300,000		303,750
5.88%, 08/15/22D		230,000		248,975
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000		905,850
iStar Financial, Inc.
3.88%, 07/01/16D		30,000		30,186
7.13%, 02/15/18		150,000		156,742
4.88%, 07/01/18		95,000		93,812
JC Penney Corporation, Inc.
6.38%, 10/15/36D		480,000		358,800
7.63%, 03/01/97		815,000		623,475
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000		275,646
6.88%, 04/15/22 144A		200,000		196,000
Jefferies Group LLC
5.13%, 04/13/18		55,000		58,479
6.88%, 04/15/21		270,000		309,794
5.13%, 01/20/23		305,000		315,363
6.45%, 06/08/27		35,000		38,161
3.88%, 11/01/29 CONV		55,000		56,341
6.25%, 01/15/36		1,135,000		1,131,931
6.50%, 01/20/43		510,000		499,845
JLL/ Delta Dutch Pledgeco BV Cash coupon 8.75% or PIK
9.50%, 05/01/20 144A		440,000		447,700
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		246,371
3.38%, 05/01/23		370,000		359,888
6.13%, 12/29/49†D		260,000		261,391
JPMorgan Chase Bank NA
4.38%, 11/30/21(E)†		350,000		408,377
Jurassic Holdings III, Inc.
6.88%, 02/15/21 144AD		60,000		47,100
K Hovnanian Enterprises, Inc.
7.00%, 01/15/19 144A		115,000		104,650
8.00%, 11/01/19 144A		165,000		153,450
5.00%, 11/01/21		795,000		680,719
KB Home
1.38%, 02/01/19 CONV		220,000		215,187
Key Energy Services, Inc.
6.75%, 03/01/21D		170,000		101,150
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		77,576
6.95%, 01/15/38		90,000		97,005
Lantheus Medical Imaging, Inc.
9.75%, 05/15/17		380,000		391,685
Lennar Corporation
4.75%, 11/15/22		315,000		311,062
Level 3 Communications, Inc.
5.75%, 12/01/22		150,000		150,000

See Notes to Financial Statements.

110

	Par		Value
Level 3 Financing, Inc.
7.00%, 06/01/20	$	930,000	$	989,288
8.63%, 07/15/20D		220,000		235,664
5.63%, 02/01/23 144AD		980,000		993,475
Linn Energy LLC
6.50%, 05/15/19		190,000		154,375
Magnum Hunter Resources Corporation
9.75%, 05/15/20D		470,000		423,000
MarkWest Energy Partners LP
5.50%, 02/15/23		240,000		247,500
4.88%, 12/01/24		460,000		451,950
Masco Corporation
5.85%, 03/15/17		90,000		95,850
7.75%, 08/01/29		250,000		290,000
6.50%, 08/15/32		175,000		185,500
MBIA Insurance Corporation
11.54%, 01/15/33 144AD		435,000		213,150
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000		324,112
MedImpact Holdings, Inc.
10.50%, 02/01/18 144A		290,000		306,690
Merrill Lynch & Co., Inc.
6.05%, 06/01/34		700,000		801,721
Michael Baker International LLC
8.25%, 10/15/18 144A		100,000		97,250
Micron Technology, Inc.
5.25%, 08/01/23 144A		400,000		384,500
Mirant Mid Atlantic Pass Through Trust
10.06%, 12/30/28D		769,693		826,457
Morgan Stanley
4.75%, 11/16/18(A)		275,000		219,427
5.75%, 01/25/21		205,000		233,728
3.13%, 08/05/21(C)		535,000		440,561
3.75%, 02/25/23		125,000		126,518
4.10%, 05/22/23		370,000		371,311
6.25%, 08/09/26		400,000		480,111
4.35%, 09/08/26		940,000		923,103
Motorola Solutions, Inc.
6.63%, 11/15/37		105,000		115,788
Murphy Oil USA, Inc.
6.00%, 08/15/23		160,000		166,800
Murray Energy Corporation
11.25%, 04/15/21 144AD		710,000		598,175
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,501,273
Natural Resource Partners LP / NRP Finance Corporation
9.13%, 10/01/18D		70,000		62,300
Navient Corporation
5.00%, 06/15/18		700,000		699,125
8.45%, 06/15/18		472,000		525,714
5.50%, 01/15/19		75,000		76,659
4.88%, 06/17/19		220,000		218,350
8.00%, 03/25/20		230,000		257,025
5.88%, 03/25/21D		320,000		320,598
5.50%, 01/25/23		1,720,000		1,638,300
6.13%, 03/25/24D		1,480,000		1,420,800
5.88%, 10/25/24D		550,000		518,375
Neiman Marcus Group LTD LLC
Cash coupon 8.75% or PIK
9.50%, 10/15/21 144AD		130,000		140,238

	Par		Value
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A	$	60,000	$	60,900
Netflix, Inc.
5.50%, 02/15/22 144A		560,000		581,000
5.88%, 02/15/25 144A		380,000		395,242
Newell Rubbermaid, Inc.
4.00%, 12/01/24		445,000		451,606
Newfield Exploration Co.
5.63%, 07/01/24		955,000		969,325
Newmont Mining Corporation
4.88%, 03/15/42		575,000		484,135
Nine West Holdings Inc
6.13%, 11/15/34		130,000		60,450
NRG REMA LLC
9.68%, 07/02/26		300,000		323,250
NWH Escrow Corporation
7.50%, 08/01/21 144A		100,000		94,500
NXP Funding LLC
4.63%, 06/15/22 144A		430,000		425,162
Old Republic International Corporation
3.75%, 03/15/18 CONVD		1,600,000		1,897,000
4.88%, 10/01/24		520,000		539,954
Outfront Media Capital LLC
5.25%, 02/15/22D		110,000		111,650
5.88%, 03/15/25		170,000		175,100
Owens Corning
7.00%, 12/01/36		1,800,000		2,062,507
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144AD		1,500,000		1,471,875
Pactiv LLC
8.38%, 04/15/27		200,000		199,000
Parker Drilling Co.
6.75%, 07/15/22D		80,000		69,400
Parsley Energy LLC
7.50%, 02/15/22 144A		330,000		336,498
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		908,198
Penn Virginia Resource Partners LP
6.50%, 05/15/21D		160,000		169,400
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000		940,798
Priceline Group, Inc.
0.90%, 09/15/21 CONV 144AD		270,000		258,188
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000		1,732,500
6.38%, 05/15/33		470,000		478,225
6.00%, 02/15/35		180,000		175,950
QEP Resources, Inc.
6.88%, 03/01/21		290,000		302,325
5.25%, 05/01/23D		1,900,000		1,828,750
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		685,000		657,600
Quicksilver Resources, Inc.
11.00%, 07/01/21#		90,000		12,600
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		242,438
Qwest Corporation
7.25%, 09/15/25		615,000		703,400
6.88%, 09/15/33		2,500,000		2,484,475
7.25%, 10/15/35		110,000		113,295

See Notes to Financial Statements.

111

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Rain CII Carbon LLC
8.50%, 01/15/21(E)	$	100,000	$	108,152
Range Resources Corporation
5.00%, 08/15/22		70,000		68,950
5.00%, 03/15/23D		240,000		236,400
Regency Energy Partners LP
5.88%, 03/01/22		340,000		362,418
5.00%, 10/01/22		80,000		81,383
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000		572,624
Resolute Forest Products, Inc.
5.88%, 05/15/23D		190,000		173,850
Reynolds Group Issuer, Inc.
5.75%, 10/15/20D		60,000		61,650
Rice Energy, Inc.
6.25%, 05/01/22D		160,000		159,600
7.25%, 05/01/23 144A		140,000		144,200
Rock-Tenn Co.
4.00%, 03/01/23		430,000		437,826
RPM International, Inc.
2.25%, 12/15/20 CONV		47,000		54,931
RR Donnelley & Sons Co.
7.00%, 02/15/22D		495,000		533,981
6.00%, 04/01/24D		465,000		467,325
Ryerson, Inc.
9.00%, 10/15/17D		440,000		444,400
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		100,000		102,500
Samson Investment Co.
9.75%, 02/15/20		330,000		20,625
Sanchez Energy Corporation
7.75%, 06/15/21D		330,000		330,000
6.13%, 01/15/23D		330,000		297,000
SandRidge Energy, Inc.
7.50%, 02/15/23D		70,000		29,939
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000		24,625
5.50%, 09/15/25 144AD		555,000		560,550
Service Corporation International
7.50%, 04/01/27		75,000		86,625
ServiceMaster Co. LLC
7.00%, 08/15/20		460,000		488,175
7.45%, 08/15/27		900,000		913,500
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A		820,000		520,700
Southern Copper Corporation
5.25%, 11/08/42		550,000		480,062
Spencer Spirit Holdings, Inc.
Cash coupon 9.00% or PIK
9.75%, 05/01/18 144A		206,000		209,090
Springleaf Finance Corporation
5.75%, 09/15/16		700,000		725,375
6.50%, 09/15/17		400,000		420,500
7.75%, 10/01/21		145,000		157,869
8.25%, 10/01/23D		55,000		62,012
Sprint Capital Corporation
6.88%, 11/15/28		2,915,000		2,514,188
8.75%, 03/15/32		945,000		921,375
Sprint Corporation
7.88%, 09/15/23D		510,000		498,678
7.63%, 02/15/25		390,000		368,550
Steel Dynamics, Inc.
6.38%, 08/15/22D		400,000		420,500

	Par		Value
Suburban Propane Partners LP
5.75%, 03/01/25D	$	350,000	$	350,875
Targa Resources Partners LP
5.00%, 01/15/18 144A		255,000		262,012
4.25%, 11/15/23		110,000		102,300
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000		405,900
Tenet Healthcare Corporation
5.00%, 03/01/19 144A		560,000		562,100
6.75%, 06/15/23 144A		285,000		291,056
6.88%, 11/15/31		85,000		79,050
TerraForm Power Operating LLC
5.88%, 02/01/23 144A		250,000		255,000
Tesoro Logistics LP
6.25%, 10/15/22 144AD		100,000		104,000
Textron, Inc.
6.63%, 04/07/20(U)		130,000		234,704
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000		225,832
8.25%, 04/01/19		40,000		47,082
4.50%, 09/15/42D		105,000		85,955
Time Warner, Inc.
4.00%, 01/15/22D		100,000		102,500
TMX Finance LLC
8.50%, 09/15/18 144A		50,000		41,250
Toys “R” Us, Inc.
7.38%, 10/15/18D		210,000		156,975
TransDigm, Inc.
7.50%, 07/15/21D		970,000		1,047,600
6.50%, 07/15/24		199,000		197,508
6.50%, 05/15/25 144AD		195,000		193,050
TRI Pointe Holdings, Inc.
4.38%, 06/15/19D		100,000		98,000
5.88%, 06/15/24		5,000		4,900
Triumph Group, Inc.
5.25%, 06/01/22D		50,000		49,625
United Air Lines 2007-1 Pass-Through Trust
6.64%, 01/02/24		199,782		214,266
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		24,566		26,777
United Air Lines 2014-1 Class A Pass Through Trust
4.00%, 10/11/27D		250,000		251,250
United Air Lines 2014-2 Class B Pass Through Trust
4.63%, 03/03/24		90,000		91,800
United States Steel Corporation
6.65%, 06/01/37D		760,000		680,200
Universal Hospital Services, Inc.
7.63%, 08/15/20		380,000		353,400
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26		288,807		326,352
US Airways 2012-1 Class B Pass Through Trust
8.00%, 04/01/21		505,925		571,695
US Airways 2012-1 Class C Pass Through Trust
9.13%, 10/01/15		217,637		221,445

See Notes to Financial Statements.

112

	Par		Value
US Airways 2012-2 Class A Pass Through Trust
4.63%, 12/03/26	$	233,718	$	244,674
Verizon Communications, Inc.
6.00%, 04/01/41		70,000		77,270
6.55%, 09/15/43		342,000		401,449
5.01%, 08/21/54		341,000		314,170
Verizon Pennsylvania LLC
6.00%, 12/01/28		35,000		37,445
Wells Fargo & Co.
4.48%, 01/16/24		124,000		130,679
5.88%, 12/29/49†		700,000		717,535
West Corporation
5.38%, 07/15/22 144A		490,000		458,150
Westvaco Corporation
8.20%, 01/15/30		145,000		196,017
7.95%, 02/15/31		45,000		58,010
WEX, Inc.
4.75%, 02/01/23 144A		440,000		426,800
Weyerhaeuser Co.
8.50%, 01/15/25		405,000		529,867
6.95%, 10/01/27		55,000		65,302
7.38%, 03/15/32		370,000		463,875
6.88%, 12/15/33		490,000		589,294
William Lyon Homes, Inc.
7.00%, 08/15/22		90,000		93,600
Williams Cos., Inc.
7.50%, 01/15/31		60,000		65,820
Windstream Services LLC
7.75%, 10/01/21D		220,000		202,400
XPO Logistics, Inc.
7.88%, 09/01/19 144AD		90,000		96,511
ZF North America Capital, Inc.
4.00%, 04/29/20 144A		150,000		150,375
4.50%, 04/29/22 144A		150,000		147,495
4.75%, 04/29/25 144AD		150,000		145,782
Total Corporate Bonds (Cost $146,247,171)				149,609,968
FOREIGN BONDS — 35.3%
Argentina — 0.0%
Pan American Energy LLC
7.88%, 05/07/21		106,000		108,782
Australia — 0.8%
Barminco Finance Proprietary, Ltd.
9.00%, 06/01/18 144AD		60,000		56,400
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144AD		510,000		527,850
6.88%, 04/01/22 144AD		380,000		267,900
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000		2,213,747
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000		201,443
				3,267,340
Bermuda — 0.5%
Digicel Group, Ltd.
8.25%, 09/30/20D		550,000		554,125
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000		217,176

	Par		Value
Sirius International Group, Ltd.
6.38%, 03/20/17 144A	$	1,250,000	$	1,314,651
				2,085,952
Brazil — 1.4%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)		7,053,000		2,160,991
BRF SA
4.75%, 05/22/24 144AD		422,000		416,198
Federal Republic of Brazil
10.25%, 01/10/28(B)		5,250,000		1,784,841
Oi SA
5.75%, 02/10/22 144A		933,000		812,876
Telemar Norte Leste SA
5.50%, 10/23/20D		200,000		184,250
Vale SA
5.63%, 09/11/42D		395,000		334,632
				5,693,788
Canada — 5.0%
Air Canada
7.63%, 10/01/19 144A(C)		1,520,000		1,302,162
Bombardier, Inc.
6.00%, 10/15/22 144AD		1,645,000		1,468,162
Canadian Government Bond
1.50%, 08/01/15(C)		750,000		600,919
1.25%, 02/01/16(C)		3,545,000		2,849,453
0.25%, 05/01/17(C)		4,720,000		3,763,567
Methanex Corporation
5.25%, 03/01/22		75,000		80,350
New Red Finance, Inc.
6.00%, 04/01/22 144AD		290,000		298,700
Novelis, Inc.
8.75%, 12/15/20		30,000		31,875
Ontario Generic Residual STRIP
0.00%, 07/13/22(C)W†		2,600,000		1,789,275
0.00%, 03/08/29(C)W†		2,400,000		1,270,943
Pacific Rubiales Energy Corporation
5.38%, 01/26/19 144AD		540,000		444,960
Province of Manitoba
6.38%, 09/01/15(Z)		815,000		555,320
Province of Ontario
2.10%, 09/08/18(C)		3,500,000		2,897,126
Province of Quebec
6.75%, 11/09/15(Z)		2,650,000		1,815,529
Stone Container Finance Company of Canada II Escrow
0.00%, 07/15/14+W†		330,000		6,600
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000		58,200
Ultra Petroleum Corporation
5.75%, 12/15/18 144AD		340,000		328,100
Valeant Pharmaceuticals International, Inc.
6.13%, 04/15/25 144AD		990,000		1,020,937
Whiting Canadian Holding Co ULC
8.13%, 12/01/19		90,000		94,669
				20,676,847

See Notes to Financial Statements.

113

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cayman Islands — 1.3%
Braskem Finance, Ltd.
5.75%, 04/15/21	$	900,000	$	859,500
Odebrecht Finance, Ltd.
4.38%, 04/25/25 144AD		1,070,000		820,904
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/23 144AD		459,550		330,876
Petrobras International Finance Co. SA
6.88%, 01/20/40		390,000		349,385
6.75%, 01/27/41		270,000		237,797
Transocean, Inc.
6.50%, 11/15/20D		10,000		9,312
6.88%, 12/15/21D		95,000		85,738
4.30%, 10/15/22D		430,000		325,725
6.80%, 03/15/38D		10,000		7,525
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000		239,875
Vale Overseas, Ltd.
6.88%, 11/21/36D		592,000		575,312
XLIT, Ltd.
6.38%, 11/15/24		585,000		690,710
6.25%, 05/15/27D		640,000		749,967
				5,282,626
Chile — 0.3%
AES Gener SA
5.25%, 08/15/21 144A		420,000		445,160
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144A		420,000		433,221
Empresa Nacional de Telecomunicaciones SA
4.88%, 10/30/24 144A		220,000		222,577
				1,100,958
Colombia — 1.0%
Colombia Government International Bond
5.63%, 02/26/44		3,257,000		3,297,713
Colombian TES
10.00%, 07/24/24(X)		23,100,000		10,486
Ecopetrol SA
5.88%, 09/18/23D		220,000		231,550
4.13%, 01/16/25		230,000		212,819
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144A		250,000		265,000
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000		273,975
				4,291,543
Cote D’Ivoire (Ivory Coast) — 0.1%
Ivory Coast Government International Bond
5.38%, 07/23/24 144A		520,000		492,700
Croatia (Hrvatska) — 0.1%
Croatia Government International Bond
5.50%, 04/04/23 144A		500,000		516,565

	Par		Value
Dominican Republic — 0.1%
Dominican Republic International Bond
5.50%, 01/27/25 144A	$	480,000	$	483,600
France — 0.9%
AXA SA
6.21%, 10/29/49(E)†		210,000		254,844
Electricite de France SA
5.25%, 01/29/49 144A†		380,000		381,900
5.63%, 12/29/49 144A†		1,360,000		1,388,220
Europcar Groupe SA
11.50%, 05/15/17(E)		123,000		152,994
5.75%, 06/15/22 144A(E)		170,000		193,315
Numericable-SFR
4.88%, 05/15/19 144A		870,000		863,475
5.63%, 05/15/24 144A(E)		160,000		180,383
Rexel SA
5.25%, 06/15/20 144A		210,000		219,450
				3,634,581
Germany — 3.3%
Bundesrepublik Deutschland
3.25%, 01/04/20(E)		4,240,000		5,411,878
Deutsche Bundesrepublik Inflation Linked Bond
0.10%, 04/15/23(E)D		2,813,000		3,470,269
0.50%, 04/15/30(E)		3,030,000		3,871,390
KP Germany Erste GmbH
11.63%, 07/15/17(E)		180,000		214,921
KraussMaffei Group GmbH
8.75%, 12/15/20(E)		234,000		280,441
ProGroup AG
5.13%, 05/01/22 144A(E)		100,000		113,994
				13,362,893
Honduras — 0.1%
Honduras Government International Bond
7.50%, 03/15/24		460,000		499,866
Hungary — 0.4%
Hungary Government International Bond
5.75%, 11/22/23		1,454,000		1,617,575
Iceland — 0.0%
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		150,000		2
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000		977,866
Indonesia — 0.9%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000		443,000
6.63%, 02/17/37		225,000		255,375
5.25%, 01/17/42 144A		1,710,000		1,652,287
Pertamina Persero PT
5.25%, 05/23/21 144A		400,000		415,520
4.88%, 05/03/22		900,000		910,125
				3,676,307
Ireland — 0.2%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 144A		200,000		211,000

See Notes to Financial Statements.

114

	Par		Value
7.00%, 11/15/20 144A	$	35,294	$	36,176
EDC Finance, Ltd.
4.88%, 04/17/20 144A		250,000		220,875
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)		200,000		242,871
				710,922
Italy — 2.3%
Enel SpA
7.75%, 09/10/75(U)†		440,000		751,166
Italy Buoni Poliennali Del Tesoro
4.50%, 03/01/24(E)		5,490,000		7,221,990
Telecom Italia Capital SA
6.38%, 11/15/33D		995,000		1,024,850
6.00%, 09/30/34		250,000		244,527
				9,242,533
Jersey — 0.1%
AA Bond Co., Ltd.
9.50%, 07/31/43 144A(U)		100,000		171,972
5.50%, 07/31/43 144A(U)		150,000		234,720
				406,692
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A		470,000		479,203
Luxembourg — 2.3%
Altice Financing SA
6.63%, 02/15/23 144A		200,000		199,060
Altice Financing SA
5.25%, 02/15/23 144A(E)		100,000		112,600
ArcelorMittal
6.13%, 06/01/18		740,000		789,950
6.25%, 03/01/21		30,000		31,538
7.75%, 10/15/39D		510,000		510,000
7.50%, 03/01/41D		690,000		679,650
Ardagh Finance Holdings SA Cash coupon 8.63%,
06/15/19 PIK 144AD		261,326		271,779
Beverage Packaging Holdings Luxembourg II SA
6.00%, 06/15/17 144A		235,000		235,000
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)		100,000		117,840
Coveris Holdings SA
7.88%, 11/01/19 144A		210,000		210,000
DH Services Luxembourg S.a.r.l.
7.75%, 12/15/20 144A		90,000		93,825
Evraz Group SA
6.75%, 04/27/18 144A		440,000		425,031
6.50%, 04/22/20 144A		480,000		436,560
gategroup Finance Luxembourg SA
6.75%, 03/01/19(E)D		264,286		309,357
Globe Luxembourg SCA
9.63%, 05/01/18 144A		200,000		193,000
INEOS Group Holdings SA
6.13%, 08/15/18 144AD		600,000		615,000
Intelsat Jackson Holdings SA
7.25%, 10/15/20D		170,000		168,725
7.50%, 04/01/21D		30,000		29,775
5.50%, 08/01/23D		2,490,000		2,214,232

	Par		Value
Matterhorn Telecom SA
3.88%, 05/01/22 144A(E)	$	320,000	$	339,432
Pacific Drilling SA
5.38%, 06/01/20 144AD		100,000		76,250
Play Finance 1 SA
6.50%, 08/01/19 144A(E)		120,000		140,106
Puma International Financing SA
6.75%, 02/01/21 144AD		420,000		429,958
TMK OAO Via TMK Capital SA
6.75%, 04/03/20		200,000		175,000
Wind Acquisition Finance SA
7.00%, 04/23/21(E)		430,000		496,405
				9,300,073
Marshall Islands — 0.0%
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000		88,987
Mexico — 3.6%
Alpek SA de CV
4.50%, 11/20/22 144AD		200,000		200,440
Axtel SAB de CV
9.00%, 01/31/20 STEP 144A		124,000		124,620
9.00%, 01/31/20 STEP CONV 144A(M)		141,300		16,182
Cemex SAB de CV
6.50%, 12/10/19 144AD		1,100,000		1,157,420
Empresas ICA SAB de CV
8.88%, 05/29/24 144A		339,000		255,097
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100		3,026,298
8.00%, 12/07/23(M)		41,500,000		2,988,948
10.00%, 12/05/24(M)		31,500,000		2,571,206
7.50%, 06/03/27(M)		7,500,000		525,398
8.50%, 05/31/29(M)		2,000,000		151,920
7.75%, 05/29/31(M)		3,000,000		213,270
7.75%, 11/13/42(M)		22,750,000		1,616,982
Petroleos Mexicanos
5.50%, 01/21/21		750,000		815,250
6.50%, 06/02/41		135,000		141,075
5.50%, 06/27/44		600,000		555,000
6.38%, 01/23/45		303,000		312,469
				14,671,575
Morocco & Antilles — 0.3%
OCP SA
5.63%, 04/25/24 144A		550,000		575,504
4.50%, 10/22/25 144A		520,000		495,950
				1,071,454
Netherlands — 2.2%
Bharti Airtel International Netherlands BV
5.35%, 05/20/24 144A		280,000		297,538
CIMPOR Financial Operations BV
5.75%, 07/17/24 144A		360,000		293,400
DPx Holdings BV
7.50%, 02/01/22 144AD		90,000		94,162
EDP Finance BV
6.00%, 02/02/18 144A		600,000		644,317

See Notes to Financial Statements.

115

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.90%, 10/01/19 144A	$	1,600,000	$	1,669,061
4.13%, 01/15/20 144A		540,000		546,334
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21(E)D		490,000		439,753
Lukoil International Finance BV
6.36%, 06/07/17		200,000		209,300
6.66%, 06/07/22		110,000		114,152
4.56%, 04/24/23 144A		310,000		277,450
LyondellBasell Industries NV
5.75%, 04/15/24D		260,000		296,693
Petrobras Global Finance BV
4.38%, 05/20/23		250,000		218,428
6.25%, 03/17/24		1,870,000		1,810,104
5.63%, 05/20/43		275,000		212,547
Polish Television Holding BV Cash coupon 11.00%,
01/15/21 PIK 144A(E)		100,000		132,667
Schaeffler Holding Finance BV Cash coupon 6.88%,
08/15/18 PIK 144A(E)		100,000		115,850
Cash coupon 6.88% or PIK
7.63%, 08/15/18 144A		200,000		207,500
Swiss Reinsurance Co. Via ELM BV
5.25%, 05/29/49(E)†		400,000		458,650
VimpelCom Holdings BV
7.50%, 03/01/22		200,000		196,500
Volkswagen International Finance NV
4.63%, 03/29/49(E)†		420,000		487,206
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000		196,750
				8,918,362
New Zealand — 0.4%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000		1,733,246
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17(K)		12,330,000		1,674,857
4.50%, 05/22/19(K)		172,000		24,874
3.75%, 05/25/21(K)		129,000		18,657
				1,718,388
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36D		3,000		3,720
Peru — 0.1%
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A		550,000		543,125
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21		200,000		216,760
Portugal — 0.4%
Portugal Government International Bond
5.13%, 10/15/24 144A		1,600,000		1,640,128

	Par		Value
Singapore — 0.2%
BOC Aviation Pte, Ltd.
3.00%, 03/30/20 144A	$	1,000,000	$	985,127
Spain — 0.0%
Santander Issuances SA Unipersonal
5.91%, 06/20/16 144A		100,000		103,811
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		82,129
				185,940
Supranational — 0.6%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000		2,345,678
Sweden — 0.2%
TVN Finance Corporation III AB
7.38%, 12/15/20 144A(E)		125,000		152,839
Unilabs Subholding AB
8.50%, 07/15/18(E)		410,000		476,356
				629,195
Switzerland — 0.0%
SIG Combibloc Holdings SCA
7.75%, 02/15/23 144A(E)		160,000		186,082
Trinidad and Tobago — 0.1%
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/19 144A		340,000		397,800
Turkey — 1.0%
Turk Telekomunikasyon AS
3.75%, 06/19/19 144AD		480,000		480,218
4.88%, 06/19/24 144AD		680,000		679,816
Turkey Government International Bond
7.00%, 03/11/19		100,000		112,765
6.25%, 09/26/22		875,000		975,573
5.75%, 03/22/24		1,120,000		1,218,000
6.88%, 03/17/36		73,000		84,954
4.88%, 04/16/43		500,000		456,855
				4,008,181
United Kingdom — 3.9%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)		310,000		528,487
Annington Finance No. 4 PLC
1.74%, 01/10/23(U)†		460,000		723,493
Barclays Bank PLC
6.00%, 01/23/18(E)		450,000		560,573
Boparan Finance PLC
5.25%, 07/15/19 144A(U)		100,000		148,482
5.25%, 07/15/19(U)		160,000		237,571
BUPA Finance PLC
5.00%, 04/25/23(U)		590,000		940,204
EC Finance PLC
5.13%, 07/15/21 144A(E)		400,000		464,947
Equiniti Newco 2 PLC
7.13%, 12/15/18(U)		307,000		487,194
HBOS PLC
6.75%, 05/21/18 144A		500,000		555,627
6.00%, 11/01/33 144A		1,385,000		1,500,911

See Notes to Financial Statements.

116

	Par		Value
HSBC Holdings PLC
6.00%, 06/10/19(E)	$	270,000	$	352,796
6.38%, 12/29/49†		600,000		604,500
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000		450,900
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000		434,559
Paragon Offshore PLC
6.75%, 07/15/22 144A		177,000		59,295
7.25%, 08/15/24 144A		410,000		135,300
Priory Group No. 3 PLC
8.88%, 02/15/19(U)		100,000		163,535
R&R Ice Cream PLC
8.25%, 05/15/20 144A(A)		260,000		204,146
Royal Bank of Scotland PLC
6.13%, 01/11/21		350,000		402,103
13.13%, 03/19/22(A)†		160,000		141,318
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000		2,002,035
6.00%, 12/19/23		275,000		291,690
Scottish Widows PLC
5.50%, 06/16/23(U)		590,000		962,189
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000		473,897
Standard Chartered PLC
5.13%, 06/06/34(U)D		321,000		490,382
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		276,859		418,234
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		598,992		866,968
Vedanta Resources PLC
7.13%, 05/31/23D		200,000		191,000
7.13%, 05/31/23 144AD		400,000		382,000
Virgin Media Finance PLC
6.38%, 10/15/24 144A(U)		360,000		591,100
Virgin Media Secured Finance PLC
5.50%, 01/15/21(U)		100,000		167,219
				15,932,655
United States of America — 0.1%
XPO Logistics, Inc.
5.75%, 06/15/21 144A(E)		250,000		273,836
Virgin Islands (British) — 0.3%
GTL Trade Finance, Inc.
5.89%, 04/29/24 144AD		941,000		922,651
Pacific Drilling V, Ltd.
7.25%, 12/01/17 144AD		270,000		233,550
				1,156,201
Total Foreign Bonds (Cost $155,313,833)				144,615,654
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 0.8%
Brazil — 0.8%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B) (Cost $2,379,798)		3,613,000		3,085,242

	Par		Value
LOAN AGREEMENTS — 2.0%
American Airlines, Inc. Term B Loan
3.75%, 06/27/20	$	997,462	$	989,363
American Builders & Contractors Supply Co., Inc. Term B Loan
3.50%, 04/16/20		744,318		740,411
Energy Future Intermediate Holding Co. LLC DIP Term Loan
4.25%, 06/16/16		847,944		847,588
First Data Corporation Term C-1 Loan
3.68%, 03/24/18		750,000		746,917
Hilton Worldwide Finance LLC Term B Loan
3.50%, 10/25/20		687,500		687,610
MPH Acquisition Holdings LLC Term B Loan
3.75%, 03/31/21		478,036		474,790
Party City Holdings, Inc. Term B Loan
4.00%-5.25%, 07/27/19		746,222		744,476
PetSmart, Inc. Term B Loan
4.25%, 03/10/22		1,000,000		997,250
Univision Communications, Inc. Term C-4 Loan
4.00%. 03/01/20		744,120		737,475
Valeant Pharmaceuticals International, Inc. Term BF1 Loan
4.00%, 04/02/22		748,125		746,876
Virgin Media Investment Holdings, Ltd. Term F Loan
3.50%, 06/30/23		504,991		500,890
Total Loan Agreements (Cost $8,231,151)				8,213,646
MORTGAGE-BACKED SECURITY — 0.1%
Credit Suisse Commercial Mortgage Trust
5.70%, 09/15/40† (Cost $134,712)		220,000		233,441
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $337,382)		435,000		405,833
	Notional Amount
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
U.S. Dollar vs. Euro, Strike Price $1.15, Expires
07/10/15 (UBS)		59,500		8,639

See Notes to Financial Statements.

117

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional
	Amount		Value
U.S. Dollar vs. Japanese Yen, Strike Price $120.00, Expires 08/21/15 (UBS)	$	139,000	$	86,041
				94,680
Total Purchased Options (Cost $123,038)				94,680
	Par
U.S. TREASURY OBLIGATIONS — 10.1%
U.S. Treasury Bonds
3.50%, 02/15/39D		860,000		927,322
4.25%, 05/15/39		40,000		48,281
3.88%, 08/15/40		30,000		34,265
2.75%, 08/15/42D		120,000		111,666
3.13%, 02/15/43		9,116,000		9,130,239
2.88%, 05/15/43D		120,000		114,375
2.50%, 02/15/45D		1,030,000		906,699
3.00%, 05/15/45D		3,705,000		3,631,478
				14,904,325
U.S. Treasury Notes
1.25%, 08/31/15		90,000		90,183
0.25%, 09/30/15		3,505,000		3,506,781
0.38%, 11/15/15		2,855,000		2,858,235
0.25%, 12/15/15D		620,000		620,436
0.25%, 02/29/16		5,435,000		5,438,397
0.88%, 04/15/17D		30,000		30,162
0.75%, 10/31/17		20,000		19,984
0.63%, 04/30/18D		530,000		525,280
1.38%, 07/31/18		3,130,000		3,161,544
1.38%, 09/30/18		250,000		252,090
1.63%, 06/30/19		10,000		10,095
1.25%, 10/31/19		110,000		109,020
3.63%, 02/15/21		5,810,000		6,374,662
2.00%, 02/15/22		120,000		119,991
1.63%, 08/15/22		3,380,000		3,276,751
2.75%, 02/15/24		150,000		155,742
2.25%, 11/15/24		30,000		29,819
2.00%, 02/15/25D		100,000		97,164
				26,676,336
Total U.S. Treasury Obligations (Cost $40,572,871)				41,580,661
	Shares
COMMON STOCKS — 1.1%
Consumer Discretionary — 0.4%
Ford Motor Co.		96,849		1,453,703
Healthcare — 0.3%
Bristol-Myers Squibb Co.		15,400		1,024,716
Materials & Processing — 0.1%
PPG Industries, Inc.		4,997		573,256
Technology — 0.3%
Corning, Inc.		70,534		1,391,636
Total Common Stocks (Cost $2,271,026)				4,443,311

	Shares		Value
FOREIGN COMMON STOCKS — 0.2%
Norway — 0.0%
Deep Ocean Group Holding+@*		8,860	$	67,729
Spain — 0.1%
Repsol SA ADRD		15,820		278,432
Telefonica SA ADRD		22,180		314,956
				593,388
United Kingdom — 0.1%
Royal Dutch Shell PLC ADR Class A		6,443		367,316
Total Foreign Common Stocks (Cost $1,283,346)				1,028,433
PREFERRED STOCKS — 0.6%
Alcoa, Inc.,
5.38%, 10/01/17 CONVD		9,240		365,257
Ally Financial, Inc.,
7.00%, 12/31/49 144A		200		202,094
Bank of America Corporation,
7.25%, 12/31/49 CONV*		602		669,424
Chesapeake Energy Corporation,
4.50%, 12/31/49 CONVD*		1,229		87,382
Chesapeake Energy Corporation,
5.00%, 12/31/49 CONVD		3,950		277,488
Chesapeake Energy Corporation, 5.75%,
12/31/49 CONV 144A		50		34,906
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		500		27,895
iStar Financial, Inc.,
4.50%, 12/31/49 CONV*		50		2,937
Stanley Black & Decker, Inc.
6.25%, 11/17/16 CONVD*		2,900		345,825
Weyerhaeuser Co.,
6.38%, 07/01/16 CONVD*		7,615		395,980
Total Preferred Stocks (Cost $2,171,414)				2,409,188
MONEY MARKET FUNDS — 24.7%
GuideStone Money Market Fund (Investor Class)¥		47,927,632		47,927,632
Northern Institutional Liquid Assets Portfolio§		53,476,040		53,476,040
Total Money Market Funds (Cost $101,403,672)				101,403,672
TOTAL INVESTMENTS — 111.5% (Cost $460,469,414)				457,123,729
Liabilities in Excess of Other Assets — (11.5)%				(47,063,995	)
NET ASSETS — 100.0%			$	410,059,734

See Notes to Financial Statements.

118

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		36.5
Foreign Bonds		35.3
Money Market Funds		24.7
U.S. Treasury Obligations		10.1
Loan Agreements		2.0
Common Stocks		1.1
Foreign Government Inflation-Linked Bond		0.8
Preferred Stocks		0.6
Foreign Common Stocks		0.2
Municipal Bond		0.1
Mortgage-Backed Security		0.1
Purchased Option		—	**
		111.5

** Rounds to less than 0.005%.

See Notes to Financial Statements.

119

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, in valuing the Fund’s investments carried at fair value:

					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	4,443,311	$	4,443,311	$	—	$	—
Corporate Bonds		149,609,968		—		149,217,203		392,765
Foreign Bonds:
Argentina		108,782		—		108,782		—
Australia		3,267,340		—		3,267,340		—
Bermuda		2,085,952		—		2,085,952		—
Brazil		5,693,788		—		5,693,788		—
Canada		20,676,847		—		20,670,247		6,600
Cayman Islands		5,282,626		—		5,282,626		—
Chile		1,100,958		—		1,100,958		—
Colombia		4,291,543		—		4,291,543		—
Cote D’Ivoire (Ivory Coast)		492,700		—		492,700		—
Croatia (Hrvatska)		516,565		—		516,565		—
Dominican Republic		483,600		—		483,600		—
France		3,634,581		—		3,634,581		—
Germany		13,362,893		—		13,362,893		—
Honduras		499,866		—		499,866		—
Hungary		1,617,575		—		1,617,575		—
Iceland		2		—		—		2
India		977,866		—		977,866		—
Indonesia		3,676,307		—		3,676,307		—
Ireland		710,922		—		710,922		—
Italy		9,242,533		—		9,242,533		—
Jersey		406,692		—		406,692		—
Kenya		479,203		—		479,203		—
Luxembourg		9,300,073		—		9,300,073		—
Marshall Islands		88,987		—		88,987		—
Mexico		14,671,575		—		14,671,575		—
Morocco & Antilles		1,071,454		—		1,071,454		—
Netherlands		8,918,362		—		8,918,362		—
New Zealand		1,733,246		—		1,733,246		—
Norway		1,718,388		—		1,718,388		—
Panama		3,720		—		3,720		—
Peru		543,125		—		543,125		—
Philippines		216,760		—		216,760		—
Portugal		1,640,128		—		1,640,128		—
Singapore		985,127		—		985,127		—
Spain		185,940		—		185,940		—
Supranational		2,345,678		—		2,345,678		—
Sweden		629,195		—		629,195		—
Switzerland		186,082		—		186,082		—
Trinidad and Tobago		397,800		—		397,800		—
Turkey		4,008,181		—		4,008,181		—
United Kingdom		15,932,655		—		15,932,655		—
United States of America		273,836		—		273,836		—
Virgin Islands (British)		1,156,201		—		1,156,201		—
Foreign Common Stocks		1,028,433		960,704		—		67,729
Foreign Government Inflation-Linked Bond		3,085,242		—		—		3,085,242
Loan Agreements		8,213,646		—		8,213,646		—
Money Market Funds		101,403,672		101,403,672		—		—
Mortgage-Backed Security		233,441		—		233,441		—
Municipal Bond		405,833		—		405,833		—
Preferred Stocks		2,409,188		2,409,188		—		—
Purchased Options		94,680		—		94,680		—
U.S. Treasury Obligations		41,580,661		—		41,580,661		—
Total Assets — Investments in Securities	$	457,123,729	$	109,216,875	$	344,354,516	$	3,552,338

See Notes to Financial Statements.

120

						Level 2			Level 3
	Total			Level 1		Other Significant			Significant
	Value			Quoted Prices		Observable Inputs			Unobservable Inputs
Assets:
Other Financial Instruments***
Futures Contracts	$	11,003		$	11,003	$	—		$	—
Total Assets — Other Financial Instruments	$	11,003		$	11,003	$	—		$	—
Liabilities:
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(205,869	)	$	—	$	(205,869	)	$	—
Total Liabilities—Other Financial Instruments	$	(205,869	)	$	—	$	(205,869	)	$	—

*** 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 ended June 30, 2015.

The unobservable inputs used in the fair value measurement of the reporting entity’s corporate bonds, foreign bonds, foreign common stock and foreign government inflation-linked note 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:

												Foreign
												Government
									Foreign			Inflation-
	Total			Corporate			Foreign		Common			Linked
	Value			Bonds			Bonds		Stocks			Note
Balance, 12/31/14	$	7,511,796		$	3,985,315		$	6,602	$	216,969		$	3,302,910
Accrued discounts/premiums		3,247			3,055			—		—			192
Realized gain (loss)(1)		1,600			1,600			—		—			—
Change in unrealized appreciation (depreciation)(2)		(395,831	)		(28,731	)		—		(149,240	)		(217,860	)
Purchases		—			—			—		—			—
Sales		(49,753	)		(49,753	)		—		—			—
Transfers in to Level 3		—			—			—		—			—
Transfers out of Level 3(3)		(3,393,300	)		(3,393,300	)		—		—			—
Maturities		—			—			—		—			—
Paydowns		(125,421	)		(125,421	)		—		—			—
Balance, 06/30/15	$	3,552,338		$	392,765		$	6,602	$	67,729		$	3,085,242

⁽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 June 30, 2015 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.

121

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

		Money Market Fund		Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value		$	1,210,438,210	$	1,018,389,334
Investments in repurchase agreements, at value			40,000,000		—
Investments in securities of affiliated issuers, at value			—		42,780,292
Total investments(1)(2)			1,250,438,210		1,061,169,626
Cash			185		1,997,418
Cash collateral for derivatives			—		2,135,000
Foreign currency(3)			—		1,836,404
Upfront premiums paid from swap contracts			—		200,371
Receivables:
Dividends and reclaims			—		344
Interest			396,912		3,562,169
Securities lending			19		14,576
Investment securities sold			—		4,899,630
Maturities			—		16,000
Fund shares sold			23,164,868		997,264
Variation margin on exchange traded swaps			—		929,741
Variation margin on financial futures contracts			—		21,630
Unrealized appreciation on foreign currency exchange contracts			—		169,995
Unrealized appreciation on swap agreements			—		8,724
Prepaid expenses and other assets			39,197		25,047
Total Assets			1,274,039,391		1,077,983,939
Liabilities
Securities sold short, at value(4)			—		—
TBA sale commitments, at value(5)			—		3,362,109
Options written at value(6)			—		570,562
Upfront premiums received from swap contracts			—		408,093
Unrealized depreciation on foreign currency exchange contracts			—		715,334
Unrealized depreciation on swap agreements			—		995,960
Collateral held for securities on loan at value			—		58,481,674
Collateral held for derivatives			—		10,000
Payables:
Investment securities purchased			—		140,180,696
Fund shares redeemed			20,849,916		138,264
Variation margin on exchange traded swaps			—		—
Variation margin on financial futures contracts			—		75,503
Distributions			13,814		—
Securities lending			3		2,187
Accrued expenses:
Investment advisory fees			128,191		206,872
Shareholder servicing fees			57,240		47,189
Other expenses			71,636		140,168
Total Liabilities			21,120,800		205,334,611
Net Assets		$	1,252,918,591	$	872,649,328
Net Assets Consist of:
Paid-in-capital		$	1,252,851,242	$	877,087,937
Accumulated (distributions in excess of) net investment income			—		(742,591	)
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions			67,349		1,125,667
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions			—		(4,821,685	)
Net Assets		$	1,252,918,591	$	872,649,328
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class		$	226,747,024	$	641,067,658
Institutional shares outstanding			226,734,597		75,754,209
Net asset value, offering and redemption price per Institutional share		$	1.00	$	8.46
Net assets applicable to the Investor Class		$	1,026,171,567	$	231,581,670
Investor shares outstanding			1,026,081,998		17,304,151
Net asset value, offering and redemption price per Investor share		$	1.00	$	13.38
(1)	Investments in securities of unaffiliated issuers, at cost	$	1,210,438,210	$	1,022,413,131
	Investments in repurchase agreements, at cost		40,000,000		—
	Investments in securities of affiliated issuers, at cost		—		42,780,292
	Total investments at cost	$	1,250,438,210	$	1,065,193,423
(2)	Includes securities loaned of:	$	—	$	87,231,072
(3)	Foreign currency at cost	$	—	$	1,789,745
(4)	Proceeds from securities sold short	$	—	$	—
(5)	TBA sale commitments at cost	$	—	$	3,381,563
(6)	Premiums received on options written	$	—	$	864,132

See Notes to Financial Statements.

122

Medium-Duration Bond Fund		Extended-Duration Bond Fund		Global Bond Fund
$	1,075,418,619	$	290,419,616	$	409,196,097
	—		—		—
	51,940,124		7,381,139		47,927,632
	1,127,358,743		297,800,755		457,123,729
	5,926,533		16,263		29,601
	4,719,573		—		681,019
	1,854,789		—		1,093,034
	3,643,258		—		—
	436		1,174		32,840
	5,718,145		3,154,055		4,530,873
	17,532		7,714		20,527
	144,295,506		5,330		245,035
	10,295		—		—
	30,801		17,345		306,147
	—		—		—
	111,767		—		—
	1,126,888		—		310,477
	591,291		—		—
	211,113		18,673		58,404
	1,295,616,670		301,021,309		464,431,686
	8,788,217		—		—
	6,973,887		—		—
	461,873		—		—
	358,833		—		—
	1,668,510		—		516,346
	2,308,410		—		—
	82,978,862		22,442,980		53,476,040
	1,221,560		—		—
	269,983,875		657,224		138,385
	198,628		202,386		805
	3,185,470		—		—
	115,521		—		8,500
	—		—		—
	2,630		1,157		3,079
	240,503		111,249		151,904
	38,085		25,600		16,767
	147,468		20,875		60,126
	378,672,332		23,461,471		54,371,952
$	916,944,338	$	277,559,838	$	410,059,734
$	913,521,671	$	262,952,671	$	419,571,536
	2,964,921		626,629		(248,391	)
	7,772,127		3,695,339		(5,638,686	)
	(7,314,381)		10,285,199		(3,624,725	)
$	916,944,338	$	277,559,838	$	410,059,734
$	732,652,898	$	155,826,545	$	328,136,864
	106,715,748		37,568,210		33,385,554
$	6.87	$	4.15	$	9.83
$	184,291,440	$	121,733,293	$	81,922,870
	12,695,618		7,075,330		8,337,784
$	14.52	$	17.21	$	9.83
$	1,077,535,354	$	280,131,303	$	412,541,782
	—		—		—
	51,940,124		7,381,139		47,927,632
$	1,129,475,478	$	287,512,442	$	460,469,414
$	129,090,256	$	50,178,516	$	60,545,462
$	1,879,626	$	—	$	1,164,849
$	8,923,724	$	—	$	—
$	6,920,781	$	—	$	—
$	685,635	$	—	$	—

See Notes to Financial Statements.

123

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			1,634
Interest		1,409,323			7,268,175
Securities lending		23			68,926
Less foreign taxes withheld		—			—
Total Investment Income		1,409,346			7,338,735
Expenses
Investment advisory fees		937,756			1,341,697
Transfer agent fees:
Institutional shares		2,036			2,094
Investor shares		19,817			13,005
Custodian fees		15,862			55,368
Shareholder servicing fees:
Investor shares		1,354,298			660,844
Accounting and administration fees		133,307			169,886
Professional fees		27,314			61,246
Blue sky fees:
Institutional shares		3,817			3,723
Investor shares		17,904			9,436
Shareholder reporting fees:
Institutional shares		445			606
Investor shares		16,543			6,914
Trustee expenses		7,927			5,333
Line of credit facility fees		4,205			2,935
Other expenses		17,175			34,874
Total expenses		2,558,406			2,367,961
Expenses waived/reimbursed net of amount recaptured(1)		(1,244,631	)		(220,857	)
Net expenses		1,313,775			2,147,104
Net Investment Income		95,571			5,191,631
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		59,672			1,121,790
Investment securities sold short		—			(28,711	)
Futures transactions		—			1,739,338
Swap agreements		—			(878,644	)
Option contracts written		—			375,734
Option contracts purchased		—			(224,115	)
Foreign currency		—			1,004,214
Net realized gain		59,672			3,109,606
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			1,010,126
Investment securities sold short		—			9,845
Futures		—			1,094,191
Swap agreements		—			(561,236	)
Option contracts written		—			287,272
Option contracts purchased		—			(33,885	)
Foreign currency		—			(1,272,157	)
Net change in unrealized appreciation (depreciation)		—			534,156
Net Realized and Unrealized Gain (Loss)		59,672			3,643,762
Net Increase (Decrease) in Net Assets Resulting from Operations	$	155,243		$	8,835,393

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

See Notes to Financial Statements.

124

Medium-Duration Bond Fund		Extended-Duration Bond Fund			Global Bond Fund
$	24,276	$	15,001		$	171,763
	3,516		409			2,196
	11,849,464		6,358,351			8,190,672
	85,325		37,327			102,424
	—		—			(4,637	)
	11,962,581		6,411,088			8,462,418
	1,764,357		720,842			937,045
	2,077		1,941			658
	12,953		12,589			10,212
	116,570		9,931			39,702
	614,870		252,470			357,128
	209,245		47,453			97,194
	61,246		49,738			51,328
	3,723		3,483			1,829
	8,112		8,546			9,424
	563		273			125
	7,128		7,188			3,106
	5,667		1,881			2,508
	3,318		1,004			1,751
	63,127		12,210			19,284
	2,872,956		1,129,549			1,531,294
	(343,483)		(59,962	)		(51,793	)
	2,529,473		1,069,587			1,479,501
	9,433,108		5,341,501			6,982,917
	3,992,506		3,851,567			294,783
	(188,978)		—			—
	2,831,795		—			313,650
	(1,087,085)		—			—
	1,800,317		—			—
	(628,706)		—			146,117
	2,403,248		(28,419	)		246,367
	9,123,097		3,823,148			1,000,917
	(17,409,774)		(21,907,504	)		(8,664,601	)
	137,214		—			—
	(2,573,760)		—			369,079
	2,351,744		—			—
	(513,844)		—			—
	471,862		—			5,349
	(1,683,711)		8,629			(963,963	)
	(19,220,269)		(21,898,875	)		(9,254,136	)
	(10,097,172)		(18,075,727	)		(8,253,219	)
$	(664,064)	$	(12,734,226	)	$	(1,270,302	)

See Notes to Financial Statements.

125

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income	$	95,571		$	103,141
Net realized gain on investment securities, foreign currency and derivatives		59,672			80,098
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase (decrease) in net assets resulting from operations		155,243			183,239
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(39,909	)		(19,760	)
Investor shares		(55,662	)		(119,994	)
Distributions from net realized capital gains
Institutional shares		—			(8,005	)
Investor shares		—			(75,633	)
Total dividends and distributions		(95,571	)		(223,392	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		349,795,847			169,689,475
Investor shares		2,130,741,584			3,811,246,128
Reinvestment of dividends and distributions
Institutional shares		22,881			25,034
Investor shares		19,521			117,713
Total proceeds from shares sold and reinvested		2,480,579,833			3,981,078,350
Value of shares redeemed
Institutional shares		(244,703,497	)		(154,146,430	)
Investor shares		(2,268,136,591	)		(3,910,770,582	)
Total value of shares redeemed		(2,512,840,088	)		(4,064,917,012	)
Net increase (decrease) from capital share transactions(1)		(32,260,255	)		(83,838,662	)
Total increase (decrease) in net assets		(32,200,583	)		(83,878,815	)
Net Assets:
Beginning of Period		1,285,119,174			1,368,997,989
End of Period*	$	1,252,918,591		$	1,285,119,174
*Including undistributed (distributions in excess of) net investment income	$	—		$	—

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

See Notes to Financial Statements.

126

Low-Duration Bond Fund					Medium-Duration Bond Fund
For the Six Months Ended 06/30/15		For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)					(Unaudited)
$	5,191,631	$	7,709,712		$	9,433,108		$	17,113,203
	3,109,606		2,756,436			9,123,097			20,404,741
	534,156		(1,921,486	)		(19,220,269	)		10,073,625
	8,835,393		8,544,662			(664,064	)		47,591,569
	(1,673,515)		(3,246,651	)		(3,991,254	)		(9,760,378	)
	(3,244,545)		(8,748,258	)		(3,687,182	)		(11,514,324	)
	—		(106,638	)		(917,540	)		(1,259,574	)
	—		(357,017	)		(1,234,061	)		(1,688,475	)
	(4,918,060)		(12,458,564	)		(9,830,037	)		(24,222,751	)
	511,177,394		34,760,024			516,671,936			57,541,784
	30,476,949		94,065,721			19,564,905			133,368,406
	1,671,572		3,348,188			4,897,498			10,995,994
	3,244,129		9,104,484			4,920,069			13,200,112
	546,570,044		141,278,417			546,054,408			215,106,296
	(13,734,671)		(31,908,875	)		(16,746,113	)		(58,724,889	)
	(510,442,480)		(97,380,779	)		(510,795,833	)		(80,447,236	)
	(524,177,151)		(129,289,654	)		(527,541,946	)		(139,172,125	)
	22,392,893		11,988,763			18,512,462			75,934,171
	26,310,226		8,074,861			8,018,361			99,302,989
	846,339,102		838,264,241			908,925,977			809,622,988
$	872,649,328	$	846,339,102		$	916,944,338		$	908,925,977
$	(742,591)	$	(1,016,162	)	$	2,964,921		$	1,210,249

See Notes to Financial Statements.

127

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income	$	5,341,501		$	11,698,563
Net realized gain on investment securities, foreign currency and derivative		3,823,148			13,621,292
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivative		(21,898,875	)		20,316,746
Net increase (decrease) in net assets resulting from operations		(12,734,226	)		45,636,601
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(2,868,980	)		(5,678,669	)
Investor shares		(1,845,196	)		(6,555,965	)
Distributions from net realized capital gains
Institutional shares		(1,960,015	)		(4,378,841	)
Investor shares		(2,157,524	)		(5,208,316	)
Total dividends and distributions		(8,831,715	)		(21,821,791	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		117,053,285			16,428,518
Investor shares		21,147,521			59,631,376
Reinvestment of dividends and distributions
Institutional shares		4,825,519			10,047,722
Investor shares		3,997,620			11,755,354
Total proceeds from shares sold and reinvested		147,023,945			97,862,970
Value of shares redeemed
Institutional shares		(9,888,529	)		(20,788,920	)
Investor shares		(139,643,285	)		(70,036,593	)
Total value of shares redeemed		(149,531,814	)		(90,825,513	)
Net increase (decrease) from capital share transactions(1)		(2,507,869	)		7,037,457
Total increase (decrease) in net assets		(24,073,810	)		30,852,267
Net Assets:
Beginning of Period		301,633,648			270,781,381
End of Period*	$	277,559,838		$	301,633,648
*Including undistributed (distributions in excess of) net investment income	$	626,629		$	(696	)

⁽¹⁾ Inception date was July 1, 2013.

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

See Notes to Financial Statements.

128

Global Bond Fund
For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)
$	6,982,917		$	13,952,255
	1,000,917			1,883,868
	(9,254,136)			(5,892,886	)
	(1,270,302	)		9,943,237
	(1,498,971)			—
	(5,517,910)			(13,252,051	)
	—			—
	—			—
	(7,016,881)			(13,252,051	)
	335,657,680			—
	12,735,093			65,529,567
	1,498,971			—
	5,517,421			13,251,586
	355,409,165			78,781,153
	(469,725)			—
	(337,913,952)			(31,992,897	)
	(338,383,677)			(31,992,897	)
	17,025,488			46,788,256
	8,738,305			43,479,442
	401,321,429			357,841,987
$	410,059,734		$	401,321,429
$	(248,391)		$	(214,427	)

See Notes to Financial Statements.

129

FINANCIAL HIGHLIGHTS (Unaudited)

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			Distributions 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)			Investment Income, Net(1)			Portfolio Turnover Rate
Money Market Fund
Institutional Class
2015(3)	$	1.00	$	—	†#	$	—		$	—	†	$	—		$	1.00		0.02	%	$	226,747		0.17	%		0.19	%		0.05	%		N/A
2014		1.00		—	#		—			—			—			1.00		0.02			121,624		0.18			0.19			0.01			N/A
2013(4)		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
Investor Class
2015(3)	$	1.00	$	—	†#	$	—		$	—	†	$	—		$	1.00		0.01	%	$	1,026,172		0.21	%		0.43	%		0.01	%		N/A
2014		1.00		—	#		—			—			—			1.00		0.02			1,163,495		0.19			0.44			0.01			N/A
2013(4)		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
Low-Duration Bond Fund
Institutional Class
2015(3)	$	8.44	$	0.06	#	$	0.04		$	(0.08	)	$	—		$	8.46		1.13	%	$	641,068		0.37	%		0.39	%		1.41	%		217	%
2014		8.54		0.09	#		0.01	(6)		(0.19	)		(0.01	)		8.44		1.16			141,461		0.36			0.42			1.06			529
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
Investor Class
2015(3)	$	13.31	$	0.07	#	$	0.06		$	(0.06	)	$	—		$	13.38		1.00	%	$	231,582		0.58	%		0.65	%		1.12	%		217	%
2014		13.35		0.11	#		0.02	(6)		(0.16	)		(0.01	)		13.31		0.97			704,878		0.57			0.66			0.85			529
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
Medium-Duration Bond Fund
Institutional Class
2015(3)	$	6.99	$	0.08	#	$	(0.07	)	$	(0.10	)	$	(0.03	)	$	6.87		0.02	%	$	732,653		0.45	%		0.48	%		2.41	%		151	%
2014		6.91		0.15	#		0.26	(6)		(0.29	)		(0.04	)		6.99		6.03			239,389		0.48			0.52			2.14			408
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
Investor Class
2015(3)	$	14.65	$	0.13	#	$	(0.15	)	$	(0.08	)	$	(0.03	)	$	14.52		(0.15	)%	$	184,291		0.64	%		0.75	%		1.81	%		151	%
2014		14.14		0.29	#		0.53	(6)		(0.27	)		(0.04	)		14.65		5.82			669,537		0.63			0.77			1.98			408
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

† 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) 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 Institutional Class and Investor Class.

(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 Institutional Class and Investor Class, respectively.

(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 Institutional Class and Investor Class, respectively.

See Notes to Financial Statements.

130

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			Distributions 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)			Investment Income, Net(1)			Portfolio Turnover Rate
Extended-Duration Bond Fund
Institutional Class
2015(3)	$	4.65	$	0.08	#	$	(0.25	)	$	(0.17	)	$	(0.16	)	$	4.15		(4.09	)%	$	155,827		0.59	%		0.59	%		3.82	%		20	%
2014		4.78		0.21	#		0.59	(4)		(0.53	)		(0.40	)		4.65		17.47			56,216		0.56			0.57			4.19			48
2013(5)		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
Investor Class
2015(3)	$	18.30	$	0.32	#	$	(1.10	)	$	(0.15	)	$	(0.16	)	$	17.21		(4.37	)%	$	121,733		0.77	%		0.83	%		3.49	%		20	%
2014		16.39		0.71	#		2.10	(4)		(0.50	)		(0.40	)		18.30		17.32			245,417		0.75			0.83			3.99			48
2013(5)		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
Global Bond Fund
Institutional Class
2015(6)	$	10.09	$	0.07	#	$	(0.28	)	$	(0.05	)	$	—		$	9.83		(2.13	)%	$	328,137		0.57	%		0.60	%		4.11	%		15	%
Investor Class
2015(3)	$	10.03	$	0.54	#	$	(0.57	)	$	(0.17	)	$	—		$	9.83		(0.33	)%	$	81,923		0.79	%		0.81	%		3.21	%		15	%
2014		10.09		0.37	#		(0.07	)(4)		(0.36	)		—			10.03		2.90			401,321		0.79			0.82			3.64			57
2013(7)		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

# 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(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 0.04% and 0.04% for Institutional Class and Investor Class, respectively.

(6) Inception date was April 30, 2015. 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 $0.01, Total Return by 0.10%, and the Ratio of Net Investment Income to Average Net Assets by 0.02%.

See Notes to Financial Statements.

131

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 45.1%
Consumer Discretionary — 5.9%
Advance Auto Parts, Inc.D		200	$	31,858
Amazon.com, Inc.*		3,850		1,671,246
Apollo Education Group, Inc.*		2,200		28,336
AutoNation, Inc.*		58		3,653
AutoZone, Inc.*		1,838		1,225,762
Bed Bath & Beyond, Inc.D*		6,508		448,922
Best Buy Co., Inc.		307		10,011
Big Lots, Inc.D		9,100		409,409
BorgWarner, Inc.		232		13,187
Cablevision Systems Corporation Class A		805		19,272
CarMax, Inc.*		253		16,751
CBS Corporation Class B		626		34,743
Chipotle Mexican Grill, Inc.*		1,237		748,373
Coach, Inc.		313		10,833
Comcast Corporation Class A		2,958		177,894
Costco Wholesale Corporation		13,548		1,829,793
D.R. Horton, Inc.		223		6,101
Darden Restaurants, Inc.		149		10,591
DIRECTV*		662		61,427
Discovery Communications, Inc. Class A*		364		12,107
Discovery Communications, Inc. Class C*		364		11,313
Dollar General Corporation		302		23,477
Dollar Tree, Inc.*		9,593		757,751
Domino’s Pizza, Inc.D		3,000		340,200
eBay, Inc.*		2,068		124,576
Estee Lauder Cos., Inc. (The) Class A		8,289		718,325
Expedia, Inc.D		3,916		428,215
Family Dollar Stores, Inc.		142		11,191
Ford Motor Co.		4,478		67,215
GameStop Corporation Class A		130		5,585
Gannett Co., Inc.*		382		9,962
Gap, Inc. (The)D		1,501		57,293
General Motors Co.		1,358		45,262
Genuine Parts Co.		64		5,730
Goodyear Tire & Rubber Co. (The)		280		8,442
H&R Block, Inc.		314		9,310
Hanesbrands, Inc.		225		7,497
Harley-Davidson, Inc.		250		14,087
Harman International Industries, Inc.		76		9,039
Hasbro, Inc.		91		6,806
Home Depot, Inc. (The)		13,398		1,488,920
Interpublic Group of Cos., Inc. (The)		481		9,269
Johnson Controls, Inc.		755		37,395
Kohl’s Corporation		228		14,275
L Brands, Inc.		443		37,978
Lennar Corporation Class A		243		12,403
Lowe’s Cos., Inc.		9,042		605,543
Macy’s, Inc.		419		28,270
Madison Square Garden Co. (The) Class AD*		3,200		267,168
Marriott International, Inc. Class A		425		31,616
Mattel, Inc.		387		9,942
McDonald’s Corporation		44,324		4,213,883

	Shares		Value
Mohawk Industries, Inc.*		35	$	6,681
Netflix, Inc.D*		268		176,060
Newell Rubbermaid, Inc.		167		6,865
News Corporation Class A*		567		8,273
NIKE, Inc. Class B		8,045		869,021
Nordstrom, Inc.		287		21,381
Omnicom Group, Inc.		293		20,361
O’Reilly Automotive, Inc.*		3,321		750,480
Panera Bread Co. Class AD*		2,200		384,494
Priceline Group, Inc. (The)*		164		188,825
PulteGroup, Inc.		257		5,179
PVH Corporation		92		10,598
Ralph Lauren Corporation		53		7,015
Ross Stores, Inc.		4,286		208,342
Scripps Networks Interactive, Inc. Class AD		5,243		342,735
Staples, Inc.		437		6,690
Starbucks Corporation		23,316		1,250,087
Starwood Hotels & Resorts Worldwide, Inc.		337		27,327
Target Corporation		10,917		891,155
Tiffany & Co.		162		14,872
Time Warner Cable, Inc.		315		56,124
Time Warner, Inc.		4,554		398,065
TJX Cos., Inc. (The)		10,907		721,716
Tractor Supply Co.		2,059		185,186
TripAdvisor, Inc.D*		7,526		655,816
Twenty-First Century Fox, Inc. Class A		2,201		71,632
Under Armour, Inc. Class A*		210		17,522
Urban Outfitters, Inc.*		140		4,900
VF Corporation		493		34,382
Wal-Mart Stores, Inc.		112,835		8,003,387
Walt Disney Co. (The)		8,023		915,745
Wendy’s Corporation (The)		129,200		1,457,376
Whirlpool Corporation		34		5,884
Williams-Sonoma, Inc.		3,400		279,718
Wyndham Worldwide Corporation		274		22,443
Yum! Brands, Inc.		13,304		1,198,424
				35,412,968
Consumer Staples — 6.2%
Archer-Daniels-Midland Co.		746		35,972
Campbell Soup Co.		37,098		1,767,720
Church & Dwight Co., Inc.D		16,500		1,338,645
Clorox Co. (The)D		5,512		573,358
Coca-Cola Co. (The)		30,265		1,187,296
Coca-Cola Enterprises, Inc.		469		20,373
Colgate-Palmolive Co.		29,137		1,905,851
ConAgra Foods, Inc.		663		28,986
CVS Health Corporation		9,810		1,028,873
Dr. Pepper Snapple Group, Inc.		1,169		85,220
General Mills, Inc.		74,460		4,148,911
Hershey Co. (The)		11,872		1,054,590
Hormel Foods CorporationD		10,055		566,800
J.M. Smucker Co. (The)		119		12,901
Kellogg Co.		7,244		454,199
Keurig Green Mountain, Inc.		144		11,035
Kimberly-Clark Corporation		16,616		1,760,798
Kraft Foods Group, Inc.		846		72,028
Kroger Co. (The)D		12,095		877,009
McCormick & Co., Inc. (Non-Voting Shares)D		10,686		865,032
Mead Johnson Nutrition Co.		2,233		201,461

See Notes to Financial Statements.

132

	Shares		Value
Mondelez International, Inc. Class A		2,203	$	90,631
Monster Beverage Corporation*		5,400		723,708
PepsiCo, Inc.		87,309		8,149,422
Procter & Gamble Co. (The)		83,310		6,518,174
Sysco Corporation		82,271		2,969,983
Tyson Foods, Inc. Class A		304		12,960
Walgreens Boots Alliance, Inc.		8,249		696,546
Whole Foods Market, Inc.		2,869		113,153
				37,271,635
Energy — 3.3%
Anadarko Petroleum Corporation		632		49,334
Apache Corporation		533		30,717
Baker Hughes, Inc.		497		30,665
Cabot Oil & Gas Corporation		422		13,310
California Resources Corporation		3,200		19,328
Cameron International Corporation*		216		11,312
Chesapeake Energy Corporation		577		6,445
Chevron Corporation		47,948		4,625,543
ConocoPhillips		1,531		94,019
CONSOL Energy, Inc.		259		5,631
Devon Energy Corporation		436		25,938
EOG Resources, Inc.		1,018		89,126
EQT Corporation		171		13,909
Exxon Mobil Corporation		117,696		9,792,307
First Solar, Inc.*		87		4,087
FMC Technologies, Inc.*		280		11,617
Halliburton Co.		973		41,907
Helmerich & Payne, Inc.		122		8,591
Hess Corporation		311		20,800
Kinder Morgan, Inc.		1,958		75,168
Marathon Oil Corporation		789		20,940
Marathon Petroleum Corporation		1,470		76,896
Murphy Oil Corporation		194		8,065
National Oilwell Varco, Inc.		487		23,512
Newfield Exploration Co.*		175		6,321
Noble Energy, Inc.		408		17,413
Occidental Petroleum Corporation		58,949		4,584,464
ONEOK, Inc.		236		9,317
Phillips 66		549		44,227
Pioneer Natural Resources Co.		172		23,855
Range Resources Corporation		186		9,185
Southwestern Energy Co.*		402		9,137
Spectra Energy Corporation		2,565		83,619
Tesoro Corporation		95		8,019
Valero Energy Corporation		605		37,873
Williams Cos., Inc. (The)		895		51,364
				19,983,961
Financial Services — 8.1%
Affiliated Managers Group, Inc.*		64		13,990
Aflac, Inc.		665		41,363
Alleghany Corporation*		800		375,008
Alliance Data Systems Corporation*		60		17,516
Allstate Corporation (The)		505		32,759
American Express Co.		6,464		502,382

	Shares		Value
American International Group, Inc.		1,660	$	102,621
American Tower Corporation REIT		834		77,804
Ameriprise Financial, Inc.		217		27,110
Apartment Investment & Management Co. Class A REIT		481		17,763
Assurant, Inc.		75		5,025
AvalonBay Communities, Inc. REIT		103		16,467
Bank of America Corporation		11,993		204,121
Bank of Hawaii CorporationD		10,900		726,812
Bank of New York Mellon Corporation (The)		1,007		42,264
BB&T CorporationD		1,805		72,760
Berkshire Hathaway, Inc. Class B*		2,225		302,845
BlackRock, Inc.		159		55,011
Boston Properties, Inc. REIT		174		21,061
Capital One Financial Corporation		694		61,051
Capitol Federal Financial, Inc.D		383,000		4,611,320
CBRE Group, Inc. Class A*		315		11,655
Charles Schwab Corporation (The)		1,326		43,294
Chubb Corporation (The)		26,416		2,513,218
Cincinnati Financial Corporation		105		5,269
Citigroup, Inc.		3,444		190,247
CME Group, Inc.		232		21,590
Comerica, Inc.		101		5,183
Commerce Bancshares, Inc.D		43,008		2,011,484
Crown Castle International Corporation REIT		448		35,974
Cullen/Frost Bankers, Inc.D		14,100		1,107,978
Discover Financial Services		616		35,494
Dun & Bradstreet Corporation (The)		354		43,188
E*TRADE Financial Corporation*		326		9,764
Equifax, Inc.		138		13,398
Equinix, Inc. REIT		20		5,080
Equity Residential REIT		467		32,769
Essex Property Trust, Inc. REIT		70		14,875
FactSet Research Systems, Inc.		5,000		812,550
Fidelity National Information Services, Inc.		329		20,332
Fifth Third Bancorp		1,381		28,752
Fiserv, Inc.*		888		73,553
Franklin Resources, Inc.		456		22,358
General Growth Properties, Inc. REIT		589		15,114
Genworth Financial, Inc. Class A*		565		4,277
Goldman Sachs Group, Inc. (The)		1,466		306,086
Hartford Financial Services Group, Inc. (The)		507		21,076
HCP, Inc. REIT		516		18,819
Health Care REIT, Inc.		570		37,409
Host Hotels & Resorts, Inc. REIT		861		17,074
Hudson City Bancorp, Inc.		522		5,157
Huntington Bancshares, Inc.		953		10,778
Intercontinental Exchange, Inc.		120		26,833
Iron Mountain, Inc. REIT		206		6,386

See Notes to Financial Statements.

133

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Jack Henry & Associates, Inc.		2,600	$	168,220
JPMorgan Chase & Co.		30,843		2,089,922
KeyCorp		25,567		384,016
Kimco Realty Corporation REIT		228		5,139
Leucadia National Corporation		355		8,619
Lincoln National Corporation		300		17,766
Loews Corporation		130		5,006
M&T Bank CorporationD		10,044		1,254,797
Macerich Co. (The) REIT		159		11,861
Markel CorporationD*		1,500		1,201,020
Marsh & McLennan Cos., Inc.		80,737		4,577,788
MasterCard, Inc. Class A		10,213		954,711
McGraw Hill Financial, Inc.		309		31,039
Mercury General CorporationD		1,000		55,650
MetLife, Inc.		12,298		688,565
Moody’s Corporation		279		30,121
Morgan Stanley		1,593		61,792
Navient Corporation		520		9,469
New York Community Bancorp, Inc.D		59,000		1,084,420
Northern Trust CorporationD		39,253		3,001,284
People’s United Financial, Inc.D		64,574		1,046,745
Piedmont Office Realty Trust, Inc. Class A REITD		54,418		957,213
Plum Creek Timber Co., Inc. REIT		202		8,195
PNC Financial Services Group, Inc. (The)		60,766		5,812,268
Principal Financial Group, Inc.		312		16,003
ProAssurance Corporation		2,500		115,525
Progressive Corporation (The)		12,713		353,803
Prologis, Inc. REIT		334		12,391
Prudential Financial, Inc.		524		45,861
Public Storage REIT		108		19,912
Regions Financial Corporation		1,188		12,308
Signature Bank*		1,800		263,502
Simon Property Group, Inc. REIT		415		71,803
State Street Corporation		490		37,730
SunTrust Banks, Inc.		34,607		1,488,793
T. Rowe Price Group, Inc.		297		23,086
Torchmark Corporation		321		18,689
Total System Services, Inc.		162		6,767
Travelers Cos., Inc. (The)		13,401		1,295,341
Unum Group		295		10,546
US Bancorp		29,389		1,275,483
Ventas, Inc. REIT		333		20,676
Visa, Inc. Class AD		27,431		1,841,992
Vornado Realty Trust REIT		197		18,701
W.R. Berkley CorporationD		1,900		98,667
Wells Fargo & Co.		33,061		1,859,351
Western Union Co. (The)		622		12,645
Weyerhaeuser Co. REIT		41,211		1,298,147
Zions Bancorporation		159		5,046
				48,542,461
Healthcare — 5.9%
Abbott Laboratories		17,024		835,538
AbbVie, Inc.		20,886		1,403,330
Aetna, Inc.		8,611		1,097,558
Agilent Technologies, Inc.		377		14,545
Alexion Pharmaceuticals, Inc.*		3,724		673,187
Amgen, Inc.		3,185		488,961
Anthem, Inc.		3,240		531,814

	Shares		Value
athenahealth, Inc.D*		800	$	91,664
Baxter International, Inc.		8,506		594,825
Becton, Dickinson and Co.		7,138		1,011,085
Biogen, Inc.*		1,468		592,984
Boston Scientific Corporation*		1,348		23,860
Bristol-Myers Squibb Co.		27,166		1,807,626
C.R. Bard, Inc.		4,074		695,432
Cardinal Health, Inc.D		14,225		1,189,921
Celgene Corporation*		3,590		415,489
Centene Corporation*		3,100		249,240
Cerner Corporation*		1,935		133,631
Cigna Corporation		310		50,220
DaVita HealthCare Partners, Inc.*		200		15,894
DENTSPLY International, Inc.		161		8,299
Edwards Lifesciences Corporation*		1,968		280,302
Eli Lilly & Co.		46,226		3,859,409
Express Scripts Holding Co.D*		6,045		537,642
Gilead Sciences, Inc.		1,936		226,667
HCA Holdings, Inc.*		500		45,360
Health Net, Inc.*		4,300		275,716
Henry Schein, Inc.D*		2,100		298,452
Hospira, Inc.*		189		16,766
Humana, Inc.D		3,276		626,633
IDEXX Laboratories, Inc.D*		4,800		307,872
Intuitive Surgical, Inc.*		443		214,633
Johnson & Johnson		91,747		8,941,663
Laboratory Corporation of America Holdings*		2,051		248,622
McKesson Corporation		5,763		1,295,580
MEDNAX, Inc.*		2,600		192,686
Myriad Genetics, Inc.D*		1,700		57,783
Patterson Cos., Inc.		120		5,838
PerkinElmer, Inc.		128		6,738
Quest Diagnostics, Inc.D		34,143		2,476,050
Regeneron Pharmaceuticals, Inc.*		89		45,402
Seattle Genetics, Inc.D*		3,100		150,040
St. Jude Medical, Inc.		321		23,455
Stryker Corporation		11,335		1,083,286
Tenet Healthcare Corporation*		747		43,236
Thermo Fisher Scientific, Inc.		444		57,613
UnitedHealth Group, Inc.		14,909		1,818,898
Universal Health Services, Inc. Class B		40		5,684
Vertex Pharmaceuticals, Inc.*		268		33,093
Zimmer Biomet Holdings, Inc.D		1,672		182,633
Zoetis, Inc.		1,989		95,910
				35,378,765
Materials & Processing — 0.8%
Air Products & Chemicals, Inc.		14,924		2,042,051
Airgas, Inc.		46		4,866
Alcoa, Inc.		1,077		12,009
Allegheny Technologies, Inc.		139		4,198
Ball Corporation		161		11,294
Bemis Co., Inc.		18,700		841,687
CF Industries Holdings, Inc.		315		20,248
Dow Chemical Co. (The)		1,623		83,049
E.I. du Pont de Nemours & Co.		1,053		67,339
Eastman Chemical Co.		174		14,237
Ecolab, Inc.		340		38,444
Fastenal Co.D		5,308		223,891

See Notes to Financial Statements.

134

	Shares		Value
FMC Corporation		151	$	7,935
Freeport-McMoRan, Inc.		1,602		29,829
International Flavors & Fragrances, Inc.D		693		75,738
International Paper Co.		550		26,174
Martin Marietta Materials, Inc.		70		9,906
Masco Corporation		401		10,695
MeadWestvaco Corporation		255		12,033
Monsanto Co.		513		54,681
Mosaic Co. (The)		346		16,210
Newmont Mining Corporation		511		11,937
Nucor Corporation		354		15,601
Owens-Illinois, Inc.*		127		2,913
PPG Industries, Inc.		3,914		449,014
Praxair, Inc.D		960		114,768
Precision Castparts Corporation		182		36,376
Sealed Air Corporation		225		11,561
Sherwin-Williams Co. (The)D		2,587		711,477
Sigma-Aldrich Corporation		52		7,246
Vulcan Materials Co.		147		12,338
				4,979,745
Producer Durables — 5.0%
3M Co.		11,617		1,792,503
ADT Corporation (The)D		19,808		664,955
Alaska Air Group, Inc.		300		19,329
American Airlines Group, Inc.		600		23,961
AMETEK, Inc.		278		15,229
Automatic Data Processing, Inc.		9,527		764,351
Boeing Co. (The)		4,761		660,446
C.H. Robinson Worldwide, Inc.D		2,398		149,611
Caterpillar, Inc.		705		59,798
Cintas Corporation		3,300		279,147
CSX Corporation		1,157		37,776
Cummins, Inc.		196		25,713
Danaher Corporation		4,214		360,676
Deere & Co.		419		40,664
Delta Air Lines, Inc.		1,218		50,035
Dover Corporation		192		13,475
Emerson Electric Co.		14,194		786,773
Expeditors International of Washington, Inc.		129		5,948
FedEx Corporation		2,664		453,946
FLIR Systems, Inc.		1,545		47,617
Flowserve Corporation		133		7,004
Fluor Corporation		182		9,648
General Dynamics Corporation		4,569		647,382
General Electric Co.		75,549		2,007,337
Honeywell International, Inc.		3,189		325,182
Illinois Tool Works, Inc.		443		40,663
Jacobs Engineering Group, Inc.*		78		3,168
JB Hunt Transport Services, Inc.		900		73,881
Kansas City Southern		102		9,302
Landstar System, Inc.D		500		33,435
Lockheed Martin Corporation		5,164		959,988
Mettler Toledo International, Inc.*		1,400		478,044
MSC Industrial Direct Co., Inc. Class AD		3,700		258,149
Norfolk Southern Corporation		332		29,004

	Shares		Value
Northrop Grumman Corporation		3,047	$	483,346
PACCAR, Inc.		409		26,098
Pall Corporation		102		12,694
Parker Hannifin Corporation		153		17,799
Paychex, Inc.		21,169		992,403
Pitney Bowes, Inc.		332		6,909
Quanta Services, Inc.*		139		4,006
Raytheon Co.		6,236		596,660
Republic Services, Inc.		114,413		4,481,557
Robert Half International, Inc.		115		6,383
Rockwell Automation, Inc.		141		17,574
Rockwell Collins, Inc.		130		12,006
Roper Industries, Inc.		44		7,588
Ryder System, Inc.		111		9,698
Snap-on, Inc.		44		7,007
Southwest Airlines Co.		2,793		92,420
Spirit Airlines, Inc.*		2,000		124,200
Stanley Black & Decker, Inc.		177		18,627
Stericycle, Inc.*		13,497		1,807,383
Textron, Inc.		272		12,139
Union Pacific Corporation		6,814		649,851
United Parcel Service, Inc. Class B		74,202		7,190,916
United Technologies Corporation		4,114		456,366
W.W. Grainger, Inc.		8		1,893
Waste Connections, Inc.D		4,700		221,464
Waste Management, Inc.		31,491		1,459,608
Xerox Corporation		1,257		13,374
Xylem, Inc.		389		14,420
				29,878,529
Technology — 3.2%
Adobe Systems, Inc.*		1,128		91,379
Advanced Micro Devices, Inc.D*		200,400		480,960
Akamai Technologies, Inc.*		203		14,173
Altera Corporation		358		18,330
Amphenol Corporation Class A		428		24,811
Analog Devices, Inc.		354		22,722
Apple, Inc.		12,741		1,598,040
Applied Materials, Inc.		94,470		1,815,713
Autodesk, Inc.*		2,557		128,042
Broadcom Corporation Class A		627		32,284
CA, Inc.		368		10,779
Cisco Systems, Inc.		6,471		177,694
Citrix Systems, Inc.*		176		12,348
Cognizant Technology Solutions Corporation Class A*		2,190		133,787
Computer Sciences Corporation		165		10,831
Corning, Inc.		1,580		31,173
Electronic Arts, Inc.*		351		23,342
EMC Corporation		2,300		60,697
F5 Networks, Inc.*		2,946		354,551
Facebook, Inc. Class A*		2,483		212,955
Gartner, Inc.*		2,800		240,184
Google, Inc. Class A*		1,937		1,046,057
Google, Inc. Class C*		330		171,719
Groupon, Inc.D*		10,500		52,815
Harris Corporation		120		9,229
Hewlett-Packard Co.		2,151		64,552
Intel Corporation		32,598		991,468

See Notes to Financial Statements.

135

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
International Business Machines Corporation		9,099	$	1,480,043
Intuit, Inc.		13,822		1,392,843
Juniper Networks, Inc.		571		14,829
KLA-Tencor Corporation		12,288		690,709
Lam Research Corporation		181		14,724
Linear Technology Corporation		18,068		799,148
Microchip Technology, Inc.		228		10,813
Micron Technology, Inc.*		1,206		22,721
Microsoft Corporation		106,838		4,716,898
Motorola Solutions, Inc.		226		12,959
NetApp, Inc.		13,274		418,927
NVIDIA Corporation		633		12,730
Oracle Corporation		3,927		158,258
Qorvo, Inc.*		175		14,047
QUALCOMM, Inc.		7,288		456,447
Rackspace Hosting, Inc.*		4,200		156,198
Red Hat, Inc.*		180		13,667
salesforce.com, Inc.*		703		48,950
SanDisk Corporation		256		14,904
Skyworks Solutions, Inc.		80		8,328
Splunk, Inc.*		300		20,886
Symantec Corporation		785		18,251
Synopsys, Inc.*		600		30,390
Tableau Software, Inc. Class A*		500		57,650
Teradata CorporationD*		2,080		76,960
Texas Instruments, Inc.		6,431		331,261
VeriSign, Inc.*		180		11,110
Western Digital Corporation		239		18,742
Xilinx, Inc.		304		13,425
Yahoo!, Inc.*		1,008		39,604
				18,907,057
Utilities — 6.7%
AES Corporation		1,420		18,829
AGL Resources, Inc.		4,300		200,208
Alliant Energy Corporation		1,900		109,668
Ameren Corporation		174		6,556
American Electric Power Co., Inc.		11,678		618,584
American Water Works Co., Inc.		20,800		1,011,504
Aqua America, Inc.		3,000		73,470
AT&T, Inc.D		50,358		1,788,716
Atmos Energy Corporation		8,700		446,136
CenterPoint Energy, Inc.		11,288		214,811
CenturyLink, Inc.		22,961		674,594
CMS Energy Corporation		355		11,303
Consolidated Edison, Inc.D		13,939		806,789
Dominion Resources, Inc.		14,963		1,000,576
DTE Energy Co.		7,501		559,875
Duke Energy Corporation		13,111		925,899
Edison InternationalD		51,471		2,860,758
Entergy Corporation		204		14,382
Eversource Energy		356		16,166
Exelon Corporation		974		30,603
FirstEnergy Corporation		633		20,604
Frontier Communications Corporation		2,478		12,266
Level 3 Communications, Inc.*		391		20,594
NextEra Energy, Inc.		7,994		783,652
NiSource, Inc.		9,257		422,027
NRG Energy, Inc.		370		8,466
ONE Gas, Inc.D		145,649		6,198,821
Pepco Holdings, Inc.		466		12,554
PG&E Corporation		67,220		3,300,502

	Shares		Value
Piedmont Natural Gas Co., Inc.D		64,090	$	2,263,018
Pinnacle West Capital Corporation		3,600		204,804
PPL Corporation		1,005		29,617
Public Service Enterprise Group, Inc.		23,375		918,170
Questar Corporation		18,400		384,744
SCANA Corporation		161		8,155
Sempra Energy		16,773		1,659,521
Southern Co. (The)D		31,437		1,317,210
TECO Energy, Inc.		293		5,174
UGI Corporation		8,200		282,490
Vectren Corporation		12,400		477,152
Verizon Communications, Inc.		101,333		4,723,131
WEC Energy Group, Inc.D		5,809		261,231
Westar Energy, Inc.		99,800		3,415,156
WGL Holdings, Inc.D		25,800		1,400,682
Xcel Energy, Inc.D		9,067		291,776
				39,810,944
Total Common Stocks
(Cost $231,433,542)				270,166,065
FOREIGN COMMON STOCKS — 2.9%
Bermuda — 0.5%
Arch Capital Group, Ltd.D		14,300		957,528
Everest Re Group, Ltd.		5,900		1,073,859
Invesco, Ltd.		543		20,357
PartnerRe, Ltd.		800		102,800
RenaissanceRe Holdings, Ltd.		4,600		466,946
				2,621,490
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		280		11,785
Canada — 0.7%
Imperial Oil, Ltd.		43,300		1,672,718
Potash Corporation of Saskatchewan, Inc.D		86,900		2,691,293
				4,364,011
Curacao — 0.0%
Schlumberger, Ltd.		1,587		136,784
France — 0.6%
Total SA		78,600		3,817,925
Ireland — 0.5%
Accenture PLC Class A		10,698		1,035,352
Allegion PLC		94		5,653
Eaton Corporation PLC		540		36,445
Ingersoll-Rand PLC		294		19,822
Mallinckrodt PLC*		645		75,929
Medtronic PLC		11,926		883,717
Pentair PLC		224		15,400
Seagate Technology PLC		372		17,670
Tyco International PLC		24,566		945,300
XL Group PLC		302		11,234
				3,046,522
Japan — 0.1%
Honda Motor Co., Ltd.		16,900		547,039
Jersey — 0.0%
Delphi Automotive PLC		227		19,315

See Notes to Financial Statements.

136

	Shares		Value
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		107	$	8,420
Netherlands — 0.2%
Koninklijke Philips NV		26,843		682,911
LyondellBasell Industries NV Class A		489		50,621
Mylan NV*		1,482		100,569
Nielsen NV		438		19,609
				853,710
Panama — 0.0%
Carnival Corporation		498		24,596
Singapore — 0.0%
Avago Technologies, Ltd.		271		36,024
Switzerland — 0.2%
ABB, Ltd.*		16,500		345,548
ACE, Ltd.		7,534		766,057
Garmin, Ltd.		139		6,106
TE Connectivity, Ltd.		347		22,312
Transocean, Ltd.		893		14,395
				1,154,418
United Kingdom — 0.1%
Aon PLC		5,419		540,177
Ensco PLC Class A		457		10,178
Noble Corporation PLC		288		4,432
				554,787
Total Foreign Common Stocks
(Cost $17,074,209)				17,196,826
PREFERRED STOCKS — 5.0%
Bank of America Corporation,
7.25%, 12/31/49*		8,115		9,023,880
Health Care REIT, Inc.,
6.50%, 12/31/49*		13,300		790,552
Laclede Group, Inc. (The),
6.75%, 04/01/17*		52,576		2,733,952
Stanley Black & Decker, Inc.,
4.75%, 11/17/15*		20,400		2,958,000
US Bancorp,
6.00%, 04/15/17D*		208,700		5,557,681
Wells Fargo & Co.,
7.50%, 12/31/49*		7,397		8,691,475
Total Preferred Stocks
(Cost $29,978,477)				29,755,540
MASTER LIMITED PARTNERSHIP — 0.4%
Spectra Energy Partners LP
(Cost $2,688,504)		52,873		2,437,445
MONEY MARKET FUNDS — 19.7%
GuideStone Money Market Fund (Investor Class)¥		16,404,340		16,404,340
Northern Institutional Liquid Assets Portfolio§		101,453,002		101,453,002
Total Money Market Funds
(Cost $117,857,342)				117,857,342
SYNTHETIC CONVERTIBLE INSTRUMENT — 0.9%
Bank of America Corporation+		9,300		438,495
Credit Suisse+		11,400		919,068
Credit Suisse AG+		10,900		745,996
Goldman Sachs Group, Inc.+		16,900		652,577
GSco (A)+		11,200		947,744

	Shares		Value
UBS (Aap)+		10,300	$	1,601,856
Total Synthetic Convertible Instrument
(Cost $5,269,552)				5,305,736
	Par
CORPORATE BONDS — 23.4%
Akamai Technologies, Inc.
(1.18)%, 02/15/19 CONVWD	$	2,835,000		2,964,361
Alere, Inc.
3.00%, 05/15/16 CONV		1,075,000		1,339,047
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		1,960,000		2,004,100
Ares Capital Corporation
5.13%, 06/01/16 CONVD		1,750,000		1,811,250
4.38%, 01/15/19D		680,000		695,725
BioMarin Pharmaceutical, Inc.
0.75%, 10/15/18 CONV		1,615,000		2,497,194
Blucora, Inc.
4.25%, 04/01/19 CONV		2,295,000		2,283,525
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONV 144AD		1,240,000		1,292,700
Cardtronics, Inc.
1.00%, 12/01/20 CONVD		1,625,000		1,602,656
Cepheid
1.25%, 02/01/21 CONVD		2,380,000		2,762,287
Chart Industries, Inc.
2.00%, 08/01/18D		2,630,000		2,554,387
Chesapeake Energy Corporation
2.50%, 05/15/37 CONV		2,645,000		2,519,362
Ciena Corporation
0.88%, 06/15/17 CONVD		960,000		968,400
Citigroup, Inc.
5.95%, 07/29/49†D		2,675,000		2,638,219
Citrix Systems, Inc.
0.50%, 04/15/19D		1,215,000		1,289,419
Clearwire Communications LLC
8.25%, 12/01/40 CONV 144A		2,725,000		2,966,844
Electronic Arts, Inc.
0.75%, 07/15/16 CONV		165,000		345,056
Electronics For Imaging, Inc.
0.75%, 09/01/19 CONV 144A		940,000		982,888
Envestnet, Inc.
1.75%, 12/15/19D		620,000		603,337
Euronet Worldwide, Inc.
1.50%, 10/01/44 CONV 144AD		1,210,000		1,339,319
Extra Space Storage LP
2.38%, 07/01/33 CONV 144AD		1,275,000		1,555,500
FireEye, Inc.
1.00%, 06/01/35		1,310,000		1,404,975
Forest City Enterprises, Inc.
3.63%, 08/15/20 CONVD		1,370,000		1,496,725
General Electric Capital Corporation
6.25%, 12/29/49†		3,400,000		3,723,000

See Notes to Financial Statements.

137

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Goodrich Petroleum Corporation
5.00%, 10/01/32 CONVD	$	920,000	$	464,600
Griffon Corporation
4.00%, 01/15/17 CONV 144A		495,000		604,519
HCA, Inc.
5.38%, 02/01/25		140,000		142,632
Hologic, Inc.
2.00%, 03/01/42 STEPD		662,000		874,668
1.81%, 12/15/43 STEPW		1,190,000		1,446,594
HomeAway, Inc.
0.13%, 04/01/19D		3,020,000		2,908,638
Hornbeck Offshore Services, Inc.
1.50%, 09/01/19 CONVD		1,680,000		1,375,500
Huron Consulting Group, Inc.
1.25%, 10/01/19 CONV 144AD		1,455,000		1,587,769
Illumina, Inc.
(4.02)%, 06/15/19D		2,550,000		2,997,844
Integra LifeSciences Holdings Corporation
1.63%, 12/15/16 CONVD		1,765,000		2,154,403
Intel Corporation
2.95%, 12/15/35 CONVD		2,866,000		3,455,321
InterDigital, Inc.
1.50%, 03/01/20 CONV 144A		555,000		571,303
j2 Global, Inc.
3.25%, 06/15/29 CONVD		305,000		355,134
Jarden Corporation
1.88%, 09/15/18 CONV		515,000		865,844
Lam Research Corporation
0.50%, 05/15/16 CONV		525,000		698,906
LinkedIn Corporation
0.50%, 11/01/19 CONV 144A		2,300,000		2,311,511
Live Nation Entertainment, Inc.
2.50%, 05/15/19D		1,820,000		1,969,012
Macquarie Infrastructure Co. LLC
2.88%, 07/15/19 CONVD		2,065,000		2,443,153
Medidata Solutions, Inc.
1.00%, 08/01/18 CONVD		1,130,000		1,340,462
Meritor, Inc.
4.00%, 02/15/27 STEP		1,800,000		1,861,875
Microchip Technology, Inc.
1.63%, 02/15/25 CONV 144A		3,948,000		4,002,285
Molina Healthcare, Inc.
1.63%, 08/15/44 CONVD		985,000		1,308,203
National Health Investors, Inc.
3.25%, 04/01/21 CONV		2,100,000		2,082,938
Navistar International Corporation
4.75%, 04/15/19		1,180,000		1,015,538
NetSuite, Inc.
0.25%, 06/01/18 CONVD		2,460,000		2,573,775
Newmont Mining Corporation
1.63%, 07/15/17 CONV		2,230,000		2,259,269
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144A		1,005,000		1,091,053
3.25%, 06/01/20		2,225,000		2,229,172

	Par		Value
Nuance Communications, Inc.
2.75%, 11/01/31 CONVD	$	675,000	$	686,391
1.50%, 11/01/35		638,000		662,324
NuVasive, Inc.
2.75%, 07/01/17 CONV		1,480,000		1,887,000
NVIDIA Corporation
1.00%, 12/01/18 CONV		1,885,000		2,168,928
Omnicare, Inc.
3.25%, 12/15/35 CONV		1,040,000		1,282,450
Priceline Group, Inc.
0.35%, 06/15/20D		575,000		640,406
0.90%, 09/15/21 CONV 144AD		2,015,000		1,926,844
Proofpoint, Inc.
0.75%, 06/15/20D		380,000		410,162
Restoration Hardware Holdings, Inc.
(0.61)%, 06/15/19 CONV 144AWD		920,000		944,725
Royal Gold, Inc.
2.88%, 06/15/19 CONV		2,480,000		2,551,300
RTI International Metals, Inc.
1.63%, 10/15/19 CONVD		1,965,000		2,140,622
Ryland Group, Inc.
0.25%, 06/01/19 CONVD		2,664,000		2,584,080
salesforce.com, Inc.
0.25%, 04/01/18 CONVD		1,560,000		1,900,275
SanDisk Corporation
0.50%, 10/15/20 CONVD		5,249,000		5,114,494
SEACOR Holdings, Inc.
2.50%, 12/15/27 CONV		1,755,000		1,805,456
3.00%, 11/15/28 CONV		150,000		134,250
Shutterfly, Inc.
0.25%, 05/15/18 CONV		1,290,000		1,304,512
Starwood Property Trust, Inc.
4.55%, 03/01/18 CONV		2,370,000		2,481,094
Synchronoss Technologies, Inc.
0.75%, 08/15/19 CONVD		560,000		627,900
Tesla Motors, Inc.
0.25%, 03/01/19 CONV		2,570,000		2,553,937
TiVo, Inc.
2.00%, 10/01/21 CONV 144AD		2,040,000		1,867,875
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONVD		2,865,000		2,986,762
Twitter, Inc.
0.25%, 09/15/19 CONV 144AD		2,280,000		2,049,150
Walter Investment Management Corporation
4.50%, 11/01/19 CONV		1,196,000		985,205
Web.com Group, Inc.
1.00%, 08/15/18 CONVD		1,740,000		1,731,300
WebMD Health Corporation
2.50%, 01/31/18 CONV		940,000		961,738
1.50%, 12/01/20 CONV		1,160,000		1,251,350
Whiting Petroleum Corporation
1.25%, 04/01/20 CONV 144A		1,225,000		1,344,438
Workday, Inc.
0.75%, 07/15/18 CONVD		530,000		599,894
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV 144A		615,000		655,744

See Notes to Financial Statements.

138

	Par			Value
Yahoo!, Inc.
(0.81)%, 12/01/18 CONVWD	$	1,480,000		$	1,525,325
Total Corporate Bonds
(Cost $136,993,885)					140,398,128
FOREIGN BONDS — 0.7%
Canada — 0.2%
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144A		400,000			431,500
5.50%, 03/01/23 144A		325,000			329,062
6.13%, 04/15/25 144A		415,000			427,969
					1,188,531
Luxembourg — 0.1%
Intelsat Luxembourg SA
7.75%, 06/01/21D		600,000			503,250
Netherlands — 0.4%
Siemens Financieringsmaatschappij NV
1.05%, 08/16/17 CONV		2,250,000			2,437,875
Total Foreign Bonds
(Cost $4,074,879)					4,129,656
U.S. TREASURY OBLIGATIONS — 18.4%
U.S. Treasury Bill
0.05%, 09/17/15		1,300,000			1,300,014
U.S. Treasury Bills
0.07%, 09/17/15		22,750,000			22,750,250
0.11%, 09/17/15		1,600,000			1,600,018
0.10%, 01/07/16		500,000			499,822
0.18%, 01/07/16		1,750,000			1,749,377
0.20%, 01/07/16		1,400,000			1,399,502
0.24%, 01/07/16		23,900,000			23,891,491
0.20%, 03/03/16		30,550,000			30,521,283
0.00%, 06/23/16		27,000,000			26,930,178
					109,341,921
Total U.S. Treasury Obligations
(Cost $110,595,412)					110,641,935
TOTAL INVESTMENTS — 116.5%
(Cost $655,965,802)					697,888,673
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
S&P 500® Index, Strike Price $2,135.00, Expires 07/10/15 (MSCS)		(11	)		(1,045	)
S&P 500® Index, Strike Price $2,135.00, Expires 07/17/15 (DEUT)		(11	)		(3,179	)
S&P 500® Index, Strike Price $2,140.00, Expires 07/10/15 (DEUT)		(10	)		(650	)
S&P 500® Index, Strike Price $2,145.00, Expires 07/02/15 (MLCS)		(12	)		(60	)
S&P 500® Index, Strike Price $2,145.00, Expires 07/31/15 (MSCS)		(12	)		(4,140	)

	Number of Contracts			Value
S&P 500® Index, Strike Price $2,150.00, Expires 07/24/15 (MSCS)		(12	)	$	(1,980	)
S&P 500® Index, Strike Price $2,155.00, Expires 07/02/15 (DEUT)		(12	)		(60	)
S&P 500® Index, Strike Price $2,160.00, Expires 07/17/15 (DEUT)		(12	)		(900	)
S&P 500® Index, Strike Price $2,175.00, Expires 07/24/15 (CITIG)		(12	)		(660	)
					(12,674	)
Put Options — (0.1)%
S&P 500® Index, Strike Price $1,985.00, Expires 07/17/15 (DEUT)		(63	)		(67,410	)
S&P 500® Index, Strike Price $1,990.00, Expires 07/31/15 (MSCS)		(60	)		(106,800	)
S&P 500® Index, Strike Price $2,000.00, Expires 05/01/15 (DEUT)		(59	)		(53,690	)
S&P 500® Index, Strike Price $2,015.00, Expires 07/10/15 (MSCS)		(57	)		(63,270	)
S&P 500® Index, Strike Price $2,020.00, Expires 07/02/15 (DEUT)		(63	)		(10,080	)
S&P 500® Index, Strike Price $2,025.00, Expires 07/02/15 (MLCS)		(62	)		(13,640	)
S&P 500® Index, Strike Price $2,025.00, Expires 07/24/15 (MSCS)		(60	)		(126,000	)
S&P 500® Index, Strike Price $2,040.00, Expires 07/17/15 (DEUT)		(60	)		(131,400	)
S&P 500® Index, Strike Price $2,060.00, Expires 07/24/15 (CITIG)		(62	)		(208,010	)
					(780,300	)
Total Written Options
(Premiums received $(683,358))					(792,974	)
Other Assets in Excess of Liabilities — (16.4)%					(97,928,132	)
NET ASSETS — 100.0%				$	599,167,567

See Notes to Financial Statements.

139

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		23.4
Money Market Funds		19.7
U.S. Treasury Obligations		18.4
Financial Services		8.1
Utilities		6.7
Consumer Staples		6.2
Healthcare		5.9
Consumer Discretionary		5.9
Preferred Stocks		5.0
Producer Durables		5.0
Energy		3.3
Technology		3.2
Foreign Common Stocks		2.9
Synthetic Convertible Instruments		0.9
Materials & Processing		0.8
Foreign Bonds		0.7
Master Limited Partnerships		0.4
Written Options		(0.1	)
		116.4

See Notes to Financial Statements.

140

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	270,166,065	$	270,166,065	$	—	$	—
Corporate Bonds		140,398,128		—		140,398,128		—
Foreign Bonds		4,129,656		—		4,129,656		—
Foreign Common Stocks:
Bermuda		2,621,490		2,621,490		—		—
British Virgin Islands		11,785		11,785		—		—
Canada		4,364,011		4,364,011		—		—
Curacao		136,784		136,784		—		—
France		3,817,925		3,817,925		—		—
Ireland		3,046,522		3,046,522		—		—
Japan		547,039		547,039		—		—
Jersey		19,315		19,315		—		—
Liberia		8,420		8,420		—		—
Netherlands		853,710		853,710		—		—
Panama		24,596		24,596		—		—
Singapore		36,024		36,024		—		—
Switzerland		1,154,418		1,154,418		—		—
United Kingdom		554,787		554,787		—		—
Master Limited Partnership		2,437,445		2,437,445		—		—
Money Market Funds		117,857,342		117,857,342		—		—
Preferred Stocks		29,755,540		29,755,540		—		—
U.S. Treasury Obligations		110,641,935		—		110,641,936		—
Synthetic Convertible Instrument		5,305,736		—		—		5,305,736
Total Assets — Investments in Securities	$	697,888,673	$	437,413,218	$	255,169,720	$	5,305,736
Other Financial Instruments***
Forward Foreign Currency Contracts	$	42,542	$	—	$	42,542	$	—
Total Assets — Other Financial Instruments	$	42,542	$	—	$	42,542	$	—

See Notes to Financial Statements.

141

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:
Written Options	$	(792,974	)	$	(112,920	)	$	(680,054	)	$	—
Total Liabilities — Investments in Securities	$	(792,974	)	$	(112,920	)	$	(680,054	)	$	—
Other Financial Instruments***
Futures Contracts	$	(399,823	)	$	(399,824	)	$	—		$	—
Total Liabilities — Other Financial Instruments	$	(399,823	)	$	(399,824	)	$	—		$	—

*** 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.

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, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2015 is 5,393,422.

The unobservable inputs used in the fair value measurement of the reporting entity’s 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.

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

	Total Value			Preferred Stock			Synthetic Convertible Instruments
Balance, 12/31/14	$	13,851,501		$	8,530,038		$	5,321,463
Accrued discounts/premiums		—			—			—
Realized gain (loss)(1)		273,464			114,968			158,496
Change in unrealized appreciation (depreciation)(2)		(375,414	)		(314,841	)		(60,573	)
Purchases		8,006,141			2,736,589			5,269,552
Sales		(7,758,481	)		(2,375,279	)		(5,383,202	)
Transfers in to Level 3		—			—			—
Transfers out of Level 3(3)		(8,691,475	)		(8,691,475	)		—
Maturities		—			—			—
Paydowns		—			—			—
Balance, 06/30/15	$	5,305,736		$	—		$	5,305,736

⁽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 June 30, 2015 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.

142

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.2%
Consumer Discretionary — 13.9%
Amazon.com, Inc.*		12,959	$	5,625,372
AutoNation, Inc.*		2,557		161,040
AutoZone, Inc.*		1,074		716,251
Bed Bath & Beyond, Inc.D*		5,741		396,014
Best Buy Co., Inc.		9,933		323,915
BorgWarner, Inc.		7,721		438,862
Cablevision Systems Corporation Class AD		7,501		179,574
CarMax, Inc.D*		7,028		465,324
CBS Corporation Class B		15,435		856,642
Chipotle Mexican Grill, Inc.D*		1,062		642,499
Coach, Inc.D		9,406		325,542
Comcast Corporation Class A		85,295		5,129,641
Costco Wholesale Corporation		14,886		2,010,503
D.R. Horton, Inc.		11,320		309,715
Darden Restaurants, Inc.D		4,235		301,024
DIRECTVD*		17,110		1,587,637
Discovery Communications, Inc. Class AD*		5,065		168,462
Discovery Communications, Inc. Class C*		8,821		274,157
Dollar General Corporation		10,030		779,732
Dollar Tree, Inc.*		7,040		556,090
eBay, Inc.*		37,499		2,258,940
Estee Lauder Cos., Inc. (The) Class A		7,632		661,389
Expedia, Inc.D		3,372		368,728
Family Dollar Stores, Inc.		3,284		258,812
Ford Motor Co.		134,918		2,025,119
Fossil Group, Inc.D*		1,512		104,872
GameStop Corporation Class AD		3,705		159,167
Gannett Co., Inc.*		11,613		302,441
Gap, Inc. (The)D		9,039		345,019
General Motors Co.		45,736		1,524,381
Genuine Parts Co.		5,110		457,498
Goodyear Tire & Rubber Co. (The)		9,194		277,199
H&R Block, Inc.		9,422		279,362
Hanesbrands, Inc.D		13,687		456,051
Harley-Davidson, Inc.D		7,000		394,450
Harman International Industries, Inc.		2,439		290,095
Hasbro, Inc.D		3,818		285,548
Home Depot, Inc. (The)		44,081		4,898,722
Interpublic Group of Cos., Inc. (The)		14,061		270,955
Johnson Controls, Inc.		22,206		1,099,863
Kohl’s CorporationD		6,693		419,049
L Brands, Inc.		8,281		709,930
Leggett & Platt, Inc.		4,728		230,159
Lennar Corporation Class AD		6,078		310,221
Lowe’s Cos., Inc.		31,643		2,119,132
Macy’s, Inc.		11,472		774,016
Marriott International, Inc. Class AD		6,961		517,829
Mattel, Inc.D		11,543		296,540
McDonald’s Corporation		32,506		3,090,345
Mohawk Industries, Inc.D*		2,117		404,135
Netflix, Inc.*		2,064		1,355,924
Newell Rubbermaid, Inc.		9,008		370,319
News Corporation Class A*		17,003		248,074

	Shares		Value
NIKE, Inc. Class B		23,642	$	2,553,809
Nordstrom, Inc.D		4,794		357,153
Omnicom Group, Inc.D		8,278		575,238
O’Reilly Automotive, Inc.*		3,424		773,755
Priceline Group, Inc. (The)*		1,756		2,021,806
PulteGroup, Inc.D		11,274		227,171
PVH CorporationD		2,811		323,827
Ralph Lauren Corporation		2,056		272,132
Ross Stores, Inc.		13,938		677,526
Scripps Networks Interactive, Inc. Class AD		3,148		205,785
Staples, Inc.		21,855		334,600
Starbucks Corporation		50,977		2,733,132
Starwood Hotels & Resorts Worldwide, Inc.		5,742		465,619
Target Corporation		21,693		1,770,800
Tiffany & Co.D		3,840		352,512
Time Warner Cable, Inc.		9,591		1,708,828
Time Warner, Inc.		27,950		2,443,109
TJX Cos., Inc. (The)		23,057		1,525,682
Tractor Supply Co.D		4,650		418,221
TripAdvisor, Inc.D*		3,802		331,306
Twenty-First Century Fox, Inc. Class A		59,994		1,952,505
Under Armour, Inc. Class AD*		5,696		475,274
Urban Outfitters, Inc.D*		3,414		119,490
VF Corporation		11,535		804,451
Wal-Mart Stores, Inc.		53,601		3,801,919
Walt Disney Co. (The)		53,012		6,050,790
Whirlpool Corporation		2,676		463,082
Wyndham Worldwide Corporation		4,115		337,060
Yum! Brands, Inc.		14,642		1,318,951
				84,207,813
Consumer Staples — 6.8%
Archer-Daniels-Midland Co.		21,043		1,014,693
Campbell Soup Co.D		6,071		289,283
Clorox Co. (The)D		4,481		466,114
Coca-Cola Co. (The)		133,306		5,229,594
Coca-Cola Enterprises, Inc.		7,129		309,684
Colgate-Palmolive Co.		28,835		1,886,097
ConAgra Foods, Inc.		14,586		637,700
CVS Health Corporation		38,289		4,015,750
Dr. Pepper Snapple Group, Inc.		6,458		470,788
General Mills, Inc.		20,192		1,125,098
Hershey Co. (The)		4,915		436,599
Hormel Foods CorporationD		4,597		259,133
J.M. Smucker Co. (The)D		3,250		352,333
Kellogg Co.		8,484		531,947
Keurig Green Mountain, Inc.		3,914		299,930
Kimberly-Clark Corporation		12,346		1,308,306
Kraft Foods Group, Inc.		20,100		1,711,314
Kroger Co. (The)		16,616		1,204,826
McCormick & Co., Inc. (Non-Voting Shares)D		4,380		354,561
Mead Johnson Nutrition Co.		6,925		624,774
Mondelez International, Inc. Class A		55,191		2,270,558
Monster Beverage Corporation*		5,004		670,636
PepsiCo, Inc.		50,075		4,674,001
Procter & Gamble Co. (The)		92,080		7,204,339
Sysco Corporation		20,259		731,350
Tyson Foods, Inc. Class A		9,972		425,106
Walgreens Boots Alliance, Inc.		29,643		2,503,055

See Notes to Financial Statements.

143

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Whole Foods Market, Inc.		12,072	$	476,120
				41,483,689
Energy — 7.3%
Anadarko Petroleum Corporation		17,267		1,347,862
Apache Corporation		12,695		731,613
Baker Hughes, Inc.		14,837		915,443
Cabot Oil & Gas CorporationD		14,102		444,777
Cameron International Corporation*		6,391		334,697
Chesapeake Energy CorporationD		17,647		197,117
Chevron Corporation		63,821		6,156,812
Cimarex Energy Co.D		3,198		352,771
ConocoPhillips		41,835		2,569,087
CONSOL Energy, Inc.D		7,857		170,811
Devon Energy Corporation		13,021		774,619
Diamond Offshore Drilling, Inc.D		2,290		59,105
EOG Resources, Inc.		18,669		1,634,471
EQT Corporation		5,184		421,667
Exterran Holdings, Inc.		13		424
Exxon Mobil Corporation		141,908		11,806,746
First Solar, Inc.*		2,565		120,504
FMC Technologies, Inc.*		7,897		327,647
Halliburton Co.		28,923		1,245,714
Helmerich & Payne, Inc.D		3,670		258,441
Hess CorporationD		8,311		555,840
Kinder Morgan, Inc.		58,869		2,259,981
Marathon Oil Corporation		22,674		601,768
Marathon Petroleum Corporation		18,444		964,806
Murphy Oil CorporationD		5,682		236,201
National Oilwell Varco, Inc.		13,040		629,571
Newfield Exploration Co.*		5,484		198,082
Noble Energy, Inc.		13,236		564,912
Occidental Petroleum Corporation		26,037		2,024,897
ONEOK, Inc.		7,110		280,703
Phillips 66		18,376		1,480,371
Pioneer Natural Resources Co.		5,099		707,180
Range Resources CorporationD		5,659		279,441
Southwestern Energy Co.D*		13,122		298,263
Spectra Energy Corporation		22,624		737,542
Tesoro Corporation		4,263		359,840
Valero Energy Corporation		17,200		1,076,720
Williams Cos., Inc. (The)		22,992		1,319,511
				44,445,957
Financial Services — 18.2%
Affiliated Managers Group, Inc.*		1,846		403,536
Aflac, Inc.		14,646		910,981
Alliance Data Systems Corporation*		2,110		615,993
Allstate Corporation (The)		13,894		901,304
American Express Co.		29,642		2,303,776
American International Group, Inc.		45,272		2,798,715
American Tower Corporation REIT		14,306		1,334,607
Ameriprise Financial, Inc.		6,173		771,193
Apartment Investment & Management Co. Class A REIT		5,345		197,391

	Shares		Value
Assurant, Inc.		2,352	$	157,584
AvalonBay Communities, Inc. REIT		4,446		710,782
Bank of America Corporation		356,499		6,067,613
Bank of New York Mellon Corporation (The)		38,105		1,599,267
BB&T Corporation		24,878		1,002,832
Berkshire Hathaway, Inc. Class B*		61,929		8,429,156
BlackRock, Inc.		4,305		1,489,444
Boston Properties, Inc. REIT		5,245		634,855
Capital One Financial Corporation		18,497		1,627,181
CBRE Group, Inc. Class A*		9,561		353,757
Charles Schwab Corporation (The)		39,058		1,275,244
Chubb Corporation (The)		7,782		740,379
Cincinnati Financial Corporation		5,056		253,710
Citigroup, Inc.		103,011		5,690,328
CME Group, Inc.		10,726		998,162
Comerica, Inc.		6,109		313,514
Crown Castle International Corporation REIT		11,467		920,800
Discover Financial Services		15,099		870,004
Dun & Bradstreet Corporation (The)		1,233		150,426
E*TRADE Financial Corporation*		9,998		299,440
Equifax, Inc.		4,082		396,321
Equinix, Inc. REIT		1,938		492,252
Equity Residential REIT		12,281		861,758
Essex Property Trust, Inc. REIT		2,236		475,150
Fidelity National Information Services, Inc.		9,559		590,746
Fifth Third Bancorp		27,353		569,489
Fiserv, Inc.*		8,034		665,456
Franklin Resources, Inc.		13,249		649,598
General Growth Properties, Inc. REIT		21,080		540,913
Genworth Financial, Inc. Class A*		16,954		128,342
Goldman Sachs Group, Inc. (The)		13,644		2,848,731
Hartford Financial Services Group, Inc. (The)		14,151		588,257
HCP, Inc. REIT		15,708		572,871
Health Care REIT, Inc.		11,946		784,016
Host Hotels & Resorts, Inc. REITD		25,855		512,705
Hudson City Bancorp, Inc.		16,424		162,269
Huntington Bancshares, Inc.		27,751		313,864
Intercontinental Exchange, Inc.		3,783		845,917
Iron Mountain, Inc. REITD		6,383		197,873
JPMorgan Chase & Co.		125,967		8,535,524
KeyCorp		28,599		429,557
Kimco Realty Corporation REIT		14,037		316,394
Legg Mason, Inc.		3,279		168,967
Leucadia National CorporationD		10,809		262,443
Lincoln National Corporation		8,588		508,581
Loews Corporation		10,190		392,417
M&T Bank CorporationD		4,456		556,688
Macerich Co. (The) REIT		4,805		358,453
Marsh & McLennan Cos., Inc.		18,254		1,035,002
MasterCard, Inc. Class A		32,907		3,076,146

See Notes to Financial Statements.

144

	Shares		Value
McGraw Hill Financial, Inc.		9,250	$	929,163
MetLife, Inc.		37,795		2,116,142
Moody’s Corporation		5,993		647,004
Morgan Stanley		52,166		2,023,519
NASDAQ OMX Group, Inc. (The)		4,073		198,803
Navient Corporation		13,067		237,950
Northern Trust Corporation		7,400		565,804
People’s United Financial, Inc.D		10,672		172,993
Plum Creek Timber Co., Inc. REIT		6,028		244,556
PNC Financial Services Group, Inc. (The)		17,601		1,683,536
Principal Financial Group, Inc.		9,386		481,408
Progressive Corporation (The)		17,970		500,105
Prologis, Inc. REIT		17,822		661,196
Prudential Financial, Inc.		15,343		1,342,819
Public Storage REIT		4,906		904,519
Realty Income Corporation REITD		7,935		352,235
Regions Financial Corporation		44,937		465,547
Simon Property Group, Inc. REIT		10,547		1,824,842
SL Green Realty Corporation REIT		3,363		369,560
State Street Corporation		13,949		1,074,073
SunTrust Banks, Inc.		17,375		747,472
T. Rowe Price Group, Inc.		8,976		697,704
Torchmark CorporationD		4,194		244,175
Total System Services, Inc.		5,631		235,207
Travelers Cos., Inc. (The)		10,867		1,050,404
Unum Group		8,603		307,557
US Bancorp		60,030		2,605,302
Ventas, Inc. REIT		11,128		690,938
Visa, Inc. Class AD		65,645		4,408,062
Vornado Realty Trust REIT		5,983		567,966
Wells Fargo & Co.		159,175		8,952,002
Western Union Co. (The)D		17,238		350,449
Weyerhaeuser Co. REIT		17,620		555,030
Zions BancorporationD		6,966		221,066
				110,087,782
Healthcare — 11.8%
Abbott Laboratories		50,474		2,477,264
AbbVie, Inc.		58,369		3,921,813
Aetna, Inc.		11,804		1,504,538
Agilent Technologies, Inc.		11,229		433,215
Alexion Pharmaceuticals, Inc.*		7,596		1,373,129
Amgen, Inc.		25,804		3,961,430
Anthem, Inc.		8,950		1,469,053
Baxter International, Inc.		18,522		1,295,244
Becton, Dickinson and Co.		7,141		1,011,523
Biogen, Inc.*		7,983		3,224,653
Boston Scientific Corporation*		45,533		805,934
Bristol-Myers Squibb Co.		56,576		3,764,567
C.R. Bard, Inc.		2,480		423,336
Cardinal Health, Inc.		11,282		943,739
Celgene Corporation*		26,916		3,115,123
Cerner Corporation*		10,456		722,091
Cigna Corporation		8,744		1,416,528
DaVita HealthCare Partners, Inc.*		5,774		458,860
DENTSPLY International, Inc.		4,803		247,595

	Shares		Value
Edwards Lifesciences Corporation*		3,679	$	524,000
Eli Lilly & Co.		33,076		2,761,515
Express Scripts Holding Co.D*		24,744		2,200,731
Gilead Sciences, Inc.		49,877		5,839,599
HCA Holdings, Inc.*		9,783		887,514
Henry Schein, Inc.D*		2,862		406,747
Hospira, Inc.*		5,851		519,042
Humana, Inc.D		5,109		977,250
Intuitive Surgical, Inc.*		1,254		607,563
Johnson & Johnson		94,071		9,168,160
Laboratory Corporation of America Holdings*		3,422		414,815
McKesson Corporation		7,878		1,771,053
Patterson Cos., Inc.		2,919		142,009
PerkinElmer, Inc.D		3,875		203,980
Quest Diagnostics, Inc.D		4,925		357,161
Regeneron Pharmaceuticals, Inc.*		2,558		1,304,913
St. Jude Medical, Inc.		9,469		691,900
Stryker Corporation		10,114		966,595
Tenet Healthcare CorporationD*		3,361		194,535
Thermo Fisher Scientific, Inc.		13,512		1,753,317
UnitedHealth Group, Inc.		32,284		3,938,648
Universal Health Services, Inc. Class B		3,109		441,789
Varian Medical Systems, Inc.D*		3,413		287,818
Vertex Pharmaceuticals, Inc.*		8,282		1,022,661
Zimmer Biomet Holdings, Inc.D		5,816		635,282
Zoetis, Inc.		16,883		814,098
				71,402,330
Materials & Processing — 3.3%
Air Products & Chemicals, Inc.		6,595		902,394
Airgas, Inc.		2,308		244,140
Alcoa, Inc.		41,711		465,078
Allegheny Technologies, Inc.D		3,703		111,831
Ball CorporationD		4,684		328,583
CF Industries Holdings, Inc.		8,015		515,204
Dow Chemical Co. (The)D		36,806		1,883,363
E.I. du Pont de Nemours & Co.		30,801		1,969,724
Eastman Chemical Co.		5,099		417,200
Ecolab, Inc.		9,105		1,029,502
Fastenal Co.D		9,283		391,557
FMC CorporationD		4,552		239,208
Freeport-McMoRan, Inc.		35,015		651,979
International Flavors & Fragrances, Inc.		2,757		301,312
International Paper Co.		14,240		677,682
Martin Marietta Materials, Inc.		2,110		298,586
Masco Corporation		11,611		309,665
MeadWestvaco Corporation		11,345		535,371
Monsanto Co.		16,158		1,722,281
Mosaic Co. (The)		10,602		496,704
Newmont Mining Corporation		17,855		417,093
Nucor Corporation		10,932		481,773
Owens-Illinois, Inc.*		5,595		128,349
PPG Industries, Inc.		9,198		1,055,195
Praxair, Inc.		9,751		1,165,732
Precision Castparts Corporation		4,689		937,190
Sealed Air Corporation		7,170		368,395
Sherwin-Williams Co. (The)D		2,677		736,229
Sigma-Aldrich Corporation		4,012		559,072

See Notes to Financial Statements.

145

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Vulcan Materials Co.		4,514	$	378,860
				19,719,252
Producer Durables — 9.9%
3M Co.		21,561		3,326,862
ADT Corporation (The)D		5,832		195,780
American Airlines Group, Inc.		23,453		936,596
AMETEK, Inc.		8,236		451,168
Automatic Data Processing, Inc.		15,940		1,278,866
Avery Dennison Corporation		3,088		188,183
Boeing Co. (The)		21,828		3,027,980
C.H. Robinson Worldwide, Inc.D		4,991		311,389
Caterpillar, Inc.D		20,476		1,736,774
Cintas Corporation		3,188		269,673
CSX Corporation		33,475		1,092,959
Cummins, Inc.		5,676		744,634
Danaher Corporation		20,925		1,790,971
Deere & Co.D		11,324		1,098,994
Delta Air Lines, Inc.		27,915		1,146,748
Dover CorporationD		5,398		378,832
Emerson Electric Co.		22,694		1,257,928
Expeditors International of Washington, Inc.		6,552		302,080
FedEx Corporation		8,973		1,528,999
FLIR Systems, Inc.		4,772		147,073
Flowserve Corporation		4,590		241,709
Fluor Corporation		4,879		258,636
General Dynamics Corporation		10,579		1,498,939
General Electric Co.		341,975		9,086,276
Honeywell International, Inc.		26,495		2,701,695
Illinois Tool Works, Inc.D		11,526		1,057,972
Jacobs Engineering Group, Inc.D*		4,104		166,705
JB Hunt Transport Services, Inc.		3,121		256,203
Joy Global, Inc.D		3,320		120,184
Kansas City Southern		3,767		343,550
L-3 Communications Holdings, Inc.		2,813		318,938
Lockheed Martin Corporation		9,099		1,691,504
Norfolk Southern Corporation		10,385		907,234
Northrop Grumman Corporation		6,581		1,043,944
PACCAR, Inc.D		11,947		762,338
Pall Corporation		3,642		453,247
Parker Hannifin CorporationD		4,677		544,075
Paychex, Inc.		10,971		514,320
Pitney Bowes, Inc.		6,878		143,131
Quanta Services, Inc.*		7,226		208,253
Raytheon Co.		10,392		994,307
Republic Services, Inc.		8,553		335,021
Robert Half International, Inc.		4,610		255,855
Rockwell Automation, Inc.		4,546		566,613
Rockwell Collins, Inc.D		4,447		410,680
Roper Industries, Inc.		3,367		580,673
Ryder System, Inc.D		1,813		158,402
Snap-on, Inc.		1,986		316,271
Southwest Airlines Co.		22,835		755,610
Stanley Black & Decker, Inc.		5,168		543,880
Stericycle, Inc.*		2,898		388,071
Textron, Inc.		9,493		423,673
Union Pacific Corporation		29,693		2,831,821

	Shares		Value
United Parcel Service, Inc. Class B		23,490	$	2,276,416
United Rentals, Inc.*		3,295		288,708
United Technologies Corporation		28,108		3,118,020
W.W. Grainger, Inc.D		2,010		475,667
Waste Management, Inc.		14,362		665,679
Waters Corporation*		2,835		363,957
Xerox Corporation		35,636		379,167
Xylem, Inc.		6,226		230,798
				59,890,631
Technology — 16.8%
Adobe Systems, Inc.*		16,091		1,303,532
Akamai Technologies, Inc.*		6,108		426,461
Altera Corporation		10,289		526,797
Amphenol Corporation Class A		10,422		604,163
Analog Devices, Inc.		10,692		686,266
Apple, Inc.		195,532		24,524,601
Applied Materials, Inc.		42,025		807,720
Autodesk, Inc.*		7,788		389,984
Broadcom Corporation Class A		18,399		947,364
CA, Inc.D		10,880		318,675
Cisco Systems, Inc.		172,650		4,740,969
Citrix Systems, Inc.*		5,460		383,074
Cognizant Technology Solutions Corporation Class A*		20,635		1,260,592
Computer Sciences Corporation		4,635		304,241
Corning, Inc.		42,902		846,456
Electronic Arts, Inc.*		10,640		707,560
EMC Corporation		65,916		1,739,523
F5 Networks, Inc.*		2,465		296,663
Facebook, Inc. Class A*		71,469		6,129,539
Google, Inc. Class A*		9,711		5,244,328
Google, Inc. Class C*		9,739		5,069,247
Harris Corporation		4,168		320,561
Hewlett-Packard Co.		61,454		1,844,235
Intel Corporation		161,127		4,900,678
International Business Machines Corporation		31,095		5,057,913
Intuit, Inc.		9,350		942,199
Juniper Networks, Inc.		11,925		309,692
KLA-Tencor Corporation		5,346		300,499
Lam Research Corporation		5,316		432,457
Linear Technology Corporation		8,166		361,182
Microchip Technology, Inc.D		6,879		326,237
Micron Technology, Inc.D*		36,381		685,418
Microsoft Corporation		274,548		12,121,294
Motorola Solutions, Inc.		6,297		361,070
NetApp, Inc.D		10,639		335,767
NVIDIA CorporationD		17,078		343,439
Oracle Corporation		108,178		4,359,573
Qorvo, Inc.*		5,022		403,116
QUALCOMM, Inc.		55,311		3,464,128
Red Hat, Inc.*		6,261		475,398
salesforce.com, Inc.*		20,686		1,440,366
SanDisk CorporationD		7,054		410,684
Skyworks Solutions, Inc.D		6,534		680,189
Symantec Corporation		22,895		532,309
Teradata CorporationD*		4,952		183,224
Texas Instruments, Inc.		35,254		1,815,934
VeriSign, Inc.D*		3,594		221,822
Western Digital Corporation		7,306		572,936
Xilinx, Inc.		8,664		382,602

See Notes to Financial Statements.

146

	Shares		Value
Yahoo!, Inc.*		29,728	$	1,168,013
				102,010,690
Utilities — 5.2%
AES Corporation		23,299		308,945
AGL Resources, Inc.		4,072		189,592
Ameren Corporation		8,286		312,216
American Electric Power Co., Inc.		16,673		883,169
AT&T, Inc.		176,237		6,259,938
CenterPoint Energy, Inc.		14,671		279,189
CenturyLink, Inc.D		19,042		559,454
CMS Energy Corporation		9,409		299,583
Consolidated Edison, Inc.D		9,834		569,192
Dominion Resources, Inc.D		20,138		1,346,628
DTE Energy Co.		6,042		450,975
Duke Energy Corporation		23,463		1,656,957
Edison International		10,938		607,934
Entergy Corporation		6,152		433,716
Eversource EnergyD		10,798		490,337
Exelon CorporationD		29,352		922,240
FirstEnergy Corporation		14,452		470,413
Frontier Communications CorporationD		39,005		193,075
Level 3 Communications, Inc.*		9,982		525,752
NextEra Energy, Inc.		14,992		1,469,666
NiSource, Inc.		10,836		494,013
NRG Energy, Inc.D		11,525		263,692
Pepco Holdings, Inc.		8,644		232,869
PG&E Corporation		16,302		800,428
Pinnacle West Capital Corporation		3,771		214,532
PPL Corporation		22,413		660,511
Public Service Enterprise Group, Inc.		17,045		669,528
SCANA CorporationD		4,864		246,362
Sempra Energy		7,927		784,297
Southern Co. (The)D		30,725		1,287,377
TECO Energy, Inc.D		8,072		142,551
Verizon Communications, Inc.		138,429		6,452,176
WEC Energy Group, Inc.D		10,799		485,613
Xcel Energy, Inc.		17,243		554,880
				31,517,800
Total Common Stocks (Cost $410,051,871)				564,765,944
FOREIGN COMMON STOCKS — 4.0%
Bermuda — 0.1%
Invesco, Ltd.		14,486		543,080
British Virgin Islands — 0.1%
Michael Kors Holdings, Ltd.*		6,683		281,287
Curacao — 0.6%
Schlumberger, Ltd.		43,119		3,716,427
Ireland — 1.6%
Accenture PLC Class A		21,255		2,057,059
Allegion PLCD		3,292		197,981
Eaton Corporation PLC		15,866		1,070,796
Ingersoll-Rand PLC		9,020		608,128
Mallinckrodt PLC*		3,998		470,645
Medtronic PLC		48,406		3,586,885
Pentair PLC		6,020		413,875
Seagate Technology PLCD		10,767		511,432
Tyco International PLC		14,372		553,035

	Shares		Value
XL Group PLC		10,319	$	383,867
				9,853,703
Jersey — 0.1%
Delphi Automotive PLC		9,791		833,116
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.		5,618		442,080
Netherlands — 0.5%
LyondellBasell Industries NV Class A		13,276		1,374,332
Mylan NVD*		13,968		947,868
Nielsen NVD		12,453		557,521
				2,879,721
Panama — 0.1%
Carnival Corporation		15,413		761,248
Singapore — 0.2%
Avago Technologies, Ltd.		8,679		1,153,699
Switzerland — 0.4%
ACE, Ltd.		11,082		1,126,818
Garmin, Ltd.		4,121		181,036
TE Connectivity, Ltd.		13,721		882,260
Transocean, Ltd.D		11,608		187,121
				2,377,235
United Kingdom — 0.2%
Aon PLC		9,587		955,632
Ensco PLC Class AD		7,992		177,982
Noble Corporation PLCD		8,249		126,952
				1,260,566
Total Foreign Common Stocks (Cost $20,274,956)				24,102,162
MONEY MARKET FUNDS — 10.7%
GuideStone Money Market Fund (Investor Class)¥		15,733,787		15,733,787
Northern Institutional Liquid Assets Portfolio§		49,205,510		49,205,510
Total Money Market Funds (Cost $64,939,297)				64,939,297
	Par
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills 0.02%, 10/08/15	$	25,000		24,999
0.05%, 10/08/15		535,000		534,989
Total U.S. Treasury Obligations (Cost $559,932)				559,988
TOTAL INVESTMENTS — 108.0% (Cost $495,826,056)				654,367,391
Liabilities in Excess of Other Assets — (8.0)%				(48,548,522	)
NET ASSETS — 100.0%			$	605,818,869

See Notes to Financial Statements.

147

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		18.2
Technology		16.8
Consumer Discretionary		13.9
Healthcare		11.8
Money Market Funds		10.7
Producer Durables		9.9
Energy		7.3
Consumer Staples		6.8
Utilities		5.2
Foreign Common Stocks		4.0
Materials & Processing		3.3
U.S. Treasury Obligations		0.1
		108.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	564,765,944		$	564,765,944		$	—	$	—
Foreign Common Stocks		24,102,162			24,102,162			—		—
Money Market Funds		64,939,297			64,939,297			—		—
U.S. Treasury Obligations		559,988			—			559,988		—
Total Assets — Investments in Securities	$	654,367,391		$	653,807,403		$	559,988	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(328,456	)	$	(328,456	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(328,456	)	$	(328,456	)	$	—	$	—

*** 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 ended June 30, 2015.

See Notes to Financial Statements.

148

VALUE EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 86.5%
Consumer Discretionary — 9.8%
Avis Budget Group, Inc.*		17,530	$	772,722
Comcast Corporation Class A		202,962		12,205,906
Cooper Tire & Rubber Co.D		61,900		2,094,077
Dana Holding Corporation		337,615		6,948,117
Darden Restaurants, Inc.D		18,910		1,344,123
DISH Network Corporation Class A*		2,256		152,754
Foot Locker, Inc.D		52,120		3,492,561
Ford Motor Co.D		937,944		14,078,539
Gap, Inc. (The)D		184,300		7,034,731
General Motors Co.		116,609		3,886,578
Home Depot, Inc. (The)		63,808		7,090,983
J.C. Penney Co., Inc.D*		452,300		3,830,981
Johnson Controls, Inc.		264,228		13,087,213
Kohl’s CorporationD		25,170		1,575,894
Lear Corporation		36,250		4,069,425
Lennar Corporation Class AD		154,551		7,888,283
Macy’s, Inc.		50,730		3,422,753
NVR, Inc.D*		280		375,200
Target CorporationD		166,166		13,564,131
Time Warner, Inc.		13,103		1,145,333
Twenty-First Century Fox, Inc. Class A		13,359		434,769
Twenty-First Century Fox, Inc. Class B		4,956		159,682
Wal-Mart Stores, Inc.		273,893		19,427,230
Whirlpool Corporation		10,730		1,856,827
				129,938,812
Consumer Staples — 3.7%
Archer-Daniels-Midland Co.		20,150		971,633
Colgate-Palmolive Co.		3,535		231,224
CVS Health Corporation		2,717		284,959
Dr. Pepper Snapple Group, Inc.		49,530		3,610,737
Ingredion, Inc.		14,760		1,177,996
Kimberly-Clark Corporation		2,403		254,646
Kroger Co. (The)		65,210		4,728,377
Mondelez International, Inc. Class A		225,629		9,282,377
PepsiCo, Inc.		88,565		8,266,657
Pilgrim’s Pride CorporationD		16,590		381,072
Procter & Gamble Co. (The)		88,553		6,928,387
Sysco Corporation		141,100		5,093,710
Tyson Foods, Inc. Class A		123,090		5,247,327
Walgreens Boots Alliance, Inc.		23,835		2,012,627
Whole Foods Market, Inc.		24,160		952,870
				49,424,599
Energy — 8.0%
Anadarko Petroleum Corporation		16,517		1,289,317
Apache Corporation		12,337		710,981
Baker Hughes, Inc.		103,903		6,410,815
Cameron International Corporation*		96,560		5,056,847
Chesapeake Energy CorporationD		180,100		2,011,717
Chevron Corporation		139,554		13,462,774
ConocoPhillips		161,697		9,929,813
Devon Energy Corporation		13,435		799,248
EOG Resources, Inc.		27,496		2,407,275
Exxon Mobil Corporation		274,575		22,844,640

	Shares		Value
Halliburton Co.		27,836	$	1,198,897
Hess CorporationD		8,930		597,238
Kinder Morgan, Inc.		58,339		2,239,634
Marathon Oil Corporation		80,820		2,144,963
Marathon Petroleum CorporationD		124,895		6,533,257
National Oilwell Varco, Inc.		19,810		956,427
Occidental Petroleum CorporationD		135,402		10,530,214
Oceaneering International, Inc.		8,050		375,050
Oil States International, Inc.D*		82,460		3,069,986
Phillips 66		17,670		1,423,495
Spectra Energy CorporationD		21,736		708,594
Tesoro Corporation		45,780		3,864,290
Valero Energy Corporation		115,139		7,207,701
				105,773,173
Financial Services — 25.7%
Aflac, Inc.		14,242		885,852
Allstate Corporation (The)		95,107		6,169,591
Ally Financial, Inc.*		151,830		3,405,547
American Express Co.D		187,252		14,553,225
American International Group, Inc.		354,387		21,908,204
Ameriprise Financial, Inc.		78,098		9,756,783
Assurant, Inc.		25,190		1,687,730
Bank of America Corporation		1,123,911		19,128,965
Bank of New York Mellon Corporation (The)		32,698		1,372,335
BB&T CorporationD		23,899		963,369
Berkshire Hathaway, Inc. Class B*		56,756		7,725,059
BlackRock, Inc.		2,776		960,441
Capital One Financial CorporationD		270,754		23,818,229
CBOE Holdings, Inc.		15,010		858,872
CBRE Group, Inc. Class A*		92,120		3,408,440
Charles Schwab Corporation (The)		10,991		358,856
Chubb Corporation (The)		22,817		2,170,809
Citigroup, Inc.D		710,105		39,226,200
CME Group, Inc.		10,492		976,386
Discover Financial Services		68,262		3,933,256
Equity Residential REIT		11,914		836,005
FactSet Research Systems, Inc.D		14,300		2,323,893
Franklin Resources, Inc.		12,639		619,690
Goldman Sachs Group, Inc. (The)		31,007		6,473,952
Hartford Financial Services Group, Inc. (The)		207,365		8,620,163
Host Hotels & Resorts, Inc. REITD		63,460		1,258,412
Huntington Bancshares, Inc.		201,030		2,273,649
Intercontinental Exchange, Inc.		15,405		3,444,712
Jones Lang LaSalle, Inc.		4,770		815,670
JPMorgan Chase & Co.D		728,426		49,358,146
Lincoln National Corporation		41,880		2,480,134
Marsh & McLennan Cos., Inc.		6,930		392,931
McGraw Hill Financial, Inc.		31,730		3,187,279
MetLife, Inc.D		30,587		1,712,566
Moody’s Corporation		41,970		4,531,081
Morgan Stanley		101,713		3,945,447
Navient Corporation		273,660		4,983,349
PNC Financial Services Group, Inc. (The)D		16,924		1,618,781

See Notes to Financial Statements.

149

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Prudential Financial, Inc.		19,602	$	1,715,567
Public Storage REIT		427		78,726
Reinsurance Group of America, Inc.		17,000		1,612,790
RLJ Lodging Trust REIT		30,900		920,202
State Street CorporationD		276,461		21,287,497
T. Rowe Price Group, Inc.D		45,300		3,521,169
Travelers Cos., Inc. (The)D		138,980		13,433,807
Unum Group		60,120		2,149,290
US BancorpD		54,724		2,375,022
Voya Financial, Inc.		102,200		4,749,234
Wells Fargo & Co.		429,950		24,180,388
Zions Bancorporation		47,400		1,504,239
				339,671,940
Healthcare — 8.7%
Abbott Laboratories		48,695		2,389,951
Aetna, Inc.		35,499		4,524,702
Amgen, Inc.		11,680		1,793,114
Anthem, Inc.		112,541		18,472,480
Baxter International, Inc.		6,479		453,076
Cardinal Health, Inc.		57,886		4,842,164
Cigna Corporation		42,611		6,902,982
Express Scripts Holding Co.D*		3,751		333,614
Gilead Sciences, Inc.		76,300		8,933,204
HCA Holdings, Inc.*		9,673		877,535
Health Net, Inc.*		28,300		1,814,596
Humana, Inc.		333		63,696
Johnson & JohnsonD		435,400		42,434,084
McKesson Corporation		21,860		4,914,347
Omnicare, Inc.D		1,310		123,467
Quest Diagnostics, Inc.		39,100		2,835,532
Stryker Corporation		5,376		513,784
Thermo Fisher Scientific, Inc.		8,571		1,112,173
United Therapeutics Corporation*		27,040		4,703,608
UnitedHealth Group, Inc.D		62,684		7,647,448
				115,685,557
Materials & Processing — 2.1%
Air Products & Chemicals, Inc.		1,269		173,637
Allegheny Technologies, Inc.D		157,885		4,768,127
CF Industries Holdings, Inc.		79,250		5,094,190
Dow Chemical Co. (The)D		32,749		1,675,767
E.I. du Pont de Nemours & Co.D		15,915		1,017,764
International Paper Co.		64,570		3,072,887
Mosaic Co. (The)		49,620		2,324,697
Praxair, Inc.		1,535		183,509
Precision Castparts Corporation		3,654		730,325
Sealed Air Corporation		173,748		8,927,172
				27,968,075
Producer Durables — 11.1%
ADT Corporation (The)D		101,935		3,421,958
Alaska Air Group, Inc.D		70,190		4,522,342
Automatic Data Processing, Inc.		2,974		238,604
Boeing Co. (The)		13,470		1,868,558
Caterpillar, Inc.		16,281		1,380,955
CSX Corporation		24,020		784,253
Cummins, Inc.		1,482		194,424
Danaher Corporation		16,248		1,390,666
Deere & Co.D		73,773		7,159,670
Delta Air Lines, Inc.		92,880		3,815,510

	Shares		Value
Emerson Electric Co.D		189,794	$	10,520,282
FedEx Corporation		39,266		6,690,926
General Dynamics CorporationD		76,919		10,898,653
General Electric Co.		792,276		21,050,773
Honeywell International, Inc.		67,800		6,913,566
Huntington Ingalls Industries, Inc.		17,610		1,982,710
JetBlue Airways CorporationD*		37,030		768,743
Lexmark International, Inc. Class A		36,530		1,614,626
Lockheed Martin Corporation		2,489		462,705
Norfolk Southern CorporationD		144,001		12,579,927
Northrop Grumman Corporation		40,305		6,393,582
Raytheon Co.		9,993		956,130
Southwest Airlines Co.		105,520		3,491,657
Spirit AeroSystems Holdings, Inc. Class A*		66,600		3,670,326
Stanley Black & Decker, Inc.		111,700		11,755,308
Terex CorporationD		193,560		4,500,270
Textron, Inc.		229,295		10,233,436
Triumph Group, Inc.		5,080		335,229
United Continental Holdings, Inc.*		71,900		3,811,419
United Technologies Corporation		26,412		2,929,883
Waste Management, Inc.		13,683		634,207
				146,971,298
Technology — 11.4%
Apple, Inc.		36,800		4,615,640
Applied Materials, Inc.		226,920		4,361,402
Arrow Electronics, Inc.*		11,230		626,634
Broadcom Corporation Class A		16,729		861,376
Cisco Systems, Inc.		502,477		13,798,018
Corning, Inc.		271,636		5,359,378
EMC CorporationD		58,171		1,535,133
Hewlett-Packard Co.		83,862		2,516,699
Intel CorporationD		735,626		22,374,065
International Business Machines Corporation		13,206		2,148,088
Jabil Circuit, Inc.D		100,160		2,132,406
Juniper Networks, Inc.		27,480		713,656
Micron Technology, Inc.D*		32,546		613,167
Microsoft Corporation		703,755		31,070,783
NetApp, Inc.D		60,400		1,906,224
Oracle CorporationD		345,606		13,927,922
QUALCOMM, Inc.D		212,538		13,311,255
Rackspace Hosting, Inc.*		13,520		502,809
Symantec Corporation		230,170		5,351,452
Texas Instruments, Inc.D		167,300		8,617,623
VeriSign, Inc.D*		62,000		3,826,640
Western Digital Corporation		121,725		9,545,675
Yahoo!, Inc.*		30,658		1,204,553
				150,920,598
Utilities — 6.0%
AES Corporation		783,080		10,383,641
American Electric Power Co., Inc.		146,351		7,752,212
AT&T, Inc.D		666,073		23,658,913
CenturyLink, Inc.D		78,500		2,306,330
Dominion Resources, Inc.D		18,310		1,224,390
Duke Energy CorporationD		22,583		1,594,811

See Notes to Financial Statements.

150

	Shares		Value
Edison International		89,200	$	4,957,736
Entergy Corporation		65,000		4,582,500
Exelon CorporationD		28,285		888,715
NextEra Energy, Inc.		14,409		1,412,514
PG&E Corporation		41,086		2,017,323
Public Service Enterprise Group, Inc.		78,280		3,074,838
Southern Co. (The)D		29,787		1,248,075
T-Mobile US, Inc.D*		8,861		343,541
Verizon Communications, Inc.D		302,609		14,104,606
				79,550,145
Total Common Stocks (Cost $915,038,852)				1,145,904,197
FOREIGN COMMON STOCKS — 10.5%
Bermuda — 1.4%
Assured Guaranty, Ltd.		72,880		1,748,391
AXIS Capital Holdings, Ltd.		41,000		2,188,170
Bunge, Ltd.		54,420		4,778,076
Everest Re Group, Ltd.		14,800		2,693,748
Nabors Industries, Ltd.		371,379		5,358,999
RenaissanceRe Holdings, Ltd.		10,220		1,037,433
				17,804,817
Canada — 0.4%
Catamaran CorporationD*		87,400		5,338,392
Thomson Reuters CorporationD		10,858		413,364
				5,751,756
Cayman Islands — 0.1%
Herbalife, Ltd.D*		18,000		991,620
Curacao — 0.2%
Schlumberger, Ltd.		36,468		3,143,177
France — 1.1%
Sanofi ADRD		284,800		14,106,144
Guernsey — 0.1%
Amdocs, Ltd.		25,920		1,414,973
Ireland — 3.4%
CRH PLC ADR		535,700		15,058,527
Eaton Corporation PLCD		15,313		1,033,474
Medtronic PLCD		255,860		18,959,226
Pentair PLCD		65,764		4,521,275
Tyco International PLC		146,270		5,628,470
				45,200,972
Jersey — 1.1%
Delphi Automotive PLC		173,490		14,762,264
Netherlands — 0.1%
LyondellBasell Industries NV Class A		15,030		1,555,906
Mylan NV*		2,026		137,484
				1,693,390
Panama — 0.1%
Carnival Corporation		13,836		683,360
Singapore — 0.2%
Flextronics International, Ltd.*		224,490		2,538,982
Switzerland — 0.1%
ACE, Ltd.		10,705		1,088,484
Transocean, Ltd.D		15,790		254,535
				1,343,019

	Shares		Value
United Kingdom — 2.2%
BP PLC ADRD		236,800	$	9,462,528
Ensco PLC Class AD		218,760		4,871,785
GlaxoSmithKline PLC ADRD		252,300		10,508,295
Noble Corporation PLCD		180,520		2,778,203
Rowan Cos. PLC Class AD		67,100		1,416,481
				29,037,292
United States of America — 0.0%
Southern Copper Corporation		2,315		68,084
Total Foreign Common Stocks (Cost $126,228,497)				138,539,850
MONEY MARKET FUNDS — 16.5%
GuideStone Money Market Fund (Investor Class)¥		36,396,363		36,396,363
Northern Institutional Liquid Assets Portfolio§		182,748,488		182,748,488
Total Money Market Funds (Cost $219,144,851)				219,144,851
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 0.45%, 10/08/15 (Cost $649,919)	$	650,000		649,986
TOTAL INVESTMENTS — 113.6% (Cost $1,261,062,119)				1,504,238,884
Liabilities in Excess of Other Assets — (13.6)%				(179,536,660	)
Net Assets — 100.0%			$	1,324,702,224

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		25.7
Money Market Funds		16.5
Technology		11.4
Producer Durables		11.1
Foreign Common Stocks		10.5
Consumer Discretionary		9.8
Healthcare		8.7
Energy		8.0
Utilities		6.0
Consumer Staples		3.7
Materials & Processing		2.1
U.S. Treasury Obligations		0.1
		113.6

See Notes to Financial Statements.

151

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	1,145,904,197		$	1,145,904,197		$	—	$	—
Foreign Common Stocks		138,539,850			138,539,850			—		—
Money Market Funds		219,144,851			219,144,851			—		—
U.S. Treasury Obligation		649,986			—��			649,986		—
Total Assets — Investments in Securities	$	1,504,238,884		$	1,503,588,898		$	649,986	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(938,383	)	$	(938,383	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(938,383	)	$	(938,383	)	$	—	$	—

*** 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 ended June 30, 2015.

See Notes to Financial Statements.

152

GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 82.7%
Consumer Discretionary — 16.3%
Amazon.com, Inc.*		69,300	$	30,082,437
Chipotle Mexican Grill, Inc.D*		21,703		13,130,098
Comcast Corporation Class A		73,315		4,409,164
Costco Wholesale Corporation		61,041		8,244,198
Discovery Communications, Inc. Class A D*		76,770		2,553,370
Discovery Communications, Inc. Class C*		208,844		6,490,872
Dollar Tree, Inc.*		102,888		8,127,123
eBay, Inc.*		253,068		15,244,816
Estee Lauder Cos., Inc. (The) Class A		112,923		9,785,907
L Brands, Inc.		99,622		8,540,594
Liberty Interactive Corporation Class A*		398,621		11,061,733
Lowe’s Cos., Inc.		63,800		4,272,686
Lululemon Athletica, Inc.*		15,630		1,020,639
NIKE, Inc. Class B		231,755		25,034,175
Priceline Group, Inc. (The)*		14,776		17,012,643
Sally Beauty Holdings, Inc.*		134,974		4,262,479
Starbucks Corporation		328,924		17,635,260
Tesla Motors, Inc.D*		11,117		2,982,246
TripAdvisor, Inc.D*		209,209		18,230,472
Twenty-First Century Fox, Inc. Class A		227,000		7,387,715
Walt Disney Co. (The)		85,640		9,774,950
Yum! Brands, Inc.		78,600		7,080,288
				232,363,865
Consumer Staples — 4.8%
Coca-Cola Co. (The)		219,900		8,626,677
CVS Health Corporation		38,090		3,994,879
Mead Johnson Nutrition Co.		95,129		8,582,538
Monster Beverage Corporation*		96,500		12,932,930
Procter & Gamble Co. (The)		109,100		8,535,984
Walgreens Boots Alliance, Inc.		160,640		13,564,442
Whole Foods Market, Inc.		303,308		11,962,468
				68,199,918
Energy — 2.5%
EOG Resources, Inc.		71,605		6,269,018
FMC Technologies, Inc.*		293,021		12,157,441
Kinder Morgan, Inc.		158,912		6,100,632
Southwestern Energy Co.D*		119,000		2,704,870
Williams Cos., Inc. (The)		151,533		8,696,479
				35,928,440
Financial Services — 12.6%
American Express Co.		47,600		3,699,472
Charles Schwab Corporation (The)		815,505		26,626,238
Crown Castle International Corporation REIT		128,493		10,317,988
Equinix, Inc. REITD		51,148		12,991,592
FactSet Research Systems, Inc.D		43,000		6,987,930
FleetCor Technologies, Inc.*		26,617		4,153,849
Greenhill & Co., Inc.D		33,500		1,384,555
Intercontinental Exchange, Inc.		38,599		8,631,122
LendingClub CorporationD*		369,000		5,442,750
MasterCard, Inc. Class A		145,970		13,645,276
SEI Investments Co.		208,000		10,198,240

	Shares		Value
Visa, Inc. Class AD		1,108,794	$	74,455,517
				178,534,529
Healthcare — 15.0%
Alexion Pharmaceuticals, Inc.*		89,914		16,253,754
Amgen, Inc.		44,800		6,877,696
athenahealth, Inc. D*		45,400		5,201,932
Biogen, Inc.*		78,136		31,562,256
BioMarin Pharmaceutical, Inc.*		84,800		11,598,944
Bristol-Myers Squibb Co.		119,271		7,936,292
Celgene Corporation*		181,462		21,001,505
Cerner Corporation*		112,000		7,734,720
DaVita HealthCare Partners, Inc.*		90,353		7,180,353
Express Scripts Holding Co. D*		134,597		11,971,057
Gilead Sciences, Inc.		58,933		6,899,876
HCA Holdings, Inc.*		88,040		7,986,989
Illumina, Inc. D*		47,872		10,453,330
Incyte Corporation, Ltd.*		20,470		2,133,179
Intuitive Surgical, Inc.*		19,595		9,493,777
Pacira Pharmaceuticals, Inc. D*		41,342		2,923,706
Regeneron Pharmaceuticals, Inc.*		33,100		16,885,303
UnitedHealth Group, Inc.		57,114		6,967,908
Varian Medical Systems, Inc. D*		88,000		7,421,040
Vertex Pharmaceuticals, Inc. D*		47,401		5,853,075
Zimmer Biomet Holdings, Inc.D		44,000		4,806,120
Zoetis, Inc.		84,463		4,072,806
				213,215,618
Materials & Processing — 2.2%
Ecolab, Inc.		74,597		8,434,683
Fastenal Co.D		168,405		7,103,323
Monsanto Co.		91,000		9,699,690
Sherwin-Williams Co. (The)D		23,590		6,487,721
				31,725,417
Producer Durables — 4.4%
Automatic Data Processing, Inc.		33,000		2,647,590
Boeing Co. (The)		44,624		6,190,241
Colfax Corporation D*		112,648		5,198,705
Danaher Corporation		114,938		9,837,544
Delta Air Lines, Inc.		93,963		3,860,000
Expeditors International of Washington, Inc.D		197,400		9,101,127
National Instruments CorporationD		136,204		4,012,570
Stericycle, Inc.D*		74,322		9,952,459
Union Pacific Corporation		41,520		3,959,762
United Parcel Service, Inc. Class B		83,300		8,072,603
				62,832,601
Technology — 24.9%
Adobe Systems, Inc.*		219,534		17,784,449
Altera Corporation		17,700		906,240
Amphenol Corporation Class A		158,082		9,164,013
Analog Devices, Inc.		22,000		1,412,070
ANSYS, Inc.D*		58,585		5,345,295
Apple, Inc.		194,160		24,352,518
Autodesk, Inc.*		140,400		7,030,530
Cisco Systems, Inc.		560,100		15,380,346

See Notes to Financial Statements.

153

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Cognizant Technology Solutions Corporation Class A*		132,495	$	8,094,120
Electronic Arts, Inc.D*		202,504		13,466,516
Facebook, Inc. Class A*		695,359		59,637,465
Google, Inc. Class A*		53,072		28,661,003
Google, Inc. Class C*		41,775		21,744,305
Intuit, Inc.		58,800		5,925,276
LinkedIn Corporation, Class AD*		91,826		18,974,006
Microsoft Corporation		360,162		15,901,152
NetSuite, Inc.D*		41,007		3,762,392
Oracle Corporation		335,447		13,518,514
Palo Alto Networks, Inc.*		42,723		7,463,708
QUALCOMM, Inc.		421,774		26,415,706
Rovi Corporation*		7		112
salesforce.com, Inc.*		521,555		36,315,875
Splunk, Inc.D*		139,000		9,677,180
Yelp, Inc.D*		53,772		2,313,809
				353,246,600
Total Common Stocks (Cost $958,444,686)				1,176,046,988
FOREIGN COMMON STOCKS — 13.3%
Bermuda — 0.5%
Genpact, Ltd.*		266,780		5,690,418
Signet Jewelers, Ltd.		15,447		1,980,923
				7,671,341
Canada — 1.2%
Canadian Pacific Railway, Ltd.		25,453		4,078,334
Valeant Pharmaceuticals International, Inc.*		59,125		13,134,619
				17,212,953
China — 3.8%
Alibaba Group Holding, Ltd.
ADRD*		303,833		24,996,341
Baidu, Inc. ADR*		126,461		25,175,856
Tencent Holdings, Ltd.		208,000		4,151,118
				54,323,315
Curacao — 1.8%
Schlumberger, Ltd.		289,524		24,954,074
Denmark — 1.4%
Novo Nordisk A/S ADR		373,400		20,447,384
France — 0.8%
Danone SA ADR		822,409		10,650,200
Liberia — 0.2%
Royal Caribbean Cruises, Ltd.		28,130		2,213,550
Netherlands — 1.5%
ASML Holding NVD		114,094		11,880,608
NXP Semiconductor NV*		90,799		8,916,462
				20,797,070
Switzerland — 1.0%
Novartis AG ADRD		148,531		14,606,538
United Kingdom — 1.1%
ARM Holdings PLC ADRD		327,600		16,140,852
Total Foreign Common Stocks (Cost $173,173,006)				189,017,277

	Shares		Value
MONEY MARKET FUNDS — 19.0%
GuideStone Money Market Fund (Investor Class)¥		56,589,470	$	56,589,470
Northern Institutional Liquid Assets Portfolio§		213,808,823		213,808,823
Total Money Market Funds (Cost $270,398,293)				270,398,293
TOTAL INVESTMENTS — 115.0% (Cost $1,402,015,985)				1,635,462,558
Liabilities in Excess of Other Assets — (15.0)%				(213,596,552	)
NET ASSETS — 100.0%			$	1,421,866,006

PORTFOLIO SUMMARY (based on net assets)

	%
Technology	24.9
Money Market Funds	19.0
Consumer Discretionary	16.3
Healthcare	15.0
Foreign Common Stocks	13.3
Financial Services	12.6
Consumer Staples	4.8
Producer Durables	4.4
Energy	2.5
Materials & Processing	2.2
	115.0

See Notes to Financial Statements.

154

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	1,176,046,988		$	1,176,046,988		$	—	$	—
Foreign Common Stocks		189,017,277			189,017,277			—		—
Money Market Funds		270,398,293			270,398,293			—		—
Total Assets — Investments in Securities	$	1,635,462,558		$	1,635,462,558		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(1,219,429	)	$	(1,219,429	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(1,219,429	)	$	(1,219,429	)	$	—	$	—

*** 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 ended June 30, 2015.

See Notes to Financial Statements.

155

SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 87.5%
Consumer Discretionary — 13.9%
2U, Inc.D*		49,900	$	1,606,281
AMC Networks, Inc. Class A*		12,300		1,006,755
American Axle & Manufacturing Holdings, Inc.D*		94,220		1,970,140
American Eagle Outfitters, Inc.D		91,000		1,567,020
Ascena Retail Group, Inc.*		17,600		293,128
Avis Budget Group, Inc.*		14,010		617,561
Big Lots, Inc.D		24,480		1,101,355
Blue Nile, Inc.D*		13,700		416,343
Bright Horizons Family Solutions, Inc.*		41,900		2,421,820
Brunswick CorporationD		13,300		676,438
Burlington Stores, Inc.*		50,200		2,570,240
Cavco Industries, Inc.D*		4,420		333,445
Children’s Place, Inc. (The)D		2,960		193,614
Cooper Tire & Rubber Co.D		52,600		1,779,458
Dana Holding Corporation		26,800		551,544
Dave & Buster’s Entertainment, Inc.*		14,200		512,478
Destination Maternity CorporationD		32,000		373,120
Destination XL Group, Inc.D*		330,288		1,654,743
Dillard’s, Inc. Class AD		3,100		326,089
Dorman Products, Inc.D*		32,100		1,529,886
Drew Industries, Inc.D*		33,000		1,914,660
DSW, Inc. Class A		14,600		487,202
Express, Inc.*		66,400		1,202,504
Finish Line, Inc. (The) Class A		10,300		286,546
Five Below, Inc.*		19,300		762,929
Fogo De Chao, Inc.D*		7,300		169,068
Fox Factory Holding Corporation*		85,900		1,381,272
Genesco, Inc.*		8,200		541,446
G-III Apparel Group, Ltd.D*		51,500		3,623,025
GoPro, Inc. Class AD*		14,900		785,528
Grand Canyon Education, Inc.*		49,090		2,081,416
Gray Television, Inc.*		19,000		297,920
Iconix Brand Group, Inc.D*		15,550		388,283
Inter Parfums, Inc.		29,000		983,970
Jack in the Box, Inc.D		9,400		828,704
Kirkland’s, Inc.D*		13,300		370,671
Kona Grill, Inc.D*		37,215		722,343
La Quinta Holdings, Inc.D*		41,700		952,845
Lear Corporation		20,800		2,335,008
Libbey, Inc.D		114,500		4,732,285
Lithia Motors, Inc. Class A		12,800		1,448,448
Malibu Boats, Inc. Class A*		45,518		914,457
Marriott Vacations Worldwide CorporationD		1,900		174,325
Mattress Firm Holding CorporationD*		19,400		1,182,430
Meritor, Inc.*		68,570		899,638
Monro Muffler Brake, Inc.D		32,750		2,035,740
Nutrisystem, Inc.D		14,000		348,320
NVR, Inc.*		1,000		1,340,000
Outerwall, Inc.D		26,600		2,024,526
Oxford Industries, Inc.		5,000		437,250
Party City Holdco, Inc.*		13,209		267,746
Pier 1 Imports, Inc.D		66,720		842,674
Rentrak CorporationD*		4,451		310,680
Ryland Group, Inc. (The)D		13,700		635,269
Scholastic Corporation		25,670		1,132,817
Select Comfort Corporation*		27,600		829,932

	Shares		Value
Shutterstock, Inc.D*		24,000	$	1,407,360
Smith & Wesson Holding CorporationD*		126,686		2,101,721
Sotheby’sD		41,600		1,881,984
Steven Madden, Ltd.D*		35,340		1,511,845
Tower International, Inc.*		45,900		1,195,695
Universal Electronics, Inc.*		82,884		4,130,939
Visteon Corporation*		2,600		272,948
VOXX International CorporationD*		71,129		588,948
Wayfair, Inc. Class AD*		19,400		730,216
William Lyon Homes Class AD*		46,000		1,180,820
World Wrestling Entertainment, Inc. Class AD		17,900		295,350
Zagg, Inc.D*		196,450		1,555,884
Zoe’s Kitchen, Inc.D*		9,009		368,828
				78,395,873
Consumer Staples — 1.4%
Andersons, Inc. (The)D		14,900		581,100
Dean Foods Co.		62,680		1,013,536
Ingles Markets, Inc. Class AD		34,400		1,643,288
Medifast, Inc.D*		12,700		410,464
Omega Protein CorporationD*		55,450		762,438
Sanderson Farms, Inc.D		4,790		360,016
SUPERVALU, Inc.D*		113,500		918,215
United Natural Foods, Inc.D*		33,100		2,107,808
				7,796,865
Energy — 3.1%
American Standard Energy Corporation@*		8,702		44
Atwood Oceanics, Inc.D		82,870		2,191,083
CARBO Ceramics, Inc.D		19,700		820,111
Cloud Peak Energy, Inc.D*		98,500		459,010
Delek US Holdings, Inc.		16,300		600,166
Denbury Resources, Inc.D		135,340		860,762
EnerNOC, Inc.D*		45,400		440,380
Exterran Holdings, Inc.		9,360		305,604
Gulfport Energy Corporation*		44,600		1,795,150
Hornbeck Offshore Services, Inc.D*		34,250		703,153
Matador Resources Co.D*		27,300		682,500
Nuverra Environmental Solutions, Inc.D*		196		1,229
Oil States International, Inc.*		17,700		658,971
Patterson-UTI Energy, Inc.		9,470		178,178
PBF Energy, Inc. Class AD		56,875		1,616,388
PDC Energy, Inc.D*		15,500		831,420
Ring Energy, Inc.D*		153,959		1,722,801
RSP Permian, Inc.D*		43,220		1,214,914
Stone Energy Corporation*		12,000		151,080
SunCoke Energy, Inc.		13,690		177,970
Synergy Resources CorporationD*		135,070		1,543,850
WPX Energy, Inc.D*		26,160		321,245
				17,276,009
Financial Services — 17.6%
AMERISAFE, Inc.		74,665		3,513,735
AmTrust Financial Services, Inc.D		33,320		2,182,793
Ashford Hospitality Prime, Inc. REITD		109,810		1,649,346
Ashford Hospitality Trust, Inc. REIT		48,900		413,694

See Notes to Financial Statements.

156

	Shares		Value
Assurant, Inc.		35,000	$	2,345,000
Banc of California, Inc.		61,970		852,088
BancFirst CorporationD		6,110		399,900
Bancorp, Inc. (The)D*		95,500		886,240
Bank of the Ozarks, Inc.D		14,600		667,950
Banner Corporation		22,600		1,083,218
Berkshire Hills Bancorp, Inc.		36,790		1,047,779
Blackhawk Network Holdings, Inc.*		20,300		836,360
BlackRock Capital Investment CorporationD		55,828		510,268
Cardinal Financial CorporationD		28,310		616,875
Cardtronics, Inc.D*		39,900		1,478,295
Cathay General BancorpD		11,900		386,155
CBL & Associates Properties, Inc. REITD		104,500		1,692,900
CBOE Holdings, Inc.		3,250		185,965
Chemical Financial Corporation		25,901		856,287
Community Bank System, Inc.D		23,000		868,710
Compass Diversified Holdings		178,235		2,923,054
CoreSite Realty Corporation REITD		43,100		1,958,464
Cowen Group, Inc. Class AD*		33,270		212,928
Customers Bancorp, Inc.D*		42,670		1,147,396
Dun & Bradstreet Corporation (The)		5,000		610,000
East West Bancorp, Inc.		19,800		887,436
Encore Capital Group, Inc.D*		10,290		439,795
FBL Financial Group, Inc. Class AD		10,400		600,288
FBR & Co.D*		16,480		381,347
Federal Agricultural Mortgage Corporation Class C		1,480		43,009
Financial Engines, Inc.D		18,100		768,888
First Commonwealth Financial CorporationD		59,400		569,646
First Niagara Financial Group, Inc.D		246,080		2,322,995
Flagstar Bancorp, Inc.D*		78,000		1,441,440
FNB CorporationD		85,200		1,220,064
Genworth Financial, Inc. Class AD*		79,000		598,030
Gladstone Investment Corporation		21,560		171,402
Global Payments, Inc.		12,500		1,293,125
Gramercy Property Trust, Inc. REITD		47,775		1,116,502
Green Dot Corporation Class A*		107,700		2,059,224
HCI Group, Inc.D		48,700		2,153,027
Heartland Payment Systems, Inc.D		38,800		2,097,140
Hersha Hospitality Trust REITD		73,800		1,892,232
Highwoods Properties, Inc. REITD		26,300		1,050,685
HomeStreet, Inc.*		25,310		577,574
Hospitality Properties Trust REIT		81,920		2,360,934
Huntington Bancshares, Inc.		191,600		2,166,996
Jack Henry & Associates, Inc.		38,600		2,497,420
Jones Lang LaSalle, Inc.		13,500		2,308,500
Kennedy-Wilson Holdings, Inc.		70,025		1,721,915
LaSalle Hotel Properties REIT		38,300		1,358,118
LendingTree, Inc.*		1,900		149,359
Manning & Napier, Inc.D		34,600		344,962

	Shares		Value
Marcus & Millichap, Inc.D*		11,130	$	513,538
MarketAxess Holdings, Inc.		4,100		380,357
MGIC Investment CorporationD*		57,000		648,660
Net 1 UEPS Technologies, Inc.D*		86,340		1,578,295
PennyMac Financial Services, Inc. Class A*		10,560		191,347
PRA Group, Inc.D*		11,600		722,796
PrivateBancorp, Inc.D		38,150		1,519,133
ProAssurance Corporation		29,410		1,359,036
Radian Group, Inc.D		46,700		876,092
Reinsurance Group of America, Inc.		27,100		2,570,977
RLJ Lodging Trust REIT		44,200		1,316,276
Ryman Hospitality Properties, Inc. REIT		39,700		2,108,467
Safeguard Scientifics, Inc.D*		62,940		1,224,812
Selective Insurance Group, Inc.D		31,375		880,069
StanCorp Financial Group, Inc.D		13,100		990,491
Summit Hotel Properties, Inc. REITD		159,900		2,080,299
Sunstone Hotel Investors, Inc. REIT		133,315		2,001,058
TCF Financial Corporation		69,400		1,152,734
Texas Capital Bancshares, Inc.D*		27,880		1,735,251
Third Point Reinsurance, Ltd.D*		27,100		399,725
THL Credit, Inc.		113,140		1,306,767
United Community Banks, Inc.		112,410		2,345,997
Universal Insurance Holdings, Inc.		45,000		1,089,000
Virtus Investment Partners, Inc.D		3,225		426,506
WEX, Inc.*		18,400		2,097,048
WisdomTree Investments, Inc.D		126,800		2,785,162
World Acceptance CorporationD*		18,550		1,141,011
				99,358,357
Healthcare — 10.2%
Aegerion Pharmaceuticals, Inc.D*		14,370		272,599
Air Methods CorporationD*		57,240		2,366,302
Alere, Inc.*		13,700		722,675
Align Technology, Inc.*		14,200		890,482
AMAG Pharmaceuticals, Inc.D*		5,645		389,844
AMN Healthcare Services, Inc.*		21,000		663,390
Analogic CorporationD		26,600		2,098,740
Aratana Therapeutics, Inc.D*		19,800		299,376
Array BioPharma, Inc.D*		124,400		896,924
AtriCure, Inc.D*		18,547		456,998
Bio-Reference Laboratories, Inc.*		29,370		1,211,512
BioScrip, Inc.D*		169,599		615,644
Celldex Therapeutics, Inc.D*		27,000		680,940
Cempra, Inc.D*		20,800		714,688
Cepheid, Inc.D*		15,300		935,595
Clovis Oncology, Inc.D*		15,200		1,335,776
Community Health Systems, Inc.D*		20,600		1,297,182
Cynosure, Inc. Class AD*		41,600		1,604,928

See Notes to Financial Statements.

157

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Depomed, Inc.D*		17,300	$	371,258
DexCom, Inc.*		11,652		931,927
Eagle Pharmaceuticals, Inc.*		4,930		398,640
Emergent BioSolutions, Inc.D*		52,420		1,727,239
Enanta Pharmaceuticals, Inc.D*		11,210		504,338
Esperion Therapeutics, Inc.D*		8,555		699,457
Exact Sciences CorporationD*		20,300		603,722
Five Star Quality Care, Inc.+		2,086		—
Globus Medical, Inc. Class AD*		42,300		1,085,841
Hanger, Inc.D*		17,730		415,591
Health Net, Inc.*		49,200		3,154,704
Hill-Rom Holdings, Inc.		5,170		280,886
Inogen, Inc.*		41,939		1,870,479
Integra LifeSciences Holdings CorporationD*		34,461		2,321,638
Intercept Pharmaceuticals, Inc.D*		1,775		428,450
LDR Holding CorporationD*		15,000		648,750
LifePoint Health, Inc.*		7,100		617,345
Ligand Pharmaceuticals, Inc.D*		4,010		404,609
Magellan Health Services, Inc.*		17,500		1,226,225
Masimo CorporationD*		24,890		964,239
Medidata Solutions, Inc.D*		10,300		559,496
Molina Healthcare, Inc.D*		8,300		583,490
Nevro CorporationD*		11,636		625,435
NuVasive, Inc.D*		19,153		907,469
Omnicare, Inc.		670		63,147
OvaScience, Inc.D*		6,313		182,635
PDL BioPharma, Inc.D		336,190		2,161,702
Press Ganey Holdings, Inc.*		32,800		940,376
PTC Therapeutics, Inc.D*		5,919		284,881
Receptos, Inc.D*		2,900		551,145
Repligen CorporationD*		4,300		177,461
Seres Therapeutics, Inc.*		12,500		518,750
Sirona Dental Systems, Inc.D*		8,000		803,360
Spectranetics Corporation (The)D*		7,000		161,070
Stemline Therapeutics, Inc.D*		36,700		431,959
Surgical Care Affiliates, Inc.*		22,700		871,226
Team Health Holdings, Inc.*		37,400		2,443,342
United Therapeutics CorporationD*		8,300		1,443,785
US Physical Therapy, Inc.D		40,100		2,195,876
VCA, Inc.*		18,300		995,611
WellCare Health Plans, Inc.D*		16,600		1,408,178
West Pharmaceutical Services, Inc.D		51,000		2,962,080
				57,381,407
Materials & Processing — 5.3%
American Vanguard CorporationD		24,000		331,200
Ashland, Inc.		4,060		494,914
Boise Cascade Co.*		39,240		1,439,323
Century Aluminum Co.D*		27,300		284,739
Comfort Systems USA, Inc.		17,000		390,150
Domtar CorporationD		12,120		501,768
Ferro Corporation*		39,180		657,440
FutureFuel Corporation		65,737		846,035
Insteel Industries, Inc.		64,770		1,211,199
Interface, Inc.		100,910		2,527,796
Kaiser Aluminum CorporationD		11,600		963,728
KMG Chemicals, Inc.		12,400		315,456
Koppers Holdings, Inc.		38,170		943,562
Landec CorporationD*		46,200		666,666

	Shares		Value
LB Foster Co. Class AD		15,299	$	529,498
LSB Industries, Inc.D*		12,850		524,794
Mercer International, Inc.*		86,000		1,176,480
Myers Industries, Inc.D		11,590		220,210
NN, Inc.D		98,670		2,518,058
OMNOVA Solutions, Inc.D*		179,010		1,340,785
Owens-Illinois, Inc.*		11,000		252,340
P.H. Glatfelter Co.		48,540		1,067,395
Patrick Industries, Inc.*		69,570		2,647,139
PolyOne CorporationD		60,075		2,353,138
RBC Bearings, Inc.D*		21,500		1,542,840
Reliance Steel & Aluminum Co.		7,740		468,115
Resolute Forest Products*		76,500		860,625
Rexnord Corporation*		66,600		1,592,406
Summit Materials, Inc. Class A*		18,800		479,400
Universal Stainless & Alloy Products, Inc.D*		55,449		1,089,573
				30,236,772
Producer Durables — 18.9%
ACCO Brands CorporationD*		379,460		2,948,404
Actuant Corporation Class A		29,200		674,228
Advisory Board Co. (The)*		38,300		2,093,861
Aegion Corporation*		64,340		1,218,600
AGCO CorporationD		12,100		687,038
Alaska Air Group, Inc.		34,100		2,197,063
Albany International Corporation Class A		65,075		2,589,985
Allegiant Travel Co.D		11,800		2,098,984
Argan, Inc.*		29,000		1,169,570
Astronics Corporation*		44,222		3,134,898
Atlas Air Worldwide Holdings, Inc.*		37,915		2,083,808
Avery Dennison Corporation		5,000		304,700
AZZ, Inc.		61,001		3,159,852
Brady Corporation Class AD		15,850		392,129
Bristow Group, Inc.D		7,000		373,100
CAI International, Inc.*		27,700		570,343
CEB, Inc.		25,900		2,254,854
Chart Industries, Inc.*		24,700		883,025
Columbus McKinnon Corporation		107,035		2,675,875
Crane Co.		22,700		1,333,171
DHI Group, Inc.*		42,200		375,158
Ducommun, Inc.*		56,197		1,442,577
DXP Enterprises, Inc.D*		15,100		702,150
Dycom Industries, Inc.D*		12,800		753,280
EMCOR Group, Inc.		83,900		4,007,903
EnerSys, Inc.D		44,100		3,099,789
Ennis, Inc.		33,050		614,400
ExlService Holdings, Inc.*		61,250		2,118,025
FARO Technologies, Inc.D*		24,900		1,162,830
Forward Air CorporationD		9,700		506,922
G&K Services, Inc. Class A		6,770		468,078
Generac Holdings, Inc.D*		9,900		393,525
General Cable CorporationD		29,200		576,116
GP Strategies Corporation*		57,300		1,904,652
Great Lakes Dredge & Dock CorporationD*		135,540		807,818
Greenbrier Cos., Inc. (The)D		50,150		2,349,527
Hawaiian Holdings, Inc.D*		48,400		1,149,500
Healthcare Services Group, Inc.D		31,350		1,036,118

See Notes to Financial Statements.

158

	Shares		Value
Huntington Ingalls Industries, Inc.		17,100	$	1,925,289
Huron Consulting Group, Inc.*		21,800		1,527,962
Hyster-Yale Materials Handling, Inc.D		14,900		1,032,272
ICF International, Inc.*		20,800		725,088
JetBlue Airways CorporationD*		54,300		1,127,268
Kelly Services, Inc. Class AD		16,630		255,270
Kennametal, Inc.D		29,100		992,892
Lexmark International, Inc. Class A		26,510		1,171,742
Littelfuse, Inc.		15,000		1,423,350
MAXIMUS, Inc.		26,000		1,708,980
McGrath RentCorpD		17,700		538,611
MYR Group, Inc.*		74,800		2,315,808
Old Dominion Freight Line, Inc.*		23,400		1,605,357
On Assignment, Inc.*		74,400		2,922,432
Orbital ATK, Inc.D		20,531		1,506,154
OSI Systems, Inc.*		25,500		1,805,145
Park-Ohio Holdings CorporationD		19,700		954,662
PHH Corporation*		68,420		1,780,973
Primoris Services Corporation		35,340		699,732
Ryder System, Inc.D		11,700		1,022,229
Saia, Inc.D*		22,000		864,380
Spirit AeroSystems Holdings, Inc. Class A*		68,455		3,772,555
Spirit Airlines, Inc.*		22,000		1,366,200
Sun Hydraulics CorporationD		22,340		851,377
Taser International, Inc.D*		15,320		510,309
Tidewater, Inc.D		74,555		1,694,635
Titan International, Inc.D		118,700		1,274,838
Titan Machinery, Inc.D*		55,745		821,124
TriNet Group, Inc.*		39,100		991,185
Triumph Group, Inc.		33,730		2,225,843
Tsakos Energy Navigation, Ltd.D		63,810		608,109
Wabash National CorporationD*		122,000		1,529,880
Wabtec Corporation		17,450		1,644,488
WageWorks, Inc.*		33,250		1,344,962
Wesco Aircraft Holdings, Inc.*		133,300		2,019,495
WESCO International, Inc.D*		22,600		1,551,264
XPO Logistics, Inc.D*		11,614		524,721
				106,948,437
Technology — 13.2%
Acacia Research CorporationD		103,544		908,081
ARRIS Group, Inc.*		12,100		370,260
Aspen Technology, Inc.D*		3,000		136,650
Autobytel, Inc.D*		9,870		157,821
Black Box Corporation		53,967		1,079,340
BroadSoft, Inc.*		31,100		1,075,127
CalAmp Corporation*		14,600		266,596
Cavium, Inc.D*		19,538		1,344,410
Ciena CorporationD*		11,400		269,952
Cognex Corporation		23,448		1,127,849
CommScope Holding Co., Inc.D*		19,400		591,894
CommVault Systems, Inc.*		4,170		176,850
comScore, Inc.*		46,784		2,491,716
Dealertrack Holdings, Inc.D*		30,100		1,889,979
DigitalGlobe, Inc.*		47,500		1,320,025
DST Systems, Inc.		5,600		705,488

	Shares		Value
Ellie Mae, Inc.D*		6,300	$	439,677
Evolent Health, Inc. Class A*		12,600		245,700
Fortinet, Inc.*		39,000		1,611,870
Global Eagle Entertainment, Inc.D*		72,200		940,044
IAC/InterActiveCorp		8,300		661,178
Infinera CorporationD*		42,100		883,258
Inovalon Holdings, Inc. Class AD*		9,200		256,680
Insight Enterprises, Inc.*		6,540		195,611
Integrated Device Technology, Inc.D*		51,708		1,122,064
Interactive Intelligence Group, Inc.D*		37,950		1,687,636
InterDigital, Inc.		31,550		1,794,879
InvenSense, Inc.D*		41,970		633,747
Jabil Circuit, Inc.D		111,200		2,367,448
KEYW Holding Corporation (The)D*		59,361		553,245
MA-COM Technology Solutions Holdings, Inc.D*		29,400		1,124,550
MKS Instruments, Inc.		58,700		2,227,078
Monotype Imaging Holdings, Inc.		26,000		626,860
NeuStar, Inc. Class AD*		68,900		2,012,569
NIC, Inc.*		113,188		2,069,077
Nuance Communications, Inc.*		25,800		451,758
OmniVision Technologies, Inc.D*		55,400		1,451,203
Paycom Software, Inc.*		36,300		1,239,645
PDF Solutions, Inc.*		42,800		684,800
Polycom, Inc.*		71,800		821,392
Progress Software Corporation*		13,900		382,250
Proofpoint, Inc.D*		19,900		1,267,033
PROS Holdings, Inc.D*		39,950		843,344
Q2 Holdings, Inc.*		46,800		1,322,100
Qlik Technologies, Inc.*		50,200		1,754,992
RingCentral, Inc. Class AD*		22,600		417,874
Silicon Graphics International CorporationD*		150,642		974,654
Solera Holdings, Inc.		46,250		2,060,900
Synaptics, Inc.D*		46,750		4,054,861
Synchronoss Technologies, Inc.D*		80,400		3,676,692
Tableau Software, Inc. Class A*		5,100		588,030
Take-Two Interactive Software, Inc.D*		100,420		2,768,579
Tessco Technologies, Inc.D		50,499		1,000,385
Tyler Technologies, Inc.*		44,210		5,719,890
Ultimate Software Group, Inc. (The)D*		18,500		3,040,290
United Online, Inc.*		87,140		1,365,484
Universal Display CorporationD*		17,100		884,583
Verint Systems, Inc.*		13,000		789,685
Virtusa Corporation*		27,100		1,392,940
Web.com Group, Inc.*		6,380		154,524
				74,473,097
Utilities — 3.9%
CMS Energy Corporation		66,860		2,128,822
Cogent Communications Holdings, Inc.D		36,200		1,225,008
El Paso Electric Co.		16,600		575,356
FairPoint Communications, Inc.D*		35,100		639,522

See Notes to Financial Statements.

159

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SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
General Communication, Inc. Class AD*		33,100	$	563,031
Great Plains Energy, Inc.		29,200		705,472
IDACORP, Inc.D		8,500		477,190
inContact, Inc.D*		43,817		432,474
Inteliquent, Inc.D		34,900		642,160
j2 Global, Inc.D		39,700		2,697,218
Laclede Group, Inc. (The)D		29,300		1,525,358
Pinnacle West Capital Corporation		6,200		352,718
PNM Resources, Inc.		32,900		809,340
Portland General Electric Co.		59,100		1,959,756
Southwest Gas CorporationD		14,960		796,022
UGI CorporationD		73,100		2,518,295
Vectren Corporation		52,700		2,027,896
West Corporation		58,650		1,765,365
				21,841,003
Total Common Stocks (Cost $430,899,424)				493,707,820
FOREIGN COMMON STOCKS — 9.1%
Bermuda — 3.1%
Aircastle, Ltd.D		23,100		523,677
Aspen Insurance Holdings, Ltd.		52,000		2,490,800
Assured Guaranty, Ltd.		85,610		2,053,784
AXIS Capital Holdings, Ltd.		47,200		2,519,064
ChipMOS TECHNOLOGIES Bermuda, Ltd.		32,100		701,064
Everest Re Group, Ltd.		15,700		2,857,557
Helen of Troy, Ltd.D		24,850		2,422,626
Maiden Holdings, Ltd.D		42,560		671,597
Nabors Industries, Ltd.		65,800		949,494
Validus Holdings, Ltd.		56,000		2,463,440
				17,653,103
Canada — 1.8%
Canadian Solar, Inc.D*		9,000		257,400
Colliers International Group, Inc.		29,100		1,119,768
Dominion Diamond Corporation		104,700		1,466,847
IMAX CorporationD*		73,100		2,943,737
Mitel Networks CorporationD*		111,320		982,955
Nevsun Resources, Ltd.D		160,510		605,123
Open Text Corporation		7,700		312,081
Performance Sports Group, Ltd.*		147,860		2,661,480
Thompson Creek Metals Co., Inc.D*		36,660		30,061
				10,379,452
Cayman Islands — 0.4%
Avolon Holdings, Ltd.		38,000		872,480
Herbalife, Ltd.D*		4,490		247,354
Nord Anglia Education, Inc.		56,800		1,392,736
				2,512,570
France — 0.3%
Criteo SA ADRD*		21,200		1,010,604
DBV Technologies SA ADRD*		17,600		524,128
				1,534,732
Ireland — 0.4%
Horizon Pharma PLC		53,000		1,841,220
Prothena Corporation PLCD*		6,268		330,136
				2,171,356

	Shares		Value
Israel — 0.7%
Mellanox Technologies, Ltd.		22,400	$	1,088,416
Orbotech, Ltd.		85,475		1,777,880
SodaStream International, Ltd.D		42,000		887,460
				3,753,756
Marshall Islands — 0.2%
Ocean Rig UDW, Inc.D		176,130		903,547
Netherlands — 0.4%
AVG Technologies NV		76,900		2,092,449
Puerto Rico — 0.4%
OFG BancorpD		168,300		1,795,761
Popular, Inc.*		12,700		366,522
				2,162,283
Singapore — 0.2%
Flextronics International, Ltd.*		88,000		995,280
Switzerland — 0.4%
Allied World Assurance Company Holdings AG		59,100		2,554,302
Taiwan — 0.1%
Silicon Motion Technology Corporation ADRD		19,100		661,051
United Kingdom — 0.7%
Ensco PLC Class AD		50,800		1,131,316
Noble Corporation PLCD		55,030		846,912
Rowan Cos. PLC Class AD		84,400		1,781,684
				3,759,912
Total Foreign Common Stocks (Cost $45,873,741)				51,133,793
RIGHTS/WARRANTS — 0.0%
Asen Warrants A+@		25,000		—
Asen Warrants B+@		25,000		—
Asen Warrants C+@		25,000		—
BioScrip, Inc.+		169,599		—
Total Rights/Warrants (Cost $0)				—
MONEY MARKET FUNDS — 35.0%
GuideStone Money Market Fund (Investor Class)¥		20,051,710		20,051,710
Northern Institutional Liquid Assets Portfolio§		177,779,012		177,779,012
Total Money Market Funds (Cost $197,830,722)				197,830,722

See Notes to Financial Statements.

160

	Par		Value
CORPORATE BONDS — 0.0%
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		—
Total Corporate Bonds (Cost $0)				—
FOREIGN BOND — 0.0%
Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#		130,000		2
Total Foreign Bond (Cost $98,162)				2
TOTAL INVESTMENTS — 131.6% (Cost $674,702,049)				742,672,337
Liabilities in Excess of Other Assets — (31.6)%				(178,363,438	)
NET ASSETS — 100.0%			$	564,308,899

PORTFOLIO SUMMARY (based on net assets)

	%
Money Market Funds		35.0
Producer Durables		18.9
Financial Services		17.6
Consumer Discretionary		13.9
Technology		13.2
Healthcare		10.2
Foreign Common Stocks		9.1
Materials & Processing		5.3
Utilities		3.9
Energy		3.1
Consumer Staples		1.4
Corporate Bonds		—	**
Foreign Bond		—	**
Rights/Warrants		—	**
		131.6

** Rounds to less than 0.005%.

See Notes to Financial Statements.

161

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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:
Consumer Discretionary	$	78,395,873		$	78,395,873		$	—		$	—
Consumer Staples		7,796,865			7,796,865			—			—
Energy		17,276,009			17,276,009			—			—
Financial Services		99,358,357			99,358,357			—			—
Healthcare		57,381,407			57,381,407			—			—
Materials & Processing		30,236,772			30,236,772			—			—
Producer Durables		106,948,437			106,948,437			—			—
Technology		74,473,097			74,473,097			—			—
Utilities		21,841,003			21,841,003			—			—
Corporate Bonds		—			—			—			—
Foreign Bond:
Iceland		2			—			—			2
Foreign Common Stocks		51,133,793			51,133,793			—			—
Money Market Funds		197,830,722			197,830,722			—			—
Rights/Warrants		—			—			—	��		—
Total Assets — Investments in Securities	$	742,672,337		$	742,672,335		$	—		$	2
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(188,740	)	$	(188,740	)	$	—		$	—
Total Liabilities — Other Financial Instruments	$	(188,740	)	$	(188,740	)	$	—		$	—

*** 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 ended June 30, 2015.

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 June 30, 2015.

See Notes to Financial Statements.

162

INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 95.7%
Australia — 6.7%
AGL Energy, Ltd.		5,457	$	65,471
Alumina, Ltd.		20,465		24,158
Amcor, Ltd.		9,791		103,644
AMP, Ltd.		23,961		111,293
APA Group		9,032		57,422
Asciano, Ltd.		7,938		40,728
ASX, Ltd.		1,566		48,209
Aurizon Holdings, Ltd.		17,229		68,193
AusNet Services		13,974		15,040
Australia & New Zealand Banking Group, Ltd.		22,420		557,001
Bank of Queensland, Ltd.		2,980		29,361
Bendigo and Adelaide Bank, Ltd.		3,661		34,630
BHP Billiton, Ltd.		26,028		543,216
Boral, Ltd.		6,338		28,607
Brambles, Ltd.		12,681		103,711
Caltex Australia, Ltd.		2,188		53,768
CIMIC Group, Ltd.		826		13,861
Coca-Cola Amatil, Ltd.		4,614		32,573
Cochlear, Ltd.		463		28,632
Commonwealth Bank of Australia		13,142		863,195
Computershare, Ltd.		3,815		34,468
CSL, Ltd.		3,841		256,256
Dexus Property Group REIT		7,794		43,898
Federation Centres REIT		27,302		61,510
Flight Centre Travel Group, Ltd.D		449		11,817
Fortescue Metals Group, Ltd.D		12,611		18,584
Goodman Group REIT		14,226		68,820
GPT Group (The) REITD		14,324		47,301
Harvey Norman Holdings, Ltd.		4,519		15,725
Healthscope, Ltd.		9,128		19,156
Iluka Resources, Ltd.D		3,392		20,099
Incitec Pivot, Ltd.		13,583		40,348
Insurance Australia Group, Ltd.		18,962		81,636
Lend Lease Group		4,463		51,755
Macquarie Group, Ltd.		2,367		148,658
Medibank Pvt, Ltd.*		22,284		34,558
Mirvac Group REIT		30,000		42,821
National Australia Bank, Ltd.		21,194		544,694
Newcrest Mining, Ltd.*		6,213		62,413
Orica, Ltd.		3,018		49,551
Origin Energy, Ltd.		8,957		82,722
Platinum Asset Management, Ltd.		1,896		10,942
Qantas Airways, Ltd.*		4,669		11,384
QBE Insurance Group, Ltd.		11,062		116,672
Ramsay Health Care, Ltd.		1,149		54,494
REA Group, Ltd.		425		12,857
Rio Tinto, Ltd.		3,530		146,392
Santos, Ltd.		7,964		48,113
Scentre Group REIT		43,186		124,951
Seek, Ltd.		2,626		28,487
Sonic Healthcare, Ltd.		3,091		50,965
South32, Ltd.*		43,138		59,577
Stockland REIT		19,153		60,588
Suncorp Group, Ltd.		10,419		107,961
Sydney Airport		8,813		33,862
Telstra Corporation, Ltd.		34,653		164,163
TPG Telecom, Ltd.		2,252		15,586
Transurban Group		15,523		111,384

	Shares		Value
Wesfarmers, Ltd.		9,108	$	274,275
Westfield Corporation REIT		16,012		112,669
Westpac Banking Corporation		25,290		627,328
Woodside Petroleum, Ltd.		6,007		158,646
WorleyParsons, Ltd.		1,678		13,477
				6,904,276
Austria — 0.2%
ANDRITZ AG		636		35,204
Erste Group Bank AG*		2,267		64,385
OMV AG		1,193		32,825
Raiffeisen Bank International AG*		950		13,821
Voestalpine AG		911		37,914
				184,149
Belgium — 0.6%
Ageas		1,675		64,527
Colruyt SA		568		25,434
Delhaize Group SA		834		68,860
Groupe Bruxelles Lambert SA		695		55,942
KBC Groep NV		2,071		138,393
Proximus		1,289		45,511
Solvay SA		479		65,897
Telenet Group Holding NV*		423		23,009
UCB SA		1,023		73,436
Umicore SA		771		36,557
				597,566
Bermuda — 0.2%
Cheung Kong Infrastructure Holdings, Ltd.		5,000		38,831
First Pacific Co., Ltd.		18,000		15,187
Kerry Properties, Ltd.		5,000		19,609
Li & Fung, Ltd.		46,000		36,496
Noble Group, Ltd.		42,800		24,151
NWS Holdings, Ltd.		12,000		17,369
Seadrill, Ltd.D		2,991		31,167
Shangri-La Asia, Ltd.		10,000		13,959
Yue Yuen Industrial Holdings, Ltd.		5,500		18,412
				215,181
Denmark — 1.6%
AP Moeller - Maersk A/S Class A		32		56,187
AP Moller - Maersk A/S Class B		58		105,046
Coloplast A/S Class B		901		59,121
Danske Bank A/S		5,731		168,541
DSV A/S		1,500		48,596
ISS A/S		1,204		39,726
Novo Nordisk A/S Class B		15,492		844,063
Novozymes A/S, B SharesD		1,941		92,266
Pandora A/S		935		100,459
TDC A/S		6,579		48,242
Tryg A/S		970		20,221
Vestas Wind Systems A/S		1,816		90,639
William Demant Holding A/SD*		207		15,791
				1,688,898

See Notes to Financial Statements.

163

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Finland — 0.9%
Elisa OYJ		1,152	$	36,513
Fortum OYJ		3,595		63,886
Kone OYJD		2,620		106,321
Metso OYJ		913		25,080
Neste OYJ		1,040		26,505
Nokia OYJ		29,817		202,441
Nokian Renkaat OYJ		919		28,800
Orion OYJ Class BD		816		28,547
Sampo OYJ, A Shares		3,692		173,902
Stora Enso OYJ Class RD		4,715		48,597
UPM-Kymmene OYJD		4,449		78,715
Wartsila OYJ AbpD		1,199		56,168
				875,475
France — 8.8%
Accor SA		1,704		86,000
Aeroports de Paris		242		27,344
Air Liquide SA		2,840		359,203
Alcatel-Lucent*		22,814		83,119
Alstom SA*		1,756		49,823
Arkema SA		531		38,260
AtoS		706		52,719
AXA SA		15,840		399,629
BNP Paribas SA		8,631		521,047
Bollore SA		7,095		37,770
Bouygues SA		1,637		61,202
Bureau Veritas SA		2,146		49,428
Cap Gemini SA		1,260		111,492
Carrefour SA		4,471		143,155
Casino Guichard Perrachon SA		458		34,695
Christian Dior SE		442		86,283
Cie de St-Gobain		3,871		173,789
Cie Generale des Etablissements Michelin		1,506		157,806
CNP Assurances		1,390		23,214
Credit Agricole SA		8,358		124,301
Danone SA		4,692		303,339
Dassault Systemes		1,039		75,546
Edenred		1,668		41,217
Electricite de France SA		1,956		43,613
Essilor International SA		1,664		198,497
Eurazeo SAD		324		21,438
Eutelsat Communications SA		1,382		44,604
Fonciere Des Regions REIT		244		20,734
GDF Suez		11,842		219,683
Gecina SA REIT		282		34,756
Groupe Eurotunnel SE		3,800		55,031
Hermes International		214		79,828
ICADE REIT		271		19,354
Iliad SA		213		47,220
Imerys SA		277		21,185
JCDecaux SA		637		26,581
Kering		614		109,626
Klepierre REIT		1,371		60,305
Lafarge SA		1,515		100,056
Lagardere SCA		957		27,910
Legrand SA		2,147		120,541
L’Oreal SA		2,066		368,526
Natixis SA		7,604		54,721
Numericable-SFR SAS*		790		41,874
Orange SA		15,029		231,388
Peugeot SA*		3,510		72,178
Publicis Groupe SA		1,524		112,680

	Shares		Value
Renault SA		1,558	$	162,265
Rexel SA		2,374		38,271
Safran SA		2,368		160,484
Sanofi		9,667		950,987
Schneider Electric SE		4,501		310,762
SCOR SE		1,249		44,064
Societe BIC SA		233		37,146
Societe Generale SA		5,875		274,238
Sodexo		770		73,122
Suez Environnement Co.		2,410		44,829
Technip SA		827		51,188
Thales SA		840		50,720
Total SA		17,424		846,355
Unibail-Rodamco SE REIT		795		200,926
Valeo SA		645		101,642
Vallourec SA		936		19,117
Veolia Environnement SA		3,653		74,487
Vinci SA		3,831		221,579
Vivendi SA		9,325		235,209
Wendel SA		233		28,561
Zodiac Aerospace		1,636		53,258
				9,151,920
Germany — 7.5%
Adidas AG		1,694		129,650
Allianz SE		3,703		576,723
Axel Springer AG		360		18,899
BASF SE		7,493		658,430
Bayerische Motoren Werke AG		2,713		296,955
Beiersdorf AG		816		68,356
Brenntag AG		1,256		72,015
Commerzbank AG*		8,627		110,268
Continental AG		892		211,072
Daimler AG		7,865		715,845
Deutsche Annington Immobilien SE		2,798		78,920
Deutsche Bank AG		11,250		338,009
Deutsche Boerse AG		1,565		129,547
Deutsche Lufthansa AG*		1,968		25,374
Deutsche Post AG		7,854		229,452
Deutsche Telekom AG		25,903		446,165
Deutsche Wohnen AG		2,391		54,792
E.ON AG		16,215		216,024
Evonik Industries AG		755		28,808
Fraport AG		338		21,230
Fresenius Medical Care AG & Co. KGaA		1,767		145,855
Fresenius SE & Co. KGaA		3,077		197,420
GEA Group AG		1,485		66,239
Hannover Rueck SE		490		47,411
HeidelbergCement AG		1,143		90,639
Henkel AG & Co KGaA		844		80,441
Hugo Boss AGD		541		60,464
Infineon Technologies AG		9,154		113,586
K+S AG		1,550		65,293
Kabel Deutschland Holding AG*		179		23,947
Lanxess AG		741		43,693
Linde AG		1,505		285,067
MAN SE		286		29,458
Merck KGaA		1,048		104,428
Metro AG		1,313		41,396
Muenchener Rueckversicherungs- Gesellschaft AGD		1,401		248,343

See Notes to Financial Statements.

164

	Shares		Value
OSRAM Licht AG		722	$	34,576
ProSiebenSat.1 Media AG		1,774		87,614
RWE AGD		3,963		85,204
SAP SE		7,967		556,015
Siemens AG		6,426		647,271
Symrise AG		1,001		62,126
Telefonica Deutschland Holding AG		4,816		27,758
ThyssenKrupp AG		2,981		77,551
TUI AG		3,688		59,686
United Internet AG		999		44,410
Volkswagen AG		287		66,408
				7,818,833
Hong Kong — 2.9%
AIA Group, Ltd.		97,600		638,995
ASM Pacific Technology, Ltd.		1,900		18,825
Bank of East Asia, Ltd.		9,400		41,109
BOC Hong Kong Holdings, Ltd.		30,000		125,007
Cathay Pacific Airways, Ltd.		10,000		24,589
Cheung Kong Property Holdings, Ltd.*		22,000		182,493
CK Hutchison Holdings, Ltd.		21,500		315,917
CLP Holdings, Ltd.		15,000		127,523
Hang Lung Properties, Ltd.		18,000		53,525
Hang Seng Bank, Ltd.		6,200		121,176
Henderson Land Development Co., Ltd.		8,800		60,225
HKT Trust and HKT, Ltd.		21,000		24,707
Hong Kong & China Gas Co., Ltd.		56,100		117,678
Hong Kong Exchanges and Clearing, Ltd.		8,900		314,136
Hysan Development Co., Ltd.		5,000		21,673
Link REIT (The)		18,500		108,353
MTR Corporation, Ltd.		11,500		53,557
New World Development Co., Ltd.		43,000		56,249
PCCW, Ltd.		33,000		19,711
Power Assets Holdings, Ltd.		11,000		100,328
Sino Land Co., Ltd.		24,000		40,126
Sun Hung Kai Properties, Ltd.		13,000		210,642
Swire Pacific, Ltd. Class A		4,500		56,573
Swire Properties, Ltd.		9,400		30,013
Techtronic Industries Co.		11,000		36,044
WH Group, Ltd. 144A*		47,000		32,014
Wharf Holdings, Ltd. (The)		11,000		73,224
Wheelock & Co., Ltd.		7,000		35,761
				3,040,173
Ireland — 0.6%
Bank of Ireland*		257,722		104,011
CRH PLC*		7,359		207,730
Experian PLC		8,160		148,599
James Hardie Industries PLC		3,645		48,709
Kerry Group PLC Class A*		1,629		120,752
				629,801
Israel — 0.2%
Azrieli Group		296		11,820
Bank Hapoalim, Ltd.		8,609		46,376
Bank Leumi Le-Israel BM*		11,372		48,092

	Shares		Value
Bezeq The Israeli Telecommunication Corporation, Ltd.		15,564	$	26,518
Delek Group, Ltd.		38		11,207
Israel Chemicals, Ltd.		4,122		28,802
Israel Corporation, Ltd. (The)*		25		8,817
Mizrahi Tefahot Bank, Ltd.		1,129		14,003
NICE-Systems, Ltd.		471		29,953
				225,588
Italy — 2.3%
Assicurazioni Generali SpA		9,465		170,521
Atlantia SpA		3,351		82,787
Banca Monte dei Paschi di Siena SpA*		31,760		61,822
Banco Popolare SC*		2,937		48,329
Enel Green Power SpA		14,149		27,652
Enel SpA		57,152		258,942
Eni SpA		20,616		365,902
EXOR SpA		802		38,286
Finmeccanica SpA*		3,288		41,348
Intesa Sanpaolo SpA		111,093		399,463
Luxottica Group SpA		1,369		91,040
Mediobanca SpA		4,563		44,741
Pirelli & C. SpA		2,130		35,952
Prysmian SpA		1,584		34,223
Saipem SpA*		2,138		22,584
Snam SpA		17,030		81,032
Telecom Italia SpA*		130,773		153,791
Terna Rete Elettrica Nazionale SpA		12,215		53,981
UniCredit SpA		38,787		260,532
Unione di Banche Italiane SCpA		7,313		58,660
UnipolSai SpA		6,471		16,030
				2,347,618
Japan — 22.8%
ABC-Mart, Inc.		200		12,240
Acom Co., Ltd.*		3,200		12,289
Advantest Corporation		1,200		12,492
Aeon Co., Ltd.		5,300		75,244
Aeon Credit Service Co., Ltd.		800		22,225
Aeon Mall Co., Ltd.		900		16,870
Air Water, Inc.		1,000		18,311
Aisin Seiki Co., Ltd.		1,600		68,113
Ajinomoto Co., Inc.		5,000		108,326
Alfresa Holdings Corporation		1,400		21,803
Amada Co., Ltd.		2,800		29,605
ANA Holdings, Inc.		10,000		27,136
Aozora Bank, Ltd.		9,000		33,975
Asahi Glass Co., Ltd.		8,000		48,045
Asahi Kasei Corporation		10,000		82,159
Asics Corporation		1,300		33,619
Astellas Pharma, Inc.		17,400		248,165
Bank of Kyoto, Ltd. (The)		3,000		34,563
Bank of Yokohama, Ltd. (The)		9,000		55,198
Benesse Holdings, Inc.		500		12,542
Bridgestone Corporation		5,300		196,068
Brother Industries, Ltd.		1,900		26,920
Calbee, Inc.		600		25,297
Canon, Inc.		8,700		283,105
Casio Computer Co., Ltd.D		1,600		31,586
Central Japan Railway Co.		1,200		216,742
Chiba Bank, Ltd. (The)		6,000		45,741
Chiyoda Corporation		1,000		8,857

See Notes to Financial Statements.

165

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Chubu Electric Power Co., Inc.		5,200	$	77,521
Chugai Pharmaceutical Co., Ltd.		1,800		62,140
Chugoku Bank, Ltd. (The)		1,300		20,511
Chugoku Electric Power Co., Inc. (The)		2,400		35,024
Citizen Holdings Co., Ltd.		2,100		14,654
COLOPL, Inc.		400		8,083
Credit Saison Co., Ltd.		1,200		25,729
Dai Nippon Printing Co., Ltd.		5,000		51,661
Daicel Corporation		2,400		30,827
Daihatsu Motor Co., Ltd.		1,600		22,787
Dai-ichi Life Insurance Co., Ltd. (The)		8,700		171,071
Daiichi Sankyo Co., Ltd.		5,200		96,195
Daikin Industries, Ltd.		1,900		136,758
Dainippon Sumitomo Pharma Co., Ltd.		1,300		14,329
Daito Trust Construction Co., Ltd.		600		62,164
Daiwa House Industry Co., Ltd.		4,800		111,896
Daiwa Securities Group, Inc.		13,000		97,427
Denso Corporation		3,900		194,259
Dentsu, Inc.		1,800		93,247
Don Quijote Co., Ltd.		1,000		42,571
East Japan Railway Co.		2,700		242,897
Eisai Co., Ltd.		2,000		134,265
Electric Power Development Co., Ltd.		1,200		42,407
FamilyMart Co., Ltd.		500		23,001
FANUC Corporation		1,600		327,883
Fast Retailing Co., Ltd.		400		181,591
Fuji Electric Co., Ltd.		5,000		21,530
Fuji Heavy Industries, Ltd.		4,800		176,806
FUJIFILM Holdings Corporation		3,800		135,795
Fujitsu, Ltd.		15,000		83,883
Fukuoka Financial Group, Inc.		6,000		31,131
GungHo Online Entertainment, Inc.		3,200		12,446
Gunma Bank, Ltd. (The)		3,000		22,160
Hachijuni Bank, Ltd. (The)		3,000		22,650
Hakuhodo DY Holdings, Inc.		1,900		20,353
Hamamatsu Photonics KK		1,200		35,396
Hankyu Holdings, Inc.		9,000		53,168
Hikari Tsushin, Inc.		200		13,498
Hino Motors, Ltd.		2,100		25,979
Hirose Electric Co., Ltd.		200		28,647
Hiroshima Bank, Ltd. (The)		4,000		23,924
Hisamitsu Pharmaceutical Co., Inc.		500		19,426
Hitachi Chemical Co., Ltd.		800		14,433
Hitachi Construction Machinery Co., Ltd.D		900		15,767
Hitachi High-Technologies Corporation		600		16,889
Hitachi Metals, Ltd.		2,000		30,739
Hitachi, Ltd.		39,000		257,100
Hokuhoku Financial Group, Inc.		10,000		23,614
Hokuriku Electric Power Co.		1,400		20,865
Honda Motor Co., Ltd.		13,200		427,273
Hoya Corporation		3,500		140,332

	Shares		Value
Hulic Co., Ltd.		2,400	$	21,297
Ibiden Co., Ltd.		1,000		16,914
Idemitsu Kosan Co., Ltd.		700		13,744
IHI Corporation		11,000		51,232
Iida Group Holdings Co., Ltd.		1,200		19,120
Inpex Corporation		7,700		87,548
Isetan Mitsukoshi Holdings, Ltd.		2,900		51,846
Isuzu Motors, Ltd.		4,800		63,047
ITOCHU Corporation		12,800		169,119
Itochu Techno-Solutions Corporation		400		9,969
Iyo Bank Ltd (The)		2,000		24,578
J. Front Retailing Co., Ltd.		2,000		37,652
Japan Airlines Co., Ltd.		1,000		34,890
Japan Airport Terminal Co., Ltd.		300		16,350
Japan Display, Inc.*		2,900		10,924
Japan Prime Realty Investment Corporation REIT		6		18,654
Japan Real Estate Investment Corporation REIT		10		45,430
Japan Retail Fund Investment Corporation REIT		20		40,021
JFE Holdings, Inc.		4,000		88,785
JGC Corporation		2,000		37,782
Joyo Bank, Ltd.		5,000		28,026
JSR Corporation		1,500		26,523
JTEKT Corporation		1,700		32,198
JX Holdings, Inc.		18,200		78,549
Kajima Corporation		7,000		32,888
Kakaku.com, Inc.D		1,200		17,375
Kamigumi Co., Ltd.		2,000		18,793
Kaneka Corporation		2,000		14,626
Kansai Electric Power Co., Inc. (The)*		5,700		63,132
Kansai Paint Co., Ltd.		2,000		31,001
Kao Corporation		4,100		190,720
Kawasaki Heavy Industries, Ltd.		12,000		55,987
KDDI Corporation		14,200		342,745
Keihan Electric Railway Co., Ltd.		4,000		23,303
Keikyu Corporation		4,000		30,200
Keio Corporation		5,000		35,789
Keisei Electric Railway Co., Ltd.		2,000		23,794
Keyence Corporation		400		215,909
Kikkoman Corporation		1,000		31,254
Kintetsu Corporation		15,000		51,109
Kobe Steel, Ltd.		25,000		42,080
Koito Manufacturing Co., Ltd.		800		31,213
Komatsu, Ltd.		7,600		152,578
Konami Corporation		800		14,878
Konica Minolta, Inc.		3,700		43,202
Kubota Corporation		9,000		142,775
Kuraray Co., Ltd.		2,800		34,249
Kurita Water Industries, Ltd.		900		20,988
Kyocera Corporation		2,600		135,178
Kyowa Hakko Kogyo Co., Ltd.		2,000		26,163
Kyushu Electric Power Co., Inc.*		3,500		40,610
Lawson, Inc.		500		34,236
LIXIL Group Corporation		2,200		43,682
M3, Inc.		1,600		32,187
Mabuchi Motor Co., Ltd.		400		25,297

See Notes to Financial Statements.

166

	Shares		Value
Makita Corporation		1,000	$	54,255
Marubeni Corporation		13,400		76,895
Marui Group Co., Ltd.		1,900		25,678
Maruichi Steel Tube, Ltd.		400		9,936
Mazda Motor Corporation		4,400		86,213
McDonald’s Holdings Co. Japan, Ltd.D		500		10,561
Medipal Holdings Corporation		1,100		17,949
MEIJI Holdings Co., Ltd.		500		64,550
Minebea Co., Ltd.		3,000		49,540
Miraca Holdings, Inc.		500		25,003
Mitsubishi Chemical Holdings Corporation		11,000		69,253
Mitsubishi Corporation		11,200		246,357
Mitsubishi Electric Corporation		16,000		206,823
Mitsubishi Estate Co., Ltd.		10,000		215,427
Mitsubishi Gas Chemical Co., Inc.		3,000		16,816
Mitsubishi Heavy Industries, Ltd.		25,000		152,122
Mitsubishi Logistics Corporation		1,000		13,139
Mitsubishi Materials Corporation		9,000		34,563
Mitsubishi Motors Corporation		5,200		44,273
Mitsubishi Tanabe Pharma Corporation		1,800		26,989
Mitsubishi UFJ Financial Group, Inc.		103,400		743,321
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		21,898
Mitsui & Co., Ltd.		13,800		187,462
Mitsui Chemicals, Inc.		7,000		26,024
Mitsui Fudosan Co., Ltd.		8,000		224,014
Mitsui OSK Lines, Ltd.		9,000		28,827
Mixi, Inc.		300		14,904
Mizuho Financial Group, Inc.		188,500		408,159
MS&AD Insurance Group Holdings, Inc.		4,100		127,739
Murata Manufacturing Co., Ltd.		1,600		279,250
Nabtesco Corporation		1,000		25,085
Nagoya Railroad Co., Ltd.		7,000		26,196
Namco Bandai Holdings, Inc.		1,400		27,088
NEC Corporation		21,000		63,660
Nexon Co., Ltd.		1,000		13,760
NGK Insulators, Ltd.		2,000		51,559
NGK Spark Plug Co., Ltd.		1,500		41,610
NH Foods, Ltd.		1,000		22,830
NHK Spring Co., Ltd.		1,300		14,329
Nidec Corporation		1,800		134,796
Nikon CorporationD		2,800		32,396
Nintendo Co., Ltd.		900		150,533
Nippon Building Fund, Inc. REIT		11		48,176
Nippon Electric Glass Co., Ltd.		3,000		15,198
Nippon Express Co., Ltd.		7,000		34,432
Nippon Paint Holdings Co., Ltd.		1,200		33,877
Nippon Prologis REIT, Inc.		12		22,101
Nippon Steel & Sumitomo Metal Corporation		62,000		160,794
Nippon Telegraph & Telephone Corporation		6,000		217,355
Nippon Yusen KK		13,000		36,222
Nissan Motor Co., Ltd.		20,100		209,401

	Shares		Value
Nisshin Seifun Group, Inc.		1,700	$	22,614
NIssin Foods Holdings Co., Ltd.		500		21,939
Nitori Holdings Co., Ltd.		600		48,928
Nitto Denko Corporation		1,300		106,859
NOK Corporation		800		24,840
Nomura Holdings, Inc.		29,400		199,531
Nomura Real Estate Holdings, Inc.		1,000		20,999
Nomura Research Institute, Ltd.		900		35,225
NSK, Ltd.		3,800		58,715
NTT Data Corporation		1,000		43,714
NTT DOCOMO, Inc.		12,400		237,493
NTT Urban Development Corporation		900		8,957
Obayashi Corporation		5,000		36,483
Odakyu Electric Railway Co., Ltd.		5,000		46,697
OJI Paper Co., Ltd.		6,000		26,082
Olympus Corporation		2,100		72,582
Omron Corporation		1,600		69,551
Ono Pharmaceutical Co., Ltd.		700		76,472
Oracle Corporation		300		12,551
Oriental Land Co., Ltd.		1,600		102,169
ORIX Corporation		10,700		159,208
Osaka Gas Co., Ltd.		15,000		59,235
Osaka Securities Exchange Co., Ltd.		2,200		71,455
Otsuka Corporation		400		18,695
Otsuka Holdings Co., Ltd.		3,200		102,065
Panasonic Corporation		17,900		245,936
Park24 Co., Ltd.		800		13,708
Rakuten, Inc.		6,500		105,027
Recruit Holdings Co., Ltd.		1,100		33,570
Resona Holdings, Inc.		17,900		97,775
Ricoh Co., Ltd.		5,700		59,149
Rinnai Corporation		300		23,655
Rohm Co., Ltd.		800		53,667
Sanrio Co., Ltd.D		400		10,867
Santen Pharmaceutical Co., Ltd.		3,000		42,481
SBI Holdings, Inc.		1,700		23,420
Secom Co., Ltd.		1,700		110,361
Seibu Holdings, Inc.		1,000		23,173
Seiko Epson Corporation		2,300		40,800
Sekisui Chemical Co., Ltd.		3,000		36,843
Sekisui House, Ltd.		4,800		76,245
Seven & i Holdings Co., Ltd.		6,100		262,173
Seven Bank, Ltd.		4,800		22,238
Sharp CorporationD*		12,000		14,610
Shikoku Electric Power Co, Inc.		1,400		20,968
Shimadzu Corporation		2,000		27,177
Shimamura Co., Ltd.		200		21,016
Shimano, Inc.		600		81,873
Shimizu Corporation		5,000		42,121
Shin-Etsu Chemical Co., Ltd.		3,300		204,900
Shinsei Bank, Ltd.		14,000		28,255
Shionogi & Co., Ltd.		2,400		93,051
Shiseido Co., Ltd.		2,900		65,827
Shizuoka Bank, Ltd. (The)		4,000		41,802
Showa Shell Sekiyu KK		1,500		13,114
SMC Corporation		400		120,489
SoftBank Corporation		7,800		459,453
Sompo Japan Nipponkoa Holdings, Inc.		2,700		99,089
Sony Corporation*		9,500		268,695

See Notes to Financial Statements.

167

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Sony Financial Holdings, Inc.		1,400	$	24,549
Stanley Electric Co., Ltd.		1,200		25,023
Sumitomo Chemical Co., Ltd.		12,000		72,166
Sumitomo Corporation		9,100		105,882
Sumitomo Electric Industries, Ltd.		6,100		94,552
Sumitomo Heavy Industries, Ltd.		4,000		23,336
Sumitomo Metal Mining Co., Ltd.		4,000		60,906
Sumitomo Mitsui Financial Group, Inc.		10,300		459,433
Sumitomo Mitsui Trust Holdings, Inc.		27,000		123,677
Sumitomo Realty & Development Co., Ltd.		3,000		105,246
Sumitomo Rubber Industries, Inc.		1,400		21,700
Suntory Beverage & Food, Ltd.		1,100		43,817
Suruga Bank, Ltd.		1,500		32,198
Suzuken Co., Ltd.		600		19,218
Suzuki Motor Corporation		3,000		101,360
Sysmex Corporation		1,200		71,577
T&D Holdings, Inc.		4,700		70,086
Taiheiyo Cement Corporation		9,000		26,327
Taisei Corporation		8,000		45,953
Taisho Pharmaceutical Holdings Co., Ltd.		300		20,272
Taiyo Nippon Sanso Corporation		1,200		14,521
Takashimaya Co., Ltd.		2,000		18,139
Takeda Pharmaceutical Co., Ltd.		6,400		309,110
TDK Corporation		1,000		76,562
Teijin, Ltd.		8,000		31,050
Terumo Corporation		2,500		59,995
THK Co., Ltd.		1,000		21,620
Tobu Railway Co., Ltd.		8,000		34,383
Toho Co., Ltd.		900		22,392
Toho Gas Co., Ltd.		3,000		17,772
Tohoku Electric Power Co., Inc.		3,700		50,125
Tokio Marine Holdings, Inc.		5,600		233,087
Tokyo Electric Power Co., Inc.*		11,700		63,765
Tokyo Electron, Ltd.		1,400		88,620
Tokyo Gas Co., Ltd.		19,000		100,911
Tokyo Tatemono Co., Ltd.		1,500		20,836
Tokyu Corporation		9,000		60,301
Tokyu Fudosan Holdings Corporation		4,200		32,396
TonenGeneral Sekiyu KK		2,000		18,613
Toppan Printing Co., Ltd.		4,000		33,468
Toray Industries, Inc.		12,000		101,532
Toshiba Corporation		33,000		113,519
TOTO, Ltd.		2,000		36,050
Toyo Seikan Group Holdings, Ltd.		1,300		20,841
Toyo Suisan Kaisha, Ltd.		700		25,538
Toyoda Gosei Co., Ltd.		500		12,064
Toyota Industries Corporation		1,300		74,143
Toyota Motor Corporation		22,200		1,487,981
Toyota Tsusho Corporation		1,700		45,631
Trend Micro, Inc.		900		30,813
Unicharm Corporation		3,000		71,320

	Shares		Value
United Urban Investment Corporation REIT		21	$	29,702
USS Co., Ltd.		1,800		32,504
West Japan Railway Co.		1,300		83,225
Yahoo Japan Corporation		11,500		46,419
Yakult Honsha Co., Ltd.		700		41,525
Yamada Denki Co., Ltd.		5,500		22,021
Yamaguchi Financial Group, Inc.		2,000		24,921
Yamaha Corporation		1,400		28,255
Yamaha Motor Co., Ltd.		2,100		45,935
Yamato Holdings Co., Ltd.		2,800		54,211
Yamazaki Baking Co., Ltd.		1,000		16,661
Yaskawa Electric Corporation		1,800		23,062
Yokogawa Electric Corporation		1,800		23,150
Yokohama Rubber Co., Ltd. (The)		1,000		20,084
				23,646,053
Jersey — 0.8%
Petrofac, Ltd.		2,095		30,465
Randgold Resources, Ltd.		752		50,630
Shire PLC		4,814		385,383
Wolseley PLC		2,112		134,829
WPP PLC		10,761		241,110
				842,417
Luxembourg — 0.4%
Altice SA*		704		96,969
ArcelorMittal		8,097		78,832
Millicom International Cellular SA ADR		536		39,538
RTL Group SA		313		28,286
SES SA		2,601		87,383
Subsea 7 SA*		2,143		20,978
Tenaris SA		3,812		51,338
				403,324
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		62,700		19,087
Netherlands — 3.1%
Aegon NV		14,691		107,966
Airbus Group SE		4,801		311,510
Akzo Nobel NV		2,027		147,497
ASML Holding NVD		2,862		295,779
Boskalis Westminster NV		699		34,210
CNH Industrial NV		7,689		70,120
Delta Lloyd NV		1,776		29,155
Fiat Chrysler Automobiles NVD*		7,294		106,851
Gemalto NVD		648		57,707
ING Groep NV		31,478		519,732
Koninklijke Ahold NV		7,261		135,995
Koninklijke DSM NV		1,471		85,277
Koninklijke KPN NV		25,968		99,300
Koninklijke Philips NV		7,580		192,842
Koninklijke Vopak NV		570		28,764
NN Group NV		1,565		43,994
OCI NV*		684		19,331
QIAGEN NV*		1,793		44,046
Randstad Holding NV		1,022		66,551
Reed Elsevier NV		5,379		127,582
TNT Express NV		4,004		33,966
Unilever NV		13,282		553,133

See Notes to Financial Statements.

168

	Shares		Value
Wolters Kluwer NV		2,453	$	72,867
				3,184,175
New Zealand — 0.2%
Auckland International Airport, Ltd.		11,782		39,401
Contact Energy, Ltd.		4,129		14,018
Fletcher Building, Ltd.		7,654		42,116
Meridian Energy, Ltd.D		12,874		18,844
Mighty River Power, Ltd.		9,731		18,398
Ryman Healthcare, Ltd.		4,705		25,252
Telecom Corporation of New Zealand, Ltd.		18,489		35,019
				193,048
Norway — 0.6%
DNB ASA		7,931		132,311
Gjensidige Forsikring ASA		1,624		26,181
Norsk Hydro ASA		10,903		45,960
Orkla ASA		6,596		51,907
Statoil ASAD		9,161		163,697
Telenor ASA		6,205		135,964
Yara International ASA		1,457		75,893
				631,913
Portugal — 0.2%
Banco Comercial Portugues SA, Series R*		308,177		26,799
EDP - Energias de Portugal SA		18,837		71,506
Galp Energia SGPS SA		3,131		36,721
Jeronimo Martins SGPS SA		2,049		26,270
				161,296
Singapore — 1.5%
Ascendas Real Estate Investment Trust REIT		18,100		33,059
CapitaCommercial Trust REIT		16,400		18,995
CapitaLand Mall Trust REIT		20,600		32,884
CapitaLand, Ltd.		23,800		61,848
City Developments, Ltd.		3,800		27,593
ComfortDelGro Corporation, Ltd.		19,600		45,549
DBS Group Holdings, Ltd.		15,200		233,499
Global Logistic Properties, Ltd.		28,000		52,597
Hutchison Port Holdings Trust Class U		53,700		33,831
Jardine Cycle & Carriage, Ltd.		1,000		24,576
Keppel Corporation, Ltd.		12,600		76,899
Oversea-Chinese Banking Corporation, Ltd.		26,500		200,297
Sembcorp Industries, Ltd.		9,800		28,305
Sembcorp Marine, Ltd.		9,200		19,399
Singapore Airlines, Ltd.		5,600		44,614
Singapore Exchange, Ltd.		7,800		45,346
Singapore Press Holdings, Ltd.		13,400		40,592
Singapore Technologies Engineering, Ltd.		16,100		39,448
Singapore Telecommunications, Ltd.		68,400		213,806
StarHub, Ltd.		4,000		11,731
Suntec Real Estate Investment Trust REIT		18,200		23,310
United Overseas Bank, Ltd.		11,600		198,695
UOL Group, Ltd.		4,400		22,607
Wilmar International, Ltd.		17,200		41,887

	Shares		Value
Yangzijiang Shipbuilding Holdings, Ltd.		23,400	$	24,584
				1,595,951
Spain — 3.5%
Abertis Infraestructuras SA		3,636		59,629
ACS Actividades de Construccion y Servicios SA		1,528		49,154
Aena SA 144A*		547		57,165
Amadeus IT Holding SA A Shares		3,626		144,538
Banco Bilbao Vizcaya Argentaria SA		51,174		501,596
Banco de Sabadell SA		39,610		95,604
Banco Popular Espanol SA		13,741		66,577
Banco Santander SA		116,912		816,447
Bankia SA*		37,318		47,345
Bankinter SA		5,468		40,411
CaixaBank SA		21,148		97,986
Distribuidora Internacional de Alimentacion SA		5,013		38,283
Enagas SA		1,740		47,323
Endesa SA		2,569		49,162
Ferrovial SA		3,767		81,683
Gas Natural SDG SA		2,836		64,309
Grifols SA		1,207		48,618
Iberdrola SA		44,603		300,443
Industria de Diseno Textil SA		8,930		290,256
Mapfre SA		8,693		29,917
Red Electrica Corporacion SA		875		70,119
Repsol SA		8,345		146,529
Telefonica SA		36,304		516,038
Zardoya Otis SA		1,406		15,314
				3,674,446
Sweden — 2.9%
Alfa Laval AB		2,376		41,817
Assa Abloy AB Class B		8,304		156,367
Atlas Copco AB, A Shares		5,559		155,574
Atlas Copco AB, B Shares		3,285		81,829
Boliden AB		2,219		40,446
Electrolux AB, Series B		1,949		61,081
Elekta AB, B Shares		2,980		18,693
Getinge AB		1,621		39,010
Hennes & Mauritz AB B Shares		7,696		296,334
Hexagon AB, B Shares		2,139		77,511
Husqvarna AB, B Shares		3,327		25,063
ICA Gruppen AB		628		22,280
Industrivarden AB, C Shares		1,472		27,736
Investment AB Kinnevik B Shares		1,906		60,262
Investor AB, B Shares		3,790		141,225
Lundin Petroleum AB*		1,760		30,148
Nordea Bank AB		24,623		307,125
Sandvik AB		8,641		95,532
Securitas AB		2,535		33,515
Skandinaviska Enskilda Banken AB Class A		12,315		157,469
Skanska AB, B Shares		3,079		62,398
SKF AB, B Shares		3,216		73,360
Svenska Cellulosa AB SCA Class B		4,771		121,320
Svenska Handelsbanken AB A Shares		12,140		177,198
Swedbank AB, A Shares		7,342		171,198

See Notes to Financial Statements.

169

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Tele2 AB, B Shares		2,588	$	30,095
Telefonaktiebolaget LM Ericsson B Shares		24,670		255,632
TeliaSonera AB		21,036		123,858
Volvo AB, B Shares		12,438		154,390
				3,038,466
Switzerland — 9.9%
ABB, Ltd.*		17,998		376,920
Actelion, Ltd.*		853		124,809
Adecco SAD*		1,378		111,867
Aryzta AG*		706		34,811
Baloise Holding AG		407		49,626
Barry Callebaut AGD*		18		20,504
Chocoladefabriken Lindt & Sprungli AG		9		104,853
Cie Financiere Richemont SA		4,231		344,155
Coca-Cola HBC AG*		1,632		35,079
Credit Suisse Group AG*		12,454		342,337
Dufry AG*		354		49,298
EMS-Chemie Holding AG		67		28,306
Geberit AGD		307		102,350
Givaudan SA*		75		129,793
Glencore Xstrata PLC*		90,141		361,589
Holcim, Ltd.D*		1,857		137,048
Julius Baer Group, Ltd.*		1,816		101,876
Kuehne + Nagel International AG		470		62,385
Lonza Group AG*		430		57,444
Nestle SA		26,224		1,893,278
Novartis AG		18,722		1,845,267
Pargesa Holding SA		251		16,886
Partners Group		130		38,863
Roche Holding AG		5,716		1,601,788
Schindler Holding AG		530		86,640
SGS SA		44		80,287
Sika AG		17		59,967
Sonova Holding AG		436		58,945
STMicroelectronics NV		5,172		42,409
Sulzer AG		195		20,054
Swatch Group AG (The)D		651		127,467
Swiss Life Holding AG*		260		59,539
Swiss Prime Site AG*		537		40,751
Swiss Re AGD*		2,856		252,777
Swisscom AG		210		117,696
Syngenta AG		757		307,674
Transocean, Ltd.D		2,933		47,432
UBS Group AG*		29,808		632,218
Zurich Financial Services AG*		1,221		371,674
				10,276,662
United Kingdom — 17.3%
3i Group PLC		8,266		67,082
Aberdeen Asset Management PLC		7,861		49,900
Admiral Group PLC		1,692		36,874
Aggreko PLC		2,071		46,826
Amec Foster Wheeler PLC		3,137		40,294
Anglo American PLC		11,315		163,296
Antofagasta PLC		3,193		34,592
ARM Holdings PLC		11,449		186,547
Ashtead Group PLC		4,084		70,522
Associated British Foods PLC		2,884		130,098
AstraZeneca PLC		10,289		649,731
Aviva PLC		32,424		250,908

	Shares		Value
Babcock International Group PLC		2,030	$	34,448
BAE Systems PLC		26,023		184,488
Barclays PLC		134,641		551,096
Barratt Developments PLC		8,039		77,619
BG Group PLC		27,785		462,545
BHP Billiton PLC		17,116		335,898
BP PLC		148,524		980,491
British Land Co. PLC (The) REIT		7,868		98,097
BT Group PLC		68,308		483,192
Bunzl PLC		2,725		74,415
Burberry Group PLC		3,602		88,912
Capita PLC		5,498		106,947
Carnival PLC		1,494		76,268
Centrica PLC		40,264		166,892
Cobham PLC		9,208		38,051
Compass Group PLC		13,511		223,542
Croda International PLC		1,100		47,565
Direct Line Insurance Group PLC		11,165		58,909
Dixons Carphone PLC		7,947		56,627
easyJet PLC		1,326		32,210
Fresnillo PLC		1,790		19,519
G4S PLC		12,541		52,927
GKN PLC		13,323		70,023
GlaxoSmithKline PLC		39,610		823,082
Hammerson PLC REIT		6,373		61,633
Hargreaves Lansdown PLC		2,115		38,316
HSBC Holdings PLC		156,442		1,401,351
ICAP PLC		4,817		40,076
IMI PLC		2,201		38,906
Inmarsat PLC		3,637		52,317
InterContinental Hotels Group PLC		1,916		77,249
International Consolidated Airlines Group SA*		6,756		52,543
Intertek Group PLC		1,305		50,236
Intu Properties PLC REIT		7,489		36,195
Investec PLC		4,759		42,771
ITV PLC		31,546		130,508
J Sainsbury PLCD		10,852		45,237
Johnson Matthey PLC		1,661		79,287
Kingfisher PLC		19,014		103,758
Land Securities Group PLC REIT		6,417		121,395
Legal & General Group PLC		48,148		188,298
Lloyds Banking Group PLC		465,897		623,988
London Stock Exchange Group PLC		2,611		97,229
Marks & Spencer Group PLC		13,356		112,482
Meggitt PLC		6,459		47,333
Melrose Industries PLC		8,060		31,344
Merlin Entertainments PLC 144A		5,782		38,802
Mondi PLC		2,984		64,280
National Grid PLC		30,804		395,529
Next PLC		1,178		137,894
Old Mutual PLC		39,906		126,344
Pearson PLC		6,648		125,870
Persimmon PLC*		2,484		77,083
Prudential PLC		21,002		505,712
Reckitt Benckiser Group PLC		5,237		451,585
Reed Elsevier PLC		9,159		148,947
Rexam PLC		5,717		49,585

See Notes to Financial Statements.

170

	Shares		Value
Rio Tinto PLC		10,312	$	423,537
Rolls-Royce Holdings PLC*		15,055		205,799
Royal Bank of Scotland Group PLC*		20,645		114,020
Royal Dutch Shell PLC A Shares		31,704		889,938
Royal Dutch Shell PLC B Shares		19,877		564,354
Royal Mail PLC		6,520		52,708
RSA Insurance Group PLC		8,215		51,270
Sage Group PLC (The)		8,741		70,388
Schroders PLC		1,096		54,693
Segro PLC REIT		6,049		38,569
Severn Trent PLC		1,929		63,074
Sky PLC		8,368		136,346
Smith & Nephew PLC		7,259		122,496
Smiths Group PLC		3,197		56,713
Sports Direct International PLC*		2,184		24,656
SSE PLC		8,106		195,632
Standard Chartered PLC		20,043		320,907
Standard Life PLC		15,884		110,812
Tate & Lyle PLC		3,768		30,757
Taylor Wimpey PLC		27,096		79,103
Tesco PLC		65,830		219,851
Travis Perkins PLC		2,026		67,168
Tullow Oil PLC		7,375		39,364
Unilever PLC		10,457		448,551
United Utilities Group PLC		5,511		77,239
Vodafone Group PLC		215,811		779,400
Weir Group PLC (The)		1,729		46,102
Whitbread PLC		1,475		114,627
WM Morrison Supermarkets PLC		17,974		51,061
				17,913,651
Total Foreign Common Stocks     (Cost $102,159,989)				99,259,967
FOREIGN PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG
4.05%, 05/14/15		440		37,246
FUCHS PETROLUB SE
1.80%, 05/07/15		564		23,821
Henkel AG & Co. KGaA
1.18%, 04/14/15		1,446		162,175
Porsche Automobil Holding SE
2.01%, 03/17/15		1,240		104,469
Volkswagen AG
2.64%, 05/06/15		1,330		308,413
Total Foreign Preferred Stocks     (Cost $663,335)				636,124

	Shares		Value
RIGHTS — 0.0%
Abertis+*		3,636	$	2,999
Deutsche Annington*		2,798		5,116
Dufry AG+*		219		—
Jardine Cycle & Carriage, Ltd.+*		111		586
RepsolD*		8,345		4,326
Zardoya Otis SA*		1,406		613
Total Rights     (Cost $4,537)				13,640
MONEY MARKET FUNDS — 5.4%
GuideStone Money Market Fund (Institutional Class)¥		3,364,814		3,364,814
Northern Institutional Liquid Assets Portfolio§		2,236,149		2,236,149
Total Money Market Funds     (Cost $5,600,963)				5,600,963
TOTAL INVESTMENTS — 101.7%     (Cost $108,428,824)				105,510,694
Liabilities in Excess of Other Assets — (1.7)%				(1,804,109	)
NET ASSETS — 100.0%			$	103,706,585

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		26.8
Consumer Discretionary		15.0
Producer Durables		10.6
Technology		10.6
Healthcare		10.0
Materials & Processing		8.5
Money Market Funds		5.4
Energy		5.3
Consumer Staples		5.2
Utilities		3.7
Foreign Preferred Stocks		0.6
Rights		—	**
		101.7

** Rounds to less than 0.005%.

See Notes to Financial Statements.

171

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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:
Australia	$	6,904,276		$	6,904,276		$	—	$	—
Austria		184,149			184,149			—		—
Belgium		597,566			597,566			—		—
Bermuda		215,181			215,181			—		—
Denmark		1,688,898			1,688,898			—		—
Finland		875,475			875,475			—		—
France		9,151,920			9,151,920			—		—
Germany		7,818,833			7,818,833			—		—
Hong Kong		3,040,173			3,040,173			—		—
Ireland		629,801			629,801			—		—
Israel		225,588			225,588			—		—
Italy		2,347,618			2,347,618			—		—
Japan		23,646,053			23,646,053			—		—
Jersey		842,417			842,417			—		—
Luxembourg		403,324			403,324			—		—
Mauritius		19,087			19,087			—		—
Netherlands		3,184,175			3,184,175			—		—
New Zealand		193,048			193,048			—		—
Norway		631,913			631,913			—		—
Portugal		161,296			161,296			—		—
Singapore		1,595,951			1,595,951			—		—
Spain		3,674,446			3,674,446			—		—
Sweden		3,038,466			3,038,466			—		—
Switzerland		10,276,662			10,276,662			—		—
United Kingdom		17,913,651			17,913,651			—		—
Foreign Preferred Stocks:
Germany		636,124			636,124			—		—
Money Market Funds		5,600,963			5,600,963			—		—
Rights		13,640			10,055			—		3,585
Total Assets — Investments in Securities	$	105,510,694		$	105,507,109		$	—	$	3,585
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(53,100	)	$	(53,100	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(53,100	)	$	(53,100	)	$	—	$	—

*** 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 ended June 30, 2015.

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 June 30, 2015.

See Notes to Financial Statements.

172

INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 100.0%
Australia — 1.9%
Amcor, Ltd.		35,285	$	373,516
AMP, Ltd.		24,333		113,020
APA Group		20,523		130,477
Asciano, Ltd.		133,378		684,338
ASX, Ltd.		2,303		70,898
Aurizon Holdings, Ltd.		165,378		654,575
AusNet Services		101,628		109,384
Australia & New Zealand Banking Group, Ltd.		76,885		1,910,126
Bendigo and Adelaide Bank, Ltd.		47,035		444,914
BHP Billiton, Ltd.		58,894		1,229,145
BlueScope Steel, Ltd.		181,020		418,998
Boral, Ltd.		112,416		507,398
Caltex Australia, Ltd.		4,091		100,532
CIMIC Group, Ltd.		49,611		832,534
Cochlear, Ltd.		16,723		1,034,147
Commonwealth Bank of Australia		19,824		1,302,083
Computershare, Ltd.		5,607		50,658
CSL, Ltd.		11,024		735,477
Dexus Property Group REIT		12,849		72,370
Federation Centres REIT		52,801		118,957
Flight Centre Travel Group, Ltd.		3,044		80,111
Fortescue Metals Group, Ltd.D		647,450		954,123
Goodman Group REIT		30,218		146,183
GPT Group (The) REIT		23,870		78,824
GPT Group REIT +		63,198		—
Lend Lease Group		128,940		1,495,241
Macquarie Group, Ltd.		18,201		1,143,100
Mirvac Group REIT		43,401		61,949
National Australia Bank, Ltd.		47,040		1,208,945
Qantas Airways, Ltd.*		505,420		1,232,265
QBE Insurance Group, Ltd.		411,718		4,342,432
Rio Tinto, Ltd.		8,019		332,555
Scentre Group REIT		93,514		270,566
Sonic Healthcare, Ltd.		55,999		923,314
Stockland REIT		41,895		132,529
Suncorp Group, Ltd.		37,052		383,930
Telstra Corporation, Ltd.		253,892		1,202,768
Westfield Corporation REIT		35,358		248,798
Woodside Petroleum, Ltd.		14,970		395,361
WorleyParsons, Ltd.		46,900		376,694
				25,903,235
Austria — 0.3%
Erste Group Bank AG*		161,040		4,573,674
Belgium — 0.4%
bpost SA		41,857		1,149,810
Delhaize Group SA		16,943		1,398,915
Groupe Bruxelles Lambert SA		415		33,404
Proximus		88,659		3,130,316
				5,712,445
Bermuda — 0.6%
Cheung Kong Infrastructure Holdings, Ltd.		11,000		85,428
Credicorp, Ltd.		23,579		3,275,595
First Pacific Co., Ltd.		34,000		28,686
Jardine Matheson Holdings, Ltd.		54,200		3,075,850
Kerry Properties, Ltd.		71,000		278,447
Li & Fung, Ltd.		746,000		591,869

	Shares		Value
NWS Holdings, Ltd.		19,000	$	27,501
Yue Yuen Industrial Holdings, Ltd.		164,000		549,026
				7,912,402
Brazil — 0.3%
Embraer SA ADR		150,100		4,546,529
British Virgin Islands — 0.0%
Mail.ru Group, Ltd. GDR*		27,501		573,396
Canada — 0.6%
Canadian National Railway Co.D		138,528		7,999,992
China — 3.1%
Alibaba Group Holding, Ltd. ADRD*		96,085		7,904,913
Baidu, Inc. ADR*		64,400		12,820,752
JD.com, Inc. ADR*		41,400		1,411,740
New Oriental Education & Technology Group, Inc. ADR*		107,300		2,630,996
Tencent Holdings, Ltd.		814,400		16,253,224
Youku Tudou, Inc. ADRD*		48,718		1,195,053
				42,216,678
Denmark — 1.8%
Chr Hansen Holding A/S		35,400		1,727,178
Danske Bank A/S		247,596		7,281,473
GN Store Nord A/S		22,311		461,430
ISS A/S		10,216		337,078
Novo Nordisk A/S Class B		64,320		3,504,397
Novozymes A/S, B Shares		63,920		3,038,442
Pandora A/S		43,455		4,668,950
TDC A/S		477,325		3,500,103
				24,519,051
Finland — 0.3%
Elisa OYJ		8,474		268,585
Kesko OYJ, B Shares		17,245		600,032
Neste OYJ		7,959		202,839
Nokia OYJ		173,647		1,178,967
Orion OYJ Class B		23,535		823,350
UPM-Kymmene OYJ		57,392		1,015,420
				4,089,193
France — 8.1%
Alcatel-Lucent*		50,486		183,938
Alstom SA*		3,835		108,810
AXA SA		6,883		173,652
Cap Gemini SA		8,353		739,122
Casino Guichard Perrachon SA		58,832		4,456,771
Christian Dior SE		26,359		5,145,556
Cie de St-Gobain		155,725		6,991,288
Cie Generale des Etablissements Michelin		13,855		1,451,795
CNP Assurances		5,056		84,438
Credit Agricole SA		92,374		1,373,798
Danone SA		103,280		6,677,080
Essilor International SA		12,089		1,442,087
Faurecia		5,058		208,020
GDF Suez		256,283		4,754,341
Kering		24,929		4,450,912
Klepierre REIT		566		24,896
Lafarge SA		3,499		231,087
Lagardere SCA		74,416		2,170,308

See Notes to Financial Statements.

173

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
L’Oreal SA		31,256	$	5,575,331
Natixis SA		126,980		913,795
Neopost SA		6,222		267,718
Orange SA		256,184		3,944,236
Peugeot SA*		199,067		4,093,504
Sanofi		231,492		22,772,920
Schneider Electric SE		126,165		8,710,783
Societe BIC SA		10,230		1,630,906
Societe Generale SA		119,651		5,585,172
Technip SA		45,200		2,797,726
Total SA		105,513		5,125,199
Unibail-Rodamco SE REIT		1,666		421,060
Valeo SA		17,063		2,688,862
Vallourec SAD		115,629		2,361,617
Vivendi SA		20,486		516,729
				108,073,457
Germany — 7.9%
Aixtron SED*		76,439		516,337
Allianz SE		11,776		1,834,051
Aurubis AG		24,426		1,435,094
BASF SE		27,906		2,452,174
Beiersdorf AG		78,920		6,611,127
Commerzbank AG*		37,020		473,181
Continental AG		3,511		830,799
Daimler AG		122,572		11,156,077
Deutsche Boerse AG		79,064		6,544,741
Deutsche Lufthansa AG*		153,207		1,975,338
Deutsche Post AG		33,201		969,957
Deutsche Telekom AG		584,056		10,060,052
Freenet AG		58,187		1,960,044
Fresenius Medical Care AG & Co. KGaA		92,527		7,637,516
Fresenius SE & Co. KGaA		5,433		348,580
Hannover Rueck SE		931		90,082
HeidelbergCement AG		1,750		138,774
Hochtief AG		4,465		345,958
Infineon Technologies AG		20,065		248,973
KION Group AG*		5,555		266,113
Linde AG		43,544		8,247,816
MorphoSys AGD*		13,387		960,841
Muenchener Rueckversicherungs- Gesellschaft AG		17,544		3,109,875
OSRAM Licht AG		48,447		2,320,053
ProSiebenSat.1 Media AG		57,063		2,818,224
Rhoen Klinikum AG		23,539		631,526
Rocket Internet SE 144A@D*		61,162		2,705,303
RWE AGD		337,119		7,248,032
SAP SE		230,408		16,080,114
Siemens AG		2,382		239,931
Stada Arzneimittel AG		14,746		497,380
United Internet AG		3,495		155,369
Volkswagen AG		10,135		2,345,113
Zalando SE 144A*		68,667		2,293,162
				105,547,707
Hong Kong — 2.5%
AIA Group, Ltd.		2,722,600		17,825,074
ASM Pacific Technology, Ltd.		3,100		30,714
Cheung Kong Property Holdings, Ltd.@*		68,124		565,096
China Mobile, Ltd.		413,500		5,294,409
CK Hutchison Holdings, Ltd.		55,624		817,330

	Shares		Value
Global Brands Group Holding, Ltd.*		4,698,924	$	988,092
Guangdong Investment, Ltd.		1,323,400		1,854,097
Hang Lung Properties, Ltd.		25,000		74,340
Hong Kong Exchanges and Clearing, Ltd.		116,507		4,112,250
Hysan Development Co., Ltd.		24,000		104,031
Link REIT (The)		41,000		240,133
New World Development Co., Ltd.		86,000		112,499
PCCW, Ltd.		62,000		37,033
Sino Land Co., Ltd.		286,000		478,170
Sun Hung Kai Properties, Ltd.		20,000		324,064
Swire Pacific, Ltd. Class A		12,000		150,860
WH Group, Ltd. 144A*		63,500		43,253
Wharf Holdings, Ltd. (The)		18,000		119,821
Wheelock & Co., Ltd.		63,000		321,845
				33,493,111
India — 0.3%
Housing Development Finance Corporation		166,916		3,398,214
Indonesia — 0.1%
PT Telekomunikasi Indonesia Persero Tbk		4,342,600		954,346
Ireland — 0.8%
Bank of Ireland*		6,795,282		2,746,204
CRH PLC		228,551		6,413,677
DCC PLC		4,864		382,126
James Hardie Industries PLC		125,458		1,676,528
				11,218,535
Italy — 2.3%
A2A SpA		1,357,315		1,619,130
Atlantia SpA		5,260		129,949
Autogrill SpA*		69,385		580,929
Banca Popolare di Milano Scarl		880,383		928,496
Banco Popolare SC*		4,261		70,116
Eni SpA		632,861		11,232,298
EXOR SpA		66,489		3,174,050
FinecoBank Banca Fineco SpA		59,610		441,602
Finmeccanica SpA*		234,392		2,947,604
Intesa Sanpaolo SpA		163,570		593,023
Mediaset SpA		174,611		839,397
Pirelli & C. SpA		15,123		255,259
UniCredit SpA		1,135,702		7,628,492
Unione di Banche Italiane SCpA		60,321		483,856
UnipolSai SpA		127,477		315,786
				31,239,987
Japan — 15.9%
Ajinomoto Co., Inc.		23,000		498,300
Alfresa Holdings Corporation		5,100		79,426
Amada Co., Ltd.		229,400		2,425,490
Aozora Bank, Ltd.		58,000		218,948
Asahi Kasei Corporation		18,200		149,529
Astellas Pharma, Inc.		163,700		2,334,750
Brother Industries, Ltd.		84,200		1,192,980
Calbee, Inc.		16,400		691,457
Canon, Inc.		433,750		14,114,551
Central Japan Railway Co.		13,400		2,420,288
Chiba Bank, Ltd. (The)		30,000		228,705
COOKPAD, Inc.		20,100		364,604

See Notes to Financial Statements.

174

	Shares		Value
Daicel Corporation		66,100	$	849,035
Daito Trust Construction Co., Ltd.		1,000		103,607
Daiwa House Industry Co., Ltd.		9,100		212,136
Daiwa Securities Group, Inc.		9,000		67,449
Denso Corporation		208,100		10,365,466
Disco Corporation		3,600		297,978
Fuji Electric Co., Ltd.		1,315,000		5,662,500
Fuji Heavy Industries, Ltd.		63,000		2,320,579
FUJIFILM Holdings Corporation		66,800		2,387,137
Fujitsu, Ltd.		120,000		671,063
Fukuoka Financial Group, Inc.		116,000		601,871
Hikari Tsushin, Inc.		1,000		67,492
Hino Motors, Ltd.		70,600		873,378
Hitachi High-Technologies Corporation		9,100		256,155
Hitachi, Ltd.		760,000		5,010,156
Honda Motor Co., Ltd.		484,400		15,679,623
Hoya Corporation		294,400		11,803,904
Inpex Corporation		460,300		5,233,545
Isuzu Motors, Ltd.		82,850		1,088,217
ITOCHU Corporation		44,700		590,594
J. Front Retailing Co., Ltd.		38,100		717,264
Japan Airlines Co., Ltd.		71,400		2,491,139
Japan Real Estate Investment Corporation REIT		13		59,060
Japan Retail Fund Investment Corporation REIT		18		36,019
JSR Corporation		24,600		434,975
JTEKT Corporation		29,100		551,161
Kajima Corporation		16,000		75,173
Kao Corporation		112,600		5,237,830
Kawasaki Heavy Industries, Ltd.		15,000		69,984
KDDI Corporation		21,500		518,944
Kobe Steel, Ltd.		714,000		1,201,814
Koito Manufacturing Co., Ltd.		18,000		702,292
Konica Minolta, Inc.		160,500		1,874,041
M3, Inc.		182,800		3,677,359
Mabuchi Motor Co., Ltd.		83,900		5,306,091
Makita Corporation		3,200		173,616
MEIJI Holdings Co., Ltd.		7,400		955,346
Minebea Co., Ltd.		33,000		544,944
Mitsubishi Electric Corporation		140,800		1,820,040
Mitsubishi Estate Co., Ltd.		22,000		473,939
Mitsubishi Gas Chemical Co., Inc.		25,000		140,132
Mitsubishi UFJ Financial Group, Inc.		189,600		1,362,995
Mitsui Fudosan Co., Ltd.		16,000		448,029
Mixi, Inc.		34,000		1,689,096
Murata Manufacturing Co., Ltd.		1,200		209,437
Namco Bandai Holdings, Inc.		69,300		1,340,870
Nexon Co., Ltd.		35,700		491,227
NH Foods, Ltd.		10,000		228,296
NHK Spring Co., Ltd.		32,500		358,234
Nippon Building Fund, Inc. REIT		15		65,694
Nippon Express Co., Ltd.		102,000		501,728
Nippon Telegraph & Telephone Corporation		12,600		456,446
Nippon Yusen KK		71,800		200,056
Nitto Denko Corporation		5,200		427,438

	Shares		Value
NOK Corporation		39,500	$	1,226,458
Nomura Holdings, Inc.		61,900		420,102
NTT Data Corporation		1,600		69,943
NTT DOCOMO, Inc.		206,700		3,958,858
Omron Corporation		17,300		752,020
ORIX Corporation		22,000		327,344
Otsuka Corporation		5,300		247,710
Otsuka Holdings Co., Ltd.		22,800		727,212
Rakuten, Inc.		421,300		6,807,376
Resona Holdings, Inc.		283,000		1,545,823
Rohm Co., Ltd.		31,000		2,079,585
Santen Pharmaceutical Co., Ltd.		5,200		73,633
SBI Holdings, Inc.		115,400		1,589,773
Secom Co., Ltd.		103,300		6,706,038
Seiko Epson Corporation		110,000		1,951,301
Sekisui House, Ltd.		7,300		115,955
Seven & i Holdings Co., Ltd.		90,500		3,889,611
Shimamura Co., Ltd.		2,100		220,664
Shionogi & Co., Ltd.		57,000		2,209,952
SMC Corporation		17,500		5,271,377
SoftBank Corporation		171,000		10,072,631
Sojitz Corporation		70,500		171,087
Sumco Corporation		45,600		571,188
Sumitomo Corporation		372,500		4,334,191
Sumitomo Heavy Industries, Ltd.		353,000		2,059,419
Sumitomo Mitsui Financial Group, Inc.		42,100		1,877,876
Sumitomo Realty & Development Co., Ltd.		6,000		210,491
Sumitomo Rubber Industries, Inc.		66,300		1,027,668
Sysmex Corporation		1,400		83,507
T&D Holdings, Inc.		24,400		363,852
Takashimaya Co., Ltd.		47,000		426,278
Takeda Pharmaceutical Co., Ltd.		177,900		8,592,286
TDK Corporation		33,400		2,557,160
Toho Co., Ltd.		2,900		72,153
Tokio Marine Holdings, Inc.		191,700		7,979,081
Tokyo Electric Power Co., Inc.*		331,400		1,806,135
Tokyo Electron, Ltd.		26,700		1,690,116
Toyo Suisan Kaisha, Ltd.		4,500		164,175
Toyota Motor Corporation		13,860		928,983
Trend Micro, Inc.		68,000		2,328,063
USS Co., Ltd.		9,100		164,326
West Japan Railway Co.		8,900		569,772
Yamaha Corporation		21,500		433,918
Yamaha Motor Co., Ltd.		48,500		1,060,869
				213,437,582
Jersey — 0.9%
Randgold Resources, Ltd.		1,392		93,720
Shire PLC		17,790		1,424,173
Wolseley PLC		52,618		3,359,106
WPP PLC		308,682		6,916,292
				11,793,291
Luxembourg — 0.1%
SES SA		18,080		607,417
Subsea 7 SA*		38,904		380,830
				988,247

See Notes to Financial Statements.

175

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Netherlands — 6.7%
Aegon NV		1,140,835	$	8,384,116
Airbus Group SE		64,068		4,157,013
Akzo Nobel NV		2,782		202,436
ASML Holding NV		35,164		3,634,086
Boskalis Westminster NV		8,814		431,375
CNH Industrial NVD		372,851		3,410,628
Delta Lloyd NV		354,224		5,815,011
Fiat Chrysler Automobiles NVD*		1,025,904		15,028,628
ING Groep NV		1,181,968		19,515,425
Koninklijke Ahold NV		543,291		10,175,577
Koninklijke Philips NV		164,961		4,196,760
QIAGEN NV*		3,812		93,645
Randstad Holding NV		158,804		10,341,080
Reed Elsevier NV		134,767		3,196,468
TNT Express NV		8,789		74,556
Wolters Kluwer NV		57,448		1,706,506
				90,363,310
New Zealand — 0.1%
Fletcher Building, Ltd.		12,053		67,050
Spark New Zealand, Ltd.		344,523		659,226
				726,276
Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249		—
Norway — 0.8%
Marine Harvest ASA		120,585		1,382,649
Norsk Hydro ASA		85,949		362,302
Orkla ASA		555,631		4,372,508
Schibsted ASA Class A		40,771		1,267,781
Schibsted ASA, B Shares*		40,771		1,232,420
Telenor ASA		14,213		311,435
Yara International ASA		28,721		1,496,044
				10,425,139
Portugal — 0.1%
Jeronimo Martins SGPS SA		81,305		1,042,395
NOS SGPS SA		23,643		189,095
				1,231,490
Russia — 0.2%
Magnit PJSC GDR		43,125		2,400,337
Singapore — 2.3%
Ascendas Real Estate Investment Trust REIT		27,200		49,680
CapitaCommercial Trust REIT		34,500		39,960
CapitaLand Mall Trust REIT		46,300		73,910
ComfortDelGro Corporation, Ltd.		141,400		328,605
DBS Group Holdings, Ltd.		211,700		3,252,087
Jardine Cycle & Carriage, Ltd.		181,700		4,465,434
Sembcorp Industries, Ltd.		1,171,000		3,382,106
Singapore Airlines, Ltd.		22,300		177,658
Singapore Exchange, Ltd.		13,600		79,064
Singapore Technologies Engineering, Ltd.		23,600		57,824
Singapore Telecommunications, Ltd.		2,020,100		6,314,453
Suntec Real Estate Investment Trust REIT		40,500		51,871
United Overseas Bank, Ltd.		713,625		12,223,580
UOL Group, Ltd.		8,386		43,087

	Shares		Value
Wilmar International, Ltd.		48,100	$	117,139
				30,656,458
South Korea — 0.9%
Celltrion, Inc.D*		37,387		2,614,358
Hankook Tire Co., Ltd.		55,768		2,099,831
NAVER Corporation		6,024		3,423,924
Shinhan Financial Group Co., Ltd.		106,086		3,951,655
				12,089,768
Spain — 5.8%
Abengoa SA, B Shares		172,565		542,524
Acerinox SA		9,618		133,068
ACS Actividades de Construccion y Servicios SA		43,222		1,390,411
Amadeus IT Holding SA, A Shares		191,959		7,651,780
Banco Bilbao Vizcaya Argentaria SA		85,125		834,376
Banco de Sabadell SA		1,179,300		2,846,423
Banco Popular Espanol SAD		1,453,006		7,040,028
Banco Santander SA		1,963,284		13,710,464
Bankinter SA		100,246		740,853
Distribuidora Internacional de Alimentacion SA		271,667		2,074,649
Ebro Foods SA		230,108		4,453,472
Endesa SA		86,666		1,658,478
Iberdrola SA		1,736,205		11,694,966
Industria de Diseno Textil SA		372,644		12,112,239
International Consolidated Airlines Group*		183,861		1,429,138
Mediaset Espana Comunicacion SA		49,085		643,263
Red Electrica Corporacion SA		874		70,039
Repsol SA		4,067		71,412
Telefonica SA		611,555		8,692,865
				77,790,448
Sweden — 3.8%
Alfa Laval AB		108,297		1,906,009
Atlas Copco AB, A SharesD		240,770		6,738,197
BillerudKorsnas AB		27,001		424,402
Boliden AB		83,964		1,530,421
Electrolux AB, Series B		75,359		2,361,716
Elekta AB, B SharesD		191,436		1,200,827
Hennes & Mauritz AB B Shares		182,517		7,027,802
Hexpol AB		44,700		460,758
Investment AB Kinnevik B Shares		188,916		5,972,953
Investor AB, B Shares		3,071		114,433
NCC AB, B Shares		2,720		83,045
Skandinaviska Enskilda Banken AB Class A		70,821		905,568
Skanska AB, B Shares		37,287		755,649
Svenska Cellulosa AB SCA Class B		98,246		2,498,267
Svenska Handelsbanken AB, A Shares		331,157		4,833,621
Tele2 AB, B Shares		100,394		1,167,450
Telefonaktiebolaget LM Ericsson, B Shares		441,074		4,570,439
TeliaSonera AB		1,387,171		8,167,556
Trelleborg AB, B Shares		14,327		264,942

See Notes to Financial Statements.

176

	Shares		Value
Volvo AB, B Shares		34,811	$	432,101
				51,416,156
Switzerland — 10.7%
ABB, Ltd.D*		638,899		13,380,012
ABB, Ltd. ADRD*		69,900		1,459,512
Actelion, Ltd.*		1,878		274,785
Adecco SA*		13,699		1,112,096
Baloise Holding AG		3,839		468,096
Cie Financiere Richemont SA		60,199		4,896,662
Credit Suisse Group AG*		195,460		5,372,824
Galenica AG		146		152,332
GAM Holding AG*		13,071		274,716
Helvetia Holding AGD		3,491		1,995,764
Lonza Group AG*		15,171		2,026,694
Nestle SA		247,396		17,861,094
Novartis AG		245,974		24,243,547
OC Oerlikon Corporation AG*		252,660		3,094,237
Roche Holding AG		70,197		19,671,227
Straumann Holding AG		275		75,445
Swiss Life Holding AG*		35,152		8,049,675
Swiss Re AG*		24,435		2,162,679
Swisscom AG		128		71,739
Syngenta AG		36,763		14,941,911
UBS Group AG*		393,384		8,343,553
Zurich Insurance Group AG*		43,018		13,094,735
				143,023,335
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		486,996		11,059,679
Teco Electric and Machinery Co., Ltd.		2,641,300		2,050,240
				13,109,919
Thailand — 0.4%
Bangkok Bank PCL		412,700		2,181,076
Charoen Pokphand Foods PCL		4,402,400		3,128,232
				5,309,308
Turkey — 0.2%
BIM Birlesik Magazalar AS		134,552		2,409,797
Türkiye Garanti Bankasi AS		—		1
Yapi ve Kredi Bankasi AS		1		1
				2,409,799
United Kingdom — 17.7%
3i Group PLC		34,312		278,457
Aggreko PLC		160,779		3,635,236
Amec Foster Wheeler PLC		460,503		5,915,109
ARM Holdings PLC		454,793		7,410,287
ASOS PLC*		27,063		1,649,447
AstraZeneca PLC		79,808		5,039,726
Aviva PLC		83,758		648,146
BAE Systems PLC		147,958		1,048,939
Barclays PLC		853,922		3,495,171
Barratt Developments PLC		167,560		1,617,837
Berkeley Group Holdings PLC		29,517		1,551,818
BG Group PLC		505,363		8,412,923
BHP Billiton PLC		17,276		339,038
BP PLC		1,330,931		8,786,227
British Land Co. PLC (The) REIT		10,722		133,680
BT Group PLC		351,297		2,484,977

	Shares		Value
Compass Group PLC		755,840	$	12,505,492
Dairy Crest Group PLC		584,953		4,894,216
DS Smith PLC		1,475,795		8,950,677
G4S PLC		1,373,471		5,796,529
GKN PLC		291,328		1,531,161
GlaxoSmithKline PLC		765,139		15,899,320
Hammerson PLC REIT		5,569		53,858
Hikma Pharmaceuticals PLC		30,585		928,930
Howden Joinery Group PLC		9,310		75,701
HSBC Holdings PLC		1,190,211		10,661,481
ICAP PLC		8,943		74,403
Inchcape PLC		114,021		1,452,942
Intermediate Capital Group PLC		98,259		848,365
Investec PLC		40,391		363,014
ITV PLC		1,080,377		4,469,601
KAZ Minerals PLC*		18,981		60,661
Kingfisher PLC		871,967		4,758,251
Land Securities Group PLC REIT		9,565		180,948
Man Strategic Holdings PLC*		1,307,946		3,224,447
Mondi PLC		79,732		1,717,563
National Grid PLC		1,076,376		13,820,854
Next PLC		13,517		1,582,265
Ocado Group PLCD*		283,349		1,985,188
Pearson PLC		212,083		4,015,461
Persimmon PLC*		100,034		3,104,254
Premier Oil PLC*		69,393		162,568
Prudential PLC		284,700		6,855,363
Reckitt Benckiser Group PLC		16,774		1,446,416
Reed Elsevier PLC		20,897		339,834
Rexam PLC		12,257		106,308
Rio Tinto PLC		22,097		907,573
Rolls-Royce ’C’ Shares		181,008,186		284,407
Rolls-Royce Holdings PLC*		1,425,855		19,491,136
Rotork PLC		394,770		1,442,768
Royal Dutch Shell PLC A Shares		316,711		8,942,924
Royal Dutch Shell PLC B Shares		41,902		1,189,694
Sage Group PLC (The)		86,075		693,128
Sky PLC		326,208		5,315,154
Spirax-Sarco Engineering PLC		31,079		1,656,889
Standard Chartered PLC		132,380		2,119,528
Tate & Lyle PLC		22,595		184,434
Taylor Wimpey PLC		1,071,015		3,126,683
Tesco PLC		2,309,418		7,712,695
Travis Perkins PLC		91,438		3,031,459
Tullow Oil PLC		11,365		60,661
Unilever PLC		252,434		10,828,119
Vodafone Group PLC		1,641,485		5,928,215
				237,228,556
United States of America — 1.1%
Joy Global, Inc.D		72,600		2,628,120
MercadoLibre, Inc.D		26,700		3,783,390
Yum! Brands, Inc.D		90,616		8,162,689
				14,574,199
Total Foreign Common Stocks (Cost $1,229,700,326)				1,340,945,570
FOREIGN PREFERRED STOCKS — 0.2%
Germany — 0.2%
Henkel AG & Co. KGaA
1.18%, 04/14/15		11,665		1,308,278

See Notes to Financial Statements.

177

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Porsche Automobil Holding SE
2.01%, 03/18/14		19,854		$	1,672,687
Total Foreign Preferred Stocks (Cost $2,620,788)					2,980,965
RIGHTS — 0.0%
Jardine Cycle & Carriage, Ltd.+* (Cost $0)		20,189			106,427
WARRANT — 0.0%
Sun Hung Kai Properties, Ltd.* (Cost $0)		1			3
MONEY MARKET FUNDS — 10.4%
GuideStone Money Market Fund (Investor Class)¥		69,876,544			69,876,544
Northern Institutional Liquid Assets Portfolio§		69,079,584			69,079,584
Total Money Market Funds (Cost $138,956,128)					138,956,128
TOTAL INVESTMENTS — 110.6% (Cost $1,371,277,242)					1,482,989,093
FOREIGN COMMON STOCKS SOLD SHORT — (5.1)%
Australia — (0.3)%
ALS, Ltd.		(270,338	)		(1,220,190	)
Iluka Resources, Ltd.		(87,562	)		(518,850	)
Origin Energy, Ltd.		(61,039	)		(563,724	)
REA Group, Ltd.		(14,092	)		(426,318	)
Santos, Ltd		(97,484	)		(588,925	)
Seek, Ltd.		(81,284	)		(881,769	)
Sydney Airport		(18,382	)		(70,630	)
TPG Telecom, Ltd.		(30,774	)		(212,981	)
					(4,483,387	)
Belgium — 0.0%
UCB SA		(4,848	)		(348,015	)
Bermuda — 0.0%
Seadrill, Ltd.		(22,385	)		(233,259	)
Finland — (0.1)%
Nokian Renkaat OYJ		(43,244	)		(1,355,202	)
Outokumpu OYJ*		(84,874	)		(427,502	)
					(1,782,704	)
France — (0.5)%
Bollore SA		(411,062	)		(2,188,255	)
Edenred		(74,247	)		(1,834,695	)
Etablissements Maurel et Prom*		(24,264	)		(180,212	)
Kering		(4,301	)		(767,916	)
Vallourec SA		(45,025	)		(919,595	)
					(5,890,673	)
Germany — (0.2)%
adidas AG		(21,797	)		(1,668,225	)
Bilfinger SE		(13,802	)		(522,010	)
LANXESS AG		(3,263	)		(192,401	)
RWE AG		(33,954	)		(730,009	)
					(3,112,645	)
Ireland — (0.1)%
James Hardie Industries PLC		(47,669	)		(637,013	)

	Shares			Value
Italy — (0.4)%
Banca Popolare dell’Emilia Romagna SC		(62,521	)	$	(557,613	)
Enel Green Power SpA		(36,664	)		(71,654	)
Saipem SpA*		(131,257	)		(1,386,497	)
Salvatore Ferragamo SpA		(108,488	)		(3,258,341	)
					(5,274,105	)
Japan — (1.3)%
Acom Co., Ltd.*		(712,800	)		(2,737,394	)
AEON Financial Service Co., Ltd.		(92,100	)		(2,558,647	)
Chiyoda Corporation		(27,000	)		(239,147	)
Chugoku Electric Power Co., Inc. (The)		(31,400	)		(458,229	)
Electric Power Development Co., Ltd.		(2,600	)		(91,882	)
Hitachi Capital Corporation		(5,300	)		(140,311	)
IHI Corporation		(124,000	)		(577,522	)
Inpex Corporation		(6,100	)		(69,356	)
Kakaku.com, Inc.		(88,400	)		(1,279,935	)
Kansai Electric Power Co., Inc. (The)*		(21,200	)		(234,805	)
Kyushu Electric Power Co., Inc.*		(283,200	)		(3,285,893	)
LIXIL Group Corporation		(54,900	)		(1,090,060	)
Nikon Corporation		(30,000	)		(347,101	)
Rakuten, Inc.		(9,700	)		(156,733	)
Rinnai Corporation		(12,000	)		(946,195	)
Shikoku Electric Power Co., Inc.		(42,800	)		(641,030	)
Yahoo Japan Corporation		(258,500	)		(1,043,420	)
Yaskawa Electric Corporation		(55,400	)		(709,786	)
					(16,607,446	)
Jersey — 0.0%
Glencore PLC*		(113,541	)		(455,456	)
Luxembourg — (0.3)%
Altice SA*		(9,990	)		(1,376,022	)
ArcelorMittal		(198,841	)		(1,935,917	)
Millicom International Cellular SA		(9,867	)		(727,838	)
Tenaris SA		(11,689	)		(157,421	)
					(4,197,198	)
Netherlands — (0.3)%
CNH Industrial NV		(69,987	)		(638,246	)
Fugro NV*		(39,084	)		(856,643	)
Koninklijke Vopak NV		(23,343	)		(1,177,976	)
SBM Offshore NV*		(152,327	)		(1,805,208	)
					(4,478,073	)
Norway — (0.3)%
DNO ASA*		(194,315	)		(256,759	)
Schibsted ASA*		(114,198	)		(3,501,482	)
					(3,758,241	)
Spain — (0.2)%
Applus Services SA*		(46,013	)		(543,242	)
Atresmedia Corporation de Medios de Comunicacion SA		(24,288	)		(376,378	)
Bankia SA*		(420,638	)		(533,664	)
Zardoya Otis SA		(83,618	)		(910,776	)
					(2,364,060	)
Sweden — 0.0%
Alfa Laval AB		(20,144	)		(354,531	)

See Notes to Financial Statements.

178

	Shares			Value
Switzerland — (0.3)%
Barry Callebaut AG*		(322	)	$	(366,790	)
Cie Financiere Richemont SA		(14,972	)		(1,217,841	)
Dufry AG*		(6,554	)		(912,702	)
Sulzer AG		(2,874	)		(295,561	)
Swatch Group AG (The)		(1,154	)		(449,405	)
					(3,242,299	)
United Kingdom — (0.8)%
Admiral Group PLC		(43,931	)		(957,393	)
Aggreko PLC		(81,016	)		(1,831,783	)
Anglo American PLC		(59,710	)		(861,725	)
Antofagasta PLC		(99,220	)		(1,074,920	)
ASOS PLC*		(31,903	)		(1,944,437	)
Drax Group PLC		(141,453	)		(773,898	)
Hargreaves Lansdown PLC		(90,420	)		(1,638,085	)
Intertek Group PLC		(2,177	)		(83,804	)
Lonmin PLC*		(82,392	)		(144,863	)
RSA Insurance Group PLC		(12,647	)		(78,929	)
Serco Group PLC		(548,639	)		(1,017,211	)
Sports Direct International PLC*		(43,409	)		(490,060	)
Vedanta Resources PLC		(20,862	)		(170,452	)
Weir Group PLC (The)		(2,518	)		(67,140	)
					(11,134,700	)
Total Foreign Common Stocks Sold Short (Proceeds $(70,180,736))					(68,353,805	)
Liabilities in Excess of Other Assets — (5.5)%					(73,787,539	)
NET ASSETS — 100.0%				$	1,340,847,749

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		26.3
Consumer Discretionary		19.2
Technology		12.5
Producer Durables		11.8
Healthcare		10.5
Money Market Funds		10.4
Materials & Processing		7.5
Consumer Staples		4.6
Utilities		4.3
Energy		3.3
Foreign Preferred Stocks		0.2
Rights		—	**
Warrant		—	**
Foreign Common Stocks Sold Short		(5.1	)
		105.5

** Rounds to less than 0.005%.

See Notes to Financial Statements.

179

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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:
Australia	$	25,903,235	$	25,903,235	$	—	$	—
Austria		4,573,674		4,573,674		—		—
Belgium		5,712,445		5,712,445		—		—
Bermuda		7,912,402		7,912,402		—		—
Brazil		4,546,529		4,546,529		—		—
British Virgin Islands		573,396		573,396		—		—
Canada		7,999,992		7,999,992		—		—
China		42,216,678		42,216,678		—		—
Denmark		24,519,051		24,519,051		—		—
Finland		4,089,193		4,089,193		—		—
France		108,073,457		108,073,457		—		—
Germany		105,547,707		105,547,707		—		—
Hong Kong		33,493,111		33,493,111		—		—
India		3,398,214		3,398,214		—		—
Indonesia		954,346		954,346		—		—
Ireland		11,218,535		11,218,535		—		—
Italy		31,239,987		31,239,987		—		—
Japan		213,437,582		213,437,582		—		—
Jersey		11,793,291		11,793,291		—		—
Luxembourg		988,247		988,247		—		—
Netherlands		90,363,310		90,363,310		—		—
New Zealand		726,276		726,276		—		—
Nigeria		—		—		—		—
Norway		10,425,139		10,425,139		—		—
Portugal		1,231,490		1,231,490		—		—
Russia		2,400,337		2,400,337		—		—
Singapore		30,656,458		30,656,458		—		—
South Korea		12,089,768		12,089,768		—		—
Spain		77,790,448		77,790,448		—		—
Sweden		51,416,156		51,416,156		—		—
Switzerland		143,023,335		143,023,335		—		—
Taiwan		13,109,919		13,109,919		—		—
Thailand		5,309,308		5,309,308		—		—
Turkey		2,409,799		2,409,799		—		—
United Kingdom		237,228,556		236,944,149		—		284,407
United States of America		14,574,199		14,574,199		—		—
Foreign Preferred Stocks:
Germany		2,980,965		2,980,965		—		—
Money Market Funds		138,956,128		138,956,128		—		—
Warrant		3		3		—		—
Rights		106,427		—		—		106,427
Total Assets—Investments in Securities	$	1,482,989,093	$	1,482,598,259	$	—	$	390,834

See Notes to Financial Statements.

180

	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	$	(4,483,387	)	$	(4,483,387	)	$	—		$	—
Belgium		(348,015	)		(348,015	)		—			—
Bermuda		(233,259	)		(233,259	)		—			—
Finland		(1,782,704	)		(1,782,704	)		—			—
France		(5,890,673	)		(5,890,673	)		—			—
Germany		(3,112,645	)		(3,112,645	)		—			—
Ireland		(637,013	)		(637,013	)		—			—
Italy		(5,274,105	)		(5,274,105	)		—			—
Japan		(16,607,446	)		(16,607,446	)		—			—
Jersey		(455,456	)		(455,456	)		—			—
Luxembourg		(4,197,198	)		(4,197,198	)		—			—
Netherlands		(4,478,073	)		(4,478,073	)		—			—
Norway		(3,758,241	)		(3,758,241	)		—			—
Spain		(2,364,060	)		(2,364,060	)		—			—
Sweden		(354,531	)		(354,531	)		—			—
Switzerland		(3,242,299	)		(3,242,299	)		—			—
United Kingdom		(11,134,700	)		(11,134,700	)		—			—
Total Liabilities — Investments in Securities	$	(68,353,805	)	$	(68,353,805	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(85,258	)	$	—		$	(85,258	)	$	—
Futures Contracts		(816,685	)		(816,685	)		—			—
Total Liabilities — Other Financial Instruments	$	(901,943	)	$	(816,685	)	$	(85,258	)	$	—

*** 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.

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, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2015 is 1,113,607,217.

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 June 30, 2015.

See Notes to Financial Statements.

181

EMERGING MARKETS EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 88.2%
Argentina — 0.2%
Banco Macro SA ADR		13,970	$	637,032
Austria — 0.3%
Vienna Insurance Group AG Wiener Versicherung Gruppe		23,188		795,570
Bermuda — 1.1%
Credicorp, Ltd.D		17,500		2,431,100
GOME Electrical Appliances Holdings, Ltd.		1,713,000		377,889
Kosmos Energy, Ltd.*		84,300		710,649
				3,519,638
Brazil — 5.4%
Banco Bradesco SA ADRD		108,360		992,578
Banco do Brasil SA		55,000		427,214
Banco Santander Brasil SA ADR D		245,348		1,334,693
BB Seguridade Participacoes SA		22,000		242,282
BR Malls Participacoes SA		21,400		101,180
BRF SA		28,800		608,403
CCR SA		112,100		539,750
Centrais Eletricas Brasileiras SA*		155,200		294,516
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADRD		25,870		612,343
Cia Energetica de Minas Gerais ADRD		55,882		212,911
Gerdau SA		12,880		25,146
Gerdau SA ADRD		73,678		177,564
Grupo BTG Pactual		153,300		1,411,656
Hypermarcas SA*		92,500		674,464
Itau Unibanco Holding SA ADRD		225,704		2,471,459
JBS SA		264,200		1,391,063
Linx SA		28,000		433,630
Odontoprev SA		74,100		258,114
Petroleo Brasileiro SA ADR*		106,069		865,523
Porto Seguro SA		43,000		572,162
Rumo Logistica Operadora Multimodal SA*		1,120,048		461,118
TOTVS SA		55,700		698,512
Tractebel Energia SA		93,000		1,013,425
Ultrapar Participacoes SA		50,400		1,064,866
Ultrapar Participacoes SA ADRD		7,704		161,938
Vale SA ADRD		17,861		90,198
				17,136,708
Canada — 1.4%
First Quantum Minerals, Ltd.		300,500		3,928,875
Platinum Group Metals, Ltd.*		432,000		169,480
Torex Gold Resources, Inc.*		343,450		310,727
				4,409,082
Chile — 0.7%
Banco de Chile ADRD		3,153		207,720
Banco Santander Chile ADR		20,100		407,025
Embotelladora Andina SA ADR Class B		41,783		833,153
Enersis SA ADRD		46,700		739,261
Latam Airlines Group SA ADRD*		7,200		50,688
				2,237,847

	Shares		Value
China — 11.7%
AAC Technologies Holdings, Inc.		231,000	$	1,305,262
Agricultural Bank of China, Ltd. Class H		1,331,000		716,021
Air China, Ltd. Class H+		686,000		775,246
Alibaba Group Holding, Ltd. ADR*		7,860		646,642
Anhui Conch Cement Co., Ltd. Class HD		1,299,500		4,559,914
Anta Sports Products, Ltd.		128,000		310,441
Bank of China, Ltd. Class H		2,495,000		1,622,230
Bank of Communications Co., Ltd. Class H		544,000		567,051
Beijing Capital International Airport Co., Ltd. Class H		132,000		152,238
China CITIC Bank Corporation, Ltd. Class H*		397,000		316,512
China Communications Construction Co., Ltd. Class H		361,000		540,227
China Construction Bank Corporation Class H		1,791,000		1,635,838
China Everbright Bank Co., Ltd. Class H		190,000		113,977
China International Marine Containers Group Co., Ltd.		87,200		224,312
China Life Insurance Co., Ltd. Class H		115,000		500,706
China Merchants Bank Co., Ltd. Class H		844,000		2,460,721
China Minsheng Banking Corporation, Ltd. Class H		289,500		379,449
China Petroleum & Chemical Corporation Class H		108,000		93,210
China Railway Construction Corporation, Ltd. Class H		221,500		342,328
China Railway Group, Ltd. Class H		222,000		239,712
China Shenhua Energy Co., Ltd. Class H		53,000		120,884
China Telecom Corporation, Ltd. Class H		1,900,000		1,115,261
China Vanke Co., Ltd. Class H		65,900		162,209
Country Garden Holdings Co., Ltd.		121,000		53,229
Datang International Power Generation Co., Ltd. Class H		754,000		386,165
Dongfeng Motor Group Co., Ltd. Class H		312,000		418,600
Evergrande Real Estate Group, Ltd.		285,000		170,231
Fuyao Glass Industry Group Co., Ltd.*		271,600		665,024
Great Wall Motor Co., Ltd. Class H+@		53,000		259,819
Industrial & Commercial Bank of China, Ltd. Class H		7,031,000		5,587,394
Li Ning Co., Ltd.D*		839,459		383,367
Longfor Properties Co., Ltd.		860,500		1,369,864
Mindray Medical International, Ltd. ADRD		27,224		775,884
People’s Insurance Co. Group of China, Ltd. (The)		675,000		431,914
PetroChina Co., Ltd. Class H		326,000		363,785
PICC Property & Casualty Co., Ltd. Class H		108,000		246,051

See Notes to Financial Statements.

182

	Shares		Value
Ping An Insurance Group Co of China, Ltd. Class H		16,500	$	222,865
Qinhuangdao Port Co., Ltd. Class H		550,000		293,748
Sinopec Shanghai Petrochemical Co., Ltd. Class H*		886,000		481,202
Sinopharm Group Co., Ltd. Class H		82,000		364,430
Sinotrans, Ltd. Class H		660,000		440,196
Tencent Holdings, Ltd.		61,100		1,219,391
Tingyi Cayman Islands Holding Corporation		1,316,000		2,689,196
Wumart Stores, Inc. Class H		496,000		351,930
Zhejiang Expressway Co., Ltd. Class H		100,000		138,811
Zhuzhou CSR Times Electric Co., Ltd. Class H		109,000		816,985
				37,030,472
Colombia — 0.4%
Bancolombia SA		82,896		848,301
Bancolombia SA ADRD		9,155		393,665
				1,241,966
Cyprus — 0.4%
Eurasia Drilling Co., Ltd. GDR		48,148		792,997
Global Ports Investments PLC GDR		49,037		242,243
QIWI PLC ADRD		10,520		295,086
				1,330,326
Egypt — 0.2%
ElSwedy Electric Co.*		82,700		516,590
Estonia — 0.1%
Tallink Group AS@		527,514		427,549
Hong Kong — 6.1%
AIA Group, Ltd.		266,958		1,747,795
ASM Pacific Technology, Ltd.		199,300		1,974,604
Belle International Holdings, Ltd.		586,000		675,088
China Mengniu Dairy Co., Ltd.		408,000		2,034,329
China Mobile, Ltd.		341,500		4,372,529
China Overseas Land & Investment, Ltd.		906,000		3,196,664
China Resources Cement Holdings, Ltd.		170,000		94,962
China Resources Land, Ltd.		114,000		369,874
China Unicom Hong Kong, Ltd.		394,000		620,108
CNOOC, Ltd.		285,000		404,435
CSPC Pharmaceutical Group, Ltd.		98,000		96,842
Far East Horizon, Ltd.		498,000		474,130
GCL-Poly Energy Holdings, Ltd.*		369,000		85,210
Shimao Property Holdings, Ltd.		36,000		71,057
Sino Biopharmaceutical, Ltd.		784,000		910,269
Sino-Ocean Land Holdings, Ltd.		78,000		58,966
WH Group, Ltd. 144A*		2,869,000		1,954,231
				19,141,093
Hungary — 0.4%
OTP Bank PLC		57,531		1,138,720

	Shares		Value
India — 8.3%
Adani Enterprises, Ltd.*		22,416	$	31,980
Adani Power, Ltd.*		41,684		19,114
Adani Transmissions, Ltd.+@*		22,416		—
Ambuja Cements, Ltd.		554,498		2,001,870
Aurobindo Pharma, Ltd.*		49,745		1,134,261
Axis Bank, Ltd.		540,463		4,743,904
Bajaj Auto, Ltd.		3,521		140,550
Dabur India, Ltd.		270,995		1,191,987
Divi’s Laboratories, Ltd.		15,303		451,749
Dr Reddy’s Laboratories, Ltd.		8,691		485,791
HCL Technologies, Ltd.		26,616		384,423
Hero MotoCorp, Ltd.		47,165		1,869,046
Idea Cellular, Ltd.		161,286		446,145
Infosys, Ltd.		85,956		1,328,687
Infosys, Ltd. ADR D		128,916		2,043,319
Kotak Mahindra Bank, Ltd.		166,161		3,615,985
Motherson Sumi Systems, Ltd.		22,261		181,325
Mundra Port and Special Economic Zone, Ltd.*		31,658		153,070
Power Finance Corporation, Ltd.		200,156		804,647
Reliance Infrastructure, Ltd.		10,466		63,843
State Bank of India		22,660		93,497
Tata Consultancy Services, Ltd.		90,991		3,644,998
Tata Motors, Ltd. ADRD		25,400		875,538
Tata Steel, Ltd.		51,050		244,187
Tech Mahindra, Ltd.		7,620		57,174
Wipro, Ltd.		21,363		183,404
				26,190,494
Indonesia — 1.2%
PT Astra Agro Lestari Tbk		194,200		334,288
PT Bank Central Asia Tbk		260,800		264,076
PT Bank Mandiri Persero Tbk		100,100		75,455
PT Bank Negara Indonesia Persero Tbk		1,336,600		531,332
PT Bank Rakyat Indonesia Persero Tbk		269,400		209,135
PT Bank Tabungan Pensiunan Nasional Tbk@*		237,000		60,883
PT Indofood Sukses Makmur Tbk		323,700		159,635
PT Kalbe Farma Tbk		864,400		108,597
PT Ramayana Lestari Sentosa Tbk		3,631,300		187,931
PT Semen Indonesia Persero Tbk		1,039,700		935,788
PT Tambang Batubara Bukit Asam Tbk		35,600		22,429
PT Telekomunikasi Indonesia Tbk ADR		11,000		477,290
PT Unilever Indonesia Tbk		46,800		138,654
PT United Tractors Tbk		194,100		296,628
				3,802,121
Jersey — 0.1%
West China Cement, Ltd.		1,414,000		273,623
Kenya — 0.3%
Safaricom, Ltd.		5,008,102		829,432
Luxembourg — 0.2%
O’Key Group SA GDR		11,755		27,800
Ternium SA ADRD		42,528		736,160
				763,960

See Notes to Financial Statements.

183

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Malaysia — 1.5%
AirAsia Bhd		421,800	$	172,163
AMMB Holdings Bhd		58,700		93,814
CIMB Group Holdings Bhd		610,887		885,649
DiGi.Com Bhd		184,100		261,536
IOI Corporation Bhd		318,600		342,835
Lafarge Malaysia Bhd		118,200		265,034
Malayan Banking Bhd		165,800		401,646
MISC Bhd		316,800		648,210
Petronas Chemicals Group Bhd		151,200		253,269
Tenaga Nasional Bhd		325,700		1,091,134
Westports Holdings Bhd		356,400		399,568
				4,814,858
Mexico — 4.2%
Alfa SAB de CV Class A		32,500		62,281
America Movil SAB de CV ADR Class LD		165,457		3,525,889
Arca Continental SAB de CV		32,800		186,272
Cemex SAB de CV ADRD*		28,878		264,522
Corporacion Moctezuma SAB de CV@		205,509		634,146
Fibra Uno Administracion SA de CV REITD		113,500		269,930
Genomma Lab Internacional SAB de CV Class B*		1,372,300		1,365,533
Gentera SAB de CV		13,900		24,718
Gruma SAB de CV		90,100		1,162,257
Grupo Aeroportuario del Pacifico SAB de CV Class B		17,300		118,434
Grupo Financiero Banorte SAB de CV Class O		493,777		2,714,949
Grupo Financiero Inbursa SAB de CV Class O		420,700		954,220
Grupo Televisa SAB de CV ADR		10,700		415,374
Megacable Holdings SAB de CV		289,900		1,213,458
OHL Mexico SAB de CV*		119,500		155,101
Wal-Mart de Mexico SAB de CV		102,900		251,333
				13,318,417
Mongolia — 0.1%
Mongolian Mining CorporationD*		4,213,750		203,850
Netherlands — 1.1%
OCI NV*		63,382		1,791,270
X5 Retail Group NV GDR*		108,361		1,804,211
				3,595,481
Nigeria — 0.9%
FCMB Group PLC		12,000,000		180,859
Guaranty Trust Bank PLC		14,478,359		1,964,634
Nestle Nigeria PLC		91,316		393,157
United Bank for Africa PLC		7,896,545		197,959
				2,736,609
Philippines — 0.6%
Bank of the Philippine Islands		271,043		568,054
International Container Terminal Services, Inc.		573,060		1,400,559
				1,968,613
Poland — 0.9%
Alior Bank SA*		29,833		708,772

	Shares		Value
Cyfrowy Polsat SA*		10,476	$	65,893
Energa SA		52,749		319,019
KGHM Polska Miedz SA		5,327		150,955
PGE Polska Grupa Energetyczna SA		152,497		747,884
Polski Koncern Naftowy Orlen SA		12,772		250,787
Polskie Gornictwo Naftowe i Gazownictwo SA		160,551		281,818
Powszechny Zaklad Ubezpieczen SA		706		81,237
Tauron Polska Energia SA		124,555		145,093
				2,751,458
Russia — 3.7%
Gazprom OAO ADR		124,426		655,725
LSR Group PJSC GDR		163,892		331,062
Lukoil OAO ADR		10,216		458,801
Magnit PJSC GDR		3,261		181,507
Mobile Telesystems OJSC ADR		117,159		1,145,815
NOVATEK OAO GDR		47,296		4,811,087
Novolipetsk Steel OJSC GDR		48,869		655,123
Rosneft OAO GDR		27,856		115,995
Sberbank of Russia ADR		423,287		2,247,654
Severstal PAO GDR		33,566		357,861
Sistema JSFC GDR		8,233		72,862
Surgutneftegas OAO ADR		32,259		190,006
Tatneft OAO ADR		8,990		292,085
				11,515,583
South Africa — 5.0%
African Bank Investments, Ltd.+*		642,081		—
Aspen Pharmacare Holdings, Ltd.*		12,503		369,972
Barloworld, Ltd.		13,874		110,048
Bidvest Group, Ltd.		138,923		3,518,751
Capitec Bank Holdings, Ltd.		17,067		680,323
Discovery, Ltd.		66,187		688,038
FirstRand, Ltd.		74,215		325,262
Foschini Group, Ltd.		107,338		1,402,823
Growthpoint Properties, Ltd. REIT		109,015		237,098
Investec. Ltd.		61,477		553,576
Liberty Holdings, Ltd.		28,661		341,995
Mediclinic International, Ltd.		31,290		263,210
MMI Holdings, Ltd.		36,001		89,218
Mr. Price Group, Ltd.		14,034		288,962
Naspers, Ltd. N Shares		6,517		1,015,101
Netcare, Ltd.		239,144		752,460
Pick n Pay Stores, Ltd.		256,364		1,211,650
Rand Merchant Insurance Holdings, Ltd.		86,524		302,045
Redefine Properties, Ltd. REIT		79,691		66,879
Remgro, Ltd.		11,242		236,502
RMB Holdings, Ltd.		92,751		506,601
Sanlam, Ltd.		34,630		188,834
Sasol, Ltd.		24,071		890,346
Shoprite Holdings, Ltd.		12,628		180,089
Standard Bank Group, Ltd.		96,433		1,269,577
Tiger Brands, Ltd.		11,049		257,462
				15,746,822
South Korea — 11.0%
AMOREPACIFIC Group		7,160		1,200,341
CJ CheilJedang Corporation		334		132,049

See Notes to Financial Statements.

184

	Shares		Value
Coway Co., Ltd.		2,230	$	182,726
Daewoo Securities Co., Ltd.		20,139		275,333
Dongbu Insurance Co., Ltd.		7,282		368,849
E-Mart Co., Ltd.		3,899		807,449
Hanwha Corporation		17,784		752,526
Hyosung Corporation		1,487		191,966
Hyundai Development Co-Engineering & Construction		9,844		584,224
Hyundai Mobis Co., Ltd.		5,233		994,573
KB Financial Group, Inc.		4,981		164,776
Kia Motors Corporation		4,443		180,436
KIWOOM Securities Co., Ltd.		7,364		487,874
Korea Electric Power Corporation		3,172		130,241
Korean Air Lines Co., Ltd.*		23,271		844,928
LG Chem, Ltd.		1,980		494,357
LG Display Co., Ltd.		34,456		798,501
LG Innotek Co., Ltd.		1,471		132,534
Lotte Chemical Corporation		1,679		435,009
Mirae Asset Securities Co., Ltd.		19,636		888,985
NAVER Corporation		2,161		1,228,270
NCSoft Corporation		4,161		740,471
Samsung Electronics Co., Ltd.		8,750		9,946,658
Samsung Fire & Marine Insurance Co., Ltd.		26,263		6,922,159
Shinhan Financial Group Co., Ltd.		98,022		3,651,274
SK Holdings Co., Ltd.		1,770		314,187
SK Hynix, Inc.		24,912		944,711
SK Networks Co., Ltd.		85,988		692,252
SK Telecom Co., Ltd.		283		63,427
Woori Bank		24,651		216,576
				34,767,662
Switzerland — 0.8%
Coca-Cola HBC AG*		123,513		2,654,858
Taiwan — 8.3%
Advanced Semiconductor Engineering, Inc.		43,000		58,254
AU Optronics Corporation		811,000		358,786
China Airlines, Ltd.*		1,332,000		567,690
China Life Insurance Co., Ltd.		103,700		106,206
Compal Electronics, Inc.		561,000		427,280
CTBC Financial Holding Co., Ltd.		515,858		406,273
Delta Electronics, Inc.		20,000		102,416
Eva Airways Corporation*		369,000		251,744
Foxconn Technology Co., Ltd.		45,000		163,347
Fubon Financial Holding Co., Ltd.		593,000		1,180,061
Hon Hai Precision Industry Co., Ltd.		441,280		1,387,291
Innolux Corporation		712,000		371,524
Inotera Memories, Inc.*		870,000		693,643
Kinsus Interconnect Technology Corporation		120,000		329,028
Largan Precision Co., Ltd.		4,000		456,984
MediaTek, Inc.		228,000		3,118,378
Novatek Microelectronics Corporation		14,000		67,608
Pegatron Corporation		393,000		1,150,169
Pou Chen Corporation		23,000		32,799
Powertech Technology, Inc.		132,000		285,780
President Chain Store Corporation		109,000		766,598

	Shares		Value
Realtek Semiconductor Corporation		129,000	$	330,710
Taiwan Semiconductor Manufacturing Co., Ltd.		2,234,000		10,172,811
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		133,700		3,036,327
Teco Electric and Machinery Co., Ltd.		172,000		133,511
Wan Hai Lines, Ltd.		157,000		124,666
				26,079,884
Thailand — 3.5%
Airports of Thailand PCL NVDR		28,100		252,085
Bangkok Bank PCL NVDR		32,000		168,643
BEC World PCL NVDR		186,100		206,622
Big C Supercenter PCL NVDR		302,800		1,730,260
Bumrungrad Hospital PCL		34,000		188,243
Central Pattana PCL		2,301,500		3,236,703
Delta Electronics Thailand PCL		102,300		274,109
Indorama Ventures PCL		251,300		206,468
Kasikornbank PCL		47,800		267,478
Kasikornbank PCL NVDR		356,531		1,995,066
Krung Thai Bank PCL NVDR		498,800		252,535
PTT PCL NVDR		16,800		178,567
Robinson Department Store PCL		462,600		612,910
Siam Commercial Bank PCL		53,000		244,008
Thai Union Frozen Products PCL NVDR		808,600		521,901
TMB Bank PCL		12,254,100		848,976
				11,184,574
Turkey — 2.4%
Akfen Holding AS		106,500		277,764
Coca-Cola Icecek AS		24,786		412,468
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		91,040		93,754
TAV Havalimanlari Holding AS		111,703		948,190
Tofas Turk Otomobil Fabrikasi AS		19,521		133,292
Turk Hava Yollari AO*		142,090		466,547
Turk Sise ve Cam Fabrikalari AS		100,008		134,707
Turk Telekomunikasyon AS		129,612		340,944
Türkiye Garanti Bankasi AS		977,009		3,047,571
Ulker Biskuvi Sanayi AS		106,104		740,325
Yapi ve Kredi Bankasi AS		767,455		1,128,231
				7,723,793
United Arab Emirates — 0.1%
Orascom Construction, Ltd.*		19,517		252,550
United Kingdom — 3.8%
Anglo American PLC		582,065		8,440,883
Cable & Wireless Communications PLC		440,076		460,516
Tullow Oil PLC		607,680		3,243,493
				12,144,892
United States of America — 1.8%
Cognizant Technology Solutions Corporation Class A*		74,700		4,563,423
First Cash Financial Services, Inc.D*		18,200		829,738

See Notes to Financial Statements.

185

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Southern Copper CorporationD		7,800	$	229,398
				5,622,559
Total Foreign Common Stocks (Cost $301,923,159)				278,504,686
FOREIGN PREFERRED STOCKS — 2.6%
Brazil — 1.4%
Banco do Estado do Rio Grande do Sul SA Class B
0.31%, 06/03/15		42,000		121,173
Cia Brasileira de Distribuicao Grupo Pao de Acucar
0.82%, 05/19/15		58,000		1,369,457
Cia Energetica de Sao Paulo, Class B
12.13%, 04/30/15		66,200		416,691
Gerdau SA
4.25%, 05/22/15		33,912		81,260
Itau Unibanco Holding SA
0.52%, 07/01/15		75,700		833,915
Itausa Investimentos Itau SA
0.67%, 06/01/15		544,084		1,560,976
Lojas Americanas SA,
0.28%, 03/16/15		11,800		66,228
Metalurgica Gerdau SA
1.75%, 05/22/15		43,100		87,750
				4,537,450
Chile — 0.0%
Embotelladora Andina SA Class B
0.80%, 08/24/15		1,770		5,986
South Korea — 1.2%
Samsung Electronics Co., Ltd.
2.16%, 12/29/14		4,053		3,608,077
Total Foreign Preferred Stocks (Cost $10,625,626)				8,151,513
MONEY MARKET FUNDS — 10.9%
GuideStone Money Market Fund (Investor Class)¥		15,765,301		15,765,301
Northern Institutional Liquid Assets Portfolio§		18,616,506		18,616,506
Total Money Market Funds (Cost $34,381,807)				34,381,807
TOTAL INVESTMENTS — 101.7% (Cost $346,930,592)				321,038,006
Liabilities in Excess of Other Assets — (1.7)%				(5,364,860	)
NET ASSETS — 100.0%			$	315,673,146

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		28.8
Technology		21.9
Money Market Funds		10.9
Materials & Processing		9.3
Consumer Staples		8.0
Consumer Discretionary		6.8
Energy		4.8
Producer Durables		4.4
Foreign Preferred Stocks		2.6
Healthcare		2.5
Utilities		1.7
		101.7

Swap agreement outstanding at June 30, 2015:

Maturity Date	Reference Obligation	Currency		Notional Amount			Market Value		Counterparty		Unrealized Appreciation (Depreciation)
Total Return Swap
03/18/15	Turkish Equity Index Swap		TRL		(1,407,315	)	$	9,878		GSC	$	9,878
Total Swap agreement outstanding at June 30, 2015							$	9,878			$	9,878

See Notes to Financial Statements.

186

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	637,032		$	637,032		$	—	$	—
Austria		795,570			795,570			—		—
Bermuda		3,519,638			3,519,638			—		—
Brazil		17,136,708			17,136,708			—		—
Canada		4,409,082			4,409,082			—		—
Chile		2,237,847			2,237,847			—		—
China		37,030,472			35,995,407			—		1,035,065
Colombia		1,241,966			1,241,966			—		—
Cyprus		1,330,326			1,330,326			—		—
Egypt		516,590			—			516,590		—
Estonia		427,549			427,549			—		—
Hong Kong		19,141,093			19,141,093			—		—
Hungary		1,138,720			1,138,720			—		—
India		26,190,494			26,190,494			—		—
Indonesia		3,802,121			3,802,121			—		—
Jersey		273,623			273,623			—		—
Kenya		829,432			829,432			—		—
Luxembourg		763,960			763,960			—		—
Malaysia		4,814,858			4,814,858			—		—
Mexico		13,318,417			13,318,417			—		—
Mongolia		203,850			203,850			—		—
Netherlands		3,595,481			3,595,481			—		—
Nigeria		2,736,609			2,736,609			—		—
Philippines		1,968,613			1,968,613			—		—
Poland		2,751,458			2,751,458			—		—
Russia		11,515,583			11,515,583			—		—
South Africa		15,746,822			15,746,822			—		—
South Korea		34,767,662			34,767,662			—		—
Switzerland		2,654,858			2,654,858			—		—
Taiwan		26,079,884			26,079,884			—		—
Thailand		11,184,574			11,184,574			—		—
Turkey		7,723,793			7,723,793			—		—
United Arab Emirates		252,550			252,550			—		—
United Kingdom		12,144,892			12,144,892			—		—
United States of America		5,622,559			5,622,559			—		—
Foreign Preferred Stocks:
Brazil		4,537,450			4,537,450			—		—
Chile		5,986			5,986			—		—
South Korea		3,608,077			3,608,077			—		—
Money Market Funds		34,381,807			34,381,807			—		—
Total Assets — Investments in Securities	$	321,038,006		$	319,486,351		$	516,590	$	1,035,065
Other Financial Instruments***
Forward Foreign Currency Contracts	$	66,328		$	—		$	66,328	$	—
Swap Agreement		9,878			—			—		9,878
Total Assets — Other Financial Instruments	$	76,206		$	—		$	66,328	$	9,878
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(598,613	)	$	(598,612	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(598,613	)	$	(598,612	)	$	—	$	—

*** 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.

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, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2015 is $169,409,980.

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 ended June 30, 2015.

See Notes to Financial Statements.

187

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

	Defensive Market Strategies Fund		Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	681,484,333	$	638,633,604
Investments in securities of affiliated issuers, at value		16,404,340		15,733,787
Total investments (1)(2)		697,888,673		654,367,391
Cash		1,586,257		171,079
Cash collateral for derivatives		918,000		537,858
Deposits with broker for securities sold short		5,263		—
Foreign currency(3)		38,783		—
Receivables:
Dividends and reclaims		710,943		569,505
Interest		651,650		—
Securities lending		24,919		9,389
Receivable from advisor		—		—
Investment securities sold		2,466,186		102,406
Fund shares sold		30,463		154,539
Variation margin on financial futures contracts		33,345		31,005
Unrealized appreciation on foreign currency exchange contracts		47,835		—
Unrealized appreciation on swap agreements		—		—
Prepaid expenses and other assets		18,806		19,897
Total Assets		704,421,123		655,963,069
Liabilities
Foreign currency overdraft(3)		—		—
Securities sold short, at value (4)		—		—
Options written at value (5)		792,974		—
Unrealized depreciation on foreign currency exchange contracts		5,293		—
Collateral held for securities on loan at value		101,453,002		49,205,510
Collateral held for derivatives		—		—
Collateral held for securities sold short		—		—
Payables:
Investment securities purchased		2,356,232		522,992
Dividends on short sales		—		—
Fund shares redeemed		260,146		199,299
Variation margin on financial futures contracts		—		610
Securities lending		3,736		1,409
Deferred foreign capital gains taxes		—		—
Accrued expenses:
Investment advisory fees		317,904		46,650
Shareholder servicing fees		30,872		70,299
Other expenses		33,397		97,431
Total Liabilities		105,253,556		50,144,200
Net Assets	$	599,167,567	$	605,818,869
Net Assets Consist of:
Paid-in-capital	$	543,603,574	$	446,122,345
Accumulated (distributions in excess of) net investment income (loss)		666,541		198,579
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		13,448,768		1,285,066
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		41,448,684		158,212,879
Net Assets	$	599,167,567	$	605,818,869
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	450,686,681	$	269,691,101
Institutional shares outstanding		38,763,893		29,836,334
Net asset value, offering and redemption price per Institutional share	$	11.63	$	9.04
Net assets applicable to the Investor Class	$	148,480,886	$	336,127,768
Investor shares outstanding		12,757,604		14,612,427
Net asset value, offering and redemption price per Investor share	$	11.64	$	23.00
(1)      Investments in securities of unaffiliated issuers, at cost	$	639,561,462	$	480,092,269
Investments in securities of affiliated issuers, at cost		16,404,340		15,733,787
Total investments at cost	$	655,965,802	$	495,826,056
(2)       Includes securities loaned of:	$	102,424,359	$	49,718,910
(3)       Foreign currency at cost	$	41,977	$	—
(4)       Proceeds from securities sold short	$	—	$	—
(5)       Premiums received on options written	$	683,358	$	—
(6)       Net of $(48,040) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.

188

Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund		International Equity Index Fund			International Equity Fund		Emerging Markets Equity Fund
	$1,467,842,521	$	1,578,873,088		$	722,620,627	$	102,145,880		$	1,413,112,549	$	305,272,705
	36,396,363		56,589,470			20,051,710		3,364,814			69,876,544		15,765,301
	1,504,238,884		1,635,462,558			742,672,337		105,510,694			1,482,989,093		321,038,006
	359,877		36,306			72,869		—			1,293,238		16,919,520
	1,739,000		2,655,000			859,000		116,000			11,116,035		3,540,000
	—		—			—		—			—		—
	—		—			2		234,719			5,445,416		—
	1,387,930		560,938			407,590		117,925			5,863,192		1,661,308
	—		—			24		—			—		—
	27,181		38,720			107,867		1,223			53,265		6,309
			—			—		19,559			—		—
	40,736,211		—			6,631,786		—			10,237,726		1,722,317
	40,468		58,873			70,570		185			93,145		9,677
	74,880		109,005			73,500		—			400,099		655,183
	—		—			—		—			2,654,380		761,462
	—		—			—		—			—		9,878
	27,437		30,449			21,177		18,380			27,860		9,631
	1,548,631,868		1,638,951,849			750,916,722		106,018,685			1,520,173,449		346,333,291
	—		—			—		—			—		7,732,369
	—		—			—		—			68,353,805		—
	—		—			—		—			—		—
	—		—			—		—			2,739,638		695,134
	182,748,488		213,808,823			177,779,012		2,236,149			69,079,584		18,616,506
	—		—			—		—			340,000		—
	—		—			—		—			22,587,869		—
	40,034,426		2,118,049			7,945,955		12,726			14,019,372		2,832,078
	—		—			—		—			71,075		—
	396,119		157,062			280,973		—			36,771		60,117
	—		—			—		8,930			834,576		182,048
	4,077		5,808			16,160		183			7,990		946
	—		—			—		—			750		56,259
	610,533		851,925			435,980		—			830,097		275,017
	75,881		100,250			58,320		—			59,811		6,351
	60,120		43,926			91,423		54,112			364,362		203,320
	223,929,644		217,085,843			186,607,823		2,312,100			179,325,700		30,660,145
	$1,324,702,224	$	1,421,866,006		$	564,308,899	$	103,706,585		$	1,340,847,749	$	315,673,146
	$1,027,267,184	$	1,035,109,161		$	463,991,991	$	106,539,903		$	1,197,140,548	$	342,327,627
	449,190		(769,498	)		559,728		122,173			14,612,786		2,713,875
	54,747,468		155,299,199			31,975,635		14,183			16,592,774		(3,064,875	)
	242,238,382		232,227,144			67,781,545		(2,969,674	)		112,501,641		(26,303,481	)(6)
	$1,324,702,224	$	1,421,866,006		$	564,308,899	$	103,706,585		$	1,340,847,749	$	315,673,146
	$964,041,908	$	940,786,755		$	282,483,077	$	103,706,585		$	1,057,224,832	$	285,278,309
	108,747,465		85,440,134			30,197,880		10,656,921			94,898,955		31,280,723
	$8.86	$	11.01		$	9.35	$	9.73		$	11.14	$	9.12
	$360,660,316	$	481,079,251		$	281,825,822		N/A		$	283,622,917	$	30,394,837
	16,934,385		20,714,883			15,751,216		N/A			19,164,245		3,339,073
	$21.30	$	23.22		$	17.89		N/A		$	14.80	$	9.10
	$1,224,665,756	$	1,345,426,515		$	654,650,339	$	105,064,010		$	1,301,400,698	$	331,165,291
	36,396,363		56,589,470			20,051,710		3,364,814			69,876,544		15,765,301
	$1,261,062,119	$	1,402,015,985		$	674,702,049	$	108,428,824		$	1,371,277,242	$	346,930,592
	$183,912,155	$	220,014,309		$	191,540,132	$	2,394,809		$	77,690,968	$	18,498,125
$	—	$	—		$	3	$	234,082		$	5,459,751	$	(7,891,418	)
$	—	$	—		$	—	$	—		$	70,180,736	$	—
$	—	$	—		$	—	$	—		$	—	$	—

See Notes to Financial Statements.

189

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

	Defensive Market Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	4,672,485		$	4,868,202
Income distributions received from affiliated funds		1,127			848
Interest		1,644,768			—
Securities lending		111,683			43,060
Less foreign taxes withheld		(34,677	)		(812	)
Total Investment Income		6,395,386			4,911,298
Expenses
Investment advisory fees		1,974,221			315,050
Transfer agent fees:
Institutional shares		2,020			1,917
Investor shares		10,446			13,465
Custodian fees		34,719			18,526
Shareholder servicing fees:
Investor shares		447,951			411,148
Accounting and administration fees		86,905			62,263
Professional fees		47,845			46,062
Blue sky fees:
Institutional shares		3,791			3,440
Investor shares		9,941			8,212
Shareholder reporting fees:
Institutional shares		513			214
Investor shares		3,732			8,892
Trustee expenses		3,644			2,722
Line of credit facility fees		1,930			1,448
Other expenses		26,040			13,126
Total expenses before dividends and interest on securities sold short		2,653,698			906,485
Dividends and interest on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(2)		(26,567	)		(107,592	)
Fees paid indirectly		—			—
Net expenses		2,627,131			798,893
Net Investment Income (Loss)		3,768,255			4,112,405
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		12,680,547			7,187,824
Investment securities sold short		—			—
Futures transactions		965,331			852,142
Swap agreements		—			—
Option contracts written		4,119,299			—
Foreign currency		472,602			—
Net realized gain (loss)		18,237,779			8,039,966
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(48,040) for Emerging Markets Equity)		(13,868,759	)		(9,035,281	)
Investment securities sold short		—			—
Futures		(803,870	)		(526,112	)
Swap agreements		—			—
Option contracts written		(350,875	)		—
Foreign currency		(24,475	)		—
Net change in unrealized appreciation (depreciation)		(15,047,979	)		(9,561,393	)
Net Realized and Unrealized Gain (Loss)		3,189,800			(1,521,427	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,958,055		$	2,590,978

⁽¹⁾  Inception Date was June 1, 2015.

⁽²⁾  See Note 3a and 3c in Notes to Financial Statements.

See Notes to Financial Statements.

190

Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund(1)			International Equity Fund			Emerging Markets Equity Fund
	$15,175,628	$	6,278,348		$	3,082,997		$	182,885		$	28,394,973		$	4,916,190
	2,051		3,322			875			224			3,717			643
	—		—			—			—			1,168			—
	165,413		177,818			640,823			1,040			560,200			44,607
	(68,418)		(82,494	)		(1,337	)		(15,993	)		(2,823,122	)		(508,779	)
	15,274,674		6,376,994			3,723,358			168,156			26,136,936			4,452,661
	4,168,728		5,765,945			2,532,530			14,569			5,863,507			1,858,486
	2,069		2,039			2,075			324			2,092			1,962
	14,885		14,222			14,871			—			14,078			9,244
	49,659		34,343			55,735			27,736			323,942			314,970
	1,064,689		1,206,977			489,402			—			1,067,856			223,807
	152,055		160,961			74,220			14,502			256,272			90,044
	46,353		46,353			49,061			13,829			48,384			48,798
	3,966		3,723			3,723			1,344			3,723			6,604
	8,284		8,518			8,837			—			8,074			10,568
	579		523			500			34			565			390
	10,498		9,449			9,394			—			8,688			1,814
	8,861		9,379			3,387			61			8,782			1,900
	4,693		4,962			1,792			53			4,669			1,006
	38,951		26,831			17,385			7,659			358,434			74,709
	5,574,270		7,294,225			3,262,912			80,111			7,969,066			2,644,302
	—		—			—			—			1,494,723			—
	(48,436)		(147,733	)		(57,009	)		(34,128	)		(309,602	)		(440,704	)
	—		—			(37,560	)		—			—			—
	5,525,834		7,146,492			3,168,343			45,983			9,154,187			2,203,598
	9,748,840		(769,498	)		555,015			122,173			16,982,749			2,249,063
	85,269,039		164,194,353			26,060,718			1,605			33,335,337			(121,645	)
	—		—			—			—			2,582,911			—
	1,575,834		2,309,131			1,760,047			(23,849	)		10,428,890			1,731,135
	—		—			—			—			—			(112,160	)
	—		—			—			—			—			—
	—		(3,644	)		—			36,427			(1,826,259	)		(2,253,683	)
	86,844,873		166,499,840			27,820,765			14,183			44,520,879			(756,353	)
	(82,759,367)		(118,420,991	)		(1,596,609	)		(2,918,130	)		29,570,753			(1,335,980	)
	—		—			—			—			(10,451,847	)		—
	(1,410,990)		(1,952,666	)		(849,186	)		(53,100	)		(727,602	)		(834,513	)
	—		—			—			—			—			18,154
	—		—			—			—			—			—
	—		—			—			1,556			(444,086	)		1,441,614
	(84,170,357)		(120,373,657	)		(2,445,795	)		(2,969,674	)		17,947,218			(710,725	)
	2,674,516		46,126,183			25,374,970			(2,955,491	)		62,468,097			(1,467,078	)
	$12,423,356	$	45,356,685		$	25,929,985		$	(2,833,318	)	$	79,450,846		$	781,985

See Notes to Financial Statements.

191

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income	$	3,768,255		$	5,679,260
Net realized gain on investment securities, foreign currency and derivatives		18,237,779			43,547,231
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(15,047,979	)		2,920,919
Net increase in net assets resulting from operations		6,958,055			52,147,410
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(2,768,560	)		(1,254,685	)
Investor shares		(463,251	)		(5,098,936	)
Distributions from net realized capital gains
Institutional shares		(2,512,353	)		(6,847,432	)
Investor shares		(833,851	)		(33,030,236	)
Total dividends and distributions		(6,578,015	)		(46,231,289	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		362,666,350			14,287,796
Investor shares		34,557,864			77,761,494
Reinvestment of dividends and distributions
Institutional shares		5,279,733			8,093,389
Investor shares		1,296,437			38,118,253
Total proceeds from shares sold and reinvested		403,800,384			138,260,932
Value of shares redeemed
Institutional shares		(10,465,665	)		(14,119,591	)
Investor shares		(369,579,262	)		(39,732,402	)
Total value of shares redeemed		(380,044,927	)		(53,851,993	)
Net increase (decrease) from capital share transactions(1)		23,755,457			84,408,939
Total increase (decrease) in net assets		24,135,497			90,325,060
Net Assets:
Beginning of Period		575,032,070			484,707,010
End of Period*	$	599,167,567		$	575,032,070
*Including undistributed (distributions in excess of) net investment income	$	666,541		$	130,097

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

See Notes to Financial Statements.

192

Equity Index Fund						Value Equity Fund						Growth Equity Fund
For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)						(Unaudited)						(Unaudited)
$	4,112,405		$	6,066,082		$	9,748,840		$	16,524,077		$	(769,498	)	$	(4,266,633	)
	8,039,966			7,369,848			86,844,873			133,269,634			166,499,840			187,560,259
	(9,561,393	)		34,564,458			(84,170,357	)		(9,650,226	)		(120,373,657	)		(42,442,015	)
	2,590,978			48,000,388			12,423,356			140,143,485			45,356,685			140,851,611
	(2,831,898	)		(2,795,369	)		(8,938,072	)		(6,934,603	)		—			—
	(1,081,928	)		(3,424,898	)		(361,578	)		(10,111,242	)		—			(2,956	)
	(844,859	)		(2,888,526	)		(14,553,558	)		(44,372,038	)		(32,978,940	)		(44,790,894	)
	(417,919	)		(4,123,156	)		(2,316,467	)		(85,874,706	)		(8,123,503	)		(119,231,347	)
	(5,176,604	)		(13,231,949	)		(26,169,675	)		(147,292,589	)		(41,102,443	)		(164,025,197	)
	354,103,181			24,208,822			803,991,726			29,113,839			801,575,150			26,081,224
	21,186,249			56,551,053			27,265,708			69,207,136			28,323,561			82,908,616
	3,674,466			5,678,210			23,486,995			51,265,204			32,975,211			44,768,446
	1,499,551			7,547,753			2,676,191			95,971,401			8,121,842			119,225,614
	380,463,447			93,985,838			857,420,620			245,557,580			870,995,764			272,983,900
	(179,112,258	)		(5,909,757	)		(113,141,817	)		(37,075,379	)		(114,004,846	)		(33,341,160	)
	(22,913,955	)		(49,192,217	)		(821,186,842	)		(128,991,146	)		(823,914,057	)		(150,578,096	)
	(202,026,213	)		(55,101,974	)		(934,328,659	)		(166,066,525	)		(937,918,903	)		(183,919,256	)
	178,437,234			38,883,864			(76,908,039	)		79,491,055			(66,923,139	)		89,064,644
	175,851,608			73,652,303			(90,654,358	)		72,341,951			(62,668,897	)		65,891,058
	429,967,261			356,314,958			1,415,356,582			1,343,014,631			1,484,534,903			1,418,643,845
$	605,818,869		$	429,967,261		$	1,324,702,224		$	1,415,356,582		$	1,421,866,006		$	1,484,534,903
$	198,579		$	—		$	449,190		$	—		$	(769,498	)	$	—

See Notes to Financial Statements.

193

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income (loss)	$	555,015		$	381,791
Net realized gain (loss) on investment securities, foreign currency and derivatives		27,820,765			56,608,788
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(2,445,795	)		(36,490,090	)
Net increase (decrease) in net assets resulting from operations		25,929,985			20,500,489
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(557,635	)
Investor shares		—			(529,161	)
Distributions from net realized capital gains
Institutional shares		—			(13,926,249	)
Investor shares		—			(43,963,905	)
Total dividends and distributions		—			(58,976,950	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		200,810,926			14,222,531
Investor shares		18,376,442			44,659,040
Reinvestment of dividends and distributions
Institutional shares		—			14,478,415
Investor shares		—			44,487,566
Total proceeds from shares sold and reinvested		219,187,368			117,847,552
Value of shares redeemed
Institutional shares		(10,469,857	)		(17,662,984	)
Investor shares		(223,601,409	)		(83,290,126	)
Total value of shares redeemed		(234,071,266	)		(100,953,110	)
Net increase (decrease) from capital share transactions(2)		(14,883,898	)		16,894,442
Total increase (decrease) in net assets		11,046,087			(21,582,019	)
Net Assets:
Beginning of Period		553,262,812			574,844,831
End of Period*	$	564,308,899		$	553,262,812
*Including undistributed (distributions in excess of) net investment income	$	559,728		$	4,713

⁽¹⁾ Inception Date for the International Equity Index Fund was June 1, 2015.

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

See Notes to Financial Statements.

194

International Equity Index Fund			International Equity Fund						Emerging Markets Equity Fund
For the Period 06/01/2015(1)-06/30/2015			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)			(Unaudited)						(Unaudited)
$	122,173		$	16,982,749		$	30,193,054		$	2,249,063		$	2,597,651
	14,183			44,520,879			46,135,477			(756,353	)		4,924,878
	(2,969,674	)		17,947,218			(162,331,669	)		(710,725	)		(20,463,164	)
	(2,833,318	)		79,450,846			(86,003,138	)		781,985			(12,940,635	)
	—			—			(7,250,352	)		—			(333,727	)
	—			—			(23,926,985	)		—			(1,244,698	)
	—			—			—			—			(903,226	)
	—			—			—			—			(5,100,935	)
	—			—			(31,177,337	)		—			(7,582,586	)
	106,625,049			958,853,160			28,094,169			259,011,553			7,821,760
	—			28,134,208			119,606,111			15,499,349			48,217,316
	—			—			7,247,726			—			1,236,953
	—			—			23,924,829			—			6,345,423
	106,625,049			986,987,368			178,872,835			274,510,902			63,621,452
	(85,146	)		(124,551,049	)		(47,636,508	)		(2,138,566	)		(7,376,414	)
	—			(980,306,115	)		(51,470,030	)		(257,740,926	)		(26,063,154	)
	(85,146	)		(1,104,857,164	)		(99,106,538	)		(259,879,492	)		(33,439,568	)
	106,539,903			(117,869,796	)		79,766,297			14,631,410			30,181,884
	103,706,585			(38,418,950	)		(37,414,178	)		15,413,395			9,658,663
	—			1,379,266,699			1,416,680,877			300,259,751			290,601,088
$	103,706,585		$	1,340,847,749		$	1,379,266,699		$	315,673,146		$	300,259,751
$	122,173		$	14,612,786		$	(2,369,963	)	$	2,713,875		$	464,812

See Notes to Financial Statements.

195

FINANCIAL HIGHLIGHTS (Unaudited)

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/(Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions 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)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Defensive Market Strategies Fund
Institutional Class
2015(3)	$	11.61	$	0.09	#	$	0.07		$	(0.07	)	$	(0.07	)	$	11.63		1.35	%	$	450,687		0.74	%		0.74	%		1.58	%		27	%
2014		11.43		0.15	#		1.05	(6)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88	(4)(5)		0.83	(4)		1.24			102
2013(7)		10.61		0.14	#		1.80	(6)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10	(4)(5)		1.13	(4)		1.25			208
2012		10.20		0.18	#		0.73	(6)		(0.18	)		(0.32	)		10.61		8.93			85,347		1.04	(4)		1.12	(4)		1.67			304
2011(8)		10.00		0.04	#		0.21	(6)		(0.04	)		(0.01	)		10.20		2.51			74,516		1.03	(4)		1.10	(4)		1.11			120
Investor Class
2015(3)	$	11.60	$	0.06	#	$	0.09		$	(0.04	)	$	(0.07	)	$	11.64		1.21	%	$	148,481		0.99	%		1.00	%		1.11	%		27	%
2014		11.42		0.12	#		1.06	(6)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09	(4)(5)		1.07	(4)		1.03			102
2013(7)		10.60		0.12	#		1.79	(6)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36	(4)(5)		1.38	(4)		0.99			208
2012		10.20		0.15	#		0.72	(6)		(0.15	)		(0.32	)		10.60		8.57			314,638		1.30	(4)		1.37	(4)		1.42			304
2011(8)		10.00		0.03	#		0.21	(6)		(0.03	)		(0.01	)		10.20		2.43			240,529		1.29	(4)		1.35	(4)		0.86			120
Equity Index Fund
Institutional Class
2015(3)	$	9.07	$	0.09	#	$	0.01		$	(0.10	)	$	(0.03	)	$	9.04		1.02	%	$	269,691		0.18	%		0.19	%		1.95	%		3	%
2014		8.50		0.15	#		0.99	(6)		(0.28	)		(0.29	)		9.07		13.54			95,134		0.22			0.22			1.72			5
2013(9)		6.85		0.14	#		2.02	(6)		(0.26	)		(0.25	)		8.50		32.04			66,378		0.23			0.24			1.81			4
2012		6.29		0.13	#		0.86	(6)		(0.25	)		(0.18	)		6.85		15.92			47,071		0.23			0.24			1.95			3
2011		8.63		0.15	#		0.04	(6)		(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
Investor Class
2015(3)	$	22.90	$	0.18	#	$	0.02		$	(0.07	)	$	(0.03	)	$	23.00		0.88	%	$	336,128		0.39	%		0.45	%		1.56	%		3	%
2014		20.69		0.34	#		2.40	(6)		(0.24	)		(0.29	)		22.90		13.31			334,833		0.38			0.48			1.56			5
2013(9)		16.07		0.31	#		4.79	(6)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			4
2012		14.24		0.28	#		1.95	(6)		(0.22	)		(0.18	)		16.07		15.76			208,192		0.38			0.49			1.79			3
2011		16.36		0.26	#		0.12	(6)		(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

# 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) 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%, 0.11% and 0.02% for the years 2011, 2012, 2013 and 2014, respectively.

(5) The ratio for the Defensive Market Strategies Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.00% for the year 2013 and 0.01% for the year 2014, respectively.

(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, 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 Institutional Class and Investor Class, respectively.

(8) 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.

(9) 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 Institutional Class and Investor Class, respectively.

See Notes to Financial Statements.

196

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/(Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions 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)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Value Equity Fund
Institutional Class
2015(3)	$	9.01	$	0.08	#	$	(0.01	)	$	(0.08	)	$	(0.14	)	$	8.86		0.74	%	$	964,042		0.63	%		0.63	%		1.76	%		18	%
2014		9.90		0.14	#		0.94	(5)		(0.25	)		(1.72	)		9.01		10.91			273,359		0.65	(4)		0.67			1.40			41
2013(6)		7.99		0.15	#		2.64	(5)		(0.34	)		(0.54	)		9.90		35.52			253,988		0.66	(4)		0.67			1.61			45
2012		7.03		0.15	#		1.06	(5)		(0.25	)		—			7.99		17.47			215,512		0.67	(4)		0.68			1.90			27
2011		7.18		0.12	#		(0.07	)(5)		(0.20	)		—			7.03		0.57			200,308		0.67	(4)		0.68			1.62			35
2010		6.46		0.10	#		0.78			(0.16	)		—			7.18		14.01			231,079		0.67	(4)		0.68			1.52			36
Investor Class
2015(3)	$	21.31	$	0.13	#	$	0.02		$	(0.02	)	$	(0.14	)	$	21.30		0.68	%	$	360,660		0.89	%		0.90	%		1.20	%		18	%
2014		21.00		0.25	#		1.97	(5)		(0.19	)		(1.72	)		21.31		10.61			1,141,998		0.90	(4)		0.91			1.16			41
2013(6)		16.18		0.26	#		5.39	(5)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90	(4)		0.91			1.36			45
2012		14.00		0.25	#		2.14	(5)		(0.21	)		—			16.18		17.20			933,110		0.92	(4)		0.92			1.66			27
2011		14.12		0.20	#		(0.16	)(5)		(0.16	)		—			14.00		0.27			852,958		0.89	(4)		0.91			1.39			35
2010		12.54		0.17	#		1.56			(0.15	)		—			14.12		13.96			958,211		0.85	(4)		0.87			1.35			36
Growth Equity Fund
Institutional Class
2015(3)	$	11.05	$	0.01	#	$	0.35		$	—		$	(0.40	)	$	11.01		3.17	%	$	940,787		0.79	%		0.80	%		0.14	%		52	%
2014		12.20		(0.02	)#		1.25	(5)		—			(2.38	)		11.05		10.12			244,281		0.85	(7)		0.87			(0.12	)		54
2013(8)		12.19		—	†#		4.12	(5)		—			(4.11	)		12.20		34.83			227,934		0.84	(7)		0.88			0.00			83
2012		11.76		0.04	#		2.00	(5)		(0.06	)		(1.55	)		12.19		17.39			198,329		0.87	(7)		0.89			0.33			67
2011		11.91		—	†#		(0.15	)(5)		—			—			11.76		(1.26	)		184,418		0.87	(7)		0.89			0.02			60
2010		10.00		—	†		1.91			—	†		—			11.91		19.13			215,863		0.87	(7)		0.89			0.06			63
Investor Class
2015(3)	$	22.92	$	(0.03	)#	$	0.73		$	—		$	(0.40	)	$	23.22		3.01	%	$	481,079		1.05	%		1.07	%		(0.22	)%		52	%
2014		23.02		(0.08	)#		2.36	(5)		—			(2.38	)		22.92		9.93			1,240,254		1.06	(7)		1.11			(0.33	)		54
2013(8)		20.26		(0.05	)#		6.92	(5)		—			(4.11	)		23.02		34.52			1,190,710		1.05	(7)		1.12			(0.22	)		83
2012		18.63		0.03	#		3.17	(5)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05	(7)		1.13			0.15			67
2011		18.90		(0.02	)#		(0.25	)(5)		—			—			18.63		(1.43	)		915,960		1.02	(7)		1.11			(0.13	)		60
2010		15.88		(0.01	)		3.03			—	†		—			18.90		19.03			1,044,060		0.97	(7)		1.08			(0.04	)		63

† 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Value Equity Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.01% for the years 2010, 2011, 2012, 2013 and 2014, respectively.

(5) 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.

(6) 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 Institutional Class and Investor Class, respectively.

(7) The ratio for the Growth Equity Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.01% for the years 2010, 2011, 2012 and 2013 and 0.00% for the year 2014, respectively.

(8) 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 Institutional Class and Investor Class, respectively.

See Notes to Financial Statements.

197

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

For a Share Outstanding For the Years Ended 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			Distributions 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)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Small Cap Equity Fund
Institutional Class
2015(3)	$	8.92	$	0.02	#	$	0.41		$	—		$	—		$	9.35		4.82	%	$	282,483		0.98	%(4)		1.00	%		0.43	%		38	%
2014		10.35		0.03	#		0.37	(5)		(0.06	)		(1.77	)		8.92		4.03			84,324		0.97	(4)		0.99			0.27			103
2013(6)		10.27		0.06	#		3.82	(5)		(0.08	)		(3.72	)		10.35		38.39			84,139		0.92	(4)		0.94			0.45			161
2012		9.70		0.08	#		1.40	(5)		(0.13	)		(0.78	)		10.27		15.25			67,723		0.99	(4)		1.02			0.79			128
2011		9.61		0.03	#		0.11	(5)		(0.05	)		—			9.70		1.40			63,903		1.00	(4)		1.03			0.27			165
2010		7.57		0.03	#		2.06			(0.05	)		—			9.61		27.64			74,424		1.00	(4)		1.02			0.42			177
Investor Class
2015(3)	$	17.08	$	0.01	#	$	0.80		$	—		$	—		$	17.89		4.74	%	$	281,826		1.20	%(4)		1.24	%		0.11	%		38	%
2014		18.19		0.01	#		0.67	(5)		(0.02	)		(1.77	)		17.08		3.83			468,938		1.20	(4)		1.24			0.03			103
2013(6)		15.94		0.04	#		5.97	(5)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16	(4)		1.19			0.22			161
2012		14.62		0.09	#		2.10	(5)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19	(4)		1.27			0.59			128
2011		14.46		0.01	#		0.17	(5)		(0.02	)		—			14.62		1.22			354,013		1.17	(4)		1.26			0.10			165
2010		11.37		0.03	#		3.09			(0.03	)		—			14.46		27.47			400,072		1.15	(4)		1.21			0.27			177
International Equity Index Fund
Institutional Class
2015(7)	$	10.00	$	0.01	#	$	(0.28	)	$	—		$	—		$	9.73		(2.70	)%	$	103,707		0.57	%		0.99	%		1.51	%		0	%

# 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Small Cap Equity Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.01%, 0.02%, 0.02%, 0.01% and 0.01% for the years 2010, 2011, 2012, 2013 and 2014. For the six months ended June 30, 2015, the effect of expenses paid indirectly decreased the ratio by 0.02% and 0.01% for Institutional Class and Investor Class, respectively.

(5) 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.

(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 Institutional Class and Investor Class, respectively.

(7) Inception date was June 1, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements.

198

For a Share Outstanding For the Years Ended 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			Distributions 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)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
International Equity Fund
Institutional Class
2015(3)	$	10.55	$	0.17	#	$	0.42		$	—		$	—		$	11.14		5.59	%	$	1,057,225		1.13	%(5)		1.16	%(5)		2.94	%		25	%
2014		11.55		0.27	#		(0.93	)(6)		(0.34	)		—			10.55		(5.80	)		235,545		1.13	(4)(5)		1.20	(5)		2.36			36
2013(7)		9.96		0.18	#		1.66	(6)		(0.25	)		—			11.55		18.49			269,499		1.11	(4)(5)		1.25	(5)		1.69			51
2012		8.67		0.18	#		1.33	(6)		(0.22	)		—			9.96		17.43			270,130		1.15	(4)(5)		1.32	(5)		1.89			53
2011		10.35		0.22	#		(1.66	)(6)		(0.24	)		—			8.67		(13.86	)		223,677		1.02	(4)(5)		1.22	(5)		2.17			82
2010		9.64		0.17	#		0.83			(0.29	)		—			10.35		10.45			262,103		0.97	(4)(5)		1.19	(5)		1.81			56
Investor Class
2015(3)	$	14.03	$	0.15	#	$	0.62		$	—		$	—		$	14.80		5.49	%	$	283,623		1.38	%(5)		1.43	%(5)		2.04	%		25	%
2014		15.24		0.32	#		(1.23	)(6)		(0.30	)		—			14.03		(6.00	)		1,143,722		1.37	(4)(5)		1.44	(5)		2.09			36
2013(7)		13.07		0.20	#		2.18	(6)		(0.21	)		—			15.24		18.23			1,147,181		1.35	(4)(5)		1.49	(5)		1.44			51
2012		11.33		0.20	#		1.73	(6)		(0.19	)		—			13.07		17.05			1,156,306		1.39	(4)(5)		1.57	(5)		1.65			53
2011		13.43		0.25	#		(2.13	)(6)		(0.22	)		—			11.33		(14.01	)		955,305		1.24	(4)(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	(4)(5)		1.38	(5)		1.67			56
Emerging Markets Equity Fund
Institutional Class
2015(3)	$	9.09	$	0.13	#	$	(0.10	)	$	—		$	—		$	9.12		0.33	%	$	285,278		1.27	%		1.51	%		2.71	%		16	%
2014		9.75		0.11	#		(0.51	)(6)		(0.07	)		(0.19	)		9.09		(4.14	)		45,058		1.25			1.63			1.07			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(6)		—			—			9.75		(2.50	)		46,420		1.25			1.55			(0.34	)		6
Investor Class
2015(3)	$	9.09	$	0.03	#	$	(0.02	)	$	—		$	—		$	9.10		0.11	%	$	30,395		1.50	%		1.82	%		0.60	%		16	%
2014		9.75		0.08	#		(0.51	)(6)		(0.04	)		(0.19	)		9.09		(4.38	)		255,202		1.50			1.84			0.81			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(6)		—			—			9.75		(2.50	)		244,181		1.50			1.78			(0.58	)		6

# 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), respectively, 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) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the International Equity Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.00% for the years 2010, 2011, 2012, 2013 and 2014, respectively.

(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%, 0.08%, 0.20%, 0.15% and 0.17% for the years 2010, 2011, 2012, 2013 and 2014, respectively. For the six months ended June 30, 2015, the effect of dividend expense on securities sold short increased the ratio by 0.24% and 0.19% for Institutional Class and Investor Class, respectively.

(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 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 Institutional Class and Investor Class, respectively.

(8) 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 Institutional Class and Investor Class, respectively.

(9) 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.

See Notes to Financial Statements.

199

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS — 92.7%
U.S. Treasury Inflationary Index Bonds
2.38%, 01/15/17	$	150,000	$	184,620
0.13%, 04/15/17		10,583,300		11,177,073
0.13%, 04/15/18		37,060,000		38,536,905
1.38%, 07/15/18		3,300,000		3,840,836
0.13%, 04/15/19		6,920,000		7,079,639
1.38%, 01/15/20		5,560,000		6,510,620
0.13%, 04/15/20		11,955,000		12,189,944
1.25%, 07/15/20		5,480,000		6,368,382
1.13%, 01/15/21		11,510,000		13,182,424
0.63%, 07/15/21		1,080,000		1,171,573
0.13%, 01/15/22		6,874,200		7,129,891
0.13%, 07/15/22		4,945,000		5,055,174
0.13%, 01/15/23		14,509,000		14,627,169
0.38%, 07/15/23		16,440,000		16,794,026
0.63%, 01/15/24		21,231,000		21,920,494
0.13%, 07/15/24		6,762,000		6,581,125
0.25%, 01/15/25		16,575,000		16,265,081
2.38%, 01/15/25		10,485,200		15,502,042
2.00%, 01/15/26		4,675,000		6,405,823
2.38%, 01/15/27		4,275,000		6,008,465
1.75%, 01/15/28		7,330,000		9,390,011
3.63%, 04/15/28		3,300,000		6,588,159
2.50%, 01/15/29		5,005,000		6,809,932
3.88%, 04/15/29		4,875,000		9,953,608
3.38%, 04/15/32		627,100		1,180,227
2.13%, 02/15/40		2,787,600		3,764,719
2.13%, 02/15/41		4,138,900		5,556,733
0.75%, 02/15/42		7,369,400		7,108,815
0.63%, 02/15/43		10,635,000		9,727,856
1.38%, 02/15/44		5,808,700		6,308,365
0.75%, 02/15/45		5,670,000		5,216,779
Total U.S. Treasury Obligations (Cost $288,692,612)				288,136,510
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 4.2%
Germany — 0.4%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75%, 04/15/18(E)		1,045,000		1,293,416
Deutsche Bundesrepublik Inflation Linked Bond
1.50%, 04/15/16(E)		5,000		6,538
				1,299,954
Italy — 1.8%
Italy Buoni Poliennali Del Tesoro
2.10%, 09/15/16(E)		5,000		6,131
2.60%, 09/15/23(E)		235,000		337,159
2.35%, 09/15/24(E)		3,730,000		4,615,501
2.55%, 09/15/41(E)		415,000		569,883
				5,528,674
Mexico — 1.0%
Mexican Udibonos
4.00%, 06/13/19(M)		8,500,000		3,098,833

	Par		Value
New Zealand — 1.0%
New Zealand Government Bond
3.00%, 09/20/30(Z)	$	4,176,000	$	3,250,621
Total Foreign Government Inflation-Linked Bonds (Cost $12,963,521)				13,178,082
	Number of Contracts
PURCHASED OPTIONS — 0.1%
Call Options — 0.0%
10-Year Treasury Note, Strike Price $128.50, Expires 08/21/15 (JPM)		96		40,500
30-Year Treasury Bond, Strike Price $151.00, Expires 07/24/15 (JPM)		36		77,625
	Notional Amount
Australia Dollar vs. U.S. Dollar, Strike Price $0.815, Expires 08/13/15 (DEUT)	$	3,800,000		4,196
British Pound vs. U.S. Dollar, Strike Price $1.61, Expires 07/10/15 (CITI)		1,965,000		1,642
U.S. Dollar vs. Canadian Dollar, Strike Price $1.22, Expires 07/02/15 (CITI)		11,430,000		126
U.S. Dollar vs. Norwegian Krone, Strike Price $7.00, Expires 07/15/15 (BOA)		5,990,000		24
				124,113
	Number of Contracts
Put Options — 0.1%
10-Year Treasury Note, Strike Price $125.50, Expires 07/24/15 (JPM)		39		20,719
90-Day Euro, Strike Price $98.50, Expires 07/10/15 (JPM)		7		44
90-Day Euro, Strike Price $98.50, Expires 08/14/15 (JPM)		186		5,812
90-Day Euro, Strike Price $98.75, Expires 07/10/15 (JPM)		373		18,650
	Notional Amount
Australia Dollar vs. Japanese Yen, Strike Price $92.50, Expires 07/22/15 (BAR)	$	9,860,000		32,012
Australia Dollar vs. U.S. Dollar, Strike Price $0.7525, Expires 08/28/15 (BNP)		3,990,000		34,137
Australia Dollar vs. U.S. Dollar, Strike Price $0.76, Expires 07/0215 (HSBC)		7,915,000		2,876
Australia Dollar vs. U.S. Dollar, Strike Price $0.78, Expires 08/13/15 (DEUT)		3,800,000		58,550
British Pound vs. U.S. Dollar, Strike Price $1.54, Expires 07/10/15 (CITI)		1,965,000		1,553

See Notes to Financial Statements.

200

	Notional Amount			Value
Canadian Dollar vs. Japanese Yen, Strike Price $98.50, Expires 07/17/15 (DEUT)	$	9,415,000		$	88,866
Switzerland Francs vs. Swedish Kronor, Strike Price $8.25, Expires 08/28/15 (JPM)		2,905,000			2,539
U.S. Dollar vs. Canadian Dollar, Strike Price $1.28, Expires 07/02/15 (CITI)		11,430,000			194
U.S. Dollar vs. Swedish Kronor, Strike Price $7.80, Expires 08/28/15 (UBS)		6,085,000			17,367
					283,319
Total Purchased Options (Cost $650,487)					407,432
	Shares
MONEY MARKET FUND — 2.6%
GuideStone Money Market Fund (Investor Class)¥ (Cost $7,954,586)		7,954,586			7,954,586
TOTAL INVESTMENTS — 99.6% (Cost $310,261,206)					309,676,610
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $128.00, Expires 07/24/15 (JPM)		(14	)		(3,719	)
10-Year U.S. Treasury Note, Strike Price $130.50, Expires 08/21/15 (JPM)		(96	)		(16,500	)
	Notional Amount
Australia Dollar vs. U.S. Dollar, Strike Price $0.82, Expires 08/13/15 (DEUT)	$	(3,800,000	)		(3,231	)
Euro vs. U.S. Dollar, Strike Price $1.15, Expires 08/03/15 (DEUT)		(2,755,000	)		(13,889	)
Euro vs. U.S. Dollar, Strike Price $1.16, Expires 08/06/15 (DEUT)		(2,725,000	)		(12,325	)
Switzerland Franc vs. Swedish Kronor, Strike Price $9.75, Expires 08/28/15 (JPM)		(3,540,625	)		(4,991	)
U.S. Dollar vs. Japanese Yen, Strike Price $113.50, Expires 10/30/15 (DEUT)		(3,065,000	)		(9,716	)
U.S. Dollar vs. Japanese Yen, Strike Price $113.50, Expires 10/30/15 (BAR)		(3,020,000	)		(8,220	)
					(72,591	)
Put Options — (0.1)%
Australia Dollar vs. U.S. Dollar, Strike Price $0.78, Expires 08/13/15 (HSBC)		(3,800,000	)		(58,339	)

	Notional Amount			Value
Australia Dollar vs. U.S. Dollar, Strike Price $0.795, Expires 10/29/15 (BNP)	$	(3,990,000	)	$	(34,676	)
U.S. Dollar vs. Japanese Yen, Strike Price $126.50, Expires 10/30/15 (DEUT)		(3,065,000	)		(26,831	)
U.S. Dollar vs. Japanese Yen, Strike Price $126.50, Expires 10/30/15 (BAR)		(3,020,000	)		(24,157	)
					(144,003	)
Total Written Options (Premiums received $(362,881))					(216,594	)
Other Assets in Excess of Liabilities — 0.5%					1,500,495
NET ASSETS — 100.0%				$	310,960,511

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		92.7
Foreign Government Inflation-Linked Bonds		4.2
Money Market Fund		2.6
Purchased Options		0.1
Written Options		(0.1	)
		99.5

See Notes to Financial Statements.

201

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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 Bonds	$	13,178,082		$	—		$	13,178,082		$	—
Money Market Fund		7,954,586			7,954,585			—			—
Purchased Options		407,432			163,350			244,082			—
U.S. Treasury Obligations		288,136,510			—			288,136,510			—
Total Assets — Investments in Securities	$	309,676,610		$	8,117,935		$	301,558,674		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	347,554		$	—		$	347,554		$	—
Futures Contracts		549,073			549,073			—			—
Total Assets — Other Financial Instruments	$	896,627		$	549,073		$	347,554		$	—
Liabilities:
Investments in Securities:
Written Options	$	(216,594	)	$	(20,219	)	$	(196,375	)	$	—
Total Liabilities — Investments in Securities	$	(216,594	)	$	(20,219	)	$	(196,375	)	$	—

*** 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.

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2015.

See Notes to Financial Statements.

202

FLEXIBLE INCOME FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Par		Value
CORPORATE BONDS — 6.3%
CHS/Community Health Systems, Inc.
8.00%, 11/15/19	$	750,000	$	792,187
CIT Group, Inc.
6.63%, 04/01/18 144AD		1,000,000		1,063,750
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		750,000		784,688
CommScope Holding Co., Inc. Cash coupon 6.63% or PIK
7.38%, 06/01/20 144A		750,000		780,937
Hertz Corporation
6.75%, 04/15/19		1,200,000		1,241,280
Momentive Performance Materials, Inc.
3.88%, 10/24/21D		100,000		90,250
NBTY, Inc.
9.00%, 10/01/18D		600,000		621,750
Sprint Communications, Inc.
9.00%, 11/15/18 144A		1,200,000		1,358,112
Talen Energy Supply LLC
5.13%, 07/15/19 144A		800,000		788,000
T-Mobile USA, Inc.
6.46%, 04/28/19D		1,200,000		1,239,000
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		300,000		316,688
Total Corporate Bonds (Cost $9,111,881)				9,076,642
FOREIGN BONDS — 2.0%
Canada — 0.9%
Bombardier, Inc.
7.50%, 03/15/18 144A		700,000		735,000
Novelis, Inc.
8.75%, 12/15/20		500,000		531,250
				1,266,250
Luxembourg — 1.1%
ArcelorMittal
5.13%, 06/01/20		300,000		304,875
Intelsat Jackson Holdings SA
7.25%, 04/01/19		1,350,000		1,375,312
				1,680,187
Total Foreign Bonds (Cost $2,972,105)				2,946,437
LOAN AGREEMENTS — 84.6%
ABG Intermediate Holdings 2 LLC
Term B Loan
0.00%, 05/27/21 S		141,009		140,421
ABG Intermediate Holdings 2 LLC
Term Loan
0.00%, 05/27/21 S		342,451		341,023
Accudyne Industries Borrower SCA
Term Loan
4.00%, 12/13/19		1,839,946		1,772,788
Acosta, Inc.
Term B Loan
4.25%, 09/26/21		700,000		697,158

	Par		Value
ADS Waste Holdings, Inc.
Term B Loan
3.75%, 10/09/19	$	1,203,936	$	1,187,984
Advantage Sales & Marketing, Inc.
Term B Loan
4.25%, 07/25/21		992,500		986,982
Affinia Group, Inc.
Term B-2 Loan
4.75%, 04/25/20		821,402		821,402
Air Medical Group Holdings, Inc.
Term B Loan
4.50%, 04/28/22		500,000		495,940
AlixPartners LLP
Term B-2 Loan
4.00%, 07/02/20		982,688		977,469
Allflex Holdings III, Inc.
Term B Loan
4.25%, 07/17/20		922,568		917,567
Allied Security Holdings LLC
Term B Loan
4.25%, 02/14/21		364,658		363,976
American Energy-Marcellus LLC
Term Loan
5.25%, 08/04/20		1,000,000		771,880
American Pacific Corporation
Term B Loan
7.00%, 02/27/19		987,500		994,906
Ancestry.com, Inc.
Term B-1 Loan
4.50%, 12/28/18		742,597		743,064
Aramark Services, Inc.
Term F Loan
3.25%, 02/24/21		987,500		982,385
AssuredPartners Capital, Inc.
Term B Loan
5.00%, 04/01/21		744,377		743,916
Asurion LLC
Term B-1 Loan
5.00%, 05/24/19		1,217,983		1,220,017
Asurion LLC
Term Loan
8.50%, 03/03/21		500,000		507,345
Atlantic Power LP
Term Loan
4.75%, 02/24/21		618,265		619,038
Atrium Innovations, Inc.
Term B Loan
4.25%, 02/15/21		538,163		522,018
Azure Midstream Energy LLC
Term B Loan
7.50%, 11/15/18		435,218		431,954
B/E Aerospace, Inc.
Term B Loan
4.00%, 12/16/21		1,194,000		1,198,848
Berry Plastics Group, Inc.
Term D Loan
3.50%, 02/08/20		734,962		731,038
BJ’s Wholesale Club, Inc.
Term B Loan
4.50%, 09/26/19		1,227,859		1,225,476
BMC Software Finance, Inc.
Term B Loan
5.00%, 09/10/20		703,037		660,524

See Notes to Financial Statements.

203

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Brickman Group, Ltd. LLC (The)
Term B Loan
4.00%, 12/18/20	$	1,484,962	$	1,473,825
BWAY Holding Co.
Term B Loan
5.50%, 08/14/20		297,000		297,000
Calpine Corporation
Term B-5
3.50%, 05/27/22		1,000,000		990,250
Catalent Pharma Solutions, Inc.
Term B Loan
4.25%, 05/19/21		746,232		746,232
CDHR Parent, Inc.
Term Loan
5.25%, 07/01/21		1,241,869		1,237,994
Checkout Holding Corporation
Term B Loan
4.50%, 04/09/21		693,000		609,840
Chemours Co. (The)
Term B Loan
3.75%, 05/12/22		650,000		646,750
Chemstralia Proprietary, Ltd.
Term B Loan
7.25%, 02/26/22		498,750		498,750
Cincinnati Bell, Inc.
Term B Loan
4.00%, 09/10/20		727,547		726,944
Communications Sales & Leasing, Inc.
Term B Loan
5.00%, 10/24/22		650,000		637,540
Coveris Holdings SA
Term B Loan
4.50%, 05/08/19		556,784		557,246
CPG International, Inc.
Term B Loan
4.75%, 09/30/20		982,500		972,675
CS Intermediate Holdco 2 LLC
Term B Loan
4.00%, 04/04/21		742,500		740,458
Cumulus Media Holdings, Inc.
Term B Loan
4.25%, 12/23/20		1,023,130		970,695
CWGS Group LLC
Term B Loan
5.25%, 02/20/20		666,234		669,012
DaVita HealthCare Partners, Inc.
Term B Loan
3.50%, 06/24/21		495,000		494,569
Dealer Tire LLC
Term B Loan
4.70%-5.50%, 12/22/21		995,000		1,001,637
Dell International LLC
Term B-2 Loan
4.00%, 04/29/20		1,264,000		1,263,772
Delta 2 Lux S.à r.l.
Term B Loan
4.75%, 04/30/19		1,984,962		1,971,842
Dole Food Co., Inc.
Term B Loan
4.50%-5.75%, 11/01/18		469,991		470,137
Dollar Tree, Inc.
Term B-1 Loan
3.50%, 03/09/22		1,025,000		1,024,149

	Par		Value
Doosan Infracore International, Inc.
Term B Loan
4.50%, 05/28/21	$	991,853	$	996,812
DPx Holdings BV
Term B Loan
0.00%, 03/11/21		1,386,000		1,374,524
Drillships Ocean Ventures, Inc.
Term B Loan
5.50%, 07/25/21		650,000		551,687
Emerald US, Inc.
Term B Loan
0.00%, 05/16/21 S		675,000		668,250
Entegris, Inc.
Term B Loan
3.50%, 04/30/21		725,761		720,318
Fairmount Santrol, Inc.
Term B-2 Loan
4.50%, 09/05/19		1,228,125		1,161,352
Federal-Mogul Holdings Corporation
Term C Loan
4.75%, 04/15/21		372,188		367,770
Fieldwood Energy LLC
Term Loan
8.38%, 09/30/20		400,000		305,500
Filtration Group, Inc.
Term B Loan
4.25%, 11/15/20		493,750		492,827
First Data Corporation
Term C-1 Loan
3.68%, 03/24/18		750,000		746,918
FMG Resources August 2006 Proprietary, Ltd.
Term B Loan
3.75%, 06/30/19		345,715		306,273
Garda World Security Corporation
Term B Loan
4.00%, 11/08/20		946,768		942,820
Garda World Security Corporation Delayed Draw
Term B-DD Loan
4.00%, 11/08/20		242,196		241,187
Gardner Denver, Inc.
Term Loan
4.25%, 07/30/20		1,231,856		1,199,865
Genesys Telecommunications Laboratories, Inc.
Term B Loan
4.00%, 02/08/20		979,950		972,600
Granite Acquisition, Inc.
Term B Loan
5.00%, 12/17/21		953,065		962,577
Granite Acquisition, Inc.
Term C Loan
5.00%, 12/17/21		42,146		42,566
Granite Acquisition, Inc.
Term Loan
8.25%, 12/17/22		150,000		152,876
Gray Television, Inc.
Term Loan
3.75%, 06/13/21		970,900		969,929
Headwaters, Inc.
Term B Loan
4.50%, 03/24/22		1,000,000		1,000,000

See Notes to Financial Statements.

204

	Par		Value
HGIM Corporation
Term B Loan
5.50%-6.75%, 06/18/20	$	735,641	$	590,087
Hilton Worldwide Finance LLC
Term B Loan
3.50%, 10/25/20		1,105,500		1,105,677
HUB International, Ltd.
Term B Loan
4.00%, 10/02/20		1,719,484		1,705,522
Hudson’s Bay Co.
Term B Loan
4.75%, 11/04/20		276,250		276,628
Husky Injection Molding Systems, Ltd.
Term B Loan
4.25%, 06/30/21		983,593		977,652
Infinity Acquisition LLC
Term B Loan
4.00%, 08/06/21		744,375		737,549
Infor US, Inc.
Term B-3 Loan
3.75%, 06/03/20		1,206,099		1,186,873
Interactive Data Corporation
Term B Loan
4.75%, 05/02/21		990,000		992,475
ION Media Networks, Inc.
Term B Loan
4.75%, 12/18/20		989,030		989,030
J. Crew Group, Inc.
Term B Loan
4.00%, 03/05/21		644,059		554,335
Jazz Acquisition, Inc.
Term Loan
4.50%, 06/19/21		437,213		432,570
Jo-Ann Stores LLC
Term Loan
4.00%, 03/18/18		516,650		499,859
Kronos, Inc.
Term B Loan
4.50%, 10/30/19		547,182		546,635
Level 3 Financing, Inc.
Term B Loan
0.00%, 01/31/22		650,000		644,988
Liberty Cablevision of Puerto Rico LLC
Term Loan
4.50%, 01/07/22		800,000		797,336
Life Time Fitness, Inc.
Term B Loan
4.25%, 06/10/22		350,000		347,200
Lineage Logistics LLC
Term B Loan
4.50%, 04/07/21		985,634		965,922
LTS Buyer LLC
Term B Loan
4.00%, 04/13/20		1,225,000		1,216,964
MacDermid, Inc.
Term B-2 Loan
4.75%, 06/07/20		497,500		499,097
Mallinckrodt International Finance SA
Term B Loan
3.25%, 03/19/21		508,090		505,407
Mauser
Term Loan
0.00%, 07/31/21 S		625,000		623,050

	Par		Value
McJunkin Red Man Corporation
Term B Loan
5.00%-6.25%, 11/09/19	$	334,970	$	332,039
Media General, Inc.
Term B Loan
4.25%, 07/31/20		920,635		919,770
Methanol Holdings Trinidad, Ltd.
Term B Loan
0.00%, 06/19/22		300,000		297,000
Michaels Stores, Inc.
Term B Loan
3.75%, 01/28/20		571,954		569,890
Minerals Technologies, Inc.
Term B-1 Loan
0.00%, 05/09/21 S		379,187		378,872
Mission Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/20		577,345		576,144
Mitel US Holdings, Inc.
Term B Loan
5.00%, 04/29/22		500,000		502,500
MPH Acquisition Holdings LLC
Term B Loan
3.75%, 03/31/21		1,076,878		1,069,566
Multi Packaging Solutions, Inc.
Term B Loan
4.25%, 09/30/20		987,500		982,148
Murray Energy Corporation
Term B-2 Loan
7.50%, 04/16/20		1,000,000		924,840
National Financial Partners Corporation
Term Loan
4.50%, 07/01/20		992,502		989,713
Nautilus Merger Sub, Inc.
Term B Loan
5.25%, 03/13/21		334,780		327,525
Neiman Marcus Group, Ltd. LLC
Term Loan
4.25%, 10/25/20		985,031		978,264
NewPage Corporation
Term B Loan
9.50%, 02/11/21		685,504		549,774
Nexstar Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/20		654,718		653,356
North American Lifting Holdings, Inc.
Term Loan
5.50%, 11/27/20		492,690		474,830
10.00%, 11/27/21		250,000		227,918
Numericable US LLC
Term B-1 Loan
4.50%, 05/21/20		853,557		855,384
Numericable US LLC
Term B-2 Loan
4.50%, 05/21/20		738,443		740,023
Orion Engineered Carbons GmbH
Term B Loan
5.00%, 07/25/21		794,000		794,500

See Notes to Financial Statements.

205

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
OXEA S.à r.l.
Term Loan
8.25%, 07/15/20	$	750,000	$	703,125
Pacific Drilling SA
Term B Loan
4.50%, 06/03/18		784,000		629,160
Par Pharmaceutical Cos., Inc.
Term B Loan
4.00%, 09/28/19		1,952,262		1,950,173
Penn Products Terminals LLC
Term B Loan
4.75%, 04/14/22		598,500		599,625
Performance Food Group, Inc.
Term Loan
6.25%, 11/14/19		485,051		485,657
PetSmart, Inc.
Term B Loan
4.25%, 03/10/22		1,500,000		1,495,875
Polymer Group, Inc.
Term B Loan
5.25%, 12/19/19		997,563		1,000,885
Quebecor Media, Inc.
Term B-1 Loan
3.25%, 08/17/20		1,728,703		1,696,825
Quintiles Transnational Corporation
Term B Loan
3.25%, 05/12/22		483,190		483,393
RCS Capital Corporation
Term Loan
6.50%, 04/29/19		703,125		703,125
Restaruant Brands
Term B-2 Loan
0.00%, 12/12/21		876,482		875,263
Reynolds Group Holdings, Inc.
Term B Loan
4.50%, 12/01/18		972,216		974,851
Sabre GLBL, Inc.
Term B-2 Loan
4.50%, 02/19/19		982,500		980,967
SAM Finance Lux S.à r.l.
Term B Loan
4.25%, 12/17/20		486,196		485,286
Sandy Creek Energy Associates LP
Term B Loan
5.00%-6.25%, 11/08/20		280,501		279,799
SBA Senior Finance II LLC
Term B-2 Loan
3.25%, 06/10/22		997,000		985,166
Seadrill Operating LP
Term B Loan
4.00%, 02/21/21		492,500		370,917
Sedgwick Claims Management Services, Inc.
Term Loan
3.75%, 02/28/21		888,750		873,828
6.75%, 02/28/22		500,000		489,845
Sequa Corporation
Term B Loan
5.25%, 06/19/17		1,172,614		1,028,969
ServiceMaster Co. LLC (The)
Term B Loan
4.25%, 07/01/21		1,246,859		1,245,887

	Par		Value
Solenis International LP
Term Loan
4.25%, 07/31/21	$	693,254	$	689,358
Southcross Holdings Borrower LP
Term Loan
6.00%, 07/29/21		990,000		960,300
Spectrum Brands, Inc.
Term Loan
3.75%, 06/23/22		760,000		760,190
Spin Holdco, Inc.
Term B Loan
4.25%, 11/08/19		982,587		977,979
Staples, Inc.
Term B Loan
0.00%, 04/24/21 S		425,000		424,027
Styrolution Group GmbH
Term B-1 Loan
6.50%-15.50%, 09/30/19		496,752		499,236
Summit Materials LLC
Term B Loan
0.00%, 06/26/22 S		500,000		499,375
TierPoint LLC
Term B Loan
5.25%, 12/02/21		995,000		999,557
Time, Inc. Delayed Draw
Term B-DD Loan
4.25%, 04/24/21		994,975		992,487
TPF II Power LLC
Term B Loan
5.50%-6.75%, 10/02/21		748,125		754,140
TransUnion LLC
Term B Loan
3.75%, 04/09/21		987,500		978,089
Tribune Media Co.
Term B Loan
3.75%, 12/27/20		750,000		749,767
Tribune Publishing Co.
Term B Loan
5.75%, 08/04/21		524,439		523,784
TTM Technologies, Inc.
Term B Loan
6.00%, 05/31/21		325,000		319,312
Univar, Inc.
Term B Loan
0.00%, 07/01/22 S		345,000		344,462
Univision Communications, Inc.
Term C-4 Loan
4.00%. 03/01/20		1,343,840		1,331,840
Valeant Pharmaceuticals International, Inc.
Term BF1 Loan
4.00%, 04/02/22		1,645,875		1,643,126
Walter Investment Management Corporation
Term Loan
4.75%, 12/18/20		492,500		465,107
Weather Channel
Term Loan
0.00%, 02/13/20		673,312		663,422
West Corporation
Term B-10 Loan
3.25%, 06/30/18		639,803		637,762
Westmoreland Coal Co.
Term B Loan
7.50%, 12/16/20		447,750		436,556

See Notes to Financial Statements.

206

	Par		Value
WideOpenWest Finance LLC
Term B Loan
4.50%, 04/01/19	$	904,531	$	902,143
William Morris Endeavor Entertainment LLC
Term B Loan
5.25%, 05/06/21		1,485,000		1,480,545
WMG Acquisition Corporation
Term B Loan
3.75%, 07/01/20		1,167,166		1,148,387
Zayo Group LLC
Term B Loan
3.75%, 07/02/19		489,942		485,380
Zebra Technologies Corporation
Term B Loan
4.75%, 10/27/21		578,182		583,894
Ziggo BV Delayed Draw
Term B3-DD Loan
2.75%-3.50%, 01/15/22		509,489		502,866
Ziggo BV
Term B-1 Loan
3.25%, 01/15/22		480,723		474,474
Ziggo BV
Term B-2 Loan
3.50%, 01/15/22		309,787		305,760
Total Loan Agreements     (Cost $122,926,109)				121,443,945
	Shares
MONEY MARKET FUNDS — 8.9%
GuideStone Money Market Fund (Investor Class)¥		11,463,422		11,463,422
Northern Institutional Liquid Assets Portfolio§		1,258,450		1,258,450
Total Money Market Funds     (Cost $12,721,872)				12,721,872
TOTAL INVESTMENTS — 101.8%     (Cost $147,731,967)				146,188,896
Liabilities in Excess of Other Assets — (1.8)%				(2,565,481	)
NET ASSETS — 100.0%			$	143,623,415

PORTFOLIO SUMMARY (based on net assets)

	%
Loan Agreements		84.6
Money Market Funds		8.9
Corporate Bonds		6.3
Foreign Bonds		2.0
		101.8

See Notes to Financial Statements.

207

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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:
Corporate Bonds	$	9,076,642	$	—	$	9,076,642	$	—
Foreign Bonds		2,946,437		—		2,946,437		—
Loan Agreements		121,443,945		—		113,982,724		7,461,221
Money Market Funds		12,721,872		12,721,872		—		—
Total Assets—Investments in Securities	$	146,188,896	$	12,721,872	$	126,005,803	$	7,461,221

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2015.

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, 12/31/14	$	11,263,387		$	11,263,387
Accrued discounts/premiums		7,697			7,697
Realized gain (loss)(1)		(37,740	)		(37,740	)
Change in unrealized appreciation (depreciation)(2)		347,896			347,896
Purchases		2,077,956			2,077,956
Sales		(1,387,329	)		(1,387,329	)
Transfers in to Level 3(3)		2,168,282			2,168,282
Transfers out of Level 3(4)		(6,978,928	)		(6,978,928	)
Maturities		—			—
Paydowns		—			—
Balance, 06/30/15	$	7,461,221		$	7,461,221

⁽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 in to Level 3 represent the value of securities at June 30, 2015 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾ Transfers out of Level 3 represent the value of securities at June 30, 2015 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.

208

REAL ASSETS FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.2%
GuideStone Money Market Fund
(Institutional Class)¥		734,699	$	734,699
GuideStone Inflation Protected Bond Fund
(Investor Class)*¥		1,417,208		14,498,042
GuideStone Flexible Income Fund
(Investor Class)¥		758,807		7,489,423
GuideStone Real Estate Securities Fund
(Institutional Class)¥		674,734		6,551,663
GuideStone Global Natural Resources Equity Fund
(Investor Class)¥		966,714		7,376,028
Credit Suisse Commodity Return Strategy Fund*		1,322,536		7,776,509
Total Mutual Funds (Cost $49,104,933)				44,426,364
TOTAL INVESTMENTS — 100.2% (Cost $49,104,933)				44,426,364
Liabilities in Excess of Other Assets — (0.2)%				(86,388	)
NET ASSETS — 100.0%			$	44,339,976

PORTFOLIO SUMMARY (based on net assets)

	%
Real Return Select Funds		81.0
Credit Suisse Commodity Return Strategy		17.5
Fixed Income Select Funds		1.7
		100.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	44,426,364	$	44,426,364	$	—	$	—
Total Assets—Investments in Securities	$	44,426,364	$	44,426,364	$	—	$	—

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2015.

See Notes to Financial Statements.

209

REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS	June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 49.1%
Financial Services — 49.1%
Alexandria Real Estate Equities, Inc. REIT		12,184	$	1,065,613
American Assets Trust, Inc. REITD		10,867		426,095
American Realty Capital Properties, Inc. REIT		79,954		650,026
American Residential Properties, Inc. REITD*		27,004		499,574
Apartment Investment & Management Co. Class A REIT		92,580		3,418,979
AvalonBay Communities, Inc. REIT		19,677		3,145,762
Boston Properties, Inc. REIT		29,402		3,558,818
Brixmor Property Group, Inc. REIT		48,266		1,116,393
Camden Property Trust REITD		26,973		2,003,554
Chesapeake Lodging Trust REITD		75,134		2,290,084
Columbia Property Trust, Inc. REITD		18,759		460,533
CoreSite Realty Corporation REITD		27,200		1,235,968
Cousins Properties, Inc. REITD		46,583		483,532
CubeSmart REITD		74,413		1,723,405
DCT Industrial Trust, Inc. REITD		30,960		973,382
DDR Corporation REITD		8,102		125,257
DiamondRock Hospitality Co. REITD		76,651		981,899
Duke Realty Corporation REIT		63,479		1,178,805
DuPont Fabros Technology, Inc. REITD		30,960		911,772
Education Realty Trust, Inc. REITD		42,808		1,342,459
Equinix, Inc. REIT		8,930		2,268,220
Equity Commonwealth REIT*		65,400		1,678,818
Equity Lifestyle Properties, Inc. REITD		28,197		1,482,598
Equity One, Inc. REIT		78,023		1,821,057
Equity Residential REIT		86,855		6,094,615
Essex Property Trust, Inc. REIT		20,159		4,283,788
Extra Space Storage, Inc. REITD		23,035		1,502,343
Federal Realty Investment Trust REIT		24,060		3,081,845
First Industrial Realty Trust, Inc. REIT		35,354		662,180
General Growth Properties, Inc. REIT		213,626		5,481,643
HCP, Inc. REIT		28,081		1,024,114
Health Care REIT, Inc.		72,579		4,763,360
Healthcare Trust of America, Inc. Class A REITD		59,252		1,419,085
Home Properties, Inc. REIT		3,111		227,259
Host Hotels & Resorts, Inc. REITD		35,947		712,829
Hudson Pacific Properties, Inc. REIT		83,322		2,363,845
Kilroy Realty Corporation REIT		30,058		2,018,395
Kimco Realty Corporation REIT		136,112		3,067,964
Kite Realty Group Trust REITD		32,040		784,019
LTC Properties, Inc. REITD		17,733		737,693

	Shares		Value
Macerich Co. (The) REIT		24,174	$	1,803,380
Mack-Cali Realty Corporation REITD		13,277		244,695
Medical Properties Trust, Inc. REITD		48,918		641,315
National Health Investors, Inc. REITD		13,709		854,071
National Retail Properties, Inc. REIT		43,866		1,535,749
Paramount Group, Inc. REIT		41,011		703,749
Pebblebrook Hotel Trust REITD		86,654		3,715,724
Pennsylvania Real Estate Investment Trust REITD		63,661		1,358,526
Physicians Realty Trust REITD		140,247		2,154,194
Piedmont Office Realty Trust, Inc. Class A REIT		6,470		113,807
Post Properties, Inc. REIT		4,412		239,880
Prologis, Inc. REIT		173,887		6,451,208
Public Storage REIT		28,011		5,164,388
Regency Centers Corporation REITD		1,391		82,041
Retail Properties of America, Inc. Class A REIT		40,762		567,815
Simon Property Group, Inc. REIT		67,035		11,598,396
Sovran Self Storage, Inc. REIT		6,830		593,595
Spirit Realty Capital, Inc. REIT		317,373		3,068,997
STORE Capital Corporation REIT		25,257		507,666
Strategic Hotels & Resorts, Inc. REIT*		114,573		1,388,625
Sunstone Hotel Investors, Inc. REITD		90,671		1,360,972
Taubman Centers, Inc. REIT		9,912		688,884
UDR, Inc. REITD		7,406		237,214
Ventas, Inc. REITD		51,244		3,181,740
Vornado Realty Trust REITD		66,746		6,336,198
				127,660,409
Total Common Stocks (Cost $134,243,742)				127,660,409
FOREIGN COMMON STOCKS — 48.2%
Australia — 5.9%
Dexus Property Group REIT		222,967		1,255,822
Federation Centres REIT		1,079,718		2,432,528
Goodman Group REIT		369,512		1,787,560
GPT Group (The) REITD		347,859		1,148,713
Ingenia Communities Group REIT		1,573,527		522,044
Mirvac Group REIT		142,129		202,871
Scentre Group REIT		522,946		1,513,048
Stockland REIT		834,159		2,638,744
Westfield Corporation REIT		554,452		3,901,427
				15,402,757
Belgium — 0.2%
Befimmo SA REIT		10,221		625,010
Canada — 2.3%
Allied Properties Real Estate Investment Trust REIT		61,595		1,747,740
Calloway Real Estate Investment Trust REIT		51,997		1,203,966
Canadian Apartment Properties REIT		28,584		631,640
Chartwell Retirement Residences		105,038		965,441

See Notes to Financial Statements.

210

	Shares		Value
First Capital Realty, Inc.		74,206	$	1,062,292
Pure Industrial Real Estate Trust REIT		93,360		352,062
				5,963,141
Finland — 0.3%
Citycon OYJD*		205,000		512,397
Citycon OYJ +D*		136,263		340,589
				852,986
France — 3.7%
Gecina SA REIT		8,704		1,072,741
ICADE REIT		12,750		910,572
Klepierre REIT		72,189		3,175,341
Societe Fonciere Lyonnaise SA REIT		3,090		139,690
Unibail-Rodamco SE REIT		16,764		4,236,883
				9,535,227
Germany — 2.9%
Deutsche Annington Immobilien SE		145,137		4,093,699
Deutsche Wohnen AG		104,250		2,388,970
LEG Immobilien AG*		8,582		596,257
TLG Immobilien AG		32,000		517,470
				7,596,396
Hong Kong — 8.0%
Cheung Kong Property Holdings, Ltd.*		135,508		1,124,054
China Resources Land, Ltd.		172,000		558,056
Hang Lung Properties, Ltd.		269,000		799,898
Henderson Land Development Co., Ltd.D		64,600		442,109
Hongkong Land Holdings, Ltd.		429,428		3,564,252
Link REIT (The)		381,068		2,231,875
New World Development Co., Ltd.		2,380,337		3,113,780
Sino Land Co., Ltd.		120,000		200,631
Sun Hung Kai Properties, Ltd.		368,474		5,970,462
Swire Properties, Ltd.		638,108		2,037,421
Wharf Holdings, Ltd. (The)		106,000		705,614
				20,748,152
Ireland — 0.3%
Hibernia REIT PLC		510,000		716,404
Italy — 0.2%
Beni Stabili SpA REITD		631,241		468,691
Japan — 11.8%
Aeon Mall Co., Ltd.		41,500		777,881
Daibiru Corporation		41,000		379,564
Global One Real Estate Investment Corporation REIT		261		992,732
Hulic Reit, Inc. REIT		240		342,003
Industrial & Infrastructure Fund Investment Corporation REIT		146		659,705
Invesco Office J-Reit, Inc. REITD		631		542,912
Japan Logistics Fund, Inc. REIT		282		567,295
Japan Real Estate Investment Corporation REIT		347		1,576,435
Japan Retail Fund Investment Corporation REIT		929		1,858,987
Kenedix Office Investment Corporation REIT		133		667,255

	Shares		Value
Kenedix Residential Investment Corporation REIT		144	$	426,523
Mitsubishi Estate Co., Ltd.		224,695		4,840,531
Mitsui Fudosan Co., Ltd.		241,098		6,751,177
Mori Hills REIT Investment Corporation		899		1,163,554
Nippon Accommodations Fund, Inc. REIT		124		479,242
Nippon Building Fund, Inc. REIT		137		600,008
Nippon Prologis REIT, Inc.		656		1,208,174
Nomura Real Estate Master Fund, Inc. REIT		198		251,737
Nomura Real Estate Office Fund, Inc. REIT		240		1,088,369
NTT Urban Development Corporation		153,100		1,523,682
Sekisui House Reit, Inc. REITD*		394		431,715
Sumitomo Realty & Development Co., Ltd.		39,147		1,373,352
Tokyo Tatemono Co., Ltd.		124,986		1,736,136
Top REIT, Inc.		106		447,783
				30,686,752
Jersey — 0.1%
LXB Retail Properties PLC*		142,257		196,698
Netherlands — 0.4%
Eurocommercial Properties NV		7,826		326,352
Wereldhave NV REIT		14,500		823,302
				1,149,654
Singapore — 2.8%
Ascendas Real Estate Investment Trust REITD		621,800		1,135,708
CapitaCommercial Trust REIT		627,004		726,232
CapitaLand Retail China Trust REIT		166,904		215,624
CapitaLand, Ltd.		769,259		1,999,040
City Developments, Ltd.		31,056		225,510
Fortune Real Estate Investment Trust REIT		503,582		507,379
Frasers Centrepoint Trust REIT		157,306		240,599
Global Logistic Properties, Ltd.		528,800		993,328
Mapletree Industrial Trust REIT		547,600		634,262
Suntec Real Estate Investment Trust REIT		156,800		200,824
UOL Group, Ltd.		92,638		475,966
				7,354,472
Spain — 0.3%
Inmobiliaria Colonial SA*		696,309		489,834
Lar Espana Real Estate Socimi SA REIT		22,428		247,638
				737,472
Sweden — 1.9%
Castellum AB		30,000		421,600
Fabege AB		125,895		1,717,609
Hemfosa Fastigheter AB		64,607		658,551
Hufvudstaden AB Class A		55,500		675,519
Kungsleden ABD		85,000		576,760
Pandox AB*		59,000		786,444
				4,836,483
Switzerland — 0.4%
PSP Swiss Property AGD*		13,500		1,155,142

See Notes to Financial Statements.

211

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
United Kingdom — 6.7%
Big Yellow Group PLC REIT		48,287	$	483,674
British Land Co. PLC (The) REIT		328,823		4,099,696
Capital & Counties Properties PLC		132,000		902,621
Derwent London PLC REIT		18,888		1,009,631
Great Portland Estates PLC REIT		134,120		1,635,301
Hammerson PLC REIT		273,583		2,645,816
Land Securities Group PLC REIT		204,783		3,874,030
Quintain Estates & Development PLC*		531,152		884,641
Segro PLC REIT		107,906		688,019
ST Modwen Properties PLC		82,000		583,524
Workspace Group PLC REIT		44,037		622,388
				17,429,341
Total Foreign Common Stocks (Cost $129,297,542)				125,454,778
MONEY MARKET FUNDS — 12.0%
GuideStone Money Market Fund (Investor Class)¥		5,678,411		5,678,411
Northern Institutional Liquid Assets Portfolio§		25,604,537		25,604,537
Total Money Market Funds (Cost $31,282,948)				31,282,948
TOTAL INVESTMENTS — 109.3% (Cost $294,824,232)				284,398,135
Liabilities in Excess of Other Assets — (9.3)%				(24,166,098	)
NET ASSETS — 100.0%			$	260,232,037

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		49.1
Foreign Common Stocks		48.2
Money Market Funds		12.0
		109.3

See Notes to Financial Statements.

212

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	127,660,409			$	127,660,409		$	—	$	—
Foreign Common Stocks:
Australia		15,402,757				15,402,757			—		—
Belgium		625,010				625,010			—		—
Canada		5,963,141				5,963,141			—		—
Finland		852,986				512,397			—		340,589
France		9,535,227				9,535,227			—		—
Germany		7,596,396				7,596,396			—		—
Hong Kong		20,748,152				20,748,152			—		—
Ireland		716,404				716,404			—		—
Italy		468,691				468,691			—		—
Japan		30,686,752				30,686,752			—		—
Jersey		196,698				196,698			—		—
Netherlands		1,149,654				1,149,654			—		—
Singapore		7,354,472				7,354,472			—		—
Spain		737,472				737,472			—		—
Sweden		4,836,483				4,836,483			—		—
Switzerland		1,155,142				1,155,142			—		—
United Kingdom		17,429,341				17,429,341			—		—
Money Market Funds		31,282,948				31,282,948			—		—
				��
Total Assets—Investments in Securities	$	284,398,135			$	284,057,546		$	—	$	340,589
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(131,962	)		$	(131,962	)	$	—	$	—
Total Liabilities—Other Financial Instruments	$	(131,962	)		$	(131,962	)	$	—	$	—

*** 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.

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, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2015 is $97,619,447.

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 June 30, 2015.

See Notes to Financial Statements.

213

GLOBAL NATURAL RESOURCES EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2015 (Unaudited)

	Shares		Value
COMMON STOCKS — 33.9%
Energy — 29.4%
Antero Resources CorporationD*		296,017	$	10,165,224
Cabot Oil & Gas CorporationD		325,592		10,269,172
Concho Resources, Inc.*		25,595		2,914,247
Denbury Resources, Inc.D		754,050		4,795,758
EOG Resources, Inc.		86,528		7,575,526
Laredo Petroleum, Inc.D*		855,987		10,768,317
Noble Energy, Inc.D		203,093		8,668,009
Range Resources CorporationD		210,793		10,408,958
Rosetta Resources, Inc.D*		420,243		9,724,423
Southwestern Energy Co.D*		385,830		8,769,916
				84,059,550
Materials & Processing — 4.5%
Mosaic Co. (The)		182,070		8,529,979
Newmont Mining Corporation		38,000		887,680
Royal Gold, Inc.D		57,000		3,510,630
				12,928,289
Total Common Stocks (Cost $121,787,329)				96,987,839
FOREIGN COMMON STOCKS — 59.0%
Australia — 6.5%
Evolution Mining, Ltd.		1,496,769		1,328,059
Gold Road Resources, Ltd. D*		3,061,538		1,003,906
Gryphon Minerals, Ltd.D*		1,176,000		57,163
Iluka Resources, Ltd.D		1,446,256		8,569,807
Mineral Resources, Ltd.D		1,079,317		5,496,137
Newcrest Mining, Ltd.*		222,000		2,230,122
				18,685,194
Bermuda — 3.0%
Kosmos Energy, Ltd.*		997,630		8,410,021
Canada — 42.0%
Agnico Eagle Mines, Ltd.D		139,800		3,966,117
Alamos Gold, Inc.D		236,000		1,335,817
Argonaut Gold, Inc.D*		606,000		815,116
Asanko Gold, Inc.D*		411,000		712,115
AuRico Gold, Inc.D		502,000		1,425,680
B2Gold CorporationD*		2,781,191		4,254,049
Bear Creek Mining CorporationD*		352,100		262,172
Belo Sun Mining CorporationD*		581,300		114,026
Castle Mountain Mining Co., Ltd.*		260,000		70,777
Continental Gold, Inc.D*		472,900		1,139,655
Corvus Gold, Inc.D*		280,000		148,928
Eastmain Resources, Inc.D*		259,000		87,094
Eldorado Gold CorporationD		817,000		3,382,380
First Quantum Minerals, Ltd.		1,406,770		18,392,757
Fortuna Silver Mines, Inc.D*		102,000		373,320
Franco-Nevada CorporationD		62,000		2,954,300
Gold Canyon Resources, Inc.D*		252,000		28,247
Goldcorp, Inc.D		568,109		9,203,366
Guyana Goldfields, Inc.D*		415,000		1,315,773
HudBay Minerals, Inc.D		657,140		5,473,976
Integra Gold Corporation@D*		2,121,100		543,436
Klondex Mines, Ltd.D*		412,000		1,121,537
Lundin Gold, Inc.D*		67,000		211,353
MAG Silver CorporationD*		60,000		469,800
New Gold, Inc.D*		741,873		1,995,349
NOVAGOLD Resources, Inc.D*		175,000		598,500

	Shares		Value
Orezone Gold Corporation*		1,354,400	$	384,958
Osisko Gold Royalties, Ltd.D		111,700		1,405,864
Painted Pony Petroleum, Ltd.*		434,830		2,771,214
Peyto Exploration & Development CorporationD		358,088		8,752,944
Premier Gold Mines, Ltd.*		363,500		704,299
Pretium Resources, Inc.D*		207,000		1,121,242
Primero Mining CorporationD*		211,000		820,790
Romarco Minerals, Inc.D*		1,474,000		501,561
Roxgold, Inc.*		940,800		579,997
Rubicon Minerals CorporationD*		505,000		529,663
Sabina Gold & Silver Corporation*		576,000		202,914
SEMAFO, Inc.*		657,000		1,767,430
Silver Wheaton CorporationD		156,000		2,705,040
Sulliden Mining Capital, Inc.*		44,700		8,589
Tahoe Resources, Inc.		250,282		3,033,845
Timmins Gold CorporationD*		705,962		395,655
TMAC Resources, Inc.+@*		126,000		605,284
Torex Gold Resources, Inc.D*		1,309,000		1,184,283
Tourmaline Oil Corporation*		323,859		9,728,735
Turquoise Hill Resources, Ltd.D*		5,557,988		21,064,775
Yamana Gold, Inc.		456,562		1,371,992
				120,036,714
Chile — 3.5%
Sociedad Quimica y Minera de Chile SA ADR		627,919		10,059,262
Jersey — 1.4%
Lydian International, Ltd.D*		637,000		265,204
Randgold Resources, Ltd. ADRD		57,000		3,816,150
				4,081,354
United Kingdom — 2.6%
Acacia Mining PLC		73,000		346,281
Amara Mining PLCD*		1,227,600		265,217
Fresnillo PLCD		111,000		1,210,389
Ophir Energy PLC*		3,150,412		5,603,460
				7,425,347
Total Foreign Common Stocks (Cost $210,838,641)				168,697,892
MONEY MARKET FUNDS — 36.3%
GuideStone Money Market Fund (Investor Class)¥		19,335,153		19,335,153
Northern Institutional Liquid Assets Portfolio§		84,256,639		84,256,639
Total Money Market Funds (Cost $103,591,792)				103,591,792
TOTAL INVESTMENTS — 129.2% (Cost $436,217,762)				369,277,523
Liabilities in Excess of Other Assets — (29.2)%				(83,420,787	)
NET ASSETS — 100.0%			$	285,856,736

See Notes to Financial Statements.

214

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks		59.0
Money Market Funds		36.3
Energy		29.4
Materials & Processing		4.5
		129.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2015, 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	$	96,987,839	$	96,987,839	$	—	$	—
Foreign Common Stocks:
Australia		18,685,194		18,685,194		—		—
Bermuda		8,410,021		8,410,021		—		—
Canada		120,036,714		119,431,430		—		605,284
Chile		10,059,262		10,059,262		—		—
Jersey		4,081,354		4,081,354		—		—
United Kingdom		7,425,347		7,425,347		—		—
Money Market Funds		103,591,792		103,591,792		—		—
Total Assets — Investments in Securities	$	369,277,523	$	368,672,239	$	—	$	605,284

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, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2015 is $25,764,260.

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 June 30, 2015.

See Notes to Financial Statements.

215

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2015 (Unaudited)

	Inflation Protected Bond Fund			Flexible Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	301,722,024		$	134,725,474
Investments in securities of affiliated issuers, at value		7,954,586			11,463,422
Total investments (1)(2)		309,676,610			146,188,896
Cash		—			1,641,334
Cash collateral for derivatives		1,000,000			—
Foreign currency(3)		—			—
Receivables:
Dividends and reclaims		65			85
Interest		1,002,100			601,448
Securities lending		—			157
Receivable from advisor		—			—
Investment securities sold		1,365,325			321,135
Fund shares sold		3,154			47,679
Variation margin on financial futures contracts		32,196			—
Unrealized appreciation on foreign currency exchange contracts		594,255			—
Prepaid expenses and other assets		35,139			17,483
Total Assets		313,708,844			148,818,217
Liabilities
Cash overdraft		—			—
Foreign currency overdraft(3)		276,890			—
Options written at value (4)		216,594			—
Unrealized depreciation on foreign currency exchange contracts		246,701			—
Collateral held for securities on loan at value		—			1,258,450
Payables:
Investment securities purchased		1,822,484			3,760,088
Fund shares redeemed		33,722			—
Variation margin on financial futures contracts		20,704			—
Securities lending		—			24
Deferred foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		76,856			74,933
Shareholder servicing fees		13,480			29,445
Other expenses		40,902			71,862
Total Liabilities		2,748,333			5,194,802
Net Assets	$	310,960,511		$	143,623,415
Net Assets Consist of:
Paid-in-capital	$	318,550,621		$	145,331,859
Undistributed (distributions in excess of) net investment income		(3,903,781	)		326,499
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions		(4,147,852	)		(491,872	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		461,523			(1,543,071	)
Net Assets	$	310,960,511		$	143,623,415
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	244,963,247			N/A
Institutional shares outstanding		23,953,201			N/A
Net asset value, offering and redemption price per Institutional share	$	10.23			N/A
Net assets applicable to the Investor Class	$	65,997,264		$	143,623,415
Investor shares outstanding		6,455,006			14,547,077
Net asset value, offering and redemption price per Investor share	$	10.22		$	9.87
(1)        Investments in securities of unaffiliated issuers, at cost	$	302,306,620		$	136,268,545
Investments in securities of affiliated issuers, at cost		7,954,586			11,463,422
Total investments at cost	$	310,261,206		$	147,731,967
(2)        Includes securities loaned of:	$	—		$	1,234,274
(3)        Foreign currency at cost	$	(272,989	)	$	—
(4)        Premiums received on options written	$	362,881		$	—

See Notes to Financial Statements.

216

Real Assets Fund			Real Estate Securities Fund			Global Natural Resources Equity Fund
$	7,776,509		$	278,719,724		$	349,942,370
	36,649,855			5,678,411			19,335,153
	44,426,364			284,398,135			369,277,523
	—			—			—
	—			302,000			—	��
	—			502,994			—
	21			1,039,340			49,647
	—			—			—
	—			6,266			103,581
	5,296			—			—
	—			6,195,337			2,168,963
	4,701			2,706			4,422
	—			8,520			—
	—			—			—
	11,685			24,103			21,916
	44,448,067			292,479,401			371,626,052
	—			—			1,320
	—			—			51
	—			—			—
	—			—			—
	—			25,604,537			84,256,639
	—			6,201,540			1,175,407
	79,465			212,984			—
	—			—			—
	—			939			15,534
	—			—			2,640
	—			151,630			244,706
	9,468			22,174			61,875
	19,158			53,560			11,144
	108,091			32,247,364			85,769,316
$	44,339,976		$	260,232,037		$	285,856,736
$	49,770,496		$	261,200,252		$	361,616,227
	182,234			210,350			(1,203,387	)
	(934,185	)		9,381,808			(7,618,760	)
	(4,678,569	)		(10,560,373	)		(66,937,344	)
$	44,339,976		$	260,232,037		$	285,856,736
	N/A		$	157,088,086			N/A
	N/A			16,174,450			N/A
	N/A		$	9.71			N/A
$	44,339,976		$	103,143,951		$	285,856,736
	4,814,703			10,591,655			37,473,495
$	9.21		$	9.74		$	7.63
$	12,455,078		$	289,145,821		$	416,882,609
	36,649,855			5,678,411			19,335,153
$	49,104,933		$	294,824,232		$	436,217,762
$	—		$	27,735,426		$	109,540,023
$	—		$	500,306		$	(51	)
$	—		$	—		$	—

See Notes to Financial Statements.

217

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2015 (Unaudited)

		Inflation Protected Bond Fund			Flexible Income Fund
Investment Income
Dividends		$	—		$	—
Income distributions received from affiliated funds			684			583
Interest			(200,370	)(1)		3,090,938
Securities lending			—			702
Less foreign taxes withheld			—			—
Total Investment Income			(199,686	)		3,092,223
Expenses
Investment advisory fees			472,378			491,388
Transfer agent fees:
Institutional shares			658			—
Investor shares			10,463			8,714
Custodian fees			28,677			58,540
Shareholder servicing fees:
Investor shares			272,770			165,928
Accounting and administration fees			36,177			28,605
Professional fees			29,554			36,179
Blue sky fees:
Institutional shares			1,829			—
Investor shares			8,194			9,727
Shareholder reporting fees:
Institutional shares			125			—
Investor shares			3,299			517
Trustee expenses	��		1,927			828
Line of credit facility fees			1,020			8,220
Other expenses			25,141			9,446
Total Expenses			892,212			818,092
Expenses waived/reimbursed net of amount recaptured(2)			(16,232	)		(19,488	)
Fees paid indirectly			—			—
Net expenses			875,980			798,604
Net Investment Income (Loss)			(1,075,666	)		2,293,619
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds			—			—
Investment securities			800,807			(381,787	)
Futures transactions			(69,562	)		—
Option contracts written			654,659			—
Option contracts purchased			(1,738,072	)		—
Foreign currency			1,539,973			—
Net realized gain (loss)			1,187,805			(381,787	)
Net change in unrealized appreciation (depreciation) on:
Investment securities			(332,460	)		1,557,473
Investment securities of unaffiliated issuers			—			—
Futures			1,692,692			—
Option contracts written			170,756			—
Option contracts purchased			(360,197	)		—
Foreign currency			(309,700	)		—
Net change in unrealized appreciation (depreciation)			861,091			1,557,473
Net Realized and Unrealized Gain (Loss)			2,048,896			1,175,686
Net Increase (Decrease) in Net Assets Resulting from Operations		$	973,230		$	3,469,305

⁽¹⁾ Includes amortization of bond premiums and deflationary adjustments for U.S. Treasury and Foreign Government Inflation Bonds which exceeded the aggregate of interest. See Note 3 in Notes to Financial Statements.

⁽²⁾ See Note 3a and 3c in Notes to Financial Statements.

See Notes to Financial Statements.

218

Real Assets Fund			Real Estate Securities Fund			Global Natural Resources Equity Fund
$	—		$	4,064,296		$	1,277,866
	231,037			322			762
	—			—			—
	—			59,755			243,325
	—			(185,395	)		(102,080	)
	231,037			3,938,978			1,419,873
	26,311			981,889			1,491,993
	—			658			—
	9,403			11,917			8,605
	3,561			98,143			30,346
	20,288			271,077			356,523
	2,358			52,517			42,368
	24,263			46,353			46,743
	—			1,829			—
	9,996			9,709			10,120
	—			125			—
	2,007			5,976			861
	367			1,719			1,646
	193			915			874
	5,716			36,768			12,969
	104,463			1,519,595			2,003,048
	(54,648	)		(15,759	)		(17,857	)
	—			(14,117	)		—
	49,815			1,489,719			1,985,191
	181,222			2,449,259			(565,318	)
	119,631			—			—
	(854,895	)		11,698,571			(3,917,300	)
	—			559,523			—
	—			—			—
	—			—			—
	—			(7,586	)		34,266
	(735,264	)		12,250,508			(3,883,034	)
	(1,644,745	)		(22,211,902	)		(2,460,667	)
	2,092,642			—			—
	—			(282,611	)		—
	—			—			—
	—			—			—
	—			7,964			2,919
	447,897			(22,486,549	)		(2,457,748	)
	(287,367	)		(10,236,041	)		(6,340,782	)
$	(106,145	)	$	(7,786,782	)	$	(6,906,100	)

See Notes to Financial Statements.

219

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income	$	(1,075,666	)	$	1,848,773
Net realized gain (loss) on investment securities, foreign currency and derivative		1,187,805			(2,019,972	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		861,091			7,575,645
Net increase (decrease) in net assets resulting from operations		973,230			7,404,446
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
Institutional shares		—			—
Investor shares		(939,145	)		(6,199,837	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		(939,145	)		(6,199,837	)
Capital Share Transactions(2) :
Proceeds from shares sold
Institutional shares		252,357,614			—
Investor shares		13,412,564			59,688,149
Reinvestment of dividends and distributions
Institutional shares		—			—
Investor shares		938,919			6,198,245
Total proceeds from shares sold and reinvested		266,709,097			65,886,394
Value of shares redeemed
Institutional shares		(3,093,024	)		—
Investor shares		(255,602,668	)		(38,288,496	)
Total value of shares redeemed		(258,695,692	)		(38,288,496	)
Net increase (decrease) from capital share transactions(3)		8,013,405			27,597,898
Total increase (decrease) in net assets		8,047,490			28,802,507
Net Assets:
Beginning of Period		302,913,021			274,110,514
End of Period*	$	310,960,511		$	302,913,021
*Including undistributed (distributions in excess of) net investment income	$	(3,903,781	)	$	(1,888,970	)

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

⁽²⁾ Inception date for Institutional Class for Inflation Protected Bond Fund and Real Estate Securities Fund was May 1, 2015.

⁽³⁾ See Note 6 in Notes to Financial Statements.

See Notes to Financial Statements.

220

Flexible Income Fund						Real Assets Fund						Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14			For the Six Months Ended 06/30/15			For the Year Ended 12/31/14
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
$	2,293,619		$	3,662,738		$	181,222		$	756,020		$	2,449,259		$	5,638,480		$	(565,318	)	$	(467,389	)
	(381,787	)		40,485			(735,264	)		266,616			12,250,508			13,572,357			(3,883,034	)		3,148,999
	1,557,473			(3,617,619	)		447,897			(4,194,316	)		(22,486,549	)		18,175,114			(2,457,748	)		(52,013,354	)
	3,469,305			85,604			(106,145	)		(3,171,680	)		(7,786,782	)		37,385,951			(6,906,100	)		(49,331,744	)
	—			—			—			—			(1,303,007	)		—			—			—
	(1,967,120	)		(3,640,055	)		—			(1,184,011	)		(592,578	)		(6,325,626	)		—			(791,002	)
	—			—			—			—			(2,837,627	)		—			—			—
	—			(265,840	)		—			(356,473	)		(1,898,989	)		(8,938,244	)		—			(5,814,539	)
	(1,967,120	)		(3,905,895	)		—			(1,540,484	)		(6,632,201	)		(15,263,870	)		—			(6,605,541	)
	—			—			—			—			167,617,636			—			—			—
	15,898,819			26,735,107			3,793,823			40,888,566			27,112,490			40,370,589			41,435,808			82,926,908
	—			—			—			—			4,135,260			—			—			—
	1,960,751			3,905,895			—			1,539,255			2,491,110			15,248,884			—			6,602,552
	17,859,570			30,641,002			3,793,823			42,427,821			201,356,496			55,619,473			41,435,808			89,529,460
	—			—			—			—			(2,114,749	)		—			—			—
	(6,379,226	)		(5,342,480	)		(15,302,293	)		(9,411,678	)		(194,473,757	)		(42,761,237	)		(14,034,892	)		(28,952,108	)
	(6,379,226	)		(5,342,480	)		(15,302,293	)		(9,411,678	)		(196,588,506	)		(42,761,237	)		(14,034,892	)		(28,952,108	)
	11,480,344			25,298,522			(11,508,470	)		33,016,143			4,767,990			12,858,236			27,400,916			60,577,352
	12,982,529			21,478,231			(11,614,615	)		28,303,979			(9,650,993	)		34,980,317			20,494,816			4,640,067
	130,640,886			109,162,655			55,954,591			27,650,612			269,883,030			234,902,713			265,361,920			260,721,853
$	143,623,415		$	130,640,886		$	44,339,976		$	55,954,591		$	260,232,037		$	269,883,030		$	285,856,736		$	265,361,920
$	326,499		$	—		$	182,234		$	1,012		$	210,350		$	(343,324	)	$	(1,203,387	)	$	(638,069	)

See Notes to Financial Statements.

221

FINANCIAL HIGHLIGHTS (Unaudited)

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			Distributions from Net Realized Capital Gains (2)			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(3)(4)			Expenses, Gross(3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Institutional Class
2015(6)	$	10.41	$	0.12	#	$	—		$	(0.30	)	$	—		$	—		$	10.23		(1.73	)%	$	244,963		0.41	%		0.42	%		7.26	%		25	%
Investor Class
2015(7)	$	10.22	$	(0.58	)#	$	—		$	0.61		$	(0.03	)	$	—		$	10.22		0.30	%	$	65,997		0.63	%		0.64	%		(3.48	)%		25	%
2014		10.15		0.06	#		—	†		0.22			(0.21	)		—			10.22		2.77			302,913		0.62			0.63			0.61			88
2013(8)		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
Flexible Income Fund
Investor Class
2015(7)	$	9.76	$	0.16	#	$	—		$	0.09		$	(0.14	)	$	—		$	9.87		2.58	%	$	143,623		1.17	%		1.20	%		3.37	%		32	%
2014		10.06		0.31	#		—	†		(0.29	)		(0.30	)		(0.02	)		9.76		0.22			130,641		1.20			1.23			3.06			77
2013(9)		10.00		0.11	#		—	†		0.05			(0.10	)		—	†		10.06		1.57			109,163		1.20			1.26			2.22			25
Real Assets Fund
Investor Class
2015(7)	$	9.26	$	0.03	#	$	0.02		$	(0.10	)	$	—		$	—		$	9.21		(0.54	)%	$	44,340		0.19	%		0.40	%		0.69	%		49	%
2014		9.82		0.16	#		0.11			(0.57	)		(0.20	)		(0.06	)		9.26		(3.07	)		55,955		0.12			0.35			1.55			14
2013(9)		10.00		0.06	#		0.27			(0.42	)		(0.09	)		—			9.82		(0.87	)		27,651		0.12			0.89			1.22			1

† 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), respectively, 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) Inception date was April 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(7) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(8) 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%.

(9) 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.

See Notes to Financial Statements.

222

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			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End  of Period (000)		Expenses, Net			Expenses, Gross			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Real Estate Securities Fund
Institutional Class
2015(2)	$	10.50	$	0.05	#	$	—		$	(0.58	)	$	(0.08	)	$	(0.18	)	$	9.71		(5.09	)%	$	157,088		0.92	%(3)		0.94	%		2.67	%		79	%
Investor Class
2015(4)	$	10.26	$	0.16	#	$	—		$	(0.44	)	$	(0.06	)	$	(0.18	)	$	9.74		(2.83	)%	$	103,144		1.11	%(3)		1.13	%		1.56	%		79	%
2014		9.36		0.23	#		—	†		1.28			(0.25	)		(0.36	)		10.26		16.13			269,883		1.15			1.15			2.23			129
2013(5)		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
Global Natural Resources Equity Fund
Investor Class
2015(4)	$	7.81	$	(0.02	)#	$	—		$	(0.16	)	$	—		$	—		$	7.63		(2.31	)%	$	285,857		1.36	%		1.37	%		(0.39	)%		17	%
2014		9.71		(0.02	)#		—	†		(1.68	)		(0.02	)		(0.18	)		7.81		(17.49	)		265,362		1.35	(6)		1.37			(0.17	)		37
2013(7)(8)		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) 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), respectively, than the ratio shown.

(2) Inception date was April 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(3) For the six months ended June 30, 2015, the effect of expenses paid indirectly decreased the ratio by 0.02% and 0.01% for Institutional Class and Investor Class, respectively.

(4) For the six months ended June 30, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(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 0.03%.

(6) The ratio for the Global Natural Resources Equity Fund includes the effect of expenses paid indirectly which decreased the ratio by 0.01% for the year 2014.

(7) 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%.

(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.

See Notes to Financial Statements.

223

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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-two 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 Index 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 International Equity Index Fund commenced operations as a registered investment company on June 1, 2015.

Effective May 1, 2014, the GS2 Class and GS4 Class were designated as Institutional Class and Investor Class, respectively. There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”), except the Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I, Aggressive Allocation Fund I and International Equity Index Fund which issued the Institutional Class only. The Date Target Funds, Flexible Income Fund, Real Assets Fund and the Global Natural Resources Equity Fund issued the Investor 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. The Global Bond Fund, Inflation Protected Bond Fund and Real Estate Securities Fund issued Institutional Class shares on May 1, 2015.

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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of its financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including but not limited to ASC 946. The preparation of financial statements requires Funds management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of its investments on a recurring basis. Amounts received upon the sale of such investments could differ from estimated values and those differences could be significant.

224

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. The valuation committee is comprised of individuals from GuideStone Capital Management (“GSCM” or “Adviser”) and BNY Mellon Investment Servicing (US) Inc. who previously have been identified to the Board of Trustees of the Trust (the “Board of Trustees”). 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, which approximates fair value. 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 Net Asset Value (“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 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

225

“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 Date Target, Asset Allocation and Real Assets Funds value their investments in the underlying Select Funds and the Credit Suisse Commodity Return Strategy Fund daily at the closing NAV of each respective 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 Select Funds, Credit Suisse Commodity Return Strategy Fund and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing NAV 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.

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.

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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 June 30, 2015.

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 Fixed Income 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 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.

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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) commitments are commitments to purchase or sell mortgage-backed 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 period ended June 30, 2015, 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.

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.

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.

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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 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 Fixed Income 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.

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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.

At June 30, 2015, 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.	$	40,000,000	$	(40,000,000	)	$	—	$	—

⁽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, Fixed Income 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 June 30, 2015, the value of securities sold short in the Medium-Duration Bond and International Equity Funds amounted to $8,788,217 and $68,353,805, 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 Fixed Income 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 Fixed Income Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Fixed Income 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 upfront 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 period ended June 30, 2015, 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 (“CDS”) 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 CDS 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.

Upfront payments made or received in connection with CDS agreements are amortized over the expected life of the CDS agreements as unrealized gains or losses on swap agreements. The change in value of the CDS agreements is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

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 CDS 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 upfront 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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CDS 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 CDS 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.

CDS 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 CDS 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 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 CDS 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.

CDS 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 CDS with standardized terms including a fixed spread and standard maturity dates. An index CDS 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 CDS swaps on credit indices to hedge a portfolio of CDS or bonds with a CDS on indices which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS 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 CDS 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 upfront payments required to be made to enter into the agreement. For CDS agreements on asset-backed securities and credit indices, the quoted market prices 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.

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The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a CDS 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, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection CDS agreements entered into by a Fund for the same referenced entity or entities.

CDS involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, CDS are subject to liquidity risk and counterparty credit risk. The Funds enter into CDS 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 CDS agreements brokered by the Chicago Mercantile Exchange or the Intercontinental Exchange (the “Exchanges”) where the Exchanges are the counterparty to both the buyer and seller of protection. Exchange traded swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor 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.

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 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.

235

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 June 30, 2015, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $0 and $18,204,000, respectively, and the sellers (“providing protection”) on a total notional amount of $3,119,318 and $11,825,000, 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
Reference Asset	Corporate Debt		Sovereign Debt		Asset-Backed Securities			Corporate Debt		Total
Low-Duration Bond Fund
Fair value of written credit derivatives	$	—	$	—	$	(1,702	)	$	—	$	(1,702	)
Maximum potential amount of future payments		—		—		3,119,318			—		3,119,318
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—			—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—		—		—			—		—

236

Written Credit Derivative Contracts	Single Name Credit Default Swaps				Credit Default Swap Index
Reference Asset	Corporate Debt		Sovereign Debt		Asset-Backed Securities		Corporate Debt		Total
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	108,027	$	8,398	$	66,996	$	—	$	183,421
Maximum potential amount of future payments		3,300,000		700,000		7,825,000		—		11,825,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—		—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—		—		—		—		—

At June 30, 2015, 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.

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	$	—	$	—	$	—	$	—	$	3,119,318	$	3,119,318
101 - 250		—		—		—		—		—		—
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	3,119,318	$	3,119,318
Medium-Duration Bond Fund
0 - 100	$	—	$	7,825,000	$	4,000,000	$	—	$	—	$	11,825,000
101 - 250		—		—		—		—		—		—
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	7,825,000	$	4,000,000	$	—	$	—	$	11,825,000

237

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.

At June 30, 2015, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	1,170	$	273
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,170		273
Derivatives not subject to an MA or similar agreement		1,170		273
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	7,676	$	4,258
Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,676		4,258
Derivatives not subject to an MA or similar agreement		7,676		4,258
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	17,760	$	6,901
Total derivative assets and liabilities in the Statements of Assets and Liabilities		17,760		6,901
Derivatives not subject to an MA or similar agreement		17,760		6,901
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	7,795	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,795		—
Derivatives not subject to an MA or similar agreement		7,795		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	13,901	$	5,226
Total derivative assets and liabilities in the Statements of Assets and Liabilities		13,901		5,226
Derivatives not subject to an MA or similar agreement		13,901		5,226
Total assets and liabilities subject to an MA	$	—	$	—

238

Fund	Assets		Liabilities
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	1,170	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,170		—
Derivatives not subject to an MA or similar agreement		1,170		—
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	1,766	$	1,703
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,766		1,703
Derivatives not subject to an MA or similar agreement		1,766		1,703
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	29,751	$	13,773
Total derivative assets and liabilities in the Statements of Assets and Liabilities		29,751		13,773
Derivatives not subject to an MA or similar agreement		29,751		13,773
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	31,240	$	15,137
Total derivative assets and liabilities in the Statements of Assets and Liabilities		31,240		15,137
Derivatives not subject to an MA or similar agreement		31,240		15,137
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	46,145	$	16,320
Total derivative assets and liabilities in the Statements of Assets and Liabilities		46,145		16,320
Derivatives not subject to an MA or similar agreement		46,145		16,320
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	598	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		598		—
Derivatives not subject to an MA or similar agreement		598		—
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	7,790	$	4,456
Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,790		4,456
Derivatives not subject to an MA or similar agreement		7,790		4,456
Total assets and liabilities subject to an MA	$	—	$	—

239

Fund	Assets		Liabilities
Growth Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	7,400	$	3,627
Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,400		3,627
Derivatives not subject to an MA or similar agreement		7,400		3,627
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	7,010	$	2,805
Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,010		2,805
Derivatives not subject to an MA or similar agreement		7,010		2,805
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	21,630	$	75,503
Forward foreign exchange contracts		169,995		715,334
Options		44,344		570,562
Swaps		8,724		995,960
Total derivative assets and liabilities in the Statements of Assets and Liabilities		244,693		2,357,359
Derivatives not subject to an MA or similar agreement		89,853		1,649,983
Total assets and liabilities subject to an MA	$	154,840	$	707,376
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	111,767	$	115,521
Forward foreign exchange contracts		1,126,888		1,668,510
Options		219,912		461,873
Swaps		591,291		2,308,410
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,049,858		4,554,314
Derivatives not subject to an MA or similar agreement		463,364		2,349,114
Total assets and liabilities subject to an MA	$	1,586,494	$	2,205,200
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	—	$	8,500
Forward foreign exchange contracts		310,477		516,346
Options		94,680		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		405,157		524,846
Derivatives not subject to an MA or similar agreement		94,680		8,500
Total assets and liabilities subject to an MA	$	310,477	$	516,346
Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	33,345	$	—
Forward foreign exchange contracts		47,835		5,293
Options		—		792,974
Total derivative assets and liabilities in the Statements of Assets and Liabilities		81,180		798,267
Derivatives not subject to an MA or similar agreement		81,180		798,267
Total assets and liabilities subject to an MA	$	—	$	—

240

Fund	Assets		Liabilities
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	31,005	$	610
Total derivative assets and liabilities in the Statements of Assets and Liabilities		31,005		610
Derivatives not subject to an MA or similar agreement		31,005		610
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	74,880	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		74,880		—
Derivatives not subject to an MA or similar agreement		74,880		—
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	109,005	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		109,005		—
Derivatives not subject to an MA or similar agreement		109,005		—
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	73,500	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		73,500		—
Derivatives not subject to an MA or similar agreement		73,500		—
Total assets and liabilities subject to an MA	$	—	$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	—	$	8,930
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		8,930
Derivatives not subject to an MA or similar agreement		—		8,930
Total assets and liabilities subject to an MA	$	—	$	—
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	400,099	$	834,576
Forward foreign exchange contracts		2,654,380		2,739,638
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,054,479		3,574,214
Derivatives not subject to an MA or similar agreement		330,091		514,564
Total assets and liabilities subject to an MA	$	2,724,388	$	3,059,650
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	655,183	$	182,048
Forward foreign exchange contracts		761,462		695,134
Swaps		9,878		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,426,523		877,182
Derivatives not subject to an MA or similar agreement		635,075		5,585
Total assets and liabilities subject to an MA	$	791,448	$	871,597

241

Fund	Assets		Liabilities
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	32,196	$	20,704
Forward foreign exchange contracts		594,255		246,701
Options		407,432		216,594
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,033,883		483,999
Derivatives not subject to an MA or similar agreement		439,628		237,298
Total assets and liabilities subject to an MA	$	594,255	$	246,701
Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	8,520	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,520		—
Derivatives not subject to an MA or similar agreement		8,520		—
Total assets and liabilities subject to an MA	$	—	$	—

At June 30, 2015, 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
Other Counterparties*	$	44,738	$	(137,922	)	$	(93,184	)	$	—	$	(93,184	)
		44,738		(137,922	)		(93,184	)		—		(93,184	)
Sub-adviser B
UBS		4,368		(414,707	)		(410,339	)		—		(410,339	)
Other Counterparties*		103,000		(152,778	)		(49,778	)		—		(49,778	)
		107,368		(567,485	)		(460,117	)		—		(460,117	)
Sub-adviser C
Other Counterparties*		2,734		(1,969	)		765			—		765
Total Derivatives	$	154,840	$	(707,376	)	$	(552,536	)	$	—	$	(552,536	)
Medium-Duration Bond
Sub-adviser A
WEST	$	486,164	$	—		$	486,164		$	—	$	486,164
Other Counterparties*		126,857		(18,690	)		108,167			—		108,167
		613,021		(18,690	)		594,331			—		594,331
Sub-adviser B
UBS		459,575		—			459,575			—		459,575
Other Counterparties*		242,894		(49,246	)		193,648			—		193,648
		702,469		(49,246	)		653,223			—		653,223
Sub-adviser C
GSC		—		(2,135,283	)		(2,135,283	)		—		(2,135,283	)
Other Counterparties*		271,004		(1,981	)		269,023			—		269,023
		271,004		(2,137,264	)		(1,866,260	)		—		(1,866,260	)
Total Derivatives	$	1,586,494	$	(2,205,200	)	$	(618,706	)	$	—	$	(618,706	)

242

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
Global Bond
Sub-adviser A
DEUT	$	—	$	(192,276	)	$	(192,276	)	$	—	$	(192,276	)
Other Counterparties*		310,477		(324,070	)		(13,593	)		—		(13,593	)
Total Derivatives	$	310,477	$	(516,346	)	$	(205,869	)	$	—	$	(205,869	)
International Equity
Sub-adviser A
Other Counterparties*	$	2,724,388	$	(3,059,650	)	$	(335,262	)	$	—	$	(335,262	)
Emerging Markets
Equity
Sub-adviser A
GSC	$	29,986	$	(176,463	)	$	(146,477	)	$	—	$	(146,477	)
Other Counterparties*		761,462		(695,134	)		66,328			—		66,328
Total Derivatives	$	791,448	$	(871,597	)	$	(80,149	)	$	—	$	(80,149	)
Inflation Protected Bond
Sub-adviser A
BAR	$	163,580	$	(20,253	)	$	143,327		$	—	$	143,327
JPM		257,148		—			257,148			—		257,148
Other Counterparties*		173,527		(226,448	)		(52,921	)		—		(52,921	)
Total Derivatives	$	594,255	$	(246,701	)	$	347,554		$	—	$	347,554

* 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 June 30, 2015.

243

	Asset Derivative Value
Fund	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	(11,092	)	$	2,938		$	—	$	—	$	(14,030	)
MyDestination 2015 Futures	$	(89,494	)	$	(7,531	)	$	—	$	—	$	(81,963	)
MyDestination 2025 Futures	$	(158,098	)	$	(14,141	)	$	—	$	—	$	(143,957	)
MyDestination 2035 Futures	$	(138,710	)	$	(7,125	)	$	—	$	—	$	(131,585	)
MyDestination 2045 Futures	$	(102,065	)	$	(718	)	$	—	$	—	$	(101,347	)
MyDestination 2055 Futures	$	(10,115	)	$	—		$	—	$	—	$	(10,115	)
Conservative Allocation Futures	$	(14,439	)	$	5,827		$	—	$	—	$	(20,266	)
Balanced Allocation Futures	$	(276,322	)	$	(44,652	)	$	—	$	—	$	(231,670	)
Growth Allocation Futures	$	(321,315	)	$	(22,155	)	$	—	$	—	$	(299,160	)
Aggressive Allocation Futures	$	(397,832	)	$	—		$	—	$	—	$	(397,832	)
Conservative Allocation I Futures	$	(4,470	)	$	—		$	—	$	—	$	(4,470	)
Balanced Allocation I Futures	$	(97,387	)	$	(6,423	)	$	—	$	—	$	(90,964	)
Growth Allocation I Futures	$	(73,196	)	$	(5,563	)	$	—	$	—	$	(67,633	)
Aggressive Allocation I Futures	$	(60,082	)	$	—		$	—	$	—	$	(60,082	)
Low-Duration Bond
Forwards	$	169,995		$	—		$	169,995	$	—	$	—
Futures		368,002			368,002			—		—		—
Purchased Options		44,344			44,344			—		—		—
Swaps		8,724			—			—		8,724		—
Totals	$	591,065		$	412,346		$	169,995	$	8,724	$	—
Medium-Duration Bond
Forwards	$	1,126,888		$	—		$	1,126,888	$	—	$	—
Futures		(1,555,157	)		(1,555,157	)		—		—		—
Purchased Options		219,912			219,912			—		—		—
Swaps		591,291			196,489			—		394,802		—
Totals	$	382,934		$	(1,138,756	)	$	1,126,888	$	394,802	$	—

244

	Asset Derivative Value
Fund	Total Value at 06/30/15			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Global Bond Fund
Forwards	$	310,477		$	—	$	310,477	$	—	$	—
Futures		11,003			11,003		—		—		—
Purchased Options		94,680			—		94,680		—		—
Totals	$	416,160		$	11,003	$	405,157	$	—	$	—
Defensive Market Strategies
Forwards	$	47,835		$	—	$	47,835	$	—	$	—
Futures		(399,823	)		—		—		—		(399,823	)
Totals	$	(351,988	)	$	—	$	47,835	$	—	$	(399,823	)
Equity Index Futures	$	(328,456	)	$	—	$	—	$	—	$	(328,456	)
Value Equity Futures	$	(938,383	)	$	—	$	—	$	—	$	(938,383	)
Growth Equity Fund Futures	$	(1,219,429	)	$	—	$	—	$	—	$	(1,219,429	)
Small Cap Equity Futures	$	(188,740	)	$	—	$	—	$	—	$	(188,740	)
International Equity Index Futures	$	(53,100	)	$	—	$	—	$	—	$	(53,100	)
International Equity
Forwards	$	2,654,380		$	—	$	2,654,380	$	—	$	—
Futures		(1,018,604	)		—		—		—		(1,018,604	)
Totals	$	1,635,776		$	—	$	2,654,380	$	—	$	(1,018,604	)
Emerging Markets Equity
Forwards	$	761,462		$	—	$	761,462	$	—	$	—
Futures		(569,389	)		—		—		—		(569,389	)
Swaps		9,878			—		—		—		9,878
Totals	$	201,951		$	—	$	761,462	$	—	$	(559,511	)
Inflation Protected Bond
Forwards	$	594,255		$	—	$	594,255	$	—	$	—
Futures		38,637			38,637		—		—		—
Purchased Options		407,432			163,350		244,082		—		—
Totals	$	1,040,324		$	201,987	$	838,337	$	—	$	—
Real Estate Securities Futures	$	(131,962	)	$	—	$	—	$	—	$	(131,962	)

245

	Liability Derivative Value
Fund	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	715,334		$	—		$	715,334	$	—	$	—
Futures		(7,699	)		(7,699	)		—		—		—
Swaps		995,960			995,960			—		—		—
Written Options		570,562			570,562			—		—		—
Totals	$	2,274,157		$	1,558,823		$	715,334	$	—	$	—
Medium-Duration Bond
Forwards	$	1,668,510		$	—		$	1,668,510	$	—	$	—
Futures		1,507,515			1,505,189			2,326		—		—
Swaps		2,308,410			2,138,168			—		170,242		—
Written Options		461,873			439,881			21,992		—		—
Totals	$	5,946,308		$	4,083,238		$	1,692,828	$	170,242	$	—
Global Bond Fund
Forwards	$	516,346		$	—		$	516,346	$	—	$	—
Defensive Market Strategies
Forwards	$	5,293		$	—		$	5,293	$	—	$	—
Written Options		792,974			—			—		—		792,974
Totals	$	798,267		$	—		$	5,293	$	—	$	792,974
International Equity
Forwards	$	2,739,638		$	—		$	2,739,638	$	—	$	—
Futures		(201,919	)		—			—		—		(201,919	)
Totals	$	2,537,719		$	—		$	2,739,638	$	—	$	(201,919	)
Emerging Markets Equity
Forwards	$	695,134		$	—		$	695,134	$	—	$	—
Futures		29,224			—			—		—		29,224
Totals	$	724,358		$	—		$	695,134	$	—	$	29,224
Inflation Protected Bond
Forwards	$	246,701		$	—		$	246,701	$	—	$	—
Futures		(510,436	)		(510,436	)		—		—		—
Written Options		216,594			20,219			196,375		—		—
Totals	$	(47,141	)	$	(490,217	)	$	443,076	$	—	$	—

246

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
	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
	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 06/30/15		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	29,034	$	(4,330	)	$	—	$	—	$	33,364
MyDestination 2015 Futures	$	206,983	$	32,928		$	—	$	—	$	174,055
MyDestination 2025 Futures	$	372,198	$	40,656		$	—	$	—	$	331,542
MyDestination 2035 Futures	$	358,052	$	23,263		$	—	$	—	$	334,789
MyDestination 2045 Futures	$	244,296	$	4,798		$	—	$	—	$	239,498
MyDestination 2055 Futures	$	17,191	$	—		$	—	$	—	$	17,191
Conservative Allocation Futures	$	48,271	$	13,552		$	—	$	—	$	34,719
Balanced Allocation Futures	$	773,401	$	176,514		$	—	$	—	$	596,887
Growth Allocation Futures	$	728,235	$	52,393		$	—	$	—	$	675,842
Aggressive Allocation Futures	$	619,237	$	—		$	—	$	—	$	619,237

247

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Conservative Allocation I Futures	$	16,234		$	—		$	—		$	—		$	16,234
Balanced Allocation I Futures	$	191,348		$	31,423		$	—		$	—		$	159,925
Growth Allocation I Futures	$	186,453		$	1,899		$	—		$	—		$	184,554
Aggressive Allocation I Futures	$	166,874		$	—		$	—		$	—		$	166,874
Low-Duration Bond
Forwards	$	3,507,060		$	—		$	3,507,060		$	—		$	—
Futures		1,739,338			1,739,338			—			—			—
Purchased Options		(224,115	)		(224,115	)		—			—			—
Swaps		(878,644	)		(284,416	)		—			(594,228	)		—
Written Options		375,734			372,625			3,109			—			—
Totals	$	4,519,373		$	1,603,432		$	3,510,169		$	(594,228	)	$	—
Medium-Duration Bond
Forwards	$	3,847,842		$	—		$	3,847,842		$	—		$	—
Futures		2,831,795			2,856,597			(24,802	)		—			—
Purchased Options		(628,706	)		(625,461	)		(3,245	)		—			—
Swaps		(1,087,085	)		(1,178,512	)		—			91,427			—
Written Options		1,800,317			1,743,995			38,530			17,792			—
Totals	$	6,764,163		$	2,796,619		$	3,858,325		$	109,219		$	—
Global Bond
Forwards	$	3,899,134		$	—		$	3,899,134		$	—		$	—
Futures		313,650			313,650						—			—
Purchased Options		146,117			—			146,117			—			—
Totals	$	4,358,901		$	313,650		$	4,045,251		$	—		$	—
Defensive Market Strategies
Forwards	$	493,734		$	—		$	493,734		$	—		$	—
Futures		965,331			—			—			—			965,331
Written Options		4,119,299			—			—			—			4,119,299
Totals	$	5,578,364		$	—		$	493,734		$	—		$	5,084,630
Equity Index Futures	$	852,142		$	—		$	—		$	—		$	852,142
Value Equity Futures	$	1,575,834		$	—		$	—		$	—		$	1,575,834
Growth Equity Futures	$	2,309,131		$	—		$	—		$	—		$	2,309,131
Small Cap Equity Futures	$	1,760,047		$	—		$	—		$	—		$	1,760,047
International Equity Index Futures	$	(23,849	)	$	—		$	—		$	—		$	(23,849	)

248

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
International Equity
Forwards	$	(1,959,639	)	$	—		$	(1,959,639	)	$	—	$	—
Futures		10,428,890			—			—			—		10,428,890
Totals	$	8,469,251		$	—		$	(1,959,639	)	$	—	$	10,428,890
Emerging Markets Equity
Forwards	$	(2,348,303	)	$	—		$	(2,348,303	)	$	—	$	—
Futures		1,731,135			—			—			—		1,731,135
Swaps		(112,160	)		—			—			—		(112,160	)
Totals	$	(729,328	)	$	—		$	(2,348,303	)	$	—	$	1,618,975
Inflation Protected Bond
Forwards	$	1,121,311		$	—		$	1,121,311		$	—	$	—
Futures		(69,562	)		(69,562	)		—			—		—
Purchased Options		(1,738,072	)		(564,495	)		(1,173,577	)		—		—
Written Options		654,659			(61,976	)		716,635			—		—
Totals	$	(31,664	)	$	(696,033	)	$	664,369		$	—	$	—
Real Estate Securities
Futures	$	559,523		$	—		$	—		$	—	$	559,523
	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	(18,195	)	$	2,938		$	—		$	—	$	(21,133	)
MyDestination 2015 Futures	$	(103,328	)	$	(20,716	)	$	—		$	—	$	(82,612	)
MyDestination 2025 Futures	$	(196,800	)	$	(24,175	)	$	—		$	—	$	(172,625	)
MyDestination 2035 Futures	$	(159,310	)	$	(14,315	)	$	—		$	—	$	(144,995	)
MyDestination 2045 Futures	$	(132,421	)	$	(2,315	)	$	—		$	—	$	(130,106	)
MyDestination 2055 Futures	$	(17,217	)	$	—		$	—		$	—	$	(17,217	)
Conservative Allocation Futures	$	(19,556	)	$	9,483		$	—		$	—	$	(29,039	)
Balanced Allocation Futures	$	(429,453	)	$	(152,932	)	$	—		$	—	$	(276,521	)
Growth Allocation Futures	$	(404,303	)	$	(58,813	)	$	—		$	—	$	(345,490	)
Aggressive Allocation Futures	$	(457,617	)	$	—		$	—		$	—	$	(457,617	)
Conservative Allocation I Futures	$	(7,311	)	$	—		$	—		$	—	$	(7,311	)

249

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Balanced Allocation I Futures	$	(124,412	)	$	(24,376	)	$	—		$	—		$	(100,036	)
Growth Allocation I Futures	$	(92,593	)	$	(14,467	)	$	—		$	—		$	(78,126	)
Aggressive Allocation I Futures	$	(77,798	)	$	—		$	—		$	—		$	(77,798	)
Low-Duration Bond
Forwards	$	(1,371,242	)	$	—		$	(1,371,242	)	$	—		$	—
Futures		1,094,191			1,094,191			—			—			—
Purchased Options		(33,885	)		(33,885	)		—			—			—
Swaps		(561,236	)		(1,203,093	)		—			641,857			—
Written Options		287,272			287,272			—			—			—
Totals	$	(584,900	)	$	144,485		$	(1,371,242	)	$	641,857		$	—
Medium-Duration Bond
Forwards	$	(1,544,726	)	$	—		$	(1,544,726	)	$	—		$	—
Futures		(2,573,760	)		(2,537,160	)		(36,600	)		—			—
Purchased Options		471,862			471,862			—			—			—
Swaps		2,351,744			2,146,504			—			205,240			—
Written Options		(513,844	)		(503,456	)		(2,647	)		(7,741	)		—
Totals	$	(1,808,724	)	$	(422,250	)	$	(1,583,973	)	$	197,499		$	—
Global Bond
Forwards	$	(1,060,997	)	$	—		$	(1,060,997	)	$	—		$	—
Futures		369,079			369,079			—			—			—
Purchased Options		5,349			1,529			3,820			—			—
Totals	$	(686,569	)	$	370,608		$	(1,057,177	)	$	—		$	—
Defensive Market Strategies
Forwards	$	(20,886	)	$	—		$	(20,886	)	$	—		$	—
Futures		(803,870	)		—			—			—			(803,870	)
Written Options		(350,875	)		—			—			—			(350,875	)
Totals	$	(1,175,631	)	$	—		$	(20,886	)	$	—		$	(1,154,745	)
Equity Index Futures	$	(526,112	)	$	—		$	—		$	—		$	(526,112	)
Value Equity Futures	$	(1,410,990	)	$	—		$	—		$	—		$	(1,410,990	)
Growth Equity Futures	$	(1,952,666	)	$	—		$	—		$	—		$	(1,952,666	)
Small Cap Equity Futures	$	(849,186	)	$	—		$	—		$	—		$	(849,186	)
International Equity Index Futures	$	(53,100	)	$	—		$	—		$	—		$	(53,100	)
International Equity
Forwards	$	(674,900	)	$	—		$	(674,900	)	$	—		$	—
Futures		(727,602	)		—			—			—			(727,602	)
Totals	$	(1,402,502	)	$	—		$	(674,900	)	$	—		$	(727,602	)

250

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Emerging Markets Equity
Forwards	$	1,277,399		$	—		$	1,277,399		$	—	$	—
Futures		(834,513	)		—			—			—		(834,513	)
Swaps		18,154			—			—			—		18,154
Totals	$	461,040		$	—		$	1,277,399		$	—	$	(816,359	)
Inflation Protected Bond
Forwards	$	(319,282	)	$	—		$	(319,282	)	$	—	$	—
Futures		1,692,692			1,692,692			—			—		—
Purchased Options		(360,197	)		(86,786	)		(350,443	)		77,032		—
Written Options		170,756			(24,109	)		194,865			—		—
Totals	$	1,183,969		$	1,581,797		$	(474,860	)	$	77,032	$	—
Real Estate Securities Futures	$	(282,611	)	$	—		$	—		$	—	$	(282,611	)

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the period ended June 30, 2015. 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	$	—	$	781,812	$	—	$	—
MyDestination 2015		—		6,655,733		—		—
MyDestination 2025		—		10,696,481		—		—
MyDestination 2035		—		8,072,548		—		—
MyDestination 2045		—		5,688,147		—		—
MyDestination 2055		—		544,932		—		—
Conservative Allocation		—		3,735,221		—		—
Balanced Allocation		—		23,647,765		—		—
Growth Allocation		—		19,700,703		—		—
Aggressive Allocation		—		16,902,448		—		—
Conservative Allocation I		—		227,835		—		—
Balanced Allocation I		—		5,994,909		—		—
Growth Allocation I		—		4,478,105		—		—
Aggressive Allocation I		—		3,224,151		—		—
Low-Duration Bond		22,677,853		489,603,333		507,213		31,500,000
Medium-Duration Bond		43,799,812		293,065,393		584,257		5,174,632,500
Global Bond		26,421,639		37,904,653		44,914		—
Defensive Market Strategies		1,395,508		23,455,888		—		—
Equity Index		—		15,962,487		—		—
Value Equity		—		43,675,140		—		—
Growth Equity		—		70,621,226		—		—
Small Cap Equity		—		17,508,768		—		—
International Equity Index		—		2,469,074		—		—
International Equity		307,376,257		142,567,203		—		—
Emerging Markets Equity		102,204,400		45,262,340		—		—
Inflation Protected Bond		22,168,922		58,857,505		519,178		—
Real Estate Securities		—		6,304,857		—		—

251

	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	$	54,743,388	$	168,456,407	$	1,450,291	$	196,193,352
Medium-Duration Bond		103,815,950		389,160,277		794,116		2,598,611,875
Global Bond		49,086,300		10,320,284		—		—
Defensive Market Strategies		9,768,526		—		638,833		—
International Equity		274,448,411		19,765,213		—		—
Emerging Markets Equity		94,776,167		7,997,966		—		1,257,239
Inflation Protected Bond		39,984,171		144,342,286		272,694		—

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, GSCM 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.

252

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 period ended June 30, 2015, based upon average daily net assets, were as follows:

	For the Period		For the Period
	January 1, 2015		May 1, 2015
	to		to
	April 30, 2015		June 30, 2015
Fund	Advisory Fees	Sub-Adviser Fees	Advisory Fees	Sub-Adviser Fees
MyDestination 2005	0.10%	0.00%	0.10%	0.00%
MyDestination 2015	0.10%	0.00%	0.10%	0.00%
MyDestination 2025	0.10%	0.00%	0.10%	0.00%
MyDestination 2035	0.10%	0.00%	0.10%	0.00%
MyDestination 2045	0.10%	0.00%	0.10%	0.00%
MyDestination 2055	0.10%	0.00%	0.10%	0.00%
Conservative Allocation	0.10%	0.00%	0.10%	0.00%
Balanced Allocation	0.10%	0.00%	0.10%	0.00%
Growth Allocation	0.10%	0.00%	0.10%	0.00%
Aggressive Allocation	0.10%	0.00%	0.10%	0.00%
Conservative Allocation I	0.10%	0.00%	0.10%	0.00%
Balanced Allocation I	0.10%	0.00%	0.10%	0.00%
Growth Allocation I	0.10%	0.00%	0.10%	0.00%
Aggressive Allocation I	0.10%	0.00%	0.10%	0.00%
Money Market	0.09%	0.06%	0.07%	0.06%
Low-Duration Bond	0.13%	0.19%	0.11%	0.19%
Medium-Duration Bond	0.21%	0.21%	0.13%	0.20%
Extended-Duration Bond	0.25%	0.23%	0.25%	0.24%
Global Bond	0.21%	0.25%	0.22%	0.25%
Defensive Market Strategies	0.37%	0.32%	0.33%	0.32%
Equity Index	0.13%	0.02%	0.08%	0.02%
Value Equity	0.40%	0.22%	0.33%	0.22%
Growth Equity	0.45%	0.36%	0.33%	0.39%
Small Cap Equity	0.27%	0.64%	0.28%	0.64%
International Equity Index*	N/A	N/A	0.10%	0.08%
International Equity	0.47%	0.40%	0.33%	0.40%
Emerging Markets Equity	0.47%	0.77%	0.33%	0.77%
Inflation Protected Bond	0.20%	0.11%	0.20%	0.11%
Flexible Income	0.25%	0.49%	0.20%	0.49%
Real Assets	0.10%	0.00%	0.10%	0.00%
Real Estate Securities	0.28%	0.43%	0.28%	0.43%
Global Natural Resources Equity	0.39%	0.64%	0.36%	0.64%

^* Commencement of operations was June 1, 2015.

253

For the period ended June 30, 2015, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	47,457	$	(32,991	)	$	14,466
MyDestination 2015		244,170		(35,354	)		208,816
MyDestination 2025		340,674		(41,476	)		299,198
MyDestination 2035		187,828		(32,813	)		155,015
MyDestination 2045		134,166		(17,602	)		116,564
MyDestination 2055		15,435		(46,982	)		(31,547	)
Conservative Allocation		154,103		(74,364	)		79,739
Balanced Allocation		646,955		(83,191	)		563,764
Growth Allocation		480,026		(55,953	)		424,073
Aggressive Allocation		438,484		(26,722	)		411,762
Conservative Allocation I		37,892		(18,320	)		19,572
Balanced Allocation I		185,235		(14,090	)		171,145
Growth Allocation I		136,030		(7,383	)		128,647
Aggressive Allocation I		93,493		(2,831	)		90,662
Money Market(1)		525,931		—			525,931
Low-Duration Bond		524,302		(220,857	)		303,445
Medium-Duration Bond		831,942		(343,483	)		488,459
Extended-Duration Bond		372,291		(59,962	)		312,329
Global Bond		431,030		(51,793	)		379,237
Defensive Market Strategies		1,045,870		(26,567	)		1,019,303
Equity Index		267,495		(107,592	)		159,903
Value Equity		2,619,567		(48,436	)		2,571,131
Growth Equity		3,038,550		(147,733	)		2,890,817
Small Cap Equity		761,500		(57,009	)		704,491
International Equity Index		8,067		(34,128	)		(26,061	)
International Equity		3,014,027		(309,602	)		2,704,425
Emerging Markets Equity		658,761		(440,704	)		218,057
Inflation Protected Bond		306,539		(16,232	)		290,307
Flexible Income		158,418		(19,488	)		138,930
Real Assets		25,959		(54,648	)		(28,689	)
Real Estate Securities		389,455		(15,759	)		373,696
Global Natural Resources Equity		555,445		(17,857	)		537,588

⁽¹⁾ The Statement of Operations “Expenses waived/reimbursed net of amount recaptured” for the Money Market Fund includes 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 Investor Class of each Select Fund. Under this Plan from January 1 to April 30, 2015, the Investor 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. Beginning May 1, 2015, each Fund is authorized to pay fees of 0.25% 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 Investor 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.

254

c. Expense Limitation

GSCM has agreed, through April 30, 2016, to waive fees and reimburse expenses of the Institutional Class and Investor 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:

	For the Period		For the Period
	January 1, 2015		May 1, 2015
	to		to
	April 30, 2015		June 30, 2015
Fund	Institutional Class	Investor Class	Institutional Class	Investor Class
MyDestination 2005	N/A	0.20%	N/A	0.35%
MyDestination 2015	N/A	0.20%	N/A	0.35%
MyDestination 2025	N/A	0.20%	N/A	0.35%
MyDestination 2035	N/A	0.20%	N/A	0.35%
MyDestination 2045	N/A	0.20%	N/A	0.35%
MyDestination 2055	N/A	0.20%	N/A	0.35%
Conservative Allocation	N/A	0.12%	N/A	0.35%
Balanced Allocation	N/A	0.12%	N/A	N/A
Growth Allocation	N/A	0.12%	N/A	N/A
Aggressive Allocation	N/A	0.12%	N/A	N/A
Conservative Allocation I	0.15%	N/A	N/A	N/A
Balanced Allocation I	0.15%	N/A	N/A	N/A
Growth Allocation I	0.15%	N/A	N/A	N/A
Aggressive Allocation I	0.15%	N/A	N/A	N/A
Money Market	0.20%	0.39%	N/A	N/A
Low-Duration Bond	0.36%	0.57%	N/A	N/A
Medium-Duration Bond	0.48%	0.63%	N/A	N/A
Extended-Duration Bond	0.63%	0.75%	N/A	N/A
Global Bond	N/A	1.02%	N/A	0.92%
Defensive Market Strategies	0.99%	1.25%	N/A	N/A
Equity Index	0.23%	0.38%	N/A	N/A
Value Equity	0.74%	0.94%	N/A	N/A
Growth Equity	0.88%	1.06%	N/A	N/A
Small Cap Equity	1.12%	1.21%	1.03%	1.29%
International Equity Index	N/A	N/A	0.57%	N/A
International Equity	0.96%	1.20%	N/A	N/A
Emerging Markets Equity	1.25%	1.50%	1.28%	1.55%
Inflation Protected Bond	N/A	0.67%	N/A	N/A
Flexible Income	N/A	1.20%	N/A	1.12%
Real Assets	N/A	0.12%	N/A	0.35%
Real Estate Securities	N/A	1.29%	N/A	1.12%
Global Natural Resources Equity	N/A	1.50%	N/A	N/A

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.

255

At June 30, 2015, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

Institutional Class

Investor Class

2012

2013

2014

2015

2012

2013

2014

2015

MyDestination 2005

N/A

N/A

N/A

N/A

$

48,296

$

40,223

$

32,879

$

30,262

MyDestination 2015

N/A

N/A

N/A

N/A

N/A

N/A

N/A

21,327

MyDestination 2025

N/A

N/A

N/A

N/A

N/A

N/A

N/A

28,303

MyDestination 2035

N/A

N/A

N/A

N/A

N/A

N/A

N/A

27,415

MyDestination 2045

N/A

N/A

N/A

N/A

N/A

N/A

N/A

25,921

MyDestination 2055

N/A

N/A

N/A

N/A

95,601

87,450

91,150

46,533

Conservative Allocation

N/A

N/A

N/A

N/A

119,266

122,093

131,974

63,114

Balanced Allocation

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Growth Allocation

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Aggressive Allocation

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Conservative Allocation I

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Balanced Allocation I

N/A

N/A

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

N/A

N/A

Aggressive Allocation I

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Money Market

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Low-Duration Bond

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Medium-Duration Bond

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Extended-Duration Bond

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Global Bond

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Defensive Market Strategies

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Equity Index

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Value Equity

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Growth Equity

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Small Cap Equity

N/A

N/A

N/A

N/A

N/A

N/A

88,208

36,417

International Equity Index

N/A

N/A

N/A

$

34,128

N/A

N/A

N/A

N/A

International Equity

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Emerging Markets Equity

N/A

$

22,538

$

176,022

140,639

N/A

111,351

849,038

285,084

Inflation Protected Bond

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Flexible Income

N/A

N/A

N/A

N/A

N/A

21,049

10,828

13,135

Real Assets

N/A

N/A

N/A

N/A

N/A

67,124

112,332

47,857

Real Estate Securities

N/A

N/A

N/A

N/A

N/A

N/A

N/A

8,296

Global Natural Resources Equity

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

During the period ended June 30, 2015, GSCM recaptured the following amounts:

	Institutional Class		Investor Class
MyDestination 2045		N/A	$	12,182
Flexible Income		N/A		7,205

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 as follows:

Fund	Expenses Paid Through Brokerage Service Arrangements
Small Cap Equity	$	37,560
Real Estate Securities		14,117

256

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 period ended June 30, 2015, BNY Mellon received $1,648,547 in aggregate fees and expenses for services rendered under the various agreements described above.

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.

f. Investments in Affiliates

The Date Target, 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, 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 June 30, 2015, the Date Target, 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:

	MyDestination			MyDestination			MyDestination			MyDestination			MyDestination			MyDestination
Fund	2005			2015			2025			2025			2045			2055
Low-Duration Bond		4.59	%		8.19	%		5.66	%		0.42	%		—			—
Medium-Duration Bond		1.18			7.71			8.32			2.54			0.15	%		—
Extended-Duration Bond		—			3.93			9.37			2.11			—			—
Global Bond		0.59			5.57			9.74			7.82			4.24			0.39	%
Defensive Market Strategies		1.62			14.58			20.24			1.08			—			—
Equity Index		0.74			6.37			13.05			11.73			9.51			1.13
Value Equity		0.27			2.32			4.73			4.22			3.42			0.41
Growth Equity		0.26			2.24			4.53			4.05			3.29			0.39
Small Cap Equity		0.24			2.36			5.16			5.63			5.04			0.61
International Equity Index		1.68			14.49			30.01			27.76			23.12			2.70
International Equity		0.27			2.41			4.90			4.52			3.77			0.44
Emerging Markets Equity		0.45			3.84			7.98			7.36			6.08			0.72
Inflation Protected Bond		3.02			15.73			9.47			—			—			—
Flexible Income		3.24			17.07			8.22			—			—			—
Real Estate Securities		0.35			1.88			7.01			4.82			3.48			0.41
Global Natural Resources Equity		0.62			3.29			6.95			4.15			3.09			0.37

257

	Conservative Allocation			Balanced Allocation			Growth Allocation			Aggressive Allocation			Real Assets
Fund	Fund			Fund			Fund			Fund			Fund
Low-Duration Bond		15.96	%		19.75	%		8.87	%		—			—
Medium-Duration Bond		4.07			25.14			11.24			—			—
Extended-Duration Bond		—			28.37			12.90			—			—
Global Bond		2.03			24.86			11.08			—			—
Defensive Market Strategies		4.52			17.15			—			—			—
Value Equity		1.17			10.20			14.86			20.72	%		—
Growth Equity		1.13			9.71			14.16			19.88			—
Small Cap Equity		0.68			5.68			8.40			11.97			—
International Equity		1.18			10.08			15.05			21.24			—
Emerging Markets Equity		1.25			10.46			15.44			22.19			—
Inflation Protected Bond		9.73			24.22			—			—			4.66	%
Flexible Income		10.70			27.00			—			—			5.22
Real Estate Securities		1.15			12.98			12.49			—			2.52
Global Natura Resources Equity		3.84			25.98			19.87			—			2.58
	Conservative Allocation I			Balanced Allocation I			Growth Allocation I			Aggressive Allocation I
Fund	Fund			Fund			Fund			Fund
Low-Duration Bond		3.83	%		5.64	%		2.53	%		—
Medium-Duration Bond		0.98			7.19			3.21			—
Extended-Duration Bond		—			8.11			3.68			—
Global Bond		0.49			7.10			3.16			—
Defensive Market Strategies		1.09			4.90			—			—
Value Equity		0.28			2.91			4.24			4.43	%
Growth Equity		0.27			2.77			4.04			4.25
Small Cap Equity		0.16			1.62			2.40			2.56
International Equity		0.28			2.88			4.29			4.54
Emerging Markets Equity		0.30			2.99			4.41			4.75
Inflation Protected Bond		2.34			6.92			—			—
Flexible Income		2.57			7.71			—			—
Real Estate Securities		0.28			3.71			3.56			—
Global Natura Resources Equity		0.92			7.43			5.67			—

258

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 period ended June 30, 2015 is as follows:

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	1,910,861	$	1,665,719	$	15,018,402	$	15,263,544	$	220	$	—
Low-Duration Bond		33,794,181		36,101,970		39,708,012		37,553,544		190,468		—
Medium-Duration Bond		9,488,036		9,648,835		10,512,086		10,266,011		65,181		17,394
Global Bond		2,331,291		2,405,003		2,642,383		2,519,408		40,975		—
Defensive Market Strategies		9,987,044		9,714,178		10,259,839		10,542,611		59,623		54,105
Equity Index		—		2,986,007		3,130,706		79,000		31,352		9,353
Value Equity		4,673,762		3,004,415		4,764,940		6,412,013		27,557		44,870
Growth Equity		4,664,644		3,035,199		4,756,856		6,416,343		—		105,014
Small Cap Equity		1,158,017		1,040,584		1,080,236		1,254,736		—		—
International Equity Index		—		1,745,422		1,820,000		27,000		—		—
International Equity		5,316,895		3,486,564		5,543,606		7,728,106		—		—
Emerging Markets Equity		1,398,322		1,407,780		1,547,735		1,548,735		—		—
Inflation Protected Bond		9,093,029		9,379,992		10,226,991		9,949,877		28,614		—
Flexible Income		4,486,247		4,658,585		222,933		102,000		66,433		—
Real Estate Securities		933,078		916,661		1,051,564		1,018,891		7,607		16,566
Global Natural Resources Equity		1,607,567		1,773,340		442,000		257,500		—		—
	$	90,842,974	$	92,970,254	$	112,728,289	$	110,939,319	$	518,030	$	247,302
MyDestination 2015
Money Market	$	6,850,488	$	7,802,100	$	53,037,134	$	52,085,522	$	985	$	—
Low-Duration Bond		59,822,143		64,443,717		66,192,138		61,840,033		327,105		—
Medium-Duration Bond		60,578,712		63,237,092		64,832,774		61,599,321		421,082		112,371
Extended-Duration Bond		7,928,977		7,281,917		8,134,084		8,312,474		107,550		66,060
Global Bond		22,334,469		22,859,821		23,747,414		22,755,318		392,097		—
Defensive Market Strategies		86,850,243		87,351,256		89,180,578		88,711,092		534,473		485,012
Equity Index		—		25,607,546		26,174,085		—		268,871		80,214
Value Equity		38,758,256		25,866,148		40,882,021		53,577,522		239,511		389,988
Growth Equity		38,605,800		26,180,723		41,109,092		53,728,422		—		912,670
Small Cap Equity		10,339,751		10,146,124		10,248,524		10,948,524		—		—
International Equity Index		—		15,021,424		15,425,000		—		—		—
International Equity		43,717,885		30,600,574		47,442,547		63,397,547		—		—
Emerging Markets Equity		11,354,421		12,135,826		13,598,584		12,868,584		—		—
Inflation Protected Bond		48,017,050		48,942,705		50,238,386		49,358,919		148,468		—
Flexible Income		22,456,356		24,507,188		1,838,485		34,000		338,485		—
Real Estate Securities		5,262,519		4,879,303		5,413,949		5,564,564		40,086		87,299
Global Natural Resources Equity		8,599,479		9,399,212		1,360,000		335,000		—		—
	$	471,476,549	$	486,262,676	$	558,854,795	$	545,116,842	$	2,818,713	$	2,133,614

259

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2025
Money Market	$	12,981,724	$	11,103,324	$	45,017,361	$	46,895,761	$	1,414	$	—
Low-Duration Bond		38,289,787		44,554,626		47,535,601		41,444,081		216,520		—
Medium-Duration Bond		62,492,952		68,289,813		71,290,398		64,885,088		439,029		116,280
Extended-Duration Bond		16,075,404		17,353,646		19,592,882		17,219,350		239,815		142,717
Global Bond		38,981,786		39,927,850		41,574,451		39,816,278		683,173		—
Defensive Market Strategies		113,348,211		121,295,265		128,432,710		120,435,973		742,735		674,002
Equity Index		—		52,454,567		53,615,066		—		550,755		—
Value Equity		76,719,945		52,666,715		83,052,445		106,713,298		488,591		795,556
Growth Equity		76,205,257		52,947,493		83,673,961		107,341,327		—		1,852,634
Small Cap Equity		21,861,453		22,174,613		22,488,626		23,238,626		—		—
International Equity Index		—		31,118,168		31,970,000		—		—		—
International Equity		89,478,946		62,306,354		96,887,431		129,807,431		—		—
Emerging Markets Equity		23,663,760		25,182,156		28,160,734		26,750,734		—		—
Inflation Protected Bond		25,148,288		29,460,557		32,732,387		28,402,035		80,352		—
Flexible Income		9,251,864		11,808,331		2,460,871		—		150,871		—
Real Estate Securities		18,659,251		18,209,748		20,593,301		20,093,751		149,335		489,525
Global Natural Resources Equity		17,313,698		19,885,926		3,790,000		750,000		—		—
	$	640,472,326	$	680,739,152	$	812,868,225	$	773,793,733	$	3,742,590	$	4,070,714
MyDestination 2035
Money Market	$	7,156,947	$	8,991,097	$	27,933,189	$	26,099,038	$	1,011	$	—
Low-Duration Bond		2,604,914		3,276,387		3,664,011		3,003,781		15,230		—
Medium-Duration Bond		17,700,463		20,862,368		23,137,951		19,771,469		131,735		34,746
Extended-Duration Bond		3,762,080		3,907,941		4,190,432		3,786,877		55,233		33,321
Global Bond		30,050,179		32,078,071		34,204,298		31,517,948		536,350		—
Defensive Market Strategies		4,303,574		6,463,676		8,326,826		6,126,961		39,773		36,092
Equity Index		—		47,139,700		48,182,613		—		494,951		147,662
Value Equity		66,846,825		46,974,800		76,050,829		95,535,465		435,787		709,577
Growth Equity		66,774,924		47,327,609		73,662,838		93,406,843		—		1,655,995
Small Cap Equity		23,090,120		24,192,403		23,752,541		23,752,541		—		—
International Equity Index		—		28,779,722		29,575,000		—		—		—
International Equity		80,240,442		57,474,555		89,687,729		117,552,729		—		—
Emerging Markets Equity		21,382,838		23,239,357		25,958,949		24,163,949		—		—
Real Estate Securities		12,141,095		12,528,867		14,708,305		13,633,413		103,970		226,422
Global Natural Resources Equity		11,897,628		11,858,638		540,000		320,000		—		—
	$	347,952,029	$	375,095,191	$	483,575,511	$	458,671,014	$	1,814,040	$	2,843,815

260

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2045
Money Market	$	5,036,721	$	6,419,672	$	21,694,757	$	20,311,806	$	732	$	—
Medium-Duration Bond		954,926		1,259,507		1,456,874		1,140,838		6,496		1,540
Global Bond		15,384,277		17,372,404		19,397,757		17,048,071		287,687		—
Equity Index		—		38,230,313		39,076,160		—		401,406		119,754
Value Equity		52,906,662		38,133,403		62,873,831		77,328,043		353,765		576,023
Growth Equity		52,573,836		38,494,127		61,688,522		75,975,111		—		1,346,911
Small Cap Equity		19,853,981		21,632,465		21,806,185		20,976,185		—		—
International Equity Index		—		23,976,805		24,700,000		55,000		—		—
International Equity		64,750,708		47,921,395		75,311,921		96,236,921		—		—
Emerging Markets Equity		17,237,150		19,202,440		21,917,632		20,007,632		—		—
Real Estate Securities		8,497,709		9,031,505		10,793,961		9,749,296		74,948		163,217
Global Natural Resources Equity		8,436,522		8,833,484		1,300,000		730,000		—		—
	$	245,632,492	$	270,507,520	$	362,017,600	$	339,558,903	$	1,125,034	$	2,207,445
MyDestination 2055
Money Market	$	709,183	$	716,954	$	6,378,941	$	6,371,170	$	86	$	—
Global Bond		1,361,445		1,620,009		1,898,287		1,605,958		26,829		—
Equity Index		—		4,541,817		4,671,915		30,000		47,688		14,227
Value Equity		5,826,452		4,538,122		7,961,776		9,210,125		42,100		68,551
Growth Equity		5,880,705		4,580,180		7,876,813		9,193,052		—		160,261
Small Cap Equity		2,268,008		2,637,421		2,856,442		2,599,942		—		—
International Equity Index		—		2,797,375		2,875,000		—		—		—
International Equity		7,171,664		5,607,051		9,601,055		11,645,555		—		—
Emerging Markets Equity		1,938,503		2,276,994		2,714,306		2,384,806		—		—
Real Estate Securities		881,955		1,061,384		1,305,174		1,061,582		8,683		18,909
Global Natural Resources Equity		922,666		1,057,781		234,500		81,000		—		—
	$	26,960,581	$	31,435,088	$	48,374,209	$	44,183,190	$	125,386	$	261,948
Conservative Allocation
Money Market	$	3,302,579	$	4,482,745	$	18,444,722	$	17,264,556	$	477	$	—
Low-Duration Bond		128,115,480		125,628,454		127,714,661		130,771,680		670,982		—
Medium-Duration Bond		33,734,297		33,416,883		34,140,191		34,162,480		228,359		61,352
Global Bond		8,464,633		8,326,161		8,653,178		8,622,597		145,582		—
Defensive Market Strategies		27,931,117		27,095,239		27,882,724		28,754,704		166,724		151,295
Value Equity		13,416,106		13,014,550		13,900,847		14,093,520		120,736		196,591
Growth Equity		13,369,667		13,173,848		14,182,978		14,342,024		—		460,953
Small Cap Equity		3,025,072		2,938,220		2,884,798		3,114,798		—		—
International Equity		15,146,967		15,005,394		15,476,576		16,481,576		—		—
Emerging Markets Equity		3,932,432		3,956,548		4,233,031		4,223,031		—		—
Inflation Protected Bond		31,179,137		30,277,927		30,902,953		31,849,115		93,838		—
Flexible Income		15,453,603		15,362,881		219,995		485,000		219,995		—
Real Estate Securities		3,196,748		2,989,897		3,296,910		3,348,065		24,812		54,033
Global Natural Resources Equity		10,982,229		10,981,099		250,000		—		—		—
	$	311,250,067	$	306,649,846	$	302,183,564	$	307,513,146	$	1,671,505	$	924,224

261

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Balanced Allocation
Money Market	$	31,194,352	$	23,661,117	$	74,541,575	$	82,074,810	$	3,119	$	—
Low-Duration Bond		155,358,696		155,486,933		157,685,595		158,257,853		827,742		—
Medium-Duration Bond		209,350,903		206,246,478		210,714,106		212,023,357		1,411,628		379,121
Extended-Duration Bond		53,087,969		52,568,302		58,703,193		55,814,538		751,189		457,466
Global Bond		102,585,859		101,944,003		105,947,938		104,515,461		1,782,476		—
Defensive Market Strategies		103,864,940		102,735,487		106,056,821		107,305,065		634,224		575,532
Value Equity		115,024,563		113,546,472		120,940,309		120,592,761		1,053,375		1,715,174
Growth Equity		114,790,336		113,437,634		121,789,353		122,670,657		—		3,989,696
Small Cap Equity		26,216,986		24,401,891		24,736,059		27,793,060		—		—
International Equity		126,897,358		128,060,872		137,604,982		143,755,482		—		—
Emerging Markets Equity		33,071,501		33,024,821		35,628,564		35,778,564		—		—
Inflation Protected Bond		73,637,055		75,327,752		77,098,027		75,487,576		228,450		—
Flexible Income		38,412,620		38,760,171		553,004		640,000		553,004		—
Real Estate Securities		36,573,726		33,734,222		36,742,624		37,823,037		279,943		609,645
Global Natural Resources Equity		70,996,359		74,294,738		6,675,000		1,750,000		—		—
	$	1,291,063,223	$	1,277,230,893	$	1,275,417,150	$	1,286,282,221	$	7,525,150	$	7,726,634
Growth Allocation
Money Market	$	22,955,888	$	21,391,610	$	46,161,783	$	47,726,061	$	2,530	$	—
Low-Duration Bond		69,123,237		69,804,243		70,114,733		69,745,709		369,024		—
Medium-Duration Bond		93,623,667		92,217,484		94,224,055		94,821,654		632,481		169,921
Extended-Duration Bond		23,969,654		23,900,210		27,092,521		25,617,797		339,490		205,234
Global Bond		46,197,272		45,446,334		47,231,276		47,061,654		794,623		—
Value Equity		165,791,412		165,485,069		175,412,602		173,037,660		1,535,211		2,499,731
Growth Equity		165,543,750		165,493,456		176,619,061		175,959,257		—		5,824,804
Small Cap Equity		37,662,459		36,098,516		36,535,415		39,895,415		—		—
International Equity		187,390,627		191,177,411		200,454,330		207,184,330		—		—
Emerging Markets Equity		48,143,848		48,757,765		52,732,825		52,232,825		—		—
Real Estate Securities		33,926,470		32,465,649		35,058,728		34,787,593		269,415		586,719
Global Natural Resources Equity		56,893,117		56,813,500		2,905,000		1,775,000		—		—
	$	951,221,401	$	949,051,247	$	964,542,329	$	969,844,955	$	3,942,774	$	9,286,409
Aggressive Allocation
Money Market	$	19,468,875	$	18,642,926	$	43,916,695	$	44,742,645	$	2,065	$	—
Value Equity		232,399,206		230,740,279		240,709,499		238,508,470		2,140,586		3,485,443
Growth Equity		231,696,900		232,336,390		242,866,258		241,161,801		—		8,129,457
Small Cap Equity		53,626,378		51,415,516		51,352,119		55,977,119		—		—
International Equity		263,844,623		269,910,119		279,992,903		288,492,903		—		—
Emerging Markets Equity		67,987,625		70,076,264		76,438,280		74,563,280		—		—
	$	869,023,607	$	873,121,494	$	935,275,754	$	943,446,218	$	2,142,651	$	11,614,900

262

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Conservative Allocation I
Money Market	$	1,105,057	$	1,254,866	$	8,829,870	$	8,680,061	$	200	$	—
Low-Duration Bond		32,158,818		30,169,894		1,661,206		3,728,000		277,206		—
Medium-Duration Bond		8,471,373		8,024,194		616,596		928,000		112,983		31,613
Global Bond		2,124,498		1,999,625		2,190,812		2,275,207		35,581		—
Defensive Market Strategies		7,015,274		6,507,846		332,383		860,000		40,045		36,339
Value Equity		3,368,119		3,124,362		264,180		460,000		28,985		47,195
Growth Equity		3,356,776		3,164,095		326,712		520,000		—		110,712
Small Cap Equity		760,771		704,883		20,000		112,000		—		—
International Equity		3,806,585		3,603,106		200,000		624,000		—		—
Emerging Markets Equity		987,186		948,208		48,000		92,000		—		—
Inflation Protected Bond		7,831,173		7,268,725		7,763,886		8,340,738		23,040		—
Flexible Income		3,881,602		3,687,413		205,871		444,000		53,871		—
Real Estate Securities		800,286		715,444		820,343		869,476		5,937		12,930
Global Natural Resources Equity		2,756,076		2,633,904		192,000		252,000		—		—
	$	78,423,594	$	73,806,565	$	23,471,859	$	28,185,482	$	577,848	$	238,789
Balanced Allocation I
Money Market	$	6,957,931	$	7,794,830	$	21,841,388	$	21,004,489	$	1,337	$	—
Low-Duration Bond		45,182,622		44,437,689		1,304,226		2,156,000		400,226		—
Medium-Duration Bond		60,894,618		58,946,575		2,600,461		3,560,000		818,517		229,944
Extended-Duration Bond		15,442,110		15,022,240		3,421,110		2,188,000		551,874		525,236
Global Bond		29,855,998		29,134,268		30,645,387		30,778,947		510,440		—
Defensive Market Strategies		30,225,875		29,361,333		708,385		1,636,000		180,547		163,839
Value Equity		33,483,341		32,453,102		1,612,053		2,112,000		299,837		488,215
Growth Equity		33,391,818		32,421,559		1,459,666		2,348,000		—		1,135,666
Small Cap Equity		7,626,332		6,974,817		84,000		1,096,000		—		—
International Equity		36,958,652		36,602,764		1,036,000		3,524,000		—		—
Emerging Markets Equity		9,623,357		9,437,103		260,000		484,000		—		—
Inflation Protected Bond		21,433,733		21,526,418		22,295,492		22,233,450		66,042		—
Flexible Income		11,176,086		11,076,340		318,465		544,000		158,465		—
Real Estate Securities		10,641,473		9,641,270		10,604,639		11,115,531		79,650		173,458
Global Natural Resources Equity		20,662,250		21,234,759		2,304,000		1,256,000		—		—
	$	373,556,196	$	366,065,067	$	100,495,272	$	106,036,417	$	3,066,935	$	2,716,358

263

	Total Value at 12/31/14		Total Value at 06/30/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Growth Allocation I
Money Market	$	4,836,862	$	5,082,360	$	10,491,919	$	10,246,421	$	968	$	—
Low-Duration Bond		19,757,423		19,916,445		411,900		300,000		175,900		—
Medium-Duration Bond		26,764,932		26,308,447		979,358		988,000		362,288		101,070
Extended-Duration Bond		6,855,247		6,816,655		1,592,575		888,000		245,681		230,894
Global Bond		13,214,669		12,966,034		13,577,827		13,564,208		225,619		—
Value Equity		47,438,832		47,214,326		2,170,348		1,616,000		437,683		712,664
Growth Equity		47,327,507		47,221,839		2,132,634		2,092,000		—		1,660,634
Small Cap Equity		10,772,988		10,302,153		96,000		1,080,000		—		—
International Equity		53,640,213		54,548,990		656,000		2,756,000		—		—
Emerging Markets Equity		13,774,951		13,910,783		328,000		232,000		—		—
Real Estate Securities		9,706,295		9,262,077		10,069,393		10,021,355		76,796		167,243
Global Natural Resources Equity		16,273,007		16,208,287		972,000		684,000		—		—
	$	270,362,926	$	269,758,396	$	43,477,954	$	44,467,984	$	1,524,935	$	2,872,505
Aggressive Allocation I
Money Market	$	3,356,259	$	3,075,536	$	6,708,029	$	6,988,752	$	641	$	—
Value Equity		49,846,967		49,370,157		1,761,672		1,400,000		458,733		746,939
Growth Equity		49,654,121		49,712,823		2,062,188		1,832,000		—		1,742,188
Small Cap Equity		11,499,645		11,000,876		140,000		1,156,000		—		—
International Equity		56,610,739		57,750,140		564,000		2,572,000		—		—
Emerging Markets Equity		14,577,678		14,995,567		856,000		500,000		—		—
	$	185,545,409	$	185,905,099	$	12,091,889	$	14,448,752	$	459,374	$	2,489,127
Real Assets
Money Market	$	605,669	$	734,699	$	9,082,049	$	8,953,019	$	76	$	—
Inflation Protected Bond		18,226,105		14,498,042		16,892,071		20,657,844		52,336		—
Flexible Income		9,524,262		7,489,423		123,941		2,269,181		123,941		—
Real Estate Securities		8,272,816		6,551,663		7,989,772		9,402,164		54,933		119,631
Global Natural Resources Equity		9,880,345		7,376,028		435,000		2,911,284		—		—
	$	46,509,197	$	36,649,855	$	34,522,833	$	44,193,492	$	231,286	$	119,631

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 period ended June 30, 2015, the Funds engaged in the following security transactions with affiliates:

	Purchases		Sales Proceeds		Net Realized Loss from Sales
Low-Duration Bond	$	10,401,512	$	6,288,106	$	44,190
Medium-Duration Bond		57,884,399		17,911,131		(143,076	)
International Equity		2,101,781		93,743		(2,264	)
Flexible Income		1,568,273		—		—

264

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. This investment is presented on the Funds’ Schedules of Investments. The Funds do not have control of non-cash securities lending collateral: as such, this amount is not presented on the Funds’ Schedules of Investments. At June 30, 2015, 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	$	87,231,072	$	31,238,521	$	58,481,674	$	89,720,195
Medium-Duration Bond		129,090,256		48,945,533		82,978,862		131,924,395
Extended-Duration Bond		50,178,516		29,364,709		22,442,980		51,807,689
Global Bond		60,545,462		8,792,842		53,476,040		62,268,882
Defensive Market Strategies		102,424,359		2,878,959		101,453,002		104,331,961
Equity Index		49,718,910		1,620,511		49,205,510		50,826,021
Value Equity		183,912,155		5,502,843		182,748,488		188,251,331
Growth Equity		220,014,309		9,283,130		213,808,823		223,091,953
Small Cap Equity		191,540,132		18,582,397		177,779,012		196,361,409
International Equity Index		2,394,809		336,351		2,236,149		2,572,500
International Equity		77,690,968		12,286,929		69,079,584		81,366,513
Emerging Markets Equity		18,498,125		745,862		18,616,506		19,362,368
Flexible Income		1,234,274		—		1,258,450		1,258,450
Real Estate Securities		27,735,426		3,114,280		25,604,537		28,718,817
Global Natural Resources Equity		109,540,023		29,906,177		84,256,639		114,162,816

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 June 30, 2015, 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	$	87,231,072	$	(31,238,521	)	$	(55,992,551	)	$	—
Medium-Duration Bond		129,090,256		(48,945,533	)		(80,144,723	)		—
Extended-Duration Bond		50,178,516		(29,364,709	)		(20,813,807	)		—
Global Bond		60,545,462		(8,792,842	)		(51,752,620	)		—
Defensive Market Strategies		102,424,359		(2,878,959	)		(99,545,400	)		—
Equity Index		49,718,910		(1,620,511	)		(48,098,399	)		—
Value Equity		183,912,155		(5,502,843	)		(178,409,312	)		—
Growth Equity		220,014,309		(9,283,130	)		(210,731,179	)		—
Small Cap Equity		191,540,132		(18,582,397	)		(172,957,735	)		—
International Equity Index		2,394,809		(336,351	)		(2,058,458	)		—
International Equity		77,690,968		(12,286,929	)		(65,404,039	)		—
Emerging Markets Equity		18,498,125		(745,862	)		(17,752,263	)		—
Flexible Income		1,234,274		—			(1,234,274	)		—

265

Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net  Amount(1)
Real Estate Securities	$	27,735,426	$	(3,114,280	)	$	(24,621,146	)	$	—
Global Natural Resources Equity		109,540,023		(29,906,177	)		(79,633,846	)		—

⁽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 period ended June 30, 2015, 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	$	97,311,773	$	95,675,773	$	—	$	—
MyDestination 2035		453,510,477		432,571,977		—		—
Aggressive Allocation I		2,436,000		7,460,000		—		—
Low-Duration Bond		332,530,891		272,452,168		1,626,643,100		1,553,691,080
Extended-Duration Bond		28,826,487		21,361,251		27,528,579		35,644,361
Global Bond		56,053,116		48,999,085		4,624,927		2,966,768
Defensive Market Strategies		146,810,031		123,509,599		—		—
Equity Index		188,858,338		16,173,435		—		—
Value Equity		242,062,067		287,148,717		—		—
Growth Equity		729,368,297		838,026,676		—		—
Small Cap Equity		205,851,645		222,545,302		—		—
International Equity Index		102,941,004		—		74,884		—
International Equity		379,895,925		459,303,068		—		—
Emerging Markets Equity		55,089,520		45,472,085		—		—
Inflation Protected Bond		4,514,301		7,822,589		90,242,348		64,572,365
Flexible Income		52,591,980		40,840,336		—		—
Real Assets		25,364,943		36,974,033		—		—
Real Estate Securities		213,901,443		210,750,409		—		—
Global Natural Resources Equity		72,804,614		46,964,750		—		—

Financial Futures Contracts

Investments as of June 30, 2015, 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
5-Year U.S. Treasury Note		09/2015			7	$	834,805		GSC	$	2,938
S&P 500® E-Mini		09/2015			6		616,320		GSC		(14,030	)
						$	1,451,125			$	(11,092	)
			��
MyDestination 2015 Fund
10-Year U.S. Treasury Note		09/2015			22	$	2,775,781		GSC	$	(7,531	)
MSCI EAFE Index E-Mini		09/2015			14		1,283,800		GSC		(20,075	)
MSCI Emerging Markets E-Mini		09/2015			4		191,880		GSC		(1,840	)
S&P 500® E-Mini		09/2015			25		2,568,000		GSC		(60,048	)
						$	6,819,461			$	(89,494	)

266

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2025 Fund
10-Year U.S. Treasury Note		09/2015		25	$	3,154,297		GSC	$	(14,141	)
MSCI EAFE Index E-Mini		09/2015		24		2,200,800		GSC		(35,260	)
MSCI Emerging Markets E-Mini		09/2015		12		575,640		GSC		(4,165	)
S&P 500® E-Mini		09/2015		48		4,930,560		GSC		(104,532	)
					$	10,861,297			$	(158,098	)
MyDestination 2035 Fund
10-Year U.S. Treasury Note		09/2015		12	$	1,514,062		GSC	$	(7,125	)
MSCI EAFE Index E-Mini		09/2015		26		2,384,200		GSC		(37,300	)
MSCI Emerging Markets E-Mini		09/2015		10		479,700		GSC		(3,925	)
S&P 500® E-Mini		09/2015		40		4,108,800		GSC		(90,360	)
					$	8,486,762			$	(138,710	)
MyDestination 2045 Fund
10-Year U.S. Treasury Note		09/2015		4	$	504,688		GSC	$	(718	)
MSCI EAFE Index E-Mini		09/2015		20		1,834,000		GSC		(28,700	)
MSCI Emerging Markets E-Mini		09/2015		10		479,700		GSC		(3,925	)
S&P 500® E-Mini		09/2015		35		3,595,200		GSC		(68,722	)
					$	6,413,588			$	(102,065	)
MyDestination 2055 Fund
S&P 500® E-Mini		09/2015		6	$	616,320		GSC	$	(10,115	)
Conservative Allocation Fund
2-Year U.S. Treasury Note		09/2015		19	$	4,159,812		GSC	$	5,827
MSCI EAFE Index E-Mini		09/2015		6		550,200		GSC		(3,899	)
S&P 500® E-Mini		09/2015		7		719,040		GSC		(16,367	)
					$	5,429,052			$	(14,439	)
Balanced Allocation Fund
10-Year U.S. Treasury Note		09/2015		17	$	2,144,922		GSC	$	(11,375	)
5-Year U.S. Treasury Note		09/2015		44		5,247,344		GSC		(6,853	)
Long U.S. Treasury Bond		09/2015		13		1,960,968		GSC		(26,424	)
MSCI EAFE Index E-Mini		09/2015		42		3,851,400		GSC		(60,224	)
MSCI Emerging Markets E-Mini		09/2015		23		1,103,310		GSC		(7,775	)
S&P 500® E-Mini		09/2015		70		7,190,400		GSC		(163,671	)
					$	21,498,344			$	(276,322	)
Growth Allocation Fund
10-Year U.S. Treasury Note		09/2015		8	$	1,009,375		GSC	$	(7,000	)
5-Year U.S. Treasury Note		09/2015		19		2,265,898		GSC	��	(2,959	)
Long U.S. Treasury Bond		09/2015		6		905,063		GSC		(12,196	)
MSCI EAFE Index E-Mini		09/2015		54		4,951,800		GSC		(77,500	)
MSCI Emerging Markets E-Mini		09/2015		19		911,430		GSC		(6,550	)
S&P 500® E-Mini		09/2015		92		9,450,240		GSC		(215,110	)
					$	19,493,806			$	(321,315	)
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		09/2015		64	$	5,868,800		GSC	$	(107,615	)
MSCI Emerging Markets E-Mini		09/2015		35		1,678,950		GSC		(13,993	)
S&P 500® E-Mini		09/2015		111		11,401,920		GSC		(276,224	)
					$	18,949,670			$	(397,832	)

267

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Conservative Allocation Fund I
S&P 500® E-Mini		09/2015		3		$	308,160			GSC	$	(4,470	)
Balanced Allocation Fund I
10-Year U.S. Treasury Note		09/2015		4		$	504,687			GSC	$	2,937
5-Year U.S. Treasury Note		09/2015		18			2,146,641			GSC		803
Long U.S. Treasury Bond		09/2015		5			754,219			GSC		(10,163	)
MSCI EAFE Index E-Mini		09/2015		13			1,192,100			GSC		(32,778	)
MSCI Emerging Markets E-Mini		09/2015		5			239,850			GSC		(2,220	)
S&P 500® E-Mini		09/2015		22			2,259,840			GSC		(55,966	)
						$	7,097,337				$	(97,387	)
Growth Allocation Fund I
10-Year U.S. Treasury Note		09/2015		1		$	126,172			GSC	$	(875	)
5-Year U.S. Treasury Note		09/2015		4			477,031			GSC		(623	)
Long U.S. Treasury Bond		09/2015		2			301,688			GSC		(4,065	)
MSCI EAFE Index E-Mini		09/2015		13			1,192,100			GSC		(18,650	)
MSCI Emerging Markets E-Mini		09/2015		5			239,850			GSC		(2,220	)
S&P 500® E-Mini		09/2015		20			2,054,400			GSC		(46,763	)
						$	4,391,241				$	(73,196	)
Aggressive Allocation Fund I
MSCI EAFE Index E-Mini		09/2015		11		$	1,008,700			GSC	$	(15,775	)
MSCI Emerging Markets E-Mini		09/2015		5			239,850			GSC		(2,220	)
S&P 500® E-Mini		09/2015		18			1,848,960			GSC		(42,087	)
						$	3,097,510				$	(60,082	)
Low-Duration Bond Fund
10-Year Australia Treasury Note		09/2015		19		$	13,928,108			UBS	$	3,208
10-Year U.S. Treasury Note		09/2015		(71	)		(8,958,203	)		UBS		5,927
2-Year U.S. Treasury Note		09/2015		1,033			226,162,438			CITI		224,719
2-Year U.S. Treasury Note		09/2015		368			80,569,000			UBS		100,617
2-Year U.S. Treasury Note		09/2015		42			9,195,375			JPM		14,961
3-Month Euro-Schatz		09/2015		8			992,441			UBS		(231	)
5-Year U.S. Treasury Note		09/2015		(324	)		(38,639,531	)		UBS		1,772
Euro-BOBL		09/2015		46			6,645,276			UBS		24,728
						$	289,894,904				$	375,701
Medium-Duration Bond Fund
10-Year Australia Treasury Note		09/2015		5		$	374,009			BAR	$	280
10-Year U.S. Treasury Note		09/2015		561			70,782,422			DEUT		(434,839	)
10-Year U.S. Treasury Note		09/2015		266			33,561,719			GSC		(289,115	)
10-Year U.S. Treasury Note		09/2015		60			7,570,312			UBS		(86,308	)
10-Year U.S. Treasury Note		09/2015		43			5,425,391			CITI		27,502
10-Year U.S. Treasury Note		09/2015		(195	)		(24,603,516	)		GSC		76,444
2-Year U.S. Treasury Note		09/2015		119			26,053,563			CITI		27,835
2-Year U.S. Treasury Note		09/2015		91			19,923,312			GSC		24,204
5-Year U.S. Treasury Note		09/2015		97			11,568,008			DEUT		18,446
5-Year U.S. Treasury Note		09/2015		(3	)		(357,773	)		CITI		(462	)
5-Year U.S. Treasury Note		09/2015		(92	)		(10,971,719	)		GSC		(70,260	)
90-Day Euro		09/2015		(474	)		(118,067,475	)		GSC		(35,003	)
Euro Currency		09/2015		(8	)		(1,115,600	)		GSC		(2,326	)

268

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Euro-BOBL		09/2015		21		$	3,033,713			UBS	$	5,688
Euro-BTP		09/2015		1			145,165			GSC		(2,778	)
Euro-Bund		09/2015		110			18,640,326			MLCS		(300,875	)
Euro-Bund		09/2015		(2	)		(338,915	)		MLCS		1,446
Euro-Bund		09/2015		(81	)		(13,726,059	)		GSC		235,464
Euro-Buxl®		09/2015		2			331,423			UBS		(27,093	)
Long U.S. Treasury Bond		09/2015		86			12,972,562			GSC		(146,264	)
Long U.S. Treasury Bond		09/2015		11			1,659,281			CITI		9,631
Long U.S. Treasury Bond		09/2015		(42	)		(6,335,437	)		DEUT		20,109
Ultra Long U.S. Treasury Bond		09/2015		138			21,260,625			GSC		(382,245	)
Ultra Long U.S. Treasury Bond		09/2015		1			154,062			CITI		774
90-Day Euro		12/2015		(90	)		(22,379,625	)		GSC		(24,305	)
90-Day Euro		03/2016		(348	)		(86,373,600	)		GSC		(51,131	)
90-Day Euro		06/2016		(229	)		(56,720,438	)		MSCS		(26,105	)
90-Day Euro		09/2016		(20	)		(4,942,500	)		MSCS		(8,006	)
90-Day Euro		12/2016		(4	)		(986,300	)		MSCS		(559	)
90-Day Euro		12/2016		(77	)		(18,986,275	)		GSC		(13,363	)
90-Day Euro		12/2016		(126	)		(31,068,450	)		DEUT		(89,916	)
90-Day Euro		03/2017		(13	)		(3,199,462	)		MSCS		(1,216	)
90-Day Euro		03/2017		(44	)		(8,510,464	)		JPM		7,977
90-Day Euro		03/2017		(77	)		(18,950,662	)		MLCS		(26,763	)
90-Day Euro		03/2017		(109	)		(21,082,741	)		UBS		21,134
90-Day Euro		06/2017		(70	)		(13,521,502	)		JPM		10,550
90-Day Euro		06/2017		(335	)		(82,296,937	)		DEUT		(742,148	)
90-Day Euro		09/2017		(334	)		(81,921,850	)		DEUT		(785,498	)
90-Day Euro		03/2018		(23	)		(5,625,512	)		MLCS		(3,578	)
						$	(398,626,919	)			$	(3,062,672	)
Global Bond Fund
10-Year U.S. Treasury Note		09/2015		37		$	4,668,359			GSC	$	(14,808	)
5-Year U.S. Treasury Note		09/2015		188			22,420,469			GSC		25,811
						$	27,088,828				$	11,003
Defensive Market Strategies Fund
S&P 500® E-Mini		09/2015		171		$	17,565,120			GSC	$	(399,823	)
Equity Index Fund
S&P 500® E-Mini		09/2015		160		$	16,435,200			GSC	$	(328,456	)
Value Equity Fund
S&P 500® E-Mini		09/2015		384		$	39,444,480			GSC	$	(938,383	)
Growth Equity Fund
S&P 500® E-Mini		09/2015		559		$	57,420,480			GSC	$	(1,219,429	)
Small Cap Equity Fund
Russell 2000® IMM-Mini		09/2015		150		$	18,756,000			GSC	$	(188,740	)
International Equity Index Fund
MSCI EAFE Index E-Mini				38		$	3,550,720			GSC	$	(53,100	)
International Equity Fund
AEX Index		07/2015		(94	)	$	(9,893,799	)		BAR	$	9,423
CAC40 Index		07/2015		180			9,605,231			BAR		(21,848	)
Hang Seng Index		07/2015		23			3,887,558			BAR		(138,409	)

269

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
IBEX 35 Index		07/2015		14		$	1,681,739			BAR	$	(4,326	)
MSCI Singapore Index		07/2015		41			2,263,622			BAR		(18,174	)
OMX 30 Index		07/2015		(132	)		(2,454,942	)		BAR		40,492
DAX Index		09/2015		62			19,010,820			BAR		208,045
FTSE 100 Index®		09/2015		(38	)		(3,877,381	)		BAR		80,445
FTSE MIB Index		09/2015		(67	)		(8,430,461	)		BAR		(164,388	)
MSCI EAFE Index E-Mini		09/2015		345			31,636,500			GSC		(495,225	)
S&P/TSE 60 Index		09/2015		(101	)		(13,648,343	)		BAR		165,939
SPI 200 Index		09/2015		75			7,807,614			BAR		(51,313	)
TOPIX Index®		09/2015		96			12,789,803			BAR		(177,342	)
Hang Seng Index		08/2015		53			8,958,286			GSC		(320,012	)
Swiss Synthetic		09/2015		(71	)		(6,675,876	)		JPM		70,008
						$	52,660,371				$	(816,685	)
Emerging Markets Equity Fund
HSCEI China Index		07/2015		32		$	2,667,854			BAR	$	(108,752	)
KLCI Index		07/2015		19			427,916			BAR		979
MSCI Singapore Index		07/2015		25			1,380,258			BAR		(12,001	)
MSCI Taiwan Index		07/2015		73			2,498,790			BAR		(29,315	)
SGX CNX Nifty Index		07/2015		(25	)		(419,225	)		BAR		(374	)
MEXBOL Index		09/2015		(10	)		(286,846	)		JPM		(1,400	)
MSCI Emerging Markets E-Mini		09/2015		740			35,497,800			GSC		(282,467	)
SAF Top 40 Index		09/2015		(92	)		(3,496,696	)		BAR		(6,171	)
SET50 Index		09/2015		34			195,813			BAR		(2,757	)
TAIEX		07/2015		25			1,492,651			GSC		20,108
HSCEI China Index		07/2015		15			1,250,556			GSC		(45,695	)
MSCI Taiwan Index		07/2015		101			3,457,230			GSC		(36,651	)
SGX CNX Nifty Index		07/2015		(226	)		(3,789,794	)		GSC		(21,279	)
TA-25 Index		07/2015		27			1,179,602			GSC		(42,731	)
Bovespa Index		08/2015		130			2,249,233			GSC		(25,559	)
WIG20 Index		09/2015		26			320,021			GSC		(4,548	)
						$	44,625,163				$	(598,613	)
Inflation Protected Bond Fund
10-Year Japan Treasury Note		09/2015		(13	)	$	(15,611,472	)		GSC	$	(96,372	)
10-Year U.S. Treasury Note		09/2015		125			15,771,484			UBS		21,250
2-Year U.S. Treasury Note		09/2015		33			7,224,938			UBS		14,905
5-Year U.S. Treasury Note		09/2015		36			4,293,281			UBS		4,410
Euro-BOBL		09/2015		(1	)		(144,462	)		UBS		679
Euro-BTP		09/2015		(4	)		(580,660	)		GSC		13,582
Euro-Bund		09/2015		(3	)		(508,373	)		UBS		10,900
Euro-Buxl®		09/2015		(1	)		(165,712	)		UBS		15,072
Long Gilt		09/2015		(11	)		(2,000,236	)		UBS		(16,683	)
Long U.S. Treasury Bond		09/2015		23			3,469,406			UBS		(1,928	)
Ultra Long U.S. Treasury Bond		09/2015		(133	)		(20,490,312	)		UBS		665,846
90-Day Euro		12/2015		(25	)		(6,216,562	)		UBS		(24,117	)
90-Day Euro		12/2017		(211	)		(51,673,900	)		UBS		(58,471	)
						$	(66,632,580	)			$	549,073
Real Estate Securities Fund
S&P 500® MidCap 400 E-Mini		09/2015		46		$	6,891,260			GSC	$	(131,962	)

270

Forward Foreign Currency Contracts

As of June 30, 2015, 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
07/02/15	Japanese Yen		377,600,000	U.S. Dollars		3,046,606		BNP	$	38,818
07/02/15	Japanese Yen		264,300,000	U.S. Dollars		2,110,493		BNP		49,140
07/02/15	U.S. Dollars		14,690,087	Euro		13,468,000		UBS		(325,155	)
07/02/15	Euro		13,893,000	U.S. Dollars		15,484,602		HSBC		4,463
07/02/15	U.S. Dollars		5,194,971	Japanese Yen		641,900,000		BNP		(50,085	)
07/02/15	U.S. Dollars		2,748,066	British Pounds		1,806,000		UBS		(89,554	)
07/02/15	Brazilian Reals		898,851	U.S. Dollars		331,312		DEUT		(42,426	)
07/02/15	U.S. Dollars		478,193	Euro		425,000		UBS		4,368
07/02/15	British Pounds		376,000	U.S. Dollars		593,553		JPM		(2,776	)
07/02/15	U.S. Dollars		273,202	Brazilian Reals		844,290		DEUT		1,852
07/09/15	U.S. Dollars		2,186,240	Canadian Dollars		2,724,000		RBC		5,295
07/09/15	U.S. Dollars		1,883,120	Euro		1,670,000		CITI		21,318
07/09/15	U.S. Dollars		404,880	British Pounds		264,000		HSBC		(9,927	)
07/15/15	U.S. Dollars		685,368	Australian Dollars		890,000		JPM		(694	)
07/15/15	U.S. Dollars		676,260	Australian Dollars		877,155		JPM		100
07/15/15	British Pounds		430,000	U.S. Dollars		676,260		JPM		(699	)
07/15/15	Australian Dollars		902,605	British Pounds		440,000		JPM		4,506
07/15/15	Australian Dollars		883,121	British Pounds		430,000		HSBC		5,198
07/15/15	Australian Dollars		880,000	U.S. Dollars		673,612		HSBC		4,741
07/15/15	Canadian Dollars		837,339	New Zealand Dollars		990,000		JPM		330
07/15/15	U.S. Dollars		679,569	Australian Dollars		880,000		HSBC		1,216
07/15/15	British Pounds		440,000	Australian Dollars		882,268		JPM		11,171
07/15/15	British Pounds		430,000	Australian Dollars		876,052		JPM		252
07/21/15	U.S. Dollars		2,700,888	Australian Dollars		3,527,000		BAR		(16,939	)
07/21/15	U.S. Dollars		1,373,592	British Pounds		929,000		BAR		(85,875	)
07/21/15	U.S. Dollars		456,016	Euro		423,700		UBS		(16,483	)
07/21/15	Euro		19,000	U.S. Dollars		21,194		SS		(6	)
08/04/15	U.S. Dollars		15,491,272	Euro		13,893,000		HSBC		(4,900	)
08/04/15	U.S. Dollars		3,047,619	Japanese Yen		377,600,000		BNP		(39,066	)
08/12/15	Norwegian Krone		3,585,000	U.S. Dollars		470,294		HSBC		(13,522	)
									$	(545,339	)
Medium-Duration Bond Fund
07/02/15	Euro		19,771,119	U.S. Dollars		22,036,126		HKSB	$	6,351
07/02/15	Euro		984,000	U.S. Dollars		1,108,030		JPM		(10,986	)
07/02/15	U.S. Dollars		557,586	Euro		491,000		JPM		10,178
07/02/15	U.S. Dollars		262,377	Euro		233,000		UBS		2,609
07/02/15	Euro		233,000	U.S. Dollars		261,550		JPM		(1,782	)
07/02/15	Canadian Dollars		142,000	U.S. Dollars		113,758		CITI		(70	)
07/02/15	Japanese Yen		876,913,212	U.S. Dollars		7,075,236		BNP		90,147
07/02/15	Japanese Yen		158,000,000	U.S. Dollars		1,278,133		GSC		12,908
07/02/15	U.S. Dollars		30,281,256	Euro		27,762,119		UBS		(670,251	)
07/02/15	U.S. Dollars		8,375,673	Japanese Yen		1,034,913,212		BNP		(80,751	)
07/02/15	Euro		3,466,000	U.S. Dollars		3,934,337		CITI		(70,153	)
07/02/15	Brazilian Reals		3,124,778	U.S. Dollars		1,132,166		UBS		(127,123	)
07/02/15	Brazilian Reals		2,926,486	U.S. Dollars		932,893		SC		7,665

271

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/02/15	Euro		2,856,000	U.S. Dollars		3,206,450		CITI	$	(22,345	)
07/02/15	U.S. Dollars		1,432,887	British Pounds		938,000		JPM		(40,915	)
07/02/15	Euro		1,176,000	U.S. Dollars		1,280,826		JPM		30,276
07/02/15	U.S. Dollars		924,611	Brazilian Reals		2,926,486		HKSB		(15,947	)
07/02/15	U.S. Dollars		898,601	Brazilian Reals		2,437,904		DEUT		114,482
07/02/15	Brazilian Reals		591,773	U.S. Dollars		190,648		BNP		(456	)
07/02/15	Australian Dollars		561,000	U.S. Dollars		427,960		GSC		4,828
07/02/15	U.S. Dollars		445,789	Mexican Pesos		6,869,481		JPM		8,796
07/02/15	U.S. Dollars		413,755	Brazilian Reals		1,278,646		DEUT		2,804
07/02/15	U.S. Dollars		381,946	Australian Dollars		501,000		CITI		(4,555	)
07/02/15	U.S. Dollars		314,656	Canadian Dollars		393,000		JPM		13
07/02/15	U.S. Dollars		232,810	British Pounds		153,000		UBS		(7,587	)
07/06/15	Russian Rubles		128,187,470	U.S. Dollars		2,311,767		GSC		5,412
07/06/15	U.S. Dollars		1,403,000	Russian Rubles		79,816,670		HKSB		(39,805	)
07/06/15	U.S. Dollars		463,000	Russian Rubles		26,414,150		DEUT		(14,475	)
07/06/15	U.S. Dollars		325,000	Russian Rubles		18,456,750		JPM		(8,633	)
07/06/15	U.S. Dollars		62,000	Russian Rubles		3,499,900		CS		(1,266	)
07/07/15	U.S. Dollars		9,960,383	Mexican Pesos		153,616,000		UBS		191,996
07/07/15	U.S. Dollars		1,383,895	Mexican Pesos		21,723,000		CITI		1,805
07/07/15	U.S. Dollars		324,000	Mexican Pesos		4,987,883		UBS		6,822
07/07/15	Mexican Pesos		8,552,327	U.S. Dollars		564,000		DEUT		(20,161	)
07/07/15	Mexican Pesos		7,146,271	U.S. Dollars		464,000		UBS		(9,571	)
07/07/15	Mexican Pesos		5,453,460	U.S. Dollars		360,000		BNP		(13,216	)
07/07/15	Mexican Pesos		3,109,613	U.S. Dollars		204,000		UBS		(6,261	)
07/07/15	Mexican Pesos		2,024,000	U.S. Dollars		131,306		CITI		(2,600	)
07/07/15	Mexican Pesos		1,702,000	U.S. Dollars		110,846		CITI		(2,617	)
07/07/15	Mexican Pesos		1,414,992	U.S. Dollars		92,000		GSC		(2,021	)
07/07/15	U.S. Dollars		608,283	Mexican Pesos		9,432,648		BNP		8,464
07/07/15	U.S. Dollars		350,302	Mexican Pesos		5,404,000		CITI		6,663
07/07/15	U.S. Dollars		191,000	Mexican Pesos		2,935,345		HKSB		4,342
07/16/15	Indian Rupees		151,800,000	U.S. Dollars		2,398,388		CITI		(14,594	)
07/16/15	Indian Rupees		41,700,000	U.S. Dollars		659,951		CITI		(5,114	)
07/16/15	Indian Rupees		23,500,000	U.S. Dollars		371,219		BAR		(2,186	)
07/16/15	U.S. Dollars		3,536,070	British Pounds		2,270,000		CITIC		(30,242	)
07/16/15	U.S. Dollars		3,535,850	Euro		3,090,000		CITIC		90,201
07/16/15	Brazilian Reals		2,716,000	U.S. Dollars		859,222		CITIC		9,122
07/16/15	Brazilian Reals		2,500,000	U.S. Dollars		789,427		BAR		9,859
07/16/15	British Pounds		2,270,000	U.S. Dollars		3,521,837		CITIC		44,475
07/16/15	U.S. Dollars		1,246,362	Euro		1,140,000		CITIC		(24,848	)
07/16/15	U.S. Dollars		1,166,126	Euro		1,040,000		BOA		6,425
07/16/15	U.S. Dollars		944,696	Euro		860,000		BAR		(14,287	)
07/16/15	U.S. Dollars		944,307	Euro		860,000		BAR		(14,677	)
07/16/15	U.S. Dollars		842,745	Brazilian Reals		2,716,000		CITIC		(25,599	)
07/16/15	U.S. Dollars		778,574	Brazilian Reals		2,500,000		BAR		(20,712	)
07/23/15	U.S. Dollars		306,949	Mexican Pesos		4,735,301		CS		6,197
07/24/15	Indian Rupees		64,705,920	U.S. Dollars		1,006,000		JPM		5,062
07/24/15	Indian Rupees		14,431,370	U.S. Dollars		227,427		BAR		(1,930	)
07/24/15	Indian Rupees		11,514,918	U.S. Dollars		178,540		JPM		1,387
07/24/15	Indian Rupees		3,917,420	U.S. Dollars		61,000		BAR		212
07/29/15	U.S. Dollars		460,955	Mexican Pesos		7,127,240		BAR		8,490
07/29/15	U.S. Dollars		333,828	Mexican Pesos		5,182,018		UBS		4,853
08/04/15	U.S. Dollars		22,045,618	Euro		19,771,119		HKSB		(6,974	)

272

Fund/Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
08/04/15	U.S. Dollars			965,717	Euro		865,000		JPM	$	1,370
08/04/15	U.S. Dollars			7,077,588	Japanese Yen		876,913,212		BNP		(90,725	)
08/04/15	U.S. Dollars			3,399,903	Euro		3,032,000		UBS		18,028
08/04/15	U.S. Dollars			2,283,172	Japanese Yen		282,200,000		GSC		(23,668	)
08/04/15	U.S. Dollars			920,924	Euro		822,000		UBS		4,070
08/04/15	U.S. Dollars			532,961	Japanese Yen		65,800,000		GSC		(4,920	)
08/04/15	Euro			483,000	U.S. Dollars		541,637		GSC		(2,902	)
08/04/15	U.S. Dollars			188,523	Brazilian Reals		591,773		BNP		659
08/07/15	U.S. Dollars			2,109,248	Euro		1,872,000		WEST		21,138
08/13/15	Japanese Yen			153,366,000	U.S. Dollars		1,234,272		BAR		19,538
08/13/15	Euro			700,000	U.S. Dollars		786,323		CITIC		(5,444	)
08/13/15	Japanese Yen			156,764,503	U.S. Dollars		1,261,971		CITIC		19,624
08/13/15	U.S. Dollars			6,693,267	Euro		5,933,116		CITIC		74,626
08/13/15	U.S. Dollars			6,360,573	Euro		5,650,000		BOA		57,760
08/13/15	Euro			2,307,692	U.S. Dollars		2,610,462		UBS		(36,134	)
08/13/15	U.S. Dollars			1,314,697	Japanese Yen		156,764,503		CITIC		33,103
08/13/15	U.S. Dollars			1,281,890	Japanese Yen		153,366,000		BAR		28,080
08/13/15	Euro			949,687	U.S. Dollars		1,081,651		UBS		(22,235	)
08/13/15	U.S. Dollars			169,095	Euro		150,000		BOA		1,764
08/14/15	U.S. Dollars			2,277,269	Russian Rubles		128,187,470		GSC		(5,945	)
08/20/15	U.S. Dollars			210,066	Mexican Pesos		3,210,236		SC		6,583
08/24/15	Indian Rupees			70,527,422	U.S. Dollars		1,086,374		GSC		8,907
08/27/15	U.S. Dollars			212,821	Mexican Pesos		3,289,784		DEUT		4,397
09/10/15	U.S. Dollars			210,805	Mexican Pesos		3,270,636		DEUT		3,793
09/11/15	U.S. Dollars			981,325	South Korean Won		1,092,999,394		JPM		3,121
09/16/15	Canadian Dollars			307,587	U.S. Dollars		247,000		RBC		(734	)
09/16/15	Japanese Yen			60,436,475	U.S. Dollars		492,000		DEUT		2,345
09/16/15	Japanese Yen			30,670,978	U.S. Dollars		247,000		SC		3,876
09/16/15	Japanese Yen			30,601,818	U.S. Dollars		247,000		UBS		3,310
09/16/15	Japanese Yen			30,389,180	U.S. Dollars		246,058		UBS		2,513
09/16/15	U.S. Dollars			614,518	Euro		555,000		MLCS		(4,918	)
09/16/15	U.S. Dollars			496,290	Australian Dollars		640,275		WEST		4,419
09/16/15	U.S. Dollars			495,000	Japanese Yen		60,716,601		MSCS		(1,636	)
09/16/15	Australian Dollars			316,000	U.S. Dollars		246,235		MLCS		(3,478	)
09/16/15	U.S. Dollars			315,732	Euro		281,000		BNP		2,107
09/16/15	Euro			285,847	U.S. Dollars		318,955		DEUT		79
09/16/15	U.S. Dollars			257,328	Euro		228,646		DEUT		2,136
09/16/15	U.S. Dollars			256,098	Japanese Yen		31,603,534		SS		(2,406	)
09/16/15	U.S. Dollars			248,000	Canadian Dollars		311,409		SS		(1,062	)
09/16/15	U.S. Dollars			247,861	Euro		220,000		RBC		2,318
09/16/15	U.S. Dollars			247,734	Euro		218,000		BNP		4,423
09/16/15	U.S. Dollars			247,725	Australian Dollars		320,000		BAR		1,895
09/16/15	U.S. Dollars			247,698	Euro		220,000		SS		2,156
09/16/15	U.S. Dollars			247,688	Canadian Dollars		307,790		SS		1,521
09/16/15	U.S. Dollars	��		247,572	Euro		221,000		UBS		913
09/16/15	U.S. Dollars			247,282	Euro		219,000		SS		2,855
09/16/15	U.S. Dollars			247,000	Japanese Yen		30,484,740		CS		(2,352	)
09/16/15	U.S. Dollars			247,000	Japanese Yen		30,583,475		JPM		(3,160	)
09/16/15	U.S. Dollars			247,000	Japanese Yen		30,631,334		MLCS		(3,552	)
09/16/15	U.S. Dollars			246,761	Euro		218,480		DEUT		2,915
09/16/15	U.S. Dollars			246,352	Euro		220,000		UBS		810
09/16/15	U.S. Dollars			245,566	Australian Dollars		319,000		WEST		(559	)

273

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	U.S. Dollars		245,466	New Zealand Dollars		358,000		UBS	$	4,504
09/16/15	U.S. Dollars		242,720	Canadian Dollars		298,560		MLCS		3,935
09/16/15	Euro		223,000	U.S. Dollars		247,908		CS		983
09/16/15	Euro		221,000	U.S. Dollars		246,920		UBS		(261	)
09/16/15	Euro		220,000	British Pounds		156,328		MLCS		52
09/16/15	Euro		220,000	U.S. Dollars		247,038		JPM		(1,496	)
09/16/15	Euro		220,000	U.S. Dollars		247,133		CS		(1,590	)
09/16/15	Euro		220,000	British Pounds		158,479		HKSB		(3,325	)
09/16/15	Euro		219,000	U.S. Dollars		245,950		SS		(1,524	)
09/16/15	Euro		218,000	U.S. Dollars		247,247		UBS		(3,937	)
09/16/15	Euro		218,000	U.S. Dollars		248,627		RBC		(5,317	)
09/16/15	New Zealand Dollars		181,000	U.S. Dollars		122,667		WEST		(839	)
09/16/15	New Zealand Dollars		178,000	U.S. Dollars		122,953		BAR		(3,145	)
09/16/15	U.S. Dollars		161,805	British Pounds		105,686		MLCS		(4,160	)
09/16/15	British Pounds		161,784	Euro		220,000		BAR		8,516
09/16/15	Australian Dollars		161,000	U.S. Dollars		122,883		WEST		800
09/16/15	Australian Dollars		161,000	U.S. Dollars		123,580		SC		103
09/16/15	British Pounds		156,865	Euro		221,161		SS		(505	)
09/16/15	U.S. Dollars		124,000	Japanese Yen		15,220,789		UBS		(500	)
09/16/15	U.S. Dollars		123,477	Euro		110,000		BNP		706
09/16/15	U.S. Dollars		123,000	Japanese Yen		15,234,718		JPM		(1,614	)
09/16/15	U.S. Dollars		122,573	New Zealand Dollars		180,000		RBS		1,419
09/16/15	Euro		111,000	U.S. Dollars		124,106		DEUT		(219	)
09/16/15	U.S. Dollars		109,924	New Zealand Dollars		157,701		MLCS		3,779
09/16/15	U.S. Dollars		86,338	Euro		76,714		BNP		813
09/16/15	U.S. Dollars		83,494	Euro		74,995		DEUT		(208	)
09/16/15	British Pounds		78,000	U.S. Dollars		123,907		MLCS		(1,419	)
09/16/15	Euro		76,714	U.S. Dollars		86,205		RBS		(680	)
09/16/15	Euro		74,995	U.S. Dollars		83,044		UBS		658
09/18/15	U.S. Dollars		1,154,164	Mexican Pesos		17,905,699		MLCS		21,455
09/30/15	U.S. Dollars		138,000	Mexican Pesos		2,158,237		GSC		1,584
09/30/15	Mexican Pesos		155,234,000	U.S. Dollars		9,891,731		BAR		(79,834	)
09/30/15	U.S. Dollars		333,000	Mexican Pesos		5,179,982		HKSB		5,588
09/30/15	U.S. Dollars		116,000	Mexican Pesos		1,786,632		GSC		3,072
09/30/15	U.S. Dollars		86,000	Mexican Pesos		1,342,245		UBS		1,161
10/01/15	U.S. Dollars		443,459	Mexican Pesos		6,875,616		RBC		8,904
10/01/15	U.S. Dollars		278,080	Mexican Pesos		4,318,195		RBC		5,160
10/01/15	U.S. Dollars		186,263	Mexican Pesos		2,898,811		JPM		3,051
10/02/15	U.S. Dollars		920,143	Brazilian Reals		2,982,000		CITIG		(6,748	)
									$	(541,622	)
Global Bond Fund
07/27/15	Indonesian Rupiahs		21,641,250,000	U.S. Dollars		1,641,603		CITI	$	(27,506	)
07/27/15	Indian Rupees		286,380,000	U.S. Dollars		4,495,761		CITIC		(23,712	)
07/27/15	Indian Rupees		51,960,000	U.S. Dollars		816,211		JPM		(4,815	)
07/27/15	Chinese Yuan Renminbi		21,064,000	U.S. Dollars		3,413,275		HKSB		(23,255	)
07/27/15	U.S. Dollars	��	893,590	Brazilian Reals		2,809,000		BAR		(813	)
07/31/15	Euro		300,000	U.S. Dollars		335,770		JPM		(1,172	)
08/13/15	Japanese Yen		744,255,000	U.S. Dollars		6,244,903		DEUT		(160,406	)
08/13/15	U.S. Dollars		14,933,006	Euro		13,283,878		HKSB		114,281
08/13/15	Mexican Pesos		9,669,581	U.S. Dollars		629,863		DEUT		(16,648	)
08/13/15	Mexican Pesos		6,000,000	U.S. Dollars		388,468		DEUT		(7,966	)

274

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
08/13/15	Swedish Kronor		5,133,306	U.S. Dollars		619,531		BAR	$	276
08/13/15	U.S. Dollars		3,603,807	Euro		3,194,524		CITIC		40,181
08/13/15	U.S. Dollars		3,563,812	British Pounds		2,349,041		JPM		(125,934	)
08/13/15	U.S. Dollars		3,251,650	Euro		2,854,942		UBS		66,843
08/13/15	U.S. Dollars		3,144,107	Euro		2,791,442		JPM		30,136
08/13/15	U.S. Dollars		2,033,915	Euro		1,808,255		MSCS		16,730
08/13/15	U.S. Dollars		1,494,588	British Pounds		970,000		RBC		(29,036	)
08/13/15	U.S. Dollars		1,229,791	British Pounds		809,710		BAR		(42,057	)
08/13/15	U.S. Dollars		1,078,888	Euro		947,399		GSC		22,024
08/13/15	U.S. Dollars		991,669	British Pounds		650,000		CS		(29,316	)
08/13/15	U.S. Dollars		627,661	Swedish Kronor		5,130,000		UBS		8,253
08/13/15	U.S. Dollars		469,344	British Pounds		300,000		JPM		(1,880	)
08/13/15	U.S. Dollars		395,990	Euro		350,000		JPM		5,550
08/13/15	U.S. Dollars		390,435	Euro		350,000		JPM		(5	)
08/13/15	U.S. Dollars		304,538	British Pounds		200,000		GSC		(9,611	)
08/13/15	U.S. Dollars		268,538	Japanese Yen		32,140,000		HKSB		5,784
08/13/15	U.S. Dollars		220,502	British Pounds		145,000		DEUT		(7,256	)
08/13/15	Euro		180,000	U.S. Dollars		201,024		HKSB		(226	)
08/13/15	Euro		175,000	U.S. Dollars		199,952		JPM		(4,732	)
08/13/15	U.S. Dollars		132,244	South African Rand		1,616,591		JPM		419
									$	(205,869	)
Defensive Market Strategies Fund
07/31/15	U.S. Dollars		3,780,414	Euro		3,374,074		UBS	$	17,212
07/31/15	U.S. Dollars		3,489,906	Canadian Dollars		4,322,545		JPM		30,616
07/31/15	Japanese Yen		1,602,120	U.S. Dollars		13,089		CS		7
07/31/15	U.S. Dollars		454,858	Japanese Yen		56,195,880		CS		(4,494	)
07/31/15	U.S. Dollars		292,942	Switzerland Francs		274,296		CS		(799	)
									$	42,542
International Equity Fund
09/16/15	Norwegian Krone		47,206,000	U.S. Dollars		5,978,641		CITIG	$	31,045
09/16/15	U.S. Dollars		18,451,744	Japanese Yen		2,255,151,000		CITIG		5,549
09/16/15	British Pounds		11,950,000	U.S. Dollars		18,787,074		CITIG		(21,340	)
09/16/15	Canadian Dollars		4,154,000	U.S. Dollars		3,346,519		CITIG		(24,191	)
09/16/15	Australian Dollars		1,978,000	U.S. Dollars		1,513,395		CITIG		6,142
09/16/15	New Zealand Dollars		1,843,000	U.S. Dollars		1,246,403		CITIG		(5,918	)
09/16/15	Euro		1,724,000	U.S. Dollars		1,928,230		CITIG		(4,070	)
09/16/15	U.S. Dollars		1,341,762	Swedish Kronor		11,049,000		CITIG		22,636
09/16/15	Hong Kong Dollars		66,000	U.S. Dollars		8,514		CITIG		—
09/16/15	U.S. Dollars		31,859	Singapore Dollars		43,000		CITIG		(31	)
09/16/15	U.S. Dollars		13,550	Israeli Shekels		51,000		CITIG		31
09/16/15	Japanese Yen		1,530,803,799	U.S. Dollars		12,394,641		CITI		126,696
09/16/15	Japanese Yen		1,526,876,842	U.S. Dollars		12,264,515		CITIG		224,701
09/16/15	Japanese Yen		1,303,278,983	U.S. Dollars		10,483,345		CITIG		176,932
09/16/15	Japanese Yen		1,298,595,000	U.S. Dollars		10,530,303		CITIG		91,663
09/16/15	Japanese Yen		1,237,087,000	U.S. Dollars		9,970,506		CITIG		148,350
09/16/15	Japanese Yen		1,206,454,287	U.S. Dollars		9,707,480		CITIG		160,812
09/16/15	Japanese Yen		1,138,529,089	U.S. Dollars		9,198,712		CITIG		113,982
09/16/15	Japanese Yen		245,979,000	U.S. Dollars		1,991,527		CITIG		20,479
09/16/15	Norwegian Krone		63,462,000	U.S. Dollars		8,078,326		CITIG		874
09/16/15	Swedish Kronor		55,724,671	U.S. Dollars		6,674,834		CITIG		58,448

275

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	Swedish Kronor		48,473,329	U.S. Dollars		5,890,096		CITIG	$	(33,003	)
09/16/15	Norwegian Krone		43,297,000	U.S. Dollars		5,586,353		CITIG		(74,313	)
09/16/15	U.S. Dollars		25,853,091	British Pounds		17,051,117		CITIG		(923,203	)
09/16/15	Swedish Kronor		20,269,000	U.S. Dollars		2,474,483		CITIG		(25,354	)
09/16/15	U.S. Dollars		11,726,411	British Pounds		7,682,870		CITIG		(338,417	)
09/16/15	U.S. Dollars		11,359,852	British Pounds		7,419,013		CITIG		(290,626	)
09/16/15	Hong Kong Dollars		9,326,889	U.S. Dollars		1,202,605		CITIG		523
09/16/15	Euro		7,740,475	U.S. Dollars		8,768,577		CITIG		(129,418	)
09/16/15	Australian Dollars		7,631,092	U.S. Dollars		5,793,891		CITIG		68,457
09/16/15	Australian Dollars		7,615,068	U.S. Dollars		5,793,262		CITIG		56,776
09/16/15	Australian Dollars		7,543,686	U.S. Dollars		5,793,423		CITIG		1,778
09/16/15	Euro		7,482,459	U.S. Dollars		8,386,018		CITIG		(34,831	)
09/16/15	Australian Dollars		7,480,433	U.S. Dollars		5,798,107		CITIG		(51,498	)
09/16/15	Norwegian Krone		7,265,000	U.S. Dollars		933,587		CITIG		(8,697	)
09/16/15	U.S. Dollars		7,119,231	Norwegian Krone		55,605,000		CITIG		40,287
09/16/15	U.S. Dollars		7,021,999	Switzerland Francs		6,548,742		CITIG		(4,051	)
09/16/15	U.S. Dollars		6,971,644	Switzerland Francs		6,494,949		CITIG		3,308
09/16/15	U.S. Dollars		6,686,275	New Zealand Dollars		9,337,000		CITIG		401,735
09/16/15	U.S. Dollars		6,498,427	British Pounds		4,252,000		CITIG		(178,719	)
09/16/15	Euro		6,450,396	U.S. Dollars		7,140,906		CITIG		58,393
09/16/15	U.S. Dollars		6,336,722	Switzerland Francs		5,871,427		CITIG		37,353
09/16/15	Hong Kong Dollars		6,196,000	U.S. Dollars		799,108		CITIG		149
09/16/15	Australian Dollars		6,095,519	U.S. Dollars		4,667,967		CITIG		14,725
09/16/15	New Zealand Dollars		5,988,000	U.S. Dollars		4,148,930		CITIG		(118,531	)
09/16/15	Australian Dollars		5,709,202	U.S. Dollars		4,351,343		CITI		34,574
09/16/15	U.S. Dollars		5,649,448	Swedish Kronor		46,848,000		CITIG		(11,254	)
09/16/15	U.S. Dollars		5,432,220	Canadian Dollars		6,709,000		CITIG		66,428
09/16/15	Euro		5,160,317	U.S. Dollars		5,629,481		CITIG		129,958
09/16/15	Euro		5,160,317	U.S. Dollars		5,799,554		CITIG		(40,115	)
09/16/15	U.S. Dollars		4,989,372	Norwegian Krone		39,422,806		CITIG		(29,454	)
09/16/15	Hong Kong Dollars		4,964,111	U.S. Dollars		640,029		CITIG		320
09/16/15	Switzerland Francs		4,587,000	U.S. Dollars		4,861,728		CITIG		59,597
09/16/15	Euro		4,521,036	U.S. Dollars		5,077,397		CITIG		(31,460	)
09/16/15	U.S. Dollars		4,436,839	Switzerland Francs		4,161,882		CITIG		(28,384	)
09/16/15	U.S. Dollars		4,393,944	Norwegian Krone		34,658,249		CITIG		(18,318	)
09/16/15	U.S. Dollars		4,314,372	Euro		3,957,000		CITIG		(102,043	)
09/16/15	U.S. Dollars		4,240,622	Switzerland Francs		3,927,000		CITIG		27,400
09/16/15	U.S. Dollars		3,766,030	Norwegian Krone		29,650,449		CITIG		(8,700	)
09/16/15	U.S. Dollars		3,765,866	Norwegian Krone		29,180,496		CITIG		50,965
09/16/15	U.S. Dollars		3,647,890	Japanese Yen		448,337,000		CITIG		(19,319	)
09/16/15	British Pounds		3,585,000	U.S. Dollars		5,513,856		CITIG		115,864
09/16/15	U.S. Dollars		3,143,724	New Zealand Dollars		4,463,000		CITIG		139,772
09/16/15	U.S. Dollars		3,093,399	Australian Dollars		4,050,000		CITIG		(17,887	)
09/16/15	Israeli Shekels		3,013,225	U.S. Dollars		782,876		CITIG		15,848
09/16/15	U.S. Dollars		2,845,813	Canadian Dollars		3,541,000		CITIG		13,756
09/16/15	Israeli Shekels		2,833,775	U.S. Dollars		739,828		CITIG		11,329
09/16/15	British Pounds		2,596,000	U.S. Dollars		4,097,328		CITIG		(20,688	)
09/16/15	U.S. Dollars		2,583,959	Australian Dollars		3,366,000		CITIG		(1,865	)
09/16/15	Canadian Dollars		2,559,000	U.S. Dollars		2,071,936		CITIG		(25,273	)
09/16/15	U.S. Dollars		2,351,430	British Pounds		1,508,000		CITIG		(16,664	)
09/16/15	Switzerland Francs		2,344,000	U.S. Dollars		2,537,484		CITIG		(22,641	)
09/16/15	U.S. Dollars		2,097,165	Norwegian Krone		16,321,000		CITIG		19,377

276

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	U.S. Dollars		1,923,717	Swedish Kronor		16,250,000		CITIG	$	(39,791	)
09/16/15	U.S. Dollars		1,801,309	Canadian Dollars		2,253,299		CITI		(857	)
09/16/15	U.S. Dollars		1,658,328	Euro		1,472,000		CITIG		15,426
09/16/15	Euro		1,277,000	U.S. Dollars		1,442,014		CITIG		(16,752	)
09/16/15	U.S. Dollars		1,175,654	Switzerland Francs		1,092,000		CITIG		4,063
09/16/15	Canadian Dollars		1,174,000	U.S. Dollars		944,210		CITIG		(5,257	)
09/16/15	U.S. Dollars		1,087,917	Canadian Dollars		1,361,865		CITI		(1,289	)
09/16/15	Singapore Dollars		1,084,145	U.S. Dollars		803,390		CITIG		657
09/16/15	Australian Dollars		1,073,000	U.S. Dollars		826,561		CITIG		(2,262	)
09/16/15	U.S. Dollars		1,028,951	Australian Dollars		1,331,000		CITIG		6,452
09/16/15	U.S. Dollars		952,434	Japanese Yen		117,400,000		CITIG		(7,849	)
09/16/15	Singapore Dollars		937,537	U.S. Dollars		690,155		CITIG		5,161
09/16/15	Singapore Dollars		932,318	U.S. Dollars		690,494		CITI		952
09/16/15	U.S. Dollars		905,603	Danish Kroner		6,061,000		CITIG		(2,237	)
09/16/15	U.S. Dollars		894,113	Australian Dollars		1,161,000		CITIG		2,211
09/16/15	U.S. Dollars		877,354	Swedish Kronor		7,152,000		CITIG		13,169
09/16/15	Danish Kroner		751,000	U.S. Dollars		110,346		CITIG		2,142
09/16/15	Hong Kong Dollars		657,000	U.S. Dollars		84,752		CITIG		(2	)
09/16/15	U.S. Dollars		647,163	Euro		574,000		CITIG		6,521
09/16/15	Danish Kroner		625,000	U.S. Dollars		94,899		CITIG		(1,284	)
09/16/15	U.S. Dollars		607,782	New Zealand Dollars		864,000		CITIG		26,242
09/16/15	U.S. Dollars		527,406	Canadian Dollars		660,836		CITIG		(1,124	)
09/16/15	Hong Kong Dollars		437,000	U.S. Dollars		56,367		CITIG		4
09/16/15	British Pounds		282,000	U.S. Dollars		439,572		CITIG		3,268
09/16/15	U.S. Dollars		270,609	Danish Kroner		1,780,000		CITIG		3,993
09/16/15	U.S. Dollars		238,134	Danish Kroner		1,571,000		CITIG		2,824
09/16/15	U.S. Dollars		195,988	Danish Kroner		1,296,000		CITIG		1,868
09/16/15	Singapore Dollars		165,000	U.S. Dollars		122,384		CITIG		(13	)
09/16/15	Israeli Shekels		164,000	U.S. Dollars		42,836		CITIG		636
09/16/15	Israeli Shekels		158,000	U.S. Dollars		40,803		CITIG		1,079
09/16/15	U.S. Dollars		127,806	Hong Kong Dollars		991,000		CITIG		(29	)
09/16/15	U.S. Dollars		87,757	Singapore Dollars		119,000		CITIG		(498	)
09/16/15	U.S. Dollars		42,829	Israeli Shekels		162,000		CITIG		(112	)
09/16/15	U.S. Dollars		35,166	Euro		31,000		CITIG		567
09/16/15	Singapore Dollars		26,000	U.S. Dollars		19,285		CITIG		(2	)
09/16/15	Singapore Dollars		21,000	U.S. Dollars		15,516		CITIG		59
09/16/15	Israeli Shekels		20,000	U.S. Dollars		5,227		CITIG		74
09/16/15	U.S. Dollars		18,057	Hong Kong Dollars		140,000		CITIG		(2	)
09/16/15	Euro		1,000	U.S. Dollars		1,118		CITIG		(2	)
									$	(85,258	)
Emerging Markets Equity Fund
09/16/15	Chilean Peso		1,931,500,440	U.S. Dollars		3,069,975		CITI	$	(70,970	)
09/16/15	Columbian Peso		1,210,000,000	U.S. Dollars		470,613		CITI		(10,181	)
09/16/15	Columbian Peso		690,000,000	U.S. Dollars		269,533		CITI		(6,972	)
09/16/15	Chilean Peso		570,192,560	U.S. Dollars		909,766		CITI		(24,440	)
09/16/15	Hungarian Forint		325,656,242	U.S. Dollars		1,158,099		CITI		(8,608	)
09/16/15	Hungarian Forint		299,464,670	U.S. Dollars		1,077,118		CITI		(20,078	)
09/16/15	Hungarian Forint		293,736,800	U.S. Dollars		1,043,882		CITI		(7,059	)
09/16/15	Hungarian Forint		262,142,288	U.S. Dollars		926,531		CITI		(1,229	)
09/16/15	Chilean Peso		190,000,000	U.S. Dollars		305,788		CITI		(10,778	)
09/16/15	Chilean Peso		140,000,000	U.S. Dollars		222,878		CITI		(5,503	)

277

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	Columbian Peso		130,000,000	U.S. Dollars		51,021		CITI	$	(1,553	)
09/16/15	Chilean Peso		110,000,000	U.S. Dollars		176,382		CITI		(5,587	)
09/16/15	Chilean Peso		60,000,000	U.S. Dollars		95,572		CITI		(2,412	)
09/16/15	Indian Rupees		58,690,527	U.S. Dollars		902,173		CITI		4,889
09/16/15	Indian Rupees		48,896,448	U.S. Dollars		753,185		CITI		2,510
09/16/15	Philippine Peso		44,700,000	U.S. Dollars		998,988		CITI		(11,907	)
09/16/15	Indian Rupees		36,678,076	U.S. Dollars		561,152		CITI		5,708
09/16/15	Indian Rupees		36,646,509	U.S. Dollars		564,882		CITI		1,489
09/16/15	Indian Rupees		33,000,000	U.S. Dollars		506,216		CITI		3,798
09/16/15	Taiwan Dollars		26,920,442	U.S. Dollars		876,655		CITI		(3,698	)
09/16/15	Indian Rupees		24,421,440	U.S. Dollars		376,412		CITI		1,022
09/16/15	Indian Rupees		20,000,000	U.S. Dollars		307,222		CITI		1,878
09/16/15	Taiwan Dollars		16,227,481	U.S. Dollars		523,217		CITI		2,997
09/16/15	Taiwan Dollars		16,018,429	U.S. Dollars		520,285		CITI		(850	)
09/16/15	Taiwan Dollars		15,997,108	U.S. Dollars		521,082		CITI		(2,338	)
09/16/15	Taiwan Dollars		15,961,157	U.S. Dollars		522,292		CITI		(4,715	)
09/16/15	Indian Rupees		15,000,000	U.S. Dollars		229,464		CITI		2,360
09/16/15	Taiwan Dollars		13,867,419	U.S. Dollars		451,416		CITI		(1,733	)
09/16/15	Hong Kong Dollars		13,685,877	U.S. Dollars		1,764,652		CITI		768
09/16/15	South African Rand		13,321,350	U.S. Dollars		1,057,472		CITI		22,362
09/16/15	Taiwan Dollars		12,788,536	U.S. Dollars		414,005		CITI		693
09/16/15	Taiwan Dollars		10,794,572	U.S. Dollars		347,597		CITI		2,442
09/16/15	Taiwan Dollars		10,725,409	U.S. Dollars		345,816		CITI		1,981
09/16/15	Taiwan Dollars		10,700,447	U.S. Dollars		347,363		CITI		(376	)
09/16/15	Czech Republic Koruna		9,377,597	U.S. Dollars		383,669		CITI		139
09/16/15	Brazilian Reals		8,147,000	U.S. Dollars		2,460,229		CITI		86,184
09/16/15	Hong Kong Dollars		7,284,123	U.S. Dollars		939,151		CITI		469
09/16/15	Czech Republic Koruna		7,100,000	U.S. Dollars		294,325		CITI		(3,735	)
09/16/15	Czech Republic Koruna		6,822,403	U.S. Dollars		277,239		CITI		1,990
09/16/15	Turkish Lira		6,292,608	U.S. Dollars		2,294,516		CITI		918
09/16/15	Indian Rupees		6,000,000	U.S. Dollars		92,372		CITI		358
09/16/15	Turkish Lira		5,909,655	U.S. Dollars		2,142,014		CITI		13,725
09/16/15	South African Rand		5,700,000	U.S. Dollars		464,093		CITI		(2,049	)
09/16/15	South African Rand		5,417,050	U.S. Dollars		433,089		CITI		6,020
09/16/15	South African Rand		5,371,600	U.S. Dollars		430,015		CITI		5,409
09/16/15	South African Rand		4,800,000	U.S. Dollars		390,225		CITI		(1,135	)
09/16/15	Czech Republic Koruna		4,200,000	U.S. Dollars		172,877		CITI		(978	)
09/16/15	Hong Kong Dollars		3,900,000	U.S. Dollars		502,943		CITI		141
09/16/15	Brazilian Reals		3,880,000	U.S. Dollars		1,236,224		CITI		(23,497	)
09/16/15	Turkish Lira		3,760,000	U.S. Dollars		1,366,720		CITI		4,863
09/16/15	Polish Zloty		3,571,637	U.S. Dollars		961,747		CITI		(13,868	)
09/16/15	Brazilian Reals		3,430,000	U.S. Dollars		1,073,925		CITI		(1,849	)
09/16/15	Brazilian Reals		3,220,000	U.S. Dollars		1,017,772		CITI		(11,333	)
09/16/15	Czech Republic Koruna		3,200,000	U.S. Dollars		131,957		CITI		(987	)
09/16/15	Brazilian Reals		3,100,000	U.S. Dollars		964,696		CITI		4,236
09/16/15	Indian Rupees		3,000,000	U.S. Dollars		46,129		CITI		236
09/16/15	Turkish Lira		2,790,000	U.S. Dollars		1,018,975		CITI		(1,231	)
09/16/15	Israeli Shekels		2,560,000	U.S. Dollars		674,756		CITI		3,831
09/16/15	Turkish Lira		2,531,163	U.S. Dollars		917,757		CITI		5,567
09/16/15	U.S. Dollars		2,518,413	Singapore Dollars		3,398,505		CITI		(2,058	)
09/16/15	Turkish Lira		2,450,000	U.S. Dollars		894,088		CITI		(371	)
09/16/15	Turkish Lira		2,323,770	U.S. Dollars		841,431		CITI		6,240

278

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	Taiwan Dollars		2,200,000	U.S. Dollars		71,244		CITI	$	96
09/16/15	U.S. Dollars		2,164,512	Singapore Dollars		2,922,567		CITI		(2,983	)
09/16/15	U.S. Dollars		2,163,451	Singapore Dollars		2,938,928		CITI		(16,178	)
09/16/15	Turkish Lira		2,116,804	U.S. Dollars		743,576		CITI		28,597
09/16/15	Brazilian Reals		2,080,000	U.S. Dollars		648,169		CITI		1,953
09/16/15	Israeli Shekels		2,020,000	U.S. Dollars		527,849		CITI		7,598
09/16/15	Indian Rupees		2,000,000	U.S. Dollars		30,788		CITI		122
09/16/15	Brazilian Reals		1,880,000	U.S. Dollars		578,218		CITI		9,392
09/16/15	U.S. Dollars		1,868,217	Turkish Lira		5,250,000		CITI		(46,891	)
09/16/15	Israeli Shekels		1,819,169	U.S. Dollars		472,645		CITI		9,568
09/16/15	Israeli Shekels		1,800,000	U.S. Dollars		469,324		CITI		7,807
09/16/15	U.S. Dollars		1,787,143	Turkish Lira		5,020,000		CITI		(44,065	)
09/16/15	Israeli Shekels		1,750,000	U.S. Dollars		457,094		CITI		6,783
09/16/15	Israeli Shekels		1,710,831	U.S. Dollars		446,655		CITI		6,840
09/16/15	Polish Zloty		1,644,631	U.S. Dollars		441,010		CITI		(4,541	)
09/16/15	Polish Zloty		1,627,831	U.S. Dollars		440,993		CITI		(8,982	)
09/16/15	Hong Kong Dollars		1,600,000	U.S. Dollars		206,380		CITI		13
09/16/15	U.S. Dollars		1,531,711	Columbian Peso		3,928,328,564		CITI		36,892
09/16/15	Polish Zloty		1,478,178	U.S. Dollars		396,924		CITI		(4,629	)
09/16/15	U.S. Dollars		1,472,454	Turkish Lira		4,140,000		CITI		(37,746	)
09/16/15	Polish Zloty		1,460,000	U.S. Dollars		395,880		CITI		(8,410	)
09/16/15	Thailand Baht		1,400,000	U.S. Dollars		41,322		CITI		19
09/16/15	Hong Kong Dollars		1,400,000	U.S. Dollars		180,600		CITI		(6	)
09/16/15	Singapore Dollars		1,390,000	U.S. Dollars		1,025,917		CITI		4,964
09/16/15	Polish Zloty		1,337,987	U.S. Dollars		352,744		CITI		2,345
09/16/15	Polish Zloty		1,330,736	U.S. Dollars		352,767		CITI		398
09/16/15	Thailand Baht		1,300,000	U.S. Dollars		38,224		CITI		164
09/16/15	Brazilian Reals		1,240,000	U.S. Dollars		385,318		CITI		2,255
09/16/15	Israeli Shekels		1,200,000	U.S. Dollars		312,841		CITI		5,247
09/16/15	Singapore Dollars		1,200,000	U.S. Dollars		891,610		CITI		(1,641	)
09/16/15	U.S. Dollars		1,190,457	South Korean Won		1,340,000,000		CITI		(8,680	)
09/16/15	Brazilian Reals		1,120,000	U.S. Dollars		348,764		CITI		1,302
09/16/15	U.S. Dollars		1,013,742	Philippine Peso		46,000,000		CITI		(2,047	)
09/16/15	Brazilian Reals		1,010,000	U.S. Dollars		317,528		CITI		(1,844	)
09/16/15	U.S. Dollars		1,009,419	Turkish Lira		2,810,000		CITI		(15,620	)
09/16/15	Thailand Baht		1,000,000	U.S. Dollars		29,447		CITI		83
09/16/15	Polish Zloty		970,000	U.S. Dollars		260,662		CITI		(3,233	)
09/16/15	U.S. Dollars		959,448	Turkish Lira		2,680,000		CITI		(18,169	)
09/16/15	Hong Kong Dollars		900,000	U.S. Dollars		116,083		CITI		13
09/16/15	Hong Kong Dollars		900,000	U.S. Dollars		116,089		CITI		7
09/16/15	Hong Kong Dollars		900,000	U.S. Dollars		116,091		CITI		5
09/16/15	U.S. Dollars		898,076	South Korean Won		990,000,000		CITI		12,146
09/16/15	Polish Zloty		830,000	U.S. Dollars		222,302		CITI		(2,028	)
09/16/15	Thailand Baht		800,000	U.S. Dollars		23,536		CITI		87
09/16/15	Hong Kong Dollars		800,000	U.S. Dollars		103,183		CITI		13
09/16/15	Hong Kong Dollars		800,000	U.S. Dollars		103,187		CITI		8
09/16/15	U.S. Dollars		770,281	Turkish Lira		2,170,000		CITI		(21,297	)
09/16/15	U.S. Dollars		715,233	South African Rand		8,900,000		CITI		(6,204	)
09/16/15	U.S. Dollars		662,854	Polish Zloty		2,460,000		CITI		9,993
09/16/15	U.S. Dollars		628,676	Brazilian Reals		2,070,000		CITI		(18,321	)
09/16/15	Thailand Baht		600,000	U.S. Dollars		17,632		CITI		86
09/16/15	Hong Kong Dollars		600,000	U.S. Dollars		77,393		CITI		5

279

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	Hong Kong Dollars		600,000	U.S. Dollars		77,399		CITI	$	(2	)
09/16/15	Brazilian Reals		590,000	U.S. Dollars		184,063		CITI		347
09/16/15	U.S. Dollars		548,825	Chilean Peso		350,000,000		CITI		5,387
09/16/15	Israeli Shekels		540,000	U.S. Dollars		141,138		CITI		2,001
09/16/15	U.S. Dollars		534,147	South African Rand		6,700,000		CITI		(8,957	)
09/16/15	U.S. Dollars		524,422	Singapore Dollars		710,000		CITI		(2,143	)
09/16/15	Singapore Dollars		520,000	U.S. Dollars		387,944		CITI		(2,290	)
09/16/15	U.S. Dollars		489,085	Columbian Peso		1,260,000,000		CITI		9,627
09/16/15	U.S. Dollars		478,809	Columbian Peso		1,231,671,436		CITI		10,130
09/16/15	U.S. Dollars		450,698	Singapore Dollars		610,000		CITI		(1,703	)
09/16/15	U.S. Dollars		423,386	Turkish Lira		1,180,000		CITI		(7,057	)
09/16/15	Brazilian Reals		420,000	U.S. Dollars		130,134		CITI		1,141
09/16/15	Hong Kong Dollars		400,000	U.S. Dollars		51,598		CITI		(1	)
09/16/15	Thailand Baht		400,000	U.S. Dollars		11,817		CITI		(5	)
09/16/15	U.S. Dollars		391,771	Indonesian Rupiahs		5,291,883,558		CITI		1,745
09/16/15	U.S. Dollars		390,953	Indonesian Rupiahs		5,295,488,247		CITI		660
09/16/15	Singapore Dollars		390,000	U.S. Dollars		289,025		CITI		215
09/16/15	U.S. Dollars		381,150	Polish Zloty		1,410,000		CITI		6,950
09/16/15	U.S. Dollars		364,208	Brazilian Reals		1,200,000		CITI		(10,862	)
09/16/15	U.S. Dollars		351,676	Polish Zloty		1,340,000		CITI		(3,948	)
09/16/15	U.S. Dollars		349,637	Polish Zloty		1,330,000		CITI		(3,332	)
09/16/15	U.S. Dollars		343,982	Chilean Peso		220,000,000		CITI		2,392
09/16/15	U.S. Dollars		330,451	South Korean Won		370,000,000		CITI		(654	)
09/16/15	Thailand Baht		300,000	U.S. Dollars		8,831		CITI		27
09/16/15	Thailand Baht		300,000	U.S. Dollars		8,840		CITI		18
09/16/15	U.S. Dollars		292,315	Indonesian Rupiahs		3,973,168,204		CITI		(519	)
09/16/15	U.S. Dollars		283,665	Hong Kong Dollars		2,200,000		CITI		(125	)
09/16/15	Turkish Lira		250,000	U.S. Dollars		91,257		CITI		(61	)
09/16/15	U.S. Dollars		245,296	South African Rand		3,100,000		CITI		(5,991	)
09/16/15	U.S. Dollars		241,195	Polish Zloty		910,000		CITI		(310	)
09/16/15	U.S. Dollars		235,549	South African Rand		3,000,000		CITI		(7,632	)
09/16/15	U.S. Dollars		232,157	Polish Zloty		880,000		CITI		(1,386	)
09/16/15	Singapore Dollars		220,000	U.S. Dollars		164,759		CITI		(1,598	)
09/16/15	U.S. Dollars		219,892	Chilean Peso		140,000,000		CITI		2,516
09/16/15	U.S. Dollars		219,258	Hong Kong Dollars		1,700,000		CITI		(34	)
09/16/15	U.S. Dollars		206,351	Hong Kong Dollars		1,600,000		CITI		(42	)
09/16/15	U.S. Dollars		203,447	South African Rand		2,600,000		CITI		(7,310	)
09/16/15	Thailand Baht		200,000	U.S. Dollars		5,883		CITI		23
09/16/15	U.S. Dollars		195,487	Indonesian Rupiahs		2,649,446,338		CITI		215
09/16/15	U.S. Dollars		195,287	Indonesian Rupiahs		2,666,468,480		CITI		(1,239	)
09/16/15	U.S. Dollars		193,850	Hungarian Forint		55,000,000		CITI		(287	)
09/16/15	U.S. Dollars		188,760	South Korean Won		210,000,000		CITI		835
09/16/15	U.S. Dollars		187,497	Hungarian Forint		53,000,000		CITI		419
09/16/15	U.S. Dollars		186,421	Chilean Peso		120,000,000		CITI		99
09/16/15	U.S. Dollars		175,944	Polish Zloty		660,000		CITI		786
09/16/15	Peruvian Nuevos Soles		157,000	U.S. Dollars		48,925		CITI		(113	)
09/16/15	Turkish Lira		150,000	U.S. Dollars		54,386		CITI		331
09/16/15	U.S. Dollars		141,798	Chilean Peso		90,000,000		CITI		2,057
09/16/15	Singapore Dollars		140,000	U.S. Dollars		104,054		CITI		(224	)
09/16/15	U.S. Dollars		128,982	Hong Kong Dollars		1,000,000		CITI		(13	)
09/16/15	U.S. Dollars		128,967	Hong Kong Dollars		1,000,000		CITI		(29	)
09/16/15	U.S. Dollars		126,904	South Korean Won		140,000,000		CITI		1,621

280

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	Turkish Lira		120,000	U.S. Dollars		44,098		CITI	$	(324	)
09/16/15	U.S. Dollars		106,866	South Korean Won		120,000,000		CITI		(519	)
09/16/15	U.S. Dollars		94,043	Chilean Peso		60,000,000		CITI		882
09/16/15	Polish Zloty		90,000	U.S. Dollars		23,687		CITI		198
09/16/15	U.S. Dollars		86,773	Indonesian Rupiahs		1,194,436,385		CITI		(1,260	)
09/16/15	U.S. Dollars		64,533	South Korean Won		71,598,944		CITI		461
09/16/15	U.S. Dollars		64,490	Hong Kong Dollars		500,000		CITI		(7	)
09/16/15	U.S. Dollars		64,487	Hong Kong Dollars		500,000		CITI		(11	)
09/16/15	U.S. Dollars		62,745	Columbian Peso		160,000,000		CITI		1,862
09/16/15	Singapore Dollars		60,000	U.S. Dollars		44,503		CITI		(4	)
09/16/15	U.S. Dollars		51,752	South Korean Won		57,770,722		CITI		55
09/16/15	U.S. Dollars		51,702	South Korean Won		57,430,490		CITI		309
09/16/15	U.S. Dollars		51,591	Hong Kong Dollars		400,000		CITI		(7	)
09/16/15	U.S. Dollars		49,758	Turkish Lira		140,000		CITI		(1,312	)
09/16/15	U.S. Dollars		41,225	Thailand Baht		1,400,000		CITI		(116	)
09/16/15	Israeli Shekels		40,000	U.S. Dollars		10,491		CITI		112
09/16/15	U.S. Dollars		38,722	South Korean Won		42,905,036		CITI		327
09/16/15	U.S. Dollars		38,692	Hong Kong Dollars		300,000		CITI		(7	)
09/16/15	U.S. Dollars		38,646	South Korean Won		43,072,479		CITI		101
09/16/15	U.S. Dollars		33,968	South Korean Won		37,841,329		CITI		104
09/16/15	U.S. Dollars		29,472	Thailand Baht		1,000,000		CITI		(57	)
09/16/15	U.S. Dollars		25,794	Hong Kong Dollars		200,000		CITI		(5	)
09/16/15	U.S. Dollars		25,793	Hong Kong Dollars		200,000		CITI		(6	)
09/16/15	U.S. Dollars		24,685	Czech Republic Koruna		600,000		CITI		128
09/16/15	U.S. Dollars		23,581	Thailand Baht		800,000		CITI		(42	)
09/16/15	U.S. Dollars		23,578	Thailand Baht		800,000		CITI		(46	)
09/16/15	U.S. Dollars		23,460	Thailand Baht		800,000		CITI		(163	)
09/16/15	U.S. Dollars		20,612	Thailand Baht		700,000		CITI		(58	)
09/16/15	Singapore Dollars		20,000	U.S. Dollars		14,959		CITI		(126	)
09/16/15	U.S. Dollars		17,749	Thailand Baht		600,000		CITI		31
09/16/15	U.S. Dollars		14,767	Thailand Baht		500,000		CITI		2
09/16/15	U.S. Dollars		12,898	Hong Kong Dollars		100,000		CITI		(2	)
09/16/15	U.S. Dollars		12,891	Hong Kong Dollars		100,000		CITI		(9	)
09/16/15	U.S. Dollars		11,825	Thailand Baht		400,000		CITI		13
09/16/15	U.S. Dollars		11,765	Thailand Baht		400,000		CITI		(47	)
09/16/15	U.S. Dollars		11,761	Thailand Baht		400,000		CITI		(51	)
09/16/15	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,111		CITI		(2	)
09/16/15	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,118		CITI		(9	)
09/16/15	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,131		CITI		(22	)
09/16/15	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,131		CITI		(22	)
09/16/15	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,138		CITI		(28	)
09/16/15	U.S. Dollars		9,334	Peruvian Nuevos Soles		30,000		CITI		6
09/16/15	U.S. Dollars		8,866	Thailand Baht		300,000		CITI		7
09/16/15	U.S. Dollars		6,242	Peruvian Nuevos Soles		20,000		CITI		24
09/16/15	U.S. Dollars		5,878	Thailand Baht		200,000		CITI		(28	)
09/16/15	U.S. Dollars		3,128	Peruvian Nuevos Soles		10,000		CITI		19
09/16/15	U.S. Dollars		3,126	Peruvian Nuevos Soles		10,000		CITI		17
09/16/15	U.S. Dollars		3,123	Peruvian Nuevos Soles		10,000		CITI		14
09/16/15	U.S. Dollars		3,121	Peruvian Nuevos Soles		10,000		CITI		12
09/16/15	U.S. Dollars		3,120	Peruvian Nuevos Soles		10,000		CITI		11
09/16/15	U.S. Dollars		3,118	Peruvian Nuevos Soles		10,000		CITI		9
09/16/15	U.S. Dollars		3,111	Peruvian Nuevos Soles		10,000		CITI		2

281

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/16/15	U.S. Dollars		3,110	Peruvian Nuevos Soles		10,000		CITI	$	1
09/16/15	U.S. Dollars		2,948	Thailand Baht		100,000		CITI		(5	)
09/17/15	Mexican Pesos		13,300,000	U.S. Dollars		863,811		CITI		(22,400	)
09/17/15	Mexican Pesos		11,900,000	U.S. Dollars		773,039		CITI		(20,197	)
09/17/15	U.S. Dollars		11,337,622	Mexican Pesos		175,397,478		CITI		241,274
09/17/15	Malaysian Ringgits		5,751,000	U.S. Dollars		1,542,618		CITI		(27,668	)
09/17/15	Mexican Pesos		4,100,000	U.S. Dollars		263,542		CITI		(4,160	)
09/17/15	U.S. Dollars		3,013,779	Mexican Pesos		46,839,703		CITI		50,512
09/17/15	Mexican Pesos		2,500,000	U.S. Dollars		161,060		CITI		(2,900	)
09/17/15	U.S. Dollars		2,267,731	Mexican Pesos		35,121,819		CITI		45,784
09/17/15	Mexican Pesos		1,500,000	U.S. Dollars		96,505		CITI		(1,609	)
09/17/15	Mexican Pesos		1,300,000	U.S. Dollars		84,062		CITI		(1,819	)
09/17/15	Mexican Pesos		1,200,000	U.S. Dollars		77,167		CITI		(1,250	)
09/17/15	U.S. Dollars		851,301	Mexican Pesos		13,400,000		CITI		3,564
09/17/15	Mexican Pesos		800,000	U.S. Dollars		51,509		CITI		(898	)
09/17/15	U.S. Dollars		732,834	Malaysian Ringgits		2,740,000		CITI		11,053
09/17/15	Mexican Pesos		700,000	U.S. Dollars		45,658		CITI		(1,373	)
09/17/15	Mexican Pesos		600,000	U.S. Dollars		38,751		CITI		(792	)
09/17/15	U.S. Dollars		230,935	Malaysian Ringgits		870,000		CITI		1,757
09/17/15	Mexican Pesos		200,000	U.S. Dollars		12,862		CITI		(209	)
09/17/15	U.S. Dollars		164,863	Malaysian Ringgits		620,000		CITI		1,540
09/17/15	U.S. Dollars		121,415	Mexican Pesos		1,900,000		CITI		1,213
09/17/15	U.S. Dollars		110,803	Malaysian Ringgits		420,000		CITI		165
09/17/15	Mexican Pesos		100,000	U.S. Dollars		6,428		CITI		(102	)
09/17/15	U.S. Dollars		81,988	Malaysian Ringgits		310,000		CITI		327
09/17/15	U.S. Dollars		5,267	Malaysian Ringgits		20,000		CITI		(2	)
									$	66,328
Inflation Protected Bond Fund
07/06/15	U.S. Dollars		7,036,249	Euro		6,409,000		UBS	$	(109,426	)
07/06/15	Canadian Dollars		3,520,994	U.S. Dollars		2,852,000		DEUT		(33,188	)
07/06/15	U.S. Dollars		2,282,500	Canadian Dollars		2,785,465		BOA		52,533
07/06/15	U.S. Dollars		2,282,500	Canadian Dollars		2,785,609		DEUT		52,417
07/06/15	Canadian Dollars		2,145,648	U.S. Dollars		1,738,000		BAR		(20,253	)
07/06/15	Euro		429,000	U.S. Dollars		487,964		RBC		(9,653	)
07/06/15	Euro		94,000	U.S. Dollars		106,116		GSC		(1,312	)
07/21/15	U.S. Dollars		3,290,875	Mexican Pesos		49,373,000		BAR		154,586
07/21/15	U.S. Dollars		2,779,160	New Zealand Dollars		3,729,000		JPM		257,148
07/21/15	U.S. Dollars		456,629	New Zealand Dollars		642,000		HSBC		22,430
07/21/15	U.S. Dollars		204,969	New Zealand Dollars		294,000		HSBC		6,129
07/22/15	Canadian Dollars		2,352,500	Japanese Yen		232,779,876		DEUT		(19,638	)
07/22/15	Canadian Dollars		2,352,500	Japanese Yen		232,811,621		CITI		(19,898	)
08/05/15	U.S. Dollars		6,594,928	Euro		5,886,000		UBS		32,908
08/17/15	Australian Dollars		1,000,000	U.S. Dollars		762,710		BAR		6,729
08/17/15	Australian Dollars		975,000	U.S. Dollars		748,801		CBS		1,402
08/17/15	U.S. Dollars		771,704	Australian Dollars		1,000,000		BAR		2,265
09/15/15	Japanese Yen		84,048,000	U.S. Dollars		681,756		SC		5,708
09/15/15	Mexican Pesos		23,305,000	U.S. Dollars		1,507,902		SC		(33,333	)
									$	347,554

282

Options Written

Transactions in options written during the period ended June 30, 2015 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/14		—		$	—		$	90,800,000		$	716,294		$	716,294
Options written		2,644			1,676,853			138,300,000			159,865			1,836,718
Options expired		—			—			(38,500,000	)		(33,270	)		(33,270	)
Options closed		(1,266	)		(812,721	)		(190,600,000	)		(842,889	)		(1,655,610	)
Options written, 06/30/15		1,378		$	864,132		$	—		$	—		$	864,132
Medium-Duration Bond
Options written, 12/31/14		657		$	203,480		$	81,320,000		$	739,335		$	942,815
Options written		4,963			1,526,822			6,098,062,000			356,808			1,883,630
Options expired		(2,537	)		(799,176	)		(44,300,000	)		(213,370	)		(1,012,546	)
Options closed		(2,489	)		(675,348	)		(60,820,000	)		(452,916	)		(1,128,264	)
Options written, 06/30/15		594		$	255,778		$	6,074,262,000		$	429,857		$	685,635
Defensive Market Strategies
Options written, 12/31/14		612		$	637,832		$	—		$	—		$	637,832
Options written		4,074			4,352,877			—			—			4,352,877
Options expired		(2,961	)		(3,200,055	)		—			—			(3,200,055	)
Options closed		(1,075	)		(1,107,296	)		—			—			(1,107,296	)
Options written, 06/30/15		650		$	683,358		$	—		$	—		$	683,358
Inflation Protected Bond
Options written, 12/31/14		148		$	120,754		$	34,297,000		$	218,881		$	339,635
Options written		782			153,217			75,145,625			920,287			1,073,504
Options expired		(483	)		(100,933	)		(53,987,000	)		(703,295	)		(804,228	)
Options closed		(337	)		(129,921	)		(22,675,000	)		(116,109	)		(246,030	)
Options written, 06/30/15		110		$	43,117		$	32,780,625		$	319,764		$	362,881

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended 06/30/15				Year Ended 12/31/14
	Institutional Class	Investor Class			Institutional Class	Investor Class
MyDestination 2005
Shares sold			1,106,439				2,397,742
Shares reinvested			—				344,332
Shares redeemed			(945,566	)			(1,923,942	)
Net increase			160,873				818,132
MyDestination 2015
Shares sold			3,147,103				6,770,402
Shares reinvested			(14	)			2,173,184
Shares redeemed			(2,179,078	)			(4,804,080	)
Net increase			968,011				4,139,506

283

	Six Months Ended 06/30/15				Year Ended 12/31/14
	Institutional Class	Investor Class			Institutional Class	Investor Class
MyDestination 2025
Shares sold			4,756,022				10,525,623
Shares reinvested			—				3,065,748
Shares redeemed			(1,510,860	)			(2,327,812	)
Net increase			3,245,162				11,263,559
MyDestination 2035
Shares sold			2,896,470				6,242,604
Shares reinvested			—				1,822,344
Shares redeemed			(753,320	)			(912,341	)
Net increase			2,143,150				7,152,607
MyDestination 2045
Shares sold			2,438,184				4,317,668
Shares reinvested			—				1,436,263
Shares redeemed			(379,979	)			(870,438	)
Net increase			2,058,205				4,883,493
MyDestination 2055
Shares sold			672,367				1,061,681
Shares reinvested			—				105,787
Shares redeemed			(348,302	)			(224,376	)
Net increase (decrease)			324,065				943,092
Conservative Allocation
Shares sold			1,171,690				3,108,659
Shares reinvested			—				930,425
Shares redeemed			(1,886,285	)			(4,137,007	)
Net decrease			(714,595	)			(97,923	)
Balanced Allocation
Shares sold			1,822,911				4,429,822
Shares reinvested			—				5,256,931
Shares redeemed			(3,823,678	)			(7,513,346	)
Net increase (decrease)			(2,000,767	)			2,173,407
Growth Allocation
Shares sold			1,269,575				2,541,653
Shares reinvested			6				4,815,305
Shares redeemed			(2,697,351	)			(5,320,529	)
Net increase (decrease)			(1,427,770	)			2,036,429
Aggressive Allocation
Shares sold			962,204				1,630,041
Shares reinvested			—				5,092,630
Shares redeemed			(2,471,030	)			(4,212,364	)
Net increase (decrease)			(1,508,826	)			2,510,307

284

	Six Months Ended 06/30/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
Conservative Allocation I
Shares sold		470,501						1,063,532
Shares reinvested		—						352,127
Shares redeemed		(1,037,803	)					(1,716,132	)
Net decrease		(567,302	)					(300,473	)
Balanced Allocation I
Shares sold		1,089,543						1,731,634
Shares reinvested		—						2,163,092
Shares redeemed		(2,101,644	)					(4,258,293	)
Net decrease		(1,012,101	)					(363,567	)
Growth Allocation I
Shares sold		539,221						1,047,916
Shares reinvested		—						1,740,500
Shares redeemed		(970,931	)					(1,754,222	)
Net increase (decrease)		(431,710	)					1,034,194
Aggressive Allocation I
Shares sold		195,917						547,423
Shares reinvested		—						1,185,497
Shares redeemed		(584,919	)					(1,226,754	)
Net increase (decrease)		(389,002	)					506,166
Money Market
Shares sold		349,795,847			2,130,741,584			169,689,475			3,811,246,128
Shares reinvested		22,882			19,521			25,034			117,713
Shares redeemed		(244,703,497	)		(2,268,136,592	)		(154,146,430	)		(3,910,770,582	)
Net increase (decrease)		105,115,232			(137,375,487	)		15,568,079			(99,406,741	)
Low-Duration Bond
Shares sold		60,421,880			2,279,650			4,063,942			7,018,714
Shares reinvested		197,702			242,931			393,822			681,680
Shares redeemed		(1,623,255	)		(38,179,072	)		(3,737,141	)		(7,262,097	)
Net increase (decrease)		58,996,327			(35,656,491	)		720,623			438,297
Medium-Duration Bond
Shares sold		74,137,134			1,324,656			8,168,870			9,117,338
Shares reinvested		700,596			332,351			1,570,128			908,367
Shares redeemed		(2,387,137	)		(34,675,580	)		(8,348,990	)		(5,510,348	)
Net increase (decrease)		72,450,593			(33,018,573	)		1,390,008			4,515,357
Extended-Duration Bond
Shares sold		26,611,367			1,134,217			3,264,201			3,322,036
Shares reinvested		1,079,472			215,861			2,093,574			654,801
Shares redeemed		(2,204,454	)		(7,686,778	)		(4,141,145	)		(3,912,203	)
Net increase (decrease)		25,486,385			(6,336,700	)		1,216,630			64,634

285

	Six Months Ended 06/30/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
Global Bond(1)
Shares sold		33,281,912			1,259,300						6,389,263
Shares reinvested		150,724			547,515						1,287,159
Shares redeemed		(47,082	)		(33,496,698	)					(3,128,070	)
Net increase (decrease)		33,385,554			(31,689,883	)					4,548,352
Defensive Market Strategies
Shares sold		30,682,056			2,928,599			1,184,929			6,522,910
Shares reinvested		447,435			109,774			687,829			3,245,553
Shares redeemed		(882,461	)		(31,325,264	)		(1,177,763	)		(3,323,066	)
Net increase (decrease)		30,247,030			(28,286,891	)		694,995			6,445,397
Equity Index
Shares sold		38,421,221			915,816			2,729,593			2,574,571
Shares reinvested		397,670			63,756			622,444			331,565
Shares redeemed		(19,471,227	)		(988,014	)		(668,356	)		(2,296,400	)
Net increase (decrease)		19,347,664			(8,442	)		2,683,681			609,736
Value Equity
Shares sold		88,163,071			1,288,807			2,847,915			3,204,628
Shares reinvested		2,589,525			122,874			5,502,833			4,449,662
Shares redeemed		(12,354,213	)		(38,077,464	)		(3,647,127	)		(5,904,998	)
Net increase (decrease)		78,398,383			(36,665,783	)		4,703,621			1,749,292
Growth Equity
Shares sold		70,438,658			1,210,217			2,120,266			3,578,689
Shares reinvested		2,931,130			342,261			3,962,268			5,146,174
Shares redeemed		(10,032,297	)		(34,956,060	)		(2,665,269	)		(6,337,327	)
Net increase (decrease)		63,337,491			(33,403,582	)		3,417,265			2,387,536
Small Cap Equity
Shares sold		21,872,984			1,032,886			1,399,917			2,495,255
Shares reinvested		—			—			1,626,024			2,624,103
Shares redeemed		(1,126,429	)		(12,739,623	)		(1,703,202	)		(4,632,110	)
Net increase (decrease)		20,746,555			(11,706,737	)		1,322,739			487,248
International Equity Index(2)
Shares sold		10,665,542
Shares exchanged		—
Shares redeemed		(8,621	)
Net increase		10,656,921
International Equity
Shares sold		83,496,870			1,879,426			2,437,760			7,992,902
Shares reinvested		—			—			675,464			1,676,582
Shares redeemed		(10,932,720	)		(64,254,977	)		(4,114,501	)		(3,380,883	)
Net increase (decrease)		72,564,150			(62,375,551	)		(1,001,277	)		6,288,601

286

	Six Months Ended 06/30/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
Emerging Markets Equity
Shares sold		26,553,812			1,676,709			791,628			4,915,611
Shares reinvested		—			—			136,107			700,396
Shares redeemed		(229,262	)		(26,423,229	)		(731,088	)		(2,577,480	)
Net increase (decrease)		26,324,550			(24,746,520	)		196,647			3,038,527
Inflation Protected Bond(1)
Shares sold		24,255,766			1,295,963						5,722,346
Shares reinvested		—			90,455						593,439
Shares redeemed		(302,565	)		(24,562,245	)					(3,680,855	)
Net increase (decrease)		23,953,201			(23,175,827	)					2,634,930
Flexible Income
Shares sold					1,606,644						2,674,874
Shares reinvested					198,529						392,444
Shares redeemed					(645,748	)					(535,915	)
Net increase					1,159,425						2,531,403
Real Assets
Shares sold					404,535						4,013,055
Shares reinvested					—						164,684
Shares redeemed					(1,634,215	)					(949,385	)
Net increase (decrease)					(1,229,680	)					3,228,354
Real Estate Securities(1)
Shares sold		15,965,632			2,530,492						3,955,264
Shares reinvested		414,355			248,862						1,466,882
Shares redeemed		(205,537	)		(18,486,179	)					(4,212,142	)
Net increase (decrease)		16,174,450			(15,706,825	)					1,210,004
Global Natural Resources Equity
Shares sold					5,200,320						9,038,907
Shares reinvested					—						837,310
Shares redeemed					(1,702,053	)					(2,761,078	)
Net increase					3,498,267						7,115,139

⁽¹⁾  Inception date for Institutional Class for Global Bond Fund, Inflation Protected Bond Fund and Real Estate Securities Fund was May 1, 2015.

⁽²⁾  Commencement of operations was June 1, 2015

287

7. BANK BORROWINGS

The Board of Trustees approved the renewal of a credit agreement with Bank of America, N.A. dated November 28, 2014 through November 27, 2015. The terms of the credit agreement did not change with the renewal. 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.

Fund	Loan Date		Loan Amount		Loan Rate			Repayment Date		Repayment Amount
Conservative Allocation I		03/18/15	$	500,000		1.18	%		03/19/15	$	500,016
Conservative Allocation I		04/02/15		2,750,000		1.18	%		04/06/15		2,750,355
Balanced Allocation I		04/02/15		750,000		1.18	%		04/06/15		750,097

No other Funds borrowed for the period ended June 30, 2015, and there were no outstanding loans at June 30, 2015.

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 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 the period ended ended June 30, 2015, the Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $48,040.

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 remains subject to examination by the Internal Revenue Service. In regard to foreign taxes only, certain Funds have open tax years in certain foreign countries they invest in that may date back to the inception of the funds.

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

288

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 years ended December 31, 2014 and December 31, 2013, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Total Distribution
MyDestination 2005		2014	$	1,647,310	$	2,025,520	$	3,672,830
		2013		1,430,800		—		1,430,800
MyDestination 2015		2014		9,893,987		14,015,347		23,909,334
		2013		11,082,375		507,649		11,590,024
MyDestination 2025		2014		13,629,226		19,570,290		33,199,516
		2013		13,816,231		11,772,816		25,589,047
MyDestination 2035		2014		6,771,198		12,665,870		19,437,068
		2013		6,111,194		9,769,547		15,880,741
MyDestination 2045		2014		4,564,423		10,053,773		14,618,196
		2013		4,505,425		12,558,112		17,063,537
MyDestination 2055		2014		488,935		866,009		1,354,944
		2013		337,035		689,617		1,026,652
Conservative Allocation		2014		5,199,569		5,697,230		10,896,799
		2013		4,707,701		17,556,365		22,264,066
Balanced Allocation		2014		27,727,181		41,042,091		68,769,272
		2013		27,828,660		53,077,462		80,906,122
Growth Allocation		2014		18,169,049		47,621,569		65,790,618
		2013		19,778,720		71,013,455		90,792,175
Aggressive Allocation		2014		14,556,180		58,352,188		72,908,368
		2013		18,059,402		40,374,215		58,433,617
Conservative Allocation I		2014		1,945,598		1,452,958		3,398,556
		2013		2,555,600		476,930		3,032,530
Balanced Allocation I		2014		18,280,125		4,586,199		22,866,324
		2013		13,881,599		—		13,881,599
Growth Allocation I		2014		10,504,008		10,326,449		20,830,457
		2013		9,414,953		—		9,414,953
Aggressive Allocation I		2014		10,074,623		6,094,551		16,169,174
		2013		4,675,371		—		4,675,371
Money Market		2014		223,392		—		223,392
		2013		228,385		—		228,385
Low-Duration Bond		2014		11,995,934		462,630		12,458,564
		2013		10,153,806		—		10,153,806
Medium-Duration Bond		2014		21,274,702		2,948,049		24,222,751
		2013		19,625,346		—		19,625,346
Extended-Duration Bond		2014		14,965,018		6,856,773		21,821,791
		2013		16,784,004		15,235,598		32,019,602
Global Bond		2014		13,252,051		—		13,252,051
		2013		9,497,750		—		9,497,750
Defensive Market Strategies		2014		19,332,753		26,898,536		46,231,289
		2013		24,435,473		18,757,192		43,192,665
Equity Index		2014		7,055,940		6,176,009		13,231,949
		2013		6,219,243		4,196,449		10,415,692
Value Equity		2014		33,781,242		113,511,347		147,292,589
		2013		25,431,349		40,067,680		65,499,029
Growth Equity		2014		13,122,409		150,902,788		164,025,197
		2013		50,068,100		193,351,088		243,419,188
Small Cap Equity		2014		18,688,929		40,288,021		58,976,950
		2013		39,689,845		66,847,494		106,537,339
International Equity		2014		31,177,337		—		31,177,337
		2013		21,343,925		—		21,343,925
Emerging Markets Equity		2014		7,517,589		64,997		7,582,586
Inflation Protected Bond		2014		6,199,837		—		6,199,837
		2013		2,068,697		682,106		2,750,803

289

Fund	Year		Ordinary Income			Long-Term Capital Gain		Total Distribution
Flexible Income		2014	$	3,905,895		$	—	$	3,905,895
		2013		1,028,524			—		1,028,524
Real Assets		2014		1,207,736			332,748		1,540,484
		2013		258,438			—		258,438
Real Estate Securities		2014		11,864,438			3,399,432		15,263,870
		2013		10,582,340			19,896,262		30,478,602
Global Natural Resources Equity		2014		6,605,541			—		6,605,541
		2013		3,127,024	��		—		3,127,024

At December 31, 2014, 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	$	7,751	$	1,327,458		$	—		$	901,847
MyDestination 2015		14,738		12,241,577			—			26,995,491
MyDestination 2025		—		18,062,990			—			39,913,408
MyDestination 2035		—		11,793,994			—			25,749,135
MyDestination 2045		29,118		9,395,710			—			17,049,273
MyDestination 2055		5,664		996,181			—			(318,767	)
Conservative Allocation		695		6,115,654			—			5,072,395
Balanced Allocation		74,045		25,969,847			—			107,684,412
Growth Allocation		7,199		31,172,473			—			76,456,738
Aggressive Allocation		—		40,133,334			—			104,773,294
Conservative Allocation I		4,404		243,379			—			(3,896,395	)
Balanced Allocation I		6,621		14,946,096			—			(24,873,827	)
Growth Allocation I		5,072		15,486,104			—			(12,322,740	)
Aggressive Allocation I		7,076		14,955,241			—			(9,894,705	)
Money Market		7,677		—			—			—
Low-Duration Bond		1,880,563		(587,544	)		(1,766,228	)		(7,882,733	)
Medium-Duration Bond		2,804,622		1,867,991			—			9,244,155
Extended-Duration Bond		2,151,255		1,963,159			—			32,058,694
Global Bond		1,532,421		(6,064,792	)		(563,210	)		3,870,962
Defensive Market Strategies		410,336		3,194,976			—			51,578,641
Equity Index		73,304		1,184,305			—			161,024,541
Value Equity		—		16,862,633			(926,384	)		295,245,110
Growth Equity		—		41,098,475			(2,632,970	)		344,037,098
Small Cap Equity		216,826		6,914,947			—			67,255,150
International Equity		348,315		(1,498,318	)		—			65,406,358
Emerging Markets Equity		—		—			(2,346,762	)		(25,089,704	)
Inflation Protected Bond		938,802		(6,309,420	)		—			(2,253,577	)
Flexible Income		—		—			(110,068	)		(3,100,561	)
Real Assets		1,012		74,083			—			(5,399,470	)
Real Estate Securities		2,238,827		2,712,554			—			8,499,387
Global Natural Resources Equity		—		—			(1,920,250	)		(66,933,141	)

290

At June 30, 2015, 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	$	97,974,741	$	(3,092,988	)	$	—	$	(3,092,988	)
MyDestination 2015		516,951,577		(20,786,174	)		—		(20,786,174	)
MyDestination 2025		734,161,570		(32,443,434	)		—		(32,443,434	)
MyDestination 2035		406,029,341		(18,100,807	)		—		(18,100,807	)
MyDestination 2045		293,836,226		(14,099,853	)		—		(14,099,853	)
MyDestination 2055		33,770,673		(1,269,939	)		46,391		(1,316,330	)
Conservative Allocation		316,022,812		(9,372,966	)		—		(9,372,966	)
Balanced Allocation		1,332,137,801		(54,906,908	)		—		(54,906,908	)
Growth Allocation		992,874,181		(43,822,934	)		—		(43,822,934	)
Aggressive Allocation		900,358,997		(27,237,503	)		608,691		(27,846,194	)
Conservative Allocation I		78,446,779		(4,640,214	)		—		(4,640,214	)
Balanced Allocation I		396,337,075		(30,272,008	)		—		(30,272,008	)
Growth Allocation I		282,664,827		(12,906,431	)		—		(12,906,431	)
Aggressive Allocation I		191,927,388		(6,022,289	)		—		(6,022,289	)
Money Market		1,250,438,210		—			—		—
Low-Duration Bond		1,065,939,387		(4,769,761	)		2,891,556		(7,661,317	)
Medium-Duration Bond		1,131,569,508		(4,210,765	)		13,553,799		(17,764,564	)
Extended-Duration Bond		287,661,868		10,138,887			18,343,180		(8,204,293	)
Global Bond		462,993,595		(5,869,866	)		14,934,014		(20,803,880	)
Defensive Market Strategies		664,483,636		33,405,037			43,203,136		(9,798,099	)
Equity Index		502,601,421		151,765,970			157,805,349		(6,039,379	)
Value Equity		1,292,188,928		212,049,956			242,347,068		(30,297,112	)
Growth Equity		1,412,021,036		223,441,522			250,701,130		(27,259,608	)
Small Cap Equity		676,130,738		66,541,599			89,887,123		(23,345,524	)
International Equity Index		106,192,675		(2,918,130	)		640,063		(3,558,193	)
International Equity		1,400,175,549		82,813,544			161,079,007		(78,265,463	)
Emerging Markets Equity		347,070,485		(26,032,479	)		21,398,730		(47,431,209	)
Inflation Protected Bond		310,261,206		(584,596	)		7,245,920		(7,830,516	)
Flexible Income		147,731,984		(1,543,088	)		483,852		(2,026,940	)
Real Assets		49,106,057		(4,679,693	)		—		(4,679,693	)
Real Estate Securities		296,445,255		(12,047,120	)		3,581,090		(15,628,210	)
Global Natural Resources		436,822,191		(67,544,668	)		6,534,060		(74,078,728	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the deferral of losses on straddles, gains on constructive sales and investments in PFIC’s, partnerships and other securities with book and tax cost differences.

291

At December 31, 2014, 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.

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	$	—		$	434,806		$	(434,806	)
MyDestination 2015		—			3,570,423			(3,570,423	)
MyDestination 2025		—			5,844,163			(5,844,163	)
MyDestination 2035		—			2,869,554			(2,869,554	)
MyDestination 2045		—			2,194,630			(2,194,630	)
MyDestination 2055		—			239,704			(239,704	)
Conservative Allocation		—			1,358,409			(1,358,409	)
Balanced Allocation		—			8,554,697			(8,554,697	)
Growth Allocation		—			7,019,462			(7,019,462	)
Aggressive Allocation		—			6,979,783			(6,979,783	)
Conservative Allocation I		—			419,137			(419,137	)
Balanced Allocation I		—			3,523,810			(3,523,810	)
Growth Allocation I		—			3,241,475			(3,241,475	)
Aggressive Allocation I		—			2,673,980			(2,673,980	)
Low-Duration Bond		—			3,888,974			(3,888,974	)
Medium-Duration Bond		—			4,830,403			(4,830,403	)
Extended-Duration Bond		—			381,112			(381,112	)
Global Bond		—			201,764			(201,764	)
Defensive Market Strategies		(812	)		1,033,320			(1,032,508	)
Equity Index		—			89,297			(89,297	)
Value Equity		—			275,548			(275,548	)
Growth Equity		—			4,269,589			(4,269,589	)
Small Cap Equity		—			471,542			(471,542	)
International Equity		—			2,133,430			(2,133,430	)
Emerging Markets Equity		(31,834	)		690,033			(658,199	)
Inflation Protected Bond		—			2,061,474			(2,061,474	)
Flexible Income		(1,400	)		(22,683	)		24,083
Real Assets		(5,496	)		428,693			(423,197	)
Real Estate Securities		—			711,534			(711,534	)
Global Natural Resources Equity		(2,165	)		1,110,426			(1,108,261	)

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.

292

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.

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.

293

10. RECENT SEC RULE AMENDMENT

On July 23, 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. These amendments are generally not effective until sometime in 2016, but when implemented may affect the Money Market Fund’s operations and return potential.

11. REGULATORY EXAMINATIONS

Federal and state regulatory authorities from time to time make inquiries and conduct examinations regarding compliance by the Trust and its affiliates with securities and other laws and regulations affecting the Funds. There are currently no such matters which the Trust and its affiliates believe will be material to these financial statements.

12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date that the financial statements were available to be issued. All subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

294

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-GS-FUNDS (1-888-473-8637).

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 TRUSTEES2
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 – present.	32	N/A
Paul H. Dixon, Ed.D. (1939) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Chancellor, Cedarville University, 2003 – Present.	32	Golden Gate Baptist Theological Seminary — Board of Trustees Member; Shepherd Ministries — Board of Director Member
Carson L. Eddy (1943) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2011	Retired — Partner in Charge (Orlando office), Carr, Riggs & Ingram, LLC, 2007 – 2013 – Certified Public Accountants; President, Quantum Consulting Group LLC, 2000 – 2013.	32	N/A
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2004	Senior Credit Officer, NewBridge Bank, 2014 - present; Chief Credit Officer, CapStone Bank, 2011 – 2014 (bank acquired by NewBridge Bank); Executive Vice President/Regional Credit Officer, SunTrust Bank, 1995 – 2011.	32	N/A
Barry D. Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Certified Public Accountant, 1987 – Present; Client Services and Firm Development, Haynes Strand and Company, PLLC, 2005 – 2010; Vice President of Business and Finance, Greensboro College, 1998 – 2005.	32	GuideStone Financial Resources — Board of Trustees Member, 2004 – 2012; GuideStone Funds — Board of Trustees, Interested Trustee, 2005 – 2012
Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2011	G400 Relations Manager, American Institute of Certified Public Accountants, 2012 – present; Executive Director, Society of Louisiana CPAs, 1995 – 2012.	32	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 75201-1498 Trustee	Since 2002	Independent Consultant, 2010 – present; Retired — Director, Office of Public Policy, South Carolina Baptist Convention, 1999 – 2011.	32	N/A
Franklin R. Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2005	Retired — Senior Vice President, Director of International Administration, Prudential Securities, Inc., 1960 – 2003.	32	N/A
Kyle Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2013	Vice President and Financial Advisor — CAPTRUST Financial Advisors, 2006 – Present.	32	N/A

295

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
INTERESTED TRUSTEES2,3
Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2012	Appraiser, Manager and Owner, Encompass Financial Services, Inc., 1984 – present, President and Owner, Custom Land Management, LLC, 1984 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 – present.	32	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, Board of Directors Member, July 2011 – July 2012; Cherokee Strip Foundation — Board of Trustees Member, 2013 – present; Enid Regional Development Alliance — Board of Trustees member, 2010 – present.
James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2010	Retired	32	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
OFFICERS WHO ARE NOT TRUSTEES4
Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1498 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
Melanie Childers (1971) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President – Fund Operations	Since 2014	Managing Director, Fund Operations, GuideStone Financial Resources, 2014 – present; Director, Funds Administration and Operations, GuideStone Financial Resources, 2009 – 2014.	N/A	N/A
Ronald C. Dugan, Jr. (1962) 2401 Cedar Springs Road Dallas, TX 75201-1498 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 75201-1498 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 – present.	N/A	N/A
Harold R. Loftin, Jr. (1959) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Legal Officer and Secretary	Since 2015	Vice President, General Counsel and Secretary, GuideStone Financial Resources, 2014 – present; Associate Counsel Fiduciary and Corporate Services, GuideStone Financial Resources, 2013 – 2014; Counsel, Dentons, 2011 – 2013; Trial Attorney, U.S. Securities and Exchange Commission, 2000 – 2011.	N/A	N/A
Patrick Pattison (1974) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Treasurer	Since 2008	Chief Accounting Officer, GuideStone Financial Resources, 2015 – present; Director of Financial Reporting & Process Review, GuideStone Financial Resources, 2008 – 2015.	N/A	N/A
Matt L. Peden (1967) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Investment Officer	Since 2001	Vice President and Chief Investment Officer, GuideStone Financial Resources, 2015 – present; Director of Portfolio Management, GuideStone Financial Resources, 2010 – 2015.	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.

296

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-GS-FUNDS (1-888-473-8637), by visiting our website at www.GuideStoneFunds.com 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.com 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.com. 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.

297

BOARD REVIEW OF NEW INVESTMENT ADVISORY AGREEMENT FOR INTERNATIONAL EQUITY INDEX FUND AND NEW SUB-ADVISORY AGREEMENTS FOR THE INTERNATIONAL EQUITY INDEX FUND AND GROWTH EQUITY FUND (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 the 1940 Act (the “Independent Trustees”), considered the approval of a new advisory agreement (“New Advisory Agreement”) between the Adviser and the Trust on behalf of the International Equity Index Fund, a new series of the Trust (“New Fund”). The Board also considered the approval of the following new sub-advisory agreements among: (i) Northern Trust Investments, Inc. (“NTI”), the Adviser and the Trust on behalf of the New Fund; (ii) Parametric Portfolio Associates LLC (“Parametric”), the Adviser and the Trust for the purpose of investing cash balances on behalf of the New Fund; (iii) Loomis, Sayles & Company, L.P. (“Loomis”), the Adviser and the Trust on behalf of the Growth Equity Fund; and (iv) Jackson Square Partners, LLC (“Jackson Square”), the Adviser and the Trust on behalf of the Growth Equity Fund (each a “New Sub-Advisory Agreement” and collectively, the “New Sub-Advisory Agreements”).

The Board approved the New Advisory Agreement and each New Sub-Advisory Agreement for a two-year term at an in-person meeting of the Board held on February 26-27, 2015. The New Fund commenced operations effective June 1, 2015.

The Board’s decision to approve the New Advisory Agreement and each New Sub-Advisory Agreement on behalf of the New Fund and the Growth Equity Fund reflects the exercise of its business judgment to enter into such agreements. In approving the New Advisory Agreement and each New Sub-Advisory Agreement, 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 Advisory Agreement and each New Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser or each sub-adviser; (ii) the experience and expertise of the Adviser or each sub-adviser; (iii) the financial capability of the Adviser or each sub-adviser; (iv) the compliance procedures and history of the Adviser or each sub-adviser; (v) the performance of each proposed investment strategy in comparison to any relevant benchmarks, similarly managed funds and each sub-adviser’s other clients; (vi) the amount of the contractual advisory or sub-advisory fee in comparison to fees for similarly managed funds and available information for each sub-adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expected expenses of the New Fund and Growth Equity Fund in comparison to those for similarly managed funds and the use of any anticipated expense caps; (viii) the expected profitability of the Adviser or each sub-adviser with respect to the New Fund and the Growth Equity Fund and its 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 realized by the Adviser or each sub-adviser, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits realized by the New Fund and the Growth Equity Fund. The Board also evaluated whether the approval of the New Advisory Agreement and each New Sub-Advisory Agreement was in the best interest of each of the New Fund and the Growth Equity Fund and their respective shareholders or future shareholders. No one factor was determinative in the Board’s consideration of the agreements, and each Trustee may have attributed different weights to the factors considered.

The Board undertook a review of the terms of the New Advisory Agreement and each New Sub-Advisory Agreement, and the nature, extent and quality of the services to be provided by the Adviser and each sub-adviser. The Adviser provided the Board with information in the form of reports about the New Fund and the Growth Equity Fund, 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.

The Board undertook a review of the terms of the New Advisory Agreement and each New Sub-Advisory Agreement, and the nature, extent and quality of the services to be provided by the Adviser and each sub-adviser. The Adviser provided the Board with information in the form of reports about the New Fund and the Growth Equity Fund, the Adviser and each sub-adviser prior

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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.

BOARD APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENT FOR INTERNATIONAL EQUITY INDEX FUND AND NEW SUB-ADVISORY AGREEMENTS FOR THE INTERNATIONAL EQUITY INDEX FUND AND GROWTH EQUITY FUND

Advisory Agreement

In considering the approval of the New Advisory Agreement with the Adviser on behalf of the New Fund, the Board took into account all the materials provided prior to the meeting, including the materials that the Board had considered at its February 26-27, 2015 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 Fund. The Board evaluated the Adviser’s experience in serving as an investment adviser. 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 the New Advisory Agreement and the responsibilities that the Adviser has as an investment adviser to the New Fund, including oversight of general Fund compliance, compliance with social restrictions and the implementation of Board directives as they relate to the New Fund. The Board noted that, except for the identity of the New Fund and its management fee, the New Advisory Agreement is identical in all material respects to the other advisory agreements entered into by the Trust for the existing portfolios. The Board concluded that the New 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.

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 New Advisory Agreement.

Sub-Advisory Agreements

In considering the approval of each New Sub-Advisory Agreement for the New Fund and the Growth Equity Fund, the Board took into account the materials provided prior to the meeting, including the materials that the Board had considered at its February 26-27, 2015 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 independent legal counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to each new sub-advisory arrangement, questions submitted by the Committee to Trust management regarding each sub-adviser, 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 each New Sub-Advisory Agreement, 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 reasonable and fair to each of the New Fund and the Growth Equity Fund and their respective shareholders and future shareholders. The Board reviewed the factors that they should consider in evaluating whether to approve each New Sub-Advisory Agreement and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of NTI, Parametric, Loomis and Jackson Square. The Board noted the experience of key personnel at each sub-adviser who would be providing investment management services to each applicable Fund; the systems and resources used by such persons to implement and manage each applicable strategy; and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of each New Sub-Advisory Agreement and the responsibilities that each sub-adviser would have to the applicable Fund, including the responsibility of day-to-day management and compliance with each Fund’s investment objectives and policies. The Board concluded that the New Fund and the Growth Equity Fund were likely to benefit from the nature, extent and quality of the services with respect to each applicable sub-adviser’s experience, personnel, operations and resources.

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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.

International Equity Index Fund

The Board examined the nature, extent and quality of the services to be provided by NTI. The Board noted the experience of key personnel at NTI in providing investment management services and the ability of NTI to attract and retain capable personnel. The Board noted the Trust’s long-term history with NTI as an existing sub-adviser running passive investment strategies within the Equity Index and Value Equity Funds. The Board noted the positive historical performance of an NTI account using the MSCI EAFE Index as its benchmark. While noting that past performance does not indicate future results, the Board considered that the performance of the NTI International Equity Index account consistently outperformed the MSCI EAFE Index, net of fees, for the one-, three-, five- and seven-year and since inception (January 1990) periods ending December 31, 2014. The Board noted that the Adviser was able to negotiate a fee schedule significantly below NTI’s standard schedule predicated upon NTI retaining its current sub-advisory relationships with the Trust.

The Board examined the nature, extent and quality of the services to be provided by Parametric. The Board noted the experience of Parametric in providing cash overlay services. The Board also noted the ability of Parametric to attract and retain capable personnel as well as Parametric’s reputation, compliance history and financial condition. The Board also noted that the contractual arrangements established with Parametric were established at the Trust level and the fees would remain the same as for the other series participating in the Trust’s cash overlay program.

Growth Equity Fund

The Board examined the nature, extent and quality of the services to be provided by Loomis. The Board noted the experience of key personnel at Loomis in providing investment management services and the ability of Loomis to attract and retain capable personnel. The Board considered the investment strategy proposed to be implemented by Loomis with respect to approximately 20% of the Growth Equity Fund’s assets that the Adviser intended to allocate to Loomis. The Board noted that the strategy was intended to complement the other strategies currently utilized in the Growth Equity Fund and, as such, was intended to enhance the Growth Equity Fund’s defensive, relative growth exposure. While noting that past performance does not indicate future results, the Board considered that the Loomis Large Cap Growth Strategy had outperformed its benchmark index (Russell 1000^® Growth Index), over the three-, five- and seven-year and since inception periods ended December 31, 2014. The Board noted that the Adviser was able to negotiate a fee schedule significantly below Loomis’ standard schedule. The Board noted that the Adviser would make a decision regarding whether or not to utilize a transition manager once the Adviser has received further analysis of the costs, timing and mechanics of the transition to Loomis of its allocation of the Growth Equity Fund’s assets.

The Board examined the nature, extent and quality of the services to be provided by Jackson Square. The Board noted the experience of key personnel at Jackson Square in providing investment management services and the ability of Jackson Square to attract and retain capable personnel. The Board considered the investment strategy proposed to be implemented by Jackson Square with respect to approximately 20% of the Growth Equity Fund’s assets that the Adviser intended to allocate to Jackson Square. The Board noted that the strategy was intended to complement the other strategies currently utilized in the Growth Equity Fund and, as such, would enhance the Growth Equity Fund’s core growth exposure. While noting that past performance does not indicate future results, the Board considered that the Jackson Square Large Cap Growth Strategy had outperformed its benchmark index (Russell 1000^® Growth Index), over the one-, three-, five- and seven-year and since inception periods ended December 31, 2014. The Board noted that the Adviser was able to negotiate a fee schedule significantly below Jackson Square’s standard schedule. The Board noted that the Adviser would make a decision regarding whether or not to utilize a transition manager once the Adviser has received further analysis of the costs, timing and mechanics of the transition to Jackson Square of its allocation of the Growth Equity Fund’s assets.

The Board noted that the Growth Equity Fund’s aggregate management fees would increase by approximately 0.01% (one basis point), based on current Growth Equity Fund assets, as a result of the appointment of Loomis and Jackson Square. The Board also noted that the Growth Equity Fund, and not the Adviser, pays fees to each new sub-adviser directly. Therefore, the appointment of the new sub-advisers is not expected to affect the Adviser’s profitability. The Board noted that the management fee for the Growth Equity Fund would continue to be competitive with the fees paid by other mutual funds to other advisers.

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Sub-Advisory Agreement Conclusions

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by Parametric and its affiliates as a result of its arrangement with the New Fund and Loomis and Jackson Square and their affiliates as a result of their arrangements with the Growth Equity Fund. The Board concluded that any potential benefits to be derived by the new sub-advisers included potential access to additional research resources, larger assets under management and reputational benefits, which were consistent with those generally derived by sub-advisers to mutual funds.

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 each of the New Fund and the Growth 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 each New Sub-Advisory Agreement. The Board also determined that the approval of each New Sub-Advisory Agreement was in the best interests of the New Fund and the Growth Equity Fund and their respective shareholders or future shareholders.

BOARD REVIEW OF AMENDED ADVISORY AGREEMENT

At an in-person meeting held on February 26-27, 2015, the Board, including a majority of the Independent Trustees who are not parties to the Advisory Agreement, dated August 27, 2001, as amended, between the Trust and the Adviser unanimously approved a proposal to amend the Advisory Agreement on or about May 1, 2015 (“Amended Advisory Agreement”) and determined to recommend shareholder approval of the Amended Advisory Agreement. Under the Amended Advisory Agreement: (1) the advisory fees for the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund would increase by 0.04% (four basis points), 0.03% (three basis points) and 0.06% basis points, respectively; (2) the advisory fee for each of the Real Assets Fund and the Extended-Duration Bond Fund, and each of the Asset Allocation Funds and MyDestination Funds^® would remain the same; and (3) the advisory fee for each of the other Funds not previously mentioned would decrease With the exception of the advisory fees and the effective date, the terms of the Amended Advisory Agreement are identical in all respects to the former Advisory Agreement between the Trust and the Adviser.

The Board undertook a review of the terms of the Amended Advisory Agreement, and the nature, extent and quality of the services to be provided by the Adviser. The Board reviewed detailed presentations by the Adviser regarding the comprehensive review process the Adviser used to recommend the changes to the advisory fee schedule, including the increase in the advisory fees for the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund. The Board also reviewed a fee analysis prepared by a consulting firm engaged by the Adviser for, among other things, supplying research on fee and expense comparisons of other similar funds.

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 approval of the Amended Advisory Agreement, as well as the Board’s responsibilities and duties in approving the agreement.

BOARD APPROVAL OF AMENDED ADVISORY AGREEMENT

In considering the approval of the Amended Advisory Agreement on behalf of each series of the Trust (each a “Fund” and collectively, the “Funds”), the Board took into account all the materials provided prior to the meeting, including the materials that the Board had considered at its February 26-27, 2015 meeting, the presentations made during the meeting and the extensive discussion during the meeting, including the discussions the Independent Trustees had during their executive session with their independent legal counsel.

The Board examined the nature, extent and quality of the services to be provided by the Adviser to the Funds. In evaluating the nature, quality and extent of the services to be provided by the Adviser under the Amended Advisory Agreement, the Board considered, among other things, that there were no differences between the Amended Advisory Agreement and the current Advisory Agreement, except for certain advisory fee rates and the effective date, and that there would be no diminution in the nature, quality and extent of services provided to the Funds and their shareholders. The Board noted that it is expected that the Adviser will continue to provide high quality advisory services under the Amended Advisory Agreement, which include, but are not limited to, the following: (i) evaluating existing and potential sub-advisers to the Funds; (ii) submitting recommendations to the Board concerning sub-advisers to be employed by particular Funds; (iii) monitoring and reporting to the Board concerning investment results of the sub-advisers; (iv) allocating each Fund’s assets among the sub-advisers; (v) coordinating the investment activities of the sub-advisers; (vi) ensuring compliance with each Fund’s applicable investment restrictions and limitations; and (vii) when appropriate, recommending that the Board terminate the services of sub-advisers employed by the Funds.

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The Board also considered that it recently had performed its annual review of the current Advisory Agreement at its September 11-12, 2014 Board meeting, at which time it had determined that it was satisfied with the nature, extent and quality of services provided by the Adviser to the Funds. The Board noted, among other things, that it had considered the short- and long-term performance of each Fund over various time periods, the Adviser’s experience in serving as the investment adviser to the Funds, including managing the allocation of the Funds’ assets among the sub-advisers and overseeing the sub-advisers’ management of such assets; the experience and expertise of key personnel at the Adviser in providing investment management and administrative services, the systems used by such persons, and the ability of the Adviser to attract and retain capable personnel; the reputation, compliance history, compliance program and financial condition of the Adviser; the Adviser’s oversight of the sub-advisers’ compliance with the Funds’ policies and objectives and oversight of general Fund compliance, including compliance with social restrictions and implementation of Board directives as they relate to the Funds.

The Board also reviewed detailed presentations by the Adviser regarding the comprehensive review process it used to recommend the changes to the advisory fee schedule, including the increase in the advisory fees for the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund. The Board considered the Adviser’s rationale for the changes to the advisory fees, which was namely to (i) reflect an improved methodology for setting advisory fees for current and future funds, which better reflects the costs associated with managing the funds; and (ii) appropriately balance the goal of a competitive fee structure for each Fund with achieving a reasonable level of profitability in relation to managing the Fund, consistent with the level of complexity and risk associated with the Fund. In addition, the Board considered the information provided by the Adviser to demonstrate the advisory fee previously set for each of the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund was too low given the complexity of managing that Fund.

The Board also reviewed a fee analysis prepared by a consulting firm engaged by the Adviser for, among other things, supplying research on fee and expense comparisons of other similar funds. The analysis compared each Fund with other funds that have similar investment styles and objectives and compared the share class of each Fund with other funds in a similar distribution channel. The Board analyzed the comparative fee and expense information for each Fund based upon current fee and expense information and the proposed fee and expense information, including comparative fee and 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 to be charged to each Fund.

The Board examined the performance information for the Investor Class of the Funds compared to the relevant benchmark and to Morningstar peer rankings, specifically for the three-, five- and 10-year average annual returns for the period ended December 31, 2014, noting the Global Bond Fund had less than 10 years of performance history and Morningstar does not recognize the 10-year historical performance of the Real Estate Securities Fund. In addition, the Board examined the performance information for the Funds compared to Lipper peer rankings for the three-, five- and 10 year-periods ended December 31, 2014. Among Lipper peers, the Board noted the Global Bond Fund ranked in the first quartile for the three- and five-year periods ended December 31, 2014, and that the Global Bond Fund had less than 10 years of performance history. The Board noted that the Real Estate Securities Fund ranked in the fourth quartile for the three-year period and the first quartile for the five- and 10-year periods ended December 31, 2014. In connection with the unfavorable three-year ranking, the Board noted the category change of the Fund during the three-year period as the Real Estate Securities Fund moved from a domestic fund to a global fund and further noted the dispersion between the domestic and global REIT market during this timeframe. The Board also noted that the Small Cap Equity Fund ranked in the second quartile for the three-year period, the first quartile for the five-year period and the third quartile for the 10-year period ended December 31, 2014.

The Board considered the extent to which the advisory fees paid to the Adviser reflected economies of scale. It was noted that due to the Trust’s multi-manager structure, it is difficult for the Adviser to determine that a higher level of assets under management will mean that economies of scale have been attained. It was further noted that despite significant growth in assets since 2009, the Adviser’s overall profitability has not materially changed. The Board further 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.

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In connection with considering the proposed revised advisory fee schedule, the Board considered that the Adviser was proposing to eliminate fee waivers for the majority of the Funds and discussed the Adviser’s rationale for such elimination. The Board noted that the Adviser had expressed its intent to continue to offer fee waivers in connection with new funds. The Board further noted that the proposed advisory fee schedule changes would result in an overall decrease in fee revenue to the Adviser.

With respect to the three Funds for which an advisory fee increase was proposed, the Board noted that the total management fees net of any fee waiver and expense reimbursement and the proposed total management fees exclusive of any fee waiver and expense reimbursement were at or below the median total management fees for other similar funds at the same asset levels for the Investor Class of the Global Bond Fund and Real Estate Securities Fund. For the Small Cap Equity Fund, the Board noted that the total management fees net of any fee waiver and expense reimbursement and the proposed total management fees exclusive of any fee waiver and expense reimbursement were above the median total management fees for other similar funds at the same asset levels for the Investor Class. In addition, the Board reviewed and evaluated the similar funds universe used for the Small Cap Equity Fund comparative analysis, noting that most of the funds in this universe were not truly comparable to the multi-manager structure and/or investment composition of the Small Cap Equity Fund, particularly given the number of the Small Cap Equity Fund’s sub-advisers that utilize growth strategies, which typically demand a higher fee than core or value strategies. In addition, the Board considered the projected total expense ratios net of any fee waiver and expense reimbursement and the projected total expense ratios exclusive of any fee waiver and expense reimbursement were above the median total expense ratios for other similar funds at the same assets levels for the Investor Class of each Fund. The Board took into account the Adviser’s agreement to continue to waive fees and/or reimburse expenses to the extent needed to limit total Fund operating expenses, before expense payments by broker-dealers, to 0.92% for the Investor Class of the Global Bond Fund, to 1.12% for the Investor Class of the Real Estate Securities Fund and to 1.03% for the Institutional Class and 1.29% for the Investor Class of the Small Cap Equity Fund (excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired Fund fees and expenses and expenses incurred in connection with the short sales of securities). The Adviser agreed to this contractual waiver and reimbursement from May 1, 2015 until April 30, 2016, noting that this contractual waiver and reimbursement can only be terminated by the Board.

The Board considered the costs to the Adviser 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 Amended Advisory Agreement. The Board considered the historical revenues that the Adviser received for serving as Adviser to the Funds under the existing Advisory Agreement and the anticipated revenues that the Adviser expected to receive for serving as Adviser to the Funds under the Amended Advisory Agreement, noting the fact that any profit received by the Adviser had been and would continue to be forwarded to its affiliate GuideStone Financial Resources of the Southern Baptist Convention, which for many years has operated at a deficit with respect to the Trust. The Board also considered the profitability estimates for the Adviser under the existing Advisory Agreement and the Amended Advisory Agreement. 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.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board determined that the Adviser would continue to provide advisory services that are appropriate in scope and extent and that the fees paid to the Adviser by each Fund under the Amended Advisory Agreement were fair and reasonable in light of the services to be performed.

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INVESTMENT SUB-ADVISERS (Assets under management as of June 30, 2015) (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	$	4.7Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	4.7Tr
	Pacific Investment Management Company LLC		1971	$	1.5Tr
	Payden & Rygel		1983	$	92.6B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	1.0Tr
	Pacific Investment Management Company LLC		1971	$	1.5Tr
	Western Asset Management Company		1971	$	452.5B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	242.2B
	Schroder Investment Management North America Inc.		1804	$	88.5B
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	242.2B
	Western Asset Management Company		1971	$	452.5B
Defensive Market Strategies	American Century Investment Management, Inc.		1958	$	150.6B
	AQR Capital Management, LLC		1998	$	136.2B
	Parametric Portfolio Associates LLC		1992	$	146.1B
	Shenkman Capital Management, Inc.		1985	$	29.8B
Equity Index	Northern Trust Investments, Inc.		1889	$	945.6B
Value Equity	AJO, LP		1984	$	25.8B
	Barrow, Hanley, Mewhinney & Straus, LLC		1979	$	97.1B
	Northern Trust Investments, Inc.		1889	$	945.6B
	TCW Investment Management Company		1971	$	178.7B
Growth Equity	Brown Advisory, LLC		1993	$	45.4B
	Jackson Square Partners, LLC		2013	$	29.6B
	Loomis, Sayles & Company, L.P.		1926	$	242.2B
	Marsico Capital Management, LLC		1997	$	13.4B
	Sands Capital Management, LLC		1992	$	46.5B
Small Cap Equity	AJO, LP		1984	$	25.8B
	Columbus Circle Investors		1975	$	15.9B
	RBC Global Asset Management (U.S.) Inc.		1983	$	41.1B
	Snow Capital Management L.P.		1980	$	4.1B
	TimesSquare Capital Management, LLC		2000	$	19.5B
International Equity Index	Northern Trust Investments, Inc.		1889	$	945.6B
International Equity	AQR Capital Management, LLC		1998	$	136.2B
	Baillie Gifford Overseas Limited		1983	$	190.3B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	97.1B
	MFS Institutional Advisors, Inc.		1970	$	439.5B
	Mondrian Investment Partners Ltd.		1990	$	62.9B
Emerging Markets Equity	AQR Capital Management, LLC		1998	$	136.2B
	Genesis Asset Managers, LLP and		1989	$	35.2B
	Genesis Investment Management, LLP
Inflation Protected Bond	BlackRock Financial Management, Inc.		1988	$	4.7Tr
Flexible Income	Shenkman Capital Management, Inc.		1985	$	29.8B
Real Estate Securities	Heitman Real Estate Securities, LLC		1989	$	34.3B
	RREEF America L.L.C.		1975	$	50.5B
Global Natural Resources Equity	SailingStone Capital Partners LLC		2014	$	6.6B
	Van Eck Associates Corporation		1955	$	31.1B
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889	$	6.2Tr
Cash Overlay for Date Target, Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC		1992	$	146.1B

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2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-GS-FUNDS • www.GuideStoneFunds.com	Funds distributed by Foreside Funds Distributors LLC 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312
	© 2015 GuideStone Funds     26305     07/15     2239

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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) Not applicable.

(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.

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 August 31, 2015

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 August 31, 2015

By (Signature and Title)*	/s/ Patrick Pattison
	Patrick Pattison, Vice President and Treasurer (principal financial officer)

Date August 31, 2015

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