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, 2016

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, 2016 (Unaudited) INSTITUTIONAL INVESTOR TARGET DATE 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 GCAYX GFIZX Balanced Allocation Fund GBAYX GGIZX Growth Allocation Fund GGRYX GCOZX Aggressive Allocation Fund GAGYX GGBZX 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 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	3
About Your Expenses	5
Abbreviations, Footnotes and Index Definitions	8
Date Target Funds:
MyDestination 2005 Fund	12
MyDestination 2015 Fund	13
MyDestination 2025 Fund	14
MyDestination 2035 Fund	15
MyDestination 2045 Fund	16
MyDestination 2055 Fund	17
Financial Statements	18
Asset Allocation Funds:
Conservative Allocation Fund	26
Balanced Allocation Fund	27
Growth Allocation Fund	28
Aggressive Allocation Fund	29
Financial Statements	30
Money Market and Bond Funds:
Money Market Fund	36
Low-Duration Bond Fund	39
Medium-Duration Bond Fund	57
Extended-Duration Bond Fund	88
Global Bond Fund	93
Financial Statements	108
Equity Funds:
Defensive Market Strategies Fund	118
Equity Index Fund	128
Value Equity Fund	134
Growth Equity Fund	139
Small Cap Equity Fund	142
International Equity Index Fund	149
International Equity Fund	160
Emerging Markets Equity Fund	169
Financial Statements	176
Real Return Select Funds:
Inflation Protected Bond Fund	188
Flexible Income Fund	191
Real Estate Securities Fund	199
Global Natural Resources Equity Fund	203
Financial Statements	206
Notes to Financial Statements	214
Fund Management	286
Board Review of Advisory Agreements	289

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.

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LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2016 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.

Among our activities during the first half of 2016, GuideStone Funds converted its Money Market Fund to a government money market fund in response to amended Rule 2a-7 of the Investment Company Act of 1940. That conversion was completed May 1. A government money market fund invests at least 99.5 percent of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. This decision allows GuideStone Funds to maintain the investment objectives for the current GuideStone Money Market Fund by investing for capital preservation, maintaining a stable $1.00 net asset value (NAV) and providing daily liquidity.

We invite you to learn more about GuideStone Funds and all of 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

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FROM THE CHIEF INVESTMENT OFFICER

Matt L. Peden, CFA

The first half of 2016 was a very unusual period in the financial markets. Yield and seeking stability were attributes heavily favored by most investors during the first six months, as long-term interest rates fell to unprecedented levels and global growth appeared increasingly stressed, but risky assets like stocks and high yield bonds also produced competitive returns.

The year began with a rash of market volatility that had not been experienced in some time. After falling some 11% and producing noise of a coming economic recession, the S&P 500^® Index rebounded roughly 14% to end the first quarter a mere 3% from its all-time high. Crude oil prices, which have been very highly correlated to equities, also suffered a roller coaster ride by falling to $26/bbl. before almost doubling to $51 plus by early June. A dramatic change in sentiment was responsible for this dramatic swing in asset prices.

Macroeconomic fears drove the downturn in stocks, oil and credit (high yield bonds suffered a steep decline as well) during the early part of the year. After beginning 2016 with little conviction, equity investors were immediately faced with Chinese policy makers announcing an accelerated depreciation of their currency, the yuan. This currency adjustment led to renewed fears of an economic slowdown in China and was followed by a rapid decline in crude oil prices and significant concern about the slowing world economy. Global central banks exacerbated the situation by employing the use of negative interest rates as a policy tool, which had the effect of significantly reducing central bank credibility and damaging the earnings prospects for commercial banks.

Sentiment turned sharply positive in mid-February, though, as a number of factors convinced investors that the bearishness had gone too far. One of the key factors was the belief that the U.S. Federal Reserve would delay raising interest rates until the global financial markets calmed down. This delay helped drive the U.S. dollar lower and spurred a rally in risk assets that continued through the end of June.

Financial market volatility was much more subdued as the six-month period progressed, while investor sentiment was buoyed by better-than-expected U.S. economic data, continued strength in oil prices and further expectations of no near-term Fed rate hike. The late June surprise Brexit vote created a brief surge of volatility, but U.S. stocks quickly recovered the 5% plus loss and finished the quarter near all-time highs. However, despite the gain produced by the S&P 500^® Index during the first half of the year, headwinds still remained for U.S. equity investors, while the out performance of what may be viewed as classic safe haven assets like government bonds, the Japanese yen and gold was a potential warning sign for stocks as the second period ended.

The anticipation of continued aggressive monetary policy from global central banks, and the ultra-low bond yields that resulted, were big themes over the past six months. The surprise results of the Brexit vote, in which voters in the United Kingdom (UK) elected to leave the European Union (EU), exacerbated the decline in yields as investors around the world rushed for what is perceived as the safety of government bonds. The Brexit results also pushed out expectations for the next Federal Reserve rate hike until 2017, while gold continued to rally. Because bonds and gold generally appreciate when investors have little confidence in future economic growth, the stock market rally (which is seen as a forecast of a stronger economy) was sending a very different message and also seemed unsustainable by the end of June. In addition, the best-performing stocks during the six-month period were what may have been viewed as traditional safe haven securities, such as low beta, high yielding and slower growth companies. Such an environment is not generally viewed as bullish for the broad equity market.

The U.S. economy grew at a relatively solid pace during the first half, but demonstrated some signs of weakness as the period ended. Real Gross Domestic Product for the second quarter was reported at a modest 1.2%, meaning the U.S. economy grew at a rate of only 1.0% during the first half of the year. The employment market remained strong, but some signs of weakness began to appear later in the period. As the economy has hit full employment, i.e., below 5%, monthly job gains have begun to slow down, while wage growth, at roughly 2.5% annualized, has yet to reach a level that is consistent with a normal economic expansion. However, consumer spending has continued to be the bright spot in the economy, and advanced at a 4.2% pace in the second quarter, while consumer confidence was quite resilient during the past six months. The manufacturing sector also showed signs of life, as the ISM Index rose to a 15-month high in June, while housing and auto sales has remained solid.

As of 06/30/16
	2nd Quarter			6 Months			1 Year
U.S. Stocks		2.46	%		3.84	%		3.99	%
Non-U.S. Stocks–Developed		-1.46	%		-4.42	%		-10.16	%
Non-U.S. Stocks–Emerging Markets		0.66	%		6.41	%		-12.05	%
Bonds		2.21	%		5.31	%		6.00	%
High Yield Bonds		5.52	%		9.06	%		1.62	%
Global Real Estate Investment Trusts (Equities)		3.46	%		8.87	%		11.58	%

Foreign developed equity markets lagged U.S. stocks during the first half of the year as the relative strength of the U.S. economy, and the impact of Brexit, drove investors to favor the U.S. equity market. However, emerging markets equities were the big winners as the strength in oil prices, attractive valuations and improved sentiment surrounding the Chinese economy drove demand for securities in these markets. Investment Grade corporate bonds and Real Estate Investment Trusts both produced strong returns, as they benefitted from falling interest rates and the demand for yield during the first six months, while high yield bonds rallied as risk appetite improved.

Over the past few months, investors have demonstrated a certain degree of complacency regarding the key risks in the market, including sustained weakness in U.S. corporate earnings, poor global economic growth, a continued decline in the Chinese currency and the

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potential for tighter financial conditions as the Fed raises the Fed Funds rate. In addition, stock valuations do not seem to be reflecting the potential uncertainty arising from the UK’s exit from the EU. The process has more political than economic implications, but no country has ever departed the EU before, so the process and outcome are very unclear. We do not foresee a U.S. recession this year, but do acknowledge that it may be difficult for stocks to move much higher in the near term given these troubling trends. In fact, a near-term correction in the stock market, as investors digest the recent gains and acknowledge the suspect fundamental environment, would not surprise us.

As far as our near-term outlook is concerned, we expect the remainder of 2016 to be similar to what transpired in the first half of the year, specifically slow but positive economic growth and uncertain asset class returns. We expect the heightened level of volatility experienced over the past 12 months will persist through the rest of the year, while various macroeconomic factors will continue to keep investors on edge. Despite the improvement in sentiment and powerful equity rally since mid-February, the current bull market and economic expansion are long in the tooth, and with a maturing cycle comes higher levels of risk and modest investment returns across all asset classes. We believe the best strategy for investors to manage this environment is to practice prudent diversification while maintaining a long-term investment focus.

In closing, thank you for investing in GuideStone Funds. We greatly appreciate your trust and the opportunity to manage your assets. We always welcome any questions you may have and invite you to visit our website, GuideStoneFunds.com, for additional fund information, commentaries and industry 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.

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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, 2016 to June 30, 2016.

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 01/01/16		Ending Account Value 06/30/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005	Investor	$	1,000.00	$	1,032.96		0.35	%	$	1.77
MyDestination 2015	Investor		1,000.00		1,039.17		0.35			1.77
MyDestination 2025	Investor		1,000.00		1,038.29		0.35			1.77
MyDestination 2035	Investor		1,000.00		1,026.31		0.35			1.76
MyDestination 2045	Investor		1,000.00		1,017.61		0.35			1.76
MyDestination 2055	Investor		1,000.00		1,018.10		0.35			1.76
Conservative Allocation	Institutional		1,000.00		1,032.02		0.15			0.75
	Investor		1,000.00		1,030.13		0.37			1.87
Balanced Allocation	Institutional		1,000.00		1,042.06		0.11			0.56
	Investor		1,000.00		1,041.12		0.36			1.85
Growth Allocation	Institutional		1,000.00		1,022.16		0.13			0.63
	Investor		1,000.00		1,021.24		0.37			1.88
Aggressive Allocation	Institutional		1,000.00		992.58		0.14			0.67
	Investor		1,000.00		991.65		0.38			1.90
Money Market	Institutional		1,000.00		1,001.39		0.17			0.85
	Investor		1,000.00		1,000.21		0.40			2.01
Low-Duration Bond	Institutional		1,000.00		1,014.31		0.37			1.86
	Investor		1,000.00		1,012.92		0.64			3.21
Medium-Duration Bond	Institutional		1,000.00		1,048.88		0.45			2.31
	Investor		1,000.00		1,047.97		0.73			3.72

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About Your Expenses (Unaudited) (Continued)

Actual
Fund	Class	Beginning Account  Value 01/01/16		Ending Account  Value 06/30/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Extended-Duration Bond	Institutional	$	1,000.00	$	1,132.09		0.57	%	$	3.04
	Investor		1,000.00		1,129.92		0.85			4.53
Global Bond	Institutional		1,000.00		1,088.68		0.59			3.08
	Investor		1,000.00		1,087.20		0.89			4.63
Defensive Market Strategies	Institutional		1,000.00		1,071.37		0.70			3.62
	Investor		1,000.00		1,070.15		0.97			5.02
Equity Index	Institutional		1,000.00		1,036.64		0.15			0.76
	Investor		1,000.00		1,034.92		0.42			2.10
Value Equity	Institutional		1,000.00		1,012.50		0.60			3.00
	Investor		1,000.00		1,011.87		0.87			4.34
Growth Equity	Institutional		1,000.00		961.02		0.76			3.71
	Investor		1,000.00		959.62		1.02			4.98
Small Cap Equity	Institutional		1,000.00		1,012.03		1.02			5.10
	Investor		1,000.00		1,011.21		1.28			6.41
International Equity Index	Institutional		1,000.00		961.97		0.57			2.78
International Equity (3)	Institutional		1,000.00		973.28		1.08			5.30
	Investor		1,000.00		972.69		1.36			6.67
Emerging Markets Equity	Institutional		1,000.00		1,094.01		1.29			6.70
	Investor		1,000.00		1,092.51		1.55			8.05
Inflation Protected Bond	Institutional		1,000.00		1,053.10		0.40			2.04
	Investor		1,000.00		1,052.21		0.71			3.63
Flexible Income	Investor		1,000.00		1,026.19		1.12			5.64
Real Estate Securities	Institutional		1,000.00		1,087.57		0.90			4.68
	Investor		1,000.00		1,086.24		1.14			5.91
Global Natural Resources Equity	Investor		1,000.00		1,318.98		1.26			7.27
HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/16		Ending Account Value 06/30/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005	Investor	$	1,000.00	$	1,023.10		0.35	%	$	1.76
MyDestination 2015	Investor		1,000.00		1,023.10		0.35			1.76
MyDestination 2025	Investor		1,000.00		1,023.10		0.35			1.76
MyDestination 2035	Investor		1,000.00		1,023.10		0.35			1.76
MyDestination 2045	Investor		1,000.00		1,023.10		0.35			1.76
MyDestination 2055	Investor		1,000.00		1,023.10		0.35			1.76
Conservative Allocation	Institutional		1,000.00		1,024.11		0.15			0.75
	Investor		1,000.00		1,022.99		0.37			1.87
Balanced Allocation	Institutional		1,000.00		1,024.30		0.11			0.56
	Investor		1,000.00		1,023.02		0.36			1.84
Growth Allocation	Institutional		1,000.00		1,024.23		0.13			0.63
	Investor		1,000.00		1,022.97		0.37			1.89
Aggressive Allocation	Institutional		1,000.00		1,024.17		0.14			0.69
	Investor		1,000.00		1,022.93		0.38			1.93

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HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/16		Ending Account Value 06/30/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Money Market	Institutional	$	1,000.00	$	1,024.00		0.17	%	$	0.86
	Investor		1,000.00		1,022.82		0.40			2.04
Low-Duration Bond	Institutional		1,000.00		1,022.99		0.37			1.87
	Investor		1,000.00		1,021.63		0.64			3.23
Medium-Duration Bond	Institutional		1,000.00		1,022.57		0.45			2.29
	Investor		1,000.00		1,021.19		0.73			3.67
Extended-Duration Bond	Institutional		1,000.00		1,021.97		0.57			2.89
	Investor		1,000.00		1,020.56		0.85			4.30
Global Bond	Institutional		1,000.00		1,021.88		0.59			2.98
	Investor		1,000.00		1,020.36		0.89			4.50
Defensive Market Strategies	Institutional		1,000.00		1,021.32		0.70			3.54
	Investor		1,000.00		1,019.95		0.97			4.91
Equity Index	Institutional		1,000.00		1,024.10		0.15			0.76
	Investor		1,000.00		1,022.77		0.42			2.09
Value Equity	Institutional		1,000.00		1,021.84		0.60			3.02
	Investor		1,000.00		1,020.49		0.87			4.37
Growth Equity	Institutional		1,000.00		1,021.03		0.76			3.83
	Investor		1,000.00		1,019.71		1.02			5.15
Small Cap Equity	Institutional		1,000.00		1,019.83		1.02			5.12
	Investor		1,000.00		1,018.41		1.28			6.45
International Equity Index	Institutional		1,000.00		1,021.99		0.57			2.87
International Equity (3)	Institutional		1,000.00		1,019.52		1.08			5.42
	Investor		1,000.00		1,018.13		1.36			6.82
Emerging Markets Equity	Institutional		1,000.00		1,018.38		1.29			6.48
	Investor		1,000.00		1,017.07		1.55			7.79
Inflation Protected Bond	Institutional		1,000.00		1,022.85		0.40			2.01
	Investor		1,000.00		1,021.28		0.71			3.58
Flexible Income	Investor		1,000.00		1,019.22		1.12			5.64
Real Estate Securities	Institutional		1,000.00		1,020.33		0.90			4.53
	Investor		1,000.00		1,019.13		1.14			5.73
Global Natural Resources Equity	Investor		1,000.00		1,018.52		1.26			6.34

⁽¹⁾ Expenses include the effect of contractual waivers by GuideStone Capital Management. The Target Date Funds’ and Asset Allocation Funds’ 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, 2016 through June 30, 2016, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

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

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ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:

ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
CDO	—	Collateralized Debt Obligation
CDX	—	A series of indices that track North American and emerging market credit derivative indexes.
CETIP	—	Latin America’s largest central depository for securities and derivatives.
CLO	—	Collateralized Loan Obligation
CMBS	—	Commercial Mortgage-Backed Securities
CMBX	—	A group of indices made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.
CONV	—	Convertible
CVA	—	Dutch Certificate
DIP	—	Debtor in Possession
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
IO	—	Interest Only (Principal amount shown is notional)
iTraxx	—	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.
KLIBOR	—	Kuala Lumpur Interbank Offer Rate
KORIBOR	—	Korea Interbank Offer Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
MXN- TIIE- Banxico	—	The Equilibrium Interbank Interest Rate (“TIIE”) represents interbank credit transactions in local currency (MXN).
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SDR	—	Special Drawing Rights
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.
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of June 30, 2016, the total market values and percentages of net assets for 144A securities by fund were as follows:

	Value of		Percentage of
Fund	144A Securities		Net Assets
Low-Duration Bond	$	198,204,628		22.02	%
Medium-Duration Bond		111,666,187		11.89
Extended-Duration Bond		20,925,274		7.29
Global Bond		89,780,119		22.03
Defensive Market Strategies		18,689,037		2.76
International Equity Index		435,904		0.37
International Equity		5,742,021		0.46
Emerging Markets Equity		2,957,465		0.88
Inflation Protected Bond		4,596,579		1.49
Real Estate Securities		1,289,210		0.49
Flexible Income Fund		6,069,443		4.01

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. Rate shown reflects the rate in effect as of June 30, 2016. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Rate shown reflects the effective yield as of June 30, 2016.
¥	—	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, 2016, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities		Percentage of Net Assets
Low-Duration Bond	$	1,526,788		0.17	%
Medium-Duration Bond		5,171,919		0.55
Global Bond		3,322,634		0.82
Defensive Market Strategies		7,462,015		1.10
Small Cap Equity		—		—
International Equity Index		34,177		0.03
International Equity		146,590		0.01
Emerging Markets Equity		197,816		0.06

8

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).
(D)	—	Par is denominated in Danish Kroner (DKK).
(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).
(R)	—	Par is denominated in Malaysian Ringgits (MYR).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Dominican Peso (DOP).
(X)	—	Par is denominated in Colombian Peso (COP).
(Y)	—	Par is denominated in Chinese Yuan (CNY).
(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.
ICE	—	Counterparty to contract is Intercontinental Exchange.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
KS	—	Counterparty to contract is Knight Securities.
MFG	—	Counterparty to contract is MF Global.
LCH	—	Counterparty to contract is LCH.Clearnet
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.
WMR	—	Counterparty to contract is Westminster Research.

9

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. Treasury Inflation Protected Securities (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 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 World Commodity Producers Index is a free float-adjusted market capitalization index designed to reflect the performance of the three underlying commodity markets: energy, metals and agricultural products.

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

10

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

The MSCI EM (Emerging Markets) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

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 Leveraged 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 Leveraged Loan Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers.

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.

11

MYDESTINATION 2005 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.6%
GuideStone Money Market Fund (Institutional Class)¥		1,606,840	$	1,606,840
GuideStone Low-Duration Bond Fund (Institutional Class)¥		4,942,668		41,814,969
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		1,613,049		11,146,170
GuideStone Global Bond Fund (Institutional Class)¥		289,709		2,824,665
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		838,453		9,960,827
GuideStone Equity Index Fund (Institutional Class)¥		398,852		3,501,921
GuideStone Value Equity Fund (Institutional Class)¥		466,558		3,480,523
GuideStone Growth Equity Fund (Institutional Class)¥		386,462		3,458,831
GuideStone Small Cap Equity Fund (Institutional Class)¥		161,051		1,219,157
GuideStone International Equity Index Fund (Institutional Class)¥		229,795		1,976,236
GuideStone International Equity Fund (Institutional Class)¥		419,316		3,970,924
GuideStone Emerging Market Equity Fund (Institutional Class)¥		204,487		1,642,029
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		999,725		10,507,111
GuideStone Flexible Income Fund (Investor Class)¥		548,777		5,163,994

	Shares		Value
GuideStone Real Estate Securities Fund (Institutional Class)¥		103,844	$	1,047,790
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		321,969		2,170,074
Total Mutual Funds (Cost $107,586,162)				105,492,061
	Par
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.31%, 09/08/16W‡‡	$	50,000		49,981
0.43%, 12/08/16W‡‡		50,000		49,938
Total U.S. Treasury Obligations (Cost $99,877)				99,919
TOTAL INVESTMENTS — 99.7% (Cost $107,686,039)				105,591,980
Other Assets in Excess of Liabilities — 0.3%				319,473
NET ASSETS — 100.0%			$	105,911,453

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		54.2
U.S. Equity Select Funds		20.4
Real Return Select Funds		17.8
Non-U.S. Equity Select Funds		7.2
U.S. Treasury Obligations		0.1
		99.7

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	105,492,061	$	105,492,061	$	—	$	—
U.S. Treasury Obligations		99,919		—		99,919		—
Total Assets — Investments in Securities	$	105,591,980	$	105,492,061	$	99,919	$	—
Other Financial Instruments***
Futures Contracts	$	10,990	$	10,990	$	—	$	—
Total Assets — Other Financial Instruments	$	10,990	$	10,990	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

12

MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (Institutional Class)¥		6,528,282	$	6,528,282
GuideStone Low-Duration Bond Fund (Institutional Class)¥		8,170,505		69,122,474
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		9,531,957		65,865,823
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,442,954		6,002,691
GuideStone Global Bond Fund (Institutional Class)¥		2,372,251		23,129,449
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		7,510,028		89,219,129
GuideStone Equity Index Fund (Institutional Class)¥		3,245,982		28,499,725
GuideStone Value Equity Fund (Institutional Class)¥		3,816,868		28,473,832
GuideStone Growth Equity Fund (Institutional Class)¥		3,153,295		28,221,990
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,537,934		11,642,159
GuideStone International Equity Index Fund (Institutional Class)¥		1,892,425		16,274,854
GuideStone International Equity Fund (Institutional Class)¥		3,552,475		33,641,934
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,707,348		13,710,008

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		4,816,238	$	50,618,665
GuideStone Flexible Income Fund (Investor Class)¥		2,658,763		25,018,964
GuideStone Real Estate Securities Fund (Institutional Class)¥		514,368		5,189,974
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,652,651		11,138,869
Total Mutual Funds (Cost $539,577,080)				512,298,822
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $299,440)	$	300,000		299,625
TOTAL INVESTMENTS — 99.9% (Cost $539,876,520)				512,598,447
Other Assets in Excess of Liabilities — 0.1%				647,583
NET ASSETS — 100.0%			$	513,246,030

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		36.3
Fixed Income Select Funds		33.2
Real Return Select Funds		17.9
Non-U.S. Equity Select Funds		12.4
U.S. Treasury Obligation		0.1
		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	512,298,822	$	512,298,822	$	—	$	—
U.S. Treasury Obligation		299,625		—		299,625		—
Total Assets — Investments in Securities	$	512,598,447	$	512,298,822	$	299,625	$	—
Other Financial Instruments***
Futures Contracts	$	97,551	$	97,551	$	—	$	—
Total Assets — Other Financial Instruments	$	97,551	$	97,551	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

13

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		13,828,492	$	13,828,492
GuideStone Low-Duration Bond Fund (Institutional Class)¥		6,599,705		55,833,506
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		11,346,662		78,405,433
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		4,790,461		19,928,319
GuideStone Global Bond Fund (Institutional Class)¥		4,258,247		41,517,910
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		11,536,653		137,055,438
GuideStone Equity Index Fund (Institutional Class)¥		6,968,943		61,187,318
GuideStone Value Equity Fund (Institutional Class)¥		8,210,597		61,251,051
GuideStone Growth Equity Fund (Institutional Class)¥		6,789,907		60,769,664
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,336,647		25,258,416
GuideStone International Equity Index Fund (Institutional Class)¥		4,060,710		34,922,107
GuideStone International Equity Fund (Institutional Class)¥		7,723,868		73,145,028
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,666,846		29,444,777
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		3,386,814		35,595,412

	Shares		Value
GuideStone Flexible Income Fund (Investor Class)¥		1,719,123	$	16,176,952
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,837,530		18,540,673
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		3,612,542		24,348,534
Total Mutual Funds (Cost $842,877,433)				787,209,030
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $499,067)	$	500,000		499,375
TOTAL INVESTMENTS — 100.2% (Cost $843,376,500)				787,708,405
Liabilities in Excess of Other Assets — (0.2)%				(1,478,006	)
NET ASSETS — 100.0%			$	786,230,399

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		43.9
Fixed Income Select Funds		26.7
Non-U.S. Equity Select Funds		17.5
Real Return Select Funds		12.0
U.S. Treasury Obligation		0.1
		100.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	787,209,030	$	787,209,030	$	—	$	—
U.S. Treasury Obligation		499,375		—		499,375		—
Total Assets — Investments in Securities	$	787,708,405	$	787,209,030	$	499,375	$	—
Other Financial Instruments***
Futures Contracts	$	75,474	$	75,474	$	—	$	—
Total Assets — Other Financial Instruments	$	75,474	$	75,474	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

14

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		9,102,144	$	9,102,144
GuideStone Low-Duration Bond Fund (Institutional Class)¥		551,375		4,664,631
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,886,903		26,858,499
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,137,231		4,730,882
GuideStone Global Bond Fund (Institutional Class)¥		3,706,109		36,134,563
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		858,744		10,201,878
GuideStone Equity Index Fund (Institutional Class)¥		6,066,532		53,264,147
GuideStone Value Equity Fund (Institutional Class)¥		7,110,965		53,047,801
GuideStone Growth Equity Fund (Institutional Class)¥		5,876,471		52,594,416
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,550,762		26,879,265
GuideStone International Equity Index Fund (Institutional Class)¥		3,665,478		31,523,108
GuideStone International Equity Fund (Institutional Class)¥		6,674,155		63,204,252
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,315,261		26,621,542

	Shares		Value
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,389,909	$	14,024,184
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,381,440		16,050,906
Total Mutual Funds (Cost $478,546,905)				428,902,218
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $499,066)	$	500,000		499,375
TOTAL INVESTMENTS — 100.0% (Cost $479,045,971)				429,401,593
Liabilities in Excess of Other Assets — 0.0%				(33,679	)
NET ASSETS — 100.0%			$	429,367,914

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		45.6
Non-U.S. Equity Select Funds		28.3
Fixed Income Select Funds		19.0
Real Return Select Funds		7.0
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	428,902,218	$	428,902,218	$	—	$	—
U.S. Treasury Obligation		499,375		—		499,375		—
Total Assets — Investments in Securities	$	429,401,593	$	428,902,218	$	499,375	$	—
Other Financial Instruments***
Futures Contracts	$	39,684	$	39,684	$	—	$	—
Total Assets — Other Financial Instruments	$	39,684	$	39,684	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

15

MYDESTINATION 2045 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		6,884,377	$	6,884,377
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		325,616		2,250,005
GuideStone Global Bond Fund (Institutional Class)¥		1,940,225		18,917,198
GuideStone Equity Index Fund (Institutional Class)¥		5,066,965		44,487,953
GuideStone Value Equity Fund (Institutional Class)¥		5,944,146		44,343,329
GuideStone Growth Equity Fund (Institutional Class)¥		4,916,920		44,006,434
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,242,124		24,542,877
GuideStone International Equity Index Fund (Institutional Class)¥		3,102,712		26,683,320
GuideStone International Equity Fund (Institutional Class)¥		5,733,536		54,296,585
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,836,897		22,780,284
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,005,718		10,147,691
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,699,493		11,454,586
Total Mutual Funds (Cost $350,826,342)				310,794,639

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $399,254)	$	400,000	$	399,499
TOTAL INVESTMENTS — 100.0% (Cost $351,225,596)				311,194,138
Other Assets in Excess of Liabilities — 0.0%				46,888
NET ASSETS — 100.0%			$	311,241,026

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		50.6
Non-U.S. Equity Select Funds		33.3
Fixed Income Select Funds		9.0
Real Return Select Funds		7.0
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	310,794,639	$	310,794,639	$	—	$	—
U.S. Treasury Obligation		399,499		—		399,499		—
Total Assets — Investments in Securities	$	311,194,138	$	310,794,639	$	399,499	$	—
Other Financial Instruments***
Futures Contracts	$	21,479	$	21,479	$	—	$	—
Total Assets — Other Financial Instruments	$	21,479	$	21,479	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

16

MYDESTINATION 2055 FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.4%
GuideStone Money Market Fund (Institutional Class)¥		1,159,329	$	1,159,329
GuideStone Global Bond Fund (Institutional Class)¥		239,478		2,334,913
GuideStone Equity Index Fund (Institutional Class)¥		799,554		7,020,081
GuideStone Value Equity Fund (Institutional Class)¥		939,945		7,011,989
GuideStone Growth Equity Fund (Institutional Class)¥		777,141		6,955,410
GuideStone Small Cap Equity Fund (Institutional Class)¥		525,171		3,975,546
GuideStone International Equity Index Fund (Institutional Class)¥		509,860		4,384,796
GuideStone International Equity Fund (Institutional Class)¥		927,168		8,780,284
GuideStone Emerging Market Equity Fund (Institutional Class)¥		438,975		3,524,966
GuideStone Real Estate Securities Fund (Institutional Class)¥		156,972		1,583,845
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		235,743		1,588,905
Total Mutual Funds (Cost $52,502,145)				48,320,064

	Par		Value
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
0.31%, 09/08/16W‡‡	$	50,000	$	49,981
0.43%, 12/08/16W‡‡		50,000		49,937
Total U.S. Treasury Obligations (Cost $99,877)				99,918
TOTAL INVESTMENTS — 100.6% (Cost $52,602,022)				48,419,982
Liabilities in Excess of Other Assets — (0.6)%				(274,187	)
NET ASSETS — 100.0%			$	48,145,795

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		51.8
Non-U.S. Equity Select Funds		34.7
Fixed Income Select Funds		7.3
Real Return Select Funds		6.6
U.S. Treasury Obligations		0.2
		100.6

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	48,320,064	$	48,320,064	$	—	$	—
U.S. Treasury Obligations		99,918		—		99,918		—
Total Assets — Investments in Securities	$	48,419,982	$	48,320,064	$	99,918	$	—
Other Financial Instruments***
Futures Contracts	$	3,235	$	3,235	$	—	$	—
Total Assets — Other Financial Instruments	$	3,235	$	3,235	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

17

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2016 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	99,919		$	299,625
Investments in securities of affiliated issuers, at value		105,492,061			512,298,822
Total investments (1)		105,591,980			512,598,447
Receivables:
Dividends		411			1,413
Receivable from advisor		3,042			—
Investment securities sold		309,000			757,000
Fund shares sold		300,350			255,029
Variation margin on financial futures contracts		6,475			46,390
Prepaid expenses and other assets		25,659			28,576
Total Assets		106,236,917			513,686,855
Liabilities
Payables:
Investment securities purchased		—			260,000
Fund shares redeemed		276,343			—
Variation margin on financial futures contracts		—			1,328
Accrued expenses:
Investment advisory fees		—			25,124
Shareholder servicing fees		21,512			105,027
Other expenses		27,609			49,346
Total Liabilities		325,464			440,825
Net Assets	$	105,911,453		$	513,246,030
Net Assets Consist of:
Paid-in-capital	$	107,974,815		$	529,704,972
Accumulated net investment income		353,295			2,285,583
Undistributed (accumulated) net realized gain (loss) on investments and derivative transactions		(333,588	)		8,435,997
Net unrealized appreciation (depreciation) on investments and derivative transactions		(2,083,069	)		(27,180,522	)
Net Assets	$	105,911,453		$	513,246,030
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	105,911,453		$	513,246,030
Investor shares outstanding		10,563,419			53,737,702
Net asset value, offering and redemption price per Investor share	$	10.03		$	9.55
(1)      Investments in securities of unaffiliated issuers, at cost	$	99,877		$	299,440
Investments in securities of affiliated issuers, at cost		107,586,162			539,577,080
Total investments at cost	$	107,686,039		$	539,876,520

See Notes to Financial Statements.

18

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	499,375		$	499,375		$	399,499		$	99,918
	787,209,030			428,902,218			310,794,639			48,320,064
	787,708,405			429,401,593			311,194,138			48,419,982
	2,694			1,798			1,289			201
	—			—			—			6,693
	1,437,000			—			—			26,113
	78,558			78,024			63,198			28,444
	103,190			88,560			77,281			9,360
	26,538			24,999			26,071			26,039
	789,356,385			429,594,974			311,361,977			48,516,832
	2,560,000			—			—			330,000
	304,541			75,310			5,019			1,239
	1,953			734			313			—
	43,521			19,216			10,918			—
	159,173			87,228			63,211			9,682
	56,798			44,572			41,490			30,116
	3,125,986			227,060			120,951			371,037
$	786,230,399		$	429,367,914		$	311,241,026		$	48,145,795
$	821,722,360		$	463,486,683		$	339,096,436		$	51,162,977
	3,746,646			1,871,789			1,136,204			171,182
	16,354,014			13,614,136			11,018,365			990,441
	(55,592,621	)		(49,604,694	)		(40,009,979	)		(4,178,805	)
$	786,230,399		$	429,367,914		$	311,241,026		$	48,145,795
$	786,230,399		$	429,367,914		$	311,241,026		$	48,145,795
	85,236,230			50,069,322			38,456,916			4,281,183
$	9.22		$	8.58		$	8.09		$	11.25
$	499,067		$	499,066		$	399,254		$	99,877
	842,877,433			478,546,905			350,826,342			52,502,145
$	843,376,500		$	479,045,971		$	351,225,596		$	52,602,022

See Notes to Financial Statements.

19

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2016 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	529,818		$	3,142,461
Interest		86			393
Total Investment Income		529,904			3,142,854
Expenses
Investment advisory fees		51,504			248,869
Transfer agent fees:
Investor Shares		10,456			13,859
Custodian fees		6,585			10,243
Shareholder servicing fees:
Investor Shares		126,149			612,337
Accounting and administration fees		4,560			14,811
Professional fees		27,316			27,316
Blue sky fees:
Investor Shares		9,550			11,282
Shareholder reporting fees:
Investor Shares		3,435			9,396
Trustee expenses		589			2,916
Line of credit facility fees and interest expense		316			1,573
Other expenses		7,274			9,163
Total Expenses		247,734			961,765
Expenses waived/reimbursed net of amount recaptured(1)		(71,125	)		(104,494	)
Net Expenses		176,609			857,271
Net investment income		353,295			2,285,583
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		166,215			1,428,530
Net realized loss on investment securities of unaffiliated issuers		(1,028,776	)		(1,096,015	)
Net realized gain on futures transactions		34,598			204,680
Net realized gain (loss)		(827,963	)		537,195
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		3,869,076			16,772,601
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		42			185
Change in unrealized appreciation (depreciation) on futures		17,492			87,939
Net change in unrealized appreciation (depreciation)		3,886,610			16,860,725
Net Realized and Unrealized Gain		3,058,647			17,397,920
Net Increase in Net Assets Resulting from Operations	$	3,411,942		$	19,683,503

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

See Notes to Financial Statements.

20

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	5,020,158		$	2,566,971		$	1,637,173		$	244,548
	661			629			537			74
	5,020,819			2,567,600			1,637,710			244,622
	370,369			203,296			146,576			21,480
	15,781			12,383			11,735			9,407
	12,135			9,814			9,171			5,012
	910,124			497,008			358,219			52,457
	21,011			12,349			9,387			2,502
	27,316			27,316			27,316			27,316
	10,236			9,746			9,169			7,832
	12,612			7,166			5,726			1,776
	4,225			2,318			1,662			219
	2,272			1,245			894			118
	12,616			10,339			9,531			7,379
	1,398,697			792,980			589,386			135,498
	(124,524	)		(97,169	)		(87,880	)		(62,058	)
	1,274,173			695,811			501,506			73,440
	3,746,646			1,871,789			1,136,204			171,182
	2,870,735			2,011,614			1,618,416			255,233
	(2,331,048	)		(1,512,004	)		(1,486,477	)		(713,070	)
	267,421			204,929			140,975			30,385
	807,108			704,539			272,914			(427,452	)
	25,041,448			8,487,107			4,749,637			1,325,793
	308			309			245			41
	56,882			14,002			(272	)		6,755
	25,098,638			8,501,418			4,749,610			1,332,589
	25,905,746			9,205,957			5,022,524			905,137
$	29,652,392		$	11,077,746		$	6,158,728		$	1,076,319

See Notes to Financial Statements.

21

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Six Months Ended 06/30/16			For the  Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the  Year Ended 12/31/15
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	353,295		$	1,150,666		$	2,285,583		$	6,868,016
Net realized gain (loss) on investment securities and futures transactions		(827,963	)		4,874,894			537,195			60,681,123
Net change in unrealized appreciation (depreciation) on investment securities and futures		3,886,610			(7,615,947	)		16,860,725			(78,110,461	)
Net increase (decrease) in net assets resulting from operations		3,411,942			(1,590,387	)		19,683,503			(10,561,322	)
Dividends and Distributions to Shareholders:
Dividends from net investment income		—			(1,152,425	)		—			(6,878,105	)
Distributions from net realized capital gains		—			(4,969,548	)		—			(57,954,824	)
Total dividends and distributions		—			(6,121,973	)		—			(64,832,929	)
Capital Share Transactions:
Proceeds from Investor shares sold		16,634,763			27,506,031			41,869,496			73,578,395
Reinvestment of dividends and distributions into Investor shares		—			6,121,233			—			64,831,368
Total proceeds from shares sold and reinvested		16,634,763			33,627,264			41,869,496			138,409,763
Value of Investor shares redeemed		(10,227,539	)		(22,044,249	)		(27,819,279	)		(63,828,211	)
Net increase from capital share transactions(1)		6,407,224			11,583,015			14,050,217			74,581,552
Total increase (decrease) in net assets		9,819,166			3,870,655			33,733,720			(812,699	)
Net Assets:
Beginning of Period		96,092,287			92,221,632			479,512,310			480,325,009
End of Period*	$	105,911,453		$	96,092,287		$	513,246,030		$	479,512,310
*Including undistributed net investment income	$	353,295		$	—		$	2,285,583		$	—

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

See Notes to Financial Statements.

22

MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Six Months Ended 06/30/16			For the  Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the  Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the  Year Ended 12/31/15			For the Six Months  Ended 06/30/16			For the  Year Ended 12/31/15
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
$	3,746,646		$	10,118,243		$	1,871,789		$	5,369,781		$	1,136,204		$	3,345,580		$	171,182		$	423,709
	807,108			96,518,835			704,539			63,641,995			272,914			47,896,386			(427,452	)		3,112,500
	25,098,638			(128,538,405	)		8,501,418			(86,406,268	)		4,749,610			(64,673,589	)		1,332,589			(5,211,897	)
	29,652,392			(21,901,327	)		11,077,746			(17,394,492	)		6,158,728			(13,431,623	)		1,076,319			(1,675,688	)
	—			(10,113,645	)		—			(5,368,991	)		—			(3,351,321	)		—			(425,054	)
	—			(91,105,779	)		—			(59,976,161	)		—			(43,705,295	)		—			(2,675,837	)
	—			(101,219,424	)		—			(65,345,152	)		—			(47,056,616	)		—			(3,100,891	)
	68,341,193			107,980,511			34,014,248			67,002,823			27,007,243			49,939,603			10,310,161			18,058,275
	—			101,215,951			—			65,345,152			—			47,056,616			—			3,100,891
	68,341,193			209,196,462			34,014,248			132,347,975			27,007,243			96,996,219			10,310,161			21,159,166
	(19,461,275	)		(37,073,023	)		(7,002,865	)		(17,141,728	)		(3,643,370	)		(8,184,280	)		(1,705,996	)		(5,729,952	)
	48,879,918			172,123,439			27,011,383			115,206,247			23,363,873			88,811,939			8,604,165			15,429,214
	78,532,310			49,002,688			38,089,129			32,466,603			29,522,601			28,323,700			9,680,484			10,652,635
	707,698,089			658,695,401			391,278,785			358,812,182			281,718,425			253,394,725			38,465,311			27,812,676
$	786,230,399		$	707,698,089		$	429,367,914		$	391,278,785		$	311,241,026		$	281,718,425		$	48,145,795		$	38,465,311
$	3,746,646		$	—		$	1,871,789		$	—		$	1,136,204		$	—		$	171,182		$	—

See Notes to Financial Statements.

23

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			Distributions from Net Realized Capital Gains			Net  Asset Value, End of Year		Total Return			Net Assets, End of  Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
MyDestination 2005 Fund
Investor Class
2016(5)	$	9.71	$	0.03	#	$	0.02	$	0.27		$	—		$	—		$	10.03		3.30	%	$	105,911		0.35	%		0.49	%		0.70	%		4	%
2015		10.54		0.13	#		0.21		(0.52	)		(0.11	)		(0.54	)		9.71		(1.63	)		96,092		0.30			0.41			1.20			110	(6)
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
MyDestination 2015 Fund
Investor Class
2016(5)	$	9.19	$	0.04	#	$	0.03	$	0.29		$	—		$	—		$	9.55		3.92	%	$	513,246		0.35	%		0.39	%		0.93	%		2	%
2015		10.84		0.15	#		0.36		(0.74	)		(0.14	)		(1.28	)		9.19		(2.06	)		479,512		0.28			0.31			1.41			108	(6)
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
MyDestination 2025 Fund
Investor Class
2016(5)	$	8.88	$	0.05	#	$	0.03	$	0.26		$	—		$	—		$	9.22		3.83	%	$	786,230		0.35	%		0.38	%		1.03	%		2	%
2015		10.66		0.16	#		0.49		(0.97	)		(0.13	)		(1.33	)		8.88		(2.91	)		707,698		0.28			0.31			1.46			110	(6)
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

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

(3) 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.

(4) 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.

(5) For the six months ended June 30, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) The portfolio turnover rate for the year ended December 31, 2015 reflects rebalancing of holdings in the Funds and is not representative of a change in investment strategy for the Funds.

See Notes to Financial Statements.

24

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			Distributions from Net Realized Capital Gains			Net  Asset Value, End of Year		Total Return			Net Assets, End of  Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
MyDestination 2035 Fund
Investor Class
2016(5)	$	8.36	$	0.04	#	$	0.04		$	0.14		$	—		$	—		$	8.58		2.63	%	$	429,368		0.35	%		0.40	%		0.94	%		1	%
2015		10.49		0.15	#		0.62			(1.24	)		(0.12	)		(1.54	)		8.36		(4.30	)		391,279		0.28			0.32			1.41			120	(6)
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
MyDestination 2045 Fund
Investor Class
2016(5)	$	7.95	$	0.03	#	$	0.04		$	0.07		$	—		$	—		$	8.09		1.76	%	$	311,241		0.35	%		0.41	%		0.79	%		1	%
2015		10.00		0.12	#		0.66			(1.25	)		(0.09	)		(1.49	)		7.95		(4.46	)		281,718		0.29			0.34			1.22			124	(6)
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
MyDestination 2055 Fund
Investor Class
2016(5)	$	11.05	$	0.04	#	$	0.07		$	0.09		$	—		$	—		$	11.25		1.81	%	$	48,146		0.35	%		0.65	%		0.82	%		5	%
2015		12.60		0.16	#		0.93			(1.66	)		(0.13	)		(0.85	)		11.05		(4.48	)		38,465		0.30			0.65			1.29			124	(6)
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) Does not include expenses of the investment companies in which the Fund invests.

(3) 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.

(4) 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.

(5) For the six months ended June 30, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) The portfolio turnover rate for the year ended December 31, 2015 reflects rebalancing of holdings in the Funds and is not representative of a change in investment strategy for the Funds.

See Notes to Financial Statements.

25

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		4,728,728	$	4,728,728
GuideStone Low-Duration Bond Fund (Institutional Class)¥		17,758,997		150,241,115
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		5,810,375		40,149,690
GuideStone Global Bond Fund (Institutional Class)¥		1,031,864		10,060,677
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,791,671		33,165,046
GuideStone Value Equity Fund (Institutional Class)¥		2,400,136		17,905,014
GuideStone Growth Equity Fund (Institutional Class)¥		1,976,573		17,690,325
GuideStone Small Cap Equity Fund (Institutional Class)¥		538,512		4,076,534
GuideStone International Equity Fund (Institutional Class)¥		2,139,170		20,257,938
GuideStone Emerging Market Equity Fund (Institutional Class)¥		695,593		5,585,610
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		3,492,207		36,703,091
GuideStone Flexible Income Fund (Investor Class)¥		1,917,985		18,048,240
GuideStone Real Estate Securities Fund (Institutional Class)¥		366,916		3,702,179

	Shares		Value
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,231,706	$	8,301,699
Total Mutual Funds (Cost $386,570,498)				370,615,886
	Par
U.S. TREASURY OBLIGATIONS — 0.0%
U.S. Treasury Bills
0.31%, 09/08/16W‡‡	$	50,000		49,981
0.43%, 12/08/16W‡‡		50,000		49,938
Total U.S. Treasury Obligations (Cost $99,877)				99,919
TOTAL INVESTMENTS — 99.9% (Cost $386,670,375)				370,715,805
Other Assets in Excess of Liabilities — 0.1%				396,978
NET ASSETS — 100.0%			$	371,112,783

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		55.3
U.S. Equity Select Funds		19.6
Real Return Select Funds		18.0
Non-U.S. Equity Select Funds		7.0
U.S. Treasury Obligations		—	**
		99.9

** Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	370,615,886	$	370,615,886	$	—	$	—
U.S. Treasury Obligations		99,919		—		99,919		—
Total Assets — Investments in Securities	$	370,715,805	$	370,615,886	$	99,919	$	—
Other Financial Instruments***
Futures Contracts	$	19,376	$	19,376	$	—	$	—
Total Assets — Other Financial Instruments	$	19,376	$	19,376	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

26

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		34,211,456	$	34,211,456
GuideStone Low-Duration Bond Fund (Institutional Class)¥		21,039,779		177,996,533
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		34,307,770		237,066,691
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		14,234,439		59,215,266
GuideStone Global Bond Fund (Institutional Class)¥		12,231,036		119,252,606
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		10,094,788		119,926,080
GuideStone Value Equity Fund (Institutional Class)¥		19,131,197		142,718,732
GuideStone Growth Equity Fund (Institutional Class)¥		15,811,350		141,511,581
GuideStone Small Cap Equity Fund (Institutional Class)¥		4,275,536		32,365,811
GuideStone International Equity Fund (Institutional Class)¥		17,065,641		161,611,621
GuideStone Emerging Market Equity Fund (Institutional Class)¥		5,581,181		44,816,881
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		8,334,351		87,594,031
GuideStone Flexible Income Fund (Investor Class)¥		4,674,761		43,989,502

	Shares		Value
GuideStone Real Estate Securities Fund (Institutional Class)¥		3,916,024	$	39,512,685
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		7,086,236		47,761,228
Total Mutual Funds (Cost $1,609,028,745)				1,489,550,704
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $998,134)	$	1,000,000		998,750
TOTAL INVESTMENTS — 100.0% (Cost $1,610,026,879)				1,490,549,454
Other Assets in Excess of Liabilities — 0.0%				154,915
NET ASSETS — 100.0%			$	1,490,704,369

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		42.1
U.S. Equity Select Funds		29.3
Real Return Select Funds		14.7
Non-U.S. Equity Select Funds		13.8
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	1,489,550,704	$	1,489,550,704	$	—	$	—
U.S. Treasury Obligation		998,750		—		998,750		—
Total Assets — Investments in Securities	$	1,490,549,454	$	1,489,550,704	$	998,750	$	—
Other Financial Instruments***
Futures Contracts	$	384,875	$	384,875	$	—	$	—
Total Assets — Other Financial Instruments	$	384,875	$	384,875	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

27

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2016 (Unaudited)  

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		21,141,036	$	21,141,036
GuideStone Low-Duration Bond Fund (Institutional Class)¥		9,156,604		77,464,871
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		14,935,589		103,204,918
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		6,218,842		25,870,384
GuideStone Global Bond Fund (Institutional Class)¥		5,424,685		52,890,680
GuideStone Value Equity Fund (Institutional Class)¥		26,323,337		196,372,095
GuideStone Growth Equity Fund (Institutional Class)¥		21,783,414		194,961,558
GuideStone Small Cap Equity Fund (Institutional Class)¥		5,846,359		44,256,936
GuideStone International Equity Fund (Institutional Class)¥		23,526,758		222,798,402
GuideStone Emerging Market Equity Fund (Institutional Class)¥		7,683,155		61,695,736
GuideStone Real Estate Securities Fund (Institutional Class)��		3,724,045		37,575,619
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		5,713,411		38,508,392
Total Mutual Funds (Cost $1,228,469,508)				1,076,740,627

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $898,320)	$	900,000	$	898,875
TOTAL INVESTMENTS — 100.0% (Cost $1,229,367,828)				1,077,639,502
Liabilities in Excess of Other Assets — 0.0%				(229,146	)
NET ASSETS — 100.0%			$	1,077,410,356

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		40.4
Non-U.S. Equity Select Funds		26.4
Fixed Income Select Funds		26.0
Real Return Select Funds		7.1
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	1,076,740,627	$	1,076,740,627	$	—	$	—
U.S. Treasury Obligation		898,875		—		898,875		—
Total Assets — Investments in Securities	$	1,077,639,502	$	1,076,740,627	$	898,875	$	—
Other Financial Instruments***
Futures Contracts	$	120,650	$	120,650	$	—	$	—
Total Assets — Other Financial Instruments	$	120,650	$	120,650	$	—	$	—

*** 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, 2016.

See Notes to Schedules of Investments.

28

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2016 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		16,806,367	$	16,806,367
GuideStone Value Equity Fund (Institutional Class)¥		32,934,426		245,690,821
GuideStone Growth Equity Fund (Institutional Class)¥		27,270,316		244,069,330
GuideStone Small Cap Equity Fund (Institutional Class)¥		7,180,082		54,353,217
GuideStone International Equity Fund (Institutional Class)¥		29,373,778		278,169,681
GuideStone Emerging Market Equity Fund (Institutional Class)¥		9,609,774		77,166,485
Total Mutual Funds (Cost $1,091,556,920)				916,255,901
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $1,097,947)	$	1,100,000		1,098,625
TOTAL INVESTMENTS — 100.0% (Cost $1,092,654,867)				917,354,526
Liabilities in Excess of Other Assets — 0.0%				(384,093	)
NET ASSETS — 100.0%			$	916,970,433

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		59.3
Non-U.S. Equity Select Funds		38.8
Fixed Income Select Fund		1.8
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	916,255,901	$	916,255,901	$	—	$	—
U.S. Treasury Obligation		1,098,625		—		1,098,625		—
Total Assets — Investments in Securities	$	917,354,526	$	916,255,901	$	1,098,625	$	—
Other Financial Instruments***
Futures Contracts	$	1,255	$	1,255	$	—	$	—
Total Assets — Other Financial Instruments	$	1,255	$	1,255	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

29

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2016 (Unaudited)

	Conservative Allocation  Fund			Balanced Allocation  Fund			Growth Allocation  Fund			Aggressive Allocation  Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	99,919		$	998,750		$	898,875		$	1,098,625
Investments in securities of affiliated issuers, at value		370,615,886			1,489,550,704			1,076,740,627			916,255,901
Total investments, at value (1)		370,715,805			1,490,549,454			1,077,639,502			917,354,526
Cash		—			—			—			10,854
Receivables:
Dividends from affiliated funds		983			6,809			4,032			3,334
Investment securities sold		680,000			911,000			—			—
Fund shares sold		4,892			54,223			15,266			19,364
Variation margin on financial futures contracts		16,971			214,138			202,223			216,100
Prepaid expenses and other assets		59,651			50,687			48,964			48,528
Total Assets		371,478,302			1,491,786,311			1,077,909,987			917,652,706
Liabilities
Payables:
Fund shares redeemed		248,999			643,736			173,171			388,466
Variation margin on financial futures contracts		63			12,922			3,984			—
Accrued expenses:
Investment advisory fees		413			105,996			82,148			76,808
Professional fees		27,032			27,033			27,033			27,033
Shareholder servicing fees		61,510			237,120			170,509			154,849
Other expenses		27,502			55,135			42,786			35,117
Total Liabilities		365,519			1,081,942			499,631			682,273
Net Assets	$	371,112,783		$	1,490,704,369		$	1,077,410,356		$	916,970,433
Net Assets Consist of:
Paid-in-capital	$	384,544,941		$	1,599,221,140		$	1,190,874,540		$	1,024,028,481
Accumulated net investment income		1,209,501			7,805,002			4,215,070			1,726,244
Undistributed net realized gain on investments and derivative transactions		1,293,535			2,770,777			33,928,422			66,514,794
Net unrealized appreciation (depreciation) on investments and derivative transactions		(15,935,194	)		(119,092,550	)		(151,607,676	)		(175,299,086	)
Net Assets	$	371,112,783		$	1,490,704,369		$	1,077,410,356		$	916,970,433
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	70,914,284		$	330,918,272		$	245,106,751		$	162,989,219
Institutional shares outstanding		6,472,264			29,676,424			22,139,075			15,241,878
Net asset value, offering and redemption price per Institutional share	$	10.96		$	11.15		$	11.07		$	10.69
Net assets applicable to the Investor Class	$	300,198,499		$	1,159,786,097		$	832,303,605		$	753,981,214
Investor shares outstanding		27,428,297			104,143,733			75,285,929			70,584,096
Net asset value, offering and redemption price per Investor share	$	10.94		$	11.14		$	11.06		$	10.68
(1)       Investments in securities of unaffiliated issuers, at cost	$	99,877		$	998,134		$	898,320		$	1,097,947
Investments in securities of affiliated issuers, at cost		386,570,498			1,609,028,745			1,228,469,508			1,091,556,920
Total investments, at cost	$	386,670,375		$	1,610,026,879		$	1,229,367,828		$	1,092,654,867

See Notes to Financial Statements.

30

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2016 (Unaudited)

	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	1,802,852		$	10,084,281		$	5,908,516		$	3,266,734
Interest		103			1,451			1,260			1,277
Total Investment Income		1,802,955			10,085,732			5,909,776			3,268,011
Expenses
Investment advisory fees		183,737			754,761			543,273			464,302
Transfer agent fees:
Institutional shares		1,691			1,805			1,745			1,671
Investor shares		17,182			34,864			23,638			19,291
Custodian fees		11,868			25,400			22,031			15,617
Shareholder servicing fees:
Investor shares		365,378			1,438,787			1,030,341			935,509
Accounting and administration fees		11,668			40,776			29,987			25,762
Professional fees		24,513			24,512			24,513			24,513
Blue sky fees:
Institutional shares		6,448			6,609			9,616			6,609
Investor shares		10,508			11,055			9,901			9,073
Shareholder reporting fees:
Institutional shares		1,817			1,949			1,894			1,837
Investor shares		5,924			12,190			8,304			6,683
Trustee expenses		2,017			8,329			6,050			5,334
Line of credit facility fees and interest expense		1,081			4,482			3,254			2,875
Other expenses		14,637			28,627			24,651			22,691
Total Expenses		658,469			2,394,146			1,739,198			1,541,767
Expenses waived/reimbursed(1)		(65,015	)		(113,416	)		(44,492	)		—
Net Expenses		593,454			2,280,730			1,694,706			1,541,767
Net investment income		1,209,501			7,805,002			4,215,070			1,726,244
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		723,725			5,664,804			6,754,371			8,133,852
Net realized loss on investment securities of unaffiliated issuers		(1,872,190	)		(14,105,940	)		(6,363,901	)		(4,032,354	)
Net realized gain on futures transactions		79,574			546,475			353,262			375,666
Net realized gain (loss)		(1,068,891	)		(7,894,661	)		743,732			4,477,164
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		11,086,004			59,129,294			16,872,322			(14,395,002	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		42			616			555			678
Change in unrealized appreciation (depreciation) on futures		16,146			291,085			18,242			(123,173	)
Net change in unrealized appreciation (depreciation)		11,102,192			59,420,995			16,891,119			(14,517,497	)
Net Realized and Unrealized Gain (Loss)		10,033,301			51,526,334			17,634,851			(10,040,333	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,242,802		$	59,331,336		$	21,849,921		$	(8,314,089	)

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

See Notes to Financial Statements.

31

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,209,501		$	4,056,466		$	7,805,002		$	22,248,842
Net realized gain (loss) on investment securities and futures transactions		(1,068,891	)		21,364,449			(7,894,661	)		209,853,176
Net change in unrealized appreciation (depreciation) on investment securities and futures		11,102,192			(34,121,239	)		59,420,995			(292,929,539	)
Net increase (decrease) in net assets resulting from operations		11,242,802			(8,700,324	)		59,331,336			(60,827,521	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(807,878	)		—			(5,045,636	)
Investor shares		—			(3,250,907	)		—			(17,231,084	)
Distributions from net realized capital gains
Institutional shares		—			(4,056,696	)		—			(42,122,169	)
Investor shares		—			(16,914,391	)		—			(151,904,855	)
Total dividends and distributions		—			(25,029,872	)		—			(216,303,744	)
Capital Share Transactions(1) :
Proceeds from shares sold
Institutional shares		3,600,839			266,742			6,200,944			2,393,223
Investor shares		17,313,371			30,769,183			24,195,014			56,861,675
Shares issued from Merger(1)
Institutional shares		—			75,356,677			—			351,418,265
Reinvestment of dividends and distributions
Institutional shares		—			4,835,687			—			47,033,321
Investor shares		—			20,157,620			—			169,071,981
Total proceeds from shares sold and reinvested		20,914,210			131,385,909			30,395,958			626,778,465
Value of shares redeemed
Institutional shares		(5,834,303	)		(1,069,297	)		(21,037,051	)		(2,356,453	)
Investor shares		(21,102,266	)		(42,131,709	)		(102,190,864	)		(114,945,036	)
Total value of shares redeemed		(26,936,569	)		(43,201,006	)		(123,227,915	)		(117,301,489	)
Net increase (decrease) from capital share transactions(2)		(6,022,359	)		88,184,903			(92,831,957	)		509,476,976
Total increase (decrease) in net assets		5,220,443			54,454,707			(33,500,621	)		232,345,711
Net Assets:
Beginning of Period		365,892,340			311,437,633			1,524,204,990			1,291,859,279
End of Period*	$	371,112,783		$	365,892,340		$	1,490,704,369		$	1,524,204,990
* Including undistributed net investment income	$	1,209,501		$	—		$	7,805,002		$	—

⁽¹⁾  Inception date for Institutional Class for Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund was November 23, 2015.

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

See Notes to Financial Statements.

32

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
(Unaudited)						(Unaudited)
$	4,215,070		$	13,963,287		$	1,726,244		$	8,782,106
	743,732			189,714,170			4,477,164			235,381,765
	16,891,119			(248,552,166	)		(14,517,497	)		(265,954,151	)
	21,849,921			(44,874,709	)		(8,314,089	)		(21,790,280	)
	—			(3,245,532	)		—			(1,573,444	)
	—			(10,728,514	)		—			(7,205,082	)
	—			(37,114,828	)		—			(34,895,055	)
	—			(130,178,683	)		—			(164,370,097	)
	—			(181,267,557	)		—			(208,043,678	)
	4,902,608			1,175,325			3,528,097			616,532
	11,470,701			34,132,116			8,524,815			25,781,773
	—			258,734,195			—			172,531,801
	—			40,328,502			—			36,455,456
	—			140,889,511			—			171,567,547
	16,373,309			475,259,649			12,052,912			406,953,109
	(12,874,313	)		(2,222,874	)		(8,609,925	)		(1,914,451	)
	(62,887,592	)		(84,048,090	)		(44,503,038	)		(78,585,909	)
	(75,761,905	)		(86,270,964	)		(53,112,963	)		(80,500,360	)
	(59,388,596	)		388,988,685			(41,060,051	)		326,452,749
	(37,538,675	)		162,846,419			(49,374,140	)		96,618,791
	1,114,949,031			952,102,612			966,344,573			869,725,782
$	1,077,410,356		$	1,114,949,031		$	916,970,433		$	966,344,573
$	4,215,070		$	—		$	1,726,244		$	—

See Notes to Financial Statements.

33

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			Net  Asset Value, End of Period		Total Return			Net Assets, End  of Period (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
Conservative Allocation Fund
Institutional Class
2016(5)	$	10.62	$	0.04	#	$	0.02	$	0.28		$	—		$	—		$	10.96		3.20	%	$	70,914		0.15	%		0.17	%		0.84	%		3	%
2015(6)		11.51		0.05	#		0.22		(0.39	)		(0.12	)		(0.65	)		10.62		(0.99	)		70,895		0.18			0.20			4.36			92	(7)
Investor Class
2016(5)	$	10.62	$	0.03	#	$	0.02	$	0.27		$	—		$	—		$	10.94		3.01	%	$	300,199		0.37	%		0.41	%		0.63	%		3	%
2015		11.59		0.14	#		0.26		(0.60	)		(0.12	)		(0.65	)		10.62		(1.69	)		294,997		0.27			0.33			1.22			92	(7)
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
Balanced Allocation Fund
Institutional Class
2016(5)	$	10.70	$	0.07	#	$	0.04	$	0.34		$	—		$	—		$	11.15		4.21	%	$	330,918		0.11	%		0.13	%		1.26	%		3	%
2015(6)		12.67		0.09	#		0.45		(0.77	)		(0.16	)		(1.58	)		10.70		(1.73	)		332,327		0.12			0.14			7.28			95	(7)
Investor Class
2016(5)	$	10.70	$	0.05	#	$	0.04	$	0.35		$	—		$	—		$	11.14		4.11	%	$	1,159,786		0.36	%		0.38	%		1.00	%		3	%
2015		12.89		0.20	#		0.53		(1.18	)		(0.16	)		(1.58	)		10.70		(3.43	)		1,191,878		0.28			0.30			1.56			95	(7)
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

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

(3) 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.

(4) 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.

(5) For the six months ended June 30, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) Inception date was November 23, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(7) The portfolio turnover rate for the year ended December 31, 2015 reflects rebalancing of holdings in the Funds and is not representative of a change in investment strategy for the Funds.

See Notes to Financial Statements.

34

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			Net Asset Value, End of Period		Total Return			Net Assets, End  of Period (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
Growth Allocation Fund
Institutional Class
2016(5)	$	10.83	$	0.05	#	$	0.07		$	0.12		$	—		$	—		$	11.07		2.22	%	$	245,107		0.13	%		0.13	%		0.99	%		2	%
2015(6)		13.23		0.11	#		0.76			(1.20	)		(0.14	)		(1.93	)		10.83		(2.36	)		247,746		0.14			0.14			8.37			97	(7)
Investor Class
2016(5)	$	10.83	$	0.04	#	$	0.07		$	0.12		$	—		$	—		$	11.06		2.12	%	$	832,303		0.37	%		0.38	%		0.73	%		2	%
2015		13.43		0.17	#		0.90			(1.61	)		(0.13	)		(1.93	)		10.83		(3.83	)		867,203		0.29			0.30			1.26			97	(7)
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
Aggressive Allocation Fund
Institutional Class
2016(5)	$	10.77	$	0.03	#	$	0.09		$	(0.20	)	$	—		$	—		$	10.69		(0.74	)%	$	162,989		0.14	%		0.14	%		0.59	%		1	%
2015(6)		14.13		0.12	#		1.10			(1.67	)		(0.09	)		(2.82	)		10.77		(2.85	)		169,302		0.15			0.15			8.75			103	(7)
Investor Class
2016(5)	$	10.77	$	0.02	#	$	0.09		$	(0.20	)	$	—		$	—		$	10.68		(0.84	)%	$	753,981		0.38	%		0.38	%		0.33	%		1	%
2015		14.06		0.12	#		1.32			(1.82	)		(0.09	)		(2.82	)		10.77		(2.39	)		797,043		0.29			0.30			0.85			103	(7)
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

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

(3) 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.

(4) 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.

(5) For the six months ended June 30, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) Inception date was November 23, 2015. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(7) The portfolio turnover rate for the year ended December 31, 2015 reflects rebalancing of holdings in the Funds and is not representative of a change in investment strategy for the Funds.

See Notes to Financial Statements.

35

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 51.2%
Federal Farm Credit Bank
0.53%, 09/05/17†	$	15,285,000	$	15,283,144
0.58%, 09/12/17†		6,400,000		6,401,470
0.53%, 09/22/17†		18,000,000		17,998,884
0.53%, 09/25/17†		15,000,000		14,996,364
Federal Farm Credit Bank Discount Notes
0.36%, 10/26/16		30,000,000		29,948,325
0.43%, 01/03/17		4,095,000		4,082,305
0.48%, 03/30/17		4,335,000		4,315,676
Federal Home Loan Bank
0.39%, 07/06/16†		12,000,000		12,000,000
0.51%, 02/14/17†		17,000,000		16,994,551
0.50%, 03/14/17†		12,000,000		11,998,352
0.49%, 03/15/17†		9,000,000		9,000,000
0.58%, 05/30/17		11,900,000		11,890,064
0.56%, 06/15/17†		16,195,000		16,195,000
0.58%, 10/27/17†		14,915,000		14,915,000
Federal Home Loan Bank Discount Notes
0.19%, 07/05/16		14,905,000		14,904,437
0.21%, 07/11/16		26,925,000		26,922,457
0.22%, 07/20/16		30,000,000		29,994,617
0.22%, 07/22/16		37,530,000		37,522,494
0.28%, 08/24/16		16,875,000		16,863,458
0.28%, 09/02/16		13,940,000		13,928,956
0.33%, 09/14/16		10,000,000		9,991,562
0.33%, 09/16/16		22,555,000		22,535,703
0.33%, 09/23/16		32,000,000		31,965,688
0.34%, 10/11/16		6,740,000		6,732,361
0.34%, 10/21/16		8,000,000		7,988,700
0.34%, 10/25/16		15,000,000		14,978,008
0.34%, 10/26/16		8,000,000		7,988,300
0.39%, 11/14/16		17,785,000		17,754,900
0.43%, 12/23/16		8,335,000		8,317,172
0.43%, 02/21/17		8,875,000		8,840,240
Federal Home Loan Mortgage Corporation
0.50%, 04/27/17†		10,000,000		9,998,327
0.51%, 07/21/17†		6,100,000		6,099,338
0.61%, 03/08/18†		7,000,000		7,000,000
Federal Home Loan Mortgage Corporation Discount Notes
0.21%, 07/07/16		25,000,000		24,997,917
0.27%, 08/12/16		13,410,000		13,403,273
0.27%, 08/24/16		20,000,000		19,986,500
0.30%, 09/08/16		13,430,000		13,418,674
0.31%, 10/06/16		9,000,000		8,990,421
0.35%, 12/14/16		24,935,000		24,867,163
0.40%, 02/17/17		8,625,000		8,596,775
Federal National Mortgage Association
0.51%, 08/16/17†		19,770,000		19,767,193
0.53%, 10/05/17†		5,500,000		5,498,939
Federal National Mortgage Association Discount Notes
0.47%, 06/01/17		3,240,000		3,221,006
Total Agency Obligations (Cost $629,093,714)				629,093,714

	Par		Value
U.S. TREASURY OBLIGATIONS — 10.6%
U.S. Treasury Bills
0.05%, 07/07/16	$	28,000,000	$	27,997,643
0.18%, 07/28/16		10,000,000		9,997,019
0.21%, 08/04/16		7,000,000		6,996,956
0.21%, 09/15/16		46,995,000		46,944,677
0.40%, 04/27/17		18,000,000		17,909,250
				109,845,545
U.S. Treasury Notes
0.36%, 07/31/16		15,000,000		14,998,216
0.37%, 10/31/17†		1,663,200		1,659,577
0.42%, 01/31/18†		4,000,000		3,998,658
				20,656,451
Total U.S. Treasury Obligations (Cost $130,501,996)				130,501,996
REPURCHASE AGREEMENTS — 38.1%
Bank of Montreal 0.38% (dated 06/30/16, due 07/01/16, repurchase price $9,000,095, collateralized by U.S. Treasury Notes and U.S. Treasury Bonds, 1.750% to 7.875%, due 02/15/21 to 08/15/42, total market value $9,180,023)		9,000,000		9,000,000
0.40% (dated 06/30/16, due 07/01/16, repurchase price $20,000,222, collateralized by Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, U.S. Treasury Bills and U.S. Treasury Notes, 1.375% to 5.000%, due 01/15/17 to 11/01/42, total market value $20,426,759)		20,000,000		20,000,000
Bank of Nova Scotia (The) 0.40% (dated 06/30/16, due 07/01/16, repurchase price $65,000,722, collateralized by U.S. Treasury Bill and U.S. Treasury Notes, 0.625% to 2.000%, due 02/15/17 to 02/15/2025, total market value $66,300,013)		65,000,000		65,000,000
BNP Paribas 0.40% (dated 06/30/16, due 07/01/16, repurchase price $30,000,333, collateralized by U.S. Treasury Bill, U.S. Treasury Note and U.S. Treasury Bond, 0.000% to 3.625%, due 07/21/16 to 08/15/43, total market value $30,600,036)		30,000,000		30,000,000

See Notes to Financial Statements.

36

	Par		Value
Credit Agricole Corporate & Investment Bank SA 0.42% (dated 06/30/16, due 07/01/16, repurchase price $20,000,233, collateralized by U.S. Treasury Bill and U.S. Treasury Notes, 0.000% to 2.625%, due 07/21/16 to 11/15/20, total market value $20,400,055)	$	20,000,000	$	20,000,000
Goldman Sachs & Co. 0.42% (dated 06/30/16, due 07/01/16, repurchase price $19,385,226, collateralized by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, 3.000% to 6.000%, due 09/01/27 to 02/01/48, total market value $19,966,550)		19,385,000		19,385,000
HSBC Securities USA 0.38% (dated 06/30/16, due 07/01/16, repurchase price $30,000,317, collateralized by U.S. Treasury Notes, 2.000% to 4.000%, due 08/15/18 to 02/15/25, total market value $30,601,671)		30,000,000		30,000,000
Mitsubishi UFJ Securities USA, Inc. 0.41% (dated 06/30/16, due 07/01/16, repurchase price $30,000,342, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 3.000% to 4.000%, due 01/01/30 to 03/01/46, total market value $30,900,000)		30,000,000		30,000,000
Mizuho Securities USA, Inc. 0.53% (dated 06/30/16, due 07/01/16, repurchase price $60,000,883, collateralized by U.S. Treasury Notes, 2.000%, due 07/31/20 to 08/15/25, total market value $61,200,046)		60,000,000		60,000,000
Morgan Stanley & Co. LLC 0.27% (dated 06/30/16, due 07/01/16, repurchase price $65,000,488, collateralized by U.S. Treasury Bills and U.S. Treasury Notes, 0.625% to 2.500%, due 10/15/16 to 05/15/24, total market value $66,300,094)		65,000,000		65,000,000

	Par		Value
0.29% (dated 06/30/16, due 07/01/16, repurchase price $50,000,403, collateralized by Government National Mortgage Association, U.S. Treasury Note and U.S. Treasury Bond, 2.375% to 5.250%, due 01/15/25 to 06/20/46, total market value $51,000,068)	$	50,000,000	$	50,000,000
RBC Capital Markets LLC 0.40% (dated 06/30/16, due 07/01/16, repurchase price $30,000,333, collateralized by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, 2.500% to 4.000%, due 08/01/26 to 07/01/46, total market value $30,900,000)		30,000,000		30,000,000
TD Securities USA LLC 0.44% (dated 06/30/16, due 07/01/16, repurchase price $40,000,489, collateralized by U.S. Treasury Notes, 1.750% to 2.250%, due 11/30/17 to 11/15/24, total market value $40,800,083)		40,000,000		40,000,000
Total Repurchase Agreements (Cost $468,385,000)				468,385,000
TOTAL INVESTMENTS — 99.9% (Cost $1,227,980,710)				1,227,980,710
Other Assets in Excess of Liabilities — 0.1%				1,766,150
NET ASSETS — 100.0%			$	1,229,746,860

PORTFOLIO SUMMARY (based on net assets)

	%
Agency Obligations		51.2
Repurchase Agreements		38.1
U.S. Treasury Obligations		10.6
		99.9

See Notes to Financial Statements.

37

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	629,093,714	$	—	$	629,093,714	$	—
Repurchase Agreements		468,385,000		—		468,385,000		—
U.S. Treasury Obligations		130,501,996		—		130,501,996		—
Total Assets — Investments in Securities	$	1,227,980,710	$	—	$	1,227,980,710	$	—

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2016.

See Notes to Financial Statements.

38

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 2.3%
Federal Home Loan Mortgage Corporation
1.05%, 04/26/18	$	2,705,000	$	2,706,247
1.00%, 04/27/18		2,760,000		2,765,415
1.05%, 04/27/18		2,760,000		2,760,157
1.00%, 06/29/18		2,870,000		2,873,447
1.13%, 10/11/18		1,875,000		1,875,058
1.13%, 04/15/19		1,550,000		1,563,814
1.30%, 04/29/19		945,000		945,320
1.29%, 05/03/19		4,900,000		4,903,479
Total Agency Obligations (Cost $20,364,233)				20,392,937
ASSET-BACKED SECURITIES — 12.2%
ACAS CLO, Ltd. Series 2007-1A
0.86%, 04/20/21 144A†		284,110		282,871
Aircraft Lease Securitisation, Ltd. Series 2007-1A
0.72%, 05/10/32 144A†		75,865		75,391
American Homes 4 Rent Series 2014-SFR1
1.45%, 06/17/31 144A†		530,363		524,230
AmeriCredit Automobile Receivables Trust Series 2013-2
1.19%, 05/08/18		194,428		194,392
1.79%, 03/08/19		980,000		980,753
AmeriCredit Automobile Receivables Trust Series 2013-4
1.66%, 09/10/18		500,000		500,525
AmeriCredit Automobile Receivables Trust Series 2014-1
2.15%, 03/09/20		825,000		829,876
AmeriCredit Automobile Receivables Trust Series 2014-3
3.13%, 10/08/20		915,000		931,572
AmeriCredit Automobile Receivables Trust Series 2016-2
1.60%, 11/09/20		590,000		592,612
2.21%, 05/10/21		790,000		797,142
2.87%, 11/08/21		230,000		234,561
Apidos CDO V Series 2007-5A
0.86%, 04/15/21 144A†		253,956		253,420
Apidos CDO XIV Series 2013-14A
1.78%, 04/15/25 144A†		2,090,000		2,071,460
2.33%, 04/15/25 144A†		250,000		240,026
ARES XXVI CLO, Ltd. Series 2013-1A
1.73%, 04/15/25 144A†		515,000		508,783
Atrium VII Series 7A
1.73%, 11/16/22 144A†		631,589		629,963
BA Credit Card Trust Series 2014-A1
0.82%, 06/15/21†		1,110,000		1,109,196
Babson CLO, Inc. Series 2007-1A
0.86%, 01/18/21 144A†		387,885		385,073

	Par		Value
Babson CLO, Ltd. Series 2013-IA
1.73%, 04/20/25 144A†	$	1,200,000	$	1,186,858
Babson CLO, Ltd. Series 2015-IA
3.48%, 04/20/27 144A†		600,000		592,880
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1
0.90%, 12/25/42†		85,892		84,293
Bear Stearns Asset-Backed Securities Trust Series 2007-HE7
1.45%, 10/25/37†		577,460		531,762
BlueMountain CLO, Ltd. Series 2012-1A
1.95%, 07/20/23 144A†		2,000,000		1,996,522
Capital Auto Receivables Asset Trust Series 2013-1
1.29%, 04/20/18		196,073		196,087
1.74%, 10/22/18		270,000		270,410
Capital One Multi-Asset Execution Trust Series 2015-A2
2.08%, 03/15/23		1,000,000		1,030,569
Cent CLO 18, Ltd. Series 2013-18A
1.76%, 07/23/25 144A†		1,400,000		1,378,125
CenterPoint Energy Transition Bond Co. IV, LLC Series 2012-1
0.90%, 04/15/18		323,061		322,959
Chesapeake Funding II LLC Series 2016-1A
2.11%, 03/15/28 144A		1,870,000		1,881,222
Chesapeake Funding II LLC Series 2016-2A
1.88%, 06/15/28 144A		1,950,000		1,955,188
CIFC Funding 2015-II, Ltd. Series 2015-2A
3.63%, 04/15/27 144A†		700,000		687,388
Citibank Credit Card Issuance Trust Series 2014-A2
1.02%, 02/22/19		2,600,000		2,602,708
CNH Equipment Trust Series 2016-B
1.63%, 08/15/21		1,020,000		1,026,930
Colony American Homes Series 2014-1A
1.60%, 05/17/31 144A†		549,627		545,074
Colony American Homes Series 2014-2A
1.40%, 07/17/31 144A†		834,070		822,177
Conseco Financial Corporation Series 1998-1
6.04%, 11/01/29		2,724		2,758
Credit Acceptance Auto Loan Trust Series 2015-1A
2.00%, 07/15/22 144A		1,140,000		1,141,990
Credit Acceptance Auto Loan Trust Series 2016-2A
2.42%, 11/15/23 144A		2,080,000		2,099,177

See Notes to Financial Statements.

39

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Crusade ABS Trust Series 2012-1
2.85%, 07/12/23(A)†	$	282,080	$	210,504
CSAB Mortgage-Backed Trust Series 2006-2
5.72%, 09/25/36 STEP		451,140		279,875
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6
0.99%, 12/25/34†		1,459,547		1,372,481
Dell Equipment Finance Trust Series 2014-1
1.36%, 06/22/20 144A		864,626		864,025
Drive Auto Receivables Trust Series 2015-AA
2.28%, 06/17/19 144A		2,710,000		2,717,352
Drive Auto Receivables Trust Series 2016-BA
1.67%, 07/15/19 144A		320,000		320,256
2.56%, 06/15/20 144A		290,000		291,254
3.19%, 07/15/22 144A		590,000		591,183
Drug Royalty II LP 2 Series 2014-1
3.48%, 07/15/23 144A†@		204,164		205,663
Dryden XXII Senior Loan Fund Series 2011-22A
1.80%, 01/15/22 144A†		1,088,099		1,083,362
Dryden XXIV Senior Loan Fund Series 2012-24RA
1.92%, 11/15/23 144A†		800,000		797,120
Dryden XXV Senior Loan Fund Series 2012-25A
2.01%, 01/15/25 144A†		800,000		797,517
Dryden XXVI Senior Loan Fund Series 2013-26A
1.73%, 07/15/25 144A†		400,000		395,287
Dryden XXVIII Senior Loan Fund Series 2013-28A
1.73%, 08/15/25 144A†		930,000		918,557
2.18%, 08/15/25 144A†		1,175,000		1,139,603
Dryden XXXI Senior Loan Fund Series 2014-31A
3.48%, 04/18/26 144A†		675,000		661,527
FHLMC Structured Pass-Through Securities Series T-32
0.71%, 08/25/31†		459,113		449,846
Flatiron CLO, Ltd. Series 2011-1A
2.18%, 01/15/23 144A†		582,176		582,175
Ford Credit Auto Owner Trust Series 2016-B
1.33%, 10/15/20		1,633,000		1,640,950
GCAT Series 2015-2 3.75%,
07/25/20 STEP 144A		387,874		385,990
GoldenTree Loan Opportunities IV, Ltd. Series 2007-4A
1.35%, 08/18/22 144A†		2,000,000		1,941,254

	Par		Value
GoldenTree Loan Opportunities VII, Ltd. Series 2013-7A
1.79%, 04/25/25 144A†	$	500,000	$	493,432
GreatAmerica Leasing Receivables Funding LLC Series 2013-1
1.83%, 06/17/19 144A		325,000		325,121
Honda Auto Receivables Owner Trust Series 2016-2
1.39%, 04/15/20		1,410,000		1,420,300
Hyundai Auto Receivables Trust Series 2016-A
1.56%, 09/15/20		940,000		948,407
IFC SBA Loan-Backed Adjustable Rate Certificate Series 1997-1
1.50%, 01/15/24 144A†		66,743		64,240
Invitation Homes Trust Series 2013-SFR1
1.60%, 12/17/30 144A†		751,312		748,041
Invitation Homes Trust Series 2014-SFR1
1.45%, 06/17/31 144A†		2,364,918		2,328,370
Invitation Homes Trust Series 2014-SFR2
1.55%, 09/17/31 144A†		1,468,089		1,454,174
JP Morgan Mortgage Acquisition Corporation Series 2006-FRE2
0.63%, 02/25/36†		303,111		290,458
Kubota Credit Owner Trust Series 2015-1A
0.94%, 12/15/17 144A		556,758		556,537
LA Arena Funding LLC Series 1
7.66%, 12/15/26 144A		225,237		243,831
LCM XII LP Series 12A
1.89%, 10/19/22 144A†		1,190,000		1,186,261
Madison Park Funding XVII, Ltd. Series 2015-17A
3.54%, 07/21/27 144A†		400,000		396,296
Mercedes-Benz Master Owner Trust Series 2016-BA
1.14%, 05/17/21 144A†		1,354,000		1,355,937
MMAF Equipment Finance LLC Series 2011-AA
2.10%, 07/15/17 144A		9,095		9,100
Navient Private Education Loan Trust Series 2014-CTA
1.14%, 09/16/24 144A†		146,435		145,349
Nissan Auto Receivables Owner Trust, Series 2016-A
1.59%, 07/15/22		2,860,000		2,889,615
North Texas Higher Education Authority, Inc. Series 2011-1
1.73%, 04/01/40†		2,469,618		2,429,215
Octagon Investment Partners XIX, Ltd. Series 2014-1A
2.15%, 04/15/26 144A†		865,000		864,151
2.63%, 04/15/26 144A†		905,000		876,234

See Notes to Financial Statements.

40

	Par		Value
OneMain Financial Issuance Trust Series 2014-2A
2.47%, 09/18/24 144A	$	2,605,000	$	2,610,657
OneMain Financial Issuance Trust Series 2015-2A
2.57%, 07/18/25 144A		1,300,000		1,305,030
Option One Mortgage Loan Trust Series 2005-4
0.71%, 11/25/35†		457,242		454,645
OZLM Funding III, Ltd. Series 2013-3A
1.97%, 01/22/25 144A†		500,000		497,350
Santander Drive Auto Receivables Trust Series 2012-4
2.94%, 12/15/17		111,466		111,513
Santander Drive Auto Receivables Trust Series 2012-5
2.70%, 08/15/18		100,227		100,384
Santander Drive Auto Receivables Trust Series 2012-6
1.94%, 03/15/18		47,625		47,645
Santander Drive Auto Receivables Trust Series 2012-AA
1.78%, 11/15/18 144A		829,884		830,091
Santander Drive Auto Receivables Trust Series 2013-1
1.76%, 01/15/19		1,098,181		1,100,253
Santander Drive Auto Receivables Trust Series 2013-A
3.12%, 10/15/19 144A		1,025,000		1,037,961
Santander Drive Auto Receivables Trust Series 2014-3
2.65%, 08/17/20		210,000		211,851
Santander Drive Auto Receivables Trust Series 2014-4
2.60%, 11/16/20		1,350,000		1,365,685
Santander Drive Auto Receivables Trust Series 2015-1
3.24%, 04/15/21		320,000		324,816
Santander Drive Auto Receivables Trust Series 2015-2
3.02%, 04/15/21		385,000		391,489
Santander Drive Auto Receivables Trust Series 2016-2
1.56%, 05/15/20		500,000		501,198
2.66%, 11/15/21		640,000		650,823
Securitized Asset-Backed Receivables LLC Trust Series 2006-OP1
0.82%, 10/25/35†		2,800,000		2,719,066
SLC Student Loan Trust Series 2006-2
0.75%, 09/15/26†		1,500,000		1,454,766

	Par		Value
SLM Private Credit Student Loan Trust Series 2003-B
1.05%, 03/15/22†	$	178,718	$	176,217
SLM Private Credit Student Loan Trust Series 2004-B
0.85%, 06/15/21†		155,406		154,715
SLM Private Credit Student Loan Trust Series 2005-A
0.85%, 06/15/23†		1,120,830		1,074,458
SLM Private Education Loan Trust Series 2010-A
3.69%, 05/16/44 144A†		1,504,417		1,541,887
SLM Private Education Loan Trust Series 2011-B
3.74%, 02/15/29 144A		1,600,000		1,639,275
SLM Private Education Loan Trust Series 2012-C
1.54%, 08/15/23 144A†		43,853		43,854
SLM Private Education Loan Trust Series 2013-C
1.29%, 02/15/22 144A†		286,651		286,622
SLM Private Education Loan Trust Series 2014-A
1.59%, 01/15/26 144A†		1,245,000		1,231,957
2.59%, 01/15/26 144A		555,000		561,567
SMB Private Education Loan Trust Series 2016-A
2.70%, 05/15/31 144A		470,000		476,108
SoFi Professional Loan Program LLC Series 2015-A
1.65%, 03/25/33 144A†		892,432		873,437
SoFi Professional Loan Program LLC Series 2015-D
2.72%, 10/27/36 144A		943,431		952,472
Springleaf Funding Trust Series 2015-AA
3.16%, 11/15/24 144A		545,000		548,224
Structured Asset Securities Corporation Mortgage Loan Trust Series 2005-7XS
1.96%, 04/25/35†		442,541		415,837
Symphony CLO VIII, LP Series 2012-8A
1.73%, 01/09/23 144A†		1,601,269		1,596,630
Symphony CLO XV, Ltd. Series 2014-15A
2.08%, 10/17/26 144A†		2,650,000		2,643,279
Synchrony Credit Card Master Note Trust Series 2015-2
1.60%, 04/15/21		1,500,000		1,506,556
Synchrony Credit Card Master Note Trust Series 2016-2
2.21%, 05/15/24		3,100,000		3,149,576

See Notes to Financial Statements.

41

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Toyota Auto Receivables Owner Trust Series 2016-B
1.30%, 04/15/20	$	670,000	$	674,566
Trade MAPS 1, Ltd. Series 2013-1A
1.15%, 12/10/18 144A†		1,500,000		1,493,988
Tryon Park CLO, Ltd. Series 2013-1A
1.75%, 07/15/25 144A†		1,770,000		1,754,596
2.18%, 07/15/25 144A†		1,175,000		1,136,432
U.S. Small Business Administration Series 1996-20K
6.95%, 11/01/16		10,037		10,185
Venture XVII CLO, Ltd. Series 2014-17A
3.48%, 07/15/26 144A†		360,000		335,491
Westlake Automobile Receivables Trust Series 2016-2A
1.57%, 06/17/19 144A		370,000		370,000
2.30%, 11/15/19 144A		710,000		712,718
4.10%, 06/15/21 144A		350,000		352,945
Total Asset-Backed Securities (Cost $110,026,775)				109,596,588
CORPORATE BONDS — 30.5%
AbbVie, Inc.
1.75%, 11/06/17		1,130,000		1,137,048
1.80%, 05/14/18		1,857,000		1,870,887
2.50%, 05/14/20		1,000,000		1,023,242
2.30%, 05/14/21		2,610,000		2,644,697
AES Corporation
3.67%, 06/01/19†D		260,000		260,000
Aetna, Inc.
1.70%, 06/07/18D		290,000		292,465
1.90%, 06/07/19		2,450,000		2,483,585
Air Lease Corporation
2.63%, 09/04/18D		940,000		939,802
Ally Financial, Inc.
2.75%, 01/30/17		2,000,000		2,012,170
5.50%, 02/15/17		1,500,000		1,524,783
3.25%, 09/29/17D		1,360,000		1,370,200
American Express Credit Corporation
1.13%, 06/05/17		80,000		80,000
1.40%, 05/26/20†		4,900,000		4,888,632
American Honda Finance Corporation
1.60%, 07/13/18		1,330,000		1,345,215
1.70%, 02/22/19		500,000		508,842
American International Group, Inc.
5.85%, 01/16/18		970,000		1,034,732
3.30%, 03/01/21		793,000		820,120
American Tower Corporation
2.80%, 06/01/20		2,900,000		2,970,328
AmeriGas Partners LP
6.25%, 08/20/19		500,000		510,000
Amgen, Inc.
2.20%, 05/22/19		1,150,000		1,180,340
Anthem, Inc.
2.38%, 02/15/17		1,060,000		1,067,944

	Par		Value
Apple, Inc.
1.30%, 02/23/18D	$	170,000	$	171,197
1.70%, 02/22/19		230,000		233,984
Ashland, Inc.
3.88%, 04/15/18D		1,480,000		1,515,150
Astoria Financial Corporation
5.00%, 06/19/17		770,000		789,490
AT&T, Inc.
2.30%, 03/11/19		1,730,000		1,767,968
1.56%, 06/30/20†		4,000,000		3,986,652
2.45%, 06/30/20		340,000		347,448
Autodesk, Inc.
1.95%, 12/15/17		350,000		350,965
AutoZone, Inc.
1.63%, 04/21/19D		280,000		281,630
Aviation Capital Group Corporation
3.88%, 09/27/16 144A@		1,900,000		1,905,092
4.63%, 01/31/18 144A		500,000		510,625
2.88%, 09/17/18 144A@		2,000,000		1,982,500
Bank of America Corporation
3.88%, 03/22/17		130,000		132,410
1.70%, 08/25/17		570,000		572,294
6.40%, 08/28/17		400,000		422,183
5.75%, 12/01/17		1,700,000		1,799,962
1.72%, 03/22/18†		1,200,000		1,206,584
6.88%, 04/25/18		800,000		873,773
1.67%, 01/15/19†		280,000		281,241
2.60%, 01/15/19		1,300,000		1,331,061
2.65%, 04/01/19		3,700,000		3,793,051
Baxalta, Inc.
1.43%, 06/22/18†		380,000		376,092
2.00%, 06/22/18 144A		210,000		210,208
Becton Dickinson and Co.
1.45%, 05/15/17		1,250,000		1,253,515
1.80%, 12/15/17		700,000		705,973
Berkshire Hathaway Finance Corporation
1.70%, 03/15/19		560,000		569,373
BGC Partners, Inc.
5.13%, 05/27/21 144A@		1,400,000		1,426,905
BMW US Capital LLC
1.50%, 04/11/19 144A		830,000		836,284
Boston Scientific Corporation
2.65%, 10/01/18		1,800,000		1,840,937
3.38%, 05/15/22D		1,100,000		1,142,469
Branch Banking & Trust Co.
1.45%, 05/10/19		1,180,000		1,185,225
Burlington Northern Santa Fe LLC
3.40%, 09/01/24		500,000		544,362
Cameron International Corporation
1.40%, 06/15/17		270,000		270,165
Cantor Fitzgerald LP
6.50%, 06/17/22 144A@		750,000		792,692
Capital One Bank USA NA
2.25%, 02/13/19		500,000		506,711
Capital One NA
1.50%, 09/05/17		690,000		689,880
2.35%, 08/17/18		640,000		648,943
Case New Holland Industrial, Inc.
7.88%, 12/01/17		1,480,000		1,598,400

See Notes to Financial Statements.

42

	Par		Value
Caterpillar Financial Services Corporation
1.25%, 08/18/17	$	490,000	$	491,464
1.50%, 02/23/18		300,000		302,767
CC Holdings GS V LLC
2.38%, 12/15/17		300,000		304,001
Celgene Corporation
2.13%, 08/15/18		310,000		314,795
Charter Communications Operating LLC
4.46%, 07/23/22 144A		2,000,000		2,152,260
Chevron Corporation
1.34%, 11/09/17		900,000		904,000
1.79%, 11/16/18D		420,000		425,767
2.10%, 05/16/21D		3,000,000		3,059,343
CHS/Community Health Systems, Inc.
5.13%, 08/15/18D		41,000		41,641
Cisco Systems, Inc.
1.60%, 02/28/19		390,000		396,024
CIT Group, Inc.
5.00%, 05/15/17		175,000		178,063
4.25%, 08/15/17		2,250,000		2,297,250
5.25%, 03/15/18		1,420,000		1,466,548
5.50%, 02/15/19 144A		100,000		104,875
Citigroup, Inc.
1.55%, 08/14/17		1,300,000		1,304,585
1.36%, 11/24/17†		1,000,000		1,001,159
1.80%, 02/05/18		2,030,000		2,039,115
1.52%, 07/30/18†D		3,200,000		3,210,157
1.59%, 06/07/19†D		1,000,000		1,002,069
2.70%, 03/30/21		1,100,000		1,120,812
Citizens Bank NA
1.60%, 12/04/17		900,000		900,671
2.30%, 12/03/18		350,000		354,780
2.55%, 05/13/21		250,000		252,696
CNH Industrial Capital LLC
3.88%, 07/16/18		530,000		533,975
Comcast Corporation
5.15%, 03/01/20		405,000		457,902
Compass Bank
1.85%, 09/29/17		500,000		498,688
ConocoPhillips Co.
1.53%, 05/15/22†		1,600,000		1,519,712
Continental Airlines 2009-2 Class B Pass-Through Trust
9.25%, 11/10/18		314,862		332,967
Continental Airlines 2010-1 Class B Pass-Through Trust
6.00%, 07/12/20		299,205		310,604
Crown Castle Towers LLC
3.22%, 05/15/42 144A		1,500,000		1,560,938
CVS Health Corporation
2.25%, 08/12/19		530,000		544,695
2.80%, 07/20/20		500,000		521,122
D.R. Horton, Inc.
3.63%, 02/15/18		700,000		713,790
3.75%, 03/01/19		109,000		110,635
4.00%, 02/15/20D		400,000		414,000
Daimler Finance North America LLC
1.13%, 03/10/17 144A		300,000		300,030
1.38%, 08/01/17 144A		660,000		661,496
1.65%, 03/02/18 144A		750,000		754,315
2.00%, 08/03/18 144A		3,000,000		3,038,334

	Par		Value
1.50%, 07/05/19 144A	$	1,840,000	$	1,832,326
Denali International LLC
5.63%, 10/15/20 144A		2,200,000		2,313,300
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A		1,455,000		1,491,542
4.42%, 06/15/21 144AD		700,000		721,274
5.88%, 06/15/21 144A		140,000		142,893
DISH DBS Corporation
4.25%, 04/01/18		700,000		715,750
Dominion Resources, Inc.
2.96%, 07/01/19 STEP		200,000		203,752
DTE Energy Co.
2.40%, 12/01/19		100,000		102,188
eBay, Inc.
2.50%, 03/09/18		280,000		285,227
El Paso Natural Gas Co. LLC
5.95%, 04/15/17D		1,500,000		1,544,303
Eli Lilly & Co.
1.25%, 03/01/18		410,000		413,181
Emera US Finance LP
2.15%, 06/15/19 144A		250,000		253,088
Entergy Corporation
4.70%, 01/15/17D		2,800,000		2,839,740
Express Scripts Holding Co.
1.25%, 06/02/17		380,000		379,819
Exxon Mobil Corporation
1.44%, 03/01/18		340,000		343,092
1.71%, 03/01/19		320,000		325,325
Federal Express Corporation 2012 Pass-Through Trust
2.63%, 01/15/18 144A		139,201		140,001
Fidelity National Information Services, Inc.
2.00%, 04/15/18		340,000		341,840
Fifth Third Bancorp
5.45%, 01/15/17		250,000		256,191
Fifth Third Bank
2.30%, 03/15/19		370,000		377,425
Ford Motor Credit Co. LLC
8.00%, 12/15/16		1,820,000		1,875,450
3.00%, 06/12/17		560,000		568,662
1.57%, 01/09/18†		500,000		500,040
2.15%, 01/09/18		700,000		706,392
2.94%, 01/08/19		1,300,000		1,338,700
1.49%, 03/12/19†		4,460,000		4,443,065
2.02%, 05/03/19D		875,000		883,050
Fortive Corporation
1.80%, 06/15/19 144A		200,000		201,427
Freeport-McMoRan, Inc.
2.15%, 03/01/17		210,000		209,475
General Motors Co.
3.50%, 10/02/18		953,000		981,713
General Motors Financial Co., Inc.
2.63%, 07/10/17D		445,000		449,226
4.75%, 08/15/17D		4,000,000		4,128,456
3.00%, 09/25/17		600,000		609,057
2.40%, 04/10/18		1,300,000		1,310,776
3.10%, 01/15/19		175,000		178,881
2.40%, 05/09/19D		780,000		782,707
3.70%, 11/24/20		245,000		251,964
3.20%, 07/06/21		165,000		165,449
Glencore Funding LLC
1.99%, 01/15/19 144A†		680,000		644,300

See Notes to Financial Statements.

43

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Goldman Sachs Group, Inc.
5.75%, 10/01/16	$	135,000	$	136,513
1.73%, 11/15/18†		580,000		581,616
1.85%, 09/15/20†		600,000		599,186
2.27%, 11/29/23†		6,100,000		6,093,174
HCA, Inc.
3.75%, 03/15/19D		1,600,000		1,660,000
Hess Corporation
1.30%, 06/15/17D		310,000		307,998
Hewlett Packard Enterprise Co.
2.45%, 10/05/17 144A		1,040,000		1,053,802
2.85%, 10/05/18 144A		2,400,000		2,459,081
HSBC USA, Inc.
1.70%, 03/05/18		710,000		710,623
2.00%, 08/07/18		1,500,000		1,505,346
1.52%, 09/24/18†		800,000		798,545
1.24%, 11/13/19†		2,000,000		1,976,090
Huntington National Bank
1.30%, 11/20/16		500,000		500,608
1.06%, 04/24/17†		250,000		249,801
1.38%, 04/24/17		290,000		290,502
2.20%, 11/06/18		300,000		303,839
Hyundai Capital America
1.45%, 02/06/17 144A		800,000		801,072
2.40%, 10/30/18 144A		240,000		243,434
2.50%, 03/18/19 144A		710,000		726,251
IAC/InterActiveCorp
4.88%, 11/30/18		284,000		291,100
Inter-American Development Bank
1.00%, 05/13/19		1,180,000		1,184,543
International Lease Finance Corporation
6.75%, 09/01/16 144A		565,000		568,046
3.88%, 04/15/18		795,000		811,552
5.88%, 04/01/19		800,000		855,000
6.25%, 05/15/19		1,300,000		1,395,875
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		284,922
J.B. Hunt Transport Services, Inc.
2.40%, 03/15/19D		620,000		626,885
Jabil Circuit, Inc.
7.75%, 07/15/16		295,000		295,314
Jackson National Life Global Funding
1.25%, 02/21/17 144AD		600,000		600,304
John Deere Capital Corporation
1.35%, 01/16/18		400,000		402,972
1.95%, 01/08/19D		550,000		562,400
Johnson Controls, Inc.
1.40%, 11/02/17		130,000		130,448
JPMorgan Chase & Co.
1.08%, 11/18/16†		1,300,000		1,301,234
1.54%, 01/25/18†		610,000		613,105
1.84%, 10/29/20†		5,900,000		5,964,912
2.40%, 06/07/21D		300,000		304,400
Kansas City Southern
1.33%, 10/28/16 144A†		1,000,000		998,807
KeyBank NA
1.70%, 06/01/18		900,000		904,537
2.35%, 03/08/19		440,000		449,598
Kinder Morgan, Inc.
7.00%, 06/15/17		100,000		104,167

	Par		Value
2.00%, 12/01/17	$	210,000	$	208,949
3.05%, 12/01/19		210,000		212,360
Kinder Morgan Energy Partners LP
5.80%, 03/01/21D		100,000		108,730
5.00%, 10/01/21		300,000		318,050
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144A		2,300,000		2,420,943
Kraft Heinz Foods Co.
1.60%, 06/30/17 144A		850,000		853,063
2.00%, 07/02/18 144A		1,830,000		1,853,902
Kroger Co.
2.20%, 01/15/17		500,000		503,158
L-3 Communications Corporation
1.50%, 05/28/17		300,000		300,329
Lam Research Corporation
2.75%, 03/15/20D		203,000		207,628
Lehman Escrow Bonds
0.00%, 12/28/17+W#		2,600,000		—
0.00%, 12/31/99W#@		600,000		41,250
Lennar Corporation
4.50%, 06/15/19		1,100,000		1,147,190
Liberty Property LP
6.63%, 10/01/17		375,000		397,565
Lockheed Martin Corporation
1.85%, 11/23/18		136,000		137,925
Manufacturers & Traders Trust Co.
1.25%, 01/30/17		700,000		700,153
1.40%, 07/25/17		780,000		780,927
McDonald’s Corporation
2.75%, 12/09/20		295,000		308,296
McKesson Corporation
1.29%, 03/10/17D		300,000		300,619
Medtronic, Inc.
1.50%, 03/15/18		270,000		272,411
Metropolitan Life Global Funding I
1.95%, 12/03/18 144AD		670,000		680,146
Morgan Stanley
6.63%, 04/01/18		510,000		552,954
2.45%, 02/01/19D		560,000		570,868
1.38%, 07/23/19†		4,340,000		4,305,684
2.38%, 07/23/19D		248,000		252,277
1.77%, 01/27/20†		1,350,000		1,355,910
Motorola Solutions, Inc.
3.50%, 09/01/21D		1,900,000		1,947,857
Nabors Industries, Inc.
2.35%, 09/15/16D		1,100,000		1,098,351
National Oilwell Varco, Inc.
1.35%, 12/01/17		660,000		655,441
Navient Corporation
6.00%, 01/25/17		500,000		506,938
5.00%, 06/15/18		400,000		399,000
5.50%, 01/15/19		1,500,000		1,508,475
NBCUniversal Enterprise, Inc.
1.31%, 04/15/18 144A†		355,000		356,607
New York Life Global Funding
1.55%, 11/02/18 144A		710,000		716,836
Newell Rubbermaid, Inc.
2.15%, 10/15/18D		240,000		242,674
2.60%, 03/29/19		640,000		657,188

See Notes to Financial Statements.

44

	Par		Value
Nissan Motor Acceptance Corporation
1.95%, 09/12/17 144AD	$	520,000	$	524,210
2.00%, 03/08/19 144A		6,120,000		6,196,573
Northwest Airlines 2002-1 Class G-2 Pass-Through Trust
6.26%, 05/20/23		105,544		113,592
Oracle Corporation
1.90%, 09/15/21		2,210,000		2,219,731
PACCAR Financial Corporation
1.10%, 06/06/17		250,000		250,565
1.28%, 12/06/18†		250,000		251,376
Pennsylvania Electric Co.
5.20%, 04/01/20D		500,000		529,236
Penske Truck Leasing Co. LP
2.50%, 06/15/19 144A		190,000		192,202
3.20%, 07/15/20 144A		1,000,000		1,023,770
Phillips 66
2.95%, 05/01/17		210,000		213,117
Pioneer Natural Resources Co.
6.65%, 03/15/17		900,000		931,619
6.88%, 05/01/18D		400,000		432,606
Plains All American Pipeline LP
2.60%, 12/15/19D		900,000		877,511
Prudential Financial, Inc.
1.41%, 08/15/18†		500,000		499,077
PSEG Power LLC
3.00%, 06/15/21D		2,200,000		2,232,914
QUALCOMM, Inc.
3.00%, 05/20/22		1,200,000		1,267,390
Reliance Standard Life Global Funding II
2.15%, 10/15/18 144A		1,490,000		1,504,413
S&P Global, Inc.
2.50%, 08/15/18 144A		270,000		275,705
3.30%, 08/14/20		800,000		837,782
Samsung Electronics America, Inc.
1.75%, 04/10/17 144A		1,150,000		1,153,182
Santander Bank NA
2.00%, 01/12/18		600,000		599,884
Schlumberger Holdings Corporation
2.35%, 12/21/18 144A		500,000		509,938
Scripps Networks Interactive, Inc.
3.50%, 06/15/22		900,000		934,028
Southern California Edison Co.
1.85%, 02/01/22		1,285,714		1,277,963
Southern Co.
1.85%, 07/01/19		740,000		749,906
2.95%, 07/01/23		1,500,000		1,557,298
Southern Power Co.
1.85%, 12/01/17		190,000		191,565
Sprint Communications, Inc.
9.00%, 11/15/18 144A		670,000		716,062
St. Jude Medical, Inc.
2.00%, 09/15/18		645,000		652,718
Stanley Black & Decker, Inc.
2.45%, 11/17/18		530,000		541,834
Stryker Corporation
2.00%, 03/08/19D		550,000		559,464
SunTrust Bank
5.20%, 01/17/17D		890,000		908,150

	Par		Value
Synchrony Financial
1.88%, 08/15/17	$	3,050,000	$	3,055,554
2.60%, 01/15/19		370,000		374,269
3.00%, 08/15/19		390,000		396,786
1.87%, 02/03/20†		950,000		920,759
Sysco Corporation
1.90%, 04/01/19D		190,000		192,413
TECO Finance, Inc.
1.23%, 04/10/18†		1,500,000		1,478,138
Thermo Fisher Scientific, Inc.
2.15%, 12/14/18		200,000		202,392
3.30%, 02/15/22		1,900,000		1,973,756
TIAA Asset Management Finance Co. LLC
2.95%, 11/01/19 144A		1,400,000		1,435,374
T-Mobile USA, Inc.
5.25%, 09/01/18		600,000		612,750
6.63%, 04/28/21		77,000		80,754
Toyota Motor Credit Corporation
1.55%, 07/13/18		880,000		888,723
1.70%, 02/19/19		490,000		496,454
U.S. Bank NA
1.45%, 01/29/18		450,000		453,206
United Airlines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		162,433		167,103
United Airlines 2009-2A Pass-Through Trust
9.75%, 07/15/18		1,266,893		1,311,551
UnitedHealth Group, Inc.
1.90%, 07/16/18		420,000		427,369
US Airways 2011-1 Class B Pass-Through Trust
9.75%, 04/22/20		703,130		788,385
US Airways 2012-1 Class B Pass-Through Trust
8.00%, 04/01/21		278,095		308,204
Ventas Realty LP
1.25%, 04/17/17		230,000		230,108
VEREIT Operating Partnership LP
2.00%, 02/06/17		2,700,000		2,720,147
Verizon Communications, Inc.
1.35%, 06/09/17		840,000		842,441
2.41%, 09/14/18†		570,000		584,410
3.65%, 09/14/18		945,000		993,529
1.43%, 06/17/19†		3,000,000		3,016,488
4.50%, 09/15/20		795,000		883,266
Vesey Street Investment Trust I
4.40%, 09/01/16 STEP		700,000		705,506
Visa, Inc.
2.20%, 12/14/20		260,000		268,248
Volkswagen Group of America Finance LLC
1.25%, 05/23/17 144A		1,060,000		1,058,728
1.60%, 11/20/17 144A		470,000		470,358
1.65%, 05/22/18 144A		619,000		618,855
Walgreens Boots Alliance, Inc.
1.75%, 11/17/17D		230,000		231,719
1.75%, 05/30/18		420,000		423,478
2.60%, 06/01/21		960,000		979,014
WEA Finance LLC
1.75%, 09/15/17 144A		220,000		220,701
2.70%, 09/17/19 144A		260,000		265,397

See Notes to Financial Statements.

45

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Wells Fargo Bank NA
1.65%, 01/22/18	$	1,080,000	$	1,089,438
1.75%, 05/24/19		1,010,000		1,024,095
Western Digital Corporation
10.50%, 04/01/24 144A		430,000		461,175
Whirlpool Corporation
1.65%, 11/01/17		340,000		342,231
Williams Partners LP
7.25%, 02/01/17		1,100,000		1,133,063
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 144A		200,000		200,319
2.00%, 10/20/17 144A		200,000		202,190
Wyndham Worldwide Corporation
2.95%, 03/01/17		1,000,000		1,008,515
Zimmer Biomet Holdings, Inc.
2.00%, 04/01/18		820,000		827,205
2.70%, 04/01/20		190,000		192,473
Zoetis, Inc.
3.45%, 11/13/20		300,000		310,019
Total Corporate Bonds (Cost $271,409,544)				274,088,211
FOREIGN BONDS — 16.2%
Australia — 1.3%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A@		1,500,000		1,550,465
Australia & New Zealand Banking Group, Ltd.
2.00%, 11/16/18		1,280,000		1,297,843
Commonwealth Bank of Australia
1.75%, 11/02/18D		610,000		614,587
2.05%, 03/15/19		590,000		598,467
Macquarie Bank, Ltd.
5.00%, 02/22/17 144A		1,250,000		1,278,670
1.27%, 10/27/17 144A†		480,000		479,108
1.60%, 10/27/17 144A		860,000		861,085
Macquarie Group, Ltd.
4.88%, 08/10/17 144A		355,000		366,485
National Australia Bank, Ltd.
1.30%, 06/30/17 144A		390,000		390,631
Suncorp-Metway, Ltd.
2.10%, 05/03/19 144AD		1,700,000		1,718,780
Virgin Australia 2013-1A Trust
5.00%, 04/23/25 144A		469,303		488,638
Westpac Banking Corporation
1.95%, 11/23/18		1,270,000		1,287,235
Woodside Finance, Ltd.
4.60%, 05/10/21 144A		400,000		423,757
				11,355,751
Austria — 0.2%
Oesterreichische Kontrollbank AG
1.13%, 04/26/19		1,889,000		1,896,104
Bermuda — 0.2%
Aircastle, Ltd.
6.75%, 04/15/17D		1,546,000		1,595,409

	Par		Value
Brazil — 0.1%
Banco Santander Brasil SA
4.63%, 02/13/17 144A	$	1,000,000	$	1,015,107
Canada — 1.5%
Air Canada Class C Pass-Through Trust Series 2013-1
6.63%, 05/15/18 144A		710,000		726,863
Bank of Nova Scotia
1.88%, 04/26/21+		1,535,000		1,526,788
Canadian Government Bond
1.25%, 02/01/18(C)		7,595,000		5,944,258
Canadian Natural Resources, Ltd.
1.75%, 01/15/18		480,000		475,976
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A		1,031,000		1,027,461
Rogers Communications, Inc.
1.49%, 03/13/17(C)†		550,000		425,504
Royal Bank of Canada
1.63%, 04/15/19D		1,320,000		1,330,329
2.20%, 09/23/19		247,000		253,674
2.10%, 10/14/20		1,050,000		1,070,011
Thomson Reuters Corporation
1.65%, 09/29/17		640,000		642,934
TransAlta Corporation
1.90%, 06/03/17D		112,000		111,087
				13,534,885
Cayman Islands — 0.2%
Alibaba Group Holding, Ltd.
1.63%, 11/28/17 144A		200,000		200,621
Baidu, Inc.
2.25%, 11/28/17		440,000		444,524
Hutchison Whampoa International, (12) (II), Ltd.
2.00%, 11/08/17 144A		370,000		374,219
MUFG Capital Finance 4, Ltd.
5.27%, 01/29/49(E)†		200,000		227,233
Seagate HDD Cayman
3.75%, 11/15/18D		660,000		660,416
				1,907,013
Chile — 0.1%
Itau CorpBanca
3.88%, 09/22/19 144A		500,000		525,094
Denmark — 3.0%
AP Moeller - Maersk A/S
2.55%, 09/22/19 144A		670,000		683,665
Nordea Kredit Realkreditaktieselskab
2.00%, 01/01/17(D)		30,000,000		4,536,856
Nykredit Realkredit A/S
1.00%, 01/01/17(D)		68,000,000		10,231,428
2.00%, 04/01/17(D)		30,000,000		4,552,442
Realkredit Danmark A/S
2.00%, 01/01/17(D)		49,000,000		7,395,867
				27,400,258
France — 1.4%
BPCE SA
1.63%, 02/10/17		440,000		441,044
Credit Agricole SA
1.43%, 04/15/19 144A†		1,260,000		1,256,160

See Notes to Financial Statements.

46

	Par		Value
1.63%, 06/10/20 144A†	$	1,400,000	$	1,398,309
Dexia Credit Local SA
1.24%, 03/23/18†		9,800,000		9,817,356
				12,912,869
Germany — 0.3%
Deutsche Bank AG
2.85%, 05/10/19		725,000		726,000
KFW
1.88%, 06/30/20		900,000		926,485
1.88%, 11/30/20		1,095,000		1,127,906
				2,780,391
Guernsey — 0.2%
Credit Suisse Group Funding Guernsey, Ltd.
2.92%, 04/16/21 144A†		1,500,000		1,513,307
3.80%, 09/15/22		450,000		452,564
				1,965,871
Ireland — 0.1%
AerCap Ireland Capital, Ltd.
2.75%, 05/15/17D		700,000		700,766
Italy — 0.2%
Intesa Sanpaolo SpA
2.38%, 01/13/17		700,000		702,710
Italy Government International Bond
5.25%, 09/20/16		741,000		747,092
				1,449,802
Japan — 1.0%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
1.20%, 03/10/17 144A		620,000		620,602
1.45%, 09/08/17 144A		750,000		749,764
1.68%, 09/14/18 144A†		800,000		802,206
Japan Finance Organization for Municipalities
1.50%, 09/12/17		200,000		200,742
Mitsubishi UFJ Lease & Finance Co., Ltd
1.41%, 07/23/19†		875,000		870,065
Mitsubishi UFJ Trust & Banking Corporation
1.60%, 10/16/17 144AD		500,000		501,828
2.65%, 10/19/20 144A		700,000		719,506
Mizuho Bank, Ltd.
1.30%, 04/16/17 144A		490,000		489,975
1.09%, 09/25/17 144A†		300,000		299,513
1.70%, 09/25/17 144A		1,110,000		1,114,138
ORIX Corporation
3.75%, 03/09/17D		1,000,000		1,015,684
Sumitomo Mitsui Financial Group, Inc.
2.93%, 03/09/21D		1,100,000		1,147,252
				8,531,275
Luxembourg — 0.1%
Pentair Finance SA
2.90%, 09/15/18		720,000		727,678
Telecom Italia Capital SA
7.00%, 06/04/18		200,000		217,500
				945,178

	Par		Value
Mexico — 0.3%
America Movil Sab de CV
6.00%, 06/09/19(M)	$	44,300,000	$	2,398,118
Netherlands — 1.3%
Bank Nederlandse Gemeenten NV
1.13%, 05/25/18 144A		1,698,000		1,704,289
Cooperatieve Rabobank UA
8.38%, 07/29/49†D		1,800,000		1,809,855
EDP Finance BV
6.00%, 02/02/18 144A		800,000		845,923
ING Bank NV
2.00%, 11/26/18 144A		1,010,000		1,021,106
2.30%, 03/22/19 144AD		360,000		366,329
1.34%, 10/01/19 144A†		250,000		246,582
LeasePlan Corporation NV
2.50%, 05/16/18 144A		700,000		700,591
2.88%, 01/22/19 144A		2,500,000		2,502,715
Mylan NV
2.50%, 06/07/19 144AD		610,000		618,533
Shell International Finance BV
1.25%, 11/10/17		560,000		561,646
1.21%, 11/10/18†		680,000		680,501
1.63%, 11/10/18D		540,000		545,666
1.38%, 05/10/19D		350,000		351,363
				11,955,099
New Zealand — 0.3%
ANZ New Zealand International, Ltd.
1.40%, 04/27/17 144A		660,000		661,346
BNZ International Funding, Ltd.
1.90%, 02/26/18 144A		2,000,000		2,015,756
				2,677,102
Panama — 0.0%
Carnival Corporation
3.95%, 10/15/20		260,000		280,747
Singapore — 0.0%
DBS Bank, Ltd.
3.63%, 09/21/22†		200,000		204,570
South Korea — 2.6%
Export-Import Bank of Korea
5.38%, 10/04/16 144A		1,300,000		1,314,521
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A		2,900,000		2,905,220
4.38%, 07/27/16		1,657,000		1,659,983
Industrial Bank of Korea
2.38%, 07/17/17		2,000,000		2,024,082
KEB Hana Bank
4.00%, 11/03/16		1,500,000		1,515,172
3.50%, 10/25/17		800,000		822,089
Korea Development Bank
3.88%, 05/04/17D		4,800,000		4,910,952
Korea Land & Housing Corporation
1.88%, 08/02/17 144A		2,000,000		2,010,964
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		3,088,830
KT Corporation
1.75%, 04/22/17 144A		2,000,000		2,005,968

See Notes to Financial Statements.

47

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.63%, 04/22/19@	$	800,000	$	822,628
				23,080,409
Sweden — 0.1%
Svensk Exportkredit AB
1.25%, 04/12/19		970,000		976,481
Switzerland — 0.4%
Credit Suisse AG
1.38%, 05/26/17		1,480,000		1,481,406
1.75%, 01/29/18		500,000		500,531
3.63%, 09/09/24		500,000		517,832
UBS AG
1.80%, 03/26/18		1,100,000		1,110,747
				3,610,516
United Kingdom — 0.9%
BP Capital Markets PLC
1.05%, 02/13/18†		1,500,000		1,495,874
1.68%, 05/03/19		367,000		370,084
HBOS PLC
1.38%, 09/06/17		1,000,000		995,371
HSBC Bank PLC
1.27%, 05/15/18 144A†		1,190,000		1,185,273
Santander UK PLC
1.65%, 09/29/17		1,150,000		1,149,972
2.50%, 03/14/19		555,000		560,880
Standard Chartered PLC
1.50%, 09/08/17 144A		1,320,000		1,315,273
Yorkshire Building Society
2.13%, 03/18/19(E)		900,000		1,026,574
				8,099,301
Virgin Islands (British) — 0.4%
CNPC General Capital, Ltd.
2.75%, 04/19/17		600,000		606,685
Sinopec Group Overseas Development 2014, Ltd.
1.41%, 04/10/17 144A†		3,000,000		3,003,864
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		371,163
				3,981,712
Total Foreign Bonds (Cost $144,971,634)				145,779,828
LOAN AGREEMENT — 0.0%
Activision Blizzard, Inc. Term B Loan
3.25%, 10/11/20 (Cost $109,688)		108,375		108,511
MORTGAGE-BACKED SECURITIES — 18.3%
American Home Mortgage Investment Trust Series 2004-3
2.73%, 10/25/34†		186,754		186,627
American Home Mortgage Assets Trust Series 2006-5
1.36%, 11/25/46†		816,894		380,782
Apollo Trust Series 2009-1
3.16%, 10/03/40(A)†		325,554		244,636

		Par		Value
Banc of America Commercial Mortgage Trust Series 2007-4
6.00%, 02/10/51†		$	1,290,000	$	1,344,155
Banc of America Commercial Mortgage Trust Series 2007-5
5.49%, 02/10/51	��		1,804,755		1,857,545
Banc of America Funding Trust Series 2006-J
3.02%, 01/20/47†			387,972		324,987
Banc of America Mortgage Trust Series 2003-L
2.87%, 01/25/34†			177,982		173,541
Banc of America Mortgage Trust Series 2004-2
6.50%, 10/25/31			47,778		49,761
Banc of America Mortgage Trust Series 2004-I
2.85%, 10/25/34†			241,285		238,089
BBCMS Trust Series 2015-RRI
1.59%, 05/15/32 144A†			2,167,542		2,160,377
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-8
2.94%, 01/25/34†			213,313		212,063
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-5
3.48%, 07/25/34†			279,052		277,824
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-7
2.89%, 10/25/34†			31,564		31,299
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
3.09%, 03/25/35†			426,411		427,401
Bear Stearns ALT-A Trust Series 2004-10
1.11%, 09/25/34†			1,636,994		1,551,438
Bear Stearns ALT-A Trust Series 2004-13
1.19%, 11/25/34†			146,377		142,692
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW15
5.32%, 02/11/44			980,056		997,872
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17
5.69%, 06/11/50†			1,787,819		1,847,513
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
6.08%, 06/11/50†			1,055,000		1,102,825
Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26
5.51%, 01/12/45†			845,000		860,812

See Notes to Financial Statements.

48

	Par		Value
BLCP Hotel Trust Series 2014-CLRN
1.39%, 08/15/29 144A†	$	1,920,448	$	1,901,195
CD Commercial Mortgage Trust Series 2007-CD4
5.37%, 12/11/49†		395,000		401,786
CDGJ Commercial Mortgage Trust Series 2014-BXCH
1.84%, 12/15/27 144A†		746,937		746,253
CGBAM Commercial Mortgage Trust Series 2015-SMRT
3.21%, 04/10/28 144A		850,000		863,849
Citigroup Commercial Mortgage Trust Series 2013-SMP
2.11%, 01/12/30 144A		1,230,523		1,239,282
COBALT Commercial Mortgage Trust Series 2007-C3
5.96%, 05/15/46†		700,000		721,791
COMM Mortgage Trust Series 2006-C8
5.31%, 12/10/46		860,095		864,103
COMM Mortgage Trust Series 2013-CR7
0.00%, 03/10/46 IOW†		5,523,584		343,914
COMM Mortgage Trust Series 2013-CR12
2.90%, 10/10/46		2,055,000		2,122,617
COMM Mortgage Trust Series 2013-SFS
1.87%, 04/12/35 144A		556,825		556,794
COMM Mortgage Trust Series 2014-FL5
2.59%, 10/15/31 144A†		670,000		652,392
COMM Mortgage Trust Series 2015-LC21
3.94%, 07/10/48 IOW†		6,832,928		342,878
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-29
0.99%, 02/25/35†		125,620		117,848
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.62%, 09/15/40†		106,854		107,728
Credit Suisse Commercial Mortgage Trust Series 2008-C1
6.27%, 02/15/41†		85,218		85,787
Crusade Global Trust Series 2006-2
0.69%, 11/15/37†		932,816		929,901
CSAIL Commercial Mortgage Trust Series 2016-C6
4.23%, 01/15/49 IOW†		999,732		124,775
CSMC Trust Series 2013-IVR2
1.55%, 04/25/43 144A†		939,989		883,282
DBRR Trust Series 2011-C32
5.89%, 06/17/49 144A†		1,805,000		1,835,203

	Par		Value
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4
5.87%, 10/25/36 STEP	$	325,099	$	270,352
5.89%, 10/25/36 STEP		325,099		270,524
Eurosail-UK PLC Series 2007-4X
0.87%, 06/13/45(U)†		271,812		359,393
Fannie Mae Connecticut Avenue Securities Series 2013-C01
2.45%, 10/25/23†		610,184		613,092
Fannie Mae Connecticut Avenue Securities Series 2014-C01
2.05%, 01/25/24†		713,072		712,625
Fannie Mae Connecticut Avenue Securities Series 2014-C02
1.40%, 05/25/24†		920,976		915,326
Fannie Mae Connecticut Avenue Securities Series 2014-C03
1.65%, 07/25/24†		635,540		637,225
Fannie Mae Connecticut Avenue Securities Series 2016-C01
2.40%, 08/25/28†		2,065,908		2,079,149
Fannie Mae Connecticut Avenue Securities Series 2016-C02
2.60%, 09/25/28†		702,457		708,362
Fannie Mae Grantor Trust Series 2002-T6
3.31%, 02/25/32		21,872		22,041
FDIC Guaranteed Notes Trust Series 2010-S1
3.25%, 04/25/38 144A		284,205		295,197
1.01%, 02/25/48 144A†		47,979		47,980
FDIC Guaranteed Notes Trust Series 2010-S4
1.16%, 12/04/20 144A†		1,402,343		1,405,436
FDIC Trust Series 2010-R1
2.18%, 05/25/50 144A		424,354		423,845
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		57,976		59,927
5.00%, 02/01/19		72,666		75,123
5.00%, 12/01/19		149,764		155,550
5.50%, 05/01/22		459,087		486,642
2.78%, 07/01/27†		9,790		10,382
3.00%, 07/01/31 TBA		4,100,000		4,300,996
2.62%, 11/01/31†		45,700		48,534
2.77%, 04/01/32†		6,857		7,237
2.60%, 06/01/33†		637,352		667,694
2.61%, 10/01/34†		159,553		170,132
2.86%, 08/01/35†		582,958		619,204
2.11%, 09/01/35†		282,631		298,581
2.40%, 10/01/35†		412,058		433,848
2.51%, 04/01/36†		507,603		534,123
Federal Home Loan Mortgage Corporation REMIC Series 3228
0.94%, 10/15/36†		2,578,888		2,587,947

See Notes to Financial Statements.

49

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal Home Loan Mortgage Corporation REMIC Series 3710
4.00%, 08/15/25 STEP	$	267,239	$	284,542
Federal Home Loan Mortgage Corporation REMIC Series 3959
4.50%, 11/15/41		665,345		735,666
Federal Home Loan Mortgage Corporation REMIC Series 3986
4.50%, 09/15/41		693,028		755,458
Federal Home Loan Mortgage Corporation REMIC Series 4390
3.50%, 06/15/50		688,316		736,821
Federal Home Loan Mortgage Corporation REMIC Series 4446
3.50%, 12/15/50		1,308,631		1,391,518
Federal Home Loan Mortgage Corporation REMIC Series 4593
4.00%, 04/15/54		1,595,000		1,664,064
Federal National Mortgage Association
5.00%, 07/01/19		32,245		33,277
5.00%, 05/01/21		257,160		265,880
5.00%, 11/01/21		113,636		117,620
2.38%, 12/01/24 CONV†		13,207		13,536
9.00%, 05/01/25		1,981		1,993
9.00%, 07/01/25		2,143		2,149
2.50%, 12/01/27		2,068,816		2,147,052
2.50%, 07/01/31 TBA		2,600,000		2,689,932
3.00%, 07/01/31 TBA		865,000		906,831
3.50%, 07/01/31 TBA		7,175,000		7,602,807
4.00%, 07/01/31 TBA		1,445,000		1,497,156
4.50%, 07/01/31 TBA		510,000		522,850
2.56%, 09/01/31†		60,919		63,921
1.80%, 08/01/32†		519,820		539,333
2.44%, 12/01/32†		450,872		480,681
2.39%, 04/01/33†		114,432		120,725
2.17%, 06/01/33†		79,379		83,779
2.92%, 06/01/33†		50,679		53,743
2.68%, 10/01/33†		170,109		179,364
2.57%, 12/01/33†		73,670		77,434
3.20%, 03/01/34†		86,623		87,671
2.17%, 09/01/34†		121,547		129,243
2.18%, 09/01/34†		141,321		148,933
2.07%, 10/01/34†		139,641		146,321
2.24%, 10/01/34†		174,800		185,187
2.54%, 02/01/35†		244,491		256,855
2.47%, 09/01/35†		318,062		336,088
2.61%, 12/01/35†		13,961		14,242
2.67%, 05/01/38†		2,792,829		2,952,820
1.61%, 08/01/42†		381,000		388,206
3.59%, 09/01/42†		1,129,243		1,192,441
2.72%, 07/01/43†		1,814,551		1,885,881
1.61%, 07/01/44†		243,409		248,182
1.61%, 10/01/44†		199,708		203,561
2.71%, 06/01/45†		1,825,361		1,893,128
4.00%, 08/01/46 TBA		6,700,000		7,177,183
Federal National Mortgage Association REMIC Series 2004-80
4.00%, 11/25/19		34,251		35,000

	Par		Value
Federal National Mortgage Association REMIC Series 2006-98
0.88%, 10/25/36†	$	370,798	$	371,380
Federal National Mortgage Association REMIC Series 2007-100
1.00%, 10/25/37†		710,105		718,313
Federal National Mortgage Association REMIC Series 2010-72
1.17%, 07/25/40†		1,790,855		1,809,058
Federal National Mortgage Association REMIC Series 2011-48
4.00%, 06/25/26 STEP		420,852		453,365
Federal National Mortgage Association REMIC Series 2011-87
1.00%, 09/25/41†		2,292,414		2,288,531
Federal National Mortgage Association REMIC Series 2012-79
0.90%, 07/25/42†		509,233		509,122
Federal National Mortgage Association REMIC Series 2015-M4
2.78%, 07/25/22 IOW†		23,641,000		637,598
Federal National Mortgage Association Series 2016-M6
1.79%, 06/25/19		2,000,000		2,026,033
FHLMC Multifamily Structured Pass-Through Certificates Series KP03
1.78%, 07/25/19		2,450,000		2,486,933
FHLMC Multifamily Structured Pass-Through Certificates Series KW01
0.00%, 01/25/26 IOW†		2,694,090		188,682
FHLMC Multifamily VRD Certificates Series M012
5.50%, 08/15/51 STEP		3,000,000		3,007,500
FHLMC Structured Pass-Through Securities Series T-56
1.45%, 05/25/43†		657,950		665,536
FHLMC Structured Pass-Through Securities Series T-61
1.81%, 07/25/44†		921,185		947,907
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
2.68%, 06/25/34†		307,688		299,187
FNBA Mortgage Loan Trust Series 2004-AR1
0.85%, 08/19/34†		1,466,717		1,420,070
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2013-DN2
1.90%, 11/25/23†		426,746		427,920
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-DNA2
1.70%, 10/25/28†		727,820		727,820

See Notes to Financial Statements.

50

	Par		Value
GAHR Commercial Mortgage Trust Series 2015-NRF
1.74%, 12/15/34 144A†	$	1,971,763	$	1,974,228
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.48%, 12/10/49†		891,687		905,988
Giovecca Mortgages S.r.l. Series 2011-1
0.35%, 04/23/48(E)†		241,339		267,287
Gosforth Funding PLC Series 2016-1A
1.19%, 02/15/58 144A(U)†		1,298,371		1,719,959
Government National Mortgage Association
1.75%, 06/20/17†		917		921
2.00%, 06/20/21†		1,937		1,995
2.00%, 03/20/22†		114,506		117,847
2.00%, 01/20/23†		20,509		21,149
1.75%, 05/20/24†		39,345		40,545
1.88%, 07/20/25†		51,383		53,108
1.88%, 08/20/25†		13,947		14,422
2.00%, 11/20/25†		44,110		45,622
2.00%, 12/20/26†		62,883		65,186
1.88%, 07/20/27†		1,460		1,513
2.00%, 10/20/27†		24,873		25,806
8.50%, 10/15/29		23,049		23,806
8.50%, 03/15/30		663		666
8.50%, 04/15/30		4,834		4,951
8.50%, 05/15/30		61,824		64,912
1.75%, 05/20/30†		36,076		37,439
8.50%, 07/15/30		48,281		52,054
8.50%, 08/15/30		12,333		13,384
8.50%, 11/15/30		7,768		8,215
8.50%, 12/15/30		27,743		32,340
8.50%, 02/15/31		16,405		17,237
Government National Mortgage Association Series 2000-9
1.04%, 02/16/30†		71,010		71,451
Government National Mortgage Association Series 2007-30
0.75%, 05/20/37†		206,165		205,726
Government National Mortgage Association Series 2016-H07
1.21%, 02/20/66†		1,473,298		1,473,522
GreenPoint Mortgage Funding Trust Series 2005-AR5
0.72%, 11/25/45†		177,227		151,347
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.63%, 01/25/37†		620,877		495,412
GS Mortgage Securities Trust Series 2007-GG10
5.99%, 08/10/45†		223,091		229,613
GS Mortgage Securities Trust Series 2013-GC13
3.72%, 07/10/46†		2,700,000		2,915,780
GSR Mortgage Loan Trust Series 2004-11
3.01%, 09/25/34†		351,486		339,080

	Par		Value
GSR Mortgage Loan Trust Series 2005-AR6
2.88%, 09/25/35†	$	244,035	$	244,993
Hilton USA Trust Series 2013-HLF
1.46%, 11/05/30 144A†		1,106,192		1,105,500
Hilton USA Trust Series 2013-HLT
4.41%, 11/05/30 144A		825,000		829,898
4.60%, 11/05/30 144A†		975,000		975,729
Impac CMB Trust Series 2003-1
1.25%, 03/25/33†		266,013		256,609
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.64%, 09/25/46†		693,875		566,856
IndyMac INDX Mortgage Loan Trust Series 2007-FLX3
0.72%, 06/25/37†		392,086		276,587
JP Morgan Chase Commercial Mortgage Securities Trust Series 2002-CIB5
5.50%, 10/12/37 144A		984,858		1,007,911
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15
5.81%, 06/12/43†		721,274		720,731
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19
5.89%, 02/12/49†		2,192,027		2,243,496
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
5.85%, 02/15/51†		1,221,933		1,265,079
JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4
4.11%, 07/15/46 144A		1,381,931		1,445,199
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FL6
1.84%, 11/15/31 144A†		782,641		779,198
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-CSMO
1.69%, 01/15/32 144A†		1,090,000		1,082,475
JP Morgan Mortgage Trust Series 2005-A1
2.95%, 02/25/35†		68,492		64,658
JP Morgan Mortgage Trust Series 2013-1
2.50%, 03/25/43 144A†		342,067		346,623
LB-UBS Commercial Mortgage Trust Series 2007-C1
5.42%, 02/15/40		1,129,540		1,143,692
LB-UBS Commercial Mortgage Trust Series 2007-C6
6.11%, 07/15/40†		1,645,000		1,696,320
LB-UBS Commercial Mortgage Trust Series 2007-C7
6.36%, 09/15/45†		2,130,000		2,249,645

See Notes to Financial Statements.

51

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Luminent Mortgage Trust Series 2006-7
0.62%, 12/25/36†	$	672,983	$	532,892
MASTR Adjustable Rate Mortgages Trust Series 2003-6
2.73%, 12/25/33†		291,480		287,544
Merrill Lynch Mortgage Investors Trust Series 2004-1
2.52%, 12/25/34†		374,212		373,160
Merrill Lynch Mortgage Investors Trust Series 2006-1
2.42%, 02/25/36†		412,589		405,290
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-4
5.20%, 12/12/49		915,000		923,482
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12
3.82%, 10/15/46		1,500,000		1,620,467
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.04%, 04/15/48		2,000,000		2,099,748
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†		1,655,000		1,674,696
Morgan Stanley Capital I Trust Series 2007-IQ13
5.41%, 03/15/44		1,090,000		1,110,912
Morgan Stanley Capital I Trust Series 2007-IQ14
5.67%, 04/15/49†		1,680,959		1,725,079
National RMBS Trust Series 2012-2
2.95%, 06/20/44(A)†		256,869		190,622
NCUA Guaranteed Notes Trust Series 2010-R3
1.01%, 12/08/20†		2,362,585		2,366,871
NCUA Guaranteed Notes Trust Series 2011-C1
0.98%, 03/09/21 STEP†		1,208,841		1,203,614
RFMSI Trust Series 2003-S9
6.50%, 03/25/32		12,002		12,364
Rochester Financing No. 1 PLC Series 1
2.04%, 07/16/46 STEP(U)†		299,908		398,175
Selkirk No. 1, Ltd. Series 1
1.33%, 02/20/41 144A		448,660		448,897
Sequoia Mortgage Trust Series 2012-1
2.87%, 01/25/42†		349,134		350,995
Sequoia Mortgage Trust Series 2012-2
3.50%, 04/25/42†		93,742		93,690
Sequoia Mortgage Trust Series 2013-1
1.45%, 02/25/43†		466,367		447,496
Sequoia Mortgage Trust Series 2013-4
1.55%, 04/25/43†		599,406		580,928

	Par		Value
Springleaf Mortgage Loan Trust Series 2013-1A
1.27%, 06/25/58 144A†	$	354,091	$	353,479
Springleaf Mortgage Loan Trust Series 2013-2A
1.78%, 12/25/65 144A†		270,230		269,997
STRIPs, Ltd. Series 2012-1A
1.50%, 12/25/44 144A		67,279		66,979
Structured Adjustable Rate Mortgage Loan Trust Series 2004-10
2.81%, 08/25/34†		474,777		461,448
Structured Adjustable Rate Mortgage Loan Trust Series 2004-13
0.75%, 09/25/34†		119,804		103,168
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.70%, 07/19/35†		106,817		94,836
Structured Asset Mortgage Investments II Trust Series 2005-AR8
0.73%, 02/25/36†		542,797		440,305
TBW Mortgage-Backed Trust Series 2007-2
6.01%, 07/25/37 STEP		349,974		241,104
TORRENS Trust Series 2013-1
2.80%, 04/12/44(A)†		1,352,323		996,438
UBS-Barclays Commercial Mortgage Trust Series 2012-C2 0.00%,
05/10/63 IO 144AW†		6,100,609		347,881
Wachovia Bank Commercial Mortgage Trust Series 2007-C32
5.89%, 06/15/49†		835,009		858,512
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.84%, 06/25/42†		15,852		15,128
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR8
2.49%, 08/25/33†		356,093		359,069
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2
0.76%, 01/25/45†		557,297		524,195
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5
1.42%, 06/25/46†		1,054,296		971,410
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19
1.18%, 01/25/47†		540,145		414,068
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.44%, 02/25/37†		422,277		366,844
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY5
2.41%, 05/25/37†		490,373		389,157

See Notes to Financial Statements.

52

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY7
2.37%, 07/25/37†	$	1,293,682	$	1,042,639
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5
1.28%, 05/25/47 IO†		216,914		13,789
Wells Fargo Commercial Mortgage Trust Series 2010-C1
3.35%, 11/15/43 144A		856,662		886,329
Wells Fargo Commercial Mortgage Trust Series 2014-TISH
3.19%, 01/15/27 144A†		790,000		750,997
Wells Fargo Mortgage-Backed Securities Trust Series 2004-EE
2.95%, 12/25/34†		297,003		298,675
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.00%, 08/25/33†		56,010		57,247
WFRBS Commercial Mortgage Trust Series 2012-C8 0.00%,
08/15/45 IO 144AW†		3,505,368		263,153
Total Mortgage-Backed Securities (Cost $168,935,280)				164,831,592
MUNICIPAL BONDS — 0.9%
California Earthquake Authority, Revenue Bond
1.82%, 07/01/17		480,000		484,306
2.81%, 07/01/19		1,300,000		1,336,491
Energy Northwest, Columbia Generating Station, Revenue Bond Series 2014-B
1.79%, 07/01/18		400,000		408,928
State of Texas, General Obligation, Series C-2
0.87%, 06/01/19†		3,300,000		3,302,772
University of California, Revenue Bond, Series Y-1
0.97%, 07/01/41†		1,100,000		1,100,154
University of California, Revenue Bond, Series Y-2
0.97%, 07/01/41†		1,000,000		1,000,140
Total Municipal Bonds (Cost $7,580,839)				7,632,791
U.S. TREASURY OBLIGATIONS — 19.0%
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/20D		18,800,000		19,653,253
0.63%, 01/15/26		1,500,000		1,591,440
				21,244,693
U.S. Treasury Notes
0.63%, 06/30/17D		17,680,000		17,701,410
0.75%, 06/30/17D		12,000,000		12,029,292
0.63%, 07/31/17		3,000,000		3,003,339

	Par			Value
0.88%, 08/15/17	$	12,065,000		$	12,111,426
0.88%, 11/30/17D		6,010,000			6,035,591
1.00%, 02/15/18		8,814,000			8,873,045
0.88%, 05/31/18D		14,329,000			14,407,365
1.13%, 06/15/18D		5,000,000			5,050,975
1.00%, 08/15/18		15,000,000			15,122,460
1.00%, 09/15/18‡‡		5,740,000			5,787,424
1.25%, 12/15/18		5,570,000			5,651,155
1.00%, 03/15/19D		10,355,000			10,443,183
0.88%, 04/15/19		1,200,000			1,205,766
0.88%, 05/15/19D		7,700,000			7,737,299
0.88%, 06/15/19		23,015,000			23,130,075
2.25%, 11/15/25		1,700,000			1,813,754
					150,103,559
Total U.S. Treasury Obligations (Cost $170,605,622)					171,348,252
	Shares
MONEY MARKET FUNDS — 11.3%
GuideStone Money Market Fund (Investor Class)¥		41,070,892			41,070,892
Northern Institutional Liquid Assets Portfolio§		61,010,537			61,010,537
Total Money Market Funds (Cost $102,081,429)					102,081,429
TOTAL INVESTMENTS — 110.7% (Cost $996,085,044)					995,860,139
	Notional Amount
WRITTEN OPTIONS — 0.0%
Put Option — 0.0%
Euro vs. U.S. Dollar, Strike Price $1.09, Expires 08/03/2016 (BNP)	$	(40,000	)		(21,720	)
Put Swaptions — 0.0%
Dow Jones CDX.NA.IG.26 Index, Strike Price 1.20%, Expires 06/20/21 (JPM)		(970,000,000	)		(6,217	)
Dow Jones CDX.NA.IG.26 Index, Strike Price 1.20%, Expires 09/21/16 (BNP)		(970,000,000	)		(6,689	)
Dow Jones CDX.NA.IG.26 Index, Strike Price 1.25%, Expires 09/21/16 (JPM)		(9,700,000	)		(5,640	)
Dow Jones CDX.NA.IG.26 Index, Strike Price 1.25%, Expires 09/21/16 (GSC)		(9,800,000	)		(5,699	)
					(24,245	)
Total Written Options (Premiums received $(88,240))					(45,965	)
	Par
SECURITY SOLD SHORT — (0.4)%
U.S. Treasury Note 2.25%, 11/15/25 (Proceeds $(3,419,683))		(3,200,000	)		(3,414,125	)
Liabilities in Excess of Other Assets — (10.3)%					(92,324,358	)
NET ASSETS — 100.0%				$	900,075,691

See Notes to Financial Statements.

53

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		30.5
U.S. Treasury Obligations		19.0
Mortgage-Backed Securities		18.3
Foreign Bonds		16.2
Asset-Backed Securities		12.2
Money Market Funds		11.3
Agency Obligations		2.3
Municipal Bonds		0.9
Loan Agreement		—	**
Written Options		—	**
Security Sold Short		(0.4	)
		110.3

** Rounds to less than 0.05%

Swap agreements outstanding at June 30, 2016:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX.NA.IG26 Index		(1.00	)%		06/20/21		ICE		USD		2,570,000	$	(29,180	)	$	(19,359	)	$	(9,821	)
Dow Jones CDX.NA.IG26 Index		(1.00	)%		06/21/21		CME		USD		5,700,000		(63,164	)		(51,500	)		(11,664	)
												$	(92,344	)	$	(70,859	)	$	(21,485	)
Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
3-Month LIBOR		(1.25	)%		06/20/21		CME		USD		121,000,000	$	(1,240,690	)	$	164,249		$	(1,404,939	)
3-Month LIBOR		(2.00	)%		06/20/21		CME		USD		31,000,000		(1,549,544	)		(1,198,342	)		(351,202	)
												$	(2,790,234	)	$	(1,034,093	)	$	(1,756,141	)
Total Swap agreements outstanding at June 30, 2016												$	(2,882,578	)	$	(1,104,952	)	$	(1,777,626	)

See Notes to Financial Statements.

54

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	20,392,937	$	—	$	20,392,937	$	—
Asset-Backed Securities		109,596,588		—		78,407,809		31,188,779
Corporate Bonds		274,088,211		—		274,088,211		—
Foreign Bonds:
Australia		11,355,751		—		11,355,751		—
Austria		1,896,104		—		1,896,104		—
Bermuda		1,595,409		—		1,595,409		—
Brazil		1,015,107		—		1,015,107		—
Canada		13,534,885		—		12,008,097		1,526,788
Cayman Islands		1,907,013		—		1,907,013		—
Chile		525,094		—		525,094		—
Denmark		27,400,258		—		27,400,258		—
France		12,912,869		—		12,912,869		—
Germany		2,780,391		—		2,780,391		—
Guernsey		1,965,871		—		1,965,871		—
Ireland		700,766		—		700,766		—
Italy		1,449,802		—		1,449,802		—
Japan		8,531,275		—		8,531,275		—
Luxembourg		945,178		—		945,178		—
Mexico		2,398,118		—		2,398,118		—
Netherlands		11,955,099		—		11,955,099		—
New Zealand		2,677,102		—		2,677,102		—
Panama		280,747		—		280,747		—
Singapore		204,570		—		204,570		—
South Korea		23,080,409		—		23,080,409		—
Sweden		976,481		—		976,481		—
Switzerland		3,610,516		—		3,610,516		—
United Kingdom		8,099,301		—		8,099,301		—
Virgin Islands (British)		3,981,712		—		3,981,712		—
Loan Agreement		108,511		—		108,511		—
Money Market Funds		102,081,429		102,081,429		—		—
Mortgage-Backed Securities		164,831,592		—		157,497,431		7,334,161
Municipal Bonds		7,632,791		—		7,632,791		—
U.S. Treasury Obligations		171,348,252		—		171,348,252		—
Total Assets — Investments in Securities	$	995,860,139	$	102,081,429	$	853,728,982	$	40,049,728
Other Financial Instruments***
Futures Contracts	$	1,580,205	$	1,580,205	$	—	$	—
Total Assets — Other Financial Instruments	$	1,580,205	$	1,580,205	$	—	$	—

See Notes to Financial Statements.

55

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

						Level 2			Level 3
	Total			Level 1		Other Significant			Significant
	Value			Quoted Prices		Observable Inputs			Unobservable Inputs
Liabilities:
Investments in Securities:
Security Sold Short	$	(3,414,125	)	$	—	$	(3,414,125	)	$	—
Written Options		(45,965	)		—		(45,965	)		—
Total Liabilities — Investments in Securities	$	(3,460,090	)	$	—	$	(3,460,090	)	$	—
Other Financial Instruments***
Swap Agreements	$	(2,882,578	)	$	—	$	(2,790,234	)	$	(92,344	)
Forward Foreign Currency Contracts		(94,829	)		—		(94,829	)		—
Total Liabilities — Other Financial Instruments	$	(2,977,407	)	$	—	$	(2,885,063	)	$	(92,344	)

*** 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, 2016.

The unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed securities, foreign bonds, mortgage-backed securities and swap 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			Asset-Backed			Foreign			Mortgage-Backed			Swap
	Value			Securities			Bonds			Securities			Agreements
Balance, 12/31/15	$	46,369,508		$	38,465,686		$	296,500		$	7,607,322		$	—
Accrued discounts/premiums		332			4,144			273			(4,085	)		—
Realized gain (loss)(1)		(215,144	)		(38,299	)		(24,800	)		(58,769	)		(93,276	)
Change in unrealized appreciation (depreciation)(2)		193,612			161,269			31,068			12,246			(10,971	)
Purchases		29,976,748			3,219,440			1,526,788			—			25,230,520
Sales		(31,589,257	)		(5,515,752	)		(58,405	)		(796,483	)		(25,218,617	)
Transfers in to Level 3(3)		1,933,446			9,100			—			1,924,346			—
Transfers out of Level 3(4)		(5,156,761	)		(3,915,687	)		(244,636	)		(996,438	)		—
Maturities		—			—			—			—			—
Paydowns		(1,555,100	)		(1,201,122	)		—			(353,978	)		—
Balance, 06/30/16	$	39,957,384		$	31,188,779		$	1,526,788		$	7,334,161		$	(92,344	)

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

⁽²⁾  Change in unrealized appreciation (depreciation) is located 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, 2016 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 using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at June 30, 2016 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 using an objective method such as a pricing vendor.

See Notes to Financial Statements.

56

MEDIUM-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 2.7%
Federal Home Loan Bank
0.88%, 05/24/17	$	20,000	$	20,056
3.38%, 12/08/23		200,000		224,875
Federal Home Loan Bank Discount Notes
0.31%, 08/05/16W		2,900,000		2,899,120
0.32%, 08/05/16W		4,100,000		4,098,745
0.32%, 08/12/16W		5,600,000		5,597,909
0.33%, 08/19/16W		4,000,000		3,998,202
Federal National Mortgage Association
1.23%, 10/09/19W		3,350,000		3,219,605
2.63%, 09/06/24D		1,000,000		1,075,359
6.25%, 05/15/29		500,000		729,231
6.63%, 11/15/30D		1,170,000		1,795,399
Tennessee Valley Authority
3.88%, 02/15/21		1,000,000		1,122,535
5.25%, 09/15/39		230,000		315,909
4.63%, 09/15/60		200,000		249,928
Total Agency Obligations (Cost $24,551,597)				25,346,873
ASSET-BACKED SECURITIES — 4.4%
AmeriCredit Automobile Receivables Series 2016-1
1.52%, 06/10/19		800,000		801,316
AUTO ABS Series 2012-3
0.60%, 09/27/24(E)		520,358		579,534
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A
2.46%, 07/20/20 144A		150,000		152,119
Avis Budget Rental Car Funding AESOP LLC Series 2014-2A
2.50%, 02/20/21 144A		550,000		557,917
Bayview Financial Mortgage Pass-Through Trust Series 2004-A
1.11%, 02/28/44†		17,806		17,788
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1
6.00%, 10/25/36		1,505,125		1,113,914
6.50%, 10/25/36		2,421,584		1,810,103
Capital One Multi-Asset Execution Trust Series 2016-A1
0.90%, 02/15/22†		800,000		801,381
Chapel BV Series 2007
0.11%, 07/17/66(E)†		860,400		907,611
Citigroup Global Markets Mortgage Securities VII, Inc. Series 1998-NC1
0.93%, 03/25/28†		655		655
Community Funding CLO, Ltd. Series 2015-1A
5.75%, 11/01/27+ STEP 144A		860,000		834,234
CWHEQ Revolving Home Equity Loan Trust Series 2005-F
0.68%, 12/15/35†		213,451		194,667

	Par		Value
CWHEQ Revolving Home Equity Loan Trust Series 2006-E
0.58%, 07/15/36†	$	399,553	$	340,960
Dell Equipment Finance Trust Series 2015-2
0.53%, 10/24/16 144A		87,209		87,209
Edsouth Indenture No. 7 LLC Series 2014-3
1.95%, 02/25/36 144A†		1,152,459		1,095,858
Education Funding Capital Trust IV Series 2004-1
1.85%, 06/15/43†		700,000		592,043
EMC Mortgage Loan Trust Series 2003-B
1.00%, 11/25/41 144A†		17,956		16,986
Financial Asset Securities Corporation AAA Trust Series 2005-1A
0.87%, 02/27/35 144A†		933,460		792,992
Ford Credit Floorplan Master Owner Trust A Series 2015-4
1.04%, 08/15/20†		500,000		499,851
Fremont Home Loan Trust Series 2005-E
0.69%, 01/25/36†		893,752		872,100
GMACM Home Equity Loan Trust Series 2007-HE3
6.71%, 09/25/37†		105,524		108,519
7.00%, 09/25/37†		45,922		44,788
Goal Capital Funding Trust Series 2007-1
0.73%, 09/25/28†		298,654		296,213
GSAMP Trust Series 2007-HS1
1.30%, 02/25/47†		796,405		776,490
Hertz Vehicle Financing II LP Series 2015-1A
2.73%, 03/25/21 144A		350,000		357,616
3.52%, 03/25/21 144A		500,000		507,554
Invitation Homes 2015-SFR2 Trust
2.75%, 06/17/32 144A†		250,000		245,304
JGWPT XXXIII LLC Series 2014-3A
3.50%, 06/15/77 144A		418,382		425,624
Mississippi Higher Education Assistance Corporation Series 2014-1
1.13%, 10/25/35†		730,780		715,092
Nelnet Student Loan Trust Series 2006-2
0.74%, 01/25/30†		1,615,943		1,590,944
New Century Home Equity Loan Trust Series 2005-3
0.93%, 07/25/35†		339,596		339,131
Nissan Auto Receivables Owner Trust Series 2016-B
0.63%, 05/15/17		1,407,010		1,406,480

See Notes to Financial Statements.

57

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2
1.76%, 10/01/35†	$	406,225	$	408,402
Park Place Securities, Inc. Asset-Backed Pass-Through Trust Certificates Series 2005-WCH1
1.29%, 01/25/36†		100,000		97,985
Penarth Master Issuer PLC Series 2015-2A
0.85%, 05/18/19 144A†		1,700,000		1,693,606
Provident Home Equity Loan Trust Series 2000-2
0.99%, 08/25/31†		76,628		55,343
RAMP Trust Series 2004-RZ1
0.93%, 03/25/34†		87,043		87,988
RAMP Trust Series 2005-EFC6
0.88%, 11/25/35†		1,900,000		1,701,546
Saxon Asset Securities Trust Series 2004-1
1.25%, 03/25/35†		714,351		646,205
SBA Small Business Investment Cos. Series 2016-10A
2.51%, 03/10/26		520,000		537,647
Scholar Funding Trust Series 2010-A
1.38%, 10/28/41 144A†		383,819		364,118
SCLP Series 2015-1
3.28%, 09/15/23+		1,661,272		1,628,695
SLC Student Loan Trust Series 2005-3
0.77%, 06/15/29†		900,000		856,584
SLM Private Education Loan Trust Series 2010-A
3.69%, 05/16/44 144A†		626,840		642,453
SLM Student Loan EDC Repackaging Trust Series 2013-M1
3.50%, 10/28/29 144A		265,408		261,394
SLM Student Loan Trust Series 2003-11
1.40%, 12/15/25 144A†		400,000		385,625
SLM Student Loan Trust Series 2005-4
0.76%, 01/25/27†		214,429		204,495
SLM Student Loan Trust Series 2005-5
0.78%, 10/25/28†		900,000		845,858
SLM Student Loan Trust Series 2006-2
0.75%, 07/25/25†		1,460,595		1,446,239
SLM Student Loan Trust Series 2007-5
0.75%, 01/26/43†		1,020,000		879,206
SLM Student Loan Trust Series 2007-7
1.39%, 10/27/70†		400,000		317,083

	Par		Value
SLM Student Loan Trust Series 2008-2
1.39%, 04/25/23†	$	202,694	$	195,175
SLM Student Loan Trust Series 2008-4
2.29%, 07/25/22†		550,000		550,331
SLM Student Loan Trust Series 2008-5
2.34%, 07/25/23†		966,714		967,016
SLM Student Loan Trust Series 2008-9
2.14%, 04/25/23†		2,970,390		2,968,430
Soundview Home Loan Trust Series 2006-OPT2
0.63%, 05/25/36†		999,575		946,568
SPS Servicer Advance Receivables Trust Series 2015-T2
2.62%, 01/15/47 144A		950,000		951,451
Utah State Board of Regents Series 2015-1
1.05%, 02/25/43†		824,216		805,185
VOLT XLI LLC Series 2016-NPL1
4.25%, 02/26/46 STEP 144A		1,304,693		1,304,423
Washington Mutual Asset-Backed Certificates Trust Series 2006-HE1
0.63%, 04/25/36†		340,363		334,635
Total Asset-Backed Securities (Cost $42,119,161)				40,966,679
CORPORATE BONDS — 21.8%
21st Century Fox America, Inc.
3.70%, 09/15/24D		725,000		784,148
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		45,610
AbbVie, Inc.
1.75%, 11/06/17		280,000		281,746
1.80%, 05/14/18		1,600,000		1,611,965
2.50%, 05/14/20		425,000		434,878
2.30%, 05/14/21		200,000		202,659
3.60%, 05/14/25		140,000		146,968
3.20%, 05/14/26		675,000		685,169
AES Corporation
4.88%, 05/15/23		80,000		79,400
5.50%, 03/15/24D		100,000		102,875
Aetna, Inc.
2.40%, 06/15/21		420,000		429,009
2.80%, 06/15/23		225,000		230,192
3.20%, 06/15/26		330,000		340,218
Amazon.com, Inc.
3.30%, 12/05/21		525,000		567,139
4.95%, 12/05/44		220,000		268,881
American Campus Communities Operating Partnership LP
3.75%, 04/15/23D		525,000		542,621
American Express Co.
6.80%, 09/01/66†		525,000		525,656
American Express Credit Corporation
1.71%, 09/14/20†		900,000		903,294

See Notes to Financial Statements.

58

	Par		Value
American International Group, Inc.
2.30%, 07/16/19D	$	200,000	$	203,651
3.75%, 07/10/25		430,000		439,073
4.50%, 07/16/44		25,000		24,281
6.25%, 03/15/87†		278,000		284,255
American Tower Corporation
3.38%, 10/15/26		1,500,000		1,510,992
American Tower Corporation REIT
3.40%, 02/15/19		200,000		208,396
3.30%, 02/15/21D		150,000		156,645
Amgen, Inc.
3.63%, 05/22/24		50,000		53,737
4.66%, 06/15/51 144A		34,000		35,679
Anadarko Petroleum Corporation
6.38%, 09/15/17		2,000		2,106
4.85%, 03/15/21D		290,000		307,896
3.45%, 07/15/24D		95,000		93,018
6.45%, 09/15/36		200,000		231,108
Antero Resources Corporation
5.63%, 06/01/23		425,000		414,375
Anthem, Inc.
5.88%, 06/15/17		720,000		750,537
Apache Corporation
3.25%, 04/15/22		50,000		51,285
2.63%, 01/15/23		75,000		74,400
5.10%, 09/01/40		60,000		62,708
4.25%, 01/15/44		670,000		651,178
Argos Merger Sub, Inc.
7.13%, 03/15/23 144AD		50,000		51,625
AT&T, Inc.
4.45%, 05/15/21		80,000		87,951
3.00%, 02/15/22		170,000		173,591
4.45%, 04/01/24		125,000		137,546
3.95%, 01/15/25		125,000		133,103
3.40%, 05/15/25		1,815,000		1,860,030
5.55%, 08/15/41		160,000		179,894
4.35%, 06/15/45		100,000		97,289
Axiall Corporation
4.88%, 05/15/23		90,000		92,812
Bank of America Corporation
3.88%, 03/22/17		130,000		132,410
5.70%, 05/02/17		1,100,000		1,138,926
5.75%, 12/01/17		1,890,000		2,001,134
6.88%, 04/25/18		1,400,000		1,529,102
5.65%, 05/01/18		700,000		750,481
2.60%, 01/15/19		320,000		327,646
5.63%, 07/01/20		50,000		56,303
5.88%, 01/05/21		150,000		172,248
5.00%, 05/13/21		320,000		358,687
3.30%, 01/11/23		120,000		123,678
4.00%, 04/01/24		4,420,000		4,725,312
4.20%, 08/26/24		390,000		403,843
4.00%, 01/22/25		440,000		449,305
3.88%, 08/01/25		330,000		350,739
3.50%, 04/19/26		340,000		352,079
4.25%, 10/22/26		440,000		457,270
5.00%, 01/21/44		750,000		870,943
4.88%, 04/01/44		370,000		423,338
6.25%, 09/29/49†		300,000		305,055
6.50%, 10/29/49†D		150,000		159,938

	Par		Value
Bank of New York Mellon Corporation
2.60%, 08/17/20	$	700,000	$	726,350
Barrick North America Finance LLC
4.40%, 05/30/21		570,000		614,403
Bear Stearns Cos. LLC
6.40%, 10/02/17		1,200,000		1,275,158
Becton, Dickinson and Co.
2.68%, 12/15/19		400,000		411,751
3.73%, 12/15/24		370,000		399,249
4.69%, 12/15/44		120,000		135,740
Berkshire Hathaway Energy Co.
6.50%, 09/15/37		70,000		96,534
Boeing Capital Corporation
4.70%, 10/27/19		230,000		256,518
Boeing Co.
4.88%, 02/15/20D		50,000		56,247
6.63%, 02/15/38		210,000		305,902
California Resources Corporation
5.50%, 09/15/21		170,000		86,700
Calpine Corporation
5.25%, 06/01/26 144AD		170,000		170,000
Capital One Financial Corporation
4.20%, 10/29/25		350,000		360,501
Catholic Health Initiatives
4.35%, 11/01/42		40,000		40,444
CBRE Services, Inc.
5.25%, 03/15/25		400,000		417,252
CCO Holdings LLC
5.88%, 04/01/24 144A		40,000		41,600
CCO Safari II LLC
4.91%, 07/23/25 144A		655,000		719,485
CE Generation LLC
7.42%, 12/15/18		365,580		339,532
Celgene Corporation
3.55%, 08/15/22		170,000		178,349
3.88%, 08/15/25		280,000		299,228
5.00%, 08/15/45		250,000		276,425
Centene Corporation
5.63%, 02/15/21 144A		110,000		114,950
4.75%, 05/15/22		20,000		20,500
6.13%, 02/15/24 144A		60,000		63,938
Charter Communications Operating LLC
3.58%, 07/23/20 144A		75,000		78,481
4.91%, 07/23/25 144A		1,500,000		1,642,906
6.38%, 10/23/35 144A		60,000		71,257
6.48%, 10/23/45 144A		330,000		395,554
Chesapeake Energy Corporation
6.13%, 02/15/21		290,000		197,200
Chevron Corporation
2.95%, 05/16/26		450,000		465,637
CHS/Community Health Systems, Inc.
8.00%, 11/15/19D		100,000		98,375
Chubb Corporation
6.38%, 03/29/67†D		400,000		349,000
Chubb INA Holdings, Inc.
2.30%, 11/03/20		90,000		92,588
3.35%, 05/03/26		120,000		128,066

See Notes to Financial Statements.

59

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cisco Systems, Inc.
2.20%, 02/28/21D	$	300,000	$	309,390
CIT Group, Inc.
4.25%, 08/15/17		1,100,000		1,123,100
5.50%, 02/15/19 144A		190,000		199,262
Citigroup, Inc.
1.59%, 06/07/19†		700,000		701,448
3.50%, 05/15/23		220,000		224,855
4.40%, 06/10/25		450,000		471,393
5.50%, 09/13/25		290,000		325,668
4.30%, 11/20/26		1,600,000		1,651,858
4.45%, 09/29/27		390,000		402,630
6.63%, 06/15/32		50,000		61,389
8.13%, 07/15/39		20,000		31,293
6.68%, 09/13/43		10,000		12,884
4.65%, 07/30/45		930,000		1,026,230
5.35%, 04/29/49†		180,000		169,569
8.40%, 04/29/49†		300,000		328,875
5.95%, 07/29/49†D		170,000		168,194
5.80%, 11/29/49†		1,700,000		1,644,750
5.88%, 12/29/49†D		175,000		168,219
5.95%, 12/29/49†D		690,000		675,338
6.25%, 12/29/49†		275,000		282,906
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		760,000		771,358
Comcast Corporation
5.70%, 05/15/18		1,250,000		1,358,364
3.38%, 08/15/25D		400,000		432,713
6.95%, 08/15/37		70,000		100,878
6.40%, 03/01/40		120,000		167,935
Compass Bank
2.75%, 09/29/19		375,000		371,437
5.50%, 04/01/20		300,000		323,614
Concho Resources, Inc.
5.50%, 10/01/22D		60,000		60,600
5.50%, 04/01/23		60,000		60,450
ConocoPhillips Co.
3.35%, 11/15/24D		255,000		263,152
4.95%, 03/15/26D		175,000		198,817
4.15%, 11/15/34		175,000		177,345
ConocoPhillips Holding Co.
6.95%, 04/15/29		220,000		275,190
Continental Airlines 1998-1 Class A Pass-Through Trust
6.65%, 03/15/19		44,496		45,611
Continental Resources, Inc.
5.00%, 09/15/22D		10,000		9,825
Crown Castle International Corporation REIT
5.25%, 01/15/23		525,000		591,050
Crown Castle Towers LLC
4.88%, 08/15/40 144A		1,900,000		2,073,436
CSEMC 2015-3GNA A1
3.07%, 03/09/17+W		1,014,848		1,334,136
CSEMC 2015-3GNA A2
4.33%, 03/09/17+W		378,081		497,031
CVS Health Corporation
4.13%, 05/15/21		250,000		274,673
3.50%, 07/20/22		425,000		458,203
2.75%, 12/01/22		500,000		516,588
4.00%, 12/05/23		400,000		443,036
3.88%, 07/20/25		133,000		146,572
2.88%, 06/01/26		775,000		793,656

	Par		Value
5.13%, 07/20/45	$	440,000	$	548,091
CVS Pass-Through Trust
6.94%, 01/10/30		693,827		835,433
DDR Corporation REIT
4.63%, 07/15/22		400,000		433,091
Delta Air Lines 2007-1 Class A Pass-Through Trust
6.82%, 02/10/24		277,221		322,477
Depository Trust & Clearing Corporation
4.88%, 12/29/49 144A†		750,000		752,812
Devon Energy Corporation
3.25%, 05/15/22		220,000		213,636
5.85%, 12/15/25D		250,000		276,267
5.60%, 07/15/41		360,000		348,974
4.75%, 05/15/42		205,000		184,380
5.00%, 06/15/45		400,000		374,526
Devon Financing Corporation LLC
7.88%, 09/30/31		60,000		69,983
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A		560,000		574,064
4.42%, 06/15/21 144A		1,950,000		2,009,262
Digital Realty Trust LP REIT
3.40%, 10/01/20		900,000		936,358
Discover Financial Services
3.75%, 03/04/25		450,000		454,158
DISH DBS Corporation
5.88%, 07/15/22		360,000		351,000
5.88%, 11/15/24		170,000		158,738
7.75%, 07/01/26 144A		550,000		567,875
Dollar Tree, Inc.
5.75%, 03/01/23 144A		240,000		256,200
Duke Energy Corporation
3.75%, 04/15/24		200,000		215,111
Dynegy Finance I, Inc.
6.75%, 11/01/19 144A		1,100,000		1,106,875
Eagle Spinco, Inc.
4.63%, 02/15/21D		390,000		400,725
Eaton Corporation
1.50%, 11/02/17		120,000		120,623
2.75%, 11/02/22		710,000		728,926
4.15%, 11/02/42		200,000		216,294
Ecolab, Inc.
3.00%, 12/08/16		275,000		277,389
4.35%, 12/08/21		100,000		113,344
5.50%, 12/08/41		175,000		218,863
Education Realty Operating Partnership LP REIT
4.60%, 12/01/24		625,000		642,654
EMD Finance LLC
2.95%, 03/19/22 144A		750,000		769,394
Energy Transfer Partners LP
4.65%, 06/01/21		500,000		516,805
5.20%, 02/01/22		600,000		632,863
3.60%, 02/01/23		75,000		71,972
4.75%, 01/15/26D		25,000		25,758
Entergy Louisiana LLC
5.40%, 11/01/24		1,200,000		1,467,419
Enterprise Products Operating LLC
5.70%, 02/15/42		60,000		70,160
8.38%, 08/01/66†		650,000		573,495
7.03%, 01/15/68†		400,000		421,598

See Notes to Financial Statements.

60

	Par		Value
EOG Resources, Inc.
4.15%, 01/15/26	$	140,000	$	153,565
EP Energy LLC
6.38%, 06/15/23		160,000		96,800
ERP Operating LP REIT
4.63%, 12/15/21		150,000		169,581
Exelon Corporation
5.63%, 06/15/35		415,000		496,607
Express Scripts Holding Co.
2.65%, 02/15/17		250,000		252,696
Exxon Mobil Corporation
3.04%, 03/01/26		300,000		318,846
4.11%, 03/01/46		90,000		101,773
Fidelity National Information Services, Inc.
3.63%, 10/15/20		475,000		502,621
First Data Corporation
6.75%, 11/01/20 144A		490,000		513,025
5.38%, 08/15/23 144A		70,000		71,348
5.00%, 01/15/24 144A		160,000		161,000
FirstEnergy Corporation
2.75%, 03/15/18		120,000		121,542
4.25%, 03/15/23		490,000		506,228
7.38%, 11/15/31		770,000		958,092
Fiserv, Inc.
2.70%, 06/01/20		350,000		362,677
Florida Power & Light Co.
3.80%, 12/15/42		525,000		566,509
Ford Motor Co.
4.75%, 01/15/43D		100,000		106,255
Ford Motor Credit Co. LLC
8.00%, 12/15/16		1,300,000		1,339,607
5.00%, 05/15/18		225,000		238,502
2.94%, 01/08/19		800,000		823,815
2.46%, 03/27/20		800,000		807,317
3.20%, 01/15/21		2,150,000		2,217,009
3.34%, 03/18/21		250,000		259,563
5.88%, 08/02/21		575,000		660,207
Freeport-McMoRan, Inc.
4.00%, 11/14/21D		380,000		345,206
Freeport-McMoran Oil & Gas LLC
6.50%, 11/15/20		46,000		46,328
6.88%, 02/15/23		12,000		11,640
General Electric Co.
8.50%, 04/06/18(M)		2,000,000		115,214
6.00%, 08/07/19		301,000		344,950
4.38%, 09/16/20D		198,000		220,650
5.30%, 02/11/21		104,000		120,735
4.65%, 10/17/21		140,000		160,438
3.15%, 09/07/22		230,000		247,041
5.88%, 01/14/38		72,000		97,576
6.88%, 01/10/39		60,000		90,751
4.50%, 03/11/44		100,000		115,686
General Motors Co.
6.25%, 10/02/43		110,000		122,614
General Motors Financial Co., Inc.
3.25%, 05/15/18		280,000		285,932
3.50%, 07/10/19		325,000		336,532
3.20%, 07/13/20		1,000,000		1,014,004
4.38%, 09/25/21		400,000		422,592
3.45%, 04/10/22		40,000		40,024
4.25%, 05/15/23		40,000		41,187

	Par		Value
Gilead Sciences, Inc.
3.70%, 04/01/24	$	340,000	$	368,537
3.65%, 03/01/26D		260,000		283,266
4.50%, 02/01/45		90,000		98,343
4.75%, 03/01/46		290,000		330,581
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		380,000		412,478
Glencore Funding LLC
2.50%, 01/15/19 144A		25,000		24,156
2.88%, 04/16/20 144A		690,000		649,171
Goldman Sachs Capital II
4.00%, 12/29/49†		32,000		24,045
Goldman Sachs Group, Inc.
5.95%, 01/18/18		1,000,000		1,065,682
1.73%, 11/15/18†		3,800,000		3,810,591
5.38%, 03/15/20		200,000		222,652
6.00%, 06/15/20		540,000		616,707
5.25%, 07/27/21		560,000		632,660
4.00%, 03/03/24		900,000		963,755
3.85%, 07/08/24		150,000		159,314
4.25%, 10/21/25		230,000		238,204
6.75%, 10/01/37		440,000		544,420
6.25%, 02/01/41		750,000		973,977
5.15%, 05/22/45		270,000		282,757
4.75%, 10/21/45		230,000		254,559
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		100,000		103,750
5.00%, 05/31/26		140,000		142,975
Halliburton Co.
3.80%, 11/15/25		320,000		334,867
4.85%, 11/15/35		30,000		32,588
5.00%, 11/15/45		60,000		66,255
Harris Corporation
5.05%, 04/27/45		110,000		125,261
HCA, Inc.
7.69%, 06/15/25		250,000		268,750
HCP, Inc. REIT
6.00%, 01/30/17		300,000		307,898
2.63%, 02/01/20		300,000		302,644
HD Supply, Inc.
5.25%, 12/15/21 144A		200,000		209,500
Hess Corporation
8.13%, 02/15/19		110,000		122,658
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 144A		275,000		287,850
Hilton Worldwide Finance LLC
5.63%, 10/15/21		220,000		227,857
HSBC USA, Inc.
1.40%, 08/07/18†		1,700,000		1,691,583
Humana, Inc.
7.20%, 06/15/18		480,000		531,769
3.15%, 12/01/22		70,000		71,975
4.63%, 12/01/42		60,000		62,602
Hyundai Capital America
2.13%, 10/02/17 144A		130,000		130,850
ILFC E-Capital Trust II
4.23%, 12/21/65 144A†		280,000		222,600
Intel Corporation
3.70%, 07/29/25D		605,000		672,747
4.90%, 07/29/45		70,000		81,741
International Lease Finance Corporation
6.75%, 09/01/16 144A		990,000		995,337
8.88%, 09/01/17		100,000		106,875

See Notes to Financial Statements.

61

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
7.13%, 09/01/18 144A	$	1,975,000	$	2,173,369
8.63%, 01/15/22		250,000		305,312
John Deere Capital Corporation
2.25%, 04/17/19		160,000		164,490
1.70%, 01/15/20		80,000		80,658
JPMorgan Chase & Co.
1.19%, 04/25/18†		2,200,000		2,197,199
2.25%, 01/23/20		1,700,000		1,724,239
4.40%, 07/22/20		980,000		1,070,054
2.55%, 03/01/21		300,000		305,112
2.40%, 06/07/21D		1,100,000		1,116,135
4.35%, 08/15/21		70,000		77,063
4.50%, 01/24/22		700,000		779,570
3.38%, 05/01/23D		190,000		194,004
3.88%, 09/10/24		1,070,000		1,109,749
4.95%, 06/01/45		400,000		440,243
5.30%, 12/29/49†		1,450,000		1,448,188
Kerr-McGee Corporation
6.95%, 07/01/24		290,000		335,830
7.88%, 09/15/31		280,000		334,389
Kimberly-Clark Corporation
3.70%, 06/01/43		200,000		217,529
Kinder Morgan Energy Partners LP
6.00%, 02/01/17D		500,000		511,690
9.00%, 02/01/19		700,000		797,601
Kinder Morgan, Inc.
7.00%, 06/15/17		710,000		739,584
5.63%, 11/15/23 144A		900,000		965,429
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144A		30,000		31,329
Kraft Heinz Foods Co.
5.38%, 02/10/20		223,000		251,442
2.80%, 07/02/20 144A		250,000		259,850
3.50%, 06/06/22		320,000		340,781
3.95%, 07/15/25 144A		460,000		501,081
5.00%, 07/15/35 144A		150,000		172,577
5.20%, 07/15/45 144A		60,000		71,333
4.38%, 06/01/46 144A		450,000		477,894
Kroger Co.
6.15%, 01/15/20		360,000		414,741
L Brands, Inc.
5.63%, 10/15/23		60,000		64,950
Laredo Petroleum, Inc.
6.25%, 03/15/23D		100,000		95,500
Lehman Escrow Bonds
0.00%, 07/19/17+W#		150,000		—
0.00%, 12/28/47+W#		140,000		—
0.00%, 11/30/49+W#		2,330,000		—
0.00%, 12/31/99+W#		3,200,000		—
0.00%, 12/31/99W#@		2,500,000		174,750
Lockheed Martin Corporation
3.10%, 01/15/23		1,040,000		1,097,728
3.55%, 01/15/26		310,000		337,408
4.50%, 05/15/36		50,000		55,996
M&T Bank Corporation
6.88%, 12/29/49		750,000		753,750
McDonald’s Corporation
3.70%, 01/30/26		240,000		259,821
MDC Holdings, Inc.
5.50%, 01/15/24		250,000		248,750
Medtronic, Inc.
2.50%, 03/15/20		125,000		129,708

	Par		Value
3.15%, 03/15/22	$	300,000	$	320,402
3.50%, 03/15/25		270,000		294,667
4.63%, 03/15/45		250,000		294,718
MetLife Capital Trust IV
7.88%, 12/15/67 144A		300,000		359,250
MetLife, Inc.
4.75%, 02/08/21		270,000		301,689
6.40%, 12/15/66		50,000		53,501
Microsoft Corporation
3.13%, 11/03/25D		450,000		482,535
Mondelez International, Inc.
4.00%, 02/01/24		450,000		492,936
Moody’s Corporation
4.50%, 09/01/22		800,000		890,571
Morgan Stanley
1.08%, 10/18/16†		340,000		340,141
4.75%, 03/22/17		60,000		61,499
6.63%, 04/01/18		700,000		758,956
5.50%, 07/24/20		250,000		280,786
2.04%, 04/21/21†		1,600,000		1,607,909
3.88%, 04/29/24		275,000		294,863
3.70%, 10/23/24		450,000		471,710
5.55%, 12/29/49†D		375,000		371,944
MPLX LP
4.88%, 12/01/24 144A		230,000		224,438
4.88%, 06/01/25 144A		240,000		234,976
Murray Energy Corporation
11.25%, 04/15/21 144A		550,000		156,750
Navient Corporation
8.45%, 06/15/18		300,000		325,500
NBCUniversal Media LLC
2.88%, 01/15/23		750,000		789,958
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		318,765
Netflix, Inc.
5.50%, 02/15/22		100,000		104,750
Newell Brands, Inc.
3.85%, 04/01/23		200,000		212,442
4.20%, 04/01/26		150,000		162,800
Newell Rubbermaid, Inc.
3.15%, 04/01/21		110,000		114,720
Nielsen Finance LLC
4.50%, 10/01/20		300,000		306,750
Noble Energy, Inc.
4.15%, 12/15/21		620,000		652,675
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A		500,000		640,900
Oasis Petroleum, Inc.
7.25%, 02/01/19D		40,000		38,500
6.88%, 03/15/22D		170,000		157,888
Occidental Petroleum Corporation
3.13%, 02/15/22		100,000		104,883
2.70%, 02/15/23		20,000		20,352
3.40%, 04/15/26		575,000		607,190
4.63%, 06/15/45		130,000		145,326
Oracle Corporation
1.20%, 10/15/17D		470,000		471,754
2.50%, 05/15/22		375,000		383,476
Pacific Gas & Electric Co.
8.25%, 10/15/18		130,000		149,817
6.05%, 03/01/34		570,000		761,693
5.80%, 03/01/37		210,000		274,276

See Notes to Financial Statements.

62

	Par		Value
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A@	$	575,000	$	585,926
PepsiCo, Inc.
7.90%, 11/01/18		140,000		161,977
Pioneer Natural Resources Co.
3.45%, 01/15/21		275,000		284,251
PNC Preferred Funding Trust II
1.88%, 03/29/49 144A†		500,000		441,250
Priceline Group, Inc.
3.60%, 06/01/26		425,000		439,834
Pride International, Inc.
8.50%, 06/15/19D		400,000		407,500
6.88%, 08/15/20		50,000		47,782
Principal Life Global Funding II
2.38%, 09/11/19 144A		2,900,000		2,965,734
Private Export Funding Corporation
5.45%, 09/15/17		1,600,000		1,690,526
Progress Energy, Inc.
7.75%, 03/01/31		350,000		491,254
Puget Sound Energy, Inc.
6.97%, 06/01/67†		275,000		234,094
QEP Resources, Inc.
5.25%, 05/01/23D		50,000		46,250
Quicken Loans, Inc.
5.75%, 05/01/25 144A		110,000		106,700
Range Resources Corporation
5.00%, 03/15/23D		410,000		386,425
4.88%, 05/15/25D		10,000		9,575
Raytheon Co.
3.13%, 10/15/20		200,000		214,517
Regency Energy Partners LP
4.50%, 11/01/23		310,000		303,092
Reliance Standard Life Global Funding II
2.50%, 01/15/20 144A		475,000		482,289
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000		772,102
Reynolds Group Issuer, Inc.
5.13%, 07/15/23 144A		200,000		202,750
Roper Technologies, Inc.
2.05%, 10/01/18		375,000		379,761
3.00%, 12/15/20		250,000		258,730
Sally Holdings LLC
5.63%, 12/01/25		250,000		263,125
Santander Bank NA
2.00%, 01/12/18		450,000		449,913
Santander Holdings USA, Inc.
2.70%, 05/24/19		700,000		703,840
Schlumberger Holdings Corporation
3.00%, 12/21/20 144A		250,000		260,900
4.00%, 12/21/25 144A		190,000		204,722
Select Income REIT
2.85%, 02/01/18		75,000		75,615
3.60%, 02/01/20		125,000		127,308
4.15%, 02/01/22D		175,000		176,030
SESI LLC
7.13%, 12/15/21		20,000		19,350
SM Energy Co.
6.13%, 11/15/22D		160,000		147,800
6.50%, 01/01/23D		30,000		28,050
5.00%, 01/15/24D		60,000		51,600

	Par		Value
Southern Co.
2.35%, 07/01/21	$	450,000	$	459,465
Southern Copper Corporation
5.25%, 11/08/42		760,000		677,405
Southern Natural Gas Co. LLC
8.00%, 03/01/32		400,000		444,530
Spectrum Brands, Inc.
5.75%, 07/15/25		110,000		115,088
Spirit Airlines 2015-1 Pass-Through Trust A
4.10%, 10/01/29		1,500,000		1,524,375
Sprint Capital Corporation
8.75%, 03/15/32		60,000		51,600
Sprint Communications, Inc.
9.00%, 11/15/18 144A		80,000		85,500
Sprint Corporation
7.25%, 09/15/21D		40,000		34,300
7.63%, 02/15/25		910,000		724,588
State Street Corporation
4.96%, 03/15/18		480,000		503,273
Stryker Corporation
2.63%, 03/15/21		125,000		129,339
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24		100,000		101,174
Synchrony Financial
2.60%, 01/15/19		300,000		303,462
3.00%, 08/15/19		375,000		381,525
2.70%, 02/03/20		200,000		200,714
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		540,000		735,032
4.90%, 09/15/44 144A		510,000		573,798
Tenet Healthcare Corporation
8.13%, 04/01/22D		50,000		51,490
6.75%, 06/15/23D		100,000		96,125
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		250,000		260,387
Thermo Fisher Scientific, Inc
3.60%, 08/15/21		160,000		169,804
3.00%, 04/15/23		325,000		332,279
3.65%, 12/15/25		200,000		210,394
Time Warner Cable, Inc.
5.00%, 02/01/20		100,000		108,784
4.13%, 02/15/21D		400,000		423,878
7.30%, 07/01/38		100,000		125,603
5.88%, 11/15/40		240,000		262,224
Time Warner, Inc.
4.70%, 01/15/21		10,000		11,166
3.88%, 01/15/26		100,000		108,027	��
7.70%, 05/01/32		610,000		853,818
6.10%, 07/15/40		140,000		171,691
6.25%, 03/29/41		40,000		50,513
Time Warner Entertainment Co. LP
8.38%, 07/15/33		390,000		529,766
Toyota Motor Credit Corporation
1.25%, 10/05/17		520,000		522,214
Transatlantic Holdings, Inc.
8.00%, 11/30/39		200,000		277,292
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 144A		350,000		436,344

See Notes to Financial Statements.

63

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Tyson Foods, Inc.
5.15%, 08/15/44	$	60,000	$	69,457
United Airlines 2009-2A Pass-Through Trust
9.75%, 07/15/18		54,942		56,878
United Rentals North America, Inc.
5.50%, 07/15/25D		180,000		177,975
United Technologies Corporation
4.50%, 06/01/42		120,000		137,767
UnitedHealth Group, Inc.
1.63%, 03/15/19		170,000		171,807
3.75%, 07/15/25		270,000		296,564
4.63%, 07/15/35		225,000		261,829
4.75%, 07/15/45		200,000		241,553
Univision Communications, Inc.
6.75%, 09/15/22 144A		334,000		354,040
Valero Energy Corporation
3.65%, 03/15/25D		200,000		200,649
VEREIT Operating Partnership LP
3.00%, 02/06/19		500,000		503,125
4.13%, 06/01/21		200,000		209,124
4.88%, 06/01/26D		100,000		102,875
Verizon Communications, Inc.
2.41%, 09/14/18†		400,000		410,112
2.63%, 02/21/20		1,056,000		1,093,763
4.50%, 09/15/20		975,000		1,083,250
5.15%, 09/15/23		835,000		973,952
4.15%, 03/15/24		750,000		828,709
6.40%, 09/15/33		459,000		587,518
6.55%, 09/15/43		729,000		985,839
4.67%, 03/15/55		247,000		250,950
Visa, Inc.
3.15%, 12/14/25		690,000		738,573
4.30%, 12/14/45		360,000		417,879
Voya Financial, Inc.
2.90%, 02/15/18D		46,000		46,879
5.70%, 07/15/43		500,000		567,256
Wachovia Capital Trust III
5.57%, 03/29/49†		560,000		553,721
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19		100,000		103,401
2.60%, 06/01/21		200,000		203,961
3.45%, 06/01/26		225,000		231,445
Waste Management, Inc.
3.50%, 05/15/24		140,000		151,569
7.38%, 05/15/29		140,000		196,652
WEA Finance LLC
3.75%, 09/17/24 144A		400,000		417,720
Wells Fargo & Co.
2.60%, 07/22/20		800,000		822,646
4.60%, 04/01/21		70,000		78,273
3.45%, 02/13/23		200,000		207,129
4.48%, 01/16/24		2,196,000		2,409,451
4.10%, 06/03/26		440,000		471,206
4.30%, 07/22/27		790,000		854,120
5.38%, 11/02/43		190,000		221,851
4.65%, 11/04/44		90,000		95,148
4.90%, 11/17/45		370,000		405,873
5.88%, 12/29/49†		600,000		640,500
Wells Fargo Capital X
5.95%, 12/01/86		140,000		148,400

	Par		Value
Welltower, Inc. REIT
4.25%, 04/01/26	$	900,000	$	969,426
West Corporation
4.75%, 07/15/21 144A		60,000		59,400
5.38%, 07/15/22 144A		250,000		233,438
Western Gas Partners LP
3.95%, 06/01/25		225,000		214,465
WestRock RKT Co.
3.50%, 03/01/20		150,000		154,980
4.00%, 03/01/23		30,000		31,368
Whiting Petroleum Corporation
5.00%, 03/15/19		60,000		55,500
5.75%, 03/15/21D		30,000		27,225
6.25%, 04/01/23D		340,000		306,000
Williams Cos., Inc.
7.50%, 01/15/31		10,000		10,100
7.75%, 06/15/31		25,000		25,375
8.75%, 03/15/32		451,000		484,825
Williams Partners LP
4.00%, 11/15/21D		600,000		585,922
3.60%, 03/15/22		500,000		474,276
4.88%, 05/15/23		60,000		58,077
3.90%, 01/15/25		350,000		318,695
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000		61,224
2.90%, 10/21/19 144A		230,000		239,195
WPX Energy, Inc.
6.00%, 01/15/22		20,000		18,700
8.25%, 08/01/23		10,000		10,075
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		440,000		447,700
Total Corporate Bonds (Cost $196,489,293)				204,689,808
FOREIGN BONDS — 12.2%
Australia — 0.4%
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21D		880,000		930,806
2.88%, 02/24/22D		40,000		41,558
5.00%, 09/30/43		220,000		256,239
6.75%, 10/19/75 144A†D		360,000		382,950
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20		1,300,000		1,314,366
Commonwealth Bank of Australia
5.00%, 10/15/19 144A		50,000		55,383
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		180,000		199,575
Macquarie Bank, Ltd.
6.63%, 04/07/21 144A@		275,000		318,236
Rio Tinto Finance USA, Ltd.
3.75%, 09/20/21D		10,000		10,759
				3,509,872
Austria — 0.0%
Sappi Papier Holding GmbH
7.75%, 07/15/17 144A@		225,000		234,000

See Notes to Financial Statements.

64

	Par		Value
Belgium — 0.1%
KBC Bank NV
8.00%, 01/25/23†	$	800,000	$	849,900
Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000		235,376
Digicel, Ltd.
6.75%, 03/01/23 144A		300,000		256,500
NCL Corporation, Ltd.
4.63%, 11/15/20 144A		180,000		180,562
				672,438
Brazil — 0.3%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)		3,249,000		995,996
0.00%, 01/01/23(B)W		2,779,000		793,837
Brazilian Government International Bond
5.63%, 01/07/41		750,000		731,250
5.00%, 01/27/45		200,000		180,500
				2,701,583
Canada — 0.3%
Bank of Nova Scotia
1.88%, 04/26/21		1,600,000		1,613,890
Barrick Gold Corporation
4.10%, 05/01/23D		73,000		77,120
Enbridge, Inc.
3.50%, 06/10/24D		150,000		143,784
Glencore Finance Canada, Ltd.
5.80%, 11/15/16 144AD		70,000		70,846
2.70%, 10/25/17 144A		530,000		528,181
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20		110,000		121,401
Videotron, Ltd.
5.00%, 07/15/22		300,000		311,625
				2,866,847
Cayman Islands — 0.1%
Brazil Minas SPE
5.33%, 02/15/28		470,000		421,825
Shelf Drilling Holdings, Ltd.
8.63%, 11/01/18 144A		70,000		51,800
Transocean, Inc.
6.80%, 12/15/16D		130,000		131,787
Vale Overseas, Ltd.
6.88%, 11/21/36		591,000		540,765
				1,146,177
Chile — 0.2%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22		240,000		256,261
Chile Government International Bond
3.63%, 10/30/42		160,000		163,200
Corporation Nacional del Cobre de Chile
4.50%, 09/16/25 144AD		400,000		419,798
Latam Airlines 2015-1 Pass-Through Trust A
4.20%, 08/15/29 144A		884,461		813,262
				1,652,521

	Par		Value
China — 0.2%
China Government Bond
3.38%, 11/21/24(Y)	$	2,500,000	$	374,377
3.39%, 05/21/25(Y)		2,000,000		298,459
3.31%, 11/30/25(Y)		6,000,000		888,914
				1,561,750
Colombia — 0.2%
Colombia Government International Bond
5.63%, 02/26/44D		930,000		1,034,625
Ecopetrol SA
5.38%, 06/26/26		250,000		243,750
5.88%, 05/28/45		430,000		375,820
				1,654,195
Denmark — 0.6%
Realkredit Danmark A/S
1.00%, 04/01/17(D)		36,400,000		5,485,416
Dominican Republic — 0.1%
Dominican Republic International Bond
10.38%, 03/04/22+(V)		800,000		17,661
14.50%, 02/10/23(V)		1,300,000		33,425
6.88%, 01/29/26 144A		180,000		199,080
11.38%, 07/06/29+(V)		700,000		15,788
7.45%, 04/30/44 144A		320,000		353,600
				619,554
France — 1.2%
BNP Paribas SA
2.38%, 09/14/17		270,000		273,936
BPCE SA
4.63%, 07/11/24 144A		700,000		702,727
4.50%, 03/15/25 144A		1,300,000		1,301,677
Credit Agricole SA
4.38%, 03/17/25 144A		510,000		516,923
8.38%, 10/29/49 144A†D		510,000		571,940
7.88%, 12/29/49 144A†		1,600,000		1,536,000
Dexia Credit Local SA
1.01%, 11/07/16 144A†		3,200,000		3,200,483
Numericable-SFR SA
6.25%, 05/15/24 144A		330,000		316,800
Societe Generale SA
4.25%, 04/14/25 144A		1,400,000		1,387,292
Unibail-Rodamco SE
1.40%, 04/16/19†		1,600,000		1,601,648
				11,409,426
Germany — 0.4%
Deutsche Bank AG
2.85%, 05/10/19		1,600,000		1,602,207
KFW
1.13%, 08/06/18		1,800,000		1,811,464
				3,413,671
Greece — 0.1%
Hellenic Railways Organization SA
4.03%, 03/17/17(E)@		700,000		744,784
5.01%, 12/27/17(E)@		100,000		105,011
				849,795

See Notes to Financial Statements.

65

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21 144A@	$	800,000	$	808,844
4.88%, 05/15/45		350,000		349,878
				1,158,722
Iceland — 0.0%
Glitnir HoldCo ehf
7.45%, 03/29/49+ 144A#		100,000		1
Kaupthing ehf
7.13%, 05/19/16+ 144A#		350,000		3
				4
India — 0.1%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144A		530,000		556,482
Indonesia — 0.2%
Indonesia Government International Bond
4.88%, 05/05/21		770,000		837,943
5.38%, 10/17/23		200,000		225,811
4.75%, 01/08/26 144A		250,000		272,843
7.75%, 01/17/38		100,000		136,201
				1,472,798
Ireland — 0.3%
GE Capital International Funding Co.
2.34%, 11/15/20 144A		1,723,000		1,776,070
3.37%, 11/15/25 144A		597,000		648,667
4.42%, 11/15/35 144A		229,000		257,359
				2,682,096
Israel — 0.2%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000		1,518,694
5.50%, 12/04/23D		200,000		252,014
5.50%, 04/26/24		500,000		633,879
				2,404,587
Italy — 0.3%
Intesa Sanpaolo SpA
2.38%, 01/13/17		1,075,000		1,079,161
3.88%, 01/16/18		600,000		615,828
5.02%, 06/26/24 144A		975,000		894,037
				2,589,026
Japan — 0.2%
Meiji Yasuda Life Insurance Co.
5.20%, 10/20/45 144A†D		300,000		329,175
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21D		250,000		259,487
3.85%, 03/01/26		200,000		218,463
Mizuho Financial Group, Inc.
2.63%, 04/12/21 144A		500,000		509,506
Sumitomo Mitsui Financial Group, Inc.
4.44%, 04/02/24 144A		350,000		375,384
				1,692,015

	Par		Value
Jersey — 0.3%
UBM PLC
5.75%, 11/03/20 144A	$	230,000	$	249,116
UBS Group Funding Jersey, Ltd.
3.00%, 04/15/21 144A@		1,500,000		1,531,620
4.13%, 09/24/25 144A		890,000		924,294
				2,705,030
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000		1,272,092
Luxembourg — 0.1%
Altice Financing SA
6.63%, 02/15/23 144A		200,000		197,124
ArcelorMittal
6.50%, 03/01/21D		80,000		82,600
7.25%, 02/25/22D		50,000		52,875
6.13%, 06/01/25D		150,000		150,000
8.00%, 10/15/39D		100,000		97,500
Intelsat Jackson Holdings SA
7.50%, 04/01/21		450,000		312,750
Mallinckrodt International Finance SA
4.88%, 04/15/20 144AD		90,000		87,300
5.63%, 10/15/23 144AD		30,000		28,087
				1,008,236
Mexico — 1.3%
America Movil SAB de CV
5.63%, 11/15/17D		370,000		390,895
6.00%, 06/09/19(M)		3,030,000		164,025
5.00%, 03/30/20		240,000		266,383
Mexican Bonos
8.00%, 06/11/20(M)		3,840,600		230,221
6.50%, 06/10/21(M)		1,625,000		92,981
6.50%, 06/09/22(M)		22,995,700		1,316,543
8.00%, 12/07/23(M)		1,761,600		109,679
10.00%, 12/05/24(M)		25,130,000		1,765,156
7.50%, 06/03/27(M)		1,334,300		81,774
8.50%, 05/31/29(M)		964,000		63,625
7.75%, 11/13/42(M)		45,505,200		2,902,172
Mexico Government International Bond
3.60%, 01/30/25		440,000		460,900
6.05%, 01/11/40		134,000		169,008
4.75%, 03/08/44		1,358,000		1,466,640
5.55%, 01/21/45		1,220,000		1,465,525
Petroleos Mexicanos
5.50%, 02/04/19 144A		50,000		52,675
5.50%, 01/21/21		190,000		201,428
6.88%, 08/04/26 144A		200,000		223,600
6.63%, 06/15/35		159,000		164,724
5.50%, 06/27/44 144A		170,000		153,850
6.38%, 01/23/45		580,000		585,800
Trust F/1401 REIT
5.25%, 12/15/24 144A		200,000		205,500
				12,533,104
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A		450,000		441,405

See Notes to Financial Statements.

66

	Par		Value
Netherlands — 1.0%
ABN AMRO Bank NV
4.75%, 07/28/25 144A	$	1,700,000	$	1,771,196
Cooperatieve Rabobank UA
4.63%, 12/01/23		400,000		422,460
4.38%, 08/04/25		370,000		387,199
5.25%, 08/04/45		390,000		435,236
8.38%, 07/29/49†		100,000		100,548
11.00%, 12/29/49 144A†		487,000		582,574
Fiat Chrysler Automobiles NV
4.50%, 04/15/20D		200,000		202,750
ING Bank NV
5.80%, 09/25/23 144A		340,000		373,677
4.13%, 11/21/23†		600,000		610,170
Majapahit Holding BV
7.75%, 01/20/20		240,000		274,920
NXP BV
4.63%, 06/01/23 144A		800,000		816,000
Petrobras Global Finance BV
5.75%, 01/20/20		235,000		227,621
4.88%, 03/17/20		40,000		37,600
5.38%, 01/27/21D		1,230,000		1,129,693
8.38%, 05/23/21D		180,000		186,210
6.25%, 03/17/24		380,000		338,200
6.85%, 06/05/15		350,000		267,750
Royal Bank of Scotland NV
4.65%, 06/04/18		130,000		133,284
Shell International Finance BV
4.38%, 03/25/20		320,000		351,883
2.88%, 05/10/26		460,000		467,951
4.13%, 05/11/35		140,000		151,275
4.38%, 05/11/45		230,000		250,328
				9,518,525
Peru — 0.1%
Peruvian Government International Bond
6.55%, 03/14/37D		210,000		284,025
5.63%, 11/18/50D		330,000		410,025
				694,050
Poland — 0.4%
Poland Government Bond
2.00%, 04/25/21(P)		690,000		174,323
3.25%, 07/25/25(P)		9,610,000		2,520,392
2.50%, 07/25/26(P)		2,060,000		504,795
Poland Government International Bond
4.00%, 01/22/24		980,000		1,060,238
				4,259,748
Russia — 0.3%
Russian Federal Bond - OFZ
8.15%, 02/03/27(R)		25,020,000		393,125
7.05%, 01/19/28(R)		106,530,000		1,534,275
Russian Foreign Bond-Eurobond
4.50%, 04/04/22		400,000		428,490
7.50%, 03/31/30 STEPD		270,635		330,682
7.50%, 03/31/30 STEP 144A		152,550		186,397
				2,872,969

	Par		Value
South Korea — 0.5%
Export-Import Bank of Korea
5.00%, 04/11/22	$	1,500,000	$	1,736,715
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A		3,400,000		3,406,120
				5,142,835
Spain — 0.2%
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20D		625,000		637,182
Telefonica Emisiones SA Unipersonal
6.22%, 07/03/17		20,000		20,886
5.88%, 07/15/19		70,000		78,255
5.46%, 02/16/21		900,000		1,027,866
				1,764,189
Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18		400,000		399,573
Sweden — 0.2%
Nordea Bank AB
4.88%, 05/13/21 144A		640,000		704,577
Stadshypotek AB
1.88%, 10/02/19 144A		900,000		913,648
				1,618,225
Switzerland — 0.3%
Credit Suisse AG
1.38%, 05/26/17		1,500,000		1,501,425
6.50%, 08/08/23 144A		225,000		236,306
UBS AG
1.52%, 06/01/20†		1,000,000		999,134
				2,736,865
Turkey — 0.2%
Turkey Government International Bond
5.63%, 03/30/21		160,000		174,799
6.25%, 09/26/22		550,000		623,153
Turkish Airlines 2015-1 Class A Pass-Through Trust
4.20%, 09/15/28 144A		1,506,426		1,431,105
				2,229,057
United Kingdom — 1.4%
Bank of Scotland PLC
5.25%, 02/21/17 144A		100,000		102,764
Barclays Bank PLC
6.05%, 12/04/17 144A		230,000		241,027
Barclays PLC
6.50%, 12/29/49(E)†		800,000		790,145
BP Capital Markets PLC
3.56%, 11/01/21		30,000		32,292
3.51%, 03/17/25		390,000		411,017
3.12%, 05/04/26		70,000		71,591
Ensco PLC
4.70%, 03/15/21D		130,000		108,182
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		350,000		368,587

See Notes to Financial Statements.

67

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
HSBC Bank PLC
4.75%, 01/19/21 144A	$	200,000	$	220,624
HSBC Holdings PLC
3.40%, 03/08/21		610,000		628,965
4.25%, 03/14/24		240,000		243,224
4.25%, 08/18/25		420,000		424,628
4.30%, 03/08/26		220,000		232,943
6.50%, 09/15/37		1,000,000		1,205,836
6.00%, 12/29/49(E)†		300,000		321,004
6.38%, 12/29/49†D		900,000		851,625
Lloyds Bank PLC
2.30%, 11/27/18		275,000		276,645
12.00%, 12/29/49 144A†		2,300,000		3,142,398
Lloyds Banking Group PLC
4.50%, 11/04/24D		240,000		243,896
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		180,000		189,270
6.00%, 12/19/23		410,000		417,858
5.13%, 05/28/24		280,000		273,466
Santander UK PLC
5.00%, 11/07/23 144A		750,000		772,424
Standard Chartered PLC
5.70%, 03/26/44 144A		680,000		697,225
Virgin Media Finance PLC
6.00%, 10/15/24 144A		600,000		591,000
				12,858,636
Virgin Islands (British) — 0.1%
Sinopec Group Overseas Development 2012, Ltd.
2.75%, 05/17/17 144A		230,000		232,864
Sinopec Group Overseas Development 2014, Ltd.
4.38%, 04/10/24 144A		750,000		811,726
				1,044,590
Total Foreign Bonds (Cost $115,251,933)				114,282,004
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.1%
Brazil — 0.1%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B)
(Cost $1,035,298)		913,000		825,818
LOAN AGREEMENT — 0.0%
CHS/Community Health Systems, Inc. Term H Loan
0.04%, 01/27/21
(Cost $310,830)		316,694		308,203
MORTGAGE-BACKED SECURITIES — 41.4%
Aire Valley Mortgages PLC Series 2005-1X
1.16%, 09/20/66†		336,999		330,139
Aire Valley Mortgages PLC Series 2006-1A
0.87%, 09/20/66 144A†		103,641		99,062
Aire Valley Mortgages PLC Series 2006-1X
0.07%, 09/20/66(E)†		334,814		363,374

	Par		Value
Aire Valley Mortgages PLC Series 2007-1A
0.89%, 09/20/66 144A†	$	248,053	$	237,257
Alba PLC Series 2007-1
0.76%, 03/17/39(U)†		958,936		1,119,714
Alba PLC Series 2015-1
1.75%, 04/24/49(U)†		932,818		1,217,536
Alternative Loan Trust Series 2005-72
0.72%, 01/25/36†		368,586		299,385
Alternative Loan Trust Series 2006-OA11
0.64%, 09/25/46†		635,815		480,117
American Home Mortgage Investment Trust Series 2005-2
2.48%, 09/25/45†		1,116,917		1,077,794
American Home Mortgage Assets Trust Series 2006-5
1.33%, 11/25/46†		939,813		438,079
Banc of America Commercial Mortgage Trust Series 2007-2
5.80%, 04/10/49†		75,000		77,250
Banc of America Funding Trust Series 2005-D
2.93%, 05/25/35†		1,204,490		1,227,940
Banc of America Mortgage Trust Series 2004-F
3.11%, 07/25/34†		103,325		104,621
Banc of America Re-REMIC Trust Series 2010-UB5
5.67%, 02/17/51 144A†		84,583		85,210
Bayview Commercial Asset Trust Series 2004-3
0.82%, 01/25/35 144A†		530,400		471,232
BBCCRE Trust Series 2015-GTP
3.97%, 08/10/33 144A		1,600,000		1,719,937
4.71%, 08/10/33 144A†		1,800,000		1,606,257
BBCMS Trust Series 2015-RRI
1.58%, 05/15/32 144A†		1,674,919		1,669,382
BBCMS Trust Series 2015-STP
3.32%, 09/10/28 144A		1,600,000		1,671,997
Bear Stearns Adjustable Rate Mortgage Trust Series 2002-11
2.53%, 02/25/33†		10,202		10,104
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-2
2.81%, 05/25/34†		51,670		48,594
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
3.09%, 03/25/35†		417,527		418,497

See Notes to Financial Statements.

68

	Par		Value
Bear Stearns ALT-A Trust Series 2005-4
2.91%, 05/25/35†	$	304,053	$	297,324
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
5.60%, 06/11/50		806,342		841,536
Bear Stearns Structured Products, Inc. Trust Series 2007-R6
2.88%, 01/26/36†		847,426		661,134
Berica 8 Residential MBS S.r.l. Series 8
0.07%, 03/31/48(E)†		115,246		126,772
Berica ABS S.r.l. Series 2011-1
0.06%, 12/31/55(E)†		700,281		773,059
Chevy Chase Funding LLC Series 2004-4A
0.68%, 10/25/35 144A†		240,220		210,453
CHL Mortgage Pass-Through Trust Series 2003-58
2.91%, 02/19/34†		471,238		467,056
CHL Mortgage Pass-Through Trust Series 2004-HYB5
2.60%, 04/20/35†		1,166,548		1,155,118
Citigroup Commercial Mortgage Trust Series 2008-C7
6.26%, 12/10/49†		578,358		604,102
Citigroup Commercial Mortgage Trust Series 2014-GC21
4.87%, 05/10/47 IOW†		1,220,994		89,543
Citigroup Commercial Mortgage Trust Series 2015-GC27
3.77%, 02/10/48		170,000		177,034
Citigroup Commercial Mortgage Trust Series 2015-GC29
3.11%, 04/10/48 144A		420,000		280,133
COMM Mortgage Trust Series 2007-C9
6.01%, 12/10/49†		1,171,030		1,210,944
COMM Mortgage Trust Series 2013-CR12
4.30%, 10/10/46		100,000		110,624
4.76%, 10/10/46†		40,000		44,714
5.25%, 10/10/46†		20,000		21,145
COMM Mortgage Trust Series 2013-CR13
4.45%, 12/10/23 IOW†		1,098,696		50,098
COMM Mortgage Trust Series 2014-277P
3.73%, 08/10/49 144A†		160,000		174,320
COMM Mortgage Trust Series 2014-CR19
4.88%, 08/10/47†		218,000		222,881
COMM Mortgage Trust Series 2014-SAVA
3.54%, 06/15/34 144A†		400,000		389,872
COMM Mortgage Trust Series 2015-DC1
4.04%, 02/10/48†		100,000		103,685

	Par		Value
4.50%, 02/10/48†	$	80,000	$	78,207
COMM Mortgage Trust Series 2015-LC19
3.83%, 02/10/48†		100,000		104,555
4.41%, 02/10/48†		190,000		187,002
Commercial Mortgage Pass-Through Certificates Series 2012-CR3
2.82%, 10/15/45		30,000		31,294
Core Industrial Trust Series 2015-TEXW
3.98%, 02/10/34 144A†		460,000		405,723
Credit Suisse Commercial Mortgage Trust Series 2007-C2
5.62%, 01/15/49†		101,000		102,846
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-19
16.27%, 07/25/33 IOW		5,132		130
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR18
(3.00)%, 07/25/33 IOW†		60,225		—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR20
(3.00)%, 08/25/33 IOW†		65,978		—
CSAIL Commercial Mortgage Trust Series 2015-C1
4.04%, 04/15/50†		60,000		64,630
CSMC Trust Series 2014-TIKI
1.39%, 09/15/38 144A†		300,000		293,221
CSMC Trust Series 2014-USA
4.19%, 09/15/37 144A		300,000		320,562
4.37%, 09/15/37 144A		310,000		298,881
DECO Series 2015-HRPA
1.20%, 04/27/27 144A(E)†		1,473,357		1,617,488
EQTY Mortgage Trust Series 2014-INNS
2.77%, 05/08/31 144A†		400,000		386,729
Federal Home Loan Mortgage Corporation
8.50%, 06/01/18		386		394
4.50%, 09/01/18		1,909		1,953
8.00%, 08/01/24		1,236		1,386
4.00%, 10/01/25		304,359		324,467
5.50%, 02/01/27		47,307		52,670
7.50%, 11/01/29		4,930		6,161
7.50%, 12/01/29		5,369		6,103
7.50%, 02/01/31		7,273		7,969
2.48%, 07/01/31†		12,889		13,352
7.50%, 11/01/31		8,732		8,778
3.10%, 04/01/32†		2,155		2,257
3.50%, 08/01/33		1,368,415		1,470,213
5.00%, 08/01/33		6,741		7,516
5.00%, 09/01/33		1,386		1,538
5.00%, 10/01/33		4,622		5,139

See Notes to Financial Statements.

69

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.03%, 03/01/34†	$	2,215	$	2,340
5.00%, 12/01/34		116,580		129,297
5.50%, 05/01/35		266,828		300,671
5.00%, 07/01/35		6,519		7,260
5.00%, 11/01/35		198,061		218,599
5.50%, 11/01/35		50,842		57,255
5.00%, 12/01/35		17,533		19,681
5.50%, 01/01/36		33,973		38,444
6.00%, 02/01/36		208,758		237,042
3.08%, 01/01/37†		525,242		554,731
5.00%, 02/01/37		19,986		22,057
5.50%, 07/01/37		55,036		62,354
1.94%, 09/01/37†		55,662		58,533
5.50%, 04/01/38		12,972		14,555
7.00%, 02/01/39		171,631		203,732
7.00%, 03/01/39		31,077		33,807
5.50%, 04/01/39		301,756		336,521
4.50%, 06/01/39		142,480		156,000
6.50%, 09/01/39		57,556		68,111
5.50%, 08/01/40		279,138		313,365
4.00%, 02/01/41		96,176		103,323
5.00%, 06/01/41		4,267		4,709
3.50%, 08/01/41 TBA		1,400,000		1,474,156
3.50%, 10/01/42		161,835		172,449
4.00%, 10/01/42		77,503		83,960
3.50%, 11/01/42		321,805		342,944
3.50%, 12/01/42		79,994		85,238
3.50%, 01/01/43		499,253		531,760
3.50%, 02/01/43		361,476		385,168
3.50%, 03/01/43		903,620		962,665
3.50%, 04/01/43		824,336		870,837
4.00%, 04/01/43		167,696		181,572
3.50%, 05/01/43		606,163		648,597
4.00%, 05/01/43		80,781		88,922
4.00%, 06/01/43		83,075		91,447
4.00%, 07/01/43		312,166		342,812
4.00%, 08/01/43		178,803		193,750
4.50%, 12/01/43		1,141,196		1,268,474
3.50%, 02/01/44		88,098		93,864
4.50%, 02/01/44		869,790		966,319
4.50%, 03/01/44		272,155		302,528
3.50%, 03/01/45		955,663		1,018,198
3.50%, 06/01/45		552,266		590,085
3.50%, 08/01/45 TBA		2,000,000		2,105,938
3.50%, 10/01/45		430,331		459,801
3.50%, 03/01/46		1,963,630		2,098,251
3.50%, 04/01/46		1,980,651		2,104,826
3.50%, 05/01/46		400,240		425,401
Federal Home Loan Mortgage Corporation Reference REMIC Series R007
6.00%, 05/15/36		297,092		339,725
Federal Home Loan Mortgage Corporation REMIC Series 3325
0.94%, 06/15/37†		215,508		216,333
Federal Home Loan Mortgage Corporation REMIC Series 3621
2.22%, 01/15/40 IOW†		398,023		76,939
Federal Home Loan Mortgage Corporation REMIC Series 3947
0.83%, 10/15/41 IOW†		274,016		45,935

	Par		Value
Federal Home Loan Mortgage Corporation REMIC Series 4076
8.96%, 07/15/42 IOW†	$	69,309	$	17,582
Federal Home Loan Mortgage Corporation REMIC Series 4092
(0.68)%, 09/15/31 IOW		583,285		50,165
Federal Home Loan Mortgage Corporation REMIC Series 4099
9.52%, 08/15/42 IOW†		340,476		63,931
Federal Home Loan Mortgage Corporation REMIC Series 4136
7.91%, 11/15/42 IOW†		66,817		13,514
11.23%, 11/15/42 IOW†		71,968		13,524
Federal Home Loan Mortgage Corporation REMIC Series 4194
(3.35)%, 04/15/43 IOW		1,289,136		163,506
Federal Home Loan Mortgage Corporation REMIC Series 4210
3.00%, 05/15/43		322,214		332,214
Federal Home Loan Mortgage Corporation REMIC Series 4239
(0.12)%, 06/15/27 IOW		574,695		64,170
Federal Home Loan Mortgage Corporation REMIC Series 4298
(5.00)%, 04/15/43 IOW		530,636		54,049
Federal Home Loan Mortgage Corporation REMIC Series 4310
5.82%, 02/15/44 IOW†		168,563		32,095
Federal Home Loan Mortgage Corporation REMIC Series 4335
6.49%, 05/15/44 IOW†		171,220		33,662
Federal Home Loan Mortgage Corporation REMIC Series 4415
7.55%, 04/15/41 IOW†		379,716		27,011
Federal Housing Administration
7.43%, 10/01/18+@		18,353		18,551
Federal National Mortgage Association
5.00%, 12/01/17		3,628		3,785
2.80%, 03/01/18		535,377		547,315
3.74%, 05/01/18		1,294,361		1,343,506
3.84%, 05/01/18		420,000		436,775
4.51%, 06/01/19		1,000,000		1,043,186
3.42%, 10/01/20		242,650		262,654
3.62%, 12/01/20		168,595		183,014
4.38%, 06/01/21		627,336		700,801
9.50%, 05/01/22		336		366
1.91%, 07/01/22†		3,426		3,505
5.50%, 09/01/23		59,772		65,093
5.50%, 10/01/23		13,266		14,407
9.50%, 07/01/24		679		736
2.81%, 04/01/25		50,000		52,526
5.50%, 05/01/25		214,865		223,424
1.93%, 07/01/27†		13,685		14,279
2.48%, 08/01/27†		23,446		24,729

See Notes to Financial Statements.

70

	Par		Value
2.50%, 08/01/27 TBA	$	300,000	$	309,908
3.00%, 08/01/27 TBA		400,000		418,906
3.50%, 08/01/27 TBA		1,100,000		1,164,212
1.93%, 11/01/27 CONV†		13,489		14,198
2.89%, 02/01/30†		83,773		85,877
2.63%, 06/01/30 CONV†		14,201		14,567
8.00%, 10/01/30		15,919		19,260
2.84%, 12/01/30 CONV†		5,141		5,261
1.93%, 01/01/31†		6,028		6,141
4.50%, 04/01/31		87,402		95,931
2.82%, 05/01/31†		12,734		12,846
4.50%, 05/01/31		304,739		334,316
4.50%, 06/01/31		92,010		101,006
4.50%, 11/01/31		128,622		141,460
6.00%, 11/01/31		2,492		2,882
4.50%, 12/01/31		200,709		220,834
6.00%, 01/01/32		60,744		69,374
6.00%, 03/01/32		10,527		12,021
6.00%, 04/01/32		143,294		163,958
1.93%, 06/01/32†		7,671		7,851
1.91%, 08/01/32†		7,817		8,083
6.00%, 08/01/32		1,578		1,823
2.88%, 02/01/33†		1,023		1,046
5.50%, 04/01/33		30,041		34,802
1.91%, 05/01/33†		31,280		33,257
6.00%, 05/01/33		481		549
5.00%, 07/01/33		39,022		43,544
5.00%, 08/01/33		3,242		3,630
5.00%, 09/01/33		47,465		52,993
5.50%, 09/01/33		1,672		1,897
5.50%, 12/01/33		7,473		8,500
6.00%, 12/01/33		427		487
5.50%, 02/01/34		2,050		2,315
5.50%, 04/01/34		395		453
3.50%, 05/01/34		244,892		263,394
5.50%, 08/01/34		3,280		3,774
5.50%, 10/01/34		147		168
6.00%, 10/01/34		29,447		33,626
2.33%, 12/01/34†		60,421		64,178
5.50%, 12/01/34		15,132		17,197
6.00%, 05/01/35		936,160		1,072,027
5.50%, 07/01/35		183		206
6.00%, 07/01/35		146,458		168,523
5.50%, 08/01/35		345		396
6.00%, 08/01/35		43		49
5.50%, 09/01/35		69,340		77,875
5.00%, 10/01/35		132,448		147,858
6.00%, 10/01/35		30,370		34,843
1.93%, 11/01/35†		5,406		5,642
2.26%, 11/01/35†		115,581		120,969
2.36%, 11/01/35†		78,433		81,680
2.38%, 11/01/35†		70,424		73,612
2.38%, 11/01/35†		61,925		64,595
6.00%, 11/01/35		439,414		504,890
5.50%, 12/01/35		1,523		1,755
6.00%, 12/01/35		6,167		7,139
6.00%, 02/01/36		3,351		3,827
6.00%, 03/01/36		3,269		3,733
5.50%, 04/01/36		22,927		24,444
6.00%, 04/01/36		5,265		6,075
3.85%, 05/01/36†		71,649		75,293
5.50%, 11/01/36		111,521		125,549
6.00%, 01/01/37		517,643		591,106
2.09%, 02/01/37†		526,904		546,658

	Par		Value
5.50%, 02/01/37	$	163	$	185
6.00%, 02/01/37		450,273		516,770
5.50%, 03/01/37		6,820		7,716
6.00%, 03/01/37		25,903		29,748
5.50%, 04/01/37		358		406
5.50%, 05/01/37		124		140
5.50%, 06/01/37		145		165
6.00%, 07/01/37		926,629		1,072,114
5.50%, 08/01/37		320,043		362,282
6.00%, 08/01/37		79,252		90,663
6.00%, 09/01/37		122,192		139,801
6.50%, 10/01/37		55,836		64,255
7.00%, 10/01/37		5,179		5,624
7.00%, 11/01/37		8,351		10,129
1.93%, 12/01/37†		41,748		43,378
6.00%, 12/01/37		317,583		362,654
7.00%, 12/01/37		4,381		4,928
1.93%, 01/01/38†		25,643		27,167
6.00%, 01/01/38		249,880		288,474
5.50%, 02/01/38		3,880		4,400
7.00%, 02/01/38		3,640		4,098
4.50%, 03/01/38		8,032		8,790
5.50%, 03/01/38		446		506
6.00%, 03/01/38		1,070		1,222
4.50%, 04/01/38		128,852		140,653
5.00%, 04/01/38		135,249		150,064
5.50%, 05/01/38		120		135
6.00%, 05/01/38		30,123		34,463
5.00%, 06/01/38		142,219		157,797
5.50%, 06/01/38		507		572
5.00%, 07/01/38 TBA		2,600,000		2,888,761
5.50%, 07/01/38		84,004		95,333
5.50%, 08/01/38		86,187		98,090
7.00%, 08/01/38		2,412		2,586
5.50%, 09/01/38		399		448
6.00%, 11/01/38		38,641		44,213
7.00%, 11/01/38		26,747		30,636
5.50%, 12/01/38		135		153
6.00%, 12/01/38		46,383		53,043
7.00%, 02/01/39		14,326		16,599
7.00%, 03/01/39		124,454		146,994
4.00%, 08/01/39 TBA		20,000,000		21,424,426
4.50%, 08/01/39 TBA		13,000,000		14,182,120
6.00%, 09/01/39		26,787		30,620
6.00%, 12/01/39		460,412		527,435
1.78%, 06/01/40†		45,475		47,328
4.00%, 07/01/40 TBA		5,800,000		6,218,521
1.78%, 10/01/40†		130,375		133,597
1.93%, 11/01/40†		15,820		16,550
4.50%, 04/01/41		138,211		151,489
6.00%, 05/01/41		930,155		1,064,838
3.50%, 08/01/41 TBA		58,700,000		61,864,294
4.50%, 08/01/41		106,882		116,961
4.50%, 11/01/41		421,770		462,465
4.00%, 06/01/42		78,933		85,224
3.00%, 07/01/42 TBA		3,000,000		3,113,320
4.00%, 07/01/42 TBA		4,000,000		4,288,635
3.00%, 08/01/42 TBA		2,000,000		2,071,796
3.00%, 08/13/42		10,000,000		10,358,982
3.50%, 09/01/42		77,553		82,664
2.50%, 10/01/42		529,825		536,387
4.00%, 10/01/42		306,710		332,438
2.50%, 11/01/42		29,184		29,547
4.00%, 11/01/42		706,500		766,150

See Notes to Financial Statements.

71

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.50%, 12/01/42	$	22,504	$	22,785
3.00%, 12/01/42		24,089		25,383
4.00%, 12/01/42		202,715		218,371
2.50%, 01/01/43		20,362		20,615
3.00%, 01/01/43		429,495		448,708
3.50%, 01/01/43		2,317,219		2,466,806
2.50%, 02/01/43		21,227		21,491
2.50%, 03/01/43		1,768,301		1,790,338
3.00%, 03/01/43		263,594		277,585
2.50%, 04/01/43		1,600,752		1,620,701
3.00%, 04/01/43		394,223		415,151
3.50%, 04/01/43		130,996		138,509
4.00%, 04/01/43		73,573		80,464
2.50%, 05/01/43		35,608		36,052
3.00%, 05/01/43		256,507		270,117
2.50%, 06/01/43		35,553		35,996
3.00%, 06/01/43		76,054		80,089
4.00%, 06/01/43		763,409		831,788
3.00%, 07/01/43		680,365		716,403
3.50%, 07/01/43		1,348,961		1,426,391
4.00%, 07/01/43		760,791		828,371
2.50%, 08/01/43		897,472		908,626
3.50%, 08/01/43		358,651		378,874
4.00%, 08/01/43		253,970		275,365
4.50%, 09/01/43		939,965		1,031,871
2.50%, 10/01/43		46,180		46,755
4.50%, 10/01/43		255,255		285,194
4.50%, 11/01/43		170,119		190,097
5.00%, 11/01/43		748,547		830,541
4.50%, 12/01/43		250,836		280,232
4.50%, 01/01/44		164,744		184,045
4.50%, 02/01/44		1,159,944		1,266,078
4.50%, 07/01/44		163,766		182,420
4.50%, 10/01/44		724,004		804,134
4.00%, 01/01/45		261,271		284,765
4.50%, 02/01/45		1,442,265		1,622,054
3.00%, 03/01/45		980,465		1,018,639
3.00%, 11/01/45		1,868,133		1,940,450
3.50%, 12/01/45		4,808,516		5,079,748
3.50%, 01/01/46		587,217		626,256
3.50%, 05/01/46		596,916		634,804
Federal National Mortgage Association ACES Series 2015-M13
2.71%, 06/25/25†		90,000		93,599
Federal National Mortgage Association Interest STRIP Series 409
7.38%, 04/25/27 IOW		465,930		40,270
(5.00)%, 11/25/39 IOW		81,599		12,996
(5.00)%, 11/25/41 IOW		271,220		39,082
(0.86)%, 11/25/41 IOW		347,749		55,443
0.75%, 04/25/42 IOW		644,420		108,641
Federal National Mortgage Association REMIC Series 1991-97
16.37%, 08/25/21 IOW		38		602
Federal National Mortgage Association REMIC Series 1991-137
0.39%, 10/25/21 IOW		57		871
Federal National Mortgage Association REMIC Series 2000-32
0.89%, 10/18/30†		13,265		13,312

	Par		Value
Federal National Mortgage Association REMIC Series 2005-29
5.50%, 04/25/35	$	567,732	$	642,745
Federal National Mortgage Association REMIC Series 2007-24
10.46%, 03/25/37 IOW†		896,895		158,110
Federal National Mortgage Association REMIC Series 2011-52
5.00%, 06/25/41		563,849		629,875
Federal National Mortgage Association REMIC Series 2011-59
5.50%, 07/25/41		1,052,563		1,222,162
Federal National Mortgage Association REMIC Series 2011-87
1.00%, 09/25/41†		2,712,690		2,708,095
Federal National Mortgage Association REMIC Series 2011-96
5.70%, 10/25/41 IOW†		642,128		131,145
Federal National Mortgage Association REMIC Series 2012-28
6.50%, 06/25/39		29,529		33,074
Federal National Mortgage Association REMIC Series 2012-46
6.00%, 05/25/42		245,831		281,380
Federal National Mortgage Association REMIC Series 2012-70
(3.12)%, 02/25/41 IOW†		56,183		7,563
4.47%, 07/25/42 IOW†		114,484		25,770
Federal National Mortgage Association REMIC Series 2012-74
1.96%, 07/25/27 IOW		1,284,907		127,231
9.09%, 03/25/42 IOW†		279,569		51,444
Federal National Mortgage Association REMIC Series 2012-75
2.73%, 07/25/42 IOW†		85,185		16,134
Federal National Mortgage Association REMIC Series 2012-93
9.71%, 09/25/42 IOW†		189,022		35,519
Federal National Mortgage Association REMIC Series 2012-111
7.00%, 10/25/42		52,717		60,763
Federal National Mortgage Association REMIC Series 2012-118
(2.30)%, 12/25/39 IOW		456,490		47,901
Federal National Mortgage Association REMIC Series 2012-128
6.17%, 11/25/42 IOW†		146,473		34,910
7.91%, 11/25/42 IOW†		217,079		49,287
Federal National Mortgage Association REMIC Series 2012-133
10.85%, 12/25/42 IOW†		200,620		38,111

See Notes to Financial Statements.

72

	Par		Value
11.21%, 12/25/42 IOW†	$	70,833	$	14,015
Federal National Mortgage Association REMIC Series 2012-153
7.00%, 07/25/42		167,482		198,782
Federal National Mortgage Association REMIC Series 2013-9
5.50%, 04/25/42		988,988		1,108,519
6.50%, 07/25/42		429,337		500,892
Federal National Mortgage Association REMIC Series 2013-14
3.45%, 03/25/43 IOW		370,043		31,162
Federal National Mortgage Association REMIC Series 2013-29
(4.81)%, 04/25/43 IOW		1,135,152		143,038
Federal National Mortgage Association REMIC Series 2014-47
7.39%, 08/25/44 IOW†		1,986,715		137,182
Federal National Mortgage Association REMIC Series 2015-37
5.60%, 06/25/45 IOW†		434,707		80,095
Federal National Mortgage Association REMIC Series 2015-55
9.01%, 08/25/55 IOW†		339,983		18,987
Federal National Mortgage Association REMIC Series 2015-56
8.31%, 08/25/45 IOW†		93,235		25,531
Federal National Mortgage Association REMIC Series 2015-60
7.91%, 08/25/45 IOW†		277,001		64,407
Federal National Mortgage Association REMIC Series 2016-32
0.94%, 06/25/46†		987,395		988,791
Federal National Mortgage Association REMIC Series 2016-33
0.94%, 06/25/46†		1,286,707		1,289,819
FHLMC Multifamily Structured Pass-Through Certificates Series K005
4.32%, 11/25/19		1,100,000		1,202,556
FHLMC Multifamily Structured Pass-Through Certificates Series K008
5.96%, 06/25/20 IOW†		701,138		33,706
FHLMC Multifamily Structured Pass-Through Certificates Series K015
5.26%, 07/25/21 IOW†		615,207		42,431
FHLMC Multifamily Structured Pass-Through Certificates Series K016
4.62%, 10/25/21 IOW†		202,134		13,588
FHLMC Multifamily Structured Pass-Through Certificates Series K030
2.78%, 09/25/22		249,324		259,757

	Par		Value
FHLMC Multifamily Structured Pass-Through Certificates Series K035
3.46%, 08/25/23†	$	100,000	$	110,532
FHLMC Multifamily Structured Pass-Through Certificates Series K044
2.81%, 01/25/25		400,000		424,671
FHLMC Multifamily Structured Pass-Through Certificates Series K714
3.03%, 10/25/20†		800,000		851,885
FHLMC Multifamily Structured Pass-Through Certificates Series KF11
1.09%, 09/25/25†		1,671,198		1,673,966
FHLMC Multifamily VRD Certificates Series M012
5.50%, 08/15/51 STEP		3,500,000		3,508,750
FHLMC Structured Pass-Through Securities Series T-61
1.78%, 07/25/44†		929,410		956,370
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
2.68%, 06/25/34†		410,251		398,916
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DN1
4.60%, 01/25/25†		650,000		675,104
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DNA1
2.30%, 10/25/27†		400,000		399,620
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-HQA2
5.59%, 11/25/28†		300,000		298,968
FREMF Mortgage Trust Series 2012-K20
4.92%, 05/25/45 IO 144AW		5,641,071		52,281
FREMF Mortgage Trust Series 2014-K40
4.21%, 11/25/47 144A†		550,000		505,785
FREMF Mortgage Trust Series 2014-K41
3.96%, 11/25/47 144A†		300,000		294,055
FREMF Mortgage Trust Series 2015-K47
3.72%, 06/25/48 144A†		220,000		210,264
GE Business Loan Trust Series 2007-1A
0.60%, 04/16/35 144A†		463,754		425,434
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.54%, 12/10/49		800,000		815,384
German Residential Funding, Ltd. Series 2013-2
0.74%, 11/27/24(E)†		954,551		1,065,939
Giovecca Mortgages S.r.l. Series 2011-1
0.35%, 04/23/48(E)†		241,339		267,287

See Notes to Financial Statements.

73

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Government National Mortgage Association
3.95%, 07/15/25	$	119,456	$	130,005
7.00%, 01/15/26		4,744		5,302
7.00%, 07/15/27		43,900		52,078
7.00%, 12/15/27		1,172		1,207
7.00%, 01/15/28		14,034		14,397
7.00%, 03/15/28		58,315		69,613
7.00%, 07/15/28		8,819		9,820
7.50%, 07/15/28		11,887		12,234
6.50%, 08/15/28		3,524		4,032
7.00%, 08/15/28		12,633		14,433
7.50%, 08/15/28		8,641		9,819
6.50%, 09/15/28		20,323		23,507
7.00%, 10/15/28		35,237		37,697
7.50%, 03/15/29		18,891		23,262
2.00%, 11/20/29†		33,756		35,024
8.50%, 08/15/30		715		767
8.50%, 11/20/30		7,753		9,350
6.50%, 08/15/31		35,641		41,032
7.50%, 08/15/31		10,097		11,596
6.50%, 10/15/31		63,077		73,254
6.00%, 11/15/31		165,636		189,734
6.50%, 11/15/31		87,564		100,809
6.00%, 12/15/31		34,312		39,303
6.00%, 01/15/32		93,747		108,606
6.00%, 02/15/32		189,957		217,593
6.50%, 02/15/32		110,470		126,568
6.00%, 04/15/32		46,054		52,727
7.50%, 04/15/32		52,865		54,620
6.50%, 06/15/32		61,629		70,952
6.50%, 08/15/32		152,548		175,623
6.50%, 09/15/32		120,207		138,389
6.00%, 10/15/32		107,528		123,172
5.50%, 11/15/32		24,195		27,667
6.00%, 11/15/32		80,300		92,715
6.00%, 12/15/32		35,446		40,603
6.50%, 12/15/32		9,692		11,158
5.50%, 01/15/33		14,160		16,289
6.00%, 01/15/33		54,342		62,248
5.50%, 02/15/33		22,871		26,331
6.00%, 02/15/33		40,585		46,490
5.50%, 03/15/33		27,924		32,141
6.50%, 04/15/33		257,525		296,478
6.00%, 06/15/33		20,490		23,471
5.50%, 07/15/33		20,933		23,845
5.50%, 08/15/33		12,940		14,874
5.50%, 09/15/33		9,181		10,489
6.00%, 10/15/33		60,517		69,322
6.50%, 10/15/33		116,132		133,698
6.00%, 12/15/33		136,301		156,130
5.50%, 04/15/34		13,207		15,178
5.50%, 05/15/34		13,781		15,792
6.50%, 08/15/34		231,943		269,572
5.50%, 09/15/34		112,431		128,303
5.50%, 12/15/34		96,912		110,961
5.50%, 01/15/35		95,337		109,227
6.00%, 09/20/38		288,576		329,661
5.00%, 07/20/40		24,677		27,450
5.00%, 09/20/40		102,330		113,822
4.00%, 10/20/40		13,158		14,179
6.00%, 10/20/40		41,021		47,318
6.00%, 01/20/41		43,747		49,970

	Par		Value
4.50%, 04/20/41	$	486,991	$	530,363
4.00%, 07/20/41 TBA		4,000,000		4,275,625
3.50%, 07/15/42 TBA		200,000		212,297
3.00%, 08/20/42 TBA		4,900,000		5,113,322
3.50%, 08/20/42 TBA		3,600,000		3,815,859
4.00%, 08/20/43		839,679		898,737
4.00%, 10/20/43		2,714,580		2,900,212
4.00%, 08/20/44 TBA		1,000,000		1,068,594
3.00%, 01/15/45		6,149,395		6,429,514
3.00%, 02/15/45		219,892		229,908
3.00%, 03/15/45		1,996,565		2,090,792
3.50%, 04/15/45		1,786,902		1,897,321
4.00%, 08/20/45		925,729		989,917
3.50%, 09/20/45		2,551,406		2,711,435
4.00%, 09/20/45		1,000,000		1,069,367
4.00%, 12/20/45		965,292		1,033,006
4.00%, 01/20/46		2,828,403		3,026,838
4.00%, 02/20/46		960,258		1,027,938
4.00%, 03/20/46		3,144,291		3,371,395
4.00%, 05/20/46		997,337		1,067,925
3.50%, 08/20/46 TBA		1,000,000		1,059,961
Government National Mortgage Association Series 2007-30
0.75%, 05/20/37†		212,815		212,363
Government National Mortgage Association Series 2010-31
18.93%, 03/20/39 IOW†		58,314		4,350
Government National Mortgage Association Series 2010-85
15.21%, 01/20/40 IOW†		84,921		9,916
Government National Mortgage Association Series 2010-H28
0.84%, 12/20/60†		354,956		351,865
Government National Mortgage Association Series 2011-H08
0.92%, 03/20/61†		445,430		442,746
Government National Mortgage Association Series 2011-H09
0.94%, 03/20/61†		292,671		291,099
Government National Mortgage Association Series 2012-34
12.46%, 03/20/42 IOW†		61,346		12,745
Government National Mortgage Association Series 2012-44
2.17%, 04/16/41		275,763		278,110
Government National Mortgage Association Series 2012-66
18.44%, 02/20/38 IOW		284,462		20,485
Government National Mortgage Association Series 2012-H30
0.79%, 12/20/62†		1,394,920		1,378,294
Government National Mortgage Association Series 2013-113
1.41%, 08/16/43 IOW†@		241,757		47,698

See Notes to Financial Statements.

74

	Par		Value
Government National Mortgage Association Series 2013-178
4.86%, 06/16/55 IOW†	$	831,916	$	41,788
Government National Mortgage Association Series 2014-93
4.17%, 11/16/55 IOW†		3,983,841		234,790
Government National Mortgage Association Series 2014-117
13.03%, 08/20/44 IOW†		76,785		9,927
Government National Mortgage Association Series 2014-118
9.46%, 08/20/44 IOW†		343,349		82,196
Government National Mortgage Association Series 2014-135
5.19%, 01/16/56 IOW†		7,449,960		461,814
Government National Mortgage Association Series 2015-167
3.61%, 04/16/45 IOW		187,428		39,603
Government National Mortgage Association Series 2015-H11
0.99%, 05/20/65†		3,173,407		3,122,824
Government National Mortgage Association Series 2015-H14
0.87%, 05/20/65†		3,070,771		3,042,116
1.01%, 06/20/65†		4,948,970		4,875,519
Government National Mortgage Association Series 2015-H15
1.02%, 06/20/65†		2,078,875		2,048,557
1.04%, 06/20/65†		4,721,101		4,657,989
Government National Mortgage Association Series 2015-H16
1.04%, 07/20/65†		4,925,575		4,853,787
Government National Mortgage Association Series 2015-H17
0.90%, 06/20/65†		742,317		736,210
Government National Mortgage Association Series 2015-H18
1.04%, 07/20/65†		776,282		765,968
Government National Mortgage Association Series 2015-H19
1.04%, 08/20/65†		788,195		777,559
Government National Mortgage Association Series 2015-H22
1.04%, 09/20/65†		786,006		775,085
Government National Mortgage Association Series 2015-H23
1.06%, 09/20/65†		899,013		887,598
Government National Mortgage Association Series 2015-H26
0.96%, 10/20/65†		1,696,290		1,683,502

	Par		Value
Government National Mortgage Association Series 2015-H30
1.12%, 08/20/61†	$	911,332	$	910,809
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.63%, 01/25/37†		786,444		627,522
GS Mortgage Securities Corporation II Series 2015-GC30
3.38%, 05/10/50		490,000		317,741
3.78%, 05/10/50		370,000		396,998
GS Mortgage Securities Trust Series 2007-GG10
5.99%, 08/10/45†		5,231,253		5,254,005
GS Mortgage Securities Trust Series 2011-GC5
6.72%, 08/10/44 IO 144AW†		305,968		15,756
GS Mortgage Securities Trust Series 2013-GC16
5.16%, 11/10/46†		130,000		148,655
GSR Mortgage Loan Trust Series 2005-AR6
2.88%, 09/25/35†		1,177,110		1,181,732
Impac CMB Trust Series 2004-8
1.17%, 10/25/34†		53,283		45,707
IndyMac ARM Trust Series 2001-H2
1.84%, 01/25/32†		6,661		5,842
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.64%, 09/25/46†		868,137		709,218
JP Morgan Alternative Loan Trust Series 2005-A2
0.97%, 01/25/36†		254,900		241,599
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6
5.37%, 05/15/45†		280,000		282,785
JP Morgan Mortgage Trust Series 2005-A1
2.95%, 02/25/35†		89,896		84,863
JPMBB Commercial Mortgage Securities Trust Series 2013-C15
5.22%, 11/15/45†		90,000		96,482
JPMBB Commercial Mortgage Securities Trust Series 2013-C17
5.05%, 01/15/47†		50,000		56,155
JPMBB Commercial Mortgage Securities Trust Series 2014-C25
3.41%, 11/15/47		840,000		902,060
JPMBB Commercial Mortgage Securities Trust Series 2015-C30
3.82%, 07/15/48		880,000		968,240
JPMBB Commercial Mortgage Securities Trust Series 2015-C31
3.80%, 08/15/48		1,700,000		1,869,580

See Notes to Financial Statements.

75

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
JPMBB Commercial Mortgage Securities Trust Series 2015-C32
3.36%, 11/15/48	$	800,000	$	856,310
Kensington Mortgage Securities PLC Series 2007-1X
0.83%, 06/14/40†		1,207,656		1,078,465
LB Commercial Mortgage Trust Series 2007-C3
6.07%, 07/15/44†		548,692		568,440
LB-UBS Commercial Mortgage Trust Series 2001-C3
0.00%, 06/15/36 IO 144AW†@		387,831		1,109
Leek Finance Number Eighteen PLC Series 18X
0.03%, 09/21/38(E)†		39,644		46,926
0.88%, 09/21/38†		317,152		338,043
Lehman XS Trust Series 2005-5N
0.73%, 11/25/35†		431,809		385,193
Ludgate Funding PLC Series 2007-1
0.68%, 01/01/61(U)†		981,006		1,122,805
Ludgate Funding PLC Series 2008-W1X
1.12%, 01/01/61(U)†		850,002		1,018,049
Luminent Mortgage Trust Series 2006-2
0.65%, 02/25/46†		564,822		380,758
Luminent Mortgage Trust Series 2006-7
0.60%, 12/25/36†		1,843,788		1,459,977
Mansard Mortgages PLC Series 2007-1X
0.77%, 04/15/47(U)†		983,399		1,155,688
MASTR Adjustable Rate Mortgages Trust Series 2004-4
2.88%, 05/25/34†		165,258		160,512
MASTR Adjustable Rate Mortgages Trust Series 2004-11
1.06%, 11/25/34†		124,595		124,476
MASTR Adjustable Rate Mortgages Trust Series 2004-13
2.83%, 11/21/34†		548,071		557,070
MASTR Adjustable Rate Mortgages Trust Series 2007-R5
2.87%, 11/25/35 144A†		661,101		497,898
Merrill Lynch Mortgage Investors Trust Series 2005-2
2.23%, 10/25/35†		39,004		37,661
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7
3.21%, 02/15/46		41,000		42,919
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
3.10%, 05/15/46		300,000		317,057

	Par		Value
3.46%, 05/15/46	$	140,000	$	148,629
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19
4.00%, 12/15/47		370,000		395,540
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.56%, 04/15/48		480,000		504,794
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27
3.56%, 12/15/47		800,000		865,338
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†		50,000		50,595
Morgan Stanley Capital I Trust Series 2014-CPT
3.56%, 07/13/29 144A†@		800,000		835,846
Morgan Stanley Capital I Trust Series 2015-XLF1
1.58%, 08/14/31 144A†		260,356		260,040
Morgan Stanley Re-REMIC Trust Series 2009-GG10
5.99%, 08/12/45 144A†		1,478,072		1,504,465
MortgageIT Trust Series 2005-4
0.73%, 10/25/35†		683,877		622,243
Motel 6 Trust Series 2015-MTL6
4.53%, 02/05/30 144A		350,000		349,721
MSCG Trust Series 2015-ALDR
3.58%, 06/07/35 144A†		580,000		613,772
Nomura Resecuritization Trust Series 2014-7R
0.64%, 12/26/35 144A†		548,536		491,594
Prime Mortgage Trust Series 2006-DR1
5.50%, 05/25/35 144A		2,580,714		2,468,081
6.00%, 05/25/35 144A		2,194,912		2,115,968
RBSCF Trust Series 2009-RR2
6.15%, 02/16/51 144A†		2,449,639		2,454,141
Reperforming Loan REMIC Trust Series 2004-R2
0.85%, 11/25/34 144A†		8,208		6,912
ResLoC UK PLC Series 2007-1X
0.03%, 12/15/43(E)†		1,406,444		1,386,274
0.73%, 12/15/43(U)†		351,611		413,643
RFTI 2015-FL1 Issuer, Ltd. Series 2015-FL1
2.19%, 08/15/30 144A†		1,600,000		1,597,700
Sequoia Mortgage Trust Series 2003-4
1.51%, 07/20/33†		103,726		95,722
Sequoia Mortgage Trust Series 6
1.08%, 04/19/27†		545,822		505,719
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5
2.93%, 05/25/34†		328,244		331,449

See Notes to Financial Statements.

76

	Par		Value
Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
0.75%, 10/25/35†	$	1,398,725	$	1,237,130
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.69%, 07/19/35†		140,198		124,473
Structured Asset Securities Corporation Series 2005-RF3
0.77%, 06/25/35 144A†		125,677		100,440
Thornburg Mortgage Securities Trust Series 2003-4
1.09%, 09/25/43†		13,732		13,182
Thornburg Mortgage Securities Trust Series 2005-1
2.56%, 04/25/45†		106,530		106,531
Trinity Square PLC Series 2015-1A
1.74%, 07/15/51 144A(U)†		377,399		491,676
UBS Commercial Mortgage Trust Series 2012-C1
4.44%, 05/10/45 IO 144AW†		2,429,142		225,367
UBS-Barclays Commercial Mortgage Trust Series 2012-C4
4.65%, 12/10/45 144A†		320,000		308,817
VNDO Mortgage Trust Series 2012-6AVE
3.00%, 11/15/30 144A		100,000		104,989
Wachovia Bank Commercial Mortgage Trust Series 2006-C27
5.75%, 07/15/45†		341,559		341,195
Wachovia Bank Commercial Mortgage Trust Series 2006-C28
5.56%, 10/15/48		313,821		315,202
Wachovia Bank Commercial Mortgage Trust Series 2007-C30
0.63%, 12/15/43 144A†		398,000		383,014
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.84%, 06/25/42†		18,824		17,964
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19
2.58%, 02/25/33†		7,987		7,827
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
0.72%, 07/25/45†		1,002,336		928,916
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
0.74%, 07/25/45†		205,221		191,926
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13
0.74%, 10/25/45†		1,501,585		1,388,424

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.43%, 02/25/37†	$	422,767	$	367,270
2.49%, 02/25/37†		290,587		258,646
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3
1.17%, 04/25/47†		817,185		725,185
Waterfall Commercial Mortgage Trust Series 2015-SBC5
4.10%, 09/14/22 144A†		862,254		866,228
Wells Fargo Alternative Loan Trust Series 2007-PA6
2.78%, 12/28/37†		918,605		787,940
Wells Fargo Commercial Mortgage Trust Series 2013-LC12
4.43%, 07/15/46†		20,000		21,970
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
4.68%, 08/15/50 IOW†		2,971,001		210,249
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1
3.66%, 05/15/48†		350,000		364,115
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR2
2.87%, 03/25/35†		112,948		113,787
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR13
3.06%, 05/25/35†		37,076		37,068
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.00%, 08/25/33†		168,029		171,741
WFRBS Commercial Mortgage Trust Series 2012-C7
4.93%, 06/15/45 IO 144AW†		301,426		20,340
WFRBS Commercial Mortgage Trust Series 2012-C10
4.74%, 12/15/45 IO 144AW†		2,341,475		181,171
WFRBS Commercial Mortgage Trust Series 2013-C13
4.12%, 05/15/45 IO 144AW†		2,963,270		192,585
WFRBS Commercial Mortgage Trust Series 2014-C19
4.74%, 03/15/47 IOW†		1,051,791		66,150
WFRBS Commercial Mortgage Trust Series 2014-C21
4.85%, 08/15/47 IOW†		3,619,921		235,157
WFRBS Commercial Mortgage Trust Series 2014-C24
3.93%, 11/15/47		290,000		312,837

See Notes to Financial Statements.

77

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.29%, 11/15/47	$	300,000	$	302,681
Total Mortgage-Backed Securities (Cost $389,551,852)				388,690,542
MUNICIPAL BONDS — 1.4%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44@		3,300,000		4,882,581
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		600,000		971,016
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		327,708
Bay Area Toll Authority, Revenue Bond, Sub-Series S1
7.04%, 04/01/50		600,000		954,024
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000		915,943
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000		388,290
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32@		5,000		3,250
6.00%, 07/01/34@		10,000		6,525
8.00%, 07/01/35@		380,000		254,125
5.25%, 07/01/37@		20,000		13,000
5.50%, 07/01/39@		85,000		55,250
5.00%, 07/01/41@		10,000		6,500
5.75%, 07/01/41@		10,000		6,500
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36@		10,000		6,500
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39@		10,000		6,525
County of Clark Department of Aviation, Revenue Bond, Series C
6.82%, 07/01/45		200,000		309,302
Los Angeles Community College District, General Obligation, Series D
6.68%, 08/01/36		300,000		429,078
Municipal Electric Authority of Georgia, Revenue Bond
6.66%, 04/01/57		700,000		934,374
Port Authority of New York & New Jersey, Revenue Bond, Series 192
4.81%, 10/15/65		300,000		360,984
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000		14,050
6.00%, 07/01/44		55,000		38,638
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Series C
5.25%, 08/01/40		10,000		6,988

	Par		Value
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub- Series A-1
5.00%, 08/01/43	$	20,000	$	8,700
5.25%, 08/01/43		10,000		4,388
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.25%, 08/01/27		5,000		2,194
5.50%, 08/01/28		60,000		26,550
17.27%, 08/01/32W		85,000		36,764
15.19%, 08/01/33W		25,000		7,813
5.50%, 08/01/37		65,000		28,762
5.75%, 08/01/37		45,000		20,081
5.38%, 08/01/39		35,000		15,400
6.38%, 08/01/39		5,000		2,278
5.50%, 08/01/42		120,000		53,100
6.00%, 08/01/42		100,000		45,000
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
11.01%, 08/01/37W		10,000		1,056
5.38%, 08/01/38		15,000		6,600
6.00%, 08/01/39		35,000		15,750
5.25%, 08/01/41		100,000		43,875
State of California, General Obligation
7.95%, 03/01/36		265,000		322,158
7.55%, 04/01/39		85,000		134,450
7.60%, 11/01/40		800,000		1,288,872
State of Illinois, General Obligation
7.35%, 07/01/35		375,000		416,872
Total Municipal Bonds (Cost $12,303,964)				13,371,814
	Notional
	Amount
PURCHASED OPTIONS — 0.0%
Call Option — 0.0%
Euro-Bund, Strike Price $165.50, Expires 09/05/16 (CITI)	$	40,000		19,938
	Number of
	Contracts
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $107.50, Expires 08/26/16 (MSCS)		21		—
10-Year U.S. Treasury Note, Strike Price $108.00, Expires 08/26/16 (MSCS)		101		—
5-Year U.S. Treasury Note, Strike Price $109.75, Expires 08/26/16 (MSCS)		130		—
	Notional
	Amount
Euro-Bund, Strike Price $165.50, Expires 09/05/16 (CITI)	$	40,000		(52,862	)
				(52,862	)

See Notes to Financial Statements.

78

	Notional
	Amount		Value
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.15%, Expires 07/05/16 (GSC)	$	2,700,000,000	$	3
3-Month LIBOR, Strike Price 1.25%, Expires 07/05/16 (CITI)		12,840,000,000		11
3-Month LIBOR, Strike Price 2.91%, Expires 08/20/18 (MSCS)		160,000,000		44,109
3-Month LIBOR, Strike Price 2.94%, Expires 08/2018 (GSC)		50,000,000		13,061
				57,184
Total Purchased Options (Cost $264,394)				24,260
	Par
U.S. TREASURY OBLIGATIONS — 24.3%
U.S. Treasury Bonds
4.38%, 11/15/39		200,000		284,395
2.75%, 08/15/42D		600,000		661,313
2.75%, 11/15/42		7,650,000		8,418,290
2.88%, 05/15/43D		15,410,000		17,333,846
3.63%, 08/15/43‡‡		5,300,000		6,839,793
3.75%, 11/15/43		1,700,000		2,243,536
3.38%, 05/15/44D		2,800,000		3,451,820
3.00%, 11/15/44D		4,300,000		4,945,503
2.50%, 02/15/45		600,000		624,879
3.00%, 05/15/45		900,000		1,034,824
2.88%, 08/15/45		1,490,000		1,673,166
3.00%, 11/15/45		4,980,000		5,726,417
2.50%, 02/15/46D		1,430,000		1,489,099
2.50%, 05/15/46		1,890,000		1,969,586
				56,696,467
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/17		2,890,000		3,063,837
0.13%, 04/15/18		2,400,000		2,521,484
0.13%, 04/15/19		600,000		625,742
1.13%, 01/15/21		1,800,000		2,107,247
0.13%, 07/15/22D		3,600,000		3,833,428
0.13%, 01/15/23		200,000		210,256
0.38%, 07/15/23D		2,040,000		2,170,550
0.63%, 01/15/24		2,240,000		2,406,926
0.13%, 07/15/24D		12,750,000		12,989,251
0.25%, 01/15/25		1,000,000		1,026,235
2.38%, 01/15/25		3,000,000		4,550,403
0.38%, 07/15/25		6,675,000		6,938,569
0.63%, 01/15/26		5,410,000		5,739,793
2.38%, 01/15/27		500,000		728,515
1.75%, 01/15/28		8,000,000		10,692,998
2.50%, 01/15/29D		7,100,000		10,038,117
2.13%, 02/15/40		1,120,000		1,623,872
1.38%, 02/15/44D		2,020,000		2,401,829
0.75%, 02/15/45		4,410,000		4,509,679
1.00%, 02/15/46D		2,330,000		2,543,090
				80,721,821
U.S. Treasury Notes
0.63%, 11/30/17D		1,390,000		1,391,276
0.88%, 11/30/17		1,600,000		1,606,813
0.75%, 12/31/17		700,000		701,900

	Par		Value
0.75%, 01/31/18	$	5,900,000	$	5,916,131
0.75%, 02/28/18		1,870,000		1,875,186
0.63%, 06/30/18		4,500,000		4,502,903
1.50%, 08/31/18		1,410,000		1,436,877
1.38%, 03/31/20		1,840,000		1,875,111
1.63%, 06/30/20		6,060,000		6,232,807
1.63%, 07/31/20D		4,100,000		4,216,674
2.63%, 11/15/20		670,000		717,999
1.38%, 01/31/21		110,000		111,951
2.00%, 10/31/21		1,770,000		1,854,179
1.75%, 03/31/22		4,040,000		4,175,090
1.88%, 05/31/22		2,400,000		2,496,655
2.00%, 07/31/22D		800,000		837,766
1.75%, 09/30/22		2,700,000		2,786,008
1.88%, 10/31/22		490,000		509,246
2.00%, 11/30/22		24,000,000		25,122,648
1.50%, 02/28/23		3,620,000		3,672,743
1.38%, 06/30/23		8,520,000		8,565,931
2.25%, 11/15/24		3,590,000		3,830,221
2.25%, 11/15/25		5,400,000		5,761,336
				90,197,451
Total U.S. Treasury Obligations (Cost $216,821,804)				227,615,739
	Shares
PREFERRED STOCK — 0.1%
GMAC Capital Trust I 8.125%, 02/15/40†D (Cost $592,347)		23,879		592,677
	Par
REPURCHASE AGREEMENTS — 2.3%
Barclays Capital, Inc. 0.65% (dated 06/29/16, due 07/01/16, repurchase price $11,000,199, collateralized by U.S. Treasury Note, 1.625%, due 02/15/26, total market value $11,162,175)	$	11,000,000		11,000,000
0.60% (dated 06/29/16, due 07/05/16, repurchase price $11,000,733, collateralized by U.S. Treasury Note, 1.625%, due 02/15/26, total market value $11,149,032)		11,000,000		11,000,000
Total Repurchase Agreements (Cost $22,000,000)				22,000,000
	Shares
MONEY MARKET FUNDS — 7.2%
GuideStone Money Market Fund (Investor Class)¥		40,195,561		40,195,561
Northern Institutional Liquid Assets Portfolio§		27,603,402		27,603,402
Total Money Market Funds (Cost $67,798,963)				67,798,963
TOTAL INVESTMENTS — 117.9% (Cost $1,089,091,436)				1,106,513,380

See Notes to Financial Statements.

79

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of
	Contracts			Value
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $132.25, Expires 07/05/16 CME		(9	)	$	(6,891	)
10-Year U.S. Treasury Note, Strike Price $133.50, Expires 08/26/16 (MLCS)		(24	)		(10,500	)
Long U.S. Treasury Bond, Strike Price $178.00, Expires 07/22/16 (MLCS)		(22	)		(8,594	)
	Notional
	Amount
Australia Dollar vs. U.S. Dollar, Strike Price $0.75, Expires 07/13/16 (CITI)	$	(1,100,000	)		(3,922	)
Australia Dollar vs. U.S. Dollar, Strike Price $0.75, Expires 07/15/16 (WEST)		(1,500,000	)		(5,734	)
Euro-Bund, Strike Price $167.00, Expires 09/05/16 (CITI)		(40,000	)		(5,808	)
Euro-Bund, Strike Price $169.00, Expires 09/05/16 (CITI)		(40,000	)		6,621
					(34,828	)
Put Options — 0.0%
Euro-Bund, Strike Price $162.00, Expires 09/05/16 (CITI)		(40,000	)		22,157
Euro-Bund, Strike Price $164.00, Expires 09/05/16 (CITI)		(40,000	)		38,137
U.S. Dollar vs. Russian Ruble, Strike Price $87.00, Expires 12/08/16 (HKSB)		(700,000	)		(3,667	)
					56,627
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (GSC)		(230,000,000	)		(8,015	)
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (MSCS)		(710,000,000	)		(24,743	)
					(32,758	)
Total Written Options
(Premiums received $(281,057))					(10,959	)

	Par			Value
TBA SALE COMMITMENTS — (0.7)%
Federal National Mortgage Association
3.50%, 08/01/41 TBA	$	(700,000	)	$	(737,735	)
Government National Mortgage Association
3.00%, 07/15/42 TBA		(3,000,000	)		(3,133,828	)
3.50%, 07/20/42 TBA		(2,500,000	)		(2,653,418	)
Total TBA Sale Commitments (Cost $(6,496,633))					(6,524,981	)
Liabilities in Excess of Other Assets — (17.2)%					(161,141,307	)
NET ASSETS — 100.0%				$	938,836,133

PORTFOLIO SUMMARY (based on net assets)

	%
Mortgage-Backed Securities		41.4
U.S. Treasury Obligations		24.3
Corporate Bonds		21.8
Foreign Bonds		12.2
Money Market Funds		7.2
Asset-Backed Securities		4.4
Agency Obligations		2.7
Repurchase Agreements		2.3
Municipal Bonds		1.4
Foreign Government Inflation-Linked Bond		0.1
Preferred Stock		0.1
Loan Agreement		—	**
Purchased Options		—	**
Written Options		—	**
TBA Sale Commitments		(0.7	)
		117.2

** Rounds to less than 0.05%

See Notes to Financial Statements.

80

Swap agreements outstanding at June 30, 2016:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		430,000	$	(3,881	)	$	(1,445	)	$	(2,436	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		220,000		(1,986	)		(790	)		(1,196	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		190,000		(1,714	)		(275	)		(1,439	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		190,000		(1,714	)		(350	)		(1,364	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		180,000		(1,625	)		(240	)		(1,385	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		140,000		(1,263	)		(420	)		(843	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		130,000		(1,173	)		(121	)		(1,052	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		JPM		USD		120,000		(1,082	)		(217	)		(865	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		120,000		(1,083	)		(123	)		(960	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		80,000		(722	)		(177	)		(545	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		JPM		USD		60,000		(542	)		(123	)		(419	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		03/20/19		MLCS		USD		20,000		(181	)		(70	)		(111	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		MLCS		USD		950,000		(8,137	)		—			(8,137	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		250,000		(2,141	)		(988	)		(1,153	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		MLCS		USD		210,000		(1,799	)		(876	)		(923	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,028	)		(461	)		(567	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		DEUT		USD		120,000		(1,028	)		(453	)		(575	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		MLCS		USD		120,000		(1,028	)		(921	)		(107	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		MLCS		USD		80,000		(685	)		(727	)		42
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		MLCS		USD		60,000		(514	)		(224	)		(290	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		60,000		(514	)		(228	)		(286	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		50,000		(428	)		(205	)		(223	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		30,000		(257	)		(107	)		(150	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		20,000		(171	)		(79	)		(92	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		10,000		(86	)		(37	)		(49	)
Credit Suisse, Inc., 6.50%, due 01/15/12		(1.00	)%		09/20/20		GSC		USD		300,000		(5,168	)		3,265			(8,433	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		340,000		1,346			540			806

See Notes to Financial Statements.

81

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay)  Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		BOA		USD		300,000	$	1,188		$	1,589		$	(401	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		CITI		USD		270,000		1,069			2,117			(1,048	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		100,000		396			756			(360	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		90,000		356			743			(387	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		CITI		USD		60,000		238			379			(141	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		60,000		238			303			(65	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		BOA		USD		460,000		4,212			5,352			(1,140	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		160,000		1,465			1,547			(82	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		DEUT		USD		130,000		1,190			1,392			(202	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		90,000		824			838			(14	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		80,000		733			853			(120	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		70,000		641			768			(127	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		60,000		550			570			(20	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		BOA		USD		60,000		549			554			(5	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		DEUT		USD		60,000		549			699			(150	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		JPM		USD		40,000		366			406			(40	)
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		JPM		USD		30,000		276			(243	)		519
Peoples Republic of China, 4.25% due 10/28/14		0.00	%		06/20/21		CITI		USD		30,000		275			279			(4	)
												$	(23,489	)	$	13,050		$	(36,539	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Federated Republic of Brazil, 12.50% due 03/06/30		0.80	%		(1.04	)%		05/20/17		DEUT		USD		1,000,000	$	3,314	$	—		$	3,314
Volkswagon International, 5.375% due 05/22/18		0.56	%		0.00	%		12/20/17		JPM		EUR		900,000		6,801		(11,974	)		18,775
															$	10,115	$	(11,974	)	$	22,089

See Notes to Financial Statements.

82

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
CDX.NA.HY26 Index		0.00	%		06/20/21		ICE		USD		3,300,000	$	(108,463	)	$	(50,113	)	$	(58,350	)
CDX.NA.IG26 Index		0.00	%		06/20/21		ICE		USD		2,600,000		(27,796	)		(17,248	)		(10,548	)
												$	(136,259	)	$	(67,361	)	$	(68,898	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
CMBX.NA.AAA.1 Index		0.77	%		(0.50	)%		01/17/47		GSC		USD		1,700,000	$	(43,950	)	$	(74,681	)	$	30,731
CMBX.NA.AAA.1 Index		0.89	%		(0.50	)%		10/17/57		GSC		USD		1,700,000		(62,652	)		(101,769	)		39,117
CMBX.NA.AAA.1 Index		0.89	%		(0.50	)%		10/17/57		DEUT		USD		1,700,000		(62,693	)		(115,713	)		53,020
															$	(169,295	)	$	(292,163	)	$	122,868

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
MXN-TIIE-Banxico		3.91	%		11/07/16		DEUT		MXN	$	15,260,000	$	(2,238	)	$	—		$	(2,238	)
MXN-TIIE-Banxico		3.92	%		11/08/16		MSCS		MXN		6,490,000		(945	)		—			(945	)
MXN-TIIE-Banxico		3.92	%		11/09/16		MLCS		MXN		13,130,000		(1,943	)		—			(1,943	)
Brazil CETIP Interbank Deposit		12.27	%		01/02/17		DEUT		BRL		20,000		(75	)		—			(75	)
Brazil CETIP Interbank Deposit		12.65	%		01/02/17		DEUT		BRL		10,000		(8	)		—			(8	)
3-Month KORIBOR		2.88	%		03/07/17		MLCS		KRW		706,340,000		6,947			—			6,947
3-Month KORIBOR		2.53	%		10/15/17		DEUT		KRW		3,619,650,000		45,531			—			45,531
3-Month KORIBOR		2.17	%		10/28/17		CITI		KRW		382,410,000		4,401			—			4,401
6-Month LIBOR		(1.50	)%		12/16/17		BAR		GBP		6,700,000		(128,927	)		(14,992	)		(113,935	)
6-Month LIBOR		(1.25	)%		09/21/18		RBS		GBP		11,400,000		(238,901	)		(100,570	)		(138,331	)
6-Month LIBOR		(1.50	)%		09/21/18		GSC		GBP		900,000		(24,820	)		(1,458	)		(23,362	)
6-Month WIBOR		1.61	%		09/21/18		LCH		PLN		13,340,000		3,204			(1,141	)		4,345
3-Month KLIBOR		(3.88	)%		11/14/18		DEUT		MYR		860,000		(1,774	)		—			(1,774	)
3-Month KLIBOR		(3.92	)%		11/19/18		MLCS		MYR		960,000		(2,258	)		—			(2,258	)
3-Month KLIBOR		(3.97	)%		12/11/18		JPM		MYR		1,570,000		(4,377	)		—			(4,377	)
6-Month LIBOR		(0.75	)%		12/21/18		CME		GBP		4,000,000		(32,033	)		(4,045	)		(27,988	)
3-Month LIBOR		(1.50	)%		05/15/19		CS		USD		17,700,000		(96,141	)		(5,452	)		(90,689	)
3-Month LIBOR		(1.50	)%		06/15/19		CME		USD		53,500,000		(368,422	)		(202,765	)		(165,657	)
3-Month LIBOR		(2.00	)%		12/16/19		CS		USD		3,500,000		(138,979	)		(16,125	)		(122,854	)
3-Month LIBOR		(2.00	)%		12/16/20		CS		USD		13,600,000		(639,021	)		59,044			(698,065	)
3-Month LIBOR		(2.25	)%		12/16/22		CS		USD		49,400,000		(3,537,583	)		397,661			(3,935,244	)
3-Month KLIBOR		(4.49	)%		08/14/23		DEUT		MYR		220,000		(2,698	)		—			(2,698	)
3-Month KLIBOR		(4.33	)%		09/26/23		JPM		MYR		370,000		(3,534	)		—			(3,534	)
3-Month KLIBOR		(4.45	)%		11/15/23		CITI		MYR		600,000		(7,015	)		—			(7,015	)
3-Month KORIBOR		(3.47	)%		01/08/24		JPM		KRW		172,160,000		(25,386	)		—			(25,386	)
3-Month KORIBOR		(3.45	)%		01/15/24		JPM		KRW		71,390,000		(10,371	)		—			(10,371	)
6-Month LIBOR		(2.45	)%		11/13/24		JPM		GBP		1,200,000		(206,920	)		(91	)		(206,829	)
3-Month LIBOR		(2.35	)%		08/05/25		MSCS		USD		4,000,000		(390,438	)		—			(390,438	)
3-Month LIBOR		(2.50	)%		12/16/25		CS		USD		1,500,000		(156,666	)		22,759			(179,425	)
3-Month LIBOR		(1.75	)%		12/21/26		LCH		USD		2,600,000		(74,672	)		(16,592	)		(58,080	)

See Notes to Financial Statements.

83

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
United Kingdom Retail Price Index		3.14	%		01/14/30		GSC		GBP		1,410,000	$	97,452		$	—		$	97,452
United Kingdom Retail Price Index		(3.53	)%		12/15/44		CS		GBP		100,000		36,423			792			35,631
United Kingdom Retail Price Index		3.45	%		12/15/44		CS		GBP		100,000		30,250			(343	)		30,593
3-Month LIBOR		(2.75	)%		12/16/45		CS		USD		17,800,000		(3,783,393	)		622,598			(4,405,991	)
3-Month LIBOR		(2.50	)%		06/15/46		CS		USD		3,700,000		(576,354	)		(196,587	)		(379,767	)
3-Month LIBOR		(2.50	)%		06/15/46		CS		USD		900,000		(140,205	)		(38,759	)		(101,446	)
												$	(10,371,889	)	$	503,934		$	(10,875,823	)

Reference Obligation	Variance Strike Price		Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Variance Rate Swap
Brazilian Real	$	0.22		07/13/16		GSC		USD		2,000	$	8,590		$	—	$	8,590
Total Swap agreements outstanding at June 30, 2016											$	(10,682,227	)	$	145,486	$	(10,827,713	)

See Notes to Financial Statements.

84

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	25,346,873	$	—	$	25,346,873	$	—
Asset-Backed Securities		40,966,679		—		33,167,063		7,799,616
Corporate Bonds		204,689,808		—		202,539,876		2,149,932
Foreign Bonds:
Australia		3,509,872		—		3,509,872		—
Austria		234,000		—		234,000		—
Belgium		849,900		—		849,900		—
Bermuda		672,438		—		672,438		—
Brazil		2,701,583		—		2,701,583		—
Canada		2,866,847		—		2,866,847		—
Cayman Islands		1,146,177		—		1,146,177		—
Chile		1,652,521		—		1,652,521		—
China		1,561,750		—		1,561,750		—
Colombia		1,654,195		—		1,654,195		—
Denmark		5,485,416		—		5,485,416		—
Dominican Republic		619,554		—		586,105		33,449
France		11,409,426		—		11,409,426		—
Germany		3,413,671		—		3,413,671		—
Greece		849,795		—		849,795		—
Guernsey		1,158,722		—		1,158,722		—
Iceland		4		—		—		4
India		556,482		—		556,482		—
Indonesia		1,472,798		—		1,472,798		—
Ireland		2,682,096		—		2,682,096		—
Israel		2,404,587		—		2,404,587		—
Italy		2,589,026		—		2,589,026		—
Japan		1,692,015		—		1,692,015		—
Jersey		2,705,030		—		2,705,030		—
Jordan		1,272,092		—		1,272,092		—
Luxembourg		1,008,236		—		1,008,236		—
Mexico		12,533,104		—		12,533,104		—
Morocco & Antilles		441,405		—		441,405		—
Netherlands		9,518,525		—		9,518,525		—
Peru		694,050		—		694,050		—
Poland		4,259,748		—		4,259,748		—
Russia		2,872,969		—		2,872,969		—
South Korea		5,142,835		—		5,142,835		—
Spain		1,764,189		—		1,764,189		—
Supranational		399,573		—		399,573		—
Sweden		1,618,225		—		1,618,225		—
Switzerland		2,736,865		—		2,736,865		—
Turkey		2,229,057		—		797,952		1,431,105
United Kingdom		12,858,636		—		12,858,636		—
Virgin Islands (British)		1,044,590		—		1,044,590		—
Foreign Government Inflation-Linked Bond		825,818		—		—		825,818
Loan Agreement		308,203		—		308,203		—
Money Market Funds		67,798,963		67,798,963		—		—
Mortgage-Backed Securities		388,690,542		—		381,641,534		7,049,008

See Notes to Financial Statements.

85

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

						Level 2			Level 3
	Total			Level 1		Other Significant			Significant
	Value			Quoted Prices		Observable Inputs			Unobservable Inputs
Municipal Bonds	$	13,371,814		$	—	$	13,371,814		$	—
Preferred Stock		592,677			592,677		—			—
Purchased Options		24,260			—		24,260			—
Repurchase Agreements		22,000,000			—		22,000,000			—
U.S. Treasury Obligations		227,615,739			—		227,615,739			—
Total Assets — Investments in Securities	$	1,106,513,380		$	68,391,640	$	1,018,832,808		$	19,288,932
Other Financial Instruments***
Forward Foreign Currency Contracts	$	744,681		$	—	$	744,681		$	—
Futures Contracts		1,937,693			1,937,693		—			—
Total Assets — Other Financial Instruments	$	2,682,374		$	1,937,693	$	744,681		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(6,524,981	)	$	—	$	(6,524,981	)	$	—
Written Options		(10,959	)		35,122		(46,081	)		—
Total Liabilities — Investments in Securities	$	(6,535,940	)	$	35,122	$	(6,571,062	)	$	—
Other Financial Instruments***
Swap Agreements	$	(10,682,227	)	$	—	$	(10,682,227	)	$	—
Total Liabilities — Other Financial Instruments	$	(10,682,227	)	$	—	$	(10,682,227	)	$	—

*** 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 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were fair valued at December 31, 2015 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 2 as of June 30, 2016 is $(3,667).

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.

86

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, 12/31/15	$	18,774,556		$	6,817,202		$	313,338		$	1,500,945		$	—	$	10,143,071
Accrued discounts/premiums		9,532			9,705			20			(812	)		—		619
Realized gain (loss)(1)		(1,062,822	)		(975,283	)		(75,888	)		(395	)		—		(11,256	)
Change in unrealized appreciation (depreciation)(2)		(514,382	)		955,759			81,295			(11,586	)		—		(1,539,850	)
Purchases		2,739,861			2,740,000			—			—			—		(139	)
Sales		(2,248,646	)		(2,019,027	)		—			(57,044	)		—		(172,575	)
Transfers in to Level 3(3)		3,983,081			951,451			1,831,167			33,450			825,818		341,195
Transfers out of Level 3(4)		(1,955,317	)		(357,616	)		—			—			—		(1,597,701	)
Maturities		—			—			—			—			—		—
Paydowns		(436,931	)		(322,575	)		—			—			—		(114,356	)
Balance, 06/30/16	$	19,288,932		$	7,799,616		$	2,149,932		$	1,464,558		$	825,818	$	7,049,008

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

⁽²⁾  Change in unrealized appreciation (depreciation) is located 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, 2016 that were 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 using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at June 30, 2016 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 using an objective method such as a pricing vendor.

See Notes to Financial Statements.

87

EXTENDED-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
ASSET-BACKED SECURITY — 1.1%
Citibank Credit Card Issuance Trust Series 2007-A3
6.15%, 06/15/39 (Cost $3,022,416)	$	2,300,000	$	3,192,573
CORPORATE BONDS — 52.3%
21st Century Fox America, Inc.
4.75%, 09/15/44		1,847,000		2,054,462
AbbVie, Inc.
4.70%, 05/14/45		1,154,000		1,225,294
AES Corporation
4.88%, 05/15/23D		145,000		143,912
Aetna, Inc.
4.38%, 06/15/46		1,107,000		1,154,438
Aflac, Inc.
6.45%, 08/15/40		3,005,000		4,004,839
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000		109,988
Alcoa, Inc.
5.87%, 02/23/22		10,000		10,502
6.75%, 01/15/28D		235,000		243,225
5.95%, 02/01/37		85,000		79,900
Ally Financial, Inc.
8.00%, 11/01/31		177,000		205,762
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		433,709		447,490
American Airlines 2016-1 Class B Pass-Through Trust
5.25%, 07/15/25		725,000		755,812
American International Group, Inc.
4.38%, 01/15/55		3,170,000		2,943,963
Andarko Holding Co.
7.15%, 05/15/28		250,000		277,110
Antero Resources Corporation
5.38%, 11/01/21		125,000		122,812
5.13%, 12/01/22		35,000		33,775
Anthem, Inc.
6.38%, 06/15/37		1,208,000		1,531,001
Apple, Inc.
4.38%, 05/13/45		676,000		738,358
AT&T, Inc.
4.50%, 05/15/35		529,000		542,857
4.30%, 12/15/42		1,242,000		1,207,198
4.75%, 05/15/46		3,279,000		3,373,973
Bank of America Corporation
6.11%, 01/29/37		900,000		1,071,578
Bank of America NA
6.00%, 10/15/36		2,900,000		3,712,435
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONVD		140,000		138,075
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34		872,243		858,052
Burlington Northern Santa Fe LLC
4.15%, 04/01/45		879,000		959,712
California Institute of Technology
4.70%, 11/01/11		2,010,000		2,204,520
CBS Corporation
4.60%, 01/15/45		1,000,000		995,017

	Par		Value
CenturyLink, Inc.
6.45%, 06/15/21	$	260,000	$	265,525
6.88%, 01/15/28D		65,000		54,275
7.65%, 03/15/42		295,000		250,750
Chesapeake Energy Corporation
6.63%, 08/15/20		25,000		17,687
6.88%, 11/15/20		15,000		10,500
4.88%, 04/15/22D		70,000		44,800
5.75%, 03/15/23		20,000		12,900
2.50%, 05/15/37 CONV		275,000		256,438
2.25%, 12/15/38 CONV		50,000		40,750
Ciena Corporation
3.75%, 10/15/18 CONV 144A		155,000		181,641
Citigroup, Inc.
4.60%, 03/09/26		618,000		656,476
8.13%, 07/15/39		1,997,000		3,124,590
Cliffs Natural Resources, Inc.
8.00%, 09/30/20 144AD		55,000		46,750
Comcast Corporation
4.20%, 08/15/34		2,000,000		2,206,306
4.50%, 01/15/43D		1,460,000		1,652,172
ConocoPhillips Co.
4.30%, 11/15/44D		1,983,000		2,020,294
Continental Airlines 1999-2 Class B Pass-Through Trust
7.57%, 09/15/21		4,487		4,506
Continental Resources, Inc.
4.50%, 04/15/23		10,000		9,375
3.80%, 06/01/24		65,000		57,038
Corning, Inc.
7.25%, 08/15/36		850,000		1,028,837
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,829,681
CVS Health Corporation
5.13%, 07/20/45		240,000		298,959
Darden Restaurants, Inc.
6.00%, 08/15/35D		990,000		1,066,135
DCP Midstream LLC
6.45%, 11/03/36 144A		490,000		431,200
Devon Energy Corporation
5.00%, 06/15/45		970,000		908,226
Diamond 1 Finance Corporation
6.02%, 06/15/26 144A		140,000		146,216
8.10%, 07/15/36 144A		180,000		194,540
8.35%, 07/15/46 144A		130,000		140,165
Dillard’s, Inc.
7.00%, 12/01/28		500,000		556,940
Dow Chemical Co.
9.40%, 05/15/39		920,000		1,442,853
DPL, Inc.
6.75%, 10/01/19		173,000		175,595
Enbridge Energy Partners LP
7.38%, 10/15/45		1,000,000		1,218,806
Energy Transfer Partners LP
5.15%, 03/15/45		1,128,000		1,028,664
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		653,699
4.95%, 10/15/54		515,000		522,684
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,190,000

See Notes to Financial Statements.

88

	Par		Value
Ford Motor Co.
6.63%, 10/01/28	$	680,000	$	861,461
6.38%, 02/01/29		1,255,000		1,549,085
Freeport-McMoRan, Inc.
5.45%, 03/15/43D		160,000		129,200
FTS International, Inc.
6.25%, 05/01/22		90,000		35,550
General Electric Co.
6.75%, 03/15/32		573,000		805,470
5.88%, 01/14/38		150,000		203,284
General Motors Co.
5.20%, 04/01/45		30,000		29,832
6.75%, 04/01/46		55,000		65,468
General Motors Financial Co., Inc.
3.45%, 04/10/22		130,000		130,077
5.25%, 03/01/26		250,000		272,280
Genworth Holdings, Inc.
4.90%, 08/15/23		115,000		87,112
4.80%, 02/15/24D		45,000		33,862
6.50%, 06/15/34D		50,000		35,375
Global Marine, Inc.
7.00%, 06/01/28D		20,000		13,500
Goldman Sachs Group, Inc.
6.75%, 10/01/37		500,000		618,659
Halliburton Co.
5.00%, 11/15/45		1,722,000		1,901,524
HCA, Inc.
7.58%, 09/15/25		1,000,000		1,065,000
7.05%, 12/01/27		500,000		510,000
Hewlett Packard Enterprise Co.
6.35%, 10/15/45 144A		135,000		134,855
HSBC Bank USA NA
7.00%, 01/15/39		3,498,000		4,433,677
Intel Corporation
3.25%, 08/01/39 CONV		1,155,000		1,879,768
International Paper Co.
8.70%, 06/15/38		2,643,000		3,853,288
iStar, Inc.
7.13%, 02/15/18		180,000		185,175
Jefferies Group LLC
6.45%, 06/08/27		50,000		55,653
3.88%, 11/01/29 CONV		65,000		66,056
6.25%, 01/15/36		185,000		186,550
6.50%, 01/20/43		1,990,000		1,982,138
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		280,235
5.60%, 07/15/41		2,547,000		3,236,786
4.95%, 06/01/45		1,912,000		2,104,361
KB Home
1.38%, 02/01/19 CONV		95,000		91,200
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		288,474
Kinder Morgan, Inc.
5.55%, 06/01/45		2,218,000		2,261,754
Kraft Heinz Foods Co.
6.88%, 01/26/39		267,000		365,778
6.50%, 02/09/40		1,000,000		1,326,682
5.20%, 07/15/45 144A		655,000		778,720
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,722,624
Lockheed Martin Corporation
4.70%, 05/15/46		1,238,000		1,465,525

	Par		Value
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37	$	240,000	$	243,523
Marathon Petroleum Corporation
5.00%, 09/15/54		1,241,000		1,043,511
Masco Corporation
7.75%, 08/01/29		275,000		325,597
6.50%, 08/15/32		55,000		58,644
McDonald’s Corporation
4.88%, 12/09/45		1,520,000		1,784,649
Medtronic, Inc.
4.63%, 03/15/45		1,852,000		2,183,269
MetLife, Inc.
5.88%, 02/06/41		500,000		623,111
6.40%, 12/15/66		310,000		331,706
Microchip Technology, Inc.
1.63%, 02/15/25 CONVD		85,000		94,509
Microsoft Corporation
4.45%, 11/03/45		1,566,000		1,770,396
Monsanto Co.
4.70%, 07/15/64		537,000		491,343
Morgan Stanley
4.75%, 11/16/18(A)		295,000		228,124
3.13%, 08/05/21(C)		235,000		188,668
4.10%, 05/22/23		300,000		311,524
6.25%, 08/09/26		600,000		755,921
4.35%, 09/08/26		410,000		429,791
4.30%, 01/27/45		1,092,000		1,154,189
Motorola Solutions, Inc.
6.63%, 11/15/37		46,000		50,734
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		130,607
Navient Corporation
5.00%, 06/15/18D		335,000		334,162
5.88%, 10/25/24		30,000		25,800
5.63%, 08/01/33@		1,460,000		1,032,950
New Albertsons, Inc.
7.45%, 08/01/29		55,000		53,625
8.70%, 05/01/30D		25,000		25,125
8.00%, 05/01/31		295,000		293,525
Newell Brands, Inc.
4.00%, 12/01/24D		200,000		209,363
Newell Rubbermaid, Inc.
5.38%, 04/01/36		317,000		367,239
Noble Energy, Inc.
5.05%, 11/15/44		1,016,000		1,026,967
Old Republic International Corporation
4.88%, 10/01/24		230,000		246,500
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		85,000		76,394
ONEOK Partners LP
4.90%, 03/15/25D		20,000		21,010
6.20%, 09/15/43		5,000		5,330
Owens Corning
7.00%, 12/01/36		2,360,000		2,887,786
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,412,879
Phillips 66
4.65%, 11/15/34		1,271,000		1,359,043
Phillips 66 Partners LP
4.68%, 02/15/45		417,000		386,423
Plains All American Pipeline LP
4.90%, 02/15/45		995,000		892,699

See Notes to Financial Statements.

89

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Priceline Group, Inc.
0.90%, 09/15/21 CONVD	$	110,000	$	111,650
Prudential Financial, Inc.
6.63%, 06/21/40		3,912,000		5,084,164
PulteGroup, Inc.
6.38%, 05/15/33D		1,000,000		1,042,500
Quicken Loans, Inc.
5.75%, 05/01/25 144A		125,000		121,250
Qwest Corporation
7.25%, 09/15/25D		490,000		523,568
6.88%, 09/15/33		1,918,000		1,896,133
RPM International, Inc.
2.25%, 12/15/20 CONVD		22,000		25,630
Sealed Air Corporation
4.88%, 12/01/22 144AD		10,000		10,325
Sempra Energy
6.00%, 10/15/39		991,000		1,247,193
SM Energy Co.
5.00%, 01/15/24D		15,000		12,900
Southern Co.
4.40%, 07/01/46		1,723,000		1,859,953
Sprint Capital Corporation
6.88%, 11/15/28D		1,025,000		809,750
8.75%, 03/15/32		20,000		17,200
Sprint Communications, Inc.
6.00%, 11/15/22		40,000		31,676
Sprint Corporation
7.13%, 06/15/24D		15,000		12,038
Tenet Healthcare Corporation
5.00%, 03/01/19		225,000		218,812
Textron, Inc.
6.63%, 04/07/20(U)		160,000		241,015
Time Warner Cable, Inc.
5.50%, 09/01/41		25,000		26,350
4.50%, 09/15/42		45,000		42,071
Time Warner, Inc.
4.85%, 07/15/45		1,039,000		1,134,183
Toro Co.
6.63%, 05/01/37@		300,000		362,522
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 144A		455,000		567,248
Tyson Foods, Inc.
5.15%, 08/15/44		895,000		1,036,073
United Airlines 2014-1 Class A Pass-Through Trust
4.00%, 10/11/27D		108,414		114,507
United States Steel Corporation
6.65%, 06/01/37D		95,000		64,125
University of Pennsylvania
4.67%, 09/01/12		3,234,000		3,712,024
Unum Group
5.75%, 08/15/42		1,747,000		1,935,711
US Airways 2012-1 Class A Pass-Through Trust
5.90%, 04/01/26		367,745		421,527
Verizon Communications, Inc.
6.00%, 04/01/41		2,593,000		3,237,801
5.01%, 08/21/54		491,000		521,534
4.67%, 03/15/55		580,000		589,274
Visa, Inc.
4.30%, 12/14/45		1,798,000		2,087,073
Wells Fargo & Co.
5.61%, 01/15/44		4,912,000		5,889,326

	Par		Value
WestRock MWV LLC
7.55%, 03/01/47@	$	515,000	$	666,403
Weyerhaeuser Co.
6.88%, 12/15/33		580,000		724,890
Total Corporate Bonds (Cost $132,072,044)				150,193,106
FOREIGN BONDS — 17.8%
Australia — 1.2%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39		2,600,000		2,725,117
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000		580,860
3.50%, 03/20/19(A)		60,000		46,864
				3,352,841
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		746,739
Canada — 4.0%
Bombardier, Inc.
6.00%, 10/15/22 144AD		745,000		640,700
Canadian Government Bond Residual STRIP
0.97%, 06/01/25(C)W		3,685,000		2,626,320
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144AD		1,979,000		1,689,199
Ontario Generic Residual STRIP
2.59%, 03/08/29(C)W		4,600,000		2,577,025
Saskatchewan Residual STRIP
1.57%, 02/04/22(C)W		3,000,000		2,114,513
TransCanada PipeLines, Ltd.
6.20%, 10/15/37		1,541,000		1,890,188
				11,537,945
Cayman Islands — 0.1%
Transocean, Inc.
6.50%, 11/15/20		5,000		4,468
8.13%, 12/15/21D		40,000		34,000
5.05%, 10/15/22D		205,000		146,063
6.80%, 03/15/38		20,000		13,150
				197,681
Ireland — 1.9%
GE Capital International Funding Co.
4.42%, 11/15/35 144A		4,811,000		5,406,775
Italy — 0.6%
Telecom Italia Capital SA
6.38%, 11/15/33		755,000		754,056
6.00%, 09/30/34		1,010,000		969,600
				1,723,656
Luxembourg — 0.8%
ArcelorMittal
8.00%, 10/15/39D		215,000		209,625
7.75%, 03/01/41 STEPD		975,000		933,563
Tyco International Finance SA
5.13%, 09/14/45D		916,000		1,054,479
				2,197,667

See Notes to Financial Statements.

90

	Par		Value
Malaysia — 0.1%
Telekom Malaysia Bhd
7.88%, 08/01/25 144A	$	225,000	$	305,293
Mexico — 0.9%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		136,950
8.46%, 12/18/36(M)		12,000,000		651,246
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,326,165
10.00%, 12/05/24(M)		3,500,000		245,843
7.50%, 06/03/27(M)		3,500,000		214,501
8.50%, 05/31/29(M)		500,000		33,001
7.75%, 05/29/31(M)		1,000,000		62,469
				2,670,175
Netherlands — 2.7%
Cooperatieve Rabobank UA
4.63%, 12/01/23		2,996,000		3,164,225
5.25%, 05/24/41		1,023,000		1,275,625
Enel Finance International NV
6.80%, 09/15/37 144A		100,000		130,100
6.00%, 10/07/39 144A		500,000		592,844
Koninklijke Philips NV
6.88%, 03/11/38		2,000,000		2,609,508
Petrobras Global Finance BV
5.63%, 05/20/43D		120,000		85,800
				7,858,102
New Zealand — 0.2%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		727,348
Norway — 0.3%
Norway Government Bond
4.25%, 05/19/17 144A(K)		7,670,000		946,580
4.50%, 05/22/19 144A(K)		265,000		35,336
3.75%, 05/25/21 144A(K)		196,000		26,969
				1,008,885
Spain — 0.8%
Telefonica Emisiones SA
Unipersonal
5.13%, 04/27/20		75,000		82,859
7.05%, 06/20/36		1,720,000		2,203,936
				2,286,795
Supranational — 0.8%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000		2,329,393
United Kingdom — 3.1%
Barclays PLC
3.65%, 03/16/25		2,700,000		2,606,091
5.25%, 08/17/45		1,494,000		1,572,523
Ensco PLC
5.75%, 10/01/44		1,596,000		959,595
Lloyds Banking Group PLC
5.30%, 12/01/45 144A		1,056,000		1,108,493
Standard Chartered PLC
5.70%, 03/26/44 144A		2,492,000		2,555,125
				8,801,827
Total Foreign Bonds (Cost $50,033,180)				51,151,122

	Par		Value
MUNICIPAL BONDS — 2.2%
State of Illinois, General Obligation
5.10%, 06/01/33	$	635,000	$	610,914
State of Illinois, General Obligation, Series B
5.52%, 04/01/38		270,000		251,751
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		4,912,000		5,462,586
Total Municipal Bonds (Cost $5,677,899)				6,325,251
U.S. TREASURY OBLIGATIONS — 21.4%
U.S. Treasury Bonds
2.75%, 11/15/42		1,200,000		1,320,516
2.88%, 05/15/43		1,691,000		1,902,111
3.13%, 08/15/44D		20,968,000		24,688,583
3.00%, 11/15/44		4,206,400		4,837,852
2.88%, 08/15/45		7,635,000		8,573,571
3.00%, 11/15/45D		8,295,000		9,538,279
2.50%, 02/15/46		796,000		828,897
				51,689,809
U.S. Treasury Notes
1.25%, 03/31/21		2,255,000		2,281,339
2.13%, 05/15/25		6,978,000		7,372,145
				9,653,484
Total U.S. Treasury Obligations (Cost $55,934,248)				61,343,293
	Shares
PREFERRED STOCKS — 0.1%
Alcoa, Inc.
5.38%, 10/01/17 CONVD		1,660		54,564
Chesapeake Energy Corporation
5.00%, 12/31/49 CONV		620		15,500
5.75%, 12/31/49 CONV 144AD		80		21,350
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONVD		5,350		269,052
Total Preferred Stocks (Cost $435,264)				360,466
MONEY MARKET FUNDS — 7.2%
GuideStone Money Market Fund (Investor Class)¥		11,710,956		11,710,956
Northern Institutional Liquid Assets Portfolio§		8,768,342		8,768,342
Total Money Market Funds (Cost $20,479,298)				20,479,298
TOTAL INVESTMENTS — 102.1% (Cost $267,654,349)				293,045,109
Liabilities in Excess of Other Assets — (2.1)%				(5,912,048	)
NET ASSETS — 100.0%			$	287,133,061

See Notes to Financial Statements.

91

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		52.3
U.S. Treasury Obligations		21.4
Foreign Bonds		17.8
Money Market Funds		7.2
Municipal Bonds		2.2
Asset-Backed Security		1.1
Preferred Stocks		0.1
		102.1

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	3,192,573	$	—	$	3,192,573	$	—
Corporate Bonds		150,193,106		—		150,193,106		—
Foreign Bonds		51,151,122		—		51,151,122		—
Money Market Funds		20,479,298		20,479,298		—		—
Municipal Bonds		6,325,251		—		6,325,251		—
Preferred Stocks		360,466		360,466		—		—
U.S. Treasury Obligations		61,343,293		—		61,343,293		—
Total Assets - Investments in Securities	$	293,045,109	$	20,839,764	$	272,205,345	$	—

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2016.

See Notes to Financial Statements.

92

GLOBAL BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
CORPORATE BONDS — 45.2%
Activision Blizzard, Inc.
5.63%, 09/15/21 144A	$	70,000	$	73,412
6.13%, 09/15/23 144A		60,000		65,550
AECOM
5.75%, 10/15/22		55,000		56,375
5.88%, 10/15/24		55,000		56,375
AES Corporation
4.88%, 05/15/23		1,350,000		1,339,875
Alcoa, Inc.
5.87%, 02/23/22		5,000		5,251
5.90%, 02/01/27		825,000		841,500
6.75%, 01/15/28		1,380,000		1,428,300
5.95%, 02/01/37		65,000		61,100
Ally Financial, Inc.
5.50%, 02/15/17		70,000		71,157
8.00%, 12/31/18		104,000		113,880
3.50%, 01/27/19		1,000,000		996,250
8.00%, 03/15/20D		161,000		181,528
5.13%, 09/30/24D		920,000		940,700
8.00%, 11/01/31		345,000		401,062
American Airlines 2016-1 Class B Pass-Through Trust
5.25%, 07/15/25		1,840,000		1,918,200
American Airlines Group, Inc.
5.50%, 10/01/19 144AD		1,825,000		1,806,750
American Axle & Manufacturing, Inc.
6.63%, 10/15/22D		150,000		161,250
Anadarko Petroleum Corporation
6.38%, 09/15/17		11,000		11,581
3.45%, 07/15/24D		135,000		132,183
4.50%, 07/15/44		215,000		198,219
Antero Resources Corporation
5.38%, 11/01/21		365,000		358,613
5.13%, 12/01/22		475,000		458,375
Anthem, Inc.
6.38%, 06/15/37		221,000		280,092
Argos Merger Sub, Inc.
7.13%, 03/15/23 144A		70,000		72,275
Ashtead Capital, Inc.
5.63%, 10/01/24 144AD		330,000		333,300
AT&T, Inc.
3.88%, 08/15/21D		60,000		64,715
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144A		565,000		519,800
Avon Products, Inc.
8.70%, 03/15/43		115,000		84,525
Axiall Corporation
4.88%, 05/15/23		20,000		20,625
Bank of America Corporation
5.49%, 03/15/19		100,000		108,257
4.25%, 10/22/26		100,000		103,925
6.05%, 06/01/34		700,000		849,461
6.11%, 01/29/37		1,300,000		1,547,835
6.50%, 10/29/49†D		920,000		980,950
5.20%, 12/29/49†D		300,000		282,375
Barrick North America Finance LLC
5.75%, 05/01/43		1,000,000		1,089,730
Beazer Homes USA, Inc.
7.25%, 02/01/23		50,000		41,125

	Par		Value
Berry Petroleum Co. LLC
6.38%, 09/15/22#	$	60,000	$	21,000
Best Buy Co., Inc.
5.00%, 08/01/18D		3,455,000		3,642,848
Blue Cube Spinco, Inc.
10.00%, 10/15/25 144A		1,525,000		1,769,000
Blue Racer Midstream LLC
6.13%, 11/15/22 144AD		200,000		190,500
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONVD		345,000		340,256
CalAmp Corporation
1.63%, 05/15/20 CONVD		10,000		9,325
CalAtlantic Group, Inc.
0.25%, 06/01/19 CONV		140,000		130,288
California Resources Corporation
6.00%, 11/15/24		510,000		251,175
Calpine Corporation
5.88%, 01/15/24 144A		304,000		317,680
5.25%, 06/01/26 144A		130,000		130,000
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23D		330,000		319,275
CBC Ammo LLC
7.25%, 11/15/21 144A		350,000		297,500
CCO Holdings LLC
5.38%, 05/01/25 144A		130,000		132,275
Celgene Corporation
5.00%, 08/15/45		310,000		342,767
Cemex Finance LLC
9.38%, 10/12/22		550,000		607,750
Cengage Learning, Inc.
9.50%, 06/15/24 144A		430,000		438,600
Centene Corporation
5.63%, 02/15/21 144A		300,000		313,500
4.75%, 05/15/22		250,000		256,250
6.13%, 02/15/24 144A		200,000		213,125
Century Intermediate Holding Co. 2 Cash coupon
9.75%, 02/15/19 PIK 144A		130,000		132,112
CenturyLink, Inc.
5.63%, 04/01/20		295,000		307,169
7.60%, 09/15/39		810,000		686,475
7.65%, 03/15/42		165,000		140,250
Chemours Co.
6.63%, 05/15/23D		1,055,000		902,025
7.00%, 05/15/25D		195,000		164,531
Chesapeake Energy Corporation
7.25%, 12/15/18D		80,000		70,000
3.88%, 04/15/19†		20,000		15,150
6.63%, 08/15/20		145,000		102,588
6.88%, 11/15/20		75,000		52,500
6.13%, 02/15/21		665,000		452,200
5.38%, 06/15/21		80,000		52,000
4.88%, 04/15/22		2,620,000		1,676,800
5.75%, 03/15/23D		800,000		516,000
2.50%, 05/15/37 CONV		560,000		522,200
2.25%, 12/15/38 CONV		1,560,000		1,271,400
Ciena Corporation
0.88%, 06/15/17 CONV		2,090,000		2,075,631
3.75%, 10/15/18 CONV 144A		415,000		486,328

See Notes to Financial Statements.

93

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28	$	155,000	$	147,095
CIT Group, Inc.
5.00%, 08/15/22D		500,000		510,000
5.00%, 08/01/23		670,000		676,700
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000		477,337
3.50%, 05/15/23		1,305,000		1,333,797
5.35%, 04/29/49†D		360,000		339,138
5.95%, 12/29/49†		250,000		244,688
6.30%, 12/29/49†D		1,330,000		1,324,880
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		345,000		329,992
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000		109,725
Cliffs Natural Resources, Inc.
8.00%, 09/30/20 144AD		748,000		635,800
CME Group, Inc.
5.30%, 09/15/43		860,000		1,101,348
Comcast Corporation
5.15%, 03/01/20		170,000		192,206
Communications Sales & Leasing, Inc.
8.25%, 10/15/23		170,000		173,295
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A@		120,000		51,000
ConocoPhillips
6.50%, 02/01/39		20,000		25,891
Consolidated Communications, Inc.
6.50%, 10/01/22		60,000		54,150
Continental Airlines 2007-1 Class A Pass-Through Trust
5.98%, 10/19/23		420,937		471,976
Continental Airlines 2009-1 Pass-Through Trust
9.00%, 01/08/18		813,677		814,694
Continental Resources, Inc.
4.50%, 04/15/23		30,000		28,125
3.80%, 06/01/24D		130,000		114,075
4.90%, 06/01/44		370,000		307,100
Crestwood Midstream Partners LP
6.00%, 12/15/20		50,000		47,500
6.13%, 03/01/22		240,000		223,200
6.25%, 04/01/23 144A		80,000		74,000
CST Brands, Inc.
5.00%, 05/01/23D		170,000		173,400
CTR Partnership LP
5.88%, 06/01/21		500,000		502,500
Cummins, Inc.
5.65%, 03/01/98		860,000		971,312
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,454,175
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24		90,000		91,168
Delta Air Lines 2007-1 Class B Pass-Through Trust
8.02%, 02/10/24		53,966		61,858
Diamond 1 Finance Corporation
5.88%, 06/15/21 144AD		500,000		510,331
7.13%, 06/15/24 144A		290,000		303,247

	Par		Value
6.02%, 06/15/26 144A	$	260,000	$	271,544
8.10%, 07/15/36 144A		440,000		475,541
8.35%, 07/15/46 144A		240,000		258,767
Dillard’s, Inc.
7.75%, 07/15/26		890,000		1,022,432
DISH DBS Corporation
5.88%, 07/15/22		600,000		585,000
5.00%, 03/15/23		410,000		374,125
5.88%, 11/15/24		1,510,000		1,409,962
7.75%, 07/01/26 144AD		290,000		299,425
DJO Finance LLC
8.13%, 06/15/21 144A		830,000		722,100
Dollar Tree, Inc.
5.75%, 03/01/23 144AD		920,000		982,100
DPL, Inc.
6.75%, 10/01/19		390,000		395,850
DS Services of America, Inc.
10.00%, 09/01/21 144A		265,000		297,462
Eagle Spinco, Inc.
4.63%, 02/15/21		500,000		513,750
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		106,301
8.38%, 06/15/32		75,000		87,870
Embarq Corporation
8.00%, 06/01/36		995,000		998,731
Enbridge Energy Partners LP
5.88%, 10/15/25D		460,000		508,721
7.38%, 10/15/45		435,000		530,181
Enterprise Products Operating LLC
8.38%, 08/01/66†		60,000		52,938
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,455,480
First Cash Financial Services, Inc.
6.75%, 04/01/21D		40,000		40,600
First Data Corporation
7.00%, 12/01/23 144A		260,000		264,225
FirstEnergy Corporation
7.38%, 11/15/31		185,000		230,191
Florida East Coast Holdings Corporation
6.75%, 05/01/19 144A		630,000		630,000
9.75%, 05/01/20 144A		40,000		34,200
Ford Motor Co.
6.63%, 10/01/28		850,000		1,076,826
4.75%, 01/15/43D		530,000		563,153
Ford Motor Credit Co. LLC
4.39%, 01/08/26		3,085,000		3,374,333
Freeport-McMoRan, Inc.
3.55%, 03/01/22D		380,000		336,300
5.40%, 11/14/34		115,000		92,000
5.45%, 03/15/43		1,800,000		1,453,500
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A		750,000		825,938
Frontier Communications Corporation
11.00%, 09/15/25 144A		295,000		306,431
7.88%, 01/15/27		405,000		338,175
FTS International, Inc.
6.25%, 05/01/22		210,000		82,950
GameStop Corporation
5.50%, 10/01/19 144AD		295,000		293,156

See Notes to Financial Statements.

94

	Par		Value
Gates Global LLC
6.00%, 07/15/22 144A	$	195,000	$	171,600
General Electric Co.
6.75%, 09/26/16(Z)		150,000		107,951
3.15%, 09/07/22		95,000		102,039
6.75%, 03/15/32		30,000		42,171
6.88%, 01/10/39		161,000		243,515
General Motors Co.
6.25%, 10/02/43		840,000		936,325
5.20%, 04/01/45		80,000		79,552
6.75%, 04/01/46		130,000		154,743
General Motors Financial Co., Inc.
4.38%, 09/25/21D		120,000		126,778
3.45%, 04/10/22		300,000		300,177
5.25%, 03/01/26		625,000		680,699
Genworth Holdings, Inc.
4.90%, 08/15/23		250,000		189,375
4.80%, 02/15/24D		105,000		79,012
6.50%, 06/15/34D		110,000		77,825
GEO Group, Inc.
5.88%, 10/15/24	��	100,000		101,750
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		971,438
Gilead Sciences, Inc.
4.75%, 03/01/46		820,000		934,747
Global Marine, Inc.
7.00%, 06/01/28D		45,000		30,375
Goldman Sachs Capital II
4.00%, 12/29/49†D		687,000		516,226
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		133,468
6.75%, 10/01/37		355,000		439,248
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		1,030,000		1,068,625
7.00%, 03/15/28		690,000		752,100
Guitar Center, Inc.
6.50%, 04/15/19 144A		300,000		259,500
9.63%, 04/15/20 144A		10,000		7,000
Hanesbrands, Inc.
4.63%, 05/15/24 144A		160,000		161,200
4.88%, 05/15/26 144A		150,000		151,290
Hardwoods Acquisition, Inc.
7.50%, 08/01/21 144A		90,000		68,850
Harris Corporation
5.05%, 04/27/45		460,000		523,818
HCA, Inc.
7.50%, 02/15/22		40,000		45,580
5.88%, 05/01/23		80,000		85,400
7.50%, 12/15/23		770,000		812,350
8.36%, 04/15/24		90,000		102,150
5.38%, 02/01/25		190,000		195,225
7.69%, 06/15/25		815,000		876,125
7.58%, 09/15/25		715,000		761,475
5.88%, 02/15/26		1,120,000		1,164,800
5.25%, 06/15/26		500,000		520,312
7.05%, 12/01/27		20,000		20,400
7.50%, 11/06/33		205,000		219,222
7.75%, 07/15/36		120,000		126,000
Hercules, Inc.
6.50%, 06/30/29		250,000		206,875
Hexion, Inc.
9.00%, 11/15/20		185,000		123,025

	Par		Value
Hiland Partners Holdings LLC
7.25%, 10/01/20 144A	$	545,000	$	566,119
Hilton Worldwide Finance LLC
5.63%, 10/15/21		380,000		393,572
IASIS Healthcare LLC
8.38%, 05/15/19D		520,000		502,125
Iconix Brand Group, Inc.
1.50%, 03/15/18 CONVD		225,000		183,094
Intel Corporation
2.95%, 12/15/35 CONV		580,000		751,462
3.25%, 08/01/39 CONV		460,000		748,652
International Lease Finance Corporation
3.88%, 04/15/18		10,000		10,208
6.25%, 05/15/19		75,000		80,531
4.63%, 04/15/21		300,000		309,750
5.88%, 08/15/22		230,000		249,838
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000		896,700
Iron Mountain, Inc.
6.00%, 10/01/20 144A		70,000		73,412
iStar, Inc.
7.13%, 02/15/18		150,000		154,312
4.88%, 07/01/18		95,000		92,031
J.C. Penney Corporation, Inc.
6.38%, 10/15/36		480,000		365,856
7.63%, 03/01/97		815,000		594,950
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000		247,940
6.88%, 04/15/22 144A		200,000		173,000
Jefferies Group LLC
5.13%, 04/13/18		55,000		57,552
6.88%, 04/15/21		270,000		306,952
5.13%, 01/20/23		305,000		320,850
6.45%, 06/08/27		35,000		38,957
3.88%, 11/01/29 CONV		55,000		55,894
6.25%, 01/15/36		1,135,000		1,144,509
6.50%, 01/20/43		510,000		507,985
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		262,038
3.38%, 05/01/23D		370,000		377,798
6.13%, 12/29/49†		260,000		269,750
K. Hovnanian Enterprises, Inc.
7.00%, 01/15/19 144A		115,000		78,775
8.00%, 11/01/19 144A		165,000		113,850
5.00%, 11/01/21@		795,000		592,275
KB Home
1.38%, 02/01/19 CONV		440,000		422,400
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		78,917
6.95%, 01/15/38		90,000		99,610
Kinder Morgan, Inc.
7.75%, 01/15/32		80,000		90,272
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A		196,000		215,132
5.20%, 07/15/45 144A		960,000		1,141,331
Lennar Corporation
4.75%, 11/15/22		315,000		321,694
Lockheed Martin Corporation
3.80%, 03/01/45		550,000		564,876
LStar Securities Investment
7.41%, 09/15/20		786,462		741,690

See Notes to Financial Statements.

95

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Magnum Hunter Resources Corporation (Escrow)
0.00%, 12/31/20W@	$	470,000	$	—
Masco Corporation
7.75%, 08/01/29		250,000		295,997
6.50%, 08/15/32		175,000		186,594
MBIA Insurance Corporation
11.89%, 01/15/33 144A†		435,000		163,125
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000		314,900
Michael Baker International LLC
8.25%, 10/15/18 144A		60,000		58,500
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		280,000		311,325
Micron Technology, Inc.
5.25%, 08/01/23 144AD		430,000		368,725
5.50%, 02/01/25		1,675,000		1,432,125
5.63%, 01/15/26 144A		985,000		824,938
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000		974,400
Miran Mid Atlantic Series C Pass-Through Trust
10.06%, 12/30/28		769,693		728,322
Morgan Stanley
4.75%, 11/16/18(A)		275,000		212,658
5.75%, 01/25/21		205,000		233,967
3.13%, 08/05/21(C)		535,000		429,522
3.75%, 02/25/23		125,000		132,592
4.10%, 05/22/23		370,000		384,213
6.25%, 08/09/26		400,000		503,948
4.35%, 09/08/26		940,000		985,374
Motorola Solutions, Inc.
6.63%, 11/15/37		105,000		115,806
MPH Acquisition Holdings LLC
7.13%, 06/01/24 144A		350,000		368,375
MPLX LP
5.50%, 02/15/23 144A		240,000		244,062
4.50%, 07/15/23 144A		20,000		19,413
4.88%, 12/01/24 144A		460,000		448,876
4.88%, 06/01/25 144A		75,000		73,430
Murray Energy Corporation
11.25%, 04/15/21 144A		710,000		202,350
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,567,284
Navient Corporation
5.00%, 06/15/18D		700,000		698,250
8.45%, 06/15/18		472,000		512,120
5.50%, 01/15/19		75,000		75,424
4.88%, 06/17/19D		220,000		212,850
8.00%, 03/25/20		600,000		614,628
5.88%, 03/25/21D		320,000		303,398
5.50%, 01/25/23D		1,720,000		1,515,750
6.13%, 03/25/24		1,480,000		1,306,100
5.88%, 10/25/24		600,000		516,000
Neiman Marcus Group, Ltd. LLC
8.00%, 10/15/21 144AD		80,000		65,600
Cash coupon 8.75% or PIK
9.50%, 10/15/21 44AD		50,000		38,250
Neptune Finco Corporation
10.88%, 10/15/25 144A		1,070,000		1,225,813

	Par		Value
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A	$	50,000	$	47,750
Netflix, Inc.
5.50%, 02/15/22		560,000		586,600
5.88%, 02/15/25D		380,000		400,425
New Albertsons, Inc.
7.75%, 06/15/26		410,000		401,800
7.45%, 08/01/29		1,375,000		1,340,625
8.00%, 05/01/31		1,200,000		1,194,000
Newell Brands, Inc.
3.85%, 04/01/23		300,000		318,663
4.00%, 12/01/24		445,000		465,832
4.20%, 04/01/26		470,000		510,106
Newfield Exploration Co.
5.63%, 07/01/24		955,000		959,775
Newmont Mining Corporation
4.88%, 03/15/42		575,000		570,625
NGPL PipeCo LLC
7.77%, 12/15/37 144AD		250,000		243,750
Nine West Holdings, Inc.
6.13%, 11/15/34		125,000		16,875
NRG Energy, Inc.
7.25%, 05/15/26 144AD		620,000		620,000
NRG REMA LLC
9.68%, 07/02/26		300,000		288,375
Nuance Communications, Inc.
1.00%, 12/15/35 CONV 144A		1,215,000		1,073,756
NWH Escrow Corporation
7.50%, 08/01/21 144A		100,000		74,500
Oasis Petroleum, Inc.
7.25%, 02/01/19D		320,000		308,000
6.50%, 11/01/21D		330,000		302,775
6.88%, 03/15/22D		580,000		538,675
6.88%, 01/15/23D		170,000		155,550
Old Republic International Corporation
3.75%, 03/15/18 CONV		1,600,000		2,052,000
4.88%, 10/01/24		520,000		557,303
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		645,000		579,694
ONEOK Partners LP
4.90%, 03/15/25D		60,000		63,029
6.20%, 09/15/43		20,000		21,320
Outfront Media Capital LLC
5.25%, 02/15/22D		110,000		112,062
5.88%, 03/15/25		170,000		175,100
Owens Corning
7.00%, 12/01/36		1,800,000		2,202,548
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144AD		1,500,000		1,494,375
Pactiv LLC
8.38%, 04/15/27		200,000		211,000
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		944,470
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		570,000		578,550
Pride International, Inc.
7.88%, 08/15/40		270,000		189,701
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000		1,706,250
6.38%, 05/15/33		470,000		489,975
6.00%, 02/15/35		180,000		180,000

See Notes to Financial Statements.

96

	Par		Value
QEP Resources, Inc.
6.88%, 03/01/21D	$	335,000	$	340,025
5.38%, 10/01/22		135,000		126,562
5.25%, 05/01/23D		1,500,000		1,387,500
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		1,395,000		1,353,150
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		240,188
Qwest Corporation
6.88%, 09/15/33		2,124,000		2,099,784
7.25%, 10/15/35		110,000		111,196
R.R. Donnelley & Sons Co.
7.00%, 02/15/22		495,000		487,575
6.00%, 04/01/24		465,000		415,887
Rain CII Carbon LLC
8.50%, 01/15/21(E)		100,000		84,783
Range Resources Corporation
5.00%, 08/15/22		520,000		492,700
5.00%, 03/15/23D		1,450,000		1,366,625
4.88%, 05/15/25D		240,000		229,800
Regency Energy Partners LP
5.88%, 03/01/22		340,000		364,100
5.00%, 10/01/22		80,000		82,194
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000		585,098
Resolute Forest Products, Inc.
5.88%, 05/15/23		40,000		31,700
Reynolds Group Issuer, Inc.
9.88%, 08/15/19		420,000		434,175
5.75%, 10/15/20		60,000		62,100
Rovi Corporation
0.50%, 03/01/20 CONVD		985,000		935,750
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000		54,755
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		440,000		446,600
Sanchez Energy Corporation
7.75%, 06/15/21		330,000		281,325
6.13%, 01/15/23D		190,000		147,725
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000		25,812
5.50%, 09/15/25 144A		555,000		579,281
ServiceMaster Co. LLC
7.45%, 08/15/27		1,195,000		1,233,838
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A		820,000		49,200
Simmons Foods, Inc.
7.88%, 10/01/21 144A		500,000		456,250
SM Energy Co.
5.00%, 01/15/24D		40,000		34,400
Southern Copper Corporation
5.25%, 11/08/42		550,000		490,228
Spectrum Brands, Inc.
5.75%, 07/15/25D		910,000		952,088
Springleaf Finance Corporation
7.75%, 10/01/21D		145,000		140,106
8.25%, 10/01/23		55,000		52,525
Sprint Capital Corporation
6.88%, 11/15/28		2,865,000		2,263,350
8.75%, 03/15/32		345,000		296,700
Sprint Communications, Inc.
7.00%, 08/15/20D		30,000		26,850
11.50%, 11/15/21		1,010,000		1,002,930

	Par		Value
Sprint Corporation
7.88%, 09/15/23	$	510,000	$	419,475
Steel Dynamics, Inc.
6.38%, 08/15/22		400,000		422,000
Sun Products Corporation
7.75%, 03/15/21 144A		160,000		166,600
Targa Resources Partners LP
5.00%, 01/15/18		190,000		194,275
4.13%, 11/15/19		2,125,000		2,114,375
4.25%, 11/15/23D		110,000		99,275
6.75%, 03/15/24 144AD		1,050,000		1,081,500
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000		411,025
Tenet Healthcare Corporation
5.00%, 03/01/19 144A		560,000		544,600
6.75%, 06/15/23 144AD		285,000		273,956
6.88%, 11/15/31		85,000		68,956
Tesoro Logistics LP
6.13%, 10/15/21		70,000		72,800
6.38%, 05/01/24D		190,000		199,975
Textron, Inc.
6.63%, 04/07/20(U)		130,000		195,825
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000		221,978
8.25%, 04/01/19		40,000		46,477
5.50%, 09/01/41		60,000		63,239
4.50%, 09/15/42		105,000		98,166
Time Warner, Inc.
4.00%, 01/15/22D		100,000		107,980
TMX Finance LLC
8.50%, 09/15/18 144AD		50,000		40,250
Toys “R” Us, Inc.
7.38%, 10/15/18D		210,000		179,550
TransDigm, Inc.
7.50%, 07/15/21		970,000		1,029,412
6.50%, 07/15/24		199,000		202,857
6.50%, 05/15/25		195,000		196,219
TRI Pointe Group, Inc.
4.38%, 06/15/19		100,000		101,000
5.88%, 06/15/24		5,000		5,106
United Airlines 2007-1 Pass-Through Trust
6.64%, 01/02/24		186,609		198,038
United Airlines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		16,479		16,953
United Airlines 2014-1 Class A Pass-Through Trust
4.00%, 10/11/27		235,682		248,928
United Airlines 2014-2 Class B Pass-Through Trust
4.63%, 03/03/24		85,585		85,906
United Rentals North America, Inc.
6.13%, 06/15/23		400,000		418,500
5.75%, 11/15/24D		540,000		546,750
United States Steel Corporation
6.65%, 06/01/37		760,000		513,000
Universal Hospital Services, Inc.
7.63%, 08/15/20		440,000		406,450
US Airways 2012-1 Class A Pass-Through Trust
5.90%, 04/01/26		267,814		306,982

See Notes to Financial Statements.

97

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
US Airways 2012-1 Class B Pass-Through Trust
8.00%, 04/01/21	$	464,815	$	515,141
US Airways 2012-2 Class A Pass-Through Trust
4.63%, 12/03/26		214,991		234,072
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		170,000		147,050
Verizon Communications, Inc.
6.00%, 04/01/41		70,000		87,407
5.01%, 08/21/54		341,000		362,206
Wells Fargo & Co.
4.48%, 01/16/24		124,000		136,053
5.88%, 12/29/49†D		430,000		459,025
West Corporation
4.75%, 07/15/21 144A		50,000		49,500
5.38%, 07/15/22 144A		690,000		644,288
WestRock MWV LLC
8.20%, 01/15/30		145,000		195,085
7.95%, 02/15/31		45,000		60,194
WestRock RKT Co.
4.00%, 03/01/23D		430,000		449,614
WEX, Inc.
4.75%, 02/01/23 144A		440,000		429,000
Weyerhaeuser Co.
8.50%, 01/15/25		405,000		535,332
6.95%, 10/01/27		55,000		69,683
7.38%, 03/15/32		370,000		490,757
6.88%, 12/15/33		490,000		612,407
Whiting Petroleum Corporation
6.50%, 10/01/18		430,000		414,950
5.00%, 03/15/19		755,000		698,375
5.75%, 03/15/21D		315,000		285,862
6.25%, 04/01/23D		1,300,000		1,170,000
William Lyon Homes, Inc.
7.00%, 08/15/22		20,000		19,900
Williams Cos., Inc.
7.50%, 01/15/31		60,000		60,600
5.75%, 06/24/44D		440,000		377,300
Williams Partners LP
6.13%, 07/15/22		150,000		154,007
Windstream Services LLC
7.75%, 10/15/20D		180,000		177,300
7.75%, 10/01/21D		485,000		459,538
7.50%, 06/01/22D		40,000		36,200
7.50%, 04/01/23		235,000		210,912
WPX Energy, Inc.
8.25%, 08/01/23D		430,000		433,225
XPO Logistics, Inc.
7.88%, 09/01/19 144AD		20,000		20,450
6.50%, 06/15/22 144AD		20,000		19,175
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		150,000		152,625
4.75%, 04/29/25 144A		800,000		813,496
Total Corporate Bonds (Cost $175,872,919)				184,122,705

	Par		Value
FOREIGN BONDS — 28.0%
Argentina — 0.5%
Argentine Republic Government International Bond
6.88%, 04/22/21 144AD	$	680,000	$	726,920
7.50%, 04/22/26 144A		540,000		585,090
7.63%, 04/22/46 144A		300,000		324,750
YPF SA
8.50%, 03/23/21 144AD		460,000		492,200
				2,128,960
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20		520,000		525,834
Australia — 0.6%
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		240,000		266,100
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000		2,084,729
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000		206,952
				2,557,781
Bermuda — 0.6%
Digicel Group, Ltd.
8.25%, 09/30/20		550,000		462,000
NCL Corporation, Ltd.
4.63%, 11/15/20 144AD		600,000		601,872
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000		220,501
Sirius International Group, Ltd.
6.38%, 03/20/17 144A		1,250,000		1,277,838
				2,562,211
Brazil — 1.0%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		8,000,000		2,328,527
Brazilian Government International Bond
10.25%, 01/10/28(B)		5,250,000		1,552,626
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/22 144A#D		933,000		151,613
Telemar Norte Leste SA
5.50%, 10/23/20#		200,000		50,500
				4,083,266
Canada — 4.3%
1011778 BC ULC
6.00%, 04/01/22 144A		890,000		925,324
Air Canada
7.63%, 10/01/19 144A(C)		1,520,000		1,223,577
Bombardier, Inc.
6.00%, 10/15/22 144AD		1,645,000		1,414,700
Canadian Government Bond
0.25%, 05/01/17(C)		4,720,000		3,645,099
0.25%, 11/01/17(C)		3,550,000		2,737,782
Entertainment One, Ltd.
6.88%, 12/15/22 144A(U)		180,000		242,023

See Notes to Financial Statements.

98

	Par		Value
Methanex Corporation
5.25%, 03/01/22D	$	75,000	$	76,843
Ontario Generic Residual STRIP
1.74%, 07/13/22(C)W		2,600,000		1,824,900
2.59%, 03/08/29(C)W		2,400,000		1,344,535
Pacific Exploration and Production Corporation
5.38%, 01/26/19 144A@		540,000		102,600
Province of Ontario
2.10%, 09/08/18(C)		3,500,000		2,781,009
Stone Container Finance Company of Canada II Escrow
0.00%, 07/15/25+W		330,000		6,600
Teck Resources, Ltd.
8.00%, 06/01/21 144AD		350,000		361,375
8.50%, 06/01/24 144AD		420,000		436,800
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000		59,100
Valeant Pharmaceuticals International, Inc.
6.13%, 04/15/25 144A		570,000		458,850
				17,641,117
Cayman Islands — 1.0%
Braskem Finance, Ltd.
5.75%, 04/15/21		900,000		906,750
Odebrecht Finance, Ltd.
4.38%, 04/25/25 144AD		770,000		340,340
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/23 144A		433,700		84,572
Transocean, Inc.
6.50%, 11/15/20		10,000		8,937
8.13%, 12/15/21		95,000		80,750
5.05%, 10/15/22D		430,000		306,375
6.80%, 03/15/38		50,000		32,875
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000		248,750
Vale Overseas, Ltd.
6.88%, 11/21/36		592,000		541,680
XLIT, Ltd.
6.38%, 11/15/24		585,000		704,751
6.25%, 05/15/27		640,000		771,668
				4,027,448
Chile — 0.2%
AES Gener SA
5.25%, 08/15/21 144A		420,000		447,943
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144AD		220,000		233,598
Empresa Nacional de Telecomunicaciones SA
4.88%, 10/30/24 144A		220,000		224,816
				906,357
Colombia — 0.8%
Colombia Government International Bond
5.63%, 02/26/44		1,847,000		2,054,788
Colombian TES
10.00%, 07/24/24(X)		23,100,000		9,213
Ecopetrol SA
5.88%, 09/18/23D		190,000		196,175

	Par		Value
4.13%, 01/16/25	$	260,000	$	235,872
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144A		250,000		261,562
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000		272,350
				3,029,960
Cote D’Ivoire (Ivory Coast) — 0.1%
Ivory Coast Government International Bond
5.38%, 07/23/24 144A		520,000		490,100
France — 1.3%
3AB Optique Developpement SAS
5.63%, 04/15/19(E)		660,000		727,824
AXA SA
6.21%, 10/29/49(E)†		210,000		247,778
Electricite de France SA
5.25%, 01/29/49 144A†		380,000		366,187
5.63%, 12/29/49 144A†D		1,360,000		1,300,500
Europcar Groupe SA
5.75%, 06/15/22 144A(E)		170,000		196,252
Numericable-SFR SA
5.63%, 05/15/24 144A(E)		160,000		179,413
Rexel SA
5.25%, 06/15/20 144A		210,000		217,481
Societe Generale SA
5.63%, 11/24/45 144AD		1,985,000		2,070,208
				5,305,643
Germany — 0.8%
Bundesrepublik Deutschland
1.00%, 08/15/24(E)		2,180,000		2,681,884
CeramTec Group GmbH
8.25%, 08/15/21(E)		580,000		685,399
				3,367,283
Honduras — 0.1%
Honduras Government International Bond
7.50%, 03/15/24		460,000		501,400
Hong Kong — 0.3%
AIA Group, Ltd.
4.88%, 03/11/44 144A		910,000		1,049,311
Iceland — 0.0%
Kaupthing ehf
7.13%, 05/19/16+ 144A#		150,000		2
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000		981,686
Indonesia — 0.6%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000		464,087
6.63%, 02/17/37		225,000		278,354
5.25%, 01/17/42 144A		1,710,000		1,816,945
				2,559,386
Ireland — 0.4%
Ardagh Packaging Finance PLC
4.63%, 05/15/23 144A		250,000		247,500
7.25%, 05/15/24 144A		460,000		471,787

See Notes to Financial Statements.

99

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GE Capital International Funding Co.
3.37%, 11/15/25 144A	$	246,000	$	267,290
4.42%, 11/15/35 144A		569,000		639,463
				1,626,040
Italy — 0.5%
Enel SpA
7.75%, 09/10/75(U)†		440,000		623,801
Telecom Italia Capital SA
6.38%, 11/15/33		995,000		993,756
6.00%, 09/30/34		250,000		240,000
				1,857,557
Jersey — 0.1%
AA Bond Co., Ltd.
5.50%, 07/31/43 144A(U)		430,000		548,112
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A		470,000		435,958
Luxembourg — 1.5%
Altice Financing SA
6.63%, 02/15/23 144A		400,000		394,248
7.50%, 05/15/26 144A		260,000		255,450
ArcelorMittal
6.50%, 03/01/21D		30,000		30,975
8.00%, 10/15/39 STEP		510,000		497,250
7.75%, 03/01/41 STEPD		690,000		660,675
Ardagh Finance Holdings SA Cash coupon
8.63%, 06/15/19 PIK 144A		284,350		288,615
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)		100,000		114,682
Coveris Holdings SA
7.88%, 11/01/19 144A		210,000		205,012
DH Services Luxembourg S.à r.l
7.75%, 12/15/20 144A		90,000		94,725
Evraz Group SA
6.75%, 04/27/18 144A		440,000		457,050
6.50%, 04/22/20 144AD		480,000		491,400
Globe Luxembourg SCA
9.63%, 05/01/18 144AD		200,000		167,375
INEOS Group Holdings SA
6.13%, 08/15/18 144AD		600,000		606,000
Intelsat Jackson Holdings SA
7.25%, 10/15/20D		80,000		57,400
7.50%, 04/01/21		30,000		20,850
5.50%, 08/01/23D		330,000		211,200
LSF9 Balta Issuer SA
7.75%, 09/15/22 144A(E)		360,000		423,123
Mallinckrodt International Finance SA
5.63%, 10/15/23 144AD		270,000		252,788
5.50%, 04/15/25 144A		90,000		80,741
Play Finance 1 SA
6.50%, 08/01/19 144A(E)		120,000		138,164
Wind Acquisition Finance SA
7.00%, 04/23/21(E)		430,000		467,651
				5,915,374

	Par		Value
Marshall Islands — 0.0%
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A	$	90,000	$	71,100
Mexico — 2.9%
Cemex SAB de CV
6.50%, 12/10/19 144AD		1,100,000		1,175,625
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100		2,622,305
8.00%, 12/07/23(M)		41,500,000		2,583,843
10.00%, 12/05/24(M)		31,500,000		2,212,590
7.50%, 06/03/27(M)		7,500,000		459,644
8.50%, 05/31/29(M)		2,000,000		132,002
7.75%, 05/29/31(M)		3,000,000		187,408
7.75%, 11/13/42(M)		22,750,000		1,450,920
Petroleos Mexicanos
5.50%, 01/21/21		750,000		795,113
6.50%, 06/02/41		135,000		137,363
				11,756,813
Morocco & Antilles — 0.3%
OCP SA
5.63%, 04/25/24 144A		550,000		584,826
4.50%, 10/22/25 144A		520,000		510,068
				1,094,894
Netherlands — 2.4%
Bharti Airtel International Netherlands BV
5.35%, 05/20/24 144A		280,000		310,457
CIMPOR Financial Operations BV
5.75%, 07/17/24 144A		360,000		269,100
Cooperatieve Rabobank UA
5.75%, 12/01/43		880,000		1,028,975
DPx Holdings BV
7.50%, 02/01/22 144AD		90,000		92,813
EDP Finance BV
6.00%, 02/02/18 144A		600,000		634,442
4.90%, 10/01/19 144A		1,600,000		1,704,144
4.13%, 01/15/20 144AD		540,000		559,420
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21(E)		490,000		88,092
JLL/ Delta Dutch Pledgeco BV Cash coupon 8.75% or PIK
9.50%, 05/01/20 144A		280,000		280,700
LyondellBasell Industries NV
5.75%, 04/15/24D		260,000		309,938
Majapahit Holding BV
7.75%, 01/20/20		890,000		1,019,495
Marfrig Holdings Europe BV
8.00%, 06/08/23 144A		480,000		491,040
Petrobras Global Finance BV
4.38%, 05/20/23		250,000		203,675
6.25%, 03/17/24		1,160,000		1,032,400
6.88%, 01/20/40		390,000		318,669
6.75%, 01/27/41		270,000		218,025
5.63%, 05/20/43D		275,000		196,625
Schaeffler Holding Finance BV Cash coupon
6.88%, 08/15/18 PIK 144A(E)		37,500		42,641
Cash coupon 6.88% or PIK
7.63%, 08/15/18 144A		78,788		80,561

See Notes to Financial Statements.

100

	Par		Value
Telefonica Europe BV
6.75%, 11/29/49(U)†	$	300,000	$	407,145
VimpelCom Holdings BV
7.50%, 03/01/22		200,000		218,500
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000		194,000
				9,700,857
New Zealand — 0.5%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000		1,835,688
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17 144A(K)		12,330,000		1,521,686
4.50%, 05/22/19 144A(K)		172,000		22,935
3.75%, 05/25/21 144A(K)		129,000		17,750
				1,562,371
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000		3,997
Peru — 0.1%
Transportadora de Gasdel Peru SA
4.25%, 04/30/28 144A		550,000		552,062
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21D		200,000		219,201
Portugal — 0.4%
Portugal Government International Bond
5.13%, 10/15/24 144A		1,600,000		1,615,536
Russia — 0.3%
Russian Federal Bond - OFZ
8.15%, 02/03/27(R)		65,519,000		1,029,462
Singapore — 0.3%
BOC Aviation, Ltd.
3.00%, 03/30/20 144AD		1,000,000		1,021,762
Spain — 0.0%
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		82,859
Supranational — 0.6%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000		2,430,346
Sweden — 0.1%
Unilabs Subholding AB
8.50%, 07/15/18(E)		410,000		466,465
Turkey — 0.3%
Turk Telekomunikasyon AS
4.88%, 06/19/24 144A		680,000		680,632
Turkey Government International Bond
4.88%, 04/16/43		500,000		489,738
				1,170,370

	Par		Value
United Kingdom — 4.0%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)	$	310,000	$	442,794
Annington Finance No. 4 PLC
1.76%, 01/10/23(U)†		391,414		515,945
Barclays Bank PLC
7.63%, 11/21/22		680,000		733,125
Boparan Finance PLC
5.50%, 07/15/21(U)		270,000		315,857
EC Finance PLC
5.13%, 07/15/21 144A(E)		400,000		463,877
Ensco PLC
4.70%, 03/15/21D		70,000		58,252
5.75%, 10/01/44		60,000		36,075
HBOS PLC
6.75%, 05/21/18 144A		500,000		537,551
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000		342,075
6.38%, 12/29/49†D		600,000		573,000
Interoute Finco PLC
7.38%, 10/15/20 144A(E)		600,000		708,600
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000		407,700
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000		417,450
Lloyds Banking Group PLC
5.30%, 12/01/45 144A		1,581,000		1,659,590
Paragon Offshore PLC
6.75%, 07/15/22 144A#@		177,000		53,985
7.25%, 08/15/24 144A#@		410,000		125,050
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21(U)		400,000		503,462
R&R Ice Cream PLC
8.25%, 05/15/20 144A(A)		260,000		203,080
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		145,000		143,711
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000		1,925,447
6.00%, 12/19/23		275,000		280,271
3.63%, 03/25/24(E)†		890,000		962,910
Santander UK Group Holdings PLC
7.38%, 12/29/49(U)†D		390,000		484,790
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000		411,907
Standard Chartered PLC
5.13%, 06/06/34(U)		321,000		378,960
Synlab Bondco PLC
6.25%, 07/01/22(E)D		270,000		317,612
6.25%, 07/01/22 144A(E)		750,000		882,255
Synlab Unsecured Bondco PLC
8.25%, 07/01/23(E)		170,000		192,950
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		275,785		349,406
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		593,753		722,469
Virgin Media Finance PLC
6.38%, 10/15/24 144A(U)		360,000		479,252
Virgin Media Secured Finance PLC
5.50%, 01/15/21(U)		100,000		141,280
5.50%, 08/15/26 144A		200,000		195,000

See Notes to Financial Statements.

101

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Vougeot Bidco PLC
7.88%, 07/15/20(U)	$	360,000	$	492,432
				16,458,120
Virgin Islands (British) — 0.2%
GTL Trade Finance, Inc.
5.89%, 04/29/24 144AD		941,000		834,385
Total Foreign Bonds (Cost $124,361,240)				114,007,074
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 0.8%
Brazil — 0.8%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B) (Cost $3,230,079)		3,613,000		3,268,002
LOAN AGREEMENTS — 2.3%
1011778 BC ULC
Term B-2 Loan
0.00%, 12/12/21 S		500,000		500,315
American Airlines, Inc.
Term B Loan
3.25%, 06/27/20		984,994		970,682
American Builders & Contractors Supply Co., Inc.
Term B Loan
3.50%, 04/16/20		589,015		587,054
Energy Future Intermediate Holding Co. LLC
DIP Term Loan
4.25%, 12/19/16		847,944		845,824
First Data Corporation
Term B Loan
4.45%, 03/24/21		605,462		603,949
FMG Resources August 2006 Proprietary, Ltd.
Term B Loan
4.25%, 06/30/19		30,236		28,876
Hilton Worldwide Finance LLC
Term B Loan
3.50%, 10/26/20		621,324		621,324
Magnum Hunter Resources Corporation
Exit Term Loan
8.00%-14.00%, 05/06/19@		40,000		39,600
Neptune Finco Corporation
Term B Loan
5.00%, 10/09/22		400,000		400,100
Nord Anglia Education Finance LLC
Term B Loan
0.00%, 03/31/21 S		1,000,000		994,380
Party City Holdings, Inc.
Term B Loan
4.25%, 08/19/22		738,706		733,165
PetSmart, Inc.
Term B Loan
4.25%, 03/11/22		990,000		984,931
Univision Communications, Inc.
Term C-4 Loan
4.00%, 03/01/20		736,281		731,546

	Par		Value
Valeant Pharmaceuticals International, Inc.
Term BF1 Loan
5.00%, 04/01/22	$	714,624	$	694,772
Virgin Media Investment Holdings, Ltd.
Term F Loan
3.65%, 06/30/23		504,991		492,194
Total Loan Agreements (Cost $9,294,439)				9,228,712
MORTGAGE-BACKED SECURITIES — 1.8%
Commercial Mortgage Trust Series 2007-CD4
5.40%, 12/11/49†		185,896		147,759
Credit Suisse Commercial Mortgage Trust Series 2006-C5
5.37%, 12/15/39		250,000		221,834
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.70%, 09/15/40†		162,227		167,760
5.87%, 09/15/40†		240,000		216,884
Credit Suisse Mortgage Capital Certificates Series 2006-C4
5.54%, 09/15/39†		250,000		247,266
CSMC Trust Series 2015-SAMZ
6.18%, 08/15/22 144A†		1,000,000		922,171
Fannie Mae Connecticut Avenue Securities Series 2014-C02
3.05%, 05/25/24†		1,600,000		1,486,591
Fannie Mae Connecticut Avenue Securities Series 2015-C03
5.45%, 07/25/25†		1,390,000		1,400,462
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
6.20%, 02/15/51†		40,000		37,884
Lone Star Portfolio Trust Series 2015-LSP
7.34%, 09/15/28 144A†		767,900		728,628
Morgan Stanley Resecuritization Trust Series 2015-R5
0.67%, 10/26/46 144A†		2,390,000		1,436,826
Morgan Stanley Resecuritization Trust Series 2015-R6
0.71%, 07/26/45 144A†		1,167,814		442,643
Total Mortgage-Backed Securities (Cost $7,646,825)				7,456,708

See Notes to Financial Statements.

102

	Par		Value
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $340,137)	$	435,000	$	418,500
U.S. TREASURY OBLIGATIONS — 12.7%
U.S. Treasury Bonds
3.50%, 02/15/39		860,000		1,085,767
4.25%, 05/15/39		40,000		55,929
3.88%, 08/15/40		30,000		39,833
2.75%, 08/15/42D		120,000		132,263
3.13%, 02/15/43		9,116,000		10,749,050
2.88%, 05/15/43		120,000		134,981
3.00%, 05/15/45		40,000		45,992
3.00%, 11/15/45D		920,000		1,057,892
				13,301,707
U.S. Treasury Notes
0.88%, 04/15/17		30,000		30,094
0.88%, 07/15/17		5,960,000		5,982,350
0.75%, 10/31/17		10,780,000		10,807,586
0.63%, 04/30/18		530,000		530,435
1.38%, 09/30/18		250,000		254,180
1.63%, 06/30/19D		10,000		10,269
1.25%, 10/31/19D		110,000		111,751
3.63%, 02/15/21		14,549,000		16,286,354
2.00%, 02/15/22		120,000		125,723
1.63%, 08/15/22		3,380,000		3,466,680
2.75%, 02/15/24		150,000		165,612
2.25%, 11/15/24		30,000		32,007
2.00%, 02/15/25		100,000		104,647
1.63%, 02/15/26		180,000		182,032
1.63%, 05/15/26D		220,000		222,699
				38,312,419
Total U.S. Treasury Obligations (Cost $48,238,790)				51,614,126
	Shares
COMMON STOCKS — 1.0%
Consumer Discretionary — 0.3%
Ford Motor Co.D		96,849		1,217,392
Energy — 0.1%
Hercules Offshore, Inc.D*		46,644		64,836
Magnum Hunter Resources Corporation@*		24,023		327,313
				392,149
Healthcare — 0.3%
Bristol-Myers Squibb Co.		15,400		1,132,670
Materials & Processing — 0.0%
PPG Industries, Inc.		820		85,403
Technology — 0.3%
Corning, Inc.		70,534		1,444,536
Total Common Stocks (Cost $5,279,475)				4,272,150

	Shares		Value
FOREIGN COMMON STOCKS — 0.2%
Mexico — 0.0%
Axtel SAB de CV ADR 144A*		8,185	$	19,317
Norway — 0.0%
Deep Ocean Group Holding+@*		8,860		48,030
Spain — 0.1%
Repsol SA ADRD		15,820		202,021
Telefonica SA ADRD		22,180		210,267
				412,288
United Kingdom — 0.1%
Royal Dutch Shell PLC ADR Class AD		6,443		355,782
Total Foreign Common Stocks (Cost $1,294,152)				835,417
PREFERRED STOCKS — 0.5%
Alcoa, Inc.
5.38%, 10/01/17 CONVD		9,400		308,978
Bank of America Corporation
7.25%, 12/31/49 CONV		602		719,390
Chesapeake Energy Corporation
4.50%, 12/31/49 CONVD		1,229		28,759
5.00%, 12/31/49 CONV		3,950		98,750
5.75%, 12/31/49 CONV 144AD		50		13,344
5.75%, 12/31/49 CONV		810		225,981
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONVD		1,848		92,936
iStar, Inc.
4.50%, 12/31/49 CONV		50		2,264
Stanley Black & Decker, Inc.
6.25%, 11/17/16 CONV		2,900		336,690
Weyerhaeuser Co.
6.38%, 07/01/16 CONV		5,545		279,302
Total Preferred Stocks (Cost $2,445,217)				2,106,394
MONEY MARKET FUNDS — 16.3%
GuideStone Money Market Fund (Investor Class)¥		22,532,619		22,532,619
Northern Institutional Liquid Assets Portfolio§		43,951,302		43,951,302
Total Money Market Funds (Cost $66,483,921)				66,483,921
TOTAL INVESTMENTS — 108.9% (Cost $444,487,194)				443,813,709
Liabilities in Excess of Other Assets — (8.9)%				(36,331,685	)
NET ASSETS — 100.0%			$	407,482,024

See Notes to Financial Statements.

103

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		45.2
Foreign Bonds		28.0
Money Market Funds		16.3
U.S. Treasury Obligations		12.7
Loan Agreements		2.3
Mortgage-Backed Securities		1.8
Common Stocks		1.0
Foreign Government Inflation-Linked Bond		0.8
Preferred Stocks		0.5
Foreign Common Stocks		0.2
Municipal Bond		0.1
		108.9

See Notes to Financial Statements.

104

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	4,272,150	$	4,272,150	$	—	$	—
Corporate Bonds		184,122,705		—		183,381,015		741,690
Foreign Bonds:
Argentina		2,128,960		—		2,128,960		—
Armenia		525,834		—		525,834		—
Australia		2,557,781		—		2,557,781		—
Bermuda		2,562,211		—		2,562,211		—
Brazil		4,083,266		—		4,083,266		—
Canada		17,641,117		—		17,634,517		6,600
Cayman Islands		4,027,448		—		4,027,448		—
Chile		906,357		—		906,357		—
Colombia		3,029,960		—		3,029,960		—
Cote D’Ivoire (Ivory Coast)		490,100		—		490,100		—
France		5,305,643		—		5,305,643		—
Germany		3,367,283		—		3,367,283		—
Honduras		501,400		—		501,400		—
Hong Kong		1,049,311		—		1,049,311		—
Iceland		2		—		—		2
India		981,686		—		981,686		—
Indonesia		2,559,386		—		2,559,386		—
Ireland		1,626,040		—		1,626,040		—
Italy		1,857,557		—		1,857,557		—
Jersey		548,112		—		548,112		—
Kenya		435,958		—		435,958		—
Luxembourg		5,915,374		—		5,915,374		—
Marshall Islands		71,100		—		71,100		—
Mexico		11,756,813		—		11,756,813		—
Morocco & Antilles		1,094,894		—		1,094,894		—
Netherlands		9,700,857		—		9,700,857		—
New Zealand		1,835,688		—		1,835,688		—
Norway		1,562,371		—		1,562,371		—
Panama		3,997		—		3,997		—
Peru		552,062		—		552,062		—
Philippines		219,201		—		219,201		—
Portugal		1,615,536		—		1,615,536		—
Russia		1,029,462		—		1,029,462		—
Singapore		1,021,762		—		1,021,762		—
Spain		82,859		—		82,859		—
Supranational		2,430,346		—		2,430,346		—
Sweden		466,465		—		466,465		—
Turkey		1,170,370		—		1,170,370		—
United Kingdom		16,458,120		—		16,458,120		—
Virgin Islands (British)		834,385		—		834,385		—
Foreign Common Stocks:
Mexico		19,317		19,317		—		—
Norway		48,030		—		—		48,030
Spain		412,288		412,288		—		—
United Kingdom		355,782		355,782		—		—
Foreign Government Inflation-Linked Bond		3,268,002		—		—		3,268,002
Loan Agreements		9,228,712		—		9,189,112		39,600
Money Market Funds		66,483,921		66,483,921		—		—
Mortgage-Backed Securities		7,456,708		—		4,655,067		2,801,641
Municipal Bond		418,500		—		418,500		—
Preferred Stocks		2,106,394		2,106,394		—		—
U.S. Treasury Obligations		51,614,126		—		51,614,126		—
Total Assets - Investments in Securities	$	443,813,709	$	73,649,852	$	363,258,292	$	6,905,565

See Notes to Financial Statements.

105

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Other Financial Instruments***
Forward Foreign Currency Contracts	$	920,375		$	—		$	920,375	$	—
Total Assets - Other Financial Instruments	$	920,375		$	—		$	920,375	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(82,398	)	$	(82,398	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(82,398	)	$	(82,398	)	$	—	$	—

*** 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, 2016.

The unobservable inputs used in the fair value measurement of the reporting entity’s mortgage-backed securities, corporate bonds, foreign bonds, foreign common stock, foreign government inflation-linked note and 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			Mortgage- Backed Securities			Corporate Bonds			Foreign Bonds		Foreign Common Stocks		Foreign Government Inflation- Linked Note		Loan Agreements
Balance, 12/31/15	$	4,344,973		$	2,978,229		$	1,288,775		$	6,602	$	41,367	$	—	$	30,000
Accrued discounts/premiums		20,138			18,508			76			—		—		74		1,480
Realized gain (loss)(1)		(44,034	)		(15,327	)		—			—		—		—		(28,707	)
Change in unrealized appreciation (depreciation)(2)		(659,440	)		(179,769	)		(1,045,248	)		—		6,663		558,174		740
Purchases		1,154,067			—			1,000,000			—		—		—		154,067
Sales		(117,980	)		—			—			—		—		—		(117,980	)
Transfers in to Level 3(3)		2,709,754			—			—			—		—		2,709,754		—
Transfers out of Level 3(4)		(288,375	)		—			(288,375	)		—		—		—		—
Maturities		—			—			—			—		—		—		—
Paydowns		(213,538	)		—			(213,538	)		—		—		—		—
Balance, 06/30/16	$	6,905,565		$	2,801,641		$	741,690		$	6,602	$	48,030	$	3,268,002	$	39,600

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

⁽²⁾  Change in unrealized appreciation (depreciation) is located 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, 2016 that were 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 using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at June 30, 2016 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 using an objective method such as a pricing vendor.

See Notes to Financial Statements.

106

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107

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2016 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	759,595,710	$	954,789,247
Investments in repurchase agreements, at value		468,385,000		—
Investments in securities of affiliated issuers, at value		—		41,070,892
Total investments, at value (1)(2)		1,227,980,710		995,860,139
Cash		1,043		1,189,585
Cash collateral for derivatives		—		754,680
Foreign currency(3)		—		888,971
Upfront premiums paid from swap contracts		—		164,249
Receivables:
Dividends and reclaims		—		600
Interest		106,419		3,808,108
Securities lending		—		13,134
Investment securities sold		—		13,426,424
Maturities		—		27,561
Fund shares sold		12,545,851		447,588
Variation margin on exchange traded options		—		—
Variation margin on exchange traded swaps		—		2,714,538
Variation margin on financial futures contracts		—		231,413
Unrealized appreciation on foreign currency exchange contracts		—		1,251,839
Unrealized appreciation on swap agreements		—		—
Prepaid expenses and other assets		75,125		44,772
Total Assets		1,240,709,148		1,020,823,601
Liabilities
Securities sold short, at value (4)		—		3,414,125
TBA sale commitments, at value (5)		—		—
Options written, at value (6)		—		45,965
Upfront premiums received from swap contracts		—		1,269,201
Unrealized depreciation on foreign currency exchange contracts		—		1,346,668
Unrealized depreciation on swap agreements		—		1,777,626
Collateral held for securities on loan, at value		—		61,010,537
Collateral held for derivatives		—		660,000
Payables:
Investment securities purchased		—		49,781,997
Fund shares redeemed		10,508,733		954,015
Variation margin on exchange traded options		—		—
Variation margin on financial futures contracts		—		27,102
Distributions		32,405		—
Securities lending		—		1,970
Accrued expenses:
Investment advisory fees		125,056		216,117
Shareholder servicing fees		205,209		54,876
Other expenses		90,885		187,711
Total Liabilities		10,962,288		120,747,910
Net Assets	$	1,229,746,860	$	900,075,691	��
Net Assets Consist of:
Paid-in-capital	$	1,229,696,865	$	904,025,719
Accumulated (distributions in excess of) net investment income		—		4,189,846
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		49,995		(7,668,968	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—		(470,906	)
Net Assets	$	1,229,746,860	$	900,075,691
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	228,381,358	$	631,246,493
Institutional shares outstanding		228,373,377		74,647,920
Net asset value, offering and redemption price per Institutional share	$	1.00	$	8.46
Net assets applicable to the Investor Class	$	1,001,365,502	$	268,829,198
Investor shares outstanding		1,001,288,832		20,020,721
Net asset value, offering and redemption price per Investor share	$	1.00	$	13.43
(1)      Investments in securities of unaffiliated issuers, at cost	$	759,595,710	$	955,014,152
Investments in repurchase agreements, at cost		468,385,000		—
Investments in securities of affiliated issuers, at cost		—		41,070,892
Total investments, at cost	$	1,227,980,710	$	996,085,044
(2)      Includes securities loaned of:	$	—	$	62,807,260
(3)      Foreign currency, at cost	$	—	$	888,603
(4)      Proceeds from securities sold short	$	—	$	3,419,683
(5)      TBA sale commitments, at cost	$	—	$	—
(6)      Premiums received on options written	$	—	$	88,240

See Notes to Financial Statements.

108

Medium-Duration Bond Fund		Extended-Duration Bond Fund		Global Bond Fund
$	1,044,317,819	$	281,334,153	$	421,281,090
	22,000,000		—		—
	40,195,561		11,710,956		22,532,619
	1,106,513,380		293,045,109		443,813,709
	2,209,389		23,070		24,670
	5,936,628		—		608,051
	1,699,594		—		942,690
	1,125,804		—		—
	846		1,302		35,974
	5,215,927		2,889,073		4,899,174
	15,300		5,871		18,540
	184,792,578		569,870		2,270,856
	105		—		—
	424,858		466,811		136,671
	65,773		—		—
	9,513,818		—		—
	347,071		—		84,032
	3,210,485		—		1,463,242
	379,814		—		—
	43,877		38,062		65,733
	1,321,495,247		297,039,168		454,363,342
	—		—		—
	6,524,981		—		—
	10,959		—		—
	980,318		—		—
	2,465,804		—		542,867
	11,207,527		—		—
	27,603,402		8,768,342		43,951,302
	2,010,560		—		—
	330,062,072		839,992		1,541,361
	729,067		79,121		527,077
	93,068		—		—
	441,166		—		10,318
	—		—		—
	2,296		880		2,781
	246,093		110,441		163,447
	43,791		27,385		17,254
	238,010		79,946		124,911
	382,659,114		9,906,107		46,881,318
$	938,836,133	$	287,133,061	$	407,482,024
	$924,228,909	$	260,404,302	$	420,206,693
	5,062,620		943,299		4,446,008
	15,838		389,345		(17,404,084	)
	9,528,766		25,396,115		233,407
$	938,836,133	$	287,133,061	$	407,482,024
$	723,246,162	$	147,558,255	$	322,578,299
	104,606,068		35,463,782		33,076,941
$	6.91	$	4.16	$	9.75
$	215,589,971	$	139,574,806	$	84,903,725
	14,422,172		7,417,767		8,708,099
$	14.95	$	18.82	$	9.75
$	1,026,895,875	$	255,943,393	$	421,954,575
	22,000,000		—		—
	40,195,561		11,710,956		22,532,619
$	1,089,091,436	$	267,654,349	$	444,487,194
$	71,942,586	$	17,444,186	$	45,664,382
$	1,698,214	$	—	$	892,707
$	—	$	—	$	—
$	6,496,633	$	—	$	—
$	281,057	$	—	$	—

See Notes to Financial Statements.

109

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2016 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			7,867
Interest		2,884,608			8,129,162
Securities lending		—			63,554
Less foreign taxes withheld		—			(2,225	)
Total Investment Income		2,884,608			8,198,358
Expenses
Investment advisory fees		839,564			1,301,688
Transfer agent fees:
Institutional shares		2,129			2,260
Investor shares		20,703			13,154
Custodian fees		12,952			44,173
Shareholder servicing fees:
Investor shares		1,327,451			315,337
Accounting and administration fees		136,143			183,648
Professional fees		31,250			53,190
Blue sky fees:
Institutional shares		15,118			7,349
Investor shares		19,095			9,177
Shareholder reporting fees:
Institutional shares		640			838
Investor shares		19,949			7,625
Trustee expenses		7,829			5,150
Line of credit facility fees and interest expense		4,188			5,568
Other expenses		20,847			32,790
Total expenses		2,457,858			1,981,947
Expenses waived/reimbursed net of amount recaptured(1)		(113,639	)		(35,503	)
Net expenses		2,344,219			1,946,444
Net Investment Income		540,389			6,251,914
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		43,317			(3,059,107	)
Investment securities sold short		—			(244,644	)
Futures transactions		—			218,130
Swap agreements		—			(42,347	)
Option contracts written		—			531,983
Option contracts purchased		—			(243,065	)
Foreign currency		—			(1,676,876	)
Net realized gain (loss)		43,317			(4,515,926	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			10,960,891
Investment securities sold short		—			5,558
Futures		—			1,827,805
Swap agreements		—			(2,182,703	)
Option contracts written		—			(491,005	)
Option contracts purchased		—			218,575
Foreign currency		—			144,695
Net change in unrealized appreciation (depreciation)		—			10,483,816
Net Realized and Unrealized Gain (Loss)		43,317			5,967,890
Net Increase in Net Assets Resulting from Operations	$	583,706		$	12,219,804

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

See Notes to Financial Statements.

110

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	21,787		$	8,584		$	167,622
	6,914			1,720			5,327
	14,342,754			6,288,683			11,206,699
	72,827			27,239			87,937
	—			—			(4,821	)
	14,444,282			6,326,226			11,462,764
	1,506,171			658,823			984,447
	2,249			2,002			1,894
	13,075			12,888			10,260
	160,049			6,622			25,460
	249,276			155,358			100,037
	224,403			45,713			102,902
	53,190			41,497			43,245
	7,327			6,994			2,326
	7,824			7,986			8,271
	835			390			690
	7,291			6,377			2,810
	5,415			1,640			2,382
	2,958			895			1,803
	120,005			9,002			16,923
	2,360,068			956,187			1,303,450
	(38,314	)		(8,587	)		(20,681	)
	2,321,754			947,600			1,282,769
	12,122,528			5,378,626			10,179,995
	4,345,790			674,034			(6,021,138	)
	(324,012	)		—			—
	1,834,228			—			(355,728	)
	(3,736,240	)		—			—
	1,437,034			—			—
	(866,687	)		—			(142,243	)
	(1,815,680	)		(40,687	)		(3,034,201	)
	874,433			633,347			(9,553,310	)
	33,610,661			27,470,254			32,292,018
	(38,493	)		—			—
	3,022,972			—			(112,787	)
	(6,198,515	)		—			—
	(94,922	)		—			—
	(164,942	)		—			(22,410	)
	81,521			9,200			723,950
	30,218,282			27,479,454			32,880,771
	31,092,715			28,112,801			23,327,461
$	43,215,243		$	33,491,427		$	33,507,456

See Notes to Financial Statements.

111

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
	(Unaudited)
Operations:
Net investment income	$	540,389		$	267,444
Net realized gain (loss) on investment securities, foreign currency and derivatives		43,317			88,237
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase in net assets resulting from operations		583,706			355,681
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(317,238	)		(159,948	)
Investor shares		(223,151	)		(107,496	)
Distributions from net realized capital gains
Institutional shares		—			(17,343	)
Investor shares		—			(71,893	)
Total dividends and distributions		(540,389	)		(356,680	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		322,555,323			716,417,103
Investor shares		1,803,822,932			3,839,326,751
Reinvestment of dividends and distributions
Institutional shares		147,789			93,916
Investor shares		94,721			113,201
Total proceeds from shares sold and reinvested		2,126,620,765			4,555,950,971
Value of shares redeemed
Institutional shares		(340,211,593	)		(592,248,516	)
Investor shares		(1,844,008,229	)		(3,961,518,030	)
Total value of shares redeemed		(2,184,219,822	)		(4,553,766,546	)
Net increase (decrease) from capital share transactions(1)		(57,599,057	)		2,184,425
Total increase (decrease) in net assets		(57,555,740	)		2,183,426
Net Assets:
Beginning of Period		1,287,302,600			1,285,119,174
End of Period*	$	1,229,746,860		$	1,287,302,600
* Including undistributed (distributions in excess of) net investment income	$	—		$	—

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

See Notes to Financial Statements.

112

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
(Unaudited)						(Unaudited)
$	6,251,914		$	11,691,675		$	12,122,528		$	20,516,851
	(4,515,926	)		(1,277,847	)		874,433			12,284,796
	10,483,816			(5,598,881	)		30,218,282			(32,595,404	)
	12,219,804			4,814,947			43,215,243			206,243
	(2,199,135	)		(6,206,090	)		(6,623,532	)		(19,835,112	)
	(219,198	)		(4,004,414	)		(630,660	)		(5,372,791	)
	—			—			—			(8,134,050	)
	—			—			—			(2,134,885	)
	(2,418,333	)		(10,210,504	)		(7,254,192	)		(35,476,838	)
	39,361,760			533,537,034			37,429,514			538,487,348
	41,138,473			56,861,484			28,436,764			35,790,325
	2,198,203			6,202,579			6,617,218			27,940,007
	218,819			4,003,486			629,894			7,503,003
	82,917,255			600,604,583			73,113,390			609,720,683
	(34,693,211	)		(56,796,481	)		(54,769,527	)		(65,371,757	)
	(17,973,217	)		(524,728,254	)		(10,091,764	)		(523,381,325	)
	(52,666,428	)		(581,524,735	)		(64,861,291	)		(588,753,082	)
	30,250,827			19,079,848			8,252,099			20,967,601
	40,052,298			13,684,291			44,213,150			(14,302,994	)
	860,023,393			846,339,102			894,622,983			908,925,977
$	900,075,691		$	860,023,393		$	938,836,133		$	894,622,983
$	4,189,846		$	356,265		$	5,062,620		$	194,284

See Notes to Financial Statements.

113

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund
	For the Six Months Ended 06/30/16			For the Year Ended 12/31/14
	(Unaudited)
Operations:
Net investment income	$	5,378,626		$	10,894,985
Net realized gain (loss) on investment securities, foreign currency and derivative		633,347			8,433,293
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivative		27,479,454			(34,267,413	)
Net increase (decrease) in net assets resulting from operations		33,491,427			(14,939,135	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,847,828	)		(8,255,611	)
Investor shares		(586,803	)		(2,613,268	)
Distributions from net realized capital gains
Institutional shares		(1,041,838	)		(8,221,411	)
Investor shares		(200,593	)		(3,229,289	)
Total dividends and distributions		(5,677,062	)		(22,319,579	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		7,100,932			119,793,129
Investor shares		34,996,848			28,567,162
Reinvestment of dividends and distributions
Institutional shares		4,887,632			16,470,485
Investor shares		783,613			5,835,124
Total proceeds from shares sold and reinvested		47,769,025			170,665,900
Value of shares redeemed
Institutional shares		(26,509,149	)		(18,375,581	)
Investor shares		(17,779,061	)		(160,827,372	)
Total value of shares redeemed		(44,288,210	)		(179,202,953	)
Net increase (decrease) from capital share transactions(1)		3,480,815			(8,537,053	)
Total increase (decrease) in net assets		31,295,180			(45,795,767	)
Net Assets:
Beginning of Period		255,837,881			301,633,648
End of Period*	$	287,133,061		$	255,837,881
* Including undistributed (distributions in excess of) net investment income	$	943,299		$	(696	)

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

See Notes to Financial Statements.

114

Global Bond Fund
For the Six Months Ended 06/30/16			For the Year Ended 12/31/14
(Unaudited)
$	10,179,995		$	15,259,976
	(9,553,310	)		(904,056	)
	32,880,771			(38,276,775	)
	33,507,456			(23,920,855	)
	(4,334,124	)		(8,590,342	)
	(1,000,282	)		(7,161,903	)
	—			—
	—			—
	(5,334,406	)		(15,752,245	)
	9,747,595			344,440,917
	13,113,445			18,823,824
	4,304,302			8,590,341
	999,292			7,159,800
	28,164,634			379,014,882
	(25,292,717	)		(8,005,220	)
	(13,572,480	)		(342,648,454	)
	(38,865,197	)		(350,653,674	)
	(10,700,563	)		28,361,208
	17,472,487			(11,311,892	)
	390,009,537			401,321,429
$	407,482,024		$	390,009,537
$	4,446,008		$	(399,581	)

See Notes to Financial Statements.

115

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
2016(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.14	%	$	228,381		0.17	%		0.18	%		0.28	%		N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.08			245,882		0.17			0.18			0.08			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
Investor Class
2016(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.02	%	$	1,001,366		0.40	%		0.42	%		0.04	%		N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,041,421		0.24			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
Low-Duration Bond Fund
Institutional Class
2016(3)	$	8.37	$	0.06	#	$	0.06		$	(0.03	)	$	—		$	8.46		1.43	%	$	631,246		0.37	%		0.38	%		1.52	%		180	%
2015		8.44		0.13	#		(0.06	)(5)		(0.14	)		—			8.37		0.79			617,698		0.37			0.38			1.52			746
2014		8.54		0.09	#		0.01	(5)		(0.19	)		(0.01	)		8.44		1.16			141,461		0.36			0.42			1.06			529
2013(6)		8.71		0.11	#		(0.11	)(5)		(0.16	)		(0.01	)		8.54		0.02			136,966		0.36			0.42			1.26			202
2012		8.59		0.15	#		0.22	(5)		(0.22	)		(0.03	)		8.71		4.35			135,526		0.36			0.41			1.68			228
2011		8.70		0.16	#		(0.01	)(5)		(0.23	)		(0.03	)		8.59		1.77			122,462		0.36			0.42			1.84			221
Investor Class
2016(3)	$	13.27	$	0.08	#	$	0.09		$	(0.01	)	$	—		$	13.43		1.29	%	$	268,829		0.64	%		0.65	%		1.26	%		180	%
2015		13.31		0.16	#		(0.09	)(5)		(0.11	)		—			13.27		0.49			242,325		0.60			0.65			1.17			746
2014		13.35		0.11	#		0.02	(5)		(0.16	)		(0.01	)		13.31		0.97			704,878		0.57			0.66			0.85			529
2013(6)		13.52		0.14	#		(0.16	)(5)		(0.14	)		(0.01	)		13.35		(0.20	)		701,299		0.57			0.66			1.04			202
2012		13.20		0.20	#		0.35	(5)		(0.20	)		(0.03	)		13.52		4.15			678,099		0.57			0.65			1.47			228
2011		13.23		0.22	#		(0.01	)(5)		(0.21	)		(0.03	)		13.20		1.58			621,713		0.55			0.65			1.64			221
Medium-Duration Bond Fund
Institutional Class
2016(3)	$	6.65	$	0.09	#	$	0.23		$	(0.06	)	$	—		$	6.91		4.89	%	$	723,246		0.45	%		0.46	%		2.75	%		155	%
2015		6.99		0.17	#		(0.16	)(5)		(0.25	)		(0.10	)		6.65		0.03			706,760		0.45			0.47			2.46			346
2014		6.91		0.15	#		0.26	(5)		(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	)(5)		(0.27	)		(0.01	)		6.91		(1.90	)		227,172		0.48			0.52			2.21			409
2012		7.24		0.17	#		0.39	(5)		(0.28	)		(0.20	)		7.32		7.93			251,565		0.48			0.51			2.32			570
2011		7.25		0.20	#		0.27	(5)		(0.35	)		(0.13	)		7.24		6.56			228,024		0.48			0.52			2.76			609
Investor Class
2016(3)	$	14.31	$	0.18	#	$	0.51		$	(0.05	)	$	—		$	14.95		4.80	%	$	215,590		0.73	%		0.74	%		2.48	%		155	%
2015		14.65		0.28	#		(0.31	)(5)		(0.21	)		(0.10	)		14.31		(0.22	)		187,863		0.66			0.75			1.92			346
2014		14.14		0.29	#		0.53	(5)		(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	)(5)		(0.24	)		(0.01	)		14.14		(1.98	)		582,451		0.63			0.77			2.06			409
2012		14.07		0.32	#		0.75	(5)		(0.26	)		(0.20	)		14.68		7.68			620,945		0.63			0.75			2.18			570
2011		13.65		0.37	#		0.51	(5)		(0.33	)		(0.13	)		14.07		6.49			636,218		0.61			0.75			2.62			609

† 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, 2016. 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) 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 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.

(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.

116

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
2016(3)	$	3.80	$	0.08#	$	0.41		$	(0.10	)	$	(0.03	)	$	4.16		13.21	%	$	147,558		0.57	%		0.58	%		4.12	%		11	%
2015		4.65		0.17#		(0.38	)(4)		(0.31	)		(0.33	)		3.80		(5.01	)		148,920		0.60			0.60			4.09			42
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
Investor Class
2016(3)	$	16.76	$	0.34#	$	1.83		$	(0.08	)	$	(0.03	)	$	18.82		12.99	%	$	139,575		0.85	%		0.86	%		3.84	%		11	%
2015		18.30		0.66#		(1.60	)(4)		(0.27	)		(0.33	)		16.76		(5.30	)		106,918		0.82			0.85			3.65			42
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
Global Bond Fund
Institutional Class
2016(3)	$	9.08	$	0.24#	$	0.56		$	(0.13	)	$	—		$	9.75		8.87	%	$	322,578		0.59	%		0.60	%		5.25	%		16	%
2015(6)		10.09		0.27#		(1.02	)(4)		(0.26	)		—			9.08		(7.54	)		311,374		0.59			0.62			4.15			30
Investor Class
2016(3)	$	9.08	$	0.23#	$	0.56		$	(0.12	)	$	—		$	9.75		8.72	%	$	84,904		0.89	%		0.90	%		4.95	%		16	%
2015		10.03		0.33#		(0.92	)(4)		(0.36	)		—			9.08		(6.00	)		78,636		0.82			0.84			3.35			30
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

# 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, 2016. 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.

117

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS June 30, 2016  (Unaudited) 

	Shares		Value
COMMON STOCKS — 45.1%
Consumer Discretionary — 4.5%
Advance Auto Parts, Inc.		262	$	42,347
Amazon.com, Inc.*		1,648		1,179,342
AutoNation, Inc.*		58		2,725
AutoZone, Inc.D*		1,301		1,032,786
Bed Bath & Beyond, Inc.D		6,508		281,276
Best Buy Co., Inc.		307		9,394
BorgWarner, Inc.		232		6,849
CarMax, Inc.*		253		12,405
CBS Corporation Class B (Non-Voting Shares)		421		22,919
Chipotle Mexican Grill, Inc.D*		1,237		498,214
Coach, Inc.		313		12,752
Comcast Corporation Class A		6,836		445,639
Costco Wholesale CorporationD		12,433		1,952,478
D.R. Horton, Inc.		377		11,868
Darden Restaurants, Inc.D		4,316		273,375
Discovery Communications, Inc. Class A*		180		4,541
Discovery Communications, Inc. Class C*		364		8,681
Dollar General Corporation		460		43,240
Dollar Tree, Inc.D*		1,580		148,899
Domino’s Pizza, Inc.		2,746		360,769
eBay, Inc.*		4,125		96,566
Estee Lauder Cos., Inc. (The) Class A		13,099		1,192,271
Expedia, Inc.		116		12,331
Foot Locker, Inc.		175		9,601
Ford Motor Co.		6,135		77,117
Gap, Inc. (The)		301		6,387
General Motors Co.		1,773		50,176
Genuine Parts Co.D		3,617		366,221
Goodyear Tire & Rubber Co. (The)		280		7,185
H&R Block, Inc.		32,270		742,210
Hanesbrands, Inc.		225		5,654
Harley-Davidson, Inc.		250		11,325
Harman International Industries, Inc.		76		5,458
Hasbro, Inc.		91		7,643
Home Depot, Inc. (The)		13,552		1,730,455
Interpublic Group of Cos., Inc. (The)		481		11,111
Johnson Controls, Inc.		755		33,416
Kohl’s Corporation		228		8,646
L Brands, Inc.		443		29,739
Lennar Corporation Class A		243		11,202
LKQ Corporation*		400		12,680
Lowe’s Cos., Inc.		11,593		917,818
Macy’s, Inc.		419		14,083
Madison Square Garden Co. (The) Class A*		397		68,486
Marriott International, Inc. Class A		425		28,246
Mattel, Inc.		387		12,109
McDonald’s Corporation		15,790		1,900,169
Mohawk Industries, Inc.*		62		11,765
Netflix, Inc.*		525		48,027
Newell Brands, Inc.		917		44,539
News Corporation Class A		567		6,435
News Corporation Class B		636		7,422
NIKE, Inc. Class B		16,090		888,168

	Shares		Value
Nordstrom, Inc.		287	$	10,920
Omnicom Group, Inc.		293		23,877
O’Reilly Automotive, Inc.D*		3,321		900,323
Panera Bread Co. Class AD*		2,200		466,268
Priceline Group, Inc. (The)*		164		204,739
PulteGroup, Inc.		257		5,009
PVH Corporation		92		8,669
Ralph Lauren Corporation		53		4,750
Ross Stores, Inc.		4,286		242,973
Scripps Networks Interactive, Inc. Class A		121		7,535
Staples, Inc.		437		3,767
Starbucks Corporation		23,692		1,353,287
Starwood Hotels & Resorts Worldwide, Inc.		337		24,921
Target Corporation		15,624		1,090,868
TEGNA, Inc.		255		5,908
Tiffany & Co.		162		9,824
Time Warner, Inc.		4,554		334,901
TJX Cos., Inc. (The)		14,270		1,102,072
Tractor Supply Co.		2,059		187,740
TripAdvisor, Inc.D*		4,968		319,442
Tupperware Brands CorporationD		19,797		1,114,175
Twenty-First Century Fox, Inc. Class A		1,877		50,773
Twenty-First Century Fox, Inc. Class B		766		20,874
Ulta Salon Cosmetics & Fragrance, Inc.*		80		19,491
Under Armour, Inc. Class A*		210		8,427
Under Armour, Inc. Class C*		211		7,698
Urban Outfitters, Inc.*		140		3,850
VF Corporation		493		30,315
Wal-Mart Stores, Inc.D		81,099		5,921,849
Walt Disney Co. (The)		8,390		820,710
Whirlpool Corporation		68		11,332
Williams-Sonoma, Inc.D		4,891		254,968
Wyndham Worldwide Corporation		274		19,517
Yum! Brands, Inc.		16,271		1,349,191
				30,666,123
Consumer Staples — 6.0%
Archer-Daniels-Midland Co.		23,646		1,014,177
Campbell Soup Co.		4,285		285,081
Church & Dwight Co., Inc.		9,663		994,226
Clorox Co. (The)		3,738		517,302
Coca-Cola Co. (The)		47,680		2,161,334
Colgate-Palmolive Co.		27,824		2,036,717
ConAgra Foods, Inc.		781		37,340
CVS Health Corporation		10,893		1,042,896
Dr. Pepper Snapple Group, Inc.		1,620		156,541
Flowers Foods, Inc.D		1,296		24,300
General Mills, Inc.		79,781		5,689,981
Hershey Co. (The)D		11,081		1,257,583
Hormel Foods CorporationD		16,896		618,394
J.M. Smucker Co. (The)		250		38,102
Kellogg Co.		7,244		591,473
Kimberly-Clark Corporation		9,200		1,264,816
Kraft Heinz Co. (The)		922		81,578
Kroger Co. (The)		17,451		642,022
McCormick & Co., Inc. (Non-Voting Shares)D		10,686		1,139,876
Mead Johnson Nutrition Co.D		59,583		5,407,157

See Notes to Financial Statements.

118

	Shares		Value
Mondelez International, Inc. Class A		2,203	$	100,258
Monster Beverage Corporation*		2,687		431,828
PepsiCo, Inc.		49,544		5,248,691
Procter & Gamble Co. (The)		84,842		7,183,572
Sysco Corporation		41,487		2,105,050
Tyson Foods, Inc. Class A		397		26,516
Walgreens Boots Alliance, Inc.		8,381		697,886
Whole Foods Market, Inc.D		3,728		119,370
				40,914,067
Energy — 2.4%
Anadarko Petroleum Corporation		632		33,654
Apache Corporation		533		29,672
Baker Hughes, Inc.		610		27,529
Cabot Oil & Gas Corporation		422		10,862
Chesapeake Energy Corporation*		577		2,470
Chevron Corporation		12,144		1,273,056
Cimarex Energy Co.		65		7,756
Columbia Pipeline Group, Inc.		357		9,100
Concho Resources, Inc.*		150		17,890
ConocoPhillips		1,531		66,752
Devon Energy Corporation		598		21,677
EOG Resources, Inc.		689		57,476
EQT Corporation		171		13,241
Exxon Mobil Corporation		106,487		9,982,091
First Solar, Inc.*		87		4,218
FMC Technologies, Inc.*		280		7,468
Halliburton Co.		1,119		50,680
Helmerich & Payne, Inc.		350		23,495
Hess Corporation		311		18,691
Kinder Morgan, Inc.		2,302		43,093
Marathon Oil Corporation		789		11,843
Marathon Petroleum Corporation		670		25,433
Murphy Oil Corporation		194		6,159
National Oilwell Varco, Inc.		635		21,368
Newfield Exploration Co.*		175		7,731
Noble Energy, Inc.		885		31,745
Occidental Petroleum Corporation		51,649		3,902,598
ONEOK, Inc.		236		11,198
Phillips 66		702		55,697
Pioneer Natural Resources Co.		213		32,208
Range Resources Corporation		186		8,024
Spectra Energy Corporation		1,190		43,590
Tesoro Corporation		143		10,714
Valero Energy Corporation		605		30,855
Williams Cos., Inc. (The)		1,187		25,675
				15,925,709
Financial Services — 10.0%
Affiliated Managers Group, Inc.*		64		9,009
Aflac, Inc.		1,457		105,137
Alleghany Corporation*		963		529,246
Alliance Data Systems Corporation*		78		15,282
Allstate Corporation (The)		73,972		5,174,341
American Express Co.		7,795		473,624
American Financial Group, Inc.		7,038		520,319
American International Group, Inc.		1,540		81,451

	Shares		Value
American Tower Corporation REIT		834	$	94,751
Ameriprise Financial, Inc.		217		19,497
Apartment Investment & Management Co. Class A REIT		481		21,241
Arthur J. Gallagher & Co.		250		11,900
Assurant, Inc.		75		6,473
AvalonBay Communities, Inc. REIT		172		31,027
Bank of America Corporation		15,137		200,868
Bank of Hawaii CorporationD		10,900		749,920
Bank of New York Mellon Corporation (The)		1,545		60,023
BB&T Corporation		4,915		175,023
Berkshire Hathaway, Inc. Class B*		2,560		370,662
BlackRock, Inc.		2,495		854,612
BOK Financial Corporation		1,857		116,434
Boston Properties, Inc. REIT		174		22,951
Capital One Financial Corporation		10,914		693,148
Capitol Federal Financial, Inc.D		427,500		5,963,625
CBRE Group, Inc. Class A*		315		8,341
Charles Schwab Corporation (The)		1,805		45,685
Cincinnati Financial Corporation		241		18,049
Citigroup, Inc.		3,948		167,356
Citizens Financial Group, Inc.		400		7,992
CME Group, Inc.		506		49,284
CNA Financial Corporation		6,408		201,339
Comerica, Inc.D		34,801		1,431,365
Commerce Bancshares, Inc.D		47,538		2,277,070
Crown Castle International Corporation REIT		1,012		102,647
Digital Realty Trust, Inc. REIT		205		22,343
Discover Financial Services		1,687		90,406
Dun & Bradstreet Corporation (The)		354		43,131
E*TRADE Financial Corporation*		326		7,658
Equifax, Inc.		138		17,719
Equinix, Inc. REIT		56		21,713
Equity Residential REIT		467		32,167
Erie Indemnity Co. Class A		2,706		268,814
Essex Property Trust, Inc. REIT		90		20,528
FactSet Research Systems, Inc.		2,126		343,179
Federal Realty Investment Trust REIT		55		9,105
Fidelity National Information Services, Inc.		329		24,241
Fifth Third Bancorp		1,381		24,292
Fiserv, Inc.*		888		96,552
Franklin Resources, Inc.D		9,145		305,169
General Growth Properties, Inc. REIT		589		17,564
Global Payments, Inc.		200		14,276
Goldman Sachs Group, Inc. (The)		525		78,005
Hartford Financial Services Group, Inc. (The)		507		22,501
HCP, Inc. REIT		516		18,256
Host Hotels & Resorts, Inc. REITD		66,461		1,077,333
Huntington Bancshares, Inc.		953		8,520
Intercontinental Exchange, Inc.		139		35,578

See Notes to Financial Statements.

119

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Iron Mountain, Inc. REIT		206	$	8,205
Jack Henry & Associates, Inc.		2,600		226,902
JPMorgan Chase & Co.		28,994		1,801,687
KeyCorp		867		9,580
Kimco Realty Corporation REIT		228		7,155
Leucadia National Corporation		355		6,152
Lincoln National Corporation		300		11,631
Loews Corporation		130		5,342
M&T Bank CorporationD		11,620		1,373,833
Macerich Co. (The) REIT		159		13,577
Markel Corporation*		1,618		1,541,598
Marsh & McLennan Cos., Inc.		57,298		3,922,621
MasterCard, Inc. Class A		12,147		1,069,665
Mercury General CorporationD		7,577		402,793
MetLife, Inc.D		30,386		1,210,274
Moody’s Corporation		279		26,145
Morgan Stanley		2,100		54,558
Navient Corporation		520		6,214
New York Community Bancorp, Inc.D		61,920		928,181
Northern Trust Corporation		48,453		3,210,496
PayPal Holdings, Inc.*		1,368		49,946
People’s United Financial, Inc.D		64,574		946,655
PNC Financial Services Group, Inc. (The)D		80,882		6,582,986
Principal Financial Group, Inc.		312		12,826
ProAssurance Corporation		8,388		449,177
Progressive Corporation (The)		38,195		1,279,533
Prologis, Inc. REIT		628		30,797
Prudential Financial, Inc.		592		42,233
Public Storage REIT		195		49,840
Realty Income Corporation REIT		312		21,640
Regions Financial Corporation		1,188		10,110
S&P Global, Inc.		309		33,143
Signature Bank*		1,800		224,856
Simon Property Group, Inc. REIT		415		90,014
State Street Corporation		490		26,421
SunTrust Banks, Inc.D		106,207		4,362,984
SVB Financial Group*		606		57,667
Synchrony Financial*		664		16,786
T. Rowe Price Group, Inc.		297		21,672
TCF Financial Corporation		9,485		119,985
TFS Financial Corporation		14,822		255,235
Torchmark Corporation		321		19,844
Total System Services, Inc.		261		13,862
Travelers Cos., Inc. (The)		16,894		2,011,062
U.S. Bancorp		140,906		5,682,739
UDR, Inc. REIT		300		11,076
UMB Financial CorporationD		4,900		260,729
Unum Group		295		9,378
Ventas, Inc. REIT		622		45,294
Visa, Inc. Class AD		26,043		1,931,609
Vornado Realty Trust REIT		197		19,724
W.R. Berkley Corporation		4,601		275,692
Waddell & Reed Financial, Inc. Class A		13,974		240,632
Wells Fargo & Co.		43,446		2,056,299
Welltower, Inc. REIT		570		43,417
Western Union Co. (The)		622		11,930
Weyerhaeuser Co. REIT		31,643		942,012

	Shares		Value
Zions Bancorporation		159	$	3,996
				67,309,152
Healthcare — 5.4%
Abbott Laboratories		12,988		510,558
AbbVie, Inc.D		5,975		369,912
Aetna, Inc.D		8,720		1,064,974
Agilent Technologies, Inc.		2,577		114,316
Alexion Pharmaceuticals, Inc.*		298		34,794
Amgen, Inc.		1,781		270,979
Anthem, Inc.		5,416		711,337
Baxter International, Inc.D		70,468		3,186,563
Becton Dickinson and Co.		6,600		1,119,294
Biogen, Inc.*		644		155,732
Bio-Rad Laboratories, Inc. Class A*		292		41,762
Boston Scientific Corporation*		1,912		44,683
Bristol-Myers Squibb Co.		13,821		1,016,535
Bruker Corporation		5,197		118,180
C.R. Bard, Inc.		4,228		994,256
Cardinal Health, Inc.		11,560		901,796
Celgene Corporation*		1,108		109,282
Centene Corporation*		253		18,057
Cerner Corporation*		1,935		113,391
Cigna Corporation		310		39,677
DaVita HealthCare Partners, Inc.*		200		15,464
DENTSPLY SIRONA, Inc.		281		17,433
DexCom, Inc.D*		376		29,828
Edwards Lifesciences Corporation*		3,375		336,589
Eli Lilly & Co.		20,277		1,596,814
Express Scripts Holding Co.*		4,666		353,683
Gilead Sciences, Inc.		1,885		157,247
HCA Holdings, Inc.*		500		38,505
Henry Schein, Inc.D*		3,614		638,955
Humana, Inc.		232		41,732
IDEXX Laboratories, Inc.*		1,043		96,853
Illumina, Inc.*		164		23,022
Intuitive Surgical, Inc.*		671		443,806
Johnson & Johnson		101,290		12,286,477
Laboratory Corporation of America Holdings*		864		112,553
McKesson Corporation		1,869		348,849
Patterson Cos., Inc.D		3,219		154,158
PerkinElmer, Inc.		128		6,710
Quest Diagnostics, Inc.D		52,843		4,301,949
Regeneron Pharmaceuticals, Inc.*		108		37,717
ResMed, Inc.D		3,044		192,472
St. Jude Medical, Inc.		321		25,038
Stryker Corporation		11,734		1,406,085
Thermo Fisher Scientific, Inc.		529		78,165
United Therapeutics Corporation*		1,356		143,628
UnitedHealth Group, Inc.		15,808		2,232,090
Universal Health Services, Inc. Class B		174		23,333
Vertex Pharmaceuticals, Inc.*		308		26,494
Zimmer Biomet Holdings, Inc.		1,105		133,020
Zoetis, Inc.		1,989		94,398
				36,329,145
Materials & Processing — 0.9%
Acuity Brands, Inc.		55		13,638

See Notes to Financial Statements.

120

	Shares		Value
Air Products & Chemicals, Inc.		26,724	$	3,795,877
Albemarle Corporation		100		7,931
Alcoa, Inc.		1,077		9,984
Ball Corporation		161		11,639
CF Industries Holdings, Inc.		315		7,592
Dow Chemical Co. (The)		1,623		80,679
E.I. du Pont de Nemours & Co.		1,220		79,056
Eastman Chemical Co.		174		11,815
Ecolab, Inc.		384		45,542
Fastenal Co.D		5,971		265,053
FMC Corporation		151		6,993
Freeport-McMoRan, Inc.		1,563		17,412
GCP Applied Technologies, Inc.*		1,553		40,440
International Flavors & Fragrances, Inc.D		693		87,367
International Paper Co.		550		23,309
Martin Marietta Materials, Inc.		107		20,544
Masco Corporation		401		12,407
Monsanto Co.		713		73,731
Mosaic Co. (The)		346		9,058
NewMarket CorporationD		60		24,863
Newmont Mining Corporation		511		19,990
Nucor Corporation		354		17,491
Owens-Illinois, Inc.*		127		2,287
PPG Industries, Inc.		3,914		407,643
Praxair, Inc.		2,080		233,771
Sealed Air Corporation		225		10,343
Sherwin-Williams Co. (The)		3,305		970,579
Vulcan Materials Co.		147		17,693
WestRock Co.		198		7,696
				6,332,423
Producer Durables — 5.5%
3M Co.		36,245		6,347,224
Alaska Air Group, Inc.		3,068		178,834
American Airlines Group, Inc.		837		23,695
AMETEK, Inc.		278		12,852
Automatic Data Processing, Inc.		11,223		1,031,057
Boeing Co. (The)		9,963		1,293,895
C.H. Robinson Worldwide, Inc.		2,398		178,051
Caterpillar, Inc.		705		53,446
Cintas Corporation		3,375		331,189
CSX Corporation		1,157		30,175
Cummins, Inc.		1,471		165,399
Danaher Corporation		4,461		450,561
Deere & Co.		419		33,956
Delta Air Lines, Inc.		1,218		44,372
Dover Corporation		192		13,309
Emerson Electric Co.		6,901		359,956
Expeditors International of Washington, Inc.		4,887		239,658
FedEx Corporation		3,371		511,650
FLIR Systems, Inc.		1,545		47,818
Flowserve Corporation		133		6,008
Fluor Corporation		182		8,969
General Dynamics Corporation		4,569		636,188
General Electric Co.		45,779		1,441,123
Honeywell International, Inc.		6,338		737,236
Huntington Ingalls Industries, Inc.		1,631		274,057

	Shares		Value
Illinois Tool Works, Inc.		443	$	46,143
J.B. Hunt Transport Services, Inc.D		900		72,837
Jacobs Engineering Group, Inc.*		78		3,885
Kansas City Southern		102		9,189
Landstar System, Inc.D		3,115		213,876
Lockheed Martin Corporation		5,185		1,286,761
Mettler-Toledo International, Inc.*		1,400		510,888
MSC Industrial Direct Co., Inc. Class AD		3,700		261,072
Norfolk Southern Corporation		10,055		855,982
Northrop Grumman Corporation		4,162		925,129
PACCAR, Inc.		409		21,215
Parker-Hannifin Corporation		153		16,532
Paychex, Inc.		21,169		1,259,556
Pitney Bowes, Inc.		332		5,910
Quanta Services, Inc.*		139		3,214
Raytheon Co.		6,392		868,992
Republic Services, Inc.		81,622		4,188,025
Robert Half International, Inc.		1,859		70,939
Rockwell Automation, Inc.D		17,241		1,979,612
Rockwell Collins, Inc.		3,303		281,217
Roper Technologies, Inc.		70		11,939
Ryder System, Inc.		111		6,787
Snap-on, Inc.		44		6,944
Southwest Airlines Co.		7,428		291,252
Stanley Black & Decker, Inc.		15,920		1,770,622
Stericycle, Inc.D*		981		102,142
Textron, Inc.		272		9,944
TransDigm Group, Inc.*		70		18,458
Union Pacific Corporation		6,964		607,609
United Continental Holdings, Inc.*		298		12,230
United Parcel Service, Inc. Class BD		36,456		3,927,040
United Rentals, Inc.*		69		4,630
United Technologies Corporation		7,849		804,915
Verisk Analytics, Inc.*		195		15,811
W.W. Grainger, Inc.D		584		132,714
Waste Management, Inc.		31,584		2,093,072
Xerox Corporation		1,257		11,929
Xylem, Inc.		389		17,369
				37,177,059
Technology — 4.4%
Activision Blizzard, Inc.		631		25,007
Adobe Systems, Inc.*		1,397		133,819
Akamai Technologies, Inc.*		203		11,354
Alphabet, Inc. Class A*		2,001		1,407,764
Alphabet, Inc. Class C*		384		265,766
Amphenol Corporation Class A		428		24,537
Analog Devices, Inc.		354		20,051
Apple, Inc.		17,805		1,702,158
Applied Materials, Inc.		175,070		4,196,428
Arista Networks, Inc.D*		1,572		101,205
Autodesk, Inc.*		257		13,914
CA, Inc.		368		12,081
Cisco Systems, Inc.		140,302		4,025,264
Citrix Systems, Inc.*		176		14,096
Cognizant Technology Solutions Corporation Class A*		4,047		231,650

See Notes to Financial Statements.

121

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Corning, Inc.		1,580	$	32,358
CSRA, Inc.		165		3,866
Electronic Arts, Inc.*		423		32,046
EMC Corporation		2,758		74,935
F5 Networks, Inc.*		2,946		335,373
Facebook, Inc. Class A*		3,385		386,838
Gartner, Inc.*		4,526		440,878
Harris Corporation		120		10,013
Hewlett Packard Enterprise Co.		2,151		39,299
HP, Inc.		2,151		26,995
Intel Corporation		32,741		1,073,905
International Business Machines Corporation		9,526		1,445,856
Intuit, Inc.		13,822		1,542,673
Juniper Networks, Inc.		571		12,842
KLA-Tencor Corporation		188		13,771
Lam Research Corporation		181		15,215
Linear Technology CorporationD		17,375		808,459
Maxim Integrated Products, Inc.		119,300		4,257,817
Microchip Technology, Inc.		228		11,573
Micron Technology, Inc.*		1,206		16,595
Microsoft Corporation		53,617		2,743,582
Motorola Solutions, Inc.		226		14,909
NetApp, Inc.		15,352		377,506
NVIDIA CorporationD		2,135		100,366
Oracle Corporation		61,617		2,521,984
Qorvo, Inc.*		175		9,670
QUALCOMM, Inc.		7,288		390,418
Red Hat, Inc.*		180		13,068
salesforce.com, Inc.*		781		62,019
Skyworks Solutions, Inc.		143		9,049
Symantec Corporation		1,081		22,204
Synopsys, Inc.*		600		32,448
Teradata CorporationD*		3,703		92,834
Texas Instruments, Inc.		6,754		423,138
VeriSign, Inc.*		180		15,563
Western Digital Corporation		300		14,178
Xilinx, Inc.		304		14,024
Yahoo!, Inc.*		1,188		44,621
				29,667,982
Utilities — 6.0%
AES Corporation		1,420		17,722
AGL Resources, Inc.		200		13,194
Alliant Energy Corporation		3,800		150,860
Ameren Corporation		174		9,323
American Electric Power Co., Inc.		16,406		1,149,897
American Water Works Co., Inc.		20,960		1,771,330
Aqua America, Inc.		27,717		988,388
AT&T, Inc.		51,885		2,241,951
Atmos Energy CorporationD		27,900		2,268,828
CenterPoint Energy, Inc.		11,288		270,912
CenturyLink, Inc.		1,162		33,710
CMS Energy Corporation		355		16,280
Consolidated Edison, Inc.D		13,628		1,096,236
Dominion Resources, Inc.D		14,963		1,166,067
DTE Energy Co.		7,501		743,499
Duke Energy Corporation		13,455		1,154,304
Edison InternationalD		34,771		2,700,664
Entergy Corporation		204		16,595
Eversource Energy		453		27,135
Exelon Corporation		9,302		338,221
FirstEnergy Corporation		633		22,098

	Shares			Value
Frontier Communications Corporation		2,478		$	12,241
Level 3 Communications, Inc.*		391			20,133
NextEra Energy, Inc.		8,076			1,053,110
NiSource, Inc.D		9,257			245,496
NRG Energy, Inc.		370			5,546
OGE Energy CorporationD		10,332			338,373
ONE Gas, Inc.		69,349			4,617,950
PG&E Corporation		56,595			3,617,552
Pinnacle West Capital Corporation		9,096			737,322
PPL Corporation		5,163			194,903
Public Service Enterprise Group, Inc.		42,334			1,973,188
SCANA Corporation		161			12,181
Sempra EnergyD		9,189			1,047,730
Southern Co. (The)		31,437			1,685,966
TECO Energy, Inc.		293			8,098
UGI Corporation		16,117			729,294
Vectren Corporation		13,410			706,305
Verizon Communications, Inc.D		88,986			4,968,978
WEC Energy Group, Inc.D		6,173			403,097
WGL Holdings, Inc.D		27,200			1,925,488
Xcel Energy, Inc.		9,067			406,020
					40,906,185
Total Common Stocks
(Cost $248,499,138)					305,227,845
FOREIGN COMMON STOCKS — 4.0%
Bermuda — 0.6%
Arch Capital Group, Ltd.*		14,300			1,029,600
Assured Guaranty, Ltd.		15,561			394,783
AXIS Capital Holdings, Ltd.		3,742			205,810
Everest Re Group, Ltd.		8,316			1,519,084
Invesco, Ltd.		543			13,868
RenaissanceRe Holdings, Ltd.		4,600			540,224
White Mountains Insurance Group, Ltd.		122			102,724
					3,806,093
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		280	��		13,854
Canada — 0.0%
Waste Connections, Inc.		4,700			338,635
Curacao — 1.0%
Schlumberger, Ltd.		86,431			6,834,963
France — 0.8%
TOTAL SAD		106,652			5,114,628
Guernsey — 0.0%
Amdocs, Ltd.		640			36,941
Ireland — 1.0%
Accenture PLC Class A		10,698			1,211,976
Allegion PLC		94			6,526
Eaton Corporation PLCD		6,833			408,135
Ingersoll-Rand PLC		294			18,722
Mallinckrodt PLC*		1,040			63,211
Medtronic PLCD		55,749			4,837,341
Pentair PLC		224			13,057
Seagate Technology PLC		372			9,062
Tyco International PLC		478			20,363
Willis Towers Watson PLC		205			25,484
XL Group PLC		302			10,060
					6,623,937

See Notes to Financial Statements.

122

	Shares		Value
Japan — 0.0%
Honda Motor Co., Ltd.		9,100	$	228,276
Jersey — 0.0%
Delphi Automotive PLC		351		21,972
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		217		14,572
Netherlands — 0.3%
Frank’s International NVD		105,702		1,544,306
Koninklijke Philips NV		22,811		566,543
LyondellBasell Industries NV Class A		489		36,391
Mylan NV*		1,759		76,059
				2,223,299
Panama — 0.0%
Carnival Corporation		682		30,144
Singapore — 0.0%
Broadcom, Ltd.		602		93,551
Switzerland — 0.2%
Chubb, Ltd.		9,753		1,274,815
Garmin, Ltd.		139		5,896
TE Connectivity, Ltd.		347		19,817
Transocean, Ltd.		893		10,618
				1,311,146
United Kingdom — 0.1%
Aon PLC		7,075		772,802
Nielsen Holdings PLC		438		22,763
				795,565
Total Foreign Common Stocks
(Cost $23,927,089)				27,487,576
PREFERRED STOCKS — 3.4%
Bank of America Corporation
7.25%, 12/31/49 CONV		6,115		7,307,425
Spire, Inc.
6.75%, 04/01/17 CONV		20,276		1,262,181
U.S. Bancorp
6.00%, 12/31/49†		259,000		6,762,490
Wells Fargo & Co.
7.50%, 12/31/49 CONV		5,802		7,537,958
Total Preferred Stocks
(Cost $22,043,392)				22,870,054
MASTER LIMITED PARTNERSHIP — 0.7%
Spectra Energy Partners LP
(Cost $4,241,918)		95,172		4,490,215
MONEY MARKET FUNDS — 18.5%
GuideStone Money Market Fund (Investor Class)¥		25,771,661		25,771,661
Northern Institutional Liquid Assets Portfolio§		99,190,204		99,190,204
Total Money Market Funds
(Cost $124,961,865)				124,961,865
SYNTHETIC CONVERTIBLE INSTRUMENTS — 1.1%
Credit Suisse AG+ 144A@		23,100		1,007,069
Deutsche Bank AG+ 144A@		22,500		1,298,152
Goldman Sachs International+ CONV@		54,800		2,345,659
Morgan Stanley BV+ CONV 144A@		24,300		1,614,735

	Shares		Value
UBS AG+@		8,000	$	1,196,400
Total Synthetic Convertible Instruments
(Cost $7,133,706)				7,462,015
	Par
CORPORATE BONDS — 22.4%
Akamai Technologies, Inc.
0.46%, 02/15/19 CONVW	$	3,255,000		3,216,363
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		2,540,000		2,549,525
Ares Capital Corporation
4.38%, 01/15/19 CONVD		3,335,000		3,480,906
BioMarin Pharmaceutical, Inc.
0.75%, 10/15/18 CONV		1,305,000		1,455,891
1.50%, 10/15/20 CONV		1,305,000		1,515,431
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONVD		1,160,000		1,144,050
Brookdale Senior Living, Inc.
2.75%, 06/15/18 CONV		2,380,000		2,333,888
CalAtlantic Group, Inc.
1.63%, 05/15/18 CONV		1,720,000		2,213,425
0.25%, 06/01/19 CONV		560,000		521,150
Cardtronics, Inc.
1.00%, 12/01/20 CONVD		2,295,000		2,312,212
Cepheid
1.25%, 02/01/21 CONV		2,500,000		2,179,688
Chart Industries, Inc.
2.00%, 08/01/18 CONVD		840,000		785,925
Citigroup, Inc.
5.95%, 07/29/49†		2,174,000		2,150,901
Citrix Systems, Inc.
0.50%, 04/15/19 CONV		2,260,000		2,525,550
Colony Starwood Homes
3.00%, 07/01/19 CONV		1,035,000		1,146,262
Dycom Industries, Inc.
0.75%, 09/15/21 CONV 144AD		1,668,000		1,907,775
Echo Global Logistics, Inc.
2.50%, 05/01/20 CONV		915,000		868,678
Electronics for Imaging, Inc.
0.75%, 09/01/19 CONVD		3,235,000		3,475,603
Empire State Realty OP LP
2.63%, 08/15/19 CONV 144A		705,000		775,500
Envestnet, Inc.
1.75%, 12/15/19 CONV		865,000		782,825
Euronet Worldwide, Inc.
1.50%, 10/01/44 CONVD		625,000		719,923
Extra Space Storage LP
3.13%, 10/01/35 CONV 144A		2,585,000		2,954,978
FireEye, Inc.
1.63%, 06/01/35 CONV		1,415,000		1,254,928
General Electric Co.
5.00%, 12/29/49†		3,780,000		4,015,305
Hologic, Inc.
2.00%, 03/01/42 STEP CONV		1,392,000		1,788,720
Huron Consulting Group, Inc.
1.25%, 10/01/19 CONV		2,069,000		2,111,673
Illumina, Inc.
0.73%, 06/15/19 CONVWD		2,320,000		2,270,700
0.50%, 06/15/21 CONV		105,000		105,394

See Notes to Financial Statements.

123

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Impax Laboratories, Inc.
2.00%, 06/15/22 CONV 144A	$	3,120,000	$	2,741,700
Integra LifeSciences Holdings Corporation
1.63%, 12/15/16 CONVD		1,530,000		2,328,469
Integrated Device Technology, Inc.
0.88%, 11/15/22 CONV 144A		935,000		904,612
Intel Corporation
2.95%, 12/15/35 CONV		7,506,000		9,724,961
InterDigital, Inc.
1.50%, 03/01/20 CONVD		2,840,000		2,951,825
Lam Research Corporation
1.25%, 05/15/18 CONVD		1,276,000		1,861,365
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONV		2,250,000		2,266,875
Macquarie Infrastructure Corporation
2.88%, 07/15/19 CONVD		2,685,000		3,079,359
Medidata Solutions, Inc.
1.00%, 08/01/18 CONVD		2,915,000		3,173,706
Meritor, Inc.
7.88%, 03/01/26 CONV		320,000		360,800
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		8,966,000		9,969,071
Molina Healthcare, Inc.
1.63%, 08/15/44 CONV		1,795,000		1,957,672
National Health Investors, Inc.
3.25%, 04/01/21 CONV		1,725,000		1,912,594
Newmont Mining Corporation
1.63%, 07/15/17 CONV		1,640,000		1,838,850
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144AD		830,000		809,769
Nuance Communications, Inc.
1.00%, 12/15/35 CONV 144A		1,285,000		1,135,619
NuVasive, Inc.
2.25%, 03/15/21 CONV 144A		1,900,000		2,258,625
NVIDIA Corporation
1.00%, 12/01/18 CONV		165,000		385,275
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		2,455,000		2,206,431
Palo Alto Networks, Inc.
(8.04)%, 07/01/19 CONVW		500,000		639,688
Priceline Group, Inc.
0.35%, 06/15/20 CONVD		2,210,000		2,602,275
0.90%, 09/15/21 CONVD		995,000		1,009,925
Proofpoint, Inc.
1.25%, 12/15/18 CONV		565,000		946,728
0.75%, 06/15/20 CONVD		2,450,000		2,641,406
Red Hat, Inc.
0.25%, 10/01/19 CONVD		1,165,000		1,418,388
Royal Gold, Inc.
2.88%, 06/15/19 CONVD		1,960,000		2,107,000
RTI International Metals, Inc.
1.63%, 10/15/19 CONV		1,655,000		1,762,575
salesforce.com, Inc.
0.25%, 04/01/18 CONV		1,195,000		1,546,778
ServiceNow, Inc.
(4.70)%, 11/01/18 CONVWD		1,335,000		1,491,862

	Par		Value
Shutterfly, Inc.
0.25%, 05/15/18 CONV	$	1,485,000	$	1,478,503
Spirit Realty Capital, Inc.
2.88%, 05/15/19 CONV		1,770,000		1,912,715
Starwood Property Trust, Inc.
4.55%, 03/01/18 CONV		3,610,000		3,779,219
Synchronoss Technologies, Inc.
0.75%, 08/15/19 CONVD		1,175,000		1,168,391
Tesla Motors, Inc.
0.25%, 03/01/19 CONVD		1,345,000		1,197,050
1.25%, 03/01/21 CONV		1,895,000		1,566,928
TiVo, Inc.
2.00%, 10/01/21 CONVD		1,587,000		1,557,244
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONVD		2,690,000		2,646,288
Tutor Perini Corporation
2.88%, 06/15/21 CONV 144A		350,000		367,500
Twitter, Inc.
1.00%, 09/15/21 CONVD		3,475,000		3,110,125
Verint Systems, Inc.
1.50%, 06/01/21 CONVD		2,885,000		2,641,578
Web.com Group, Inc.
1.00%, 08/15/18 CONV		2,045,000		1,890,347
WebMD Health Corporation
2.63%, 06/15/23 CONV 144A		695,000		681,534
Whiting Petroleum Corporation
1.25%, 04/01/20 CONV		950,000		756,438
Workday, Inc.
0.75%, 07/15/18 CONVD		1,745,000		1,945,675
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV		2,210,000		2,030,438
Yahoo!, Inc.
0.10%, 12/01/18 CONVW		2,205,000		2,199,488
Total Corporate Bonds
(Cost $148,013,994)				151,526,833
FOREIGN BONDS — 1.3%
Bermuda — 0.4%
Jazz Investments I, Ltd.
1.88%, 08/15/21 CONVD		2,145,000		2,307,216
Weatherford International, Ltd.
5.88%, 07/01/21 CONV		615,000		669,965
				2,977,181
Netherlands — 0.9%
NXP Semiconductors NV
1.00%, 12/01/19 CONVD		2,295,000		2,505,853
Siemens Financieringsmaatschappij NV
1.65%, 08/16/19 CONVD		1,500,000		1,635,930
STMicroelectronics NV
2.48%, 07/03/19 CONVW		1,600,000		1,486,400
Wright Medical Group NV
2.25%, 11/15/21 CONV 144A		225,000		231,469
				5,859,652
Total Foreign Bonds
(Cost $8,711,118)				8,836,833

See Notes to Financial Statements.

124

	Par			Value
U.S. TREASURY OBLIGATIONS — 17.7%
U.S. Treasury Bills
0.25%, 09/15/16W	$	25,000,000		$	24,989,650
0.27%, 09/15/16W		740,000			739,694
0.32%, 12/08/16W		1,500,000			1,498,125
0.43%, 12/08/16W‡‡		1,900,000			1,897,625
0.57%, 12/08/16W		28,000,000			27,965,000
0.46%, 03/02/17W		500,000			498,718
0.52%, 03/02/17W		2,300,000			2,294,103
0.61%, 03/02/17W		500,000			498,718
0.66%, 03/02/17W		31,475,000			31,394,298
0.54%, 06/22/17W		28,340,000			28,220,178
Total U.S. Treasury Obligations
(Cost $119,854,575)					119,996,109
TOTAL INVESTMENTS — 114.2%
(Cost $707,386,795)					772,859,345
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
S&P 500® , Strike Price $2,080.00, Expires 07/29/16 (MSCS)		(13	)		(51,350	)
S&P 500® , Strike Price $2,125.00, Expires 07/22/16 (RBC)		(13	)		(13,845	)
S&P 500® , Strike Price $2,130.00, Expires 07/15/16 (MSCS)		(14	)		(7,840	)
S&P 500® , Strike Price $2,145.00, Expires 07/01/16 (DEUT)		(14	)		(70	)
S&P 500® , Strike Price $2,145.00, Expires 07/01/16 (CITI)		(14	)		(70	)
S&P 500® , Strike Price $2,145.00, Expires 07/08/16 (DEUT)		(11	)		(770	)
S&P 500® , Strike Price $2,150.00, Expires 07/15/16 (RBC)		(12	)		(2,520	)
S&P 500® , Strike Price $2,150.00, Expires 07/22/16 (MSCS)		(13	)		(4,940	)
S&P 500® , Strike Price $2,155.00, Expires 07/08/16 (DEUT)		(13	)		(520	)
					(81,925	)
Put Options — 0.0%
S&P 500® , Strike Price $1,865.00, Expires 07/29/16 (MSCS)		(72	)		(16,920	)
S&P 500® , Strike Price $1,945.00, Expires 07/22/16 (RBC)		(69	)		(23,460	)
S&P 500® , Strike Price $1,975.00, Expires 07/15/16 (MSCS)		(67	)		(16,415	)
S&P 500® , Strike Price $1,990.00, Expires 07/15/16 (RBC)		(61	)		(18,910	)
S&P 500® , Strike Price $2,005.00, Expires 07/08/16 (DEUT)		(62	)		(9,300	)

	Number of Contracts			Value
S&P 500® , Strike Price $2,005.00, Expires 07/22/16 (MSCS)		(66	)	$	(47,850	)
S&P 500® , Strike Price $2,020.00, Expires 07/01/16 (DEUT)		(65	)��		(975	)
S&P 500® , Strike Price $2,035.00, Expires 07/01/16 (CITI)		(65	)		(1,300	)
S&P 500® , Strike Price $2,035.00, Expires 07/08/16 (DEUT)		(65	)		(19,500	)
					(154,630	)
Total Written Options
(Premiums received $(926,208))					(236,555	)
Liabilities in Excess of Other Assets — (14.2)%					(95,982,572	)
NET ASSETS — 100.0%				$	676,640,218

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		22.4
Money Market Funds		18.5
U.S. Treasury Obligations		17.7
Financial Services		10.0
Consumer Staples		6.0
Utilities		6.0
Producer Durables		5.5
Healthcare		5.4
Consumer Discretionary		4.5
Technology		4.4
Foreign Common Stocks		4.0
Preferred Stocks		3.4
Energy		2.4
Foreign Bonds		1.3
Synthetic Convertible Instruments		1.1
Materials & Processing		0.9
Master Limited Partnership		0.7
Written Options		—	**
		114.2

^**  Rounds to less than 0.05%

See Notes to Financial Statements.

125

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	305,227,845		$	305,227,845		$	—		$	—
Corporate Bonds		151,526,833			—			151,526,833			—
Foreign Bonds:
Bermuda		2,977,181			—			2,977,181			—
Netherlands		5,859,652			—			5,859,652			—
Foreign Common Stocks:
Bermuda		3,806,093			3,806,093			—			—
British Virgin Islands		13,854			13,854			—			—
Canada		338,635			338,635			—			—
Curacao		6,834,963			6,834,963			—			—
France		5,114,628			—			5,114,628			—
Guernsey		36,941			36,941			—			—
Ireland		6,623,937			6,623,937			—			—
Japan		228,276			—			228,276			—
Jersey		21,972			21,972			—			—
Liberia		14,572			14,572			—			—
Netherlands		2,223,299			1,656,757			566,542			—
Panama		30,144			30,144			—			—
Singapore		93,551			93,551			—			—
Switzerland		1,311,146			1,311,146			—			—
United Kingdom		795,565			795,565			—			—
Master Limited Partnership		4,490,215			4,490,215			—			—
Money Market Funds		124,961,865			124,961,865			—			—
Preferred Stocks		22,870,054			22,870,054			—			—
U.S. Treasury Obligations		119,996,109			—			119,996,109			—
Synthetic Convertible Instruments		7,462,015			—			—			7,462,015
Total Assets — Investments in Securities	$	772,859,345		$	479,128,109		$	286,269,221		$	7,462,015
Liabilities:
Investments in Securities:
Written Options	$	(236,555	)	$	—		$	(236,555	)	$	—
Total Liabilities — Investments in Securities	$	(236,555	)	$	—		$	(236,555	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(34,961	)	$	—		$	(34,961	)	$	—
Futures Contracts		(193,065	)		(193,065	)		—			—
Total Liabilities — Other Financial Instruments	$	(228,026	)	$	(193,065	)	$	(34,961	)	$	—

*** 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, 2016.

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

See Notes to Financial Statements.

126

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

	Total Value			Synthetic Convertible Instruments
Balance, 12/31/15	$	5,550,877		$	5,550,877
Accrued discounts/premiums		—			—
Realized gain (loss)(1)		(76,778	)		(76,778	)
Change in unrealized appreciation (depreciation)(2)		479,154			479,154
Purchases		7,133,706			7,133,706
Sales		(5,624,944	)		(5,624,944	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Maturities		—			—
Paydowns		—			—
Balance, 06/30/16	$	7,462,015		$	7,462,015

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

⁽²⁾  Change in unrealized appreciation (depreciation) is located on the Statement of Operations in Net change in unrealized appreciation (depreciation) on: Investment securities.

See Notes to Financial Statements.

127

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.4%
Consumer Discretionary — 13.4%
Advance Auto Parts, Inc.		2,745	$	443,674
Amazon.com, Inc.*		14,346		10,266,285
AutoNation, Inc.D*		2,542		119,423
AutoZone, Inc.D*		1,114		884,338
Bed Bath & Beyond, Inc.D		5,670		245,057
Best Buy Co., Inc.D		10,393		318,026
BorgWarner, Inc.D		8,065		238,079
CarMax, Inc.D*		7,247		355,320
CBS Corporation Class B (Non-Voting Shares)D		15,355		835,926
Chipotle Mexican Grill, Inc.D*		1,095		441,022
Coach, Inc.		10,404		423,859
Comcast Corporation Class AD		89,732		5,849,629
Costco Wholesale Corporation		16,271		2,555,198
D.R. Horton, Inc.		12,145		382,325
Darden Restaurants, Inc.		4,259		269,765
Discovery Communications, Inc. Class AD*		5,482		138,311
Discovery Communications, Inc. Class C*		8,967		213,863
Dollar General Corporation		10,512		988,128
Dollar Tree, Inc.*		8,698		819,700
eBay, Inc.*		39,141		916,291
Estee Lauder Cos., Inc. (The) Class A		8,204		746,728
Expedia, Inc.		4,322		459,429
Foot Locker, Inc.D		5,069		278,085
Ford Motor Co.		144,543		1,816,905
Fortune Brands Home & Security, Inc.		5,687		329,675
Gap, Inc. (The)D		8,085		171,564
General Motors Co.		51,917		1,469,251
Genuine Parts Co.		5,571		564,064
Goodyear Tire & Rubber Co. (The)		10,038		257,575
H&R Block, Inc.D		8,300		190,900
Hanesbrands, Inc.		14,216		357,248
Harley-Davidson, Inc.D		6,786		307,406
Harman International Industries, Inc.		2,581		185,367
Hasbro, Inc.		4,114		345,535
Home Depot, Inc. (The)		46,132		5,890,595
Interpublic Group of Cos., Inc. (The)		14,688		339,293
Johnson Controls, Inc.		24,145		1,068,658
Kohl’s CorporationD		6,969		264,264
L Brands, Inc.		9,448		634,244
Leggett & Platt, Inc.		4,991		255,090
Lennar Corporation Class AD		6,785		312,788
LKQ Corporation*		11,558		366,389
Lowe’s Cos., Inc.		32,842		2,600,101
Macy’s, Inc.		11,632		390,952
Marriott International, Inc. Class AD		6,984		464,157
Mattel, Inc.		12,746		398,822
McDonald’s Corporation		32,558		3,918,030
Mohawk Industries, Inc.*		2,387		452,957
Netflix, Inc.*		15,894		1,453,983
Newell Rubbermaid, Inc.		16,864		819,084
News Corporation Class A		13,865		157,368
News Corporation Class BD		3,661		42,724
NIKE, Inc. Class B		49,355		2,724,396

	Shares		Value
Nordstrom, Inc.D		4,745	$	180,547
Omnicom Group, Inc.D		8,892		724,609
O’Reilly Automotive, Inc.*		3,583		971,351
Priceline Group, Inc. (The)*		1,839		2,295,826
PulteGroup, Inc.D		11,415		222,478
PVH Corporation		2,959		278,827
Ralph Lauren CorporationD		2,058		184,438
Ross Stores, Inc.		14,955		847,799
Scripps Networks Interactive, Inc. Class A		3,568		222,179
Staples, Inc.D		24,605		212,095
Starbucks Corporation		54,397		3,107,157
Starwood Hotels & Resorts Worldwide, Inc.		6,229		460,635
Target Corporation		21,807		1,522,565
TEGNA, Inc.D		8,303		192,381
Tiffany & Co.D		4,009		243,106
Time Warner, Inc.		29,084		2,138,837
TJX Cos., Inc. (The)		24,515		1,893,293
Tractor Supply Co.		4,911		447,785
TripAdvisor, Inc.D*		4,311		277,197
Twenty-First Century Fox, Inc. Class A		40,561		1,097,175
Twenty-First Century Fox, Inc. Class B		15,933		434,174
Ulta Salon Cosmetics & Fragrance, Inc.D*		2,317		564,514
Under Armour, Inc. Class AD*		6,728		269,995
Under Armour, Inc. Class CD*		6,794		247,302
Urban Outfitters, Inc.*		3,039		83,572
VF Corporation		12,323		757,741
Wal-Mart Stores, Inc.		56,631		4,135,196
Walt Disney Co. (The)		55,353		5,414,630
Whirlpool Corporation		2,806		467,592
Wyndham Worldwide CorporationD		4,156		296,032
Yum! Brands, Inc.		15,176		1,258,394
				88,187,268
Consumer Staples — 7.5%
Archer-Daniels-Midland Co.		21,937		940,878
Campbell Soup Co.		6,553		435,971
Church & Dwight Co., Inc.		4,807		494,592
Clorox Co. (The)		4,811		665,794
Coca-Cola Co. (The)		144,411		6,546,151
Colgate-Palmolive Co.		33,094		2,422,481
ConAgra Foods, Inc.		16,076		768,594
CVS Health Corporation		39,814		3,811,792
Dr. Pepper Snapple Group, Inc.		6,943		670,902
General Mills, Inc.		22,035		1,571,536
Hershey Co. (The)D		5,189		588,900
Hormel Foods CorporationD		10,098		369,587
J.M. Smucker Co. (The)		4,446		677,615
Kellogg Co.		9,344		762,938
Kimberly-Clark Corporation		13,365		1,837,420
Kraft Heinz Co. (The)D		22,089		1,954,435
Kroger Co. (The)		35,332		1,299,864
McCormick & Co., Inc. (Non-Voting Shares)		4,213		449,401
Mead Johnson Nutrition Co.		6,927		628,625
Mondelez International, Inc. Class A		57,683		2,625,153
Monster Beverage CorporationD*		5,180		832,478
PepsiCo, Inc.		53,577		5,675,947
Procter & Gamble Co. (The)		98,743		8,360,570

See Notes to Financial Statements.

128

	Shares		Value
Sysco Corporation		19,348	$	981,718
Tyson Foods, Inc. Class A		11,139		743,974
Walgreens Boots Alliance, Inc.		32,042		2,668,137
Whole Foods Market, Inc.D		11,874		380,205
				49,165,658
Energy — 7.0%
Anadarko Petroleum CorporationD		18,968		1,010,046
Apache Corporation		13,964		777,376
Archrock, Inc.		13		122
Baker Hughes, Inc.		16,191		730,700
Cabot Oil & Gas Corporation		17,428		448,597
Chesapeake Energy CorporationD*		22,454		96,103
Chevron Corporation		69,851		7,322,480
Cimarex Energy Co.		3,553		423,944
Columbia Pipeline Group, Inc.		15,021		382,885
Concho Resources, Inc.D*		4,801		572,615
ConocoPhillips		45,845		1,998,842
Devon Energy Corporation		19,349		701,401
Diamond Offshore Drilling, Inc.		2,290		55,716
EOG Resources, Inc.		20,345		1,697,180
EQT Corporation		6,378		493,849
Exterran Corporation*		6		84
Exxon Mobil Corporation		153,745		14,412,056
First Solar, Inc.D*		2,733		132,496
FMC Technologies, Inc.*		8,312		221,681
Halliburton Co.		31,863		1,443,075
Helmerich & Payne, Inc.D		3,908		262,344
Hess Corporation		9,841		591,444
Kinder Morgan, Inc.		68,008		1,273,110
Marathon Oil CorporationD		31,833		477,813
Marathon Petroleum Corporation		19,594		743,788
Murphy Oil CorporationD		6,037		191,675
National Oilwell Varco, Inc.D		14,152		476,215
Newfield Exploration Co.*		7,387		326,358
Noble Energy, Inc.		15,961		572,521
Occidental Petroleum Corporation		28,240		2,133,814
ONEOK, Inc.		7,818		370,964
Phillips 66		17,414		1,381,627
Pioneer Natural Resources Co.		6,090		920,869
Range Resources CorporationD		6,377		275,104
Southwestern Energy Co.D*		14,157		178,095
Spectra Energy CorporationD		25,286		926,226
Tesoro Corporation		4,429		331,821
Valero Energy Corporation		17,333		883,983
Williams Cos., Inc. (The)D		25,384		549,056
				45,788,075
Financial Services — 17.5%
Affiliated Managers Group, Inc.D*		2,010		282,948
Aflac, Inc.		15,268		1,101,739
Alliance Data Systems Corporation*		2,165		424,167
Allstate Corporation (The)		13,929		974,334
American Express Co.		29,985		1,821,889
American International Group, Inc.		41,489		2,194,353
American Tower Corporation REIT		15,727		1,786,745

	Shares		Value
Ameriprise Financial, Inc.		6,100	$	548,085
Apartment Investment & Management Co. Class A REIT		5,951		262,796
Arthur J. Gallagher & Co.		6,517		310,209
Assurant, Inc.		2,341		202,052
AvalonBay Communities, Inc. REIT		5,117		923,056
Bank of America Corporation		381,055		5,056,600
Bank of New York Mellon Corporation (The)		39,883		1,549,455
BB&T Corporation		30,463		1,084,787
Berkshire Hathaway, Inc. Class B*		69,515		10,065,077
BlackRock, Inc.		4,670		1,599,615
Boston Properties, Inc. REIT		5,686		749,983
Capital One Financial Corporation		18,963		1,204,340
CBRE Group, Inc. Class A*		10,731		284,157
Charles Schwab Corporation (The)		44,611		1,129,104
Cincinnati Financial CorporationD		5,441		407,477
Citigroup, Inc.		108,814		4,612,625
Citizens Financial Group, Inc.		19,869		396,983
CME Group, Inc.		12,596		1,226,850
Comerica, Inc.		6,388		262,738
Crown Castle International Corporation REIT		12,482		1,266,049
Digital Realty Trust, Inc. REITD		5,467		595,848
Discover Financial Services		15,300		819,927
Dun & Bradstreet Corporation (The)		1,346		163,997
E*TRADE Financial Corporation*		10,478		246,128
Equifax, Inc.		4,433		569,197
Equinix, Inc. REIT		2,574		998,017
Equity Residential REIT		13,641		939,592
Essex Property Trust, Inc. REIT		2,400		547,416
Extra Space Storage, Inc. REIT		4,684		433,457
Federal Realty Investment Trust REIT		2,600		430,430
Fidelity National Information Services, Inc.		10,373		764,283
Fifth Third Bancorp		28,756		505,818
Fiserv, Inc.*		8,225		894,304
Franklin Resources, Inc.D		13,630		454,833
General Growth Properties, Inc. REIT		21,627		644,917
Global Payments, Inc.		5,633		402,084
Goldman Sachs Group, Inc. (The)		14,296		2,124,100
Hartford Financial Services Group, Inc. (The)		14,682		651,587
HCP, Inc. REIT		17,306		612,286
Host Hotels & Resorts, Inc. REITD		27,531		446,278
Huntington Bancshares, Inc.		28,992		259,189
Intercontinental Exchange, Inc.		4,425		1,132,623
Iron Mountain, Inc. REITD		8,763		349,030
JPMorgan Chase & Co.		135,599		8,426,122
KeyCorp		31,726		350,572
Kimco Realty Corporation REIT		15,470		485,449
Legg Mason, Inc.		4,104		121,027
Leucadia National Corporation		12,259		212,449

See Notes to Financial Statements.

129

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Lincoln National Corporation		8,875		$	344,084
Loews Corporation		9,771			401,490
M&T Bank CorporationD		5,892			696,611
Macerich Co. (The) REIT		4,614			393,989
Marsh & McLennan Cos., Inc.		19,396			1,327,850
MasterCard, Inc. Class A		35,961			3,166,726
MetLife, Inc.		40,735			1,622,475
Moody’s CorporationD		6,297			590,092
Morgan Stanley		56,134			1,458,361
Nasdaq, Inc.		4,269			276,076
Navient Corporation		12,116			144,786
Northern Trust Corporation		7,800			516,828
PayPal Holdings, Inc.*		40,945			1,494,902
People’s United Financial, Inc.D		11,480			168,297
PNC Financial Services Group, Inc. (The)		18,467			1,503,029
Principal Financial Group, Inc.		10,001			411,141
Progressive Corporation (The)		21,632			724,672
Prologis, Inc. REIT		19,570			959,713
Prudential Financial, Inc.		16,373			1,168,050
Public Storage REIT		5,457			1,394,755
Realty Income Corporation REITD		9,546			662,111
Regions Financial Corporation		46,314			394,132
S&P Global, Inc.		9,767			1,047,608
Simon Property Group, Inc. REIT		11,466			2,486,975
SL Green Realty Corporation REITD		3,720			396,068
State Street Corporation		14,760			795,859
SunTrust Banks, Inc.		18,647			766,019
Synchrony Financial*		30,761			777,638
T. Rowe Price Group, Inc.		9,221			672,856
Torchmark Corporation		4,186			258,779
Total System Services, Inc.		6,366			338,098
Travelers Cos., Inc. (The)		10,854	��		1,292,060
U.S. Bancorp		60,165			2,426,454
UDR, Inc. REITD		9,879			364,733
Unum Group		8,642			274,729
Ventas, Inc. REITD		12,583			916,294
Visa, Inc. Class AD		70,643			5,239,591
Vornado Realty Trust REIT		6,562			656,987
Wells Fargo & Co.		171,339			8,109,475
Welltower, Inc. REIT		13,263			1,010,243
Western Union Co. (The)D		18,512			355,060
Weyerhaeuser Co. REIT		27,654			823,260
Zions Bancorporation		7,446			187,118
					115,325,247
Healthcare — 11.4%
Abbott Laboratories		54,567			2,145,029
AbbVie, Inc.		59,948			3,711,381
Aetna, Inc.		12,965			1,583,415
Agilent Technologies, Inc.		12,235			542,745
Alexion Pharmaceuticals, Inc.*		8,284			967,240
Amgen, Inc.		27,827			4,233,878
Anthem, Inc.		9,726			1,277,413
Baxter International, Inc.D		20,435			924,071
Becton, Dickinson and Co.		7,854			1,331,960
Biogen, Inc.*		8,112			1,961,644
Boston Scientific Corporation*		50,254			1,174,436
Bristol-Myers Squibb Co.		61,886			4,551,715
C.R. Bard, Inc.		2,738			643,868
Cardinal Health, Inc.		12,136			946,729
Celgene Corporation*		28,762			2,836,796

	Shares		Value
Centene Corporation*		6,406	$	457,196
Cerner Corporation*		11,227		657,902
Cigna Corporation		9,507		1,216,801
DaVita HealthCare Partners, Inc.*		6,108		472,271
DENTSPLY SIRONA, Inc.		8,772		544,215
Edwards Lifesciences Corporation*		7,800		777,894
Eli Lilly & Co.		35,985		2,833,819
Express Scripts Holding Co.*		23,515		1,782,437
Gilead Sciences, Inc.		49,367		4,118,195
HCA Holdings, Inc.*		11,102		854,965
Henry Schein, Inc.D*		3,075		543,660
Hologic, Inc.*		9,116		315,414
Humana, Inc.D		5,530		994,736
Illumina, Inc.D*		5,434		762,825
Intuitive Surgical, Inc.*		1,408		931,265
Johnson & Johnson		102,006		12,373,328
Laboratory Corporation of America Holdings*		3,822		497,892
McKesson Corporation		8,333		1,555,354
Patterson Cos., Inc.D		3,194		152,961
PerkinElmer, Inc.		4,105		215,184
Quest Diagnostics, Inc.		5,265		428,624
Regeneron Pharmaceuticals, Inc.*		2,905		1,014,513
St. Jude Medical, Inc.		10,474		816,972
Stryker Corporation		11,636		1,394,342
Thermo Fisher Scientific, Inc.		14,611		2,158,921
UnitedHealth Group, Inc.		35,216		4,972,499
Universal Health Services, Inc. Class B		3,301		442,664
Varian Medical Systems, Inc.D*		3,565		293,150
Vertex Pharmaceuticals, Inc.D*		9,238		794,653
Zimmer Biomet Holdings, Inc.		7,388		889,367
Zoetis, Inc.		16,901		802,121
				74,898,460
Materials & Processing — 2.9%
Acuity Brands, Inc.D		1,643		407,398
Air Products & Chemicals, Inc.		7,234		1,027,517
Alcoa, Inc.		49,422		458,142
Ball CorporationD		5,173		373,956
CF Industries Holdings, Inc.D		8,828		212,755
Dow Chemical Co. (The)		41,609		2,068,383
E.I. du Pont de Nemours & Co.		32,369		2,097,511
Eastman Chemical Co.		5,449		369,987
Ecolab, Inc.		9,804		1,162,754
Fastenal Co.D		10,759		477,592
FMC Corporation		4,848		224,511
Freeport-McMoRan, Inc.D		46,615		519,291
International Flavors & Fragrances, Inc.		2,950		371,907
International Paper Co.		15,226		645,278
Martin Marietta Materials, Inc.D		2,361		453,312
Masco Corporation		12,522		387,431
Monsanto Co.		16,208		1,676,069
Mosaic Co. (The)D		12,935		338,638
Newmont Mining Corporation		19,655		768,904
Nucor Corporation		11,797		582,890
Owens-Illinois, Inc.*		6,274		112,995
PPG Industries, Inc.		9,813		1,022,024
Praxair, Inc.		10,601		1,191,446

See Notes to Financial Statements.

130

	Shares		Value
Sealed Air Corporation		7,210	$	331,444
Sherwin-Williams Co. (The)		2,937		862,509
Vulcan Materials Co.		4,979		599,273
WestRock Co.		9,470		368,099
				19,112,016
Producer Durables — 10.1%
3M Co.		22,503		3,940,725
Alaska Air Group, Inc.		4,535		264,345
American Airlines Group, Inc.		21,202		600,229
AMETEK, Inc.		8,745		404,281
Automatic Data Processing, Inc.		16,841		1,547,183
Avery Dennison Corporation		3,272		244,582
Boeing Co. (The)		22,195		2,882,465
C.H. Robinson Worldwide, Inc.D		5,208		386,694
Caterpillar, Inc.D		21,616		1,638,709
Cintas Corporation		3,159		309,993
CSX Corporation		35,484		925,423
Cummins, Inc.		5,861		659,011
Danaher Corporation		22,223		2,244,523
Deere & Co.D		11,036		894,357
Delta Air Lines, Inc.		28,602		1,041,971
Dover Corporation		5,776		400,392
Emerson Electric Co.		23,868		1,244,955
Expeditors International of Washington, Inc.		6,818		334,355
FedEx Corporation		9,248		1,403,661
FLIR Systems, Inc.		5,180		160,321
Flowserve CorporationD		4,858		219,436
Fluor Corporation		5,110		251,821
General Dynamics Corporation		10,638		1,481,235
General Electric Co.		340,945		10,732,949
Honeywell International, Inc.		28,314		3,293,484
Illinois Tool Works, Inc.		12,023		1,252,316
J.B. Hunt Transport Services, Inc.		3,269		264,560
Jacobs Engineering Group, Inc.*		4,647		231,467
Kansas City Southern		4,046		364,504
L-3 Communications Holdings, Inc.		2,814		412,786
Lockheed Martin Corporation		9,730		2,414,694
Norfolk Southern Corporation		10,996		936,089
Northrop Grumman Corporation		6,714		1,492,388
PACCAR, Inc.		12,988		673,688
Parker-Hannifin Corporation		5,009		541,222
Paychex, Inc.D		11,954		711,263
Pitney Bowes, Inc.		6,878		122,428
Quanta Services, Inc.*		5,431		125,565
Raytheon Co.		11,002		1,495,722
Republic Services, Inc.		8,715		447,167
Robert Half International, Inc.		4,920		187,747
Rockwell Automation, Inc.		4,778		548,610
Rockwell Collins, Inc.		4,858		413,610
Roper Technologies, Inc.		3,753		640,112
Ryder System, Inc.D		1,991		121,730
Snap-on, Inc.		2,136		337,104
Southwest Airlines Co.		23,826		934,217
Stanley Black & Decker, Inc.		5,530		615,047
Stericycle, Inc.*		3,095		322,251
Textron, Inc.		9,853		360,226
TransDigm Group, Inc.*		1,980		522,106

	Shares		Value
Union Pacific Corporation		31,122	$	2,715,394
United Continental Holdings, Inc.*		12,532		514,313
United Parcel Service, Inc. Class B		25,671		2,765,280
United Rentals, Inc.D*		3,295		221,094
United Technologies Corporation		28,853		2,958,875
Verisk Analytics, Inc.*		5,738		465,237
W.W. Grainger, Inc.D		2,114		480,406
Waste Management, Inc.		15,274		1,012,208
Waters Corporation*		3,017		424,341
Xerox Corporation		35,948		341,147
Xylem, Inc.		6,524		291,297
				66,185,311
Technology — 16.9%
Activision Blizzard, Inc.		18,760		743,459
Adobe Systems, Inc.*		18,511		1,773,169
Akamai Technologies, Inc.*		6,606		369,474
Alphabet, Inc. Class A*		10,888		7,660,035
Alphabet, Inc. Class C*		10,958		7,584,032
Amphenol Corporation Class A		11,410		654,135
Analog Devices, Inc.		11,473		649,831
Apple, Inc.		203,107		19,417,030
Applied Materials, Inc.		40,351		967,213
Autodesk, Inc.*		8,418		455,750
CA, Inc.		10,805		354,728
Cisco Systems, Inc.		186,490		5,350,398
Citrix Systems, Inc.*		5,780		462,920
Cognizant Technology Solutions Corporation Class A*		22,410		1,282,748
Corning, Inc.		39,819		815,493
CSRA, Inc.		4,813		112,769
Electronic Arts, Inc.*		11,180		846,997
EMC Corporation		72,439		1,968,168
F5 Networks, Inc.*		2,480		282,323
Facebook, Inc. Class A*		85,721		9,796,196
Harris CorporationD		4,630		386,327
Hewlett Packard Enterprise Co.		61,571		1,124,902
HP, Inc.		63,789		800,552
Intel CorporationD		175,112		5,743,674
International Business Machines Corporation		32,749		4,970,643
Intuit, Inc.		9,451		1,054,826
Juniper Networks, Inc.		12,864		289,311
KLA-Tencor Corporation		5,691		416,866
Lam Research CorporationD		5,942		499,485
Linear Technology CorporationD		8,974		417,560
Microchip Technology, Inc.D		8,063		409,278
Micron Technology, Inc.*		37,945		522,123
Microsoft Corporation		291,439		14,912,934
Motorola Solutions, Inc.		5,961		393,247
NetApp, Inc.D		10,744		264,195
NVIDIA CorporationD		18,866		886,891
Oracle Corporation		115,374		4,722,258
Qorvo, Inc.*		4,807		265,635
QUALCOMM, Inc.		54,450		2,916,886
Red Hat, Inc.*		6,794		493,244
salesforce.com, Inc.*		23,597		1,873,838
Skyworks Solutions, Inc.D		6,957		440,239
Symantec CorporationD		23,019		472,810
Teradata Corporation*		5,001		125,375
Texas Instruments, Inc.		37,229		2,332,397

See Notes to Financial Statements.

131

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
VeriSign, Inc.D*		3,542	$	306,241
Western Digital Corporation		10,322		487,818
Xilinx, Inc.		9,444		435,652
Yahoo!, Inc.*		32,370		1,215,817
				110,727,892
Utilities — 6.7%
AES Corporation		24,428		304,861
AGL Resources, Inc.		4,435		292,577
Ameren Corporation		9,053		485,060
American Electric Power Co., Inc.		18,233		1,277,951
American Water Works Co., Inc.		6,637		560,893
AT&T, Inc.		228,264		9,863,287
CenterPoint Energy, Inc.		15,861		380,664
CenturyLink, Inc.D		20,302		588,961
CMS Energy Corporation		10,396		476,760
Consolidated Edison, Inc.D		11,311		909,857
Dominion Resources, Inc.D		22,861		1,781,558
DTE Energy Co.		6,664		660,536
Duke Energy Corporation		25,579		2,194,422
Edison International		12,022		933,749
Entergy Corporation		6,638		540,001
Eversource Energy		11,754		704,065
Exelon Corporation		34,174		1,242,567
FirstEnergy Corporation		15,762		550,251
Frontier Communications CorporationD		44,092		217,814
Level 3 Communications, Inc.*		10,744		553,209
NextEra Energy, Inc.		17,134		2,234,274
NiSource, Inc.		11,884		315,164
NRG Energy, Inc.		11,763		176,327
PG&E Corporation		18,405		1,176,448
Pinnacle West Capital Corporation		4,108		332,994
PPL Corporation		25,139		948,997
Public Service Enterprise Group, Inc.		18,690		871,141
SCANA CorporationD		5,221		395,021
Sempra Energy		8,812		1,004,744
Southern Co. (The)		34,814		1,867,075
TECO Energy, Inc.		8,961		247,682
Verizon Communications, Inc.		151,154		8,440,439
WEC Energy Group, Inc.D		11,703		764,206
Xcel Energy, Inc.		18,729		838,685
				44,132,240
Total Common Stocks (Cost $459,102,433)				613,522,167
FOREIGN COMMON STOCKS — 4.1%
Bermuda — 0.1%
Invesco, Ltd.		15,292		390,557
Signet Jewelers, Ltd.D		2,931		241,544
				632,101
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.D*		6,578		325,479
Curacao — 0.6%
Schlumberger, Ltd.		51,518		4,074,044
Ireland — 1.8%
Accenture PLC Class A		23,117		2,618,925
Allegion PLC		3,479		241,547
Eaton Corporation PLC		16,887		1,008,660
Ingersoll-Rand PLC		9,510		605,597

	Shares		Value
Mallinckrodt PLC*		3,996	$	242,877
Medtronic PLC		52,123		4,522,713
Pentair PLCD		6,692		390,077
Seagate Technology PLCD		11,230		273,563
Tyco International PLC		15,731		670,140
Willis Towers Watson PLC		5,120		636,467
XL Group PLC		10,702		356,484
				11,567,050
Jersey — 0.1%
Delphi Automotive PLC		10,057		629,568
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.		6,147		412,771
Netherlands — 0.2%
LyondellBasell Industries NV
Class A		12,725		946,994
Mylan NVD*		15,807		683,495
				1,630,489
Panama — 0.1%
Carnival Corporation		16,223		717,057
Singapore — 0.3%
Broadcom, Ltd.		13,745		2,135,973
Switzerland — 0.5%
Chubb, Ltd.		17,243		2,253,832
Garmin, Ltd.		4,430		187,921
TE Connectivity, Ltd.		13,229		755,508
Transocean, Ltd.D		12,739		151,467
				3,348,728
United Kingdom — 0.3%
Aon PLC		9,821		1,072,748
Nielsen Holdings PLCD		13,413		697,073
				1,769,821
Total Foreign Common Stocks (Cost $23,789,365)				27,243,081
MONEY MARKET FUNDS — 10.6%
GuideStone Money Market Fund (Investor Class)¥		13,362,216		13,362,216
Northern Institutional Liquid Assets Portfolio§		56,004,589		56,004,589
Total Money Market Funds (Cost $69,366,805)				69,366,805
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.30%, 09/15/16W‡‡	$	560,000		559,768
0.33%, 10/13/16W‡‡		300,000		299,806
0.43%, 12/08/16W‡‡		1,200,000		1,198,500
Total U.S. Treasury Obligations (Cost $2,057,101)				2,058,074
TOTAL INVESTMENTS — 108.4% (Cost $554,315,704)				712,190,127
Liabilities in Excess of Other Assets — (8.4)%				(55,239,088	)
NET ASSETS — 100.0%			$	656,951,039

See Notes to Financial Statements.

132

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		17.5
Technology		16.9
Consumer Discretionary		13.4
Healthcare		11.4
Money Market Funds		10.6
Producer Durables		10.1
Consumer Staples		7.5
Energy		7.0
Utilities		6.7
Foreign Common Stocks		4.1
Materials & Processing		2.9
U.S. Treasury Obligations		0.3
		108.4

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	613,522,167		$	613,522,167		$	—	$	—
Foreign Common Stocks		27,243,081			27,243,081			—		—
Money Market Funds		69,366,805			69,366,805			—		—
U.S. Treasury Obligations		2,058,074			—			2,058,074		—
Total Assets — Investments in Securities	$	712,190,127		$	710,132,053		$	2,058,074	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(14,127	)	$	(14,127	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(14,127	)	$	(14,127	)	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

133

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 87.5%
Consumer Discretionary — 7.6%
Bed Bath & Beyond, Inc.D		36,961	$	1,597,455
Best Buy Co., Inc.D		24,627		753,586
Big Lots, Inc.D		11,485		575,513
Coach, Inc.D		69,693		2,839,293
Comcast Corporation Class AD		195,464		12,742,298
Cooper Tire & Rubber Co.D		21,958		654,788
Dana Holding Corporation		343,995		3,632,587
DISH Network Corporation Class A*		1,641		85,988
eBay, Inc.*		185,412		4,340,495
Ford Motor Co.D		675,793		8,494,718
General Motors Co.		109,888		3,109,830
Goodyear Tire & Rubber Co. (The)		122,946		3,154,794
Home Depot, Inc. (The)		46,908		5,989,683
J.C. Penney Co., Inc.D*		844,356		7,497,881
Johnson Controls, Inc.D		300,616		13,305,264
Lear Corporation		29,264		2,977,905
Lennar Corporation Class AD		165,851		7,645,731
NVR, Inc.*		500		890,170
Ralph Lauren CorporationD		75,600		6,775,272
Target Corporation		17,216		1,202,021
Tenneco, Inc.D*		9,294		433,193
Time Warner, Inc.D		8,823		648,844
Twenty-First Century Fox, Inc. Class A		8,023		217,022
Twenty-First Century Fox, Inc. Class B		3,602		98,155
Wal-Mart Stores, Inc.		81,769		5,970,772
				95,633,258
Consumer Staples — 5.0%
Archer-Daniels-Midland Co.		18,981		814,095
Coca-Cola Co. (The)		32,107		1,455,410
Colgate-Palmolive Co.		23,303		1,705,780
ConAgra Foods, Inc.		68,700		3,284,547
CVS Health Corporation		2,035		194,831
Dean Foods Co.D		117,795		2,130,911
Dr. Pepper Snapple Group, Inc.D		46,545		4,497,643
Ingredion, Inc.		19,886		2,573,447
Kimberly-Clark CorporationD		1,738		238,940
Kraft Heinz Co. (The)		16,991		1,503,364
Mondelez International, Inc. Class A		48,851		2,223,209
Nu Skin Enterprises, Inc. Class AD		24,925		1,151,286
Pepsico, Inc.		131,969		13,980,796
Procter & Gamble Co. (The)		87,195		7,382,801
Sanderson Farms, Inc.D		27,226		2,358,861
Sysco Corporation		222,183		11,273,565
Tyson Foods, Inc. Class A		70,073		4,680,176
Walgreens Boots Alliance, Inc.		22,335		1,859,835
				63,309,497
Energy — 9.3%
Anadarko Petroleum CorporationD		16,586		883,205
Apache Corporation		3,842		213,884
Baker Hughes, Inc.		138,800		6,264,044
Chevron Corporation		210,515		22,068,287
ConocoPhillips		244,455		10,658,238

	Shares		Value
Dril-Quip, Inc.D*		19,445	$	1,136,171
EOG Resources, Inc.		15,968		1,332,051
Exxon Mobil CorporationD		241,497		22,637,929
FMC Technologies, Inc.*		86,779		2,314,396
Halliburton Co.		28,038		1,269,841
Helmerich & Payne, Inc.D		6,452		433,123
Kinder Morgan, Inc.		62,912		1,177,713
Marathon Petroleum Corporation		287,807		10,925,154
Murphy Oil CorporationD		22,094		701,485
National Oilwell Varco, Inc.		19,810		666,607
Newfield Exploration Co.D*		80,900		3,574,162
Occidental Petroleum Corporation		152,094		11,492,223
Oceaneering International, Inc.		136,284		4,069,440
Oil States International, Inc.*		69,264		2,277,400
Phillips 66		14,745		1,169,868
Pioneer Natural Resources Co.		5,316		803,832
Spectra Energy CorporationD		19,353		708,900
Tesoro Corporation		58,120		4,354,350
Valero Energy CorporationD		113,542		5,790,642
				116,922,945
Financial Services — 22.5%
Aflac, Inc.		29,577		2,134,276
Allstate Corporation (The)		95,091		6,651,615
Ally Financial, Inc.*		182,207		3,110,273
American Express Co.		204,347		12,416,124
American International Group, Inc.		330,622		17,486,598
Assurant, Inc.		16,804		1,450,353
Bank of America Corporation		1,640,490		21,769,302
Bank of New York Mellon Corporation (The)		34,223		1,329,564
BB&T Corporation		26,600		947,226
Berkshire Hathaway, Inc. Class B*		61,884		8,960,184
BlackRock, Inc.		4,085		1,399,235
Capital One Financial Corporation		240,737		15,289,207
CBL & Associates Properties, Inc. REITD		103,189		960,690
CBRE Group, Inc. Class AD*		88,758		2,350,312
Charles Schwab Corporation (The)		7,798		197,367
Citigroup, Inc.		709,264		30,065,701
CME Group, Inc.D		11,043		1,075,588
Crown Castle International Corporation REITD		1,260		127,802
Discover Financial Services		8,957		480,006
Equity Residential REITD		11,598		798,870
Franklin Resources, Inc.D		11,855		395,601
Genworth Financial, Inc. Class AD*		226,485		584,331
Goldman Sachs Group, Inc. (The)		12,613		1,874,040
Hartford Financial Services Group, Inc. (The)		211,613		9,391,385
Host Hotels & Resorts, Inc. REITD		194,394		3,151,127
Intercontinental Exchange, Inc.		23,871		6,110,021
Jones Lang LaSalle, Inc.		10,200		993,990
JPMorgan Chase & Co.		712,742		44,289,788
Lincoln National Corporation		41,880		1,623,688
Mack-Cali Realty Corporation REITD		53,259		1,437,993

See Notes to Financial Statements.

134

	Shares		Value
MetLife, Inc.		30,320	$	1,207,646
Morgan Stanley		46,654		1,212,071
PNC Financial Services Group, Inc. (The)		16,333		1,329,343
Prudential Financial, Inc.		66,522		4,745,679
Public Storage REIT		5,256		1,343,381
Regions Financial CorporationD		269,425		2,292,807
Reinsurance Group of America, Inc.		9,459		917,428
RLJ Lodging Trust REITD		30,900		662,805
Simon Property Group, Inc. REIT		950		206,055
State Street CorporationD		257,485		13,883,591
SunTrust Banks, Inc.		125,341		5,149,008
Synchrony Financial*		108,289		2,737,546
T. Rowe Price Group, Inc.D		22,689		1,655,616
Taubman Centers, Inc. REIT		18,627		1,382,123
Travelers Cos., Inc. (The)		114,101		13,582,583
U.S. Bancorp		53,127		2,142,612
Unum Group		60,120		1,911,215
Voya Financial, Inc.		151,556		3,752,527
Wells Fargo & Co.		426,835		20,202,101
Zions BancorporationD		157,500		3,957,975
				283,126,369
Healthcare — 10.7%
Abbott Laboratories		47,970		1,885,701
Aetna, Inc.D		7,378		901,075
Amgen, Inc.		30,080		4,576,672
Anthem, Inc.D		156,369		20,537,504
Baxter International, Inc.D		73,710		3,333,166
Biogen, Inc.*		3,731		902,230
Cardinal Health, Inc.D		139,958		10,918,124
Cigna Corporation		46,749		5,983,405
Express Scripts Holding Co.*		157,135		11,910,833
Gilead Sciences, Inc.		119,470		9,966,187
HCA Holdings, Inc.*		3,253		250,514
Humana, Inc.D		244		43,891
Johnson & Johnson		345,727		41,936,685
Ligand Pharmaceuticals, Inc.D*		25,624		3,056,175
Myriad Genetics, Inc.D*		14,897		455,848
Quest Diagnostics, Inc.		52,191		4,248,869
Thermo Fisher Scientific, Inc.		6,998		1,034,025
United Therapeutics CorporationD*		43,919		4,651,900
UnitedHealth Group, Inc.		55,200		7,794,240
				134,387,044
Materials & Processing — 2.8%
Air Products & Chemicals, Inc.		85,125		12,091,155
Allegheny Technologies, Inc.D		160,685		2,048,734
Celanese Corporation Series A		2,888		189,020
Domtar CorporationD		37,559		1,314,941
Dow Chemical Co. (The)		108,100		5,373,651
International Paper Co.		53,553		2,269,576
Monsanto Co.		5,007		517,774
Praxair, Inc.		1,138		127,900
Reliance Steel & Aluminum Co.		32,766		2,519,705
Sealed Air Corporation		172,434		7,926,791
Steel Dynamics, Inc.		15,699		384,625
				34,763,872
Producer Durables — 9.8%
Alaska Air Group, Inc.D		56,420		3,288,722

	Shares		Value
American Airlines Group, Inc.		75,112	$	2,126,421
Avery Dennison Corporation		4,676		349,531
Caterpillar, Inc.D		18,232		1,382,168
CSX Corporation		31,199		813,670
Danaher Corporation		14,562		1,470,762
Deere & Co.D		72,443		5,870,781
Delta Air Lines, Inc.		111,167		4,049,814
Emerson Electric Co.D		17,546		915,199
FedEx Corporation		14,760		2,240,273
General Dynamics Corporation		77,162		10,744,037
General Electric Co.		640,228		20,154,377
Hawaiian Holdings, Inc.*		68,717		2,608,497
Honeywell International, Inc.		59,700		6,944,304
Huntington Ingalls Industries, Inc.		13,107		2,202,369
Norfolk Southern Corporation		121,952		10,381,774
Northrop Grumman CorporationD		21,350		4,745,678
Quanta Services, Inc.*		33,067		764,509
Raytheon Co.		6,002		815,972
Southwest Airlines Co.		101,108		3,964,445
Spirit AeroSystems Holdings, Inc. Class A*		59,470		2,557,210
Terex CorporationD		197,260		4,006,351
Textron, Inc.		238,395		8,715,721
Union Pacific Corporation		23,261		2,029,522
United Continental Holdings, Inc.*		92,376		3,791,111
United Technologies Corporation		142,896		14,653,985
Waste Management, Inc.		2,524		167,265
Xerox Corporation		100,759		956,203
				122,710,671
Technology — 11.8%
Apple, Inc.		15,060		1,439,736
Applied Materials, Inc.		290,093		6,953,529
Aspen Technology, Inc.D*		31,635		1,272,992
CA, Inc.		65,247		2,142,059
Cadence Design Systems, Inc.D*		24,309		590,709
Cisco Systems, Inc.		472,141		13,545,725
Citrix Systems, Inc.*		34,424		2,757,018
Corning, Inc.		337,459		6,911,160
Cypress Semiconductor CorporationD		464,500		4,900,475
EMC Corporation		57,003		1,548,772
Hewlett Packard Enterprise Co.		56,439		1,031,141
HP, Inc.D		56,921		714,359
Intel CorporationD		667,202		21,884,226
International Business Machines CorporationD		9,004		1,366,627
Micron Technology, Inc.D*		168,600		2,319,936
Microsoft Corporation		465,413		23,815,183
Oracle Corporation		390,875		15,998,514
QUALCOMM, Inc.		205,100		10,987,207
Symantec Corporation		249,700		5,128,838
Take-Two Interactive Software, Inc.D*		85,002		3,223,276
Texas Instruments, Inc.		166,900		10,456,285
VeriSign, Inc.D*		52,955		4,578,489
VMware, Inc. Class AD*		1,815		103,854
Western Digital Corporation		91,925		4,344,375
Yahoo!, Inc.*		28,336		1,064,300
				149,078,785

See Notes to Financial Statements.

135

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Utilities — 8.0%
AES Corporation		780,145	$	9,736,210
American Electric Power Co., Inc.D		137,053		9,606,045
AT&T, Inc.		738,574		31,913,782
Dominion Resources, Inc.D		18,868		1,470,383
Duke Energy CorporationD		22,549		1,934,479
Edison International		69,673		5,411,502
Entergy Corporation		65,264		5,309,226
Exelon Corporation		48,644		1,768,696
FirstEnergy Corporation		13,181		460,149
Great Plains Energy, Inc.		24,681		750,302
NextEra Energy, Inc.		15,061		1,963,954
NRG Energy, Inc.		112,583		1,687,619
PG&E Corporation		16,229		1,037,358
Public Service Enterprise Group, Inc.		78,280		3,648,631
Southern Co. (The)		30,727		1,647,889
T-Mobile US, Inc.D*		3,566		154,301
Verizon Communications, Inc.		401,469		22,418,029
				100,918,555
Total Common Stocks (Cost $958,407,123)				1,100,850,996
FOREIGN COMMON STOCKS — 9.5%
Bermuda — 0.7%
Assured Guaranty, Ltd.		59,731		1,515,375
AXIS Capital Holdings, Ltd.D		13,580		746,900
Everest Re Group, Ltd.		13,840		2,528,153
Nabors Industries, Ltd.		428,793		4,309,370
				9,099,798
British Virgin Islands — 0.4%
Michael Kors Holdings, Ltd.D*		94,567		4,679,175
Canada — 0.1%
Bank of MontrealD		10,505		665,912
Thomson Reuters Corporation		9,792		395,793
				1,061,705
Cayman Islands — 0.3%
Herbalife, Ltd.D*		53,635		3,139,257
Curacao — 0.3%
Schlumberger, Ltd.		45,539		3,601,224
France — 0.9%
Sanofi ADRD		284,200		11,893,770
Ireland — 3.5%
CRH PLC ADRD		301,300		8,912,454
Eaton Corporation PLCD		14,922		891,291
ICON PLC*		8,517		596,275
Medtronic PLC		208,078		18,054,928
Pentair PLCD		81,964		4,777,682

	Shares		Value
Tyco International PLC		148,270	$	6,316,302
XL Group PLC		115,800		3,857,298
				43,406,230
Netherlands — 0.5%
LyondellBasell Industries NV Class A		60,162		4,477,256
Mylan NVD*		53,012		2,292,239
				6,769,495
Panama — 0.0%
Carnival CorporationD		13,352		590,158
Singapore — 0.0%
Flextronics International, Ltd.*		37,474		442,193
Switzerland — 0.2%
Chubb, Ltd.		15,121		1,976,466
Transocean, Ltd.D		34,191		406,531
				2,382,997
United Kingdom — 2.6%
BP PLC ADRD		348,600		12,378,786
Ensco PLC Class AD		387,340		3,761,071
GlaxoSmithKline PLC ADRD		251,800		10,913,012
Noble Corporation PLCD		202,040		1,664,810
Rowan Cos. PLC Class AD		204,672		3,614,507
				32,332,186
Total Foreign Common Stocks (Cost $121,469,126)				119,398,188
MONEY MARKET FUNDS — 18.1%
GuideStone Money Market Fund (Investor Class)¥		30,811,321		30,811,321
Northern Institutional Liquid Assets Portfolio§		197,109,325		197,109,325
Total Money Market Funds (Cost $227,920,646)				227,920,646
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.30%, 09/15/16W‡‡	$	650,000		649,731
0.43%, 12/08/16W‡‡		3,200,000		3,196,000
Total U.S. Treasury Obligations (Cost $3,843,615)				3,845,731
TOTAL INVESTMENTS — 115.4% (Cost $1,311,640,510)				1,452,015,561
Liabilities in Excess of Other Assets — (15.4)%				(193,431,188	)
Net Assets — 100.0%			$	1,258,584,373

See Notes to Financial Statements.

136

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		22.5
Money Market Funds		18.1
Technology		11.8
Healthcare		10.7
Producer Durables		9.8
Foreign Common Stocks		9.5
Energy		9.3
Utilities		8.0
Consumer Discretionary		7.6
Consumer Staples		5.0
Materials & Processing		2.8
U.S. Treasury Obligations		0.3
		115.4

See Notes to Financial Statements.

137

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	1,100,850,996		$	1,100,850,996		$	—	$	—
Foreign Common Stocks		119,398,188			119,398,188			—		—
Money Market Funds		227,920,646			227,920,646			—��		—
U.S. Treasury Obligations		3,845,731			—			3,845,731		—
Total Assets — Investments in Securities	$	1,452,015,561		$	1,448,169,830		$	3,845,731	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(175,934	)	$	(175,934	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(175,934	)	$	(175,934	)	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

138

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 86.0%
Consumer Discretionary — 16.1%
Amazon.com, Inc.*		83,099	$	59,467,306
Chipotle Mexican Grill, Inc.D*		22,387		9,016,588
Costco Wholesale Corporation		78,723		12,362,660
Discovery Communications, Inc. Class AD*		33,288		839,856
Discovery Communications, Inc. Class C*		149,601		3,567,984
eBay, Inc.*		437,819		10,249,343
Estee Lauder Cos., Inc. (The) Class A		128,715		11,715,639
L Brands, Inc.D		145,423		9,762,246
Liberty Interactive Corporation QVC Group Class AD*		583,383		14,800,427
Netflix, Inc.*		121,629		11,126,621
Priceline Group, Inc. (The)*		12,992		16,219,343
Starbucks Corporation		232,605		13,286,397
TripAdvisor, Inc.D*		307,840		19,794,112
Under Armour, Inc. Class AD*		186,236		7,473,651
Under Armour, Inc. Class C*		239,536		8,719,103
Yum! Brands, Inc.		107,996		8,955,028
				217,356,304
Consumer Staples — 5.1%
Coca-Cola Co. (The)		295,765		13,407,027
Mead Johnson Nutrition Co.		114,904		10,427,538
Monster Beverage Corporation*		106,537		17,121,561
Procter & Gamble Co. (The)		149,041		12,619,302
Walgreens Boots Alliance, Inc.		172,645		14,376,149
				67,951,577
Financial Services — 14.4%
American Express Co.		55,241		3,356,443
Charles Schwab Corporation (The)		441,158		11,165,709
Crown Castle International Corporation REIT		180,145		18,272,107
Equinix, Inc. REIT		27,317		10,591,620
FactSet Research Systems, Inc.		42,658		6,885,854
FleetCor Technologies, Inc.*		51,341		7,348,437
Greenhill & Co., Inc.D		30,768		495,365
Intercontinental Exchange, Inc.		47,079		12,050,341
LendingClub CorporationD*		536,185		2,305,596
MasterCard, Inc. Class A		156,936		13,819,784
PayPal Holdings, Inc.*		483,133		17,639,186
SEI Investments Co.		219,886		10,578,716
Visa, Inc. Class AD		1,078,418		79,986,263
				194,495,421
Healthcare — 13.6%
Alexion Pharmaceuticals, Inc.*		137,796		16,089,061
Amgen, Inc.		51,985		7,909,518
athenahealth, Inc.D*		50,463		6,964,399
Biogen, Inc.*		76,629		18,530,425
BioMarin Pharmaceutical, Inc.*		114,716		8,924,905
Bristol-Myers Squibb Co.		163,950		12,058,522
Celgene Corporation*		169,607		16,728,338
Cerner Corporation*		271,774		15,925,956
DaVita HealthCare Partners, Inc.*		97,140		7,510,865
DENTSPLY SIRONA, Inc.		133,604		8,288,792
Edwards Lifesciences Corporation*		92,130		9,188,125
Express Scripts Holding Co.*		130,181		9,867,720

	Shares		Value
Illumina, Inc.D*		69,057	$	9,694,222
IMS Health Holdings, Inc.*		8,140		206,430
Incyte Corporation*		68,800		5,502,624
Intuitive Surgical, Inc.*		17,618		11,652,721
Quintiles Transnational Holdings, Inc.*		8,311		542,875
Regeneron Pharmaceuticals, Inc.*		26,000		9,079,980
Varian Madical Systems, Inc.D*		102,172		8,401,604
				183,067,082
Materials & Processing — 2.1%
Ecolab, Inc.		95,205		11,291,313
Fastenal Co.D		152,308		6,760,952
Monsanto Co.		91,225		9,433,577
				27,485,842
Producer Durables — 3.5%
Automatic Data Processing, Inc.		38,286		3,517,335
Danaher Corporation		130,823		13,213,123
Expeditors International of Washington, Inc.		229,164		11,238,202
National Instruments Corporation		81,930		2,244,882
United Parcel Service, Inc. Class B		96,669		10,413,185
Wabtec CorporationD		99,739		7,004,670
				47,631,397
Technology — 31.2%
Adobe Systems, Inc.*		238,195		22,816,699
Akamai Technologies, Inc.D*		130,094		7,276,157
Alphabet, Inc. Class A*		64,228		45,186,325
Alphabet, Inc. Class C*		51,838		35,877,080
Amphenol Corporation Class A		181,336		10,395,993
Analog Devices, Inc.		25,533		1,446,189
ANSYS, Inc.*		67,186		6,097,130
Autodesk, Inc.*		162,990		8,824,279
Cisco Systems, Inc.		583,344		16,736,139
Cognizant Technology Solutions Corporation Class A*		128,797		7,372,340
Electronic Arts, Inc.*		210,443		15,943,162
Facebook, Inc. Class A*		709,839		81,120,401
Intuit, Inc.		72,892		8,135,476
LinkedIn Corporation Class A*		53,641		10,151,559
Microsoft Corporation		472,167		24,160,785
NetSuite, Inc.D*		90,150		6,562,920
Oracle Corporation		431,064		17,643,450
Palo Alto Networks, Inc.*		71,167		8,727,921
QUALCOMM, Inc.		569,377		30,501,526
Rovi Corporation*		7		109
salesforce.com, Inc.*		488,116		38,761,292
SBA Communications Corporation Class A*		74,730		8,066,356
Splunk, Inc.D*		154,183		8,353,635
				420,156,923
Total Common Stocks (Cost $972,718,742)				1,158,144,546

See Notes to Financial Statements.

139

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
FOREIGN COMMON STOCKS — 10.1%
Bermuda — 0.6%
Genpact, Ltd.*		320,483	$	8,601,764
China — 3.3%
Alibaba Group Holding, Ltd. ADRD*		395,595		31,461,670
Baidu, Inc. ADR*		76,200		12,584,430
				44,046,100
Curacao — 1.3%
Schlumberger, Ltd.		215,791		17,064,752
France — 1.0%
Danone SA ADR		953,929		13,517,174
Netherlands — 1.1%
Mobileye NVD*		154,581		7,132,368
NXP Semiconductor NV*		106,959		8,379,168
				15,511,536
Switzerland — 0.7%
Novartis AG ADRD		110,179		9,090,869
United Kingdom — 2.1%
ARM Holdings PLC ADRD		197,527		8,989,454
Liberty Global PLC Class AD*		77,582		2,254,533
Liberty Global PLC LiLAC Class A*		9,680		312,271
Liberty Global PLC LiLAC Class C*		30,301		984,483
Liberty Global PLC, Series C*		242,858		6,957,882
Nielsen Holdings PLCD		171,935		8,935,462
				28,434,085
Total Foreign Common Stocks (Cost $138,483,547)				136,266,280

	Shares		Value
MONEY MARKET FUNDS — 18.0%
GuideStone Money Market Fund (Investor Class)¥		43,448,089	$	43,448,089
Northern Institutional Liquid Assets Portfolio§		198,241,722		198,241,722
Total Money Market Funds (Cost $241,689,811)				241,689,811
	Par
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bill 0.43%, 12/08/16W‡‡ (Cost $3,094,214)	$	3,100,000		3,096,125
TOTAL INVESTMENTS — 114.3% (Cost $1,355,986,314)				1,539,196,762
Liabilities in Excess of Other Assets — (14.3)%				(192,048,245	)
NET ASSETS — 100.0%			$	1,347,148,517

PORTFOLIO SUMMARY (based on net assets)

	%
Technology		31.2
Money Market Funds		18.0
Consumer Discretionary		16.1
Financial Services		14.4
Healthcare		13.6
Foreign Common Stocks		10.1
Consumer Staples		5.1
Producer Durables		3.5
Materials & Processing		2.1
U.S. Treasury Obligations		0.2
		114.3

See Notes to Financial Statements.

140

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	1,158,144,546		$	1,158,144,546		$	—	$	—
Foreign Common Stocks		136,266,280			136,266,280			—		—
Money Market Funds		241,689,811			241,689,811			—		—
U.S. Treasury Obligations		3,096,125			—			3,096,125		—
Total Assets — Investments in Securities	$	1,539,196,762		$	1,536,100,637		$	3,096,125	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(306,773	)	$	(306,773	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(306,773	)	$	(306,773	)	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

141

SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 88.8%
Consumer Discretionary — 13.1%
2U, Inc.D*		69,966	$	2,057,701
Aaron’s, Inc.		21,562		471,992
Avon Products, Inc.D		61,889		233,940
Big Lots, Inc.D		55,353		2,773,739
Bloomin’ Brands, Inc.		26,100		466,407
Bravo Brio Restaurant Group, Inc.D*		40,167		328,968
Bright Horizons Family Solutions, Inc.*		34,900		2,314,219
Burlington Stores, Inc.*		33,200		2,214,772
Cable One, Inc.		3,910		1,999,613
Carriage Services, Inc.D		38,730		917,126
Carrols Restaurant Group, Inc.*		16,587		197,385
Cavco Industries, Inc.*		4,450		416,965
Columbia Sportswear Co.		9,900		569,646
Cooper Tire & Rubber Co.		52,600		1,568,532
Dana Holding Corporation		26,800		283,008
Dave & Buster’s Entertainment, Inc.D*		19,300		903,047
Destination Maternity CorporationD		32,000		188,160
Destination XL Group, Inc.D*		330,288		1,509,416
Drew Industries, Inc.		30,650		2,600,346
Ethan Allen Interiors, Inc.D		47,800		1,579,312
Five Below, Inc.D*		23,700		1,099,917
Fox Factory Holding CorporationD*		86,660		1,505,284
Francesca’s Holdings CorporationD*		47,292		522,577
Gannett Co., Inc.		41,230		569,386
Genesco, Inc.D*		8,200		527,342
G-III Apparel Group, Ltd.D*		35,000		1,600,200
Goodyear Tire & Rubber Co. (The)		28,271		725,434
Grand Canyon Education, Inc.*		54,970		2,194,402
Gray Television, Inc.*		20,800		225,680
Hertz Global Holdings, Inc.D*		22,068		244,293
Hibbett Sports, Inc.D*		39,000		1,356,810
Inter Parfums, Inc.		29,800		851,386
Jack in the Box, Inc.		3,100		266,352
Kate Spade & Co.*		35,500		731,655
Kona Grill, Inc.D*		46,890		502,661
Lear Corporation		8,073		821,509
Libbey, Inc.		103,200		1,639,848
Lithia Motors, Inc. Class AD		16,200		1,151,334
Malibu Boats, Inc. Class AD*		68,433		826,671
Mattress Firm Holding CorporationD*		25,700		862,235
Meritor, Inc.D*		25,207		181,490
Monro Muffler Brake, Inc.D		39,850		2,532,866
Movado Group, Inc.D		24,624		533,848
MSG Networks, Inc. Class A*		57,377		880,163
New Media Investment Group, Inc.D		81,173		1,466,796
Nutrisystem, Inc.D		16,213		411,162
NVR, Inc.*		156		277,733
Ollie’s Bargain Outlet Holdings, Inc.D*		50,200		1,249,478
Pier 1 Imports, Inc.D		33,490		172,139
Rent-A-Center, Inc.D		68,775		844,557
Six Flags Entertainment CorporationD		5,700		330,315

	Shares		Value
Smith & Wesson Holding CorporationD*		74,236	$	2,017,735
Sportsman’s Warehouse Holdings, Inc.*		66,100		532,766
Stamps.com, Inc.D*		4,479		391,554
Steven Madden, Ltd.*		34,050		1,163,829
Strayer Education, Inc.D*		3,778		185,613
Tile Shop Holdings, Inc.*		12,600		250,488
Time, Inc.		104,635		1,722,292
Universal Electronics, Inc.*		76,906		5,558,766
Vail Resorts, Inc.D		3,880		536,332
Visteon Corporation*		1,872		123,196
VOXX International Corporation*		48,785		136,110
WABCO Holdings, Inc.*		4,400		402,908
William Lyon Homes Class AD*		60,100		968,812
ZAGG, Inc.D*		171,290		899,273
Zoe’s Kitchen, Inc.D*		10,201		369,990
				65,959,481
Consumer Staples — 1.7%
Andersons, Inc. (The)D		30,100		1,069,754
Blue Buffalo Pet Products, Inc.D*		16,700		389,778
Dean Foods Co.D		100,385		1,815,965
Diplomat Pharmacy, Inc.D*		43,700		1,529,500
Ingredion, Inc.		1,871		242,126
Medifast, Inc.		21,251		707,021
Nu Skin Enterprises, Inc. Class A		7,542		348,365
Omega Protein CorporationD*		60,122		1,201,839
Sanderson Farms, Inc.D		2,355		204,037
TreeHouse Foods, Inc.*		10,400		1,067,560
				8,575,945
Energy — 3.4%
American Standard Energy Corporation*		8,702		43
Archrock, Inc.		36,110		340,156
Atwood Oceanics, Inc.D		115,855		1,450,505
Bill Barrett Corporation*		42,523		271,722
CARBO Ceramics, Inc.D		66,500		871,150
Diamond Offshore Drilling, Inc.		6,220		151,333
Diamondback Energy, Inc.D*		5,580		508,952
Dril-Quip, Inc.D*		7,878		460,312
Gulfport Energy Corporation*		96,440		3,014,714
Matador Resources Co.D*		45,900		908,820
Matrix Service Co.*		11,857		195,522
Oceaneering International, Inc.		12,765		381,163
Oil States International, Inc.*		9,924		326,301
Parsley Energy, Inc. Class A*		20,500		554,730
PBF Energy, Inc. Class AD		74,275		1,766,259
PDC Energy, Inc.D*		18,000		1,036,980
Pioneer Energy Services CorporationD*		32,453		149,284
Renewable Energy Group, Inc.D*		16,539		146,039
REX American Resources CorporationD*		11,712		700,729
Ring Energy, Inc.*		145,489		1,283,213
RSP Permian, Inc.D*		31,490		1,098,686
Southwestern Energy Co.D*		61,400		772,412
Superior Energy Services, Inc.D		20,490		377,221

See Notes to Financial Statements.

142

	Shares		Value
Synergy Resources CorporationD*		67,010	$	446,287
				17,212,533
Financial Services — 18.7%
American Equity Investment Life Holding Co.D		62,050		884,212
American Financial Group, Inc.		8,576		634,024
AMERISAFE, Inc.		62,215		3,808,802
AmTrust Financial Services, Inc.D		76,290		1,869,105
Ashford Hospitality Trust, Inc. REIT		317,867		1,706,946
Assurant, Inc.		8,897		767,900
BancFirst CorporationD		6,110		368,555
Bancorp, Inc. (The)D*		132,500		797,650
Bank of the Ozarks, Inc.D		11,000		412,720
Bats Global Markets, Inc.*		12,735		327,162
Berkshire Hills Bancorp, Inc.		31,839		857,106
Blackhawk Network Holdings, Inc.*		46,400		1,553,936
Bofl Holding, Inc.D*		79,100		1,400,861
Brandywine Realty Trust REIT		30,346		509,813
Cardtronics, Inc.D*		29,500		1,174,395
Care Capital Properties, Inc. REIT		17,457		457,548
Cathay General BancorpD		4,800		135,360
CBL & Associates Properties, Inc. REITD		161,913		1,507,410
Central Pacific Financial Corporation		68,318		1,612,305
Chemical Financial CorporationD		41,751		1,556,895
Community Bank System, Inc.D		16,570		680,861
CoreSite Realty Corporation REITD		18,660		1,654,955
CubeSmart REIT		21,390		660,523
Customers Bancorp, Inc.*		9,199		231,171
Enterprise Financial Services Corporation		10,257		286,068
EverBank Financial Corporation		41,420		615,501
Evercore Partners, Inc. Class A		12,682		560,418
Fair Isaac CorporationD		10,900		1,231,809
FBR & Co.		5,735		85,624
Federal Agricultural Mortgage Corporation Class CD		23,933		833,347
Federated National Holding Co.D		7,239		137,831
Financial Engines, Inc.D		14,500		375,115
First Commonwealth Financial CorporationD		92,410		850,172
First NBC Bank Holding Co.*		30,740		516,125
First Potomac Realty Trust REITD		49,861		458,721
Flagstar Bancorp, Inc.D*		85,856		2,095,745
FNB Corporation		80,000		1,003,200
Genworth Financial, Inc. Class A*		271,863		701,407
Gramercy Property Trust REITD		88,639		817,252
Great Western Bancorp, Inc.		51,680		1,629,987
Green Dot Corporation Class AD*		111,428		2,561,730
Hanmi Financial Corporation		30,932		726,593

	Shares		Value
Hanover Insurance
Group, Inc. (The)		15,905	$	1,345,881
HCI Group, Inc.D		26,940		734,923
Hersha Hospitality Trust REITD		97,679		1,675,195
HFF, Inc. Class A*		57,200		1,651,936
Highwoods Properties, Inc. REIT		18,885		997,128
Hospitality Properties Trust REITD		76,505		2,203,344
KCG Holdings, Inc. Class A*		22,282		296,351
Kennedy-Wilson Holdings, Inc.D		106,525		2,019,714
LaSalle Hotel Properties REITD		35,938		847,418
Mack-Cali Realty Corporation REIT		78,029		2,106,783
MGIC Investment Corporation*		77,746		462,589
National General Holdings Corporation		92,220		1,975,352
National Storage Affiliates Trust REITD		93,264		1,941,756
Navient Corporation		75,814		905,977
Northrim BanCorp, Inc.		1,504		39,540
Old Republic International Corporation		121,143		2,336,848
Pacific Premier Bancorp, Inc.*		39,430		946,320
Physicians Realty Trust REIT		37,990		798,170
Pinnacle Financial Partners, Inc.D		14,820		723,957
PrivateBancorp, Inc.		22,850		1,006,086
ProAssurance Corporation		32,360		1,732,878
Radian Group, Inc.		33,527		349,351
Reinsurance Group of America, Inc.		24,151		2,342,405
RLJ Lodging Trust REIT		38,843		833,182
Ryman Hospitality Properties, Inc. REIT		37,532		1,900,996
Safeguard Scientifics, Inc.D*		59,300		740,657
Select Income REITD		42,314		1,099,741
Senior Housing Properties Trust REIT		37,301		776,980
Summit Hotel Properties, Inc. REIT		167,160		2,213,198
Taubman Centers, Inc. REIT		25,811		1,915,176
TCF Financial Corporation		42,312		535,247
Texas Capital Bancshares, Inc.*		29,770		1,392,045
THL Credit, Inc.D		90,255		1,004,538
UMH Properties, Inc. REITD		24,442		274,972
United Community Banks, Inc.		43,490		795,432
Universal Insurance Holdings, Inc.		19,588		363,945
Voya Financial, Inc.		103,791		2,569,865
Waddell & Reed Financial, Inc. Class AD		5,431		93,522
Walker & Dunlop, Inc.*		30,104		685,769
WEX, Inc.*		24,000		2,128,080
WisdomTree Investments, Inc.D		109,900		1,075,921
WP Glimcher, Inc. REIT		140,694		1,574,366
Xenia Hotels & Resorts, Inc. REITD		64,529		1,082,797
				93,553,191
Healthcare — 10.8%
ABIOMED, Inc.*		3,282		358,690
Acorda Therapeutics, Inc.D*		17,103		436,212

See Notes to Financial Statements.

143

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Adeptus Health, Inc. Class AD*		4,329	$	223,636
Air Methods CorporationD*		60,402		2,164,204
Align Technology, Inc.*		17,700		1,425,735
Amedisys, Inc.*		2,946		148,714
American Renal Associates Holdings, Inc.*		32,400		938,628
AMN Healthcare Services, Inc.D*		20,786		830,816
Analogic CorporationD		17,780		1,412,443
Anika Therapeutics, Inc.D*		3,616		193,998
BioScrip, Inc.D*		120,829		308,114
BioTelemetry, Inc.*		20,497		334,101
Cempra, Inc.D*		34,000		560,660
Civitas Solutions, Inc.D*		62,400		1,299,792
Community Health Systems, Inc.D*		93,500		1,126,675
Cynosure, Inc. Class A*		35,478		1,725,827
Dermira, Inc.*		47,000		1,374,750
Emergent BioSolutions, Inc.*		53,572		1,506,445
Enanta Pharmaceuticals, Inc.D*		10,635		234,502
Endologix, Inc.D*		100,100		1,247,246
ExamWorks Group, Inc.D*		22,100		770,185
Five Prime Therapeutics, Inc.*		25,259		1,044,460
Five Star Quality Care, Inc.+*		2,086		—
Globus Medical, Inc. Class AD*		58,600		1,396,438
Inogen, Inc.D*		40,700		2,039,477
Integra LifeSciences Holdings CorporationD*		34,763		2,773,392
Intercept Pharmaceuticals, Inc.D*		2,527		360,552
Intra-Cellular Therapies, Inc.D*		32,878		1,276,324
Kindred Healthcare, Inc.D		97,375		1,099,364
Lannett Co., Inc.D*		86,995		2,069,611
LDR Holding CorporationD*		6,300		232,785
Lexicon Pharmaceuticals, Inc.D*		13,300		190,855
Luminex CorporationD*		8,465		171,247
Magellan Health, Inc.*		5,557		365,484
Masimo Corporation*		27,140		1,425,257
Neurocrine Biosciences, Inc.D*		2,500		113,625
Nevro CorporationD*		16,519		1,218,442
NuVasive, Inc.D*		17,453		1,042,293
NxStage Medical, Inc.*		4,540		98,427
PRA Health Sciences, Inc.D*		42,000		1,753,920
Press Ganey Holdings, Inc.*		48,200		1,896,670
Repligen Corporation*		5,490		150,206
Seres Therapeutics, Inc.D*		24,828		721,253
Stemline Therapeutics, Inc.D*		34,800		235,596
Surgical Care Affiliates, Inc.D*		41,165		1,962,336
Team Health Holdings, Inc.D*		46,000		1,870,820
TESARO, Inc.*		2,200		184,910
Ultragenyx Pharmaceutical, Inc.D*		2,905		142,084
United Therapeutics CorporationD*		12,491		1,323,047
US Physical Therapy, Inc.D		36,720		2,210,911
Vanda Pharmaceuticals, Inc.D*		27,768		310,724
VCA, Inc.*		23,400		1,582,074
WellCare Health Plans, Inc.*		7,400		793,872
West Pharmaceutical Services, Inc.		44,490		3,375,901
				54,053,730
Materials & Processing — 6.8%
A. Schulman, Inc.		6,000		146,520
Cabot Corporation		7,644		349,025

	Shares			Value
Clearwater Paper Corporation*		2,360		$	154,273
Comfort Systems USA, Inc.		17,016			554,211
Ferro Corporation*		51,540			689,605
FMC CorporationD		17,200			796,532
FutureFuel Corporation		72,624			790,149
Global Brass & Copper Holdings, Inc.		5,326			145,347
Insteel Industries, Inc.D		63,102			1,804,086
Interface, Inc.		59,620			909,205
Kaiser Aluminum Corporation		22,879			2,068,490
Koppers Holdings, Inc.*		47,400			1,456,602
Landec CorporationD*		44,320			476,883
LB Foster Co. Class A		65,323			711,367
LSB Industries, Inc.D*		98,304			1,187,512
Mercer International, Inc.		70,418			561,936
Myers Industries, Inc.		25,898	��		372,931
NN, Inc.D		97,174			1,359,464
Olympic Steel, Inc.		4,380			119,618
OMNOVA Solutions, Inc.D*		171,569			1,243,875
Owens Corning		33,899			1,746,477
P.H. Glatfelter Co.		48,310			944,944
Patrick Industries, Inc.D*		80,380			4,846,110
PolyOne Corporation		65,775			2,317,911
RBC Bearings, Inc.D*		21,000			1,522,500
Reliance Steel & Aluminum Co.		27,480			2,113,212
Rexnord Corporation*		77,400			1,519,362
Ryerson Holding CorporationD*		23,031			403,043
Summit Materials, Inc. Class AD*		67,130			1,373,480
U.S. Silica Holdings, Inc.D		9,751			336,117
United States Steel CorporationD		16,180			272,795
Universal Stainless & Alloy Products, Inc.*		55,449			604,394
					33,897,976
Producer Durables — 17.5%
ACCO Brands Corporation*		404,459			4,178,061
Actuant Corporation Class AD		14,770			333,950
Advanced Energy Industries, Inc.*		17,600			668,096
Advisory Board Co. (The)D*		48,900			1,730,571
Aegion Corporation*		99,561			1,942,435
Albany International Corporation Class A		65,700			2,623,401
Allegiant Travel Co.		11,750			1,780,125
Astec Industries, Inc.		4,300			241,445
Astronics CorporationD*		69,101			2,298,299
Atlas Air Worldwide Holdings, Inc.D*		53,336			2,209,177
AZZ, Inc.		53,721			3,222,186
Babcock & Wilcox Enterprises, Inc.*		20,045			294,461
Booz Allen Hamilton Holding Corporation		17,200			509,808
Brink’s Co. (The)		37,614			1,071,623
Bristow Group, Inc.D		11,599			132,345
BWX Technologies, Inc.		38,138			1,364,196
CEB, Inc.		19,400			1,196,592
Columbus McKinnon Corporation		107,035			1,514,545
Crane Co.		24,200			1,372,624
DHI Group, Inc.*		14,088			87,768
Ducommun, Inc.*		47,077			931,183

See Notes to Financial Statements.

144

	Shares		Value
DXP Enterprises, Inc.D*		20,600	$	307,558
Dycom Industries, Inc.D*		13,054		1,171,727
EMCOR Group, Inc.		76,009		3,744,203
EnerSys, Inc.		39,270		2,335,387
ExlService Holdings, Inc.*		49,450		2,591,675
FARO Technologies, Inc.D*		22,000		744,260
G&K Services, Inc. Class A		17,000		1,301,690
GP Strategies CorporationD*		11,130		241,410
Granite Construction, Inc.D		12,400		564,820
Greenbrier Cos., Inc. (The)D		57,030		1,661,284
Hawaiian Holdings, Inc.*		18,276		693,757
Healthcare Services Group, Inc.D		37,450		1,549,681
Huntington Ingalls Industries, Inc.		11,946		2,007,286
Huron Consulting Group, Inc.*		21,600		1,305,072
ICF International, Inc.*		18,000		736,200
John Bean Technologies Corporation		10,300		630,566
Joy Global, Inc.D		10,500		221,970
KBR, Inc.		56,200		744,088
Keysight Technologies, Inc.*		34,800		1,012,332
Knight Transportation, Inc.D		63,200		1,679,856
Littelfuse, Inc.		14,000		1,654,660
Lydall, Inc.*		28,250		1,089,320
MAXIMUS, Inc.		28,400		1,572,508
Milacron Holdings Corporation*		70,800		1,027,308
MYR Group, Inc.D*		52,299		1,259,360
Old Dominion Freight Line, Inc.*		21,160		1,276,160
On Assignment, Inc.*		78,700		2,907,965
Orbital ATK, Inc.		25,031		2,131,139
OSI Systems, Inc.D*		23,930		1,391,051
Quanta Services, Inc.D*		65,414		1,512,372
SkyWest, Inc.D		29,857		790,016
Spirit AeroSystems Holdings, Inc. Class A*		30,646		1,317,778
Spirit Airlines, Inc.D*		27,500		1,233,925
Tidewater, Inc.D		197,815		872,364
Titan Machinery, Inc.D*		33,870		377,651
TriNet Group, Inc.*		45,800		952,182
Triumph Group, Inc.D		55,500		1,970,250
Wabash National CorporationD*		142,629		1,811,388
Wabtec CorporationD		17,680		1,241,666
WageWorks, Inc.*		36,150		2,162,132
Watts Water Technologies, Inc. Class A		13,000		757,380
Wesco Aircraft Holdings, Inc.D*		138,300		1,855,986
WESCO International, Inc.D*		24,376		1,255,120
Zebra Technologies Corporation Class AD*		7,200		360,720
				87,728,114
Technology — 12.5%
Acacia Research CorporationD		205,878		905,863
Aspen Technology, Inc.D*		45,636		1,836,393
Black Box CorporationD		71,629		936,907
Blackbaud, Inc.D		12,900		875,910
BroadSoft, Inc.*		24,000		984,720
CACI International, Inc. Class A*		5,100		461,091
Coherent, Inc.*		4,045		371,250

	Shares		Value
CommScope Holding Co., Inc.D*		43,462	$	1,348,626
comScore, Inc.D*		24,700		589,836
Cypress Semiconductor CorporationD		65,800		694,190
DigitalGlobe, Inc.D*		18,700		399,993
Dolby Laboratories, Inc. Class AD		12,553		600,661
EarthLink Holdings Corporation		157,080		1,005,312
Envestnet, Inc.D*		62,800		2,091,868
Evolent Health, Inc. Class AD*		37,400		718,080
Extreme Networks, Inc.D*		172,585		585,063
Global Eagle Entertainment, Inc.D*		60,500		401,720
IAC/InterActiveCorp		12,756		718,163
Inphi Corporation*		13,600		435,608
Insight Enterprises, Inc.*		6,540		170,040
Integrated Device Technology, Inc.*		51,108		1,028,804
Interactive Intelligence Group, Inc.D*		55,059		2,256,868
InterDigital, Inc.D		38,770		2,158,714
IxiaD*		15,000		147,300
Kulicke & Soffa Industries, Inc.*		37,102		451,531
LogMeIn, Inc.D*		6,500		412,295
MACOM Technology Solutions Holdings, Inc.D*		42,800		1,411,544
MaxLinear, Inc. Class A*		26,673		479,581
Microsemi Corporation*		20,100		656,868
MicroStrategy, Inc. Class AD*		961		168,194
MKS Instruments, Inc.D		63,700		2,742,922
Monotype Imaging Holdings, Inc.		22,300		549,249
NeuStar, Inc. Class AD*		36,693		862,652
NIC, Inc.*		69,500		1,524,830
Nuance Communications, Inc.*		33,300		520,479
Paycom Software, Inc.D*		49,800		2,151,858
Proofpoint, Inc.D*		8,200		517,338
Q2 Holdings, Inc.*		66,400		1,860,528
Qlik Technologies, Inc.*		51,200		1,514,496
RetailMeNot, Inc.D*		89,999		693,892
RingCentral, Inc. Class A*		49,577		977,659
Sanmina Corporation*		30,692		822,853
Science Applications International CorporationD		29,300		1,709,655
Silicon Graphics International CorporationD*		174,608		878,278
Synaptics, Inc.D*		27,020		1,452,325
Synchronoss Technologies, Inc.*		67,584		2,153,226
Take-Two Interactive Software, Inc.D*		89,113		3,379,165
Teradata CorporationD*		13,598		340,902
Teradyne, Inc.		42,491		836,648
TESSCO Technologies, Inc.		50,499		701,431
Tyler Technologies, Inc.D*		21,514		3,586,599
Ultimate Software Group, Inc. (The)D*		15,100		3,175,379
Universal Display CorporationD*		18,580		1,259,724
Vishay Intertechnology, Inc.D		130,896		1,621,802
Web.com Group, Inc.D*		72,162		1,311,905
Zendesk, Inc.*		17,600		464,288
				62,913,076

See Notes to Financial Statements.

145

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Utilities — 4.3%
8x8, Inc.*		54,870	$	801,651
Cogent Communications Holdings, Inc.D		31,600		1,265,896
El Paso Electric Co.		16,140		762,938
FairPoint Communications, Inc.D*		67,743		994,467
Great Plains Energy, Inc.D		65,484		1,990,713
j2 Global, Inc.D		36,400		2,299,388
NorthWestern Corporation		5,892		371,608
NRG Energy, Inc.		56,614		848,644
Pinnacle West Capital Corporation		6,200		502,572
PNM Resources, Inc.		32,900		1,165,976
Portland General Electric Co.		39,334		1,735,416
Southwest Gas Corporation		16,901		1,330,278
Spire, Inc.		29,300		2,075,612
UGI Corporation		55,687		2,519,837
Vectren Corporation		34,610		1,822,909
West Corporation		62,150		1,221,869
				21,709,774
Total Common Stocks (Cost $420,221,497)				445,603,820
FOREIGN COMMON STOCKS — 7.7%
Belgium — 0.2%
Euronav NVD		109,076		1,000,227
Bermuda — 2.5%
Alpha & Omega Semiconductor, Ltd.D*		20,005		278,670
Aspen Insurance Holdings, Ltd.		44,153		2,047,816
Assured Guaranty, Ltd.		85,610		2,171,926
AXIS Capital Holdings, Ltd.D		12,213		671,715
Cosan, Ltd. Class A		33,773		219,862
Everest Re Group, Ltd.		12,937		2,363,202
Helen of Troy, Ltd.*		16,800		1,727,712
Nabors Industries, Ltd.		36,901		370,855
Tsakos Energy Navigation, Ltd.		37,586		176,278
Validus Holdings, Ltd.		47,367		2,301,562
				12,329,598
Canada — 1.5%
Celestica, Inc.D*		98,272		913,930
Dominion Diamond CorporationD		53,954		476,953
FirstService Corporation		7,242		331,901
IMAX CorporationD*		60,000		1,768,800
Masonite International CorporationD*		4,400		291,016
MDC Partners, Inc. Class AD		28,398		519,399
Mitel Networks CorporationD*		115,300		725,237
Nevsun Resources, Ltd.D		210,131		617,785
Open Text CorporationD		32,200		1,904,952
Performance Sports Group, Ltd.D*		63,420		190,260
				7,740,233
Cayman Islands — 0.4%
Ambarella, Inc.D*		11,600		589,396
Himax Technologies, Inc. ADRD		31,402		259,381
Nord Anglia Education, Inc.D*		63,600		1,344,504
				2,193,281
Curacao — 0.1%
Orthofix International NV*		9,663		409,711

	Shares		Value
France — 0.3%
Criteo SA ADRD*		13,000	$	596,960
DBV Technologies SA ADRD*		22,300		727,426
				1,324,386
Ireland — 0.2%
Horizon Pharma PLCD*		62,900		1,035,963
Israel — 0.3%
magicJack VocalTec, Ltd.D*		45,572		286,648
Orbotech, Ltd.*		18,595		475,102
SodaStream International, Ltd.D*		41,000		874,530
				1,636,280
Luxembourg — 0.4%
Altisource Portfolio Solutions SAD*		27,159		756,107
Trinseo SA		35,366		1,518,262
				2,274,369
Marshall Islands — 0.3%
DHT Holdings, Inc.D		253,387		1,274,537
Netherlands — 0.1%
AVG Technologies NVD*		28,158		534,720
Puerto Rico — 0.5%
OFG BancorpD		252,744		2,097,775
Popular, Inc.		8,595		251,834
				2,349,609
Taiwan — 0.2%
Silicon Motion Technology Corporation ADRD		20,700		989,460
United Kingdom — 0.7%
Ensco PLC Class A		125,957		1,223,043
Noble Corporation PLCD		43,566		358,984
Rowan Cos. PLC Class AD		109,055		1,925,911
				3,507,938
Total Foreign Common Stocks (Cost $38,208,428)				38,600,312
MASTER LIMITED PARTNERSHIP — 0.8%
Compass Diversified Holdings (Cost $3,559,121)		225,725		3,744,778
MONEY MARKET FUNDS — 35.3%
GuideStone Money Market Fund (Investor Class)¥		12,332,995		12,332,995
Northern Institutional Liquid Assets Portfolio§		164,795,467		164,795,467
Total Money Market Funds (Cost $177,128,462)				177,128,462
	Par
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)				—

See Notes to Financial Statements.

146

	Par		Value
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill 0.43%, 12/08/16W‡‡ (Cost $1,297,573)	$	1,300,000	$	1,298,375
TOTAL INVESTMENTS — 132.9% (Cost $640,415,081)				666,375,747
Liabilities in Excess of Other Assets — (32.9)%				(164,829,553	)
NET ASSETS — 100.0%			$	501,546,194

PORTFOLIO SUMMARY (based on net assets)

	%
Money Market Funds		35.3
Financial Services		18.7
Producer Durables		17.5
Consumer Discretionary		13.1
Technology		12.5
Healthcare		10.8
Foreign Common Stocks		7.7
Materials & Processing		6.8
Utilities		4.3
Energy		3.4
Consumer Staples		1.7
Master Limited Partnership		0.8
U.S. Treasury Obligation		0.3
Corporate Bonds		—	**
		132.9

^**  Rounds to less than 0.05%

See Notes to Financial Statements.

147

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, in valuing the Fund’s investments carried at fair value:

							Level 2		Level 3
	Total Value			Level 1 Quoted Prices			Other Significant Observable Inputs		Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks:
Consumer Discretionary	$	65,959,481		$	65,959,481		$	—	$	—
Consumer Staples		8,575,945			8,575,945			—		—
Energy		17,212,533			17,212,533			—		—
Financial Services		93,553,191			93,553,191			—		—
Healthcare		54,053,730			54,053,730			—		—
Materials & Processing		33,897,976			33,897,976			—		—
Producer Durables		87,728,114			87,728,114			—		—
Technology		62,913,076			62,913,076			—		—
Utilities		21,709,774			21,709,774			—		—
Corporate Bonds		—			—			—		—
Foreign Common Stocks		38,600,312			38,600,312			—		—
Master Limited Partnership		3,744,778			3,744,778			—		—
Money Market Funds		177,128,462			177,128,462			—		—
U.S. Treasury Obligation		1,298,375			—			1,298,375		—
Total Assets — Investments in Securities	$	666,375,747		$	665,077,372		$	1,298,375	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(125,831	)	$	(125,831	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(125,831	)	$	(125,831	)	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

148

INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 95.0%
Australia — 7.1%
AGL Energy, Ltd.		7,177	$	104,233
Alumina, Ltd.D		20,465		20,117
Amcor, Ltd.		11,424		128,447
AMP, Ltd.		32,305		125,900
APA Group		13,194		91,769
Asciano, Ltd.		5,505		36,525
ASX, Ltd.		1,900		65,418
Aurizon Holdings, Ltd.		25,222		91,513
AusNet Services		26,942		33,182
Australia & New Zealand Banking Group, Ltd.		31,151		567,573
Bank of Queensland, Ltd.		3,948		31,498
Bendigo and Adelaide Bank, Ltd.D		3,661		26,507
BHP Billiton, Ltd.		33,860		471,882
Boral, Ltd.		9,317		43,742
Brambles, Ltd.		15,826		147,758
Caltex Australia, Ltd.		2,589		62,421
Challenger, Ltd.		5,442		35,554
CIMIC Group, Ltd.		826		22,300
Coca-Cola Amatil, Ltd.		7,302		45,075
Cochlear, Ltd.		613		55,930
Commonwealth Bank of Australia		18,136		1,017,978
Computershare, Ltd.		5,174		35,778
CSL, Ltd.		4,822		406,652
Dexus Property Group REIT		9,600		65,142
Domino’s Pizza Enterprises, Ltd.		686		35,300
DUET Group		22,568		42,329
Flight Centre Travel Group, Ltd.D		449		10,682
Fortescue Metals Group, Ltd.		12,611		33,748
Goodman Group REIT		17,779		95,358
GPT Group (The) REIT		20,139		81,898
Harvey Norman Holdings, Ltd.		4,519		15,724
Healthscope, Ltd.		21,042		45,281
Incitec Pivot, Ltd.		17,247		38,742
Insurance Australia Group, Ltd.		26,988		111,171
Lend Lease Group		5,556		52,777
Macquarie Group, Ltd.		3,282		170,843
Medibank Pvt, Ltd.		28,244		62,633
Mirvac Group REIT		37,367		56,830
National Australia Bank, Ltd.		28,254		542,461
Newcrest Mining, Ltd.*		7,513		130,214
Orica, Ltd.D		3,852		35,833
Origin Energy, Ltd.		17,239		75,319
Platinum Asset Management, Ltd.		1,896		8,235
Qantas Airways, Ltd.*		4,384		9,287
QBE Insurance Group, Ltd.		15,735		124,300
Ramsay Health Care, Ltd.		1,607		86,851
REA Group, Ltd.		425		19,073
Rio Tinto, Ltd.		4,411		152,579
Santos, Ltd.		15,855		56,123
Scentre Group REIT		56,458		209,118
SEEK, Ltd.		3,958		45,437
Sonic Healthcare, Ltd.		3,771		61,155
South32, Ltd.*		53,136		62,317
Stockland REIT		26,872		95,275
Suncorp Group, Ltd.		13,771		126,279
Sydney Airport		10,990		57,386
Telstra Corporation, Ltd.		44,619		186,496

	Shares		Value
TPG Telecom, Ltd.		4,589	$	41,149
Transurban Group		21,851		196,807
Vicinity Centres REIT		34,448		85,943
Vocus Communications, Ltd.+		4,341		29,656
Wesfarmers, Ltd.		12,140		366,105
Westfield Corporation REIT		21,009		168,759
Westpac Banking Corporation		34,519		765,479
Woodside Petroleum, Ltd.		8,023		162,685
				8,486,531
Austria — 0.2%
ANDRITZ AG		720		34,140
Erste Group Bank AG*		2,713		61,770
OMV AG		1,545		43,431
Raiffeisen Bank International AG*		950		12,001
Voestalpine AG		1,220		41,060
				192,402
Belgium — 0.6%
Ageas		2,263		78,661
Colruyt SA		841		46,539
Delhaize Group		1,165		123,064
Groupe Bruxelles Lambert SA		909		74,543
KBC Groep NV*		2,494		122,658
Proximus SADP		1,749		55,581
Solvay SA		879		82,106
Telenet Group Holding NV*		773		35,347
UCB SA		1,384		103,921
Umicore SA		1,008		52,068
				774,488
Bermuda — 0.3%
Cheung Kong Infrastructure
Holdings, Ltd.		7,000		60,354
First Pacific Co., Ltd.		18,000		13,068
Jardine Matheson Holdings, Ltd.		2,600		151,606
Kerry Properties, Ltd.		5,000		12,379
Li & Fung, Ltd.		60,000		29,094
Noble Group, Ltd.*		42,800		6,481
NWS Holdings, Ltd.		12,725		20,142
Shangri-La Asia, Ltd.		10,000		10,040
Yue Yuen Industrial Holdings, Ltd.		8,000		31,707
				334,871
Denmark — 1.1%
AP Moeller - Maersk A/S Class A		39		49,154
AP Moeller - Maersk A/S Class BD		64		83,594
Chr. Hansen Holding A/S		1,203		79,007
Coloplast A/S Class B		1,373		102,775
Danske Bank A/S		7,506		197,561
DSV A/S		1,815		76,317
Genmab A/S*		624		113,785
ISS A/S		2,008		75,522
Novozymes A/S, B Shares		2,321		111,456
Pandora A/S		1,236		168,343
TDC A/S		8,509		41,698
Tryg A/S		970		17,367
Vestas Wind Systems A/S		2,437		165,642

See Notes to Financial Statements.

149

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
William Demant Holding A/SD*		1,035	$	20,147
				1,302,368
Finland — 1.0%
Elisa OYJ		1,415		54,369
Fortum OYJ		4,227		67,913
Kone OYJ Class B		3,585		165,450
Metso OYJD		913		21,465
Neste OYJ		1,361		48,804
Nokia OYJ		60,564		344,747
Nokian Renkaat OYJ		1,196		42,867
Orion OYJ Class B		1,276		49,547
Sampo OYJ, A Shares		4,612		188,615
Stora Enso OYJ, R Shares		7,178		57,726
UPM-Kymmene OYJ		5,350		98,284
Wartsila OYJ Abp		1,465		59,774
				1,199,561
France — 8.8%
Accor SAD		2,029		77,744
Aeroports de Paris		378		41,418
Air Liquide SA		3,612		376,306
Alstom SA*		1,430		33,017
Arkema SA		687		52,523
Atos SED		879		72,473
AXA SA		19,957		394,604
BNP Paribas SA		11,299		495,526
Bollore SA		12,114		40,782
Bouygues SA		1,998		57,240
Bureau Veritas SA		2,626		55,133
Capgemini SA		1,772		152,911
Carrefour SAD		6,126		150,674
Casino Guichard Perrachon SA		458		25,423
Christian Dior SE		582		93,232
Cie de St-Gobain		5,123		194,191
Cie Generale des Etablissements Michelin		2,030		191,309
CNP Assurances		1,390		20,508
Credit Agricole SA		11,379		95,663
Danone SA		6,021		421,367
Dassault Systemes		1,483		111,813
Edenred		2,232		45,703
Eiffage SA		593		42,157
Electricite de France SA		3,498		42,414
Engie SA		15,202		244,094
Essilor International SA		2,201		289,277
Eurazeo SA		340		20,171
Eutelsat Communications SA		1,634		30,842
Fonciere Des Regions REIT		471		41,630
Gecina SA REIT		503		68,131
Groupe Eurotunnel SE		5,218		55,116
Hermes International		253		94,313
ICADE REIT		531		37,314
Iliad SA		257		51,879
Imerys SA		277		17,674
Ingenico GroupD		660		76,498
JCDecaux SA		633		21,343
Kering		766		123,313
Klepierre REIT		2,208		97,429
Lagardere SCA		1,481		32,215
Legrand SA		2,924		149,684
L’Oreal SA		2,704		517,692
Natixis SA		9,336		35,130
Numericable-SFR SA*		1,016		25,390

	Shares		Value
Orange SA		20,797	$	338,171
Peugeot SA*		5,550		66,523
Publicis Groupe SAD		2,076		138,890
Renault SA		1,940		146,466
Rexel SA		3,212		40,383
Safran SA		3,222		216,976
Sanofi		12,391		1,029,483
Schneider Electric SE		5,713		333,302
SCOR SE		1,503		44,436
Societe BIC SA		295		41,564
Societe Generale SA		8,096		253,292
Sodexo SA		1,070		114,629
Suez Environnement Co.		3,491		54,451
Technip SA		1,015		54,937
Thales SA		1,122		93,176
TOTAL SAD		23,196		1,112,393
Unibail-Rodamco SE REIT		1,027		265,680
Valeo SA		2,565		113,871
Veolia Environnement SA		4,506		97,306
Vinci SA		5,341		376,899
Vivendi SA		11,829		221,306
Wendel SA		233		24,088
Zodiac Aerospace		2,009		46,867
				10,538,355
Germany — 7.6%
Adidas AGD		1,946		279,348
Allianz SE		4,822		687,897
Axel Springer SE		360		18,901
BASF SE		9,719		745,244
Bayerische Motoren Werke AGD		3,526		256,606
Beiersdorf AG		977		92,497
Brenntag AG		1,776		86,033
Commerzbank AG		11,608		75,596
Continental AG		1,158		219,125
Covestro AG 144A		783		34,875
Daimler AG		10,243		612,927
Deutsche Bank AG*		15,114		208,924
Deutsche Boerse AG		2,056		168,911
Deutsche Lufthansa AGD		1,968		23,139
Deutsche Post AG		10,173		286,600
Deutsche Telekom AG		33,145		565,200
Deutsche Wohnen AG		3,313		112,802
E.ON SE		22,240		224,510
Evonik Industries AG		1,417		42,239
Fraport AG Frankfurt Airport Services WorldwideD		338		18,097
Fresenius Medical Care AG & Co. KGaA		2,326		202,610
Fresenius SE & Co. KGaA		4,209		309,268
GEA Group AG		2,114		99,784
Hannover Rueck SE		608		63,705
HeidelbergCement AG		1,514		114,053
Henkel AG & Co KGaA		1,000		108,168
HOCHTIEF AG		215		27,759
HUGO BOSS AG		677		38,489
Infineon Technologies AG		11,974		173,341
K+S AGD		1,931		39,532
LANXESS AG		939		41,197
Linde AG		1,945		271,011
MAN SE		379		38,681
Merck KGaA		1,280		130,104
METRO AGD		1,673		51,455

See Notes to Financial Statements.

150

	Shares		Value
Muenchener Rueckversicherungs- Gesellschaft AG		1,695	$	284,244
OSRAM Licht AGD		947		49,203
ProSiebenSat.1 Media SE*		2,503		109,487
RWE AG*		4,702		74,881
SAP SE		10,171		763,898
Siemens AG		7,967		817,587
Symrise AG		1,436		97,952
Telefonica Deutschland Holding AG		8,893		36,631
ThyssenKrupp AG		3,534		71,035
TUI AG		5,007		56,990
United Internet AG		1,502		62,437
Volkswagen AG		361		47,855
Vonovia SE		4,940		180,380
Zalando SE 144AD*		800		21,173
				9,142,381
Hong Kong — 3.0%
AIA Group, Ltd.		128,400		772,162
ASM Pacific Technology, Ltd.		1,900		13,662
Bank of East Asia, Ltd. (The)D		12,442		48,116
BOC Hong Kong Holdings, Ltd.		37,500		113,001
Cathay Pacific Airways, Ltd.		10,000		14,670
Cheung Kong Property
Holdings, Ltd.		29,000		182,719
CK Hutchison Holdings, Ltd.		29,000		319,013
CLP Holdings, Ltd.		17,500		178,766
Hang Lung Properties, Ltd.		20,000		40,406
Hang Seng Bank, Ltd.		8,100		138,938
Henderson Land Development Co., Ltd.		12,980		73,321
HK Electric Investments & HK Electric Investments, Ltd. 144A		25,000		23,328
HKT Trust & HKT, Ltd.		29,000		41,791
Hong Kong & China Gas Co., Ltd.		77,110		140,897
Hong Kong Exchanges and Clearing, Ltd.D		12,364		301,256
Hongkong Land Holdings, Ltd.		12,800		78,339
Hysan Development Co., Ltd.		9,000		40,136
Link REIT		22,500		153,860
MTR Corporation, Ltd.		13,887		70,452
New World Development Co., Ltd.		70,842		72,143
PCCW, Ltd.		33,000		22,174
Power Assets Holdings, Ltd.		15,000		137,918
Sino Land Co., Ltd.		30,335		49,946
Sun Hung Kai Properties, Ltd.		16,000		193,102
Swire Pacific, Ltd. Class A		5,500		62,157
Swire Properties, Ltd.		13,000		34,637
Techtronic Industries Co., Ltd.		14,000		58,464
WH Group, Ltd. 144A		63,000		49,896
Wharf Holdings, Ltd. (The)		15,000		91,538
Wheelock & Co., Ltd.		8,000		37,581
				3,554,389
Ireland — 0.5%
Bank of Ireland*		288,122		59,397
CRH PLC		8,964		261,215
DCC PLC		905		79,640

	Shares		Value
James Hardie Industries PLC CDI		4,486	$	69,476
Kerry Group PLC Class A		1,626		144,209
				613,937
Israel — 0.3%
Azrieli Group		296		12,587
Bank Hapoalim BM		10,524		53,019
Bank Leumi Le-Israel BM*		14,030		49,262
Bezeq The Israeli Telecommunication Corporation, Ltd.		20,080		39,777
Check Point Software Technologies, Ltd.D*		1,500		119,520
Israel Chemicals, Ltd.		4,122		16,060
Mizrahi Tefahot Bank, Ltd.		1,129		13,018
NICE, Ltd.		650		41,361
Taro Pharmaceuticals IndustriesD*		100		14,560
				359,164
Italy — 1.8%
Assicurazioni Generali SpA		11,806		139,222
Atlantia SpA		4,528		113,132
Enel SpA		80,388		356,880
Eni SpA		27,270		439,244
EXOR SpA		1,031		38,060
Intesa Sanpaolo SpAD		142,218		270,015
Leonardo-Finmeccanica SpA*		3,992		40,370
Luxottica Group SpA		1,688		82,269
Mediobanca SpA		5,560		32,036
Poste Italiane SpA 144AD		5,353		35,544
Prysmian SpA		2,060		45,215
Rizzoli Corriere Della Sera Mediagroup SpA*		586		525
Saipem SpA*		49,174		19,661
Snam SpA		25,621		153,174
Telecom Italia SpAD*		109,518		89,949
Telecom Italia SpA *		58,508		37,643
Terna Rete Elettrica Nazionale SpA		17,592		97,902
UniCredit SpA		54,335		119,497
Unione di Banche Italiane SCpAD		8,127		22,443
UnipolSai SpAD		11,476		17,319
				2,150,100
Japan — 23.5%
ABC-Mart, Inc.		500		33,556
Acom Co., Ltd.*		3,200		15,503
AEON Co., Ltd.		7,100		110,239
AEON Credit Service Co., Ltd.D		800		17,322
AEON Mall Co., Ltd.		900		11,776
Air Water, Inc.		2,000		29,428
Aisin Seiki Co., Ltd.		1,900		77,393
Ajinomoto Co., Inc.		5,700		134,297
Alfresa Holdings Corporation		1,900		39,695
Alps Electric Co., Ltd.		1,600		30,397
Amada Holdings Co., Ltd.		2,800		28,426
ANA Holdings, Inc.		13,000		37,045
Aozora Bank, Ltd.		12,000		41,628
Asahi Glass Co., Ltd.		10,000		54,269
Asahi Kasei CorporationD		13,000		90,467
ASICS Corporation		2,200		37,169
Astellas Pharma, Inc.		22,400		351,284
Bandai Namco Holdings, Inc.		1,800		46,452

See Notes to Financial Statements.

151

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Bank of Kyoto, Ltd. (The)		3,000	$	18,401
Benesse Holdings, Inc.		500		11,738
Bridgestone Corporation		6,900		221,745
Brother Industries, Ltd.		1,900		20,380
Calbee, Inc.		1,100		46,020
Canon, Inc.		11,200		319,762
Casio Computer Co., Ltd.D		2,100		30,240
Central Japan Railway Co.D		1,500		266,795
Chiba Bank, Ltd. (The)		7,000		33,080
Chubu Electric Power Co., Inc.		6,200		88,232
Chugai Pharmaceutical Co., Ltd.		2,600		92,659
Chugoku Bank, Ltd. (The)		1,300		13,264
Chugoku Electric Power Co., Inc. (The)		3,100		39,411
Concordia Financial Group, Ltd.*		11,000		42,481
Credit Saison Co., Ltd.		1,200		20,158
CYBERDYNE, Inc.D*		1,200		27,048
Dai Nippon Printing Co., Ltd.		5,000		55,725
Daicel Corporation		3,100		32,122
Daihatsu Motor Co., Ltd.		1,600		20,842
Dai-ichi Life Insurance Co., Ltd. (The)D		11,500		128,736
Daiichi Sankyo Co., Ltd.		6,300		153,059
Daikin Industries, Ltd.		2,600		218,516
Daito Trust Construction Co., Ltd.		700		113,654
Daiwa House Industry Co., Ltd.		6,300		185,012
Daiwa Securities Group, Inc.		19,000		100,099
Denso Corporation		5,000		175,927
Dentsu, Inc.		2,200		103,127
Don Quijote Holdings Co., Ltd.		1,000		37,163
East Japan Railway Co.D		3,600		333,624
Eisai Co., Ltd.D		2,700		150,757
Electric Power Development Co., Ltd.		1,500		34,947
FamilyMart Co., Ltd.		500		30,471
FANUC Corporation		2,100		341,614
Fast Retailing Co., Ltd.		600		161,088
Fuji Electric Co., Ltd.		5,000		20,818
Fuji Heavy Industries, Ltd.		5,900		202,803
FUJIFILM Holdings Corporation		4,700		182,362
Fujitsu, Ltd.		18,000		66,192
Fukuoka Financial Group, Inc.		8,000		26,378
GungHo Online Entertainment, Inc.D		3,200		8,671
Hachijuni Bank, Ltd. (The)		5,000		21,776
Hakuhodo DY Holdings, Inc.		1,900		22,773
Hamamatsu Photonics KK		1,200		33,671
Hankyu Hanshin Holdings, Inc.		13,000		96,935
Hikari Tsushin, Inc.		200		16,755
Hino Motors, Ltd.		2,100		20,916
Hirose Electric Co., Ltd.D		300		36,890
Hiroshima Bank, Ltd. (The)		6,000		20,048
Hisamitsu Pharmaceutical Co., Inc.		500		28,831
Hitachi Chemical Co., Ltd.		800		14,941
Hitachi Construction Machinery Co., Ltd.		900		13,136
Hitachi High-Technologies Corporation		600		16,421

	Shares		Value
Hitachi Metals, Ltd.		2,000	$	20,318
Hitachi, Ltd.		51,000		213,683
Hokuriku Electric Power Co.		1,400		17,348
Honda Motor Co., Ltd.		16,800		421,432
Hoshizaki Corporation		600		58,736
Hoya Corporation		4,100		146,436
Hulic Co., Ltd.		2,400		25,290
Idemitsu Kosan Co., Ltd.		700		15,197
IHI CorporationD		15,000		40,432
Iida Group Holdings Co., Ltd.		1,200		24,575
Inpex Corporation		9,300		72,732
Isetan Mitsukoshi Holdings, Ltd.		3,600		32,043
Isuzu Motors, Ltd.		6,800		83,755
ITOCHU Corporation		15,500		189,615
Iyo Bank, Ltd. (The)		2,000		12,249
J. Front Retailing Co., Ltd.		3,400		35,252
Japan Airlines Co., Ltd.		1,300		41,824
Japan Airport Terminal Co., Ltd.		400		14,512
Japan Exchange Group, Inc.		5,200		59,870
Japan Post Bank Co., Ltd.		3,800		44,683
Japan Post Holdings Co., Ltd.		5,700		69,343
Japan Prime Realty Investment Corporation REIT		9		38,620
Japan Real Estate Investment Corporation REIT		13		80,295
Japan Retail Fund Investment Corporation REIT		25		63,837
JFE Holdings, Inc.		6,100		79,576
JGC Corporation		2,000		28,631
Joyo Bank, Ltd.		5,000		18,692
JSR Corporation		1,500		19,865
JTEKT Corporation		3,200		36,270
JX Holdings, Inc.		21,000		81,970
Kajima Corporation		9,000		62,521
Kakaku.com, Inc.		1,200		23,844
Kamigumi Co., Ltd.		2,000		18,486
Kaneka Corporation		3,000		20,017
Kansai Electric Power Co., Inc. (The)*		7,200		70,123
Kansai Paint Co., Ltd.		2,000		40,379
Kao Corporation		5,400		314,508
Kawasaki Heavy Industries, Ltd.D		15,000		42,295
KDDI Corporation		20,000		608,195
Keihan Holdings Co., Ltd.		6,000		41,576
Keikyu Corporation		6,000		60,379
Keio Corporation		7,000		66,030
Keisei Electric Railway Co., Ltd.		3,000		38,669
Keyence Corporation		500		341,164
Kikkoman Corporation		2,000		73,800
Kintetsu Group Holdings Co., Ltd.D		21,000		89,868
Kobe Steel, Ltd.		25,000		20,547
Koito Manufacturing Co., Ltd.		1,100		50,649
Komatsu, Ltd.		9,400		163,294
Konami Holdings Corporation		800		30,520
Konica Minolta, Inc.		4,700		34,237
Kose Corporation		300		25,422
Kubota Corporation		10,800		146,073
Kuraray Co., Ltd.		3,600		42,953
Kurita Water Industries, Ltd.D		900		20,063
Kyocera Corporation		3,600		171,298

See Notes to Financial Statements.

152

	Shares		Value
Kyowa Hakko Kirin Co., Ltd.		3,000	$	51,167
Kyushu Electric Power Co., Inc.		4,400		44,129
Kyushu Financial Group, Inc.		3,700		18,339
Lawson, Inc.		600		47,901
LIXIL Group Corporation		2,600		42,697
M3, Inc.D		2,100		73,290
Mabuchi Motor Co., Ltd.		400		16,942
Makita Corporation		1,100		73,037
Marubeni Corporation		16,300		73,639
Marui Group Co., Ltd.		1,900		25,578
Maruichi Steel Tube, Ltd.		400		13,980
Mazda Motor Corporation		5,700		75,430
McDonald’s Holdings Co. Japan, Ltd.		500		13,581
Medipal Holdings Corporation		2,200		36,170
MEIJI Holdings Co., Ltd.		1,300		133,582
Minebea Co., Ltd.		3,000		20,382
Miraca Holdings, Inc.		500		21,684
Mitsubishi Chemical Holdings Corporation		15,400		70,593
Mitsubishi Corporation		16,400		288,760
Mitsubishi Electric Corporation		21,000		250,705
Mitsubishi Estate Co., Ltd.		13,000		238,456
Mitsubishi Gas Chemical Co., Inc.		3,000		15,651
Mitsubishi Heavy Industries, Ltd.		32,000		128,679
Mitsubishi Logistics Corporation		1,000		13,990
Mitsubishi Materials CorporationD		12,000		28,732
Mitsubishi Motors Corporation		6,300		29,083
Mitsubishi Tanabe Pharma Corporation		2,400		43,364
Mitsubishi UFJ Financial Group, Inc.		135,500		607,427
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		15,370
Mitsui & Co., Ltd.		18,300		218,450
Mitsui Chemicals, Inc.		13,000		47,772
Mitsui Fudosan Co., Ltd.		9,000		206,557
Mitsui OSK Lines, Ltd.		13,000		27,645
Mixi, Inc.		300		12,404
Mizuho Financial Group, Inc.		255,300		367,392
MS&AD Insurance Group Holdings, Inc.		5,400		139,915
Murata Manufacturing Co., Ltd.		2,100		235,441
Nabtesco Corporation		1,000		23,860
Nagoya Railroad Co., Ltd.		10,000		56,344
NEC Corporation		25,000		58,247
Nexon Co., Ltd.		2,200		32,560
NGK Insulators, Ltd.		3,000		60,652
NGK Spark Plug Co., Ltd.		1,900		28,680
NH Foods, Ltd.		2,000		48,988
NHK Spring Co., Ltd.		3,600		29,217
Nidec Corporation		2,500		190,308
Nikon CorporationD		3,500		47,389
Nintendo Co., Ltd.		1,200		172,439
Nippon Building Fund, Inc. REIT		14		86,241
Nippon Electric Glass Co., Ltd.		3,000		12,523
Nippon Express Co., Ltd.		10,000		45,697
Nippon Paint Holdings Co., Ltd.		1,900		46,971

	Shares		Value
Nippon Prologis, Inc. REIT		17	$	41,531
Nippon Steel & Sumitomo Metal CorporationD		8,700		168,429
Nippon Telegraph & Telephone Corporation		7,200		337,643
Nippon Yusen KK		17,000		29,907
Nissan Motor Co., Ltd.		25,300		225,785
Nisshin Seifun Group, Inc.		2,300		36,972
Nissin Foods Holdings Co., Ltd.		700		38,228
Nitori Holdings Co., Ltd.		900		109,156
Nitto Denko Corporation		1,900		120,525
NOK Corporation		800		13,604
Nomura Holdings, Inc.		36,600		130,170
Nomura Real Estate Master Fund, Inc. REIT		37		58,490
Nomura Real Estate Holdings, Inc.		1,000		17,474
Nomura Research Institute, Ltd.		1,290		47,311
NSK, Ltd.		4,700		34,404
NTT Data Corporation		1,200		56,674
NTT DOCOMO, Inc.		15,000		404,528
NTT Urban Development Corporation		900		9,676
Obayashi Corporation		7,300		77,722
Obic Co., Ltd.		600		33,028
Odakyu Electric Railway Co., Ltd.		6,000		70,356
Oji Holdings Corporation		8,000		30,712
Olympus CorporationD		3,200		119,493
Omron Corporation		2,100		68,546
Ono Pharmaceutical Co., Ltd.		4,400		191,669
Oracle Corporation		300		15,997
Oriental Land Co., Ltd.		2,400		155,399
ORIX Corporation		14,100		182,461
Osaka Gas Co., Ltd.		23,000		88,423
Otsuka Corporation		400		18,705
Otsuka Holdings Co., Ltd.		4,200		193,548
Panasonic Corporation		23,400		201,323
Park24 Co., Ltd.		800		27,492
Pola Orbis Holdings, Inc.		200		18,822
Rakuten, Inc.		9,500		103,107
Recruit Holdings Co., Ltd.		3,200		116,909
Resona Holdings, Inc.		23,900		87,352
Ricoh Co., Ltd.		6,400		55,478
Rinnai Corporation		300		26,509
Rohm Co., Ltd.		1,000		39,470
Ryohin Keikaku Co., Ltd.		300		73,109
Santen Pharmaceutical Co., Ltd.		3,600		56,582
SBI Holdings, Inc.		3,200		31,866
Secom Co., Ltd.		2,300		170,045
Seibu Holdings, Inc.D		2,400		40,649
Seiko Epson Corporation		3,000		48,095
Sekisui Chemical Co., Ltd.		4,000		49,283
Sekisui House, Ltd.		6,200		108,575
Seven & i Holdings Co., Ltd.		7,900		331,232
Seven Bank, Ltd.		4,800		14,899
Shikoku Electric Power Co., Inc.		1,400		16,584
Shimadzu Corporation		3,000		45,100
Shimamura Co., Ltd.		200		29,757
Shimano, Inc.		800		122,318
Shimizu Corporation		6,000		56,214
Shin-Etsu Chemical Co., Ltd.		4,000		234,354
Shinsei Bank, Ltd.		19,000		27,683

See Notes to Financial Statements.

153

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Shionogi & Co., Ltd.		3,200	$	174,931
Shiseido Co., Ltd.		3,800		99,019
Shizuoka Bank, Ltd. (The)D		5,000		35,213
Showa Shell Sekiyu KK		1,500		14,000
SMC Corporation		600		147,616
SoftBank Group Corporation		10,200		576,831
Sohgo Security Services Co., Ltd.		600		29,661
Sompo Japan Nipponkoa Holdings, Inc.		4,000		106,449
Sony Corporation		13,300		391,844
Sony Financial Holdings, Inc.		1,400		15,830
Stanley Electric Co., Ltd.		2,100		44,848
Start Today Co., Ltd.		500		26,429
Sumitomo Chemical Co., Ltd.		15,000		61,891
Sumitomo Corporation		12,400		124,991
Sumitomo Dainippon Pharma Co., Ltd.D		1,300		22,533
Sumitomo Electric Industries, Ltd.		8,000		105,884
Sumitomo Heavy Industries, Ltd.		6,000		26,357
Sumitomo Metal Mining Co., Ltd.		5,000		50,862
Sumitomo Mitsui Financial Group, Inc.		14,300		412,913
Sumitomo Mitsui Trust Holdings, Inc.D		33,000		107,376
Sumitomo Realty & Development Co., Ltd.		4,000		108,469
Sumitomo Rubber Industries, Inc.		1,400		18,743
Sundrug Co., Ltd.		400		37,558
Suntory Beverage & Food, Ltd.		1,300		58,826
Suruga Bank, Ltd.		1,500		33,899
Suzuken Co., Ltd.		900		28,329
Suzuki Motor CorporationD		3,600		97,481
Sysmex Corporation		1,700		117,059
T&D Holdings, Inc.		5,300		45,008
Taiheiyo Cement Corporation		12,000		28,423
Taisei Corporation		10,000		82,167
Taisho Pharmaceutical Holdings Co., Ltd.		300		31,569
Taiyo Nippon Sanso CorporationD		1,200		11,029
Takashimaya Co., Ltd.		3,000		21,488
Takeda Pharmaceutical Co., Ltd.		7,700		332,087
TDK CorporationD		1,200		67,172
Teijin, Ltd.		8,000		26,508
Terumo Corporation		3,800		162,166
THK Co., Ltd.		1,000		17,044
Tobu Railway Co., Ltd.		10,000		54,885
Toho Co., Ltd.		1,600		44,306
Toho Gas Co., Ltd.		5,000		40,914
Tohoku Electric Power Co., Inc.D		5,200		65,627
Tokio Marine Holdings, Inc.		7,200		239,696
Tokyo Electric Power Co., Inc.*		14,000		59,291
Tokyo Electron, Ltd.		1,600		135,214
Tokyo Gas Co., Ltd.		22,000		90,833
Tokyo Tatemono Co., Ltd.		2,300		27,582
Tokyu CorporationD		11,000		96,577
Tokyu Fudosan Holdings Corporation		5,600		34,936
TonenGeneral Sekiyu KK		3,000		27,329

	Shares		Value
Toppan Printing Co., Ltd.		5,000	$	42,994
Toray Industries, Inc.D		16,000		136,526
Toshiba Corporation*		41,000		111,684
TOTO, Ltd.		1,800		71,927
Toyo Seikan Group Holdings, Ltd.		2,300		43,948
Toyo Suisan Kaisha, Ltd.		1,000		40,563
Toyoda Gosei Co., Ltd.		500		8,905
Toyota Industries CorporationD		1,600		63,616
Toyota Motor Corporation		27,900		1,375,429
Toyota Tsusho Corporation		2,100		45,212
Trend Micro, Inc.		1,200		42,917
Tsuruha Holdings, Inc.		400		48,435
Unicharm Corporation		4,000		89,870
United Urban Investment Corporation REIT		28		50,438
USS Co., Ltd.		2,500		41,316
West Japan Railway Co.		1,900		120,409
Yahoo Japan Corporation		13,900		61,638
Yakult Honsha Co., Ltd.		900		46,776
Yamada Denki Co., Ltd.D		7,600		40,119
Yamaguchi Financial Group, Inc.D		2,000		18,913
Yamaha Corporation		1,800		48,516
Yamaha Motor Co., Ltd.		3,600		54,917
Yamato Holdings Co., Ltd.D		4,400		101,028
Yamazaki Baking Co., Ltd.		2,000		55,835
Yaskawa Electric Corporation		2,600		33,947
Yokogawa Electric Corporation		1,800		20,299
Yokohama Rubber Co., Ltd. (The)		1,000		12,542
				28,022,366
Jersey — 1.3%
Experian PLC		9,456		179,401
Glencore PLC*		128,774		265,420
Petrofac, Ltd.		2,095		21,777
Randgold Resources, Ltd.		945		106,046
Shire PLC		9,425		582,311
Wolseley PLC		2,562		132,670
WPP PLC		13,726		286,071
				1,573,696
Luxembourg — 0.3%
ArcelorMittal*		19,656		89,616
Millicom International Cellular SA SDR		902		55,328
RTL Group SA		285		23,276
SES SA		3,858		82,590
Tenaris SAD		5,417		78,293
				329,103
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		62,700		16,406
Netherlands — 3.5%
ABN AMRO Group NV CVA 144A		2,489		40,921
Aegon NVD		21,999		87,168
AerCap Holdings NV*		1,900		63,821
Airbus Group SE		6,194		355,041
Akzo Nobel NV		2,655		164,931
Altice NV Class AD*		3,520		52,559
Altice NV Class B*		730		10,998
ASML Holding NV		3,932		387,061
Boskalis Westminster		963		32,860
CNH Industrial NV		9,819		71,224

See Notes to Financial Statements.

154

	Shares		Value
Ferrari NVD		1,166	$	47,867
Fiat Chrysler Automobiles NVD*		8,663		53,325
Gemalto NV		809		49,013
ING Groep NV CVA		41,477		429,119
Koninklijke Ahold NV		8,892		196,359
Koninklijke DSM NV		1,776		102,459
Koninklijke KPN NV		34,534		123,095
Koninklijke Philips NV		10,392		258,100
Koninklijke Vopak NV		953		47,440
Mobileye NVD*		1,900		87,666
NN Group NV		3,121		85,917
NXP Semiconductor NVD*		3,062		239,877
OCI NVD*		684		9,266
QIAGEN NV*		2,001		43,607
Randstad Holding NV		1,201		48,029
RELX NV		10,010		173,180
STMicroelectronics NVD		6,571		38,364
Unilever NV CVA		17,249		802,248
Wolters Kluwer NV		3,324		134,593
				4,236,108
New Zealand — 0.2%
Auckland International Airport, Ltd.		8,625		40,123
Contact Energy, Ltd.		7,151		26,548
Fletcher Building, Ltd.		7,398		45,505
Meridian Energy, Ltd.		12,874		24,297
Mighty River Power, Ltd.		4,302		9,285
Ryman Healthcare, Ltd.		2,667		17,801
Spark New Zealand, Ltd.		18,489		46,992
				210,551
Norway — 0.7%
DNB ASA		9,875		118,202
Gjensidige Forsikring ASA		2,501		41,669
Marine Harvest ASA*		4,165		70,252
Norsk Hydro ASA		13,545		49,586
Orkla ASA		7,371		65,554
Schibsted ASA Class A		715		21,433
Schibsted ASA, B Shares		846		24,204
Statoil ASA		12,265		211,920
Telenor ASA		8,188		135,536
Yara International ASA		1,747		55,497
				793,853
Papua New Guinea — 0.0%
Oil Search, Ltd.		12,840		64,837
Portugal — 0.2%
EDP - Energias de Portugal SA		25,596		78,365
Galp Energia SGPS SA		5,590		77,748
Jeronimo Martins SGPS SA		2,979		46,984
				203,097
Singapore — 1.4%
Ascendas Real Estate Investment Trust REIT		18,100		33,498
CapitaLand Commercial Trust, Ltd. REIT		16,400		18,038
CapitaLand Mall Trust REIT		20,600		32,754
CapitaLand, Ltd.		30,000		68,879
City Developments, Ltd.		3,800		23,092
ComfortDelGro Corporation, Ltd.		29,600		60,787
DBS Group Holdings, Ltd.		18,849		222,247
Global Logistic Properties, Ltd.		28,000		37,801

	Shares		Value
Hutchison Port Holdings Trust Class U		53,700	$	24,572
Jardine Cycle & Carriage, Ltd.		1,111		30,392
Keppel Corporation, Ltd.D		14,700		60,642
Oversea-Chinese Banking Corporation, Ltd.		32,762		213,020
Sembcorp Industries, Ltd.		9,800		20,753
Sembcorp Marine, Ltd.		9,200		10,706
Singapore Airlines, Ltd.		5,600		44,469
Singapore Exchange, Ltd.		7,800		44,431
Singapore Press Holdings, Ltd.D		18,400		54,221
Singapore Technologies Engineering, Ltd.		16,100		37,898
Singapore Telecommunications, Ltd.		83,700		258,517
StarHub, Ltd.		4,000		11,287
Suntec Real Estate Investment Trust REIT		18,200		24,049
United Overseas Bank, Ltd.		13,300		183,247
UOL Group, Ltd.		7,390		30,124
Wilmar International, Ltd.		25,500		62,075
Yangzijiang Shipbuilding Holdings, Ltd.		23,400		15,695
				1,623,194
Spain — 3.1%
Abertis Infraestructuras SA		5,559		82,149
ACS Actividades de Construccion y Servicios SA		2,212		60,674
Aena SA 144A		664		88,014
Amadeus IT Holding SA, A Shares		4,852		213,774
Banco Bilbao Vizcaya Argentaria SA		68,766		393,993
Banco de Sabadell SA		57,810		76,556
Banco Popular Espanol SA		29,731		38,637
Banco Santander SA		151,502		587,933
Bankia SA		45,814		33,351
Bankinter SA		6,854		44,244
CaixaBank SA		26,233		57,817
Distribuidora Internacional de Alimentacion SAD		6,556		38,267
Enagas SA		2,158		65,928
Endesa SA		3,073		61,661
Ferrovial SA		4,760		93,191
Gas Natural SDG SA		3,746		74,462
Grifols SA		3,284		74,601
Iberdrola SA		57,690		393,538
Industria de Diseno Textil SA		11,719		393,689
International Consolidated Airlines Group SA		8,587		42,517
Mapfre SAD		14,461		31,759
Red Electrica Corporacion SA		1,056		94,358
Repsol SA		11,769		150,866
Telefonica SA		47,011		446,316
Zardoya Otis SA		1,462		13,806
				3,652,101
Sweden — 2.8%
Alfa Laval AB		2,935		46,258
Assa Abloy AB Class B		10,719		220,520
Atlas Copco AB, A Shares		7,121		184,948
Atlas Copco AB, B Shares		3,756		89,026
Boliden AB		2,787		54,469
Electrolux AB, Series B		2,409		65,681

See Notes to Financial Statements.

155

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Getinge AB, B Shares		2,020	$	41,705
Hennes & Mauritz AB, B Shares		9,739		286,529
Hexagon AB, B Shares		2,571		94,088
Husqvarna AB, B Shares		5,346		39,809
ICA Gruppen AB		628		21,047
Industrivarden AB, C Shares		1,472		23,949
Investor AB, B Shares		4,535		152,357
Kinnevik AB Class B		2,697		64,471
Lundin Petroleum AB*		1,760		32,073
Nordea Bank AB		32,009		271,553
Sandvik AB		11,727		117,410
Securitas AB, B Shares		3,202		49,432
Skandinaviska Enskilda Banken AB Class A		17,179		150,070
Skanska AB, B Shares		3,302		69,140
SKF AB, B Shares		4,349		69,684
Svenska Cellulosa AB SCA Class B		6,633		213,123
Svenska Handelsbanken AB, A Shares		15,993		194,163
Swedbank AB, A Shares		9,578		201,168
Tele2 AB, B Shares		2,588		22,721
Telefonaktiebolaget LM Ericsson, B Shares		32,133		246,864
TeliaSonera AB		28,287		133,952
Volvo AB, B Shares		17,174		170,612
				3,326,822
Switzerland — 9.6%
ABB, Ltd.*		20,498		405,698
Actelion, Ltd.*		1,089		183,385
Adecco Group SA		1,870		94,319
Aryzta AG*		919		33,962
Baloise Holding AG		489		54,465
Barry Callebaut AG*		18		22,162
Chocoladefabriken Lindt & Spruengli AG		11		131,105
Cie Financiere Richemont SA		5,563		325,629
Coca-Cola HBC AG*		2,037		41,218
Credit Suisse Group AGD*		18,929		201,640
Dufry AGD*		461		55,137
EMS-Chemie Holding AG		102		52,663
Galenica AG		36		48,531
Geberit AG		378		143,172
Givaudan SA		100		201,352
Julius Baer Group, Ltd.*		2,594		104,404
Kuehne + Nagel International AG		545		76,360
LafargeHolcim, Ltd.*		5,082		211,488
Lonza Group AG*		584		97,009
Nestle SA		33,338		2,582,979
Novartis AG		23,679		1,954,430
Pargesa Holding SA		251		16,596
Partners Group Holding AG		197		84,427
Roche Holding AG		7,408		1,954,822
Schindler Holding AG		586		106,251
SGS SA		61		139,736
Sika AG		24		100,633
Sonova Holding AG		623		82,688
Swatch Group AG (The)D		342		99,523
Swatch Group AG (The)		607		34,761
Swiss Life Holding AG*		376		86,893
Swiss Prime Site AG*		669		60,564
Swiss Re AG		3,391		296,171
Swisscom AGD		278		138,112

	Shares		Value
Syngenta AG		966	$	370,798
UBS Group AG*		39,183		508,423
Zurich Insurance Group AG*		1,570		388,391
				11,489,897
United Kingdom — 16.1%
3i Group PLC		9,582		70,304
Aberdeen Asset Management PLC		7,861		29,494
Admiral Group PLC		2,090		56,828
Aggreko PLC		2,730		46,692
Anglo American PLC		14,812		145,192
Antofagasta PLC		6,400		40,019
ARM Holdings PLC		14,925		226,708
Ashtead Group PLC		5,181		74,005
Associated British Foods PLC		3,813		138,940
AstraZeneca PLC		13,042		779,701
Auto Trader Group PLC 144A		10,555		49,897
Aviva PLC		42,734		225,264
Babcock International Group PLC		2,030		24,543
BAE Systems PLC		33,502		234,534
Barclays PLC		180,007		334,794
Barratt Developments PLC		9,738		52,917
Berkeley Group Holdings PLC		1,246		42,075
BHP Billiton PLC		21,553		272,796
BP PLC		194,333		1,137,538
British Land Co. PLC (The) REIT		10,403		84,465
BT Group PLC		87,287		479,784
Bunzl PLC		3,880		119,383
Burberry Group PLC		4,342		67,542
Capita PLC		7,184		92,570
Carnival PLC		2,057		90,641
Centrica PLC		61,198		185,063
Cobham PLC		17,193		36,223
Coca-Cola European Partners PLC		2,146		76,900
Compass Group PLC		17,343		329,959
Croda International PLC		1,285		53,943
Direct Line Insurance Group PLC		12,441		57,517
Dixons Carphone PLC		9,192		39,453
easyJet PLC		1,707		24,806
Fresnillo PLC		3,074		67,694
G4S PLC		14,238		34,888
GKN PLC		16,263		58,798
GlaxoSmithKline PLC		51,250		1,100,600
Hammerson PLC REIT		9,324		67,157
Hargreaves Lansdown PLC		2,583		43,087
Hikma Pharmaceuticals PLC		1,511		49,759
HSBC Holdings PLC		206,639		1,280,250
ICAP PLC		4,817		27,104
IMI PLC		2,914		37,764
Inmarsat PLC		4,574		49,294
Intercontinental Hotels Group PLC		1,915		70,626
Intertek Group PLC		1,829		85,220
Intu Properties PLC REIT		9,574		37,222
Investec PLC		7,632		47,439
ITV PLC		37,016		88,753
J Sainsbury PLCD		13,356		41,607
Johnson Matthey PLC		1,909		71,602
Kingfisher PLC		24,584		105,591

See Notes to Financial Statements.

156

	Shares		Value
Land Securities Group PLC REIT		8,373	$	116,515
Legal & General Group PLC		60,308		154,395
Lloyds Banking Group PLC		669,482		484,902
London Stock Exchange Group PLC		3,132		106,421
Marks & Spencer Group PLC		17,667		75,660
Mediclinic International PLC		3,843		56,261
Meggitt PLC		10,067		54,719
Merlin Entertainments PLC 144A		7,366		43,378
Mondi PLC		4,308		80,657
National Grid PLC		38,536		566,687
Next PLC		1,452		95,943
Old Mutual PLC		53,546		144,653
Pearson PLC		9,585		124,684
Persimmon PLC		3,346		64,885
Provident Financial PLC		1,851		57,074
Prudential PLC		27,515		466,902
Reckitt Benckiser Group PLC		6,589		660,693
RELX PLC		11,009		202,725
Rio Tinto PLC		12,759		396,380
Rolls-Royce Holdings PLC+*		1,248,393		1,662
Rolls-Royce Holdings PLC *		19,453		185,679
Royal Bank of Scotland Group PLC*		38,339		86,883
Royal Dutch Shell PLC, A Shares		45,563		1,251,402
Royal Dutch Shell PLC, B Shares		39,184		1,082,604
Royal Mail PLC		8,349		56,093
RSA Insurance Group PLC		9,714		65,107
Sage Group PLC (The)		10,537		91,078
Schroders PLC		1,632		51,573
Segro PLC REIT		7,707		42,719
Severn Trent PLC		2,484		81,051
Sky PLC		11,720		133,180
Smith & Nephew PLC		9,680		164,379
Smiths Group PLC		4,838		74,763
SSE PLC		10,740		223,534
St. James’s Place PLC		6,083		64,150
Standard Chartered PLC		35,842		271,934
Standard Life PLC		23,344		92,101
Tate & Lyle PLC		4,869		43,534
Taylor Wimpey PLC		35,050		62,182
Tesco PLC*		90,235		211,927
Travis Perkins PLC		3,013		59,447
Unilever PLC		13,221		633,490
United Utilities Group PLC		6,575		91,132
Vodafone Group PLC		280,698		855,813
Weir Group PLC (The)		2,364		45,657
Whitbread PLC		1,997		93,439
WM Morrison Supermarkets PLCD		22,203		55,739
Worldpay Group PLC 144A*		13,429		48,878
				19,259,609
United States of America — 0.0%
Ball Corporation		327		23,639
Total Foreign Common Stocks     (Cost $129,901,066)				113,473,826

	Shares		Value
FOREIGN PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG
2.92%, 05/13/16		563	$	35,889
FUCHS PETROLUB SE
0.77%, 05/05/16		942		37,059
Henkel AG & Co. KGaA
1.31%, 04/12/16		1,870		228,535
Porsche Automobil Holding SE
2.01%, 06/30/16		1,662		76,821
Schaeffler AG
0.50%, 04/25/16		1,753		23,155
Volkswagen AG
4.86%, 06/23/16D		1,943		235,338
				636,797
Total Foreign Preferred Stocks     (Cost $859,156)				636,797
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios SA*		2,212		1,554
Noble Group+*		42,800		2,859
Repsol SAD*		11,769		3,827
Total Rights     (Cost $11,720)				8,240
MONEY MARKET FUNDS — 7.5%
GuideStone Money Market Fund (Institutional Class)¥		3,480,795		3,480,795
Northern Institutional Liquid Assets Portfolio§		5,422,267		5,422,267
Total Money Market Funds     (Cost $8,903,062)				8,903,062
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.34%, 11/10/16W‡‡	$	100,000		99,909
0.43%, 12/08/16W‡‡		300,000		299,625
Total U.S. Treasury Obligations     (Cost $399,315)				399,534
TOTAL INVESTMENTS — 103.3%     (Cost $140,074,319)				123,421,459
Liabilities in Excess of Other Assets — (3.3)%				(4,000,122	)
NET ASSETS — 100.0%			$	119,421,337

See Notes to Financial Statements.

157

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		23.5
Consumer Discretionary		14.2
Producer Durables		12.3
Technology		11.5
Healthcare		10.6
Materials & Processing		8.1
Money Market Funds		7.5
Energy		5.4
Consumer Staples		5.4
Utilities		4.0
Foreign Preferred Stocks		0.5
U.S. Treasury Obligations		0.3
Rights		—	**
		103.3

** Rounds to less than 0.05%

See Notes to Financial Statements.

158

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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:
Foreign Common Stocks:
Australia	$	8,486,531	$	—		$	8,456,875	$	29,656
Austria		192,402		—			192,402		—
Belgium		774,488		—			774,488		—
Bermuda		334,871		151,606			183,265		—
Denmark		1,302,368		—			1,302,368		—
Finland		1,199,561		—			1,199,561		—
France		10,538,355		—			10,538,355		—
Germany		9,142,381		—			9,142,381		—
Hong Kong		3,554,389		120,130			3,434,259		—
Ireland		613,937		—			613,937		—
Israel		359,164		134,080			225,084		—
Italy		2,150,100		—			2,150,100		—
Japan		28,022,366		42,481			27,979,885		—
Jersey		1,573,696		582,311			991,385		—
Luxembourg		329,103		—			329,103		—
Mauritius		16,406		—			16,406		—
Netherlands		4,236,108		1,193,612			3,042,496		—
New Zealand		210,551		—			210,551		—
Norway		793,853		—			793,853		—
Papua New Guinea		64,837		—			64,837		—
Portugal		203,097		—			203,097		—
Singapore		1,623,194		—			1,623,194		—
Spain		3,652,101		—			3,652,101		—
Sweden		3,326,822		—			3,326,822		—
Switzerland		11,489,897		—			11,489,897		—
United Kingdom		19,259,609		167,541			19,090,406		1,662
United States of America		23,639		23,639			—		—
Foreign Preferred Stocks:
Germany		636,797		—	��		636,797		—
Money Market Funds		8,903,062		8,903,062			—		—
Rights		8,240		5,381			—		2,859
U.S. Treasury Obligations		399,534		—			399,534		—
Total Assets — Investments in Securities	$	123,421,459	$	11,323,842		$	112,063,439	$	34,178
Other Financial Instruments***
Futures Contracts	$	49,375	$	49,375		$	—	$	—
Total Assets — Other Financial Instruments	$	49,375	$	49,375		$	—	$	—

*** 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.

The Fund had securities that transferred from Level 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2015 that are now being fair valued. The value of the securities that were transferred to Level 2 as of June 30, 2016 is $761,387.

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, 2015 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2016 is $582,311.

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, 2016.

See Notes to Financial Statements.

159

INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 99.0%
Australia — 1.9%
AGL Energy, Ltd.		31,544	$	458,118
Ansell, Ltd.		15,506		212,216
Asciano, Ltd.		22,350		148,288
ASX, Ltd.		2,303		79,294
Aurizon Holdings, Ltd.		59,682		216,544
Australia & New Zealand Banking Group, Ltd.		76,884		1,400,832
Bendigo and Adelaide Bank, Ltd.		46,701		338,138
BHP Billiton, Ltd.		58,894		820,762
Boral, Ltd.		122,396		574,629
Caltex Australia, Ltd.		23,227		560,003
CIMIC Group, Ltd.		81,484		2,199,878
Coca-Cola Amatil, Ltd.		65,335		403,313
Cochlear, Ltd.		4,614		420,979
Computershare, Ltd.		5,607		38,772
Dexus Property Group REIT		12,849		87,189
Flight Centre Travel Group, Ltd.		22,199		528,126
Fortescue Metals Group, Ltd.		577,832		1,546,306
Goodman Group REIT		30,218		162,075
GPT Group (The) REIT+*		63,198		—
GPT Group (The) REIT		23,870		97,071
Lend Lease Group		306,085		2,907,555
Macquarie Group, Ltd.		7,488		389,784
Mirvac Group REIT		50,120		76,225
National Australia Bank, Ltd.		47,040		903,142
Newcrest Mining, Ltd.*		26,128		452,847
Qantas Airways, Ltd.*		876,501		1,856,714
QBE Insurance Group, Ltd.		572,218		4,520,302
Rio Tinto, Ltd.		8,019		277,382
Scentre Group REIT		93,514		346,372
Sonic Healthcare, Ltd.		18,305		296,855
Stockland REIT		41,895		148,539
Telstra Corporation, Ltd.		81,376		340,130
Vicinity Centres REIT		52,810		131,753
Westfield Corporation REIT		35,358		284,020
Woodside Petroleum, Ltd.		3,444		69,835
WorleyParsons, Ltd.		201,343		1,104,867
				24,398,855
Austria — 0.3%
Erste Group Bank AG*		187,640		4,272,203
Belgium — 0.3%
Ageas		30,945		1,075,630
bpost SA		30,046		769,141
Delhaize Group		1,867		197,220
Groupe Bruxelles Lambert SA		415		34,033
KBC Groep NV*		9,911		487,434
Proximus SADP		58,687		1,864,992
				4,428,450
Bermuda — 0.4%
Cheung Kong Infrastructure Holdings, Ltd.		11,000		94,843
Jardine Matheson Holdings, Ltd.		54,200		3,168,733
Kerry Properties, Ltd.		229,500		568,200
Li & Fung, Ltd.		584,000		283,179
NWS Holdings, Ltd.		19,000		30,074
Yue Yuen Industrial Holdings, Ltd.		210,500		834,279
				4,979,308

	Shares		Value
Brazil — 0.3%
Embraer SA ADRD		174,900	$	3,798,828
Canada — 0.8%
Canadian National Railway Co.D		120,834		7,136,456
Suncor Energy, Inc.		100,234		2,780,593
				9,917,049
China — 4.4%
Alibaba Group Holding, Ltd. ADRD *		145,559		11,576,307
Baidu, Inc. ADRD *		84,759		13,997,949
Ctrip.com International, Ltd. ADRD *		106,240		4,377,088
JD.com, Inc. ADRD *		46,412		985,327
New Oriental Education & Technology Group, Inc. ADRD *		114,302		4,786,968
TAL Education Group ADRD *		23,417		1,453,259
Tencent Holdings, Ltd.		788,400		18,085,638
				55,262,536
Denmark — 2.0%
AP Moeller - Maersk A/S Class B		53		69,226
Chr. Hansen Holding A/S		39,829		2,615,782
Danske Bank A/S		285,480		7,513,942
Genmab A/S*		24,486		4,464,954
GN Store Nord A/S		5,321		96,121
H Lundbeck A/S*		17,450		654,154
ISS A/S		90,482		3,403,057
Novozymes A/S, B Shares		69,036		3,315,170
Pandora A/S		9,871		1,344,425
TDC A/S		52,017		254,908
Vestas Wind Systems A/S		22,528		1,531,216
				25,262,955
Finland — 0.3%
Amer Sports OYJ		3,861		105,928
Cargotec OYJ, B Shares		2,331		95,000
Elisa OYJ		2,046		78,614
Kesko OYJ, B Shares		21,656		919,660
Neste OYJ		1,998		71,646
Orion OYJ Class B		21,341		828,671
Outokumpu OYJ*		15,859		66,666
Stora Enso OYJ, R Shares		57,238		460,315
UPM-Kymmene OYJ		63,952		1,174,852
				3,801,352
France — 7.9%
Air France-KLM*		90,806		573,063
Atos SE		10,144		836,366
AXA SA		43,802		866,084
BNP Paribas SA		18,554		813,699
Capgemini SA		25,659		2,214,197
Casino Guichard Perrachon SA		15,327		850,783
Christian Dior SE		25,611		4,102,689
Cie de St-Gobain		282,377		10,703,715
Cie Generale des Etablissements Michelin		8,378		789,551
Danone SA		98,002		6,858,468
Eiffage SA		4,780		339,812
Engie SA		318,970		5,121,615
Essilor International SA		12,621		1,658,774
Faurecia		21,374		678,575

See Notes to Financial Statements.

160

	Shares		Value
Gecina SA REIT		674	$	91,292
Kering		25,884		4,166,877
Klepierre REIT		4,327		190,931
Lagardere SCA		70,693		1,537,725
L’Oreal SA		33,836		6,478,045
Numericable-SFR SA*		2,206		55,128
Orange SA		150,601		2,448,859
Peugeot SA*		209,441		2,510,390
Safran SA		4,000		269,368
Sanofi		248,916		20,680,710
Schneider Electric SE		122,584		7,151,667
SCOR SE		13,764		406,935
Societe BIC SA		10,912		1,537,446
Societe Generale SA		140,038		4,381,235
Suez Environnement Co.		13,601		212,143
Technip SA		78,600		4,254,242
Teleperformance		3,754		319,775
Thales SA		3,330		276,538
TOTAL SA		21,887		1,049,618
Unibail-Rodamco SE REIT		1,666		430,986
Valeo SA		46,032		2,043,557
Veolia Environnement SA		61,345		1,324,728
Vinci SA		9,965		703,202
				98,928,788
Germany — 7.8%
AIXTRON SED *		137,111		836,045
Allianz SED		55,702		7,946,340
Aurubis AG		20,621		937,698
BASF SE		36,283		2,782,147
Beiersdorf AG		76,679		7,259,581
Commerzbank AG		26,673		173,705
Covestro AG 144A		7,338		326,839
Daimler AGD		130,059		7,782,548
Deutsche Boerse AG		61,464		5,049,582
Deutsche Lufthansa AG		172,411		2,027,134
Deutsche Telekom AGD		436,847		7,449,266
E.ON SE		80,213		809,739
Freenet AG		70,465		1,814,730
Fresenius Medical Care AG & Co. KGaA		35,828		3,120,863
Fresenius SE & Co. KGaA		5,433		399,205
Hannover Rueck SE		5,663		593,357
HeidelbergCement AG		899		67,724
HOCHTIEF AG		7,674		990,800
KION Group AG		11,012		533,732
Linde AG		37,583		5,236,711
METRO AG		16,725		514,398
MorphoSys AGD *		20,344		848,245
Muenchener Rueckversicherungs- Gesellschaft AG		17,166		2,878,665
OSRAM Licht AG		48,696		2,530,102
ProSiebenSat.1 Media SE*		13,260		580,022
Rheinmetall AG		18,840		1,120,585
RHOEN KLINIKUM AG		14,146		414,074
Rocket Internet SE 144AD *		61,162		1,194,183
RWE AG*		331,931		5,286,091
Salzgitter AG		6,407		169,403
SAP SE		229,682		17,250,379
Siemens AG		1,016		104,264
Software AG		24,931		847,711
STADA Arzneimittel AG*		23,778		1,232,352
Suedzucker AG		38,254		842,567
Talanx AG		6,850		204,015

	Shares		Value
Vonovia SE		8,154	$	297,736
Zalando SE 144AD *		199,769		5,287,193
				97,739,731
Hong Kong — 2.6%
AIA Group, Ltd.		2,983,000		17,938,942
ASM Pacific Technology, Ltd.		3,100		22,290
Cheung Kong Property Holdings, Ltd.		45,000		283,529
China Mobile, Ltd.		429,000		4,956,758
CLP Holdings, Ltd.		18,000		183,873
Global Brands Group Holding, Ltd.*		4,562,924		401,440
Guangdong Investment, Ltd.		1,541,300		2,352,921
Hong Kong Exchanges and Clearing, Ltd.D		116,607		2,841,196
Link REIT		41,000		280,366
New World Development Co., Ltd.		874,000		890,051
PCCW, Ltd.		62,000		41,661
Sino Land Co., Ltd.		564,000		928,618
Sun Hung Kai Properties, Ltd.		7,000		84,482
Swire Pacific, Ltd. Class A		12,000		135,615
Techtronic Industries Co., Ltd.		18,500		77,256
WH Group, Ltd. 144A		912,500		722,696
Wharf Holdings, Ltd. (The)		43,000		262,409
Wheelock & Co., Ltd.		59,000		277,161
				32,681,264
India — 0.8%
Housing Development Finance Corporation, Ltd.		175,692		3,273,237
Tata Consultancy Services, Ltd.		173,138		6,561,777
				9,835,014
Ireland — 0.8%
CRH PLC		266,351		7,810,417
DCC PLC		4,864		428,033
James Hardie Industries PLC CDI		146,212		2,264,442
				10,502,892
Italy — 2.2%
A2A SpA		2,082,714		2,730,992
Autogrill SpA		49,501		400,201
Banca Monte dei Paschi di Siena SpA*		389,625		166,020
Banca Popolare dell’Emilia Romagna SC		190,489		699,367
Enel SpA		326,836		1,450,978
Eni SpA		822,665		13,250,864
EXOR SpA		71,004		2,621,162
FinecoBank Banca Fineco SpA		57,794		377,451
Hera SpA		35,793		97,693
Intesa Sanpaolo SpA		167,968		319,932
Leonardo-Finmeccanica SpA*		192,164		1,943,301
Mediobanca SpA		23,894		137,673
Poste Italiane SpA 144A		50,538		335,570
Prysmian SpA		44,684		980,780
Recordati SpA		22,124		665,481
UniCredit SpA		337,433		742,104
Unipol Gruppo Finanziario SpA		101,777		239,658
UnipolSai SpA		72,867		109,966
				27,269,193

See Notes to Financial Statements.

161

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Japan — 16.3%
Ajinomoto Co., Inc.		27,800	$	654,995
Alfresa Holdings Corporation		5,100		106,550
Alps Electric Co., Ltd.		56,000		1,063,905
Amada Holdings Co., Ltd.		6,500		65,989
Astellas Pharma, Inc.		163,700		2,567,200
Bandai Namco Holdings, Inc.		69,200		1,785,811
Canon, Inc.		461,550		13,177,349
Chubu Electric Power Co., Inc.		28,700		408,430
COOKPAD, Inc.D		90,600		1,110,573
Daicel Corporation		14,800		153,359
Daiichi Sankyo Co., Ltd.		23,900		580,653
Daikin Industries, Ltd.D		89,000		7,479,985
Daito Trust Construction Co., Ltd.		1,000		162,362
Daiwa House Industry Co., Ltd.		9,100		267,240
DeNA Co., Ltd.		53,200		1,244,535
Denso Corporation		173,000		6,087,062
Don Quijote Holdings Co., Ltd.		65,200		2,423,010
Ezaki Glico Co., Ltd.		1,400		81,900
Fuji Electric Co., Ltd.		1,323,000		5,508,355
Fuji Heavy Industries, Ltd.		22,500		773,401
FUJIFILM Holdings Corporation		38,100		1,478,296
Fujitsu, Ltd.		87,000		319,927
Fukuoka Financial Group, Inc.		77,000		253,888
GungHo Online Entertainment, Inc.		92,000		249,287
Haseko Corporation		111,500		1,122,560
Hitachi Chemical Co., Ltd.		24,400		455,704
Hitachi High-Technologies Corporation		15,200		415,990
Hitachi Metals, Ltd.		17,500		177,785
Hitachi, Ltd.		886,000		3,712,212
Honda Motor Co., Ltd.		327,500		8,215,424
Hoya Corporation		278,500		9,946,904
IHI CorporationD		1,789,000		4,822,235
Isetan Mitsukoshi Holdings, Ltd.		31,700		282,155
Isuzu Motors, Ltd.		8,150		100,383
Itochu Techno-Solutions Corporation		3,800		81,864
J. Front Retailing Co., Ltd.		38,100		395,035
Japan Airlines Co., Ltd.		56,500		1,817,753
Japan Real Estate Investment Corporation REIT		13		80,296
Japan Retail Fund Investment Corporation REIT		30		76,604
JTEKT Corporation		29,100		329,833
Kajima Corporation		16,000		111,148
Kaken Pharmaceutical Co., Ltd.		31,600		2,071,761
Kamigumi Co., Ltd.		8,000		73,943
Kaneka Corporation		30,000		200,168
Konami Holdings Corporation		47,100		1,796,858
Konica Minolta, Inc.		139,500		1,016,196
Kose Corporation		8,900		754,184
Kyowa Hakko Kirin Co., Ltd.		5,000		85,279
M3, Inc.D		228,600		7,978,136
Mabuchi Motor Co., Ltd.		16,200		686,147
Mazda Motor Corporation		50,000		661,664
Medipal Holdings Corporation		32,300		531,039
MEIJI Holdings Co., Ltd.		17,900		1,839,321

	Shares		Value
Mitsubishi Electric Corporation		431,800	$	5,154,982
Mitsubishi Estate Co., Ltd.		22,000		403,541
Mitsubishi Motors Corporation		48,400		223,431
Mitsubishi Tanabe Pharma Corporation		12,000		216,818
Mitsubishi UFJ Financial Group, Inc.		189,600		849,949
Mitsui Chemicals, Inc.		471,000		1,730,813
Mitsui Fudosan Co., Ltd.		16,000		367,213
Mixi, Inc.		46,300		1,914,290
Mizuho Financial Group, Inc.		84,300		121,313
MS&AD Insurance Group Holdings, Inc.		61,800		1,601,246
Murata Manufacturing Co., Ltd.		1,600		179,383
Nexon Co., Ltd.		147,900		2,188,926
NHK Spring Co., Ltd.		39,800		323,012
Nippon Building Fund, Inc. REIT		15		92,401
Nippon Express Co., Ltd.		243,000		1,110,441
Nippon Shokubai Co., Ltd.		1,700		97,778
Nippon Telegraph & Telephone Corporation		39,600		1,857,039
Nippon Yusen KK		80,800		142,146
Nitto Denko Corporation		8,000		507,474
NOK Corporation		18,300		311,203
NTN Corporation		164,000		442,531
NTT DOCOMO, Inc.		123,700		3,336,009
Olympus Corporation		14,000		522,782
ORIX Corporation		79,700		1,031,355
Otsuka Corporation		5,300		247,835
Otsuka Holdings Co., Ltd.		10,300		474,654
Pigeon CorporationD		63,100		1,886,341
Pola Orbis Holdings, Inc.		4,700		442,318
Rakuten, Inc.		543,800		5,902,045
Resona Holdings, Inc.		268,500		981,344
Rohm Co., Ltd.		11,400		449,959
Santen Pharmaceutical Co., Ltd.		11,600		182,319
SBI Holdings, Inc.		135,400		1,348,330
Secom Co., Ltd.		117,700		8,701,891
Sekisui House, Ltd.		7,300		127,838
Shimadzu Corporation		30,000		450,999
Shimamura Co., Ltd.		2,100		312,452
Shin-Etsu Chemical Co., Ltd.		23,100		1,353,394
Shionogi & Co., Ltd.		57,000		3,115,966
SMC Corporation		19,200		4,723,702
SoftBank Group Corporation		159,800		9,037,022
Sojitz Corporation		611,100		1,448,022
Sompo Japan Nipponkoa Holdings, Inc.		41,100		1,093,761
Sony Corporation		15,200		447,822
Sumitomo Chemical Co., Ltd.		220,000		907,733
Sumitomo Corporation		433,900		4,373,669
Sumitomo Heavy Industries, Ltd.		43,000		188,895
Sumitomo Mitsui Financial Group, Inc.		42,100		1,215,640
Sumitomo Osaka Cement Co., Ltd.		696,000		2,986,559
Sumitomo Realty & Development Co., Ltd.		6,000		162,704
Suzuken Co., Ltd.		9,900		311,615
Sysmex Corporation		23,500		1,618,174
Takashimaya Co., Ltd.		47,000		336,640
Takeda Pharmaceutical Co., Ltd.		201,500		8,690,330
TDK Corporation		14,500		811,656

See Notes to Financial Statements.

162

	Shares		Value
Teijin, Ltd.		153,000	$	506,973
Terumo Corporation		13,200		563,315
Tokio Marine Holdings, Inc.		177,000		5,892,522
Tokyo Electric Power Co., Inc.*		335,100		1,419,162
Tokyo Electron, Ltd.D		48,800		4,124,024
Toshiba Corporation*		81,000		220,644
Tosoh Corporation		292,000		1,346,888
Toyota Boshoku Corporation		10,200		212,924
Trend Micro, Inc.		79,200		2,832,506
West Japan Railway Co.		8,900		564,022
Yamaha Corporation		21,500		579,498
Yamazaki Baking Co., Ltd.		25,000		697,942
				205,860,768
Jersey — 0.9%
Experian PLC		97,984		1,858,969
Glencore PLC*		429,258		884,757
Petrofac, Ltd.		22,570		234,607
Randgold Resources, Ltd.		1,392		156,208
Regus PLC		18,708		72,338
Wolseley PLC		34,564		1,789,859
WPP PLC		299,919		6,250,768
				11,247,506
Luxembourg — 0.1%
APERAM SA		3,703		129,624
Subsea 7 SA*		79,880		785,180
				914,804
Netherlands — 6.2%
Aegon NVD		543,084		2,151,885
Airbus Group SE		109,097		6,253,460
Akzo Nobel NV		2,782		172,821
ASM International NV		5,250		202,643
ASML Holding NV		43,489		4,280,998
Boskalis Westminster		4,303		146,830
CNH Industrial NVD		135,800		970,970
CNH Industrial NV		542,251		3,933,318
Delta Lloyd NV		473,443		1,663,538
Ferrari NVD		96,451		3,959,556
Fiat Chrysler Automobiles NVD *		1,730,091		10,649,550
Fugro NV CVA*		13,751		242,027
Gemalto NVD		20,018		1,212,775
ING Groep NV CVA		1,406,372		14,550,264
Koninklijke Ahold NV		493,557		10,899,056
Koninklijke Philips NV		192,161		4,772,584
NN Group NV		68,510		1,885,980
Randstad Holding NV		183,435		7,335,777
Unilever NV CVA		8,334		387,613
Wolters Kluwer NV		47,417		1,919,981
				77,591,626
New Zealand — 0.0%
Spark New Zealand, Ltd.		226,596		571,580
Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249		—
Norway — 0.4%
DNB ASA		9,308		111,415
Marine Harvest ASA*		76,616		1,292,302
Orkla ASA		16,202		144,093
Schibsted ASA Class A		46,541		1,395,106
Schibsted ASA, B Shares		45,543		1,302,988

	Shares		Value
Telenor ASA		4,636	$	76,740
Yara International ASA		23,931		760,212
				5,082,856
Portugal — 0.2%
Galp Energia SGPS SA		5,203		72,366
Jeronimo Martins SGPS SA		122,678		1,934,855
NOS SGPS SA		30,290		183,306
				2,190,527
Singapore — 2.8%
Ascendas Real Estate Investment Trust REIT		809,500		1,498,160
CapitaLand Commercial Trust, Ltd. REIT		68,000		74,792
CapitaLand Mall Trust REIT		46,900		74,572
City Developments, Ltd.		22,300		135,514
ComfortDelGro Corporation, Ltd.		52,200		107,199
DBS Group Holdings, Ltd.		468,700		5,526,405
Global Logistic Properties, Ltd.		290,900		392,730
Jardine Cycle & Carriage, Ltd.		167,400		4,579,374
Sembcorp Industries, Ltd.		1,171,000		2,479,794
Singapore Airlines, Ltd.		40,300		320,019
Singapore Exchange, Ltd.		13,600		77,470
Singapore Technologies Engineering, Ltd.		23,600		55,552
Singapore Telecommunications, Ltd.		2,092,200		6,462,008
Suntec Real Estate Investment Trust REIT		58,000		76,640
United Overseas Bank, Ltd.		935,125		12,884,111
UOL Group, Ltd.		15,786		64,348
Wilmar International, Ltd.		91,900		223,712
Yangzijiang Shipbuilding Holdings, Ltd.		228,000		152,921
				35,185,321
South Korea — 1.1%
Celltrion, Inc.D *		41,232		3,466,218
Hankook Tire Co., Ltd.		59,768		2,659,102
NAVER Corporation		6,966		4,315,549
Shinhan Financial Group Co., Ltd.		119,386		3,924,099
				14,364,968
Spain — 5.3%
Abengoa SA, B Shares*		1,421,372		384,879
Acciona SA		2,351		171,559
ACS Actividades de Construccion y Servicios SA		37,455		1,027,364
Almirall SA		9,617		144,594
Amadeus IT Holding SA, A Shares		166,530		7,337,135
Banco Bilbao Vizcaya Argentaria SA		257,583		1,475,816
Banco de Sabadell SA		2,487,693		3,294,356
Banco Popular Espanol SA		1,476,237		1,918,463
Banco Santander SA		1,409,504		5,469,855
Distribuidora Internacional de Alimentacion SA		296,035		1,727,932
Ebro Foods SA		278,522		6,411,075
Endesa SA		81,147		1,628,261
Gamesa Corporacion Tecnologica SA		115,741		2,306,038
Iberdrola SAD		1,343,301		9,163,458

See Notes to Financial Statements.

163

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Industria de Diseno Textil SAD		426,534	$	14,329,028
International Consolidated Airlines Group		172,401		855,061
Mediaset Espana Comunicacion SA		48,220		544,339
Repsol SA		163,826		2,100,075
Telefonica SA		656,275		6,230,580
				66,519,868
Sweden — 3.8%
Alfa Laval AB		122,216		1,926,224
Atlas Copco AB, A Shares		290,926		7,555,973
BillerudKorsnas AB		29,767		444,198
Boliden AB		85,117		1,663,535
Bonava AB, B Shares*		2,721		32,804
Electrolux AB, Series B		84,004		2,290,356
Elekta AB, B SharesD		229,407		1,866,141
Getinge AB, B Shares		3,342		68,999
Hennes & Mauritz AB, B Shares		177,336		5,217,370
Hexpol AB		10,117		103,891
Investor AB, B Shares		3,071		103,173
Kinnevik AB Class B		202,816		4,848,244
NCC AB, B Shares		2,814		65,339
Saab AB Class B		3,424		106,776
Skanska AB, B Shares		22,516		471,462
Svenska Cellulosa AB SCA Class B		111,808		3,592,465
Svenska Handelsbanken AB, A Shares		347,663		4,220,807
Telefonaktiebolaget LM Ericsson, B Shares		657,453		5,050,919
TeliaSonera AB		1,855,288		8,785,675
				48,414,351
Switzerland — 10.2%
ABB, Ltd.*		711,301		14,078,139
ABB, Ltd. ADRD *		81,400		1,614,162
Actelion, Ltd.*		1,878		316,251
Adecco Group SA		19,297		973,304
Aryzta AG*		8,548		315,899
Baloise Holding AG		3,839		427,589
Cie Financiere Richemont SA		64,160		3,755,587
Coca-Cola HBC AG*		21,975		444,655
Credit Suisse Group AG*		326,160		3,474,393
Galenica AG		1,770		2,386,101
GAM Holding AG*		5,497		58,682
Helvetia Holding AG		4,260		2,216,259
LafargeHolcim, Ltd.*		3,168		132,541
Lonza Group AG*		9,774		1,623,577
Nestle SA		259,858		20,133,365
Novartis AG		236,776		19,543,148
OC Oerlikon Corporation AGD *		257,560		2,261,369
Roche Holding AG		75,113		19,820,806
Swiss Life Holding AG*		25,637		5,924,656
Swiss Re AG		24,435		2,134,163
Syngenta AG		28,871		11,082,093
UBS Group AG*		624,414		8,102,142
Zurich Insurance Group AG*		32,118		7,945,439
				128,764,320
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		426,698		11,192,288

	Shares		Value
Teco Electric and Machinery Co., Ltd.		2,731,800	$	2,310,164
				13,502,452
Thailand — 0.4%
Bangkok Bank PCL		175,100		810,672
Charoen Pokphand Foods PCL		4,978,000		4,072,781
				4,883,453
Turkey — 0.0%
Türkiye Garanti Bankasi AS		—		1
Yapi ve Kredi Bankasi AS*		1		1
				2
United Kingdom — 16.6%
3i Group PLC		34,312		251,752
Aggreko PLC		166,340		2,844,933
Amec Foster Wheeler PLC		565,274		3,716,754
ARM Holdings PLC		462,218		7,021,002
ASOS PLC*		4,529		241,937
AstraZeneca PLC		60,156		3,596,356
BAE Systems PLC		146,857		1,028,087
Barclays PLC		849,570		1,580,112
Barratt Developments PLC		47,811		259,808
Bellway PLC		8,021		203,474
Berkeley Group Holdings PLC		49,418		1,668,741
BHP Billiton PLC		55,239		699,160
BP PLC		2,646,943		15,494,011
BP PLC ADRD		76,300		2,709,413
British Land Co. PLC (The) REIT		18,907		153,512
Britvic PLC		27,453		214,827
BT Group PLC		351,297		1,930,949
Close Brothers Group PLC		3,740		56,692
Compass Group PLC		678,181		12,902,729
Dairy Crest Group PLCD		681,453		4,876,141
Dialog Semiconductor PLC*		48,136		1,442,326
DS Smith PLC		1,695,714		8,773,186
G4S PLC		1,849,548		4,532,085
GKN PLC		31,500		113,887
GlaxoSmithKline PLC		883,179		18,966,378
Hammerson PLC REIT		15,352		110,575
Howden Joinery Group PLC		25,985		133,461
HSBC Holdings PLC		26,402		163,576
ICAP PLC		11,620		65,383
Inchcape PLC		107,617		904,884
Intermediate Capital Group PLC		125,825		824,394
Intu Properties PLC REIT		18,465		71,788
Investec PLC		31,016		192,789
ITV PLC		209,157		501,493
John Wood Group PLC		56,777		522,644
Just Eat PLC*		38,508		219,826
Kingfisher PLC		2,153,093		9,247,766
Land Securities Group PLC REIT		15,437		214,814
Lloyds Banking Group PLC		9,396,789		6,806,041
London Stock Exchange Group PLC		5,849		198,741
Man Strategic Holdings PLC		1,379,511		2,143,340
Micro Focus International PLC		5,998		129,402
Mondi PLC		79,732		1,492,788
National Grid PLC		860,020		12,646,943
Ocado Group PLCD *		302,908		934,630
Pearson PLC		335,221		4,360,618

See Notes to Financial Statements.

164

	Shares		Value
Persimmon PLC		99,497	$	1,929,426
Prudential PLC		305,981		5,192,191
Reckitt Benckiser Group PLC		16,774		1,681,966
RELX PLC		20,897		384,808
Rio Tinto PLC		21,688		673,775
Rolls-Royce Holdings PLC+*		110,113,829		146,590
Rolls-Royce Holdings PLC *		1,621,628		15,478,473
Royal Dutch Shell PLC, A Shares		70,560		1,937,916
Royal Dutch Shell PLC, B Shares		504,922		13,950,354
Royal Mail PLC		121,281		814,836
RSA Insurance Group PLC		18,095		121,280
Sage Group PLC (The)		119,939		1,036,706
Segro PLC REIT		14,592		80,882
Sky PLC		369,350		4,197,111
Sports Direct International PLC*		107,796		461,548
Standard Chartered PLC		196,305		1,489,369
Tate & Lyle PLC		20,523		183,496
Taylor Wimpey PLC		1,004,214		1,781,572
Tesco PLC*		3,507,494		8,237,732
Thomas Cook Group PLC*		200,507		168,501
Travis Perkins PLC		69,839		1,377,927
Unilever PLC		189,047		9,058,265
Vodafone Group PLC		472,279		1,439,920
				208,988,792
United States of America — 0.8%
Ball Corporation		560		40,482
MercadoLibre, Inc.		28,651		4,030,336
Yum! Brands, Inc.D		75,389		6,251,256
				10,322,074
Total Foreign Common Stocks     (Cost $1,296,125,418)				1,247,483,686
FOREIGN PREFERRED STOCKS — 0.0%
Germany — 0.0%
Porsche Automobil Holding SE 2.01%, 06/30/16 (Cost $625,146)		6,053		279,782
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios SA* (Cost $29,435)		37,455		26,311
MONEY MARKET FUNDS — 12.0%
GuideStone Money Market Fund (Investor Class)¥		53,073,506		53,073,506
Northern Institutional Liquid Assets Portfolio§		97,902,849		97,902,849
Total Money Market Funds     (Cost $150,976,355)				150,976,355

	Par			Value
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
0.33%, 10/13/16W ‡‡	$	700,000		$	699,548
0.43%, 12/08/16W ‡‡		1,800,000			1,797,750
Total U.S. Treasury Obligations     (Cost $2,495,981)					2,497,298
TOTAL INVESTMENTS — 111.2%     (Cost $1,450,252,335)					1,401,263,432
	Shares
FOREIGN COMMON STOCKS SOLD SHORT — (5.0)%
Australia — (0.4)%
ALS, Ltd.		(169,681	)		(628,117	)
Alumina, Ltd.		(1,711,668	)		(1,682,520	)
Platinum Asset Management, Ltd.		(70,315	)		(305,384	)
REA Group, Ltd.		(21,673	)		(972,638	)
SEEK, Ltd.		(105,662	)		(1,212,964	)
Transurban Group		(48,592	)		(437,657	)
					(5,239,280	)
Austria — 0.0%
ams AG		(7,502	)		(208,274	)
Belgium — 0.0%
Telenet Group Holding NV*		(3,474	)		(158,854	)
Finland — 0.0%
Nokia OYJ		(55,408	)		(315,574	)
Wartsila OYJ Abp		(3,380	)		(137,909	)
					(453,483	)
France — (0.6)%
Aeroports de Paris		(1,185	)		(129,842	)
Bollore SA		(381,426	)		(1,284,083	)
Edenred		(121,801	)		(2,494,021	)
Electricite de France SA		(48,985	)		(593,957	)
Groupe Eurotunnel SE		(35,781	)		(377,945	)
Hermes International		(1,410	)		(525,620	)
Kering		(3,340	)		(537,682	)
Plastic Omnium SA		(2,925	)		(81,772	)
Technip SA		(1,840	)		(99,590	)
Vallourec SA*		(62,088	)		(219,603	)
Zodiac Aerospace		(67,510	)		(1,574,912	)
					(7,919,027	)
Germany — (0.1)%
Bayerische Motoren Werke AG		(3,067	)		(223,202	)
Bilfinger SE*		(8,146	)		(238,767	)
Fraport AG Frankfurt Airport Services Worldwide		(4,602	)		(246,396	)
MAN SE		(3,569	)		(364,251	)
Telefonica Deutschland Holding AG		(63,331	)		(260,867	)
Zalando SE 144A*		(4,101	)		(108,539	)
					(1,442,022	)
Italy — (0.3)%
Atlantia SpA		(19,524	)		(487,808	)
Azimut Holding SpA*		(6,904	)		(112,645	)
Luxottica Group SpA		(11,035	)		(537,822	)
Saipem SpA*		(1,267,937	)		(506,961	)
Salvatore Ferragamo SpA		(76,667	)		(1,562,778	)

See Notes to Financial Statements.

165

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Unione di Banche Italiane SpA		(87,940	)	$	(242,852	)
					(3,450,866	)
Japan — (1.2)%
Acom Co., Ltd.*		(110,500	)		(535,323	)
AEON Financial Service Co., Ltd.		(31,900	)		(690,729	)
Aisin Seiki Co., Ltd.		(4,900	)		(199,593	)
ASICS Corporation		(8,500	)		(143,607	)
Bank of Kyoto, Ltd. (The)		(58,000	)		(355,755	)
Chugoku Electric Power Co., Inc. (The)		(25,400	)		(322,914	)
Denso Corporation		(9,000	)		(316,668	)
Electric Power Development Co., Ltd.		(13,400	)		(312,197	)
Honda Motor Co., Ltd.		(6,700	)		(168,071	)
IHI Corporation		(248,000	)		(668,482	)
Japan Airport Terminal Co., Ltd.		(1,800	)		(65,306	)
Kakaku.com, Inc.		(22,200	)		(441,107	)
Keikyu Corporation		(33,000	)		(332,082	)
Kyushu Electric Power Co., Inc.		(231,200	)		(2,318,799	)
Mitsubishi Logistics Corporation		(11,000	)		(153,894	)
Mitsui OSK Lines, Ltd.		(295,000	)		(627,319	)
Nagoya Railroad Co., Ltd.		(31,000	)		(174,667	)
NGK Spark Plug Co., Ltd.		(46,000	)		(694,360	)
Nippon Paint Holdings Co., Ltd.		(58,900	)		(1,456,113	)
Odakyu Electric Railway Co., Ltd.		(14,000	)		(164,163	)
Ricoh Co., Ltd.		(100,800	)		(873,783	)
Rinnai Corporation		(11,600	)		(1,025,011	)
Seven Bank, Ltd.		(79,900	)		(248,003	)
Shikoku Electric Power Co., Inc.		(47,600	)		(563,840	)
Stanley Electric Co., Ltd.		(7,300	)		(155,901	)
Taiyo Nippon Sanso Corporation		(27,900	)		(256,429	)
Toyota Industries Corporation		(14,300	)		(568,566	)
Yakult Honsha Co., Ltd.		(5,400	)		(280,655	)
Yamaha Motor Co., Ltd.		(21,100	)		(321,874	)
Yaskawa Electric Corporation		(6,300	)		(82,256	)
					(14,517,467	)
Luxembourg — (0.4)%
ArcelorMittal*		(34,786	)		(158,597	)
Eurofins Scientific SE		(422	)		(156,340	)
Millicom International Cellular SA SDR		(16,691	)		(1,023,815	)
SES SA		(7,964	)		(170,490	)
Tenaris SA		(206,430	)		(2,983,570	)
					(4,492,812	)
Netherlands — (0.4)%
Altice NV Class A*		(28,286	)		(422,353	)
CNH Industrial NV		(159,986	)		(1,160,488	)
Gemalto NV		(2,500	)		(151,461	)
Koninklijke Vopak NV		(6,630	)		(330,039	)
OCI NV*		(9,370	)		(126,934	)
Qiagen NV*		(21,077	)		(459,318	)
SBM Offshore NV		(182,095	)		(2,110,325	)
					(4,760,918	)

	Shares			Value
Norway — (0.2)%
Schibsted ASA Class A		(57,160	)	$	(1,713,420	)
Schibsted ASA, B Shares		(39,492	)		(1,129,869	)
TGS NOPEC Geophysical Co. ASA		(4,426	)		(72,319	)
					(2,915,608	)
Spain — (0.4)%
Abertis Infraestructuras SA		(49,097	)		(725,538	)
Aena SA 144A		(9,469	)		(1,255,127	)
Atresmedia Corporation de Medios de Comunicacion SA		(32,038	)		(313,154	)
CaixaBank SA		(172,108	)		(379,323	)
Cellnex Telecom SAU 144A		(48,481	)		(760,794	)
Zardoya Otis SA		(93,555	)		(883,471	)
					(4,317,407	)
Sweden — 0.0%
Alfa Laval AB		(17,426	)		(274,648	)
Meda AB, A Shares		(457	)		(8,287	)
Modern Times Group MTG AB, B Shares		(2,545	)		(67,650	)
Svenska Handelsbanken AB, A Shares		(5,543	)		(67,295	)
Tele2 AB, B Shares		(11,201	)		(98,337	)
					(516,217	)
Switzerland — (0.3)%
Barry Callebaut AG*		(216	)		(265,950	)
Cie Financiere Richemont SA		(14,972	)		(876,381	)
Credit Suisse Group AG*		(113,126	)		(1,205,066	)
Dufry AG*		(5,352	)		(640,116	)
Julius Baer Group, Ltd.*		(18,415	)		(741,173	)
OC Oerlikon Corporation AG*		(13,777	)		(120,962	)
					(3,849,648	)
United Kingdom — (0.7)%
Admiral Group PLC		(23,569	)		(640,846	)
Aggreko PLC		(13,521	)		(231,251	)
Antofagasta PLC		(228,530	)		(1,429,008	)
BTG PLC*		(73,821	)		(712,989	)
Drax Group PLC		(96,084	)		(417,023	)
Hargreaves Lansdown PLC		(94,809	)		(1,581,520	)
Intertek Group PLC		(1,807	)		(84,195	)
Pennon Group PLC		(31,263	)		(395,394	)
Serco Group PLC*		(561,428	)		(835,526	)
Severn Trent PLC		(7,701	)		(251,279	)
St. James’s Place PLC		(10,640	)		(112,208	)
Standard Chartered PLC		(21,375	)		(162,172	)
Standard Life PLC		(36,562	)		(144,251	)
Tesco PLC*		(319,296	)		(749,901	)
United Utilities Group PLC		(33,392	)		(462,827	)
					(8,210,390	)
Total Foreign Common Stocks Sold Short     (Proceeds $(67,679,653))					(62,452,273	)

See Notes to Financial Statements.

166

	Shares			Value
FOREIGN PREFERRED STOCKS SOLD SHORT —   0.0%
Germany —   0.0%
Schaeffler AG
0.50%, 04/25/16		(5,259	)	$	(69,464	)
Volkswagen AG
4.86%, 06/23/16		(3,784	)		(458,321	)
Total Foreign Preferred Stocks Sold Short     (Proceeds $(597,802))					(527,785	)
Liabilities in Excess of Other
Assets —   (6.2)%					(78,574,625	)
NET ASSETS —   100.0%				$	1,259,708,749

PORTFOLIO SUMMARY (based on net assets)

	%
Technology		18.6
Consumer Discretionary		17.0
Financial Services		16.7
Producer Durables		14.4
Money Market Funds		12.0
Healthcare		10.1
Materials & Processing		7.2
Consumer Staples		6.3
Energy		5.1
Utilities		3.6
U.S. Treasury Obligations		0.2
Foreign Preferred Stocks		—	**
Rights		—	**
Foreign Preferred Stocks Sold Short		—	**
Foreign Common Stocks Sold Short		(5.0	)
		106.2

^** Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	24,398,855	$	—	$	24,398,855	$	—
Austria		4,272,203		—		4,272,203		—
Belgium		4,428,450		—		4,428,450		—
Bermuda		4,979,308		3,168,733		1,810,575		—
Brazil		3,798,828		3,798,828		—		—
Canada		9,917,049		9,917,049		—		—
China		55,262,536		37,176,898		18,085,638		—
Denmark		25,262,955		—		25,262,955		—
Finland		3,801,352		—		3,801,352		—
France		98,928,788		—		98,928,788		—
Germany		97,739,731		—		97,739,731		—
Hong Kong		32,681,264		—		32,681,264		—
India		9,835,014		—		9,835,014		—
Ireland		10,502,892		—		10,502,892		—
Italy		27,269,193		—		27,269,193		—
Japan		205,860,768		—		205,860,768		—
Jersey		11,247,506		—		11,247,506		—
Luxembourg		914,804		—		914,804		—
Netherlands		77,591,626		1,600,610		75,991,016		—
New Zealand		571,580		—		571,580		—
Nigeria		—		—		—		—
Norway		5,082,856		—		5,082,856		—
Portugal		2,190,527		—		2,190,527		—
Singapore		35,185,321		—		35,185,321		—
South Korea		14,364,968		—		14,364,968		—
Spain		66,519,868		384,879		66,134,989		—
Sweden		48,414,351		32,804		48,381,547		—
Switzerland		128,764,320		1,614,162		127,150,158		—
Taiwan		13,502,452		11,192,288		2,310,164		—
Thailand		4,883,453		4,072,781		810,672		—
Turkey		2		—		2		—
United Kingdom		208,988,792		7,585,554		201,256,648		146,590
United States of America		10,322,074		10,322,074		—		—

See Notes to Financial Statements.

167

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Foreign Preferred Stocks:
Germany	$	279,782		$	—		$	279,782		$	—
Money Market Funds		150,976,355			150,976,355			—			—
Rights		26,311			26,311			—			—
U.S. Treasury Obligations		2,497,298			—			2,497,298			—
Total Assets — Investments in Securities	$	1,401,263,432		$	241,869,326		$	1,159,247,516		$	146,590
Other Financial Instruments***
Forward Foreign Currency Contracts	$	5,633,648		$	—		$	5,633,648		$	—
Total Assets — Other Financial Instruments	$	5,633,648		$	—		$	5,633,648		$	—
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short:
Australia	$	(5,239,280	)	$	—		$	(5,239,280	)	$	—
Austria		(208,274	)		—			(208,274	)		—
Belgium		(158,854	)		—			(158,854	)		—
Finland		(453,483	)		—			(453,483	)		—
France		(7,919,027	)		—			(7,919,027	)		—
Germany		(1,442,022	)		—			(1,442,022	)		—
Italy		(3,450,866	)		—			(3,450,866	)		—
Japan		(14,517,467	)		—			(14,517,467	)		—
Luxembourg		(4,492,812	)		—			(4,492,812	)		—
Netherlands		(4,760,918	)		—			(4,760,918	)		—
Norway		(2,915,608	)		—			(2,915,608	)		—
Spain		(4,317,407	)		—			(4,317,407	)		—
Sweden		(516,217	)		—			(516,217	)		—
Switzerland		(3,849,648	)		—			(3,849,648	)		—
United Kingdom		(8,210,390	)		—			(8,210,390	)		—
Foreign Preferred Stocks Sold Short:
Germany		(527,785	)		—			(527,785	)		—
Total Liabilities — Investments in Securities	$	(62,980,058	)	$	—		$	(62,980,058	)	$	—
Other Financial Instruments***
Futures Contracts	$	(229,143	)	$	(229,143	)	$	—		$	—
Total Liabilities — Other Financial Instruments	$	(229,143	)	$	(229,143	)	$	—		$	—

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

The Fund had securities that transferred from Level 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2015 that are now being fair valued. The value of the securities that were transferred to Level 2 as of June 30, 2016 is $20,010,577.

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, 2015 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2016 is $8,044,875.

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, 2016.

See Notes to Financial Statements.

168

EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 90.7%
Argentina — 0.2%
Banco Macro SA ADRD		8,435	$	626,046
Bermuda — 1.4%
Credicorp, Ltd.		20,187		3,115,459
GOME Electrical Appliances Holdings, Ltd.D		4,615,000		551,963
Kosmos Energy, Ltd.D *		81,500		444,175
Nine Dragons Paper Holdings, Ltd.		919,000		704,589
				4,816,186
Brazil — 4.4%
Banco Bradesco SA ADRD		127,918		999,040
Banco Santander Brasil SA ADRD		136,058		775,531
BM&FBovespa SA		35,600		197,488
BR Malls Participacoes SA*		7,900		31,774
BRF SA		80,900		1,129,522
BTG Pactual Group		89,300		508,729
Cia de Saneamento Basico do Estado de Sao Paulo ADRD		57,242		512,888
Cia Energetica de Minas Gerais ADRD		34,685		76,654
Cielo SA		10,800		113,470
Embraer SA ADRD		12,722		276,322
Equatorial Energia SA		9,700		147,147
Estacio Participacoes SA		7,600		40,008
Hypermarcas SA		13,100		94,815
Itau Unibanco Holding SA ADR Class HD		204,757		1,932,906
JBS SA		653,900		2,035,613
Kroton Educacional SA		92,900		392,446
Linx SA		89,700		451,809
Natura Cosmeticos SA		52,800		418,975
Odontoprev SA		190,300		786,129
Porto Seguro SA		8,200		67,697
Qualicorp SA		28,700		166,984
Rumo Logistica Operadora Multimodal SA*		506,810		776,237
TOTVS SA		67,500		636,903
Tractebel Energia SA		87,600		1,044,993
Ultrapar Participacoes SA		42,900		948,199
Ultrapar Participacoes SA ADRD		7,704		169,565
				14,731,844
British Virgin Islands — 0.1%
Lenta, Ltd. GDR*		42,703		307,462
Canada — 0.7%
First Quantum Minerals, Ltd.		285,902		2,007,145
Platinum Group Metals, Ltd.*		43,200		145,120
Torex Gold Resources, Inc.*		123,150		220,192
				2,372,457
Chile — 0.8%
Aguas Andinas SA Class A		44,958		25,811
Banco de Chile ADRD		3,691		236,741
Banco Santander Chile ADRD		30,781		596,228
Cencosud SA		198,067		564,448
Embotelladora Andina SA ADR Class BD		41,089		871,087
Empresa Nacional de Electricidad SA ADRD		1,870		51,855
Enersis Americas SA ADRD		14,615		125,397
Enersis Chile SA ADRD		22,861		133,280

	Shares		Value
Latam Airlines Group SA ADRD *		18,693	$	123,374
S.A.C.I. Falabella		2,932		22,317
				2,750,538
China — 12.3%
Agricultural Bank of China, Ltd. Class H		78,000		28,659
Air China, Ltd. Class H		428,000		294,246
Alibaba Group Holding, Ltd. ADRD *		50,893		4,047,520
Anhui Conch Cement Co., Ltd. Class HD		1,302,000		3,152,437
ANTA Sports Products, Ltd.		122,000		245,847
Baidu, Inc. ADRD *		7,526		1,242,919
Bank of China, Ltd. Class H		1,919,000		771,261
Bank of Communications Co., Ltd. Class H		892,000		567,412
Beijing Capital International Airport Co., Ltd. Class H		186,000		202,575
Belle International Holdings, Ltd.		1,087,000		639,769
China Cinda Asset Management Co., Ltd.     Class H		1,786,000		605,621
China CITIC Bank Corporation, Ltd. Class H		1,105,000		675,915
China Communications Services Corporation, Ltd. Class H		748,000		392,036
China Construction Bank Corporation Class H		3,508,000		2,338,566
China Galaxy Securities Co., Ltd. Class H		624,500		563,587
China Mengniu Dairy Co., Ltd.		1,070,000		1,871,871
China Petroleum & Chemical Corporation Class H		664,000		479,819
China Shenhua Energy Co., Ltd. Class H		256,000		476,135
China Telecom Corporation, Ltd. Class H		192,000		86,346
China Vanke Co., Ltd. Class HD		97,700		192,939
Chongqing Rural Commercial Bank Co., Ltd. Class H		864,000		440,046
Country Garden Holdings Co., Ltd.		209,000		88,388
Ctrip.com International, Ltd. ADRD *		8,803		362,684
Dalian Wanda Commercial Properties Co., Ltd. Class H 144A		31,800		196,808
Dongfeng Motor Group Co., Ltd. Class H		418,000		440,594
Evergrande Real Estate Group, Ltd.D		359,000		221,472
Fuyao Glass Industry Group Co., Ltd. Class H 144A		261,600		608,806
Geely Automobile Holdings, Ltd.		1,715,000		935,433
Great Wall Motor Co., Ltd. Class H		1,471,500		1,230,277
Industrial & Commercial Bank of China, Ltd. Class H		8,347,000		4,654,862
JD.com, Inc. ADRD *		14,909		316,518
Kingsoft Corporation, Ltd.		84,000		163,209
Longfor Properties Co., Ltd.		728,000		949,822

See Notes to Financial Statements.

169

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
NetEase, Inc. ADRD		2,205	$	426,050
New Oriental Education & Technology Group, Inc. ADRD *		2,274		95,235
People’s Insurance Co. Group of China, Ltd. (The) Class H		2,197,000		845,808
PetroChina Co., Ltd. Class H		762,000		525,200
PICC Property & Casualty Co., Ltd. Class H		572,000		901,840
Qihoo 360 Technology Co., Ltd. ADRD *		1,793		130,979
Qinhuangdao Port Co., Ltd. Class H		550,000		190,009
Sinopec Engineering Group Co., Ltd. Class H		66,000		59,888
Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,090,000		501,526
Sinopharm Group Co., Ltd. Class H		224,400		1,077,948
Sinotrans, Ltd. Class H		515,000		229,928
Tencent Holdings, Ltd.		159,900		3,668,054
Tingyi Cayman Islands Holding CorporationD		1,950,000		1,851,650
TravelSky Technology, Ltd. Class H		126,000		243,586
Vipshop Holdings, Ltd. ADRD *		6,660		74,392
Weichai Power Co., Ltd. Class HD		348,000		358,310
Zhejiang Expressway Co., Ltd. Class H		38,230		36,167
Zhuzhou CRRC Times Electric Co., Ltd. Class H		33,405		185,538
Zijin Mining Group Co., Ltd. Class H		1,670,000		560,969
				41,447,476
Colombia — 0.3%
Bancolombia SA		76,606		624,204
Bancolombia SA ADRD		10,258		358,210
				982,414
Cyprus — 0.1%
Global Ports
Investments PLC GDR*		49,037		137,304
QIWI PLC ADRD		10,520		137,812
				275,116
Egypt — 0.3%
Arabian Food Industries Co.
DOMTY*		85,132		70,560
Edita Food Industries SAE		394,251		665,968
ElSewedy Electric Co.		82,700		402,610
				1,139,138
Hong Kong — 5.8%
AIA Group, Ltd.		876,558		5,271,379
ASM Pacific Technology, Ltd.D		125,800		904,558
China Everbright International, Ltd.D		64,000		71,561
China Merchants Holdings International Co., Ltd.		30,000		80,310
China Mobile, Ltd.		454,500		5,251,391
China Overseas Land & Investment, Ltd.		1,054,000		3,359,996
China Resources Land, Ltd.		204,000		480,716

	Shares		Value
China Taiping Insurance Holdings Co., Ltd.*		86,000	$	161,840
CNOOC, Ltd.		820,000		1,023,540
CSPC Pharmaceutical Group, Ltd.		59,255		52,942
Far East Horizon, Ltd.		62,000		48,424
Shimao Property Holdings, Ltd.		21,767		27,675
Sino Biopharmaceutical, Ltd.		685,000		449,582
WH Group, Ltd. 144A		2,717,000		2,151,851
				19,335,765
Hungary — 0.4%
OTP Bank PLC		56,253		1,258,795
India — 8.0%
Ashok Leyland, Ltd.		87,741		128,304
Aurobindo Pharma, Ltd.		12,071		133,164
Axis Bank, Ltd.		625,645		4,971,497
Bharat Petroleum Corporation, Ltd.		39,422		627,275
Dabur India, Ltd.		254,798		1,167,124
Divi’s Laboratories, Ltd.		24,887		410,176
Dr. Reddy’s Laboratories, Ltd.		16,135		813,805
Eicher Motors, Ltd.		173		49,415
Glenmark Pharmaceuticals, Ltd.		7,003		83,201
Godrej Consumer Products, Ltd.		13,196		314,371
HCL Technologies, Ltd.		34,886		378,673
HDFC Bank, Ltd.		39,229		685,905
Hero MotoCorp, Ltd.		25,009		1,181,133
Hindalco Industries, Ltd.		116,050		212,825
Hindustan Unilever, Ltd.		17,765		236,959
Housing Development Finance Corporation, Ltd.		14,437		268,969
Idea Cellular, Ltd.		99,834		158,200
Indiabulls Housing Finance, Ltd.		22,698		226,571
Infosys, Ltd.		126,125		2,188,821
Infosys, Ltd. ADRD		126,141		2,251,617
Kotak Mahindra Bank, Ltd.		388,513		4,406,731
LIC Housing Finance, Ltd.		23,622		173,844
Marico, Ltd.		124,860		488,493
Motherson Sumi Systems, Ltd.		49,745		214,589
Nestle India, Ltd.		581		56,069
Power Finance Corporation, Ltd.		211,217		532,639
Tata Consultancy Services, Ltd.		113,851		4,314,852
Tech Mahindra, Ltd.		5,689		42,768
Wipro, Ltd.		19,919		165,098
				26,883,088
Indonesia — 1.6%
PT Astra Agro Lestari Tbk*		8,303		9,315
PT Bank Central Asia Tbk		482,500		488,559
PT Bank Mandiri Persero Tbk		135,000		97,694
PT Bank Negara Indonesia Persero Tbk		750,800		297,534
PT Bank Rakyat Indonesia Persero Tbk		392,900		323,291
PT Indofood CBP Sukses Makmur Tbk		21,700		28,527
PT Indofood Sukses Makmur Tbk		712,235		391,885
PT Kalbe Farma Tbk		864,400		100,593
PT Matahari Department Store Tbk		346,383		527,925

See Notes to Financial Statements.

170

	Shares		Value
PT Semen Indonesia Persero Tbk		1,309,800	$	932,944
PT Telekomunikasi Indonesia Persero Tbk		1,685,500		512,806
PT Telekomunikasi Indonesia Persero Tbk ADRD		6,386		392,484
PT Unilever Indonesia Tbk		43,600		149,013
PT United Tractors Tbk		843,769		951,997
				5,204,567
Isle of Man (U.K.) — 0.1%
New Europe Property Investments PLC		15,777		179,966
Jersey — 0.1%
West China Cement, Ltd.+*		1,414,000		197,816
Kenya — 0.6%
Equity Group Holdings, Ltd.		2,353,047		896,066
Safaricom, Ltd.		6,150,400		1,084,261
				1,980,327
Luxembourg — 0.2%
Ternium SA ADR		40,719		776,104
Malaysia — 2.6%
AirAsia Bhd		2,142,100		1,386,933
AMMB Holdings Bhd		142,967		157,783
Astro Malaysia Holdings Bhd		41,828		30,400
Axiata Group Bhd		474,400		663,977
CIMB Group Holdings Bhd		224,600		244,299
Hong Leong Bank Bhd		25,900		84,958
IHH Healthcare Bhd		372,600		609,986
IJM Corporation Bhd		38,200		33,087
IOI Corporation Bhd		26,000		27,939
Kuala Lumpur Kepong Bhd		16,500		95,428
Malayan Banking Bhd		463,600		937,795
MISC Bhd		160,767		297,488
Petronas Chemicals Group Bhd		359,800		589,924
Petronas Dagangan Bhd		18,100		105,058
Petronas Gas Bhd		12,400		67,874
Public Bank Bhd		280,100		1,349,650
Tenaga Nasional Bhd		376,000		1,316,540
Westports Holdings Bhd		629,600		657,198
YTL Corporation Bhd		296,900		123,229
				8,779,546
Malta — 0.0%
Brait SE*		13,152		125,370
Mexico — 3.8%
Alfa SAB de CV Class A		205,400		353,108
America Movil SAB de CV ADR     Class LD		104,304		1,278,767
America Movil SAB de CV, Series L		1,777,303		1,092,675
Arca Continental SAB de CV		28,788		206,605
Cemex SAB de CV ADRD *		58,424		360,476
Corp Moctezuma SAB de CV		101,809		322,926
Fibra Uno Administracion SA de CV REIT		181,600		386,889
Fomento Economico Mexicano SAB de CV ADR		3,102		286,904
Gentera SAB de CV		54,100		96,911
Gruma SAB de CV Class B		85,440		1,229,080
Grupo Financiero Banorte SAB de CV Class O		603,187		3,371,174

	Shares		Value
Grupo Financiero Inbursa SAB de CV Class OD		420,700	$	715,412
Grupo Lala SAB de CV		68,000		149,929
Grupo Televisa SAB ADRD		16,897		439,998
Industrias Penoles SAB de CV		8,340		199,115
Kimberly-Clark de Mexico SAB de CV Class A		237,500		561,061
Megacable Holdings SAB de CV		275,000		1,116,092
OHL Mexico SAB de CV*		188,651		231,137
Telesites SAB de CVD *		464,916		287,353
Wal-Mart de Mexico SAB de CV		71,982		173,158
				12,858,770
Morocco & Antilles — 0.1%
Attijariwafa Bank		13,519		475,102
Netherlands — 0.1%
X5 Retail Group NV GDR*		15,271		303,893
Nigeria — 0.5%
FCMB Group PLC		12,000,000		68,025
Guaranty Trust Bank PLC		14,478,359		1,197,747
Nestle Nigeria PLC		140,585		426,547
United Bank for Africa PLC		6,306,193		105,010
				1,797,329
Philippines — 1.6%
Ayala Corporation		7,810		141,322
Bank of the Philippine Islands		295,653		612,194
BDO Unibank, Inc.		25,170		60,133
Globe Telecom, Inc.		3,530		178,444
International Container Terminal Services, Inc.		336,080		440,776
JG Summit Holdings, Inc.		65,700		120,025
Jollibee Foods Corporation		6,730		34,709
Philippine Long Distance Telephone Co.		3,860		176,429
Universal Robina Corporation		807,840		3,582,937
				5,346,969
Poland — 1.0%
Alior Bank SA*		59,275		788,221
Energa SA		66,996		161,920
Eurocash SA		112,722		1,320,832
KGHM Polska Miedz SA*		10,316		174,100
Orange Polska SA		20,680		26,667
PGE Polska Grupa Energetyczna SA		110,640		333,264
Polskie Gornictwo Naftowe i Gazownictwo SA		357,408		509,534
Powszechna Kasa Oszczednosci Bank Polski SA*		29,063		172,267
				3,486,805
Portugal — 0.5%
Jeronimo Martins SGPS SA		112,693		1,777,374
Russia — 3.8%
Gazprom PJSC ADR		227,852		986,599
Lukoil PJSC ADR		18,364		766,330
Mobile Telesystems PJSC ADR		29,886		247,456
Novatek OJSC GDR		46,151		4,718,928
Novolipetsk Steel PJSC GDR		44,147		573,628
Rosneft PJSC GDR		27,856		143,907
Sberbank of Russia PJSC ADR		402,289		3,511,983
Severstal PJSC GDR		39,493		433,215
Sistema JSFC GDR		102,096		768,783

See Notes to Financial Statements.

171

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Surgutneftegas OJSC ADR		42,924	$	220,200
Tatneft PJSC ADR		17,511		545,252
				12,916,281
South Africa — 5.3%
African Bank Investments, Ltd.+*		642,081		—
Anglo American Platinum, Ltd.*		12,339		308,479
AngloGold Ashanti, Ltd. ADRD *		64,992		1,173,756
Aspen Pharmacare Holdings, Ltd.*		116,983		2,885,859
Barloworld, Ltd.		41,355		206,069
Bid Corporation, Ltd.*		145,240		2,721,771
Bidvest Group, Ltd. (The)		136,846		1,291,012
Discovery, Ltd.		71,790		599,708
Exxaro Resources, Ltd.		35,669		164,335
Gold Fields, Ltd. ADRD		301,867		1,479,148
Growthpoint Properties, Ltd. REIT		170,095		297,164
Hyprop Investments, Ltd. REIT		10,764		94,761
Imperial Holdings, Ltd.		19,687		201,038
Investec, Ltd.		63,246		387,750
Massmart Holdings, Ltd.		7,116		60,786
Mondi, Ltd.		17,264		314,287
MTN Group, Ltd.		29,693		288,568
Naspers, Ltd. N Shares		8,896		1,358,375
Netcare, Ltd.		79,480		168,783
Pick n Pay Stores, Ltd.		255,043		1,241,826
Redefine Properties, Ltd. REIT		190,199		145,989
Remgro, Ltd.		16,075		278,935
Resilient, Ltd. REIT		12,543		112,379
RMB Holdings, Ltd.		34,712		133,039
Standard Bank Group, Ltd.		100,222		872,876
Telkom SA SOC, Ltd.		150,193		677,700
Truworths International, Ltd.		17,445		101,520
Woolworths Holdings, Ltd.		56,596		324,072
				17,889,985
South Korea — 12.9%
AMOREPACIFIC Group		668		98,025
Celltrion, Inc.D *		269		22,614
CJ CheilJedang Corporation		2,135		723,091
CJ Corporation		3,989		704,277
CJ E&M Corporation		349		21,114
Coway Co., Ltd.		2,885		262,687
Daelim Industrial Co., Ltd.		900		60,038
DGB Financial Group, Inc.		7,752		58,701
Dongbu Insurance Co., Ltd.		3,829		230,470
E-MART, Inc.		3,736		563,773
Hana Financial Group, Inc.		18,357		373,214
Hanwha Chemical Corporation		64,450		1,346,642
Hanwha Corporation		41,604		1,292,474
Hanwha Life Insurance Co., Ltd.		95,611		481,775
Hyundai Department Store Co., Ltd.		745		83,813
Hyundai Development Co-Engineering & Construction		15,956		553,556
Hyundai Engineering & Construction Co., Ltd.		3,820		111,761
Hyundai Glovis Co., Ltd.		387		57,970
Hyundai Marine & Fire Insurance Co., Ltd.		2,123		54,135

	Shares		Value
Hyundai Mobis Co., Ltd.		2,477	$	544,948
KB Financial Group, Inc.		8,766		249,270
Kia Motors Corporation		19,369		729,812
KIWOOM Securities Co., Ltd.		7,364		460,818
Korea Electric Power Corporation		18,139		952,152
Korea Zinc Co., Ltd.		300		133,035
Korean Air Lines Co., Ltd.*		13,461		304,483
LG Chem, Ltd.		3,656		834,916
LG Corporation		5,137		285,678
LG Household & Health Care, Ltd.		103		100,585
LG Uplus Corporation		20,696		196,564
Lotte Chemical Corporation		4,172		1,038,359
NAVER Corporation		2,270		1,406,301
Posco Daewoo Corporation		33,288		731,207
Samsung Electronics Co., Ltd.		10,708		13,335,231
Samsung Fire & Marine Insurance Co., Ltd.		25,570		5,872,917
Samsung SDI Co., Ltd.		6,520		617,310
Shinhan Financial Group Co., Ltd.		113,976		3,746,278
Shinsegae Co., Ltd.D		5,055		860,213
SK Hynix, Inc.		58,132		1,654,261
SK Innovation Co., Ltd.		13,359		1,646,019
SK Networks Co., Ltd.		29,889		155,039
SK Telecom Co., Ltd.		1,701		319,562
S-Oil Corporation		837		55,467
Woori Bank		21,197		176,240
				43,506,795
Switzerland — 1.4%
Cie Financiere Richemont SA		45,044		2,636,637
Coca-Cola HBC AG*		104,157		2,107,576
				4,744,213
Taiwan — 8.8%
Casetek Holdings, Ltd.		15,000		52,888
Cathay Financial Holding Co., Ltd.		268,000		293,748
China Airlines, Ltd.*		1,136,000		341,914
China Life Insurance Co., Ltd.		1,044,058		812,775
Chunghwa Telecom Co., Ltd.		7,000		25,317
Compal Electronics, Inc.		1,051,000		664,870
CTBC Financial Holding Co., Ltd.		1,206,642		634,649
E.Sun Financial Holding Co., Ltd.		200,000		118,481
Eclat Textile Co., Ltd.		11,000		106,676
Eva Airways Corporation*		168,267		76,827
Feng TAY Enterprise Co., Ltd.		97,000		403,289
First Financial Holding Co., Ltd.		142,000		74,670
Foxconn Technology Co., Ltd.		93,220		220,204
Fubon Financial Holding Co., Ltd.		884,000		1,042,263
Hon Hai Precision Industry Co., Ltd.		627,344		1,616,217
Innolux Corporation		1,522,000		514,262
Inotera Memories, Inc.*		83,000		65,001
Inventec Corporation		278,000		198,773
Lite-On Technology Corporation		132,000		181,802
MediaTek, Inc.		376,000		2,873,226
Mega Financial Holding Co, Ltd.		379,000		286,665
Pegatron Corporation		12,089		25,676

See Notes to Financial Statements.

174

	Shares		Value
Pou Chen Corporation		807,000	$	1,086,231
Powertech Technology, Inc.		570,000		1,272,686
President Chain Store Corporation		27,000		210,961
Radiant Opto-Electronics Corporation		120,000		189,313
Realtek Semiconductor Corporation		66,000		205,846
Shin Kong Financial Holding Co., Ltd.		437,000		86,021
Siliconware Precision Industries Co., Ltd.		64,920		99,001
Taiwan Cooperative Financial Holding Co., Ltd.		63,000		27,845
Taiwan Fertilizer Co., Ltd.		189,000		252,321
Taiwan Mobile Co., Ltd.		17,000		59,419
Taiwan Semiconductor Manufacturing Co., Ltd.		2,256,000		11,369,557
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		120,517		3,161,161
Teco Electric and Machinery Co., Ltd.		121,000		102,324
Uni-President Enterprises Corporation		118,000		233,055
United Microelectronics Corporation		169,000		66,279
Wistron Corporation		97,000		67,855
Zhen Ding Technology Holding, Ltd.		187,510		339,314
				29,459,382
Thailand — 4.7%
Bangkok Bank PCL NVDR		65,700		297,425
Bangkok Dusit Medical Services PCL Class FD		3,062,300		2,082,782
Bangkok Dusit Medical Services PCL NVDR		74,700		50,918
Bumrungrad Hospital PCL NVDR		32,200		167,676
Central Pattana PCL		2,355,200		4,004,644
Charoen Pokphand Foods PCL NVDR		366,300		300,305
CP ALL PCL		1,555,900		2,224,928
Delta Electronics Thailand PCL NVDR		19,476		37,949
Home Product Center PCL NVDR		377,800		106,804
IRPC PCL NVDR		612,900		83,334
Kasikornbank PCL		20,300		99,980
Kasikornbank PCL NVDR		305,231		1,482,172
Krung Thai Bank PCL NVDRD		443,300		206,493
PTT Exploration & Production PCL NVDR		262,600		630,676
PTT Global Chemical PCL NVDR		560,354		950,941
Robinson Department Store PCL		446,200		860,275
Siam Cement PCL (The) NVDR		4,400		59,776
Thai Oil PCL NVDR		420,862		721,465
Thai Union Group PCL NVDR		2,181,800		1,370,810
				15,739,353
Turkey — 2.8%
Akbank TAS		164,304		470,915
Arcelik AS		106,829		703,401
BIM Birlesik Magazalar AS		35,240		687,262

	Shares		Value
Coca-Cola Icecek AS		46,316	$	565,774
Eregli Demir ve Celik Fabrikalari TAS		382,535		541,131
Ford Otomotiv Sanayi AS		7,977		84,901
Petkim Petrokimya Holding AS		293,054		391,579
TAV Havalimanlari Holding AS		97,163		417,276
Tofas Turk Otomobil Fabrikasi AS		30,214		248,431
Tupras Turkiye Petrol Rafinerileri AS		6,188		137,373
Türkiye Garanti Bankasi AS		1,287,121		3,399,843
Türkiye Halk Bankasi AS		86,814		258,370
Türkiye Is Bankasi Class C		24,101		38,286
Turkiye Sise ve Cam Fabrikalari AS		33,218		41,072
Ulker Biskuvi Sanayi AS		114,163		834,254
Yapi ve Kredi Bankasi AS*		542,211		751,742
				9,571,610
United Kingdom — 2.2%
Anglo American PLC		276,381		2,681,486
Hikma Pharmaceuticals PLC		20,495		674,925
Liberty Global PLC Class AD*		3,003		87,267
Liberty Global PLC LiLAC Class AD*		25,643		827,243
Liberty Global PLC LiLAC Class CD*		20,833		676,864
Liberty Global PLC, Series CD*		7,694		220,433
Tullow Oil PLC*		585,961		2,066,621
				7,234,839
United States of America — 1.2%
Cognizant Technology Solutions Corporation Class A*		49,300		2,821,932
First Cash Financial Services, Inc.D		19,500		1,000,935
Southern Copper CorporationD		4,037		108,918
				3,931,785
Total Foreign Common Stocks (Cost $331,933,555)				305,210,506
FOREIGN PREFERRED STOCKS — 2.4%
Brazil — 1.5%
Braskem SA Class A
0.61%, 04/07/16		128,300		758,864
Centrais Eletricas Brasileiras SA Class B
0.10%, 05/04/15*		115,600		630,487
Cia Brasileira de Distribuicao ADR
0.13%, 04/28/16D		20,385		296,602
Cia Brasileira de Distribuicao
0.47%, 04/28/16		72,600		1,052,963
Cia Energetica de Sao Paulo Class B
0.09%, 05/02/16		10,109		37,134
Gerdau SA
0.19%, 11/10/15		58,200		106,714
Itau Unibanco Holding SA
1.37%, 06/01/16		53,370		502,748
Itausa-Investimentos Itau SA
0.35%, 06/01/16		536,832		1,253,382
Petroleo Brasileiro SA
1.00%, 4/03/14*		126,700		369,967

See Notes to Financial Statements.

173

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Suzano Papel e Celulose SA Class A
0.40%, 04/26/16		8,800	$	31,066
				5,039,927
Chile — 0.0%
Embotelladora Andina SA Class A
2.31%, 05/23/16		16,611		52,704
Embotelladora Andina SA Class B
0.74%, 05/23/16		1,770		6,234
				58,938
South Korea — 0.9%
Samsung Electronics Co., Ltd.
1.75%, 12/29/15		2,991		3,085,478
Samsung Fire & Marine
Insurance Co., Ltd.
2.92%, 12/29/15		379		57,475
				3,142,953
Total Foreign Preferred Stocks (Cost $9,760,309)				8,241,818
MONEY MARKET FUNDS — 10.5%
GuideStone Money Market Fund (Investor Class)¥		11,066,788		11,066,788
Northern Institutional Liquid Assets Portfolio§		24,228,437		24,228,437
Total Money Market Funds (Cost $35,295,225)				35,295,225

	Par		Value
U.S. TREASURY OBLIGATION — 0.4%
U.S. Treasury Bill
0.43%, 12/08/16W‡‡ (Cost $1,297,573)	$	1,300,000	$	1,298,375
TOTAL INVESTMENTS — 104.0% (Cost $378,286,662)				350,045,924
Liabilities in Excess of Other
Assets — (4.0)%				(13,534,326	)
NET ASSETS — 100.0%			$	336,511,598

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		28.4
Technology		23.7
Money Market Funds		10.5
Consumer Staples		9.5
Consumer Discretionary		9.5
Materials & Processing		7.4
Energy		5.1
Healthcare		2.9
Producer Durables		2.8
Foreign Preferred Stocks		2.4
Utilities		1.4
U.S. Treasury Obligation		0.4
		104.0

Swap agreements outstanding at June 30, 2016:

													Upfront
													Premiums		Unrealized
	Maturity						Notional						Paid/		Appreciation
Reference Obligation	Date		Counterparty		Currency		Amount			Market Value			(Received)		(Depreciation)
Total Return Swap
MSCI Brazil Index		09/21/16		GS		BRL		1,932,082		$	(27,191	)	$	—	$	(27,191	)
MSCI Mexico Index		09/21/16		GS		MXN		(4,340,794	)		2,894			—		2,894
MSCI South Africa Index		09/21/16		GS		ZAR		526,326			(442	)		—		(442	)
Total Swap agreements outstanding at June 30, 2016										$	(24,739	)	$	—	$	(24,739	)

See Notes to Financial Statements.

174

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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:
Foreign Common Stocks:
Argentina	$	626,046		$	626,046	$	—	$	—
Bermuda		4,816,186			3,559,634		1,256,552		—
Brazil		14,731,844			14,731,844		—		—
British Virgin Islands		307,462			307,462		—		—
Canada		2,372,457			2,372,457		—		—
Chile		2,750,538			2,750,538		—		—
China		41,447,476			6,696,297		34,751,179		—
Colombia		982,414			982,414		—		—
Cyprus		275,116			275,116		—		—
Egypt		1,139,138			736,528		402,610		—
Hong Kong		19,335,765			—		19,335,765		—
Hungary		1,258,795			—		1,258,795		—
India		26,883,088			2,251,617		24,631,471		—
Indonesia		5,204,567			392,484		4,812,083		—
Isle of Man (U.K.)		179,966			179,966		—		—
Jersey		197,816			—		—		197,816
Kenya		1,980,327			896,066		1,084,261		—
Luxembourg		776,104			776,104		—		—
Malaysia		8,779,546			1,632,855		7,146,691		—
Malta		125,370			—		125,370		—
Mexico		12,858,770			12,858,770		—		—
Morocco & Antilles		475,102			475,102		—		—
Netherlands		303,893			303,893		—		—
Nigeria		1,797,329			173,035		1,624,294		—
Philippines		5,346,969			—		5,346,969		—
Poland		3,486,805			—		3,178,675		308,130
Portugal		1,777,374			—		1,777,374		—
Russia		12,916,281			8,506,263		4,410,018		—
South Africa		17,889,985			5,688,962		12,201,023		—
South Korea		43,506,795			—		43,506,795		—
Switzerland		4,744,213			—		4,744,213		—
Taiwan		29,459,382			3,161,161		26,298,221		—
Thailand		15,739,353			9,172,629		6,566,724		—
Turkey		9,571,610			—		9,571,610		—
United Kingdom		7,234,839			1,811,807		5,423,032		—
United States of America		3,931,785			3,931,785		—		—
Foreign Preferred Stocks:
Brazil		5,039,927			5,039,927		—		—
Chile		58,938			58,938		—		—
South Korea		3,142,953			—		3,142,953		—
Money Market Funds		35,295,225			35,295,225		—		—
U.S. Treasury Obligation		1,298,375			—		1,298,375		—
Total Assets — Investments in Securities	$	350,045,924		$	125,644,925	$	223,895,053	$	505,946
Other Financial Instruments***
Forward Foreign Currency Contracts	$	952,316		$	—	$	952,316	$	—
Futures Contracts		403,398			403,398		—		—
Total Assets — Other Financial Instruments	$	1,355,714		$	403,398	$	952,316	$	—
Liabilities:
Other Financial Instruments***
Swap Agreements	$	(24,739	)	$	—	$	—	$	(24,739	)
Total Liabilities — Other Financial Instruments	$	(24,739	)	$	—	$	—	$	(24,739	)

*** 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 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2015 that are now being fair valued. The value of the securities that were transferred to Level 2 as of June 30, 2016 is $8,107,105.

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, 2015 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2016 is $1,830,677.

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, 2016.

See Notes to Financial Statements.

175

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2016 (Unaudited)

	Defensive Market Strategies Fund		Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	747,087,684	$	698,827,911
Investments in securities of affiliated issuers, at value		25,771,661		13,362,216
Total investments, at value (1)(2)		772,859,345		712,190,127
Cash		1,292,473		—
Cash collateral for derivatives		—		—
Deposits with broker for securities sold short		5,263		—
Foreign currency(3)		24,042		—
Receivables:
Dividends and reclaims		688,740		596,594
Interest		628,619		—
Securities lending		28,397		11,066
Investment securities sold		6,186,695		4,907
Fund shares sold		92,281		344,542
Variation margin on financial futures contracts		303,030		175,500
Unrealized appreciation on foreign currency exchange contracts		1,706		—
Unrealized appreciation on swap agreements		—		—
Prepaid expenses and other assets		37,570		44,432
Total Assets		782,148,161		713,367,168
Liabilities
Securities sold short, at value (4)		—		—
Options written, at value (5)		236,555		—
Unrealized depreciation on foreign currency exchange contracts		36,667		—
Unrealized depreciation on swap agreements		—		—
Collateral held for securities on loan, at value		99,190,204		56,004,589
Collateral held for derivatives		—		—
Collateral held for securities sold short		—		—
Payables:
Investment securities purchased		4,190,712		—
Dividends on short sales		—		—
Fund shares redeemed		1,349,585		120,313
Variation margin on financial futures contracts		—		—
Securities lending		4,259		1,658
Deferred foreign capital gains taxes		—		—
Accrued expenses:
Investment advisory fees		350,012		49,444
Shareholder servicing fees		40,911		71,199
Other expenses		109,038		168,926
Total Liabilities		105,507,943		56,416,129
Net Assets	$	676,640,218	$	656,951,039
Net Assets Consist of:
Paid-in-capital	$	605,603,648	$	500,195,815
Accumulated (distributions in excess of) net investment income (loss)		430,804		61,647
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		4,681,750		(1,166,719	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		65,924,016		157,860,296
Net Assets	$	676,640,218	$	656,951,039
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	472,404,859	$	306,923,540
Institutional shares outstanding		39,764,817		34,957,342
Net asset value, offering and redemption price per Institutional share	$	11.88	$	8.78
Net assets applicable to the Investor Class	$	204,235,359	$	350,027,499
Investor shares outstanding		17,179,051		15,060,399
Net asset value, offering and redemption price per Investor share	$	11.89	$	23.24
(1)       Investments in securities of unaffiliated issuers, at cost	$	681,615,134	$	540,953,488
Investments in securities of affiliated issuers, at cost		25,771,661		13,362,216
Total investments, at cost	$	707,386,795	$	554,315,704
(2)       Includes securities loaned of:	$	98,235,734	$	56,546,967
(3)       Foreign currency, at cost	$	29,564	$	—
(4)       Proceeds from securities sold short	$	—	$	—
(5)       Premiums received on options written	$	926,208	$	—

⁽⁶⁾  Net of $(34,824) and $(112,113) accrued foreign capital gains taxes on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively

See Notes to Financial Statements.

176

Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	1,421,204,240		$	1,495,748,673		$	654,042,752		$	119,940,664		$	1,348,189,926		$	338,979,136
	30,811,321			43,448,089			12,332,995			3,480,795			53,073,506			11,066,788
	1,452,015,561			1,539,196,762			666,375,747			123,421,459			1,401,263,432			350,045,924
	—			2,845			138			305			420,910			7,991,651
	—			—			—			350,000			8,215,757			530,722
	—			—			—			—			—			—
	—			—			2			612,980			7,868,014			621,137
	1,579,167			478,408			430,587			406,683			6,540,350			1,691,340
	—			—			—			—			—			—
	39,482			58,519			63,226			4,664			110,748			10,632
	9,743,698			9,737,247			5,409,165			40,311			15,581,336			7,255,621
	591,833			746,340			67,224			974			1,642,711			155,078
	366,131			485,783			210,450			71,980			945,743			477,148
	—			—			—			—			7,355,341			1,714,062
	—			—			—			—			—			2,894
	36,896			48,619			40,169			32,201			47,068			661,452
	1,464,372,768			1,550,754,523			672,596,708			124,941,557			1,449,991,410			371,157,661
	—			—			—			—			62,980,058			—
	—			—			—			—			—			—
	—			—			—			—			1,721,693			761,746
	—			—			—			—			—			27,633
	197,109,325			198,241,722			164,795,467			5,422,267			97,902,849			24,228,437
	—			—			—			—			6,009,998			990,000
	—			—			—			—			4,673,455			—
	7,512,729			3,922,604			5,517,522			1,369			14,679,740			7,660,535
	—			—			—			—			196,525			—
	390,698			417,466			159,478			261			382,250			56,536
	—			—			—			—			291,759			199,015
	5,922			8,776			9,463			699			16,612			1,595
	—			—			—			—			36,947			128,391
	569,800			797,201			399,548			10,551			766,629			307,357
	67,650			91,351			46,456			—			52,121			7,416
	132,271			126,886			122,580			85,073			572,025			277,402
	205,788,395			203,606,006			171,050,514			5,520,220			190,282,661			34,646,063
$	1,258,584,373		$	1,347,148,517		$	501,546,194		$	119,421,337		$	1,259,708,749		$	336,511,598
$	1,140,195,821		$	1,184,656,034		$	493,308,753		$	135,179,259		$	1,316,814,256		$	396,528,433
	547,829			(671,669	)		781,118			2,131,786			18,617,929			1,734,441
	(22,358,394	)		(19,739,523	)		(18,378,511	)		(1,278,039	)		(37,053,159	)		(34,743,678	)
	140,199,117			182,903,675			25,834,834			(16,611,669	)		(38,670,277	)(6)		(27,007,598	)(6)
$	1,258,584,373		$	1,347,148,517		$	501,546,194		$	119,421,337		$	1,259,708,749		$	336,511,598
$	927,103,050		$	908,571,201		$	276,638,918		$	119,421,337		$	1,007,680,718		$	298,704,877
	124,234,108			101,475,493			36,532,384			13,888,472			106,364,706			37,195,748
$	7.46		$	8.95		$	7.57		$	8.60		$	9.47		$	8.03
$	331,481,323		$	438,577,316		$	224,907,276			N/A		$	252,028,031		$	37,806,721
	16,977,086			20,958,313			14,664,511			N/A			19,666,632			4,709,347
$	19.53		$	20.93		$	15.34			N/A		$	12.82		$	8.03
$	1,280,829,189		$	1,312,538,225		$	628,082,086		$	136,593,524		$	1,397,178,829		$	367,219,874
	30,811,321			43,448,089			12,332,995			3,480,795			53,073,506			11,066,788
$	1,311,640,510		$	1,355,986,314		$	640,415,081		$	140,074,319		$	1,450,252,335		$	378,286,662
$	206,041,557		$	204,885,611		$	164,254,392		$	5,550,162		$	107,346,800		$	25,419,953
$	—		$	—		$	3		$	615,964		$	7,980,471		$	607,175
$	—		$	—		$	—		$	—		$	68,277,455		$	—
$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

177

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2016 (Unaudited)

	Defensive Market Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	4,942,972		$	6,485,948
Income distributions received from affiliated funds		4,947			4,349
Interest		1,918,872			1,720
Securities lending		117,395			51,280
Less foreign taxes withheld		(35,412	)		599
Total Investment Income		6,948,774			6,543,896
Expenses
Investment advisory fees		2,019,731			302,805
Transfer agent fees:
Institutional shares		2,173			2,002
Investor shares		11,160			14,655
Custodian fees		25,898			22,270
Shareholder servicing fees:
Investor shares		223,309			411,515
Accounting and administration fees		92,428			75,714
Professional fees		39,264			37,775
Blue sky fees:
Institutional shares		9,403			7,233
Investor shares		8,230			9,165
Shareholder reporting fees:
Institutional shares		696			351
Investor shares		5,091			10,315
Trustee expenses		3,640			3,444
Line of credit facility fees and interest expense		1,958			3,217
Other expenses		22,082			17,499
Total expenses before dividends and interest on securities sold short		2,465,063			917,960
Dividends and interest on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(1)		(22,395	)		(18,487	)
Fees paid indirectly		—			—
Net expenses		2,442,668			899,473
Net Investment Income		4,506,106			5,644,423
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		6,699,255			4,658,072
Investment securities sold short		—			—
Futures transactions		681,043			929,775
Swap agreements		—			—
Option contracts written		3,027,250			—
Foreign currency		(26,907	)		—
Net realized gain (loss)		10,380,641			5,587,847
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(33,850) and $(92,079) for International
Equity Fund and Emerging Markets Fund, respectively)		29,143,065			12,081,582
Investment securities sold short		—			—
Futures		(119,348	)		27,422
Swap agreements		—			—
Option contracts written		342,914			—
Foreign currency		(47,662	)		—
Net change in unrealized appreciation (depreciation)		29,318,969			12,109,004
Net Realized and Unrealized Gain (Loss)		39,699,610			17,696,851
Net Increase (Decrease) in Net Assets Resulting from Operations	$	44,205,716		$	23,341,274

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

See Notes to Financial Statements.

178

Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
	$16,258,635	$	5,589,649		$	3,014,604		$	2,713,818		$	27,923,113		$	4,696,612
	9,805		10,776			4,265			7,490			14,208			2,727
	4,372		3,755			1,658			—			—			5,381
	270,792		243,727			319,239			32,318			557,757			64,715
	(72,820)		(178,874	)		(14,909	)		(237,272	)		(2,644,531	)		(510,992	)
	16,470,784		5,669,033			3,324,857			2,516,354			25,850,547			4,258,443
	3,407,443		4,791,001			2,326,671			101,369			4,622,471			1,660,462
	2,254		2,219			2,205			1,698			2,244			2,146
	15,033		15,056			14,597			—			14,073			9,575
	46,038		48,239			37,905			71,441			235,347			276,743
	395,672		552,163			272,349			—			304,144			38,420
	135,295		143,534			63,724			79,970			240,038			112,960
	37,775		37,775			40,752			40,567			40,312			58,013
	7,564		7,365			7,318			11,252			7,383			6,921
	8,062		8,848			8,358			—			8,027			10,365
	820		766			711			17,912			745			889
	10,252		10,937			9,649			—			8,825			2,623
	7,627		8,343			3,037			604			7,841			1,857
	4,122		4,498			1,640			586			133,833			1,000
	25,950		23,803			14,899			11,960			324,212			121,992
	4,103,907		5,654,547			2,803,815			337,359			5,949,495			2,303,966
	—		—			—			—			1,150,470			—
	(36,742)		(41,557	)		(39,466	)		(17,080	)		(59,242	)		(264,643	)
	(10,000)		—			(31,389	)		—			(7,000	)		—
	4,057,165		5,612,990			2,732,960			320,279			7,033,723			2,039,323
	12,413,619		56,043			591,897			2,196,075			18,816,824			2,219,120
	8,168,533		(12,549,295	)		(13,722,604	)		(501,770	)		(18,433,093	)		(15,880,484	)
	—		—			—			—			4,226,906			—
	2,567,147		2,536,008			632,409			(14,905	)		(4,659,701	)		194,951
	—		—			—			—			31,679			104,613
	—		—			—			—			—			—
	—		—			—			28,876			8,389,702			983,399
	10,735,680		(10,013,287	)		(13,090,195	)		(487,799	)		(10,444,507	)		(14,597,521	)
	(5,703,920)		(45,367,907	)		19,629,754			(5,729,098	)		(40,541,204	)		42,000,479
	—		—			—			—			(1,851,465	)		—
	(81,037)		(162,173	)		(367,155	)		(37,806	)		(1,264,491	)		557,979
	—		—			—			—			1,444			(5,760	)
	—		—			—			—			—			—
	—		—			—			(15,483	)		2,449,319			456,555
	(5,784,957)		(45,530,080	)		19,262,599			(5,782,387	)		(41,206,397	)		43,009,253
	4,950,723		(55,543,367	)		6,172,404			(6,270,186	)		(51,650,904	)		28,411,732
	$17,364,342	$	(55,487,324	)	$	6,764,301		$	(4,074,111	)	$	(32,834,080	)	$	30,630,852

See Notes to Financial Statements.

179

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Six
	Months Ended			For the Year
	06/30/16			Ended 12/31/15
	(Unaudited)
Operations:
Net investment income	$	4,506,106		$	7,779,144
Net realized gain on investment securities, foreign currency and derivatives		10,380,641			25,245,667
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		29,318,969			(19,891,616	)
Net increase (decrease) in net assets resulting from operations		44,205,716			13,133,195
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,320,484	)		(6,575,193	)
Investor shares		(1,200,217	)		(1,657,589	)
Distributions from net realized capital gains
Institutional shares		(1,751,160	)		(19,172,510	)
Investor shares		(748,868	)		(7,060,542	)
Total dividends and distributions		(7,020,729	)		(34,465,834	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		18,175,779			370,644,668
Investor shares		36,918,278			63,439,406
Reinvestment of dividends and distributions
Institutional shares		5,053,361			25,741,918
Investor shares		1,947,325			8,711,001
Total proceeds from shares sold and reinvested		62,094,743			468,536,993
Value of shares redeemed
Institutional shares		(20,890,751	)		(30,412,966	)
Investor shares		(12,364,281	)		(381,207,938	)
Total value of shares redeemed		(33,255,032	)		(411,620,904	)
Net increase from capital share transactions(1)		28,839,711			56,916,089
Total increase (decrease) in net assets		66,024,698			35,583,450
Net Assets:
Beginning of Period		610,615,520			575,032,070
End of Period*	$	676,640,218		$	610,615,520
* Including undistributed net investment income	$	430,804		$	445,399

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

See Notes to Financial Statements.

180

Equity Index Fund						Value Equity Fund						Growth Equity Fund
For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
(Unaudited)						(Unaudited)						(Unaudited)
$	5,644,423		$	9,491,203		$	12,413,619		$	20,188,663		$	56,043		$	(959,374	)
	5,587,847			14,044,153			10,735,680			116,305,177			(10,013,287	)		203,128,460
	12,109,004			(22,022,980	)		(5,784,957	)		(180,424,665	)		(45,530,080	)		(124,167,046	)
	23,341,274			1,512,376			17,364,342			(43,930,825	)		(55,487,324	)		78,002,040
	(4,278,584	)		(7,056,268	)		(11,437,209	)		(19,036,191	)		(727,712	)		—
	(1,464,148	)		(2,560,882	)		(1,204,969	)		(1,264,602	)		—			—
	(1,010,364	)		(9,195,422	)		(10,591,798	)		(105,461,430	)		(19,707,215	)		(174,932,173	)
	(441,045	)		(4,373,863	)		(1,477,982	)		(15,752,143	)		(4,199,883	)		(42,957,853	)
	(7,194,141	)		(23,186,435	)		(24,711,958	)		(141,514,366	)		(24,634,810	)		(217,890,026	)
	27,919,974			368,510,576			40,223,568			836,419,140			43,676,575			831,966,195
	27,997,565			43,778,466			23,035,727			37,097,759			19,082,324			63,629,886
	5,276,729			16,244,073			22,025,826			124,476,508			20,433,406			174,915,603
	1,902,547			6,930,359			2,680,533			17,001,799			4,198,863			42,949,552
	63,096,815			435,463,474			87,965,654			1,014,995,206			87,391,168			1,113,461,236
	(9,069,291	)		(186,575,659	)		(43,938,885	)		(151,854,454	)		(32,158,988	)		(176,712,798	)
	(21,827,436	)		(48,577,199	)		(19,742,829	)		(851,404,094	)		(43,578,072	)		(865,778,812	)
	(30,896,727	)		(235,152,858	)		(63,681,714	)		(1,003,258,548	)		(75,737,060	)		(1,042,491,610	)
	32,200,088			200,310,616			24,283,940			11,736,658			11,654,108			70,969,626
	48,347,221			178,636,557			16,936,324			(173,708,533	)		(68,468,026	)		(68,918,360	)
	608,603,818			429,967,261			1,241,648,049			1,415,356,582			1,415,616,543			1,484,534,903
$	656,951,039		$	608,603,818		$	1,258,584,373		$	1,241,648,049		$	1,347,148,517		$	1,415,616,543
$	61,647		$	159,956		$	547,829		$	776,388		$	(671,669	)	$	—

See Notes to Financial Statements.

181

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Six
	Months Ended			For the Year
	06/30/16			Ended 12/31/15
	(Unaudited)
Operations:
Net investment income	$	591,897		$	1,380,367
Net realized gain (loss) on investment securities, foreign currency and derivatives		(13,090,195	)		31,466,524
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		19,262,599			(63,655,105	)
Net increase (decrease) in net assets resulting from operations		6,764,301			(30,808,214	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(1,207,226	)
Investor shares		—			—
Distributions from net realized capital gains
Institutional shares		—			(27,812,036	)
Investor shares		—			(13,086,307	)
Total dividends and distributions		—			(42,105,569	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		19,557,764			219,772,080
Investor shares		5,964,698			25,998,341
Reinvestment of dividends and distributions
Institutional shares		—			29,017,402
Investor shares		—			13,081,613
Total proceeds from shares sold and reinvested		25,522,462			287,869,436
Value of shares redeemed
Institutional shares		(12,913,153	)		(18,395,855	)
Investor shares		(19,639,021	)		(248,011,005	)
Total value of shares redeemed		(32,552,174	)		(266,406,860	)
Net increase (decrease) from capital share transactions(2)		(7,029,712	)		21,462,576
Total increase (decrease) in net assets		(265,411	)		(51,451,207	)
Net Assets:
Beginning of Period		501,811,605			553,262,812
End of Period*	$	501,546,194		$	501,811,605
*Including undistributed (distributions in excess of) net investment income	$	781,118		$	189,221

⁽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.

182

International Equity Index Fund						International Equity Fund						Emerging Markets Equity Fund
For the Six Months Ended 06/30/16			For the  Period 06/01/2015(1) - 12/31/2015			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15			For the Six Months Ended 06/30/16			For the Year Ended 12/31/15
(Unaudited)						(Unaudited)						(Unaudited)
$	2,196,075		$	810,400		$	18,816,824		$	21,350,257		$	2,219,120		$	3,245,525
	(487,799	)		(788,949	)		(10,444,507	)		53,701,816			(14,597,521	)		(20,920,033	)
	(5,782,387	)		(10,829,282	)		(41,206,397	)		(92,018,303	)		43,009,253			(44,424,095	)
	(4,074,111	)		(10,807,831	)		(32,834,080	)		(16,966,230	)		30,630,852			(62,098,603	)
	—			(896,896	)		—			(20,206,965	)		—			(1,112,618	)
	—			—			—			(2,298,387	)		—			—
	—			—			—			(41,580,822	)		—			—
	—			—			—			(7,475,378	)		—			—
	—			(896,896	)		—			(71,561,552	)		—			(1,112,618	)
	13,345,352			122,367,899			39,367,070			1,031,090,766			20,619,853			308,789,283
	—			—			25,234,033			38,211,464			13,541,500			27,025,822
	—			896,896			—			61,783,296			—			1,112,618
	—			—			—			9,767,134			—			—
	13,345,352			123,264,795			64,601,103			1,140,852,660			34,161,353			336,927,723
	(874,520	)		(535,452	)		(36,540,392	)		(147,652,014	)		(21,722,814	)		(8,070,282	)
	—			—			(12,223,305	)		(1,007,234,140	)		(4,340,128	)		(268,123,636	)
	(874,520	)		(535,452	)		(48,763,697	)		(1,154,886,154	)		(26,062,942	)		(276,193,918	)
	12,470,832			122,729,343			15,837,406			(14,033,494	)		8,098,411			60,733,805
	8,396,721			111,024,616			(16,996,674	)		(102,561,276	)		38,729,263			(2,477,416	)
	111,024,616			—			1,276,705,423			1,379,266,699			297,782,335			300,259,751
$	119,421,337		$	111,024,616		$	1,259,708,749		$	1,276,705,423		$	336,511,598		$	297,782,335
$	2,131,786		$	(64,289	)	$	18,617,929		$	(198,895	)	$	1,734,441		$	(484,679	)

See Notes to Financial Statements.

183

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  Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Defensive Market Strategies Fund
Institutional Class
2016(3)	$	11.21	$	0.09	#	$	0.70		$	(0.08	)	$	(0.04	)	$	11.88		7.14	%	$	472,405		0.70	%		0.71	%		1.52	%		43	%
2015		11.61		0.17	#		0.11	(4)		(0.17	)		(0.51	)		11.21		2.43			443,499		0.72	(5)		0.73			1.46			55
2014		11.43		0.15	#		1.05	(4)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88	(5)(6)		0.83	(6)		1.24			102
2013(7)		10.61		0.14	#		1.80	(4)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10	(5)(6)		1.13	(6)		1.25			208
2012		10.20		0.18	#		0.73	(4)		(0.18	)		(0.32	)		10.61		8.93			85,347		1.04	(6)		1.12	(6)		1.67			304
2011(8)		10.00		0.04	#		0.21	(4)		(0.04	)		(0.01	)		10.20		2.51			74,516		1.03	(6)		1.10	(6)		1.11			120
Investor Class
2016(3)	$	11.22	$	0.07	#	$	0.71		$	(0.07	)	$	(0.04	)	$	11.89		7.02	%	$	204,235		0.97	%		0.98	%		1.25	%		43	%
2015		11.60		0.13	#		0.12	(4)		(0.12	)		(0.51	)		11.22		2.16			167,117		0.99	(5)		1.00			1.12			55
2014		11.42		0.12	#		1.06	(4)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09	(5)(6)		1.07	(6)		1.03			102
2013(7)		10.60		0.12	#		1.79	(4)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36	(5)(6)		1.38	(6)		0.99			208
2012		10.20		0.15	#		0.72	(4)		(0.15	)		(0.32	)		10.60		8.57			314,638		1.30	(6)		1.37	(6)		1.42			304
2011(8)		10.00		0.03	#		0.21	(4)		(0.03	)		(0.01	)		10.20		2.43			240,529		1.29	(6)		1.35	(6)		0.86			120
Equity Index Fund
Institutional Class
2016(3)	$	8.62	$	0.08	#	$	0.23		$	(0.12	)	$	(0.03	)	$	8.78		3.66	%	$	306,924		0.15	%		0.16	%		1.98	%		2	%
2015		9.07		0.18	#		(0.10	)(4)		(0.23	)		(0.30	)		8.62		0.92			276,599		0.17			0.18			1.94			6
2014		8.50		0.15	#		0.99	(4)		(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	(4)		(0.26	)		(0.25	)		8.50		32.04			66,378		0.23			0.24			1.81			4
2012		6.29		0.13	#		0.86	(4)		(0.25	)		(0.18	)		6.85		15.92			47,071		0.23			0.24			1.95			3
2011		8.63		0.15	#		0.04	(4)		(0.31	)		(2.22	)		6.29		3.00			36,721		0.23			0.24			1.71			4
Investor Class
2016(3)	$	22.58	$	0.19	#	$	0.60		$	(0.10	)	$	(0.03	)	$	23.24		3.49	%	$	350,027		0.42	%		0.42	%		1.71	%		2	%
2015		22.90		0.37	#		(0.21	)(4)		(0.18	)		(0.30	)		22.58		0.70			332,005		0.41			0.44			1.62			6
2014		20.69		0.34	#		2.40	(4)		(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	(4)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			4
2012		14.24		0.28	#		1.95	(4)		(0.22	)		(0.18	)		16.07		15.76			208,192		0.38			0.49			1.79			3
2011		16.36		0.26	#		0.12	(4)		(0.28	)		(2.22	)		14.24		2.75			183,076		0.38			0.47			1.57			4

# 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, 2016. 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) The ratio for the Defensive Market Strategies Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00%, 0.01% and 0.00% for the years 2013, 2014 and 2015.

(6) 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%, 0.02% and 0.00% for the years 2011, 2012, 2013 and 2014.

(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.

184

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
2016(3)	$	7.55	$	0.08	#	$	0.01		$	(0.09	)	$	(0.09	)	$	7.46		1.25	%	$	927,103		0.60	%(4)		0.61	%		2.12	%		17	%
2015		9.01		0.15	#		(0.46	)(5)		(0.17	)		(0.98	)		7.55		(3.44	)		917,208		0.61	(4)		0.62			1.73			32
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
Investor Class
2016(3)	$	19.46	$	0.17	#	$	0.06		$	(0.07	)		(0.09	)	$	19.53		1.19	%	$	331,481		0.87	%(4)		0.88	%		1.84	%		17	%
2015		21.31		0.27	#		(1.06	)(5)		(0.08	)		(0.98	)		19.46		(3.70	)		324,440		0.89	(4)		0.89			1.26			32
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
Growth Equity Fund
Institutional Class
2016(3)	$	9.53	$	—	†#	$	(0.37	)	$	(0.01	)	$	(0.20	)	$	8.95		(3.90	)%	$	908,571		0.76	%		0.77	%		0.10	%		8	%
2015		11.05		0.01	#		0.59	(5)		—			(2.12	)		9.53		5.67			932,232		0.77	(7)		0.78			0.09			79
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
Investor Class
2016(3)	$	22.02	$	(0.02	)#	$	(0.87	)	$	—		$	(0.20	)	$	20.93		(4.04	)%	$	438,578		1.02	%		1.03	%		(0.17	)%		8	%
2015		22.92		(0.05	)#		1.27	(5)		—			(2.12	)		22.02		5.44			483,385		1.04	(7)		1.06			(0.21	)		79
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

† 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, 2016. 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 fees paid indirectly which decreased the ratio by 0.01% for the years 2011, 2012, 2013 and 2014, and 0.00% for the year 2015. For the six months ended June 30, 2016, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.00% 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 $0.00 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 fees paid indirectly which decreased the ratio by 0.01% for the years 2011, 2012 and 2013, and 0.00% for the years 2014 and 2015.

(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.

185

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
2016(3)	$	7.48	$	0.01	#	$	0.08		$	—		$	—		$	7.57		1.20	%	$	276,639		1.02	%(4)		1.04	%		0.37	%		34	%
2015		8.92		0.04	#		(0.56	)(5)		(0.03	)		(0.89	)		7.48		(5.66	)		264,962		1.00	(4)		1.03			0.45			74
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
Investor Class
2016(3)	$	15.17	$	0.01	#	$	0.16		$	—		$	—		$	15.34		1.12	%	$	224,907		1.28	%(4)		1.32	%		0.10	%		34	%
2015		17.08		0.02	#		(1.04	)(5)		—			(0.89	)		15.17		(5.91	)		236,850		1.24	(4)		1.27			0.13			74
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
International Equity Index Fund
Institutional Class
2016(3)	$	8.94	$	0.17	#	$	(0.51	)	$	—		$	—		$	8.60		(3.80	)%	$	119,421		0.57	%		0.60	%		3.91	%		3	%
2015(7)		10.00		0.07	#		(1.06	)(5)		(0.07	)		—			8.94		(9.88	)		111,025		0.57			0.66			1.33			4

# Calculated using the average shares outstanding method.

(1) The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), 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, 2016. 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 fees paid indirectly which decreased the ratio by 0.02%, 0.02%, 0.01%, 0.01% and 0.02% for the years 2011, 2012, 2013, 2014 and 2015. For the six months ended June 30, 2016, the effect of expenses paid indirectly decreased the ratio by 0.01% 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.

186

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
2016(3)	$	9.73	$	0.14	#	$	(0.40	)	$	—		$	—		$	9.47		(2.67	)%	$	1,007,681		1.08	%(4)(5)		1.10	%(5)		3.09	%		14	%
2015		10.55		0.16	#		(0.37	)(6)		(0.19	)		(0.42	)		9.73		(1.93	)		1,030,729		1.03	(4)(5)		1.05	(5)		1.49			43
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
Investor Class
2016(3)	$	13.18	$	0.18	#	$	(0.54	)	$	—		$	—		$	12.82		(2.73	)%	$	252,028		1.36	%(4)(5)		1.37	%(5)		2.86	%		14	%
2015		14.03		0.24	#		(0.55	)(6)		(0.12	)		(0.42	)		13.18		(2.16	)		245,976		1.35	(4)(5)		1.39	(5)		1.68			43
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
Emerging Markets Equity Fund
Institutional Class
2016(3)	$	7.34	$	0.05	#	$	0.64		$	—		$	—		$	8.03		9.40	%	$	298,705		1.29	%		1.44	%		1.43	%		24	%
2015		9.09		0.11	#		(1.83	)(6)		(0.03	)		—			7.34		(18.93	)		272,123		1.28	(8)		1.50			1.36			39
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(9)(10)		10.00		(0.01	)#		(0.24	)(6)		—			—			9.75		(2.50	)		46,420		1.25			1.55			(0.34	)		6
Investor Class
2016(3)	$	7.35	$	0.05	#	$	0.63		$	—		$	—		$	8.03		9.25	%	$	37,807		1.55	%		1.84	%		1.39	%		24	%
2015		9.09		0.05	#		(1.79	)(6)		—			—			7.35		(19.14	)		25,659		1.51	(8)		1.83			0.58			39
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(9)(10)		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, 2016. 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 fees paid indirectly which decreased the ratio by 0.00% for the years 2011, 2012, 2013, 2014 and 2015. For the six months ended June 30, 2016, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.00% for Institutional Class and Investor Class respectively.

(5) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.08%, 0.20%, 0.15%, 0.17% and 0.17% for the years 2011, 2012, 2013, 2014 and 2015. For the six months ended June 30, 2016, the effect of dividend expense on securities sold short increased the ratio by 0.19% 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) The ratio for the Emerging Markets Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the year 2015.

(9) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.00% and 0.01% for Institutional Class and Investor Class, respectively.

(10) 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.

187

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS June 30, 2016 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS — 92.2%
U.S. Treasury Inflationary Index Bonds
1.38%, 07/15/18	$	3,300,000	$	3,841,238
0.13%, 04/15/19		19,540,000		20,378,334
1.38%, 01/15/20		5,560,000		6,570,992
0.13%, 04/15/20		12,270,000		12,826,884
1.25%, 07/15/20		5,480,000		6,465,026
1.13%, 01/15/21		12,085,000		14,147,821
0.13%, 04/15/21		8,010,000		8,289,150
0.63%, 07/15/21		12,975,000		14,507,141
0.13%, 01/15/22		6,874,200		7,412,724
0.13%, 07/15/22		4,945,000		5,265,640
0.13%, 01/15/23		14,509,000		15,252,986
0.38%, 07/15/23		16,440,000		17,492,079
0.63%, 01/15/24		21,231,000		22,813,148
0.13%, 07/15/24		8,602,000		8,763,415
0.25%, 01/15/25‡‡		11,085,000		11,375,812
2.38%, 01/15/25		5,905,200		8,957,013
0.38%, 07/15/25		2,300,000		2,390,818
0.63%, 01/15/26		7,100,000		7,532,815
2.00%, 01/15/26		4,675,000		6,636,141
2.38%, 01/15/27		4,275,000		6,228,799
1.75%, 01/15/28		6,830,000		9,129,147
3.63%, 04/15/28		3,300,000		6,761,981
2.50%, 01/15/29		5,415,000		7,655,831
3.88%, 04/15/29		4,875,000		10,232,566
3.38%, 04/15/32		627,100		1,239,668
2.13%, 02/15/40		2,787,600		4,041,702
2.13%, 02/15/41		6,883,900		9,940,026
0.75%, 02/15/42		7,569,400		8,049,437
0.63%, 02/15/43		10,635,000		10,798,226
1.38%, 02/15/44		4,903,700		5,830,618
0.75%, 02/15/45		1,920,000		1,963,398
1.00%, 02/15/46		2,215,000		2,417,572
Total U.S. Treasury Obligations (Cost $276,218,628)				285,208,148
FOREIGN GOVERNMENT INFLATION-LINKED BONDS — 4.4%
Germany — 1.4%
Deutsche Bundesrepublik Inflation-Linked Bond
0.10%, 04/15/23(E)		3,485,000		4,312,227
Italy — 1.8%
Italy Buoni Poliennali Del Tesoro
2.10%, 09/15/16(E)		5,000		5,976
2.60%, 09/15/23(E)		235,000		348,416
2.35%, 09/15/24 144A(E)		3,130,000		4,011,361
1.25%, 09/15/32 144A(E)		501,000		585,218
2.55%, 09/15/41(E)		415,000		648,117
				5,599,088
New Zealand — 1.2%
New Zealand Government Bond
3.00%, 09/20/30(Z)		2,886,000		2,528,056
2.50%, 09/20/35(Z)		1,431,000		1,164,889
				3,692,945
Total Foreign Government Inflation-Linked Bonds (Cost $13,081,287)				13,604,260

	Number of Contracts		Value
PURCHASED OPTIONS — 0.3%
Call Options — 0.1%
10-Year U.S. Treasury Note, Strike Price $133.50, Expires 08/26/16 (JPM)		147	$	126,328
	Notional Amount
Australia Dollar vs. U.S. Dollar, Strike Price $0.75, Expires 07/20/16 (JPM)	$	4,130,000		25,923
Euro vs. U.S. Dollar, Strike Price $1.14, Expires 07/29/16 (DEUT)		2,705,000		7,790
U.S. Dollar vs. Japanese Yen, Strike Price $97.00, Expires 08/05/16 (HSBC)		3,045,000		8,949
United Kingdom Pound vs. Japanese Yen, Strike Price $166.00, Expires 07/14/2016 (BAR)		2,090,000		—
				168,990
	Number of Contracts
Put Options — 0.2%
90-Day Euro, Strike Price $98.25, Expires 09/16/16 (JPM)		318		1,988
90-Day Euro, Strike Price $98.75, Expires 09/16/16 (JPM)		318		5,962
	Notional Amount
Australia Dollar vs. U.S. Dollar, Strike Price $0.70, Expires 07/20/16 (JPM)	$	4,130,000		1,620
Euro vs. Japanese Yen, Strike Price $113.00, Expires 09/22/2016 (DEUT)		2,725,000		61,513
Euro vs. U.S. Dollar, Strike Price $1.02, Expires 11/03/2016 (BNP)		5,285,000		23,970
Euro vs. U.S. Dollar, Strike Price $1.09, Expires 07/29/16 (DEUT)		2,705,000		16,793
Euro vs. U.S. Dollar, Strike Price $1.09, Expires 11/03/2016 (BNP)		5,285,000		84,627
Euro vs. U.S. Dollar, Strike Price $1.11, Expires 07/08/16 (BNP)		5,395,000		27,223
Switzerland Franc vs. Norwegian Krone, Strike Price $7.72, Expires 08/02/16 (DEUT)		5,910,000		97
U.S. Dollar vs. Canadian Dollar, Strike Price $1.32, Expires 11/03/2016 (BAR)		6,000,000		99,546
U.S. Dollar vs. Canadian Dollar, Strike Price $1.42, Expires 11/03/2016 (BAR)		6,000,000		16,638

See Notes to Financial Statements.

188

	Notional Amount			Value
U.S. Dollar vs. Japanese Yen, Strike Price $110.00, Expires 08/05/16 (HSBC)	$	6,090,000		$	8,593
U.S. Dollar vs. Mexican Peso, Strike Price $18.29, Expires 11/03/2016 (BAR)		6,000,000			227,274
U.S. Dollar vs. Mexican Peso, Strike Price $19.87, Expires 11/03/2016 (BAR)		6,000,000			71,640
United Kingdom Pound vs. U.S. Dollar, Strike Price $120.00, Expires 08/29/2016 (DEUT)		22,900			8,591
United Kingdom Pound vs. U.S. Dollar, Strike Price $131.00, Expires 08/29/2016 (DEUT)		22,900			55,795
					711,870
Total Purchased Options     (Cost $1,139,671)					880,860
	Shares
MONEY MARKET FUND — 2.6%
GuideStone Money Market Fund (Investor Class)¥ (Cost $7,907,924)		7,907,924			7,907,924
TOTAL INVESTMENTS — 99.5%     (Cost $298,347,510)					307,601,192
	Notional Amount
WRITTEN OPTIONS — (0.2)%
Call Options — 0.0%
Euro vs. U.S. Dollar, Strike Price $1.14, Expires 08/02/2016 (HSBC)	$	(27,050	)		(8,706	)
U.S. Dollar vs. Japanese Yen, Strike Price $99.00, Expires 08/05/16 (HSBC)		(3,045,000	)		(16,135	)
					(24,841	)
	Number of Contracts
Put Options — (0.2)%
90-Day Euro, Strike Price $98.50, Expires 09/16/16 (JPM)		(636	)		(3,975	)

	Notional Amount			Value
Euro vs. Japanese Yen, Strike Price $104.50, Expires 09/22/2016 (DEUT)	$	(1,365,000	)	$	(8,443	)
Euro vs. Japanese Yen, Strike Price $108.00, Expires 09/22/2016 (DEUT)		(2,725,000	)		(28,717	)
Euro vs. U.S. Dollar, Strike Price $1.06, Expires 11/03/2016 (BNP)		(10,570,000	)		(94,404	)
Euro vs. U.S. Dollar, Strike Price $1.09, Expires 08/02/2016 (HSBC)		(27,050	)		(18,320	)
U.S. Dollar vs. Canadian Dollar, Strike Price $1.37, Expires 11/03/2016 (BAR)		(12,000,000	)		(86,484	)
U.S. Dollar vs. Mexican Peso, Strike Price $19.00, Expires 11/03/2016 (BAR)		(12,000,000	)		(270,048	)
United Kingdom Pound vs. U.S. Dollar, Strike Price $125.00, Expires 08/29/2016 (DEUT)		(45,800	)		(39,394	)
					(549,785	)
Total Written Options (Premiums received $(627,828))					(574,626	)
Other Assets in Excess of Liabilities — 0.7%					2,157,359
NET ASSETS — 100.0%				$	309,183,925

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		92.2
Foreign Government Inflation-Linked Bonds		4.4
Money Market Fund		2.6
Purchased Options		0.3
Written Options		(0.2	)
		99.3

See Notes to Financial Statements.

189

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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:
Foreign Government Inflation-Linked Bonds	$	13,604,260		$	—		$	13,604,260		$	—
Money Market Fund		7,907,924			7,907,924			—			—
Purchased Options		880,860			134,278			746,582			—
U.S. Treasury Obligations		285,208,148			—			285,208,148			—
Total Assets — Investments in Securities	$	307,601,192		$	8,042,202		$	299,558,990		$	—
Liabilities:
Investments in Securities:
Written Options	$	(574,626	)	$	(3,975	)	$	(570,651	)	$	—
Total Liabilities — Investments in Securities	$	(574,626	)	$	(3,975	)	$	(570,651	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(64,018	)	$	—		$	(64,018	)	$	—
Futures Contracts		(827,455	)		(827,455	)		—			—
Total Liabilities — Other Financial Instruments	$	(891,473	)	$	(827,455	)	$	(64,018	)	$	—

*** 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, 2016.

See Notes to Financial Statements.

190

FLEXIBLE INCOME FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Par		Value
CORPORATE BONDS — 8.4%
Ally Financial, Inc.
5.50%, 02/15/17	$	650,000	$	660,739
4.75%, 09/10/18		650,000		664,625
Cablevision Systems Corporation
7.75%, 04/15/18		350,000		375,592
Cequel Communications Holdings I LLC
6.38%, 09/15/20 144A		350,000		357,193
CIT Group, Inc.
5.25%, 03/15/18		300,000		309,834
6.63%, 04/01/18 144A		1,000,000		1,057,500
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		350,000		334,775
CNH Industrial Capital LLC
3.88%, 07/16/18		500,000		503,750
Covanta Holding Corporation
7.25%, 12/01/20D		50,000		51,512
Diamond 1 Finance Corporation
4.42%, 06/15/21 144AD		400,000		412,156
DISH DBS Corporation
4.25%, 04/01/18		500,000		511,250
Hertz Corporation
6.75%, 04/15/19D		1,200,000		1,225,292
International Lease Finance Corporation
6.25%, 05/15/19		450,000		483,188
MPT Operating Partnership LP
6.38%, 02/15/22		500,000		520,625
NCR Corporation
4.63%, 02/15/21		400,000		397,500
NRG Energy, Inc.
7.63%, 01/15/18		117,000		126,360
Post Holdings, Inc.
6.75%, 12/01/21 144AD		675,000		715,500
Reynolds Group Issuer, Inc.
6.88%, 02/15/21		300,000		309,000
Sprint Communications, Inc.
9.00%, 11/15/18 144A		300,000		320,625
Tenet Healthcare Corporation
6.25%, 11/01/18		500,000		530,000
T-Mobile USA, Inc.
6.46%, 04/28/19D		1,200,000		1,224,000
United Rentals North America, Inc.
7.63%, 04/15/22		325,000		348,563
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		300,000		259,500
VEREIT Operating Partnership LP
4.13%, 06/01/21		450,000		470,529
West Corporation
4.75%, 07/15/21 144A		500,000		495,000
Total Corporate Bonds (Cost $12,700,692)				12,664,608

	Par		Value
FOREIGN BONDS — 1.6%
Bermuda — 0.2%
Viking Cruises, Ltd.
8.50%, 10/15/22 144AD	$	350,000	$	300,125
Canada — 0.9%
Bombardier, Inc.
7.50%, 03/15/18 144A		700,000		722,750
Telesat Canada
6.00%, 05/15/17 144AD		700,000		699,563
				1,422,313
Ireland — 0.5%
Ardagh Packaging Finance PLC
3.65%, 12/15/19 144A†D		500,000		503,125
3.88%, 05/15/21 144A†		225,000		226,406
				729,531
Total Foreign Bonds (Cost $2,477,648)				2,451,969
LOAN AGREEMENTS — 85.3%
1011778 BC ULC
Term B-2 Loan
3.75%, 12/12/2021		515,690		514,787
Abacus Innovations Corporation
Term B Loan
0.00%, 06/09/2023 S		420,000		419,299
ABB Con-Cise Optical Group LLC
Term B Loan
6.00%, 06/15/2023		250,000		250,625
ABG Intermediate Holdings 2 LLC
Term Loan
5.50%, 05/27/2021		463,153		454,664
Acadia Healthcare Co., Inc.
Term B-1 Loan
3.75%, 02/11/2022		99,747		97,877
4.50%, 02/11/2022		547,250		541,778
Access CIG LLC
Term B Loan
6.00%, 10/17/2021		694,967		688,594
Acosta, Inc.
Term B Loan
4.25%, 09/26/2021		343,503		329,763
Advanced Disposal Services, Inc.
Term B Loan
3.75%, 10/09/2019		1,376,368		1,352,282
AdvancePierre Foods Holdings, Inc.
Term B Loan
4.75%, 06/02/2023		455,000		453,103
Advantage Sales & Marketing, Inc.
Term B Loan
4.25%, 07/25/2021		982,500		955,894
Air Medical Group Holdings, Inc.
Term B Loan
4.25%, 04/28/2022		818,680		797,444
Albany Molecular Research, Inc.
Term B Loan
0.00%, 07/16/2021 S		390,000		385,125

See Notes to Financial Statements.

191

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Albertsons LLC
Term B-4 Loan
4.50%, 08/25/2021	$	594,175	$	592,904
Albertsons LLC
Term B-5 Loan
4.75%, 12/21/2022		161,867		161,564
Albertsons LLC
Term B-6 Loan
4.75%, 06/22/2023		140,000		139,615
AlixPartners LLP
Term B Loan
4.50%, 07/28/2022		992,500		990,267
Allflex Holdings III, Inc.
Term B Loan
4.25%, 07/17/2020		913,178		903,480
Allied Security Holdings LLC
Term B Loan
4.25%, 02/14/2021		361,146		358,437
American Tire Distributors, Inc.
Term B Loan
5.25%, 09/26/2021		322,550		310,658
Ancestry.com, Inc.
Term B Loan
5.00%, 08/29/2022		1,062,908		1,055,606
Anchor Glass Container Corporation
Term B Loan
4.25%-4.75%, 07/01/2022		374,062		372,428
Aramark Services, Inc.
Term F Loan
3.25%, 02/24/2021		977,500		976,581
Aretec Group, Inc.
Term Exit Loan
8.00%, 11/23/2020		255,930		253,371
2.00%-4.50%, 05/23/2021		648,915		483,442
Ascena Retail Group, Inc.
Term B Loan
5.25%, 08/21/2022		597,250		568,283
AssuredPartners, Inc.
Term Loan
5.75%, 10/21/2022		776,778		769,500
Asurion LLC
Term B-1 Loan
5.00%, 05/24/2019		584,463		580,933
Asurion LLC
Term B-2 Loan
5.00%, 07/08/2020		685,125		674,677
Asurion LLC
Term Loan
8.50%, 03/03/2021		500,000		480,000
Atrium Innovations, Inc.
Term B Loan
4.25%, 02/15/2021		532,713		516,066
Avago Technologies Cayman Finance Ltd.
Term B-1 Loan
4.25%, 02/01/2023		1,396,500		1,397,156
B&G Foods, Inc.
Term B Loan
3.75%, 11/02/2022		361,447		361,718
B/E Aerospace, Inc.
Term B Loan
3.75%, 12/16/2021		1,120,000		1,120,840
Berry Plastics Group, Inc.
Term D Loan
3.50%, 02/08/2020		727,444		721,988

	Par		Value
BJ’s Wholesale Club, Inc.
Term B Loan
4.50%, 09/26/2019	$	1,188,326	$	1,175,172
Block Communications, Inc.
Term B Loan
4.00%, 11/07/2021		472,600		472,010
Blue Coat Systems, Inc.
Term Loan
4.50%, 05/26/2022		499,123		498,344
BMC Software Finance, Inc.
Term B Loan
5.00%, 09/10/2020		396,434		350,678
Brand Energy & Infrastructure Services, Inc.
Term B Loan
4.75%, 11/26/2020		672,269		652,941
Brightview Land-scapes LLC
Term B Loan
4.00%, 12/18/2020		1,469,924		1,442,819
BWAY Holding Co.
Term B Loan
5.50%-7.00%, 08/14/2020		334,560		332,887
Calpine Corporation
Term B-5 Loan
3.50%, 05/27/2022		990,000		978,447
Catalent Pharma Solutions, Inc.
Term B Loan
4.25%, 05/20/2021		738,695		735,467
CCO Safari III LLC
Term I Loan
3.50%, 01/21/2023		1,047,375		1,047,375
Cengage Learning, Inc.
Term B Loan
5.25%, 06/07/2023		410,000		404,875
Chemours Co.
Term B Loan
3.75%, 05/12/2022		372,188		358,417
Chemstralia Proprietary, Ltd.
Term B Loan
7.25%, 02/26/2022@		345,254		340,075
CHG Healthcare Services, Inc.
Term B Loan
4.75%, 06/07/2023		240,000		239,851
Ciena Corporation
Term Loan
4.25%, 04/25/2021		300,000		299,250
Cincinnati Bell, Inc.
Term B Loan
4.00%, 09/10/2020		720,142		715,101
CNT Holdings III Corporation
Term Loan
5.25%, 01/22/2023		209,475		208,863
Communications Sales & Leasing, Inc.
Term B Loan
5.00%, 10/24/2022		718,311		709,332
Concordia International Corporation
Term B Loan
5.25%, 10/21/2021		268,000		256,476
CPG International, Inc.
Term B Loan
4.75%, 09/30/2020		972,500		954,266
CS Intermediate Holdco 2 LLC
Term B Loan
4.00%, 04/04/2021		735,000		732,428

See Notes to Financial Statements.

192

	Par		Value
Cumulus Media Holdings, Inc.
Term B Loan
4.25%, 12/23/2020	$	848,130	$	592,631
CWGS Group LLC
Term B Loan
4.75%-5.75%, 02/20/2020		581,168		575,903
DaVita HealthCare Partners, Inc.
Term B Loan
3.50%, 06/24/2021		490,000		490,612
Dealer Tire LLC
Term B Loan
5.50%, 12/22/2021		985,000		987,462
Dell International LLC
Term B Loan
0.00%, 06/02/2023 S		900,000		896,247
Dell International LLC
Term B-2 Loan
4.00%, 04/29/2020		1,246,930		1,242,840
Delta 2 Lux S.à r.l.
Term B Loan
4.75%, 04/30/2019		1,759,962		1,690,109
Diebold, Inc.
Term B Loan
5.25%, 11/06/2023		490,000		487,344
Dole Food Co., Inc.
Term B Loan
4.50%-6.00%, 11/01/2018		459,682		457,673
Dollar Tree, Inc.
Term B-1 Loan
3.50%, 07/06/2022		292,809		292,381
Doosan Infracore International, Inc.
Term B Loan
4.50%, 05/28/2021		322,692		322,692
DPx Holdings BV
Term B Loan
4.25%, 03/11/2021		1,372,000		1,329,989
Dynegy, Inc.
Term C Loan
0.00%, 06/27/2023 S		365,000		358,386
Entegris, Inc.
Term B Loan
3.50%, 04/30/2021		617,065		614,492
Envision Health
Term Loan
4.50%, 10/28/2022		348,250		347,902
Equinix, Inc.
Term B Loan
4.00%, 01/09/2023		209,475		208,428
EWT Holdings III Corporation
Term Loan
4.75%, 01/15/2021		673,289		667,852
FCA US LLC
Term B Loan
3.50%, 05/24/2017		292,153		291,788
Federal-Mogul Holdings Corporation
Term C Loan
4.75%, 04/15/2021		218,438		201,576
Filtration Group, Inc.
Term B Loan
4.25%, 11/21/2020		664,353		658,746
First Data Corporation
Term B Loan
4.45%, 03/24/2021		525,000		522,596

	Par		Value
Frank Russell Co.
Term B Loan
6.75%, 06/01/2023	$	340,000	$	326,400
Garda World Security Corporation Delayed Draw
Term B-DD Loan
4.00%-6.50%, 11/08/2020		239,738		232,306
Garda World Security Corporation
Term B Loan
4.00%, 11/08/2020		937,156		908,104
Gardner Denver, Inc.
Term Loan
4.25%, 07/30/2020		871,108		799,965
Genesys Telecommunications Laboratories, Inc.
Term B Loan
4.00%, 02/08/2020		969,926		960,226
Global Payments, Inc.
Term B Loan
3.94%, 04/22/2023		675,000		677,869
Granite Acquisition, Inc.
Term B Loan
5.00%, 12/17/2021		943,487		897,888
Granite Acquisition, Inc.
Term C Loan
5.00%, 12/17/2021		42,146		40,109
Granite Acquisition, Inc.
Term Loan
8.25%, 12/17/2022		150,000		140,625
Gray Television, Inc.
Term B Loan
3.94%, 06/13/2021		720,900		720,900
Greatbatch Ltd.
Term B Loan
5.25%, 10/27/2022		558,600		553,014
Harland Clarke Holdings Corporation
Term B-5 Loan
7.00%, 12/31/2019		265,000		256,387
HC Group Holdings III, Inc.
Term B Loan
6.00%, 04/07/2022		442,036		442,314
HCA, Inc.
Term B-6 Loan
3.71%, 03/17/2023		134,662		134,999
HD Supply, Inc.
Term Loan
3.75%, 08/13/2021		347,375		346,795
Headwaters, Inc.
Term B Loan
0.00%, 03/24/2022 S		800,000		799,000
Hertz Corporation
Term B-1 Loan
0.00%, 06/30/2023 S		320,000		319,501
Hill-Rom Holdings, Inc.
Term B Loan
3.50%, 09/08/2022		569,531		569,531
Hilton Worldwide Finance LLC
Term B Loan
3.50%, 10/26/2020		724,088		724,088
HUB International, Ltd.
Term B Loan
4.00%, 10/02/2020		484,362		475,077

See Notes to Financial Statements.

193

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Hubbard Radio LLC
Term B Loan
4.25%, 05/27/2022	$	600,266	$	581,760
Husky Injection Molding Systems, Ltd.
Term B Loan
4.25%, 06/30/2021		752,418		746,541
Infinity Acquisition LLC
Term B Loan
4.25%, 08/06/2021		689,105		658,095
Infor US, Inc.
Term B-3 Loan
3.75%, 06/03/2020		1,193,583		1,158,372
Informatica LLC
Term B Loan
4.50%, 08/06/2022		322,562		313,231
Information Resources, Inc.
Term B Loan
4.75%, 09/26/2020		448,849		448,288
ION Media Networks, Inc.
Term B Loan
4.75%, 12/18/2020		950,062		947,687
Jazz Acquisition, Inc.
Term Loan
4.50%, 06/19/2021		432,932		380,980
KAR Auction Services, Inc.
Term B-3 Loan
4.25%, 03/09/2023		399,000		399,830
KFC Holding Co.
Term B Loan
3.19%, 06/16/2023		750,000		750,000
KIK Custom Products, Inc.
Term B Loan
6.00%, 08/26/2022		669,938		658,810
Kronos, Inc.
Term B Loan
4.50%, 10/30/2019		537,713		535,831
Level 3 Financing, Inc.
Term B Loan
3.50%, 01/31/2022		650,000	��	647,075
Liberty Cablevision of Puerto Rico LLC
Term B Loan
4.50%, 01/07/2022		800,000		780,000
Life Time Fitness, Inc.
Term B Loan
4.25%, 06/10/2022		446,248		435,092
Lineage Logistics LLC
Term B Loan
4.50%, 04/07/2021		379,209		358,353
LTS Buyer LLC
Term B Loan
4.00%, 04/13/2020		765,772		756,682
Lully Finance LLC
Term B-1 Loan
5.00%, 07/11/2022		472,812		469,266
MacDermid, Inc.
Term B-2 Loan
5.50%, 06/07/2020		492,500		485,423
Mallinckrodt International Finance SA
Term B Loan
3.25%, 03/19/2021		502,945		494,646
Manitowoc Foodservice, Inc.
Term B Loan
5.75%, 03/03/2023		399,487		401,736

	Par		Value
Match Group, Inc.
Term B-1 Loan
5.50%, 11/16/2022	$	307,125	$	308,406
Mauser Holding S.à.r.l
Term Loan
4.50%, 07/31/2021		617,148		604,034
McGraw-Hill Global Education Holdings LLC
Term Loan
5.00%, 05/04/2022		800,000		797,800
Media General, Inc.
Term B Loan
4.00%, 07/31/2020		758,332		757,384
Methanol Holdings Trinidad, Ltd.
Term B Loan
4.25%, 06/30/2022		297,000		291,060
Microsemi Corporation
Term B Loan
5.25%, 01/15/2023		154,467		153,985
Midas Intermediate Holdco II LLC
Term B Loan
4.50%, 08/18/2021		204,480		203,457
Mission Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/2020		572,089		571,020
Mitel U.S. Holdings, Inc.
Term B Loan
5.50%, 04/29/2022		411,123		410,996
MoneyGram International, Inc.
Term B Loan
4.25%, 03/28/2020		586,664		553,846
MPH Acquisition Holdings LLC
Term B Loan
5.00%, 06/07/2023		2,205,000		2,209,961
MRC Global US, Inc.
Term B Loan
5.00%, 11/09/2019		328,720		315,571
MTL Publishing LLC
Term B-3 Loan
4.00%, 08/20/2022		472,619		470,554
MTS Systems Corporation
Term B Loan
0.00%, 06/28/2023 S		625,000		622,656
Multi Packaging Solutions, Inc.
Term B Loan
4.25%, 09/30/2020		775,482		765,788
National Financial Partners Corporation
Term Loan
4.50%, 07/01/2020		982,509		971,662
Nautilus Merger Sub, Inc.
Term B Loan
4.00%, 03/13/2021		331,398		321,456
Navistar, Inc.
Term B Loan
6.50%-7.75%, 08/07/2020		422,875		398,209
NBTY, Inc.
Term B Loan
5.00%, 05/05/2023		490,000		485,624
Neiman Marcus Group, Ltd. LLC
Term Loan
4.25%, 10/25/2020		702,841		629,999

See Notes to Financial Statements.

194

	Par		Value
Neptune Finco Corporation
Term B Loan
5.00%, 10/09/2022	$	770,000	$	770,192
Nexeo Solutions LLC
Term B Loan
5.25%, 06/09/2023		745,000		743,756
Nexstar Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/2020		648,758		647,545
NMSC Holdings, Inc.
Term B Loan
6.00%, 04/19/2023		270,935		270,935
North American Lifting Holdings, Inc.
Term Loan
5.50%, 11/27/2020		487,694		365,770
10.00%, 11/27/2021@		250,000		162,500
Numericable U.S. LLC
Term B Loan
0.00%, 01/15/2024 S		850,000		841,500
NXP BV
Term B Loan
3.75%, 12/07/2020		173,290		173,507
ON Semiconductor Corporation
Term B Loan
5.25%, 03/31/2023		470,000		471,175
Orion Engineered Carbons GmbH
Term B Loan
4.75%, 07/25/2021		725,675		725,675
Party City Holdings, Inc.
Term B Loan
4.25%, 08/19/2022		297,750		295,517
Penn Products Terminals LLC
Term B Loan
4.75%, 04/14/2022		527,500		512,334
Petco Animal Supplies, Inc.
Term B-1 Loan
5.00%, 01/26/2023		408,975		406,345
PetSmart, Inc.
Term B Loan
4.25%, 03/11/2022		891,000		886,438
Pharmaceutical Product Development LLC
Term B Loan
4.25%, 08/18/2022		957,332		947,520
Pinnacle Foods Finance LLC
Term I Loan
3.75%, 01/13/2023		472,625		474,331
Prestige Brand, Inc.
Term B-3 Loan
2.75%-3.50%, 09/03/2021		91,202		91,032
Quebecor Media, Inc.
Term B-1 Loan
3.25%, 08/17/2020		1,711,108		1,681,163
Quikrete Holdings, Inc.
Term B Loan
4.00%, 09/30/2020		795,000		792,869
Quincy Newspapers, Inc.
Term B Loan
5.50%-7.00%, 11/02/2022		584,388		585,849
Quintiles Transnational Corporation
Term B Loan
3.25%, 05/12/2022		478,358		477,311

	Par		Value
Reynolds Group Holdings, Inc.
Term B Loan
4.50%, 12/01/2018	$	972,216	$	971,497
Road Infrastructure Investment LLC
Term A Loan
5.00%, 06/13/2023		200,000		199,250
Sabre GLBL, Inc.
Term B-2 Loan
4.50%, 02/19/2019		972,500		971,284
SAM Finance Lux S.à r.l.
Term B Loan
4.25%, 12/17/2020		465,440		462,629
Sandy Creek Energy Associates LP
Term B Loan
5.00%-6.25%, 11/08/2020		264,759		209,159
SBA Senior Finance II LLC
Term B-2 Loan
3.25%, 06/10/2022		987,030		972,432
Seadrill Operating LP
Term B Loan
4.00%, 02/21/2021		487,500		216,450
SeaWorld Parks & Entertainment, Inc.
Term B-2 Loan
3.00%, 05/14/2020		248,037		237,805
Sedgwick Claims Management Services, Inc.
Term Loan
3.75%, 02/28/2021		606,844		592,431
6.75%, 02/28/2022		500,000		478,750
Sensus USA, Inc.
Term Loan
6.50%, 04/05/2023		470,000		466,475
ServiceMaster Co. LLC
Term B Loan
4.25%, 07/01/2021		887,823		887,636
SIG Combibloc PurchaseCo S.à.r.l
Term B Loan
4.25%, 03/13/2022		470,238		465,978
Signode Industrial Group US, Inc.
Term B Loan
3.75%, 05/01/2021		629,416		622,857
Sinclair Television Group, Inc.
Term B Loan
3.00%, 04/09/2020		179,537		178,864
Sinclair Television Group, Inc.
Term B-1 Loan
3.50%, 07/31/2021		234,408		233,822
SiteOne Supply Holding LLC
Term B Loan
6.50%, 04/29/2022		234,412		234,412
Solenis International LP
Term Loan
4.25%, 07/31/2021		686,269		677,265
Southcross Holdings Borrower LP
Term B Loan
7.50%, 04/13/2023		130,435		109,565
Spectrum Brands, Inc.
Term Loan
3.50%-5.25%, 06/23/2022		578,158		577,343

See Notes to Financial Statements.

195

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Spin Holdco, Inc.
Term B Loan
4.25%, 11/08/2019	$	972,712	$	952,849
Sterigenics-Nordion Holdings LLC
Term B Loan
4.25%, 05/15/2022		596,992		591,023
Styrolution US Holding LLC
Term B-1 Loan
6.50%, 09/30/2019		491,759		491,145
Summit Materials LLC
Term B Loan
4.00%, 07/17/2022		495,000		491,906
Surgical Care Affiliates, Inc.
Term B Loan
4.25%, 03/17/2022		671,600		669,504
Team Health, Inc.
Term B Loan
4.50%, 11/23/2022		588,771		587,788
Telenet Financing USD LLC
Term AD Loan
4.25%, 06/30/2024		575,000		569,371
TierPoint LLC
Term B Loan
5.25%, 12/02/2021		985,000		960,375
Time, Inc.
Delayed Draw
Term B-DD Loan
4.25%, 04/24/2021		734,925		730,331
T-Mobile USA, Inc.
Term B Loan
3.50%, 11/09/2022		358,200		359,153
Tower Automotive Holdings USA LLC
Term B Loan
4.00%, 04/23/2020		262,421		259,797
TPF II Power LLC
Term B Loan
5.50%-7.00%, 10/02/2021		714,782		711,508
Trans Union LLC
Term B-2 Loan
3.50%, 04/09/2021		1,284,588		1,267,131
Tribune Media Co.
Term B Loan
3.75%, 12/27/2020		742,500		739,716
tronc, Inc.
Term B Loan
5.75%, 08/04/2021		391,140		379,895
Tronox Pigments Holland BV
Term B Loan
4.50%, 03/19/2020		422,821		403,794
TTM Technologies, Inc.
Term B Loan
6.00%, 05/31/2021		287,759		284,882
Univar USA, Inc.
Term B Loan
4.25%, 07/01/2022		342,412		336,972
Univision Communications, Inc.
Term C-4 Loan
4.00%, 03/01/2020		1,104,682		1,097,579
UPC Financing Partnership
Term AH Loan
3.34%, 06/30/2021		400,000		389,832
US Foods, Inc.
Term B Loan
0.00%, 06/27/2023 S		410,000		407,950

	Par		Value
USAGM HoldCo LLC Delayed-Draw
Term DD Loan
0.00%, 07/28/2022 S	$	87,748	$	86,761
USAGM HoldCo LLC
Term Loan
0.00%, 07/28/2022 S		442,252		437,276
Valeant Pharmaceuticals International, Inc.
Term BF1 Loan
5.00%, 04/01/2022		1,572,173		1,528,498
VF Holdings Corporation
Term Loan
0.00%, 06/17/2023 S		350,000		348,250
Virgin Media Investment
Holdings, Ltd.
Term F Loan
3.65%, 06/30/2023		500,000		487,330
Walter Investment Management Corporation
Term Loan
4.75%, 12/18/2020		274,583		218,637
WASH Multifamily Laundry Systems LLC
Term B Loan
4.25%, 05/14/2022		297,840		293,125
4.25%, 05/14/2022		52,160		51,335
Waste Industries USA, Inc.
Term B Loan
4.25%, 02/27/2020		547,229		547,683
WaveDivision Holdings LLC
Term Loan
4.00%, 10/15/2019		615,629		613,832
West Corporation
Term B-12 Loan
0.00%, 06/17/2023 S		585,000		582,444
Western Digital Corporation
Term B Loan
6.25%, 04/29/2023		525,000		526,643
WEX, Inc.
Term B Loan
0.00%, 07/01/2023 S		280,000		277,900
WideOpenWest Finance LLC
Term B Loan
4.50%, 04/01/2019		895,463		891,980
William Morris Endeavor Entertainment LLC
Term B Loan
5.25%, 05/06/2021		1,345,318		1,336,573
WMG Acquisition Corporation
Term B Loan
3.75%, 07/01/2020		1,130,478		1,116,347
XPO Logistics, Inc.
Term B Loan
5.50%, 10/30/2021		358,200		358,200
Yankee Cable Acquisition LLC
Term B Loan
4.25%, 03/01/2020		468,130		466,960
Zayo Group LLC
Term B Loan
3.75%, 07/02/2019		439,387		436,562
Zayo Group LLC
Term B-2 Loan
4.50%, 05/06/2021		90,135		90,022
Zebra Technologies Corporation
Term B Loan
4.00%, 10/27/2021		376,113		375,642

See Notes to Financial Statements.

196

	Par		Value
Zekelman Industries, Inc.
Term B Loan
6.00%, 06/14/2021	$	315,000	$	314,474
Ziggo BV Delayed Draw
Term B3-DD Loan
3.50%, 01/15/2022		509,489		496,752
Ziggo BV
Term B-1 Loan
3.65%, 01/15/2022		480,723		468,705
Ziggo BV
Term B-2 Loan
3.60%-3.65%, 01/15/2022		309,787		302,043
Total Loan Agreements (Cost $130,977,092)				129,175,379
COMMON STOCK — 0.0%
Technology — 0.0%
Aretec Group, Inc.* (Cost $72,110)		7,976		55,832
MONEY MARKET FUNDS — 7.0%
GuideStone Money Market Fund (Investor Class)¥		6,919,151		6,919,151
Northern Institutional Liquid Assets Portfolio§		3,712,013		3,712,013
Total Money Market Funds (Cost $10,631,164)				10,631,164
TOTAL INVESTMENTS — 102.3% (Cost $156,858,706)				154,978,952
Liabilities in Excess of Other Assets — (2.3)%				(3,457,882	)
NET ASSETS — 100.0%			$	151,521,070

PORTFOLIO SUMMARY (based on net assets)

	%
Loan Agreements		85.3
Corporate Bonds		8.4
Money Market Funds		7.0
Foreign Bonds		1.6
Common Stock		—	**
		102.3

^** Rounds to less than 0.05%

See Notes to Financial Statements.

197

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	12,664,608	$	—	$	12,664,608	$	—
Foreign Bonds		2,451,969		—		2,451,969		—
Loan Agreements		129,175,379		—		117,789,933		11,385,446
Common Stock		55,832		—		—		55,832
Money Market Funds		10,631,164		10,631,164		—		—
Total Assets — Investments in Securities	$	154,978,952	$	10,631,164	$	132,906,510	$	11,441,278

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2016.

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

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

	Total			Common			Loan
	Value			Stock			Agreements
Balance, 12/31/15	$	7,948,758		$	—		$	7,948,758
Accrued discounts/premiums		8,675			—			8,675
Realized gain (loss)(1)		38,078			—			38,078
Change in unrealized appreciation (depreciation)(2)		296,483			(16,278	)		312,761
Purchases		6,072,891			72,110			6,000,781
Sales		(2,430,993	)		—			(2,430,993	)
Transfers in to Level 3(3)		2,651,546			—			2,651,546
Transfers out of Level 3(4)		(3,144,160	)		—			(3,144,160	)
Maturities		—			—			—
Paydowns		—			—			—
Balance, 06/30/16	$	11,441,278		$	55,832		$	11,385,446

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

⁽²⁾  Change in unrealized appreciation (depreciation) is located 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, 2016 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 using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at June 30, 2016 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 using an objective method such as a pricing vendor.

See Notes to Financial Statements.

198

REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 54.5%
Financial Services — 54.5%
Agree Realty Corporation REITD		24,517	$	1,182,700
American Campus Communities, Inc. REIT		23,132		1,222,989
Apartment Investment & Management Co. Class A REIT		38,180		1,686,029
AvalonBay Communities, Inc. REIT		9,310		1,679,431
Boston Properties, Inc. REIT		16,769		2,211,831
Brandywine Realty Trust REIT		102,621		1,724,033
Brixmor Property Group, Inc. REIT		29,884		790,731
Camden Property Trust REITD		18,060		1,596,865
CareTrust REIT, Inc.D		74,927		1,032,494
Chesapeake Lodging Trust REITD		1,250		29,062
CoreSite Realty Corporation REITD		8,144		722,291
Crown Castle International Corporation REIT		8,931		905,871
CubeSmart REIT		51,957		1,604,432
DDR Corporation REITD		97,714		1,772,532
Digital Realty Trust, Inc. REITD		29,729		3,240,164
Douglas Emmett, Inc. REIT		49,258		1,749,644
Duke Realty Corporation REIT		163,103		4,348,326
DuPont Fabros Technology, Inc. REITD		29,680		1,410,987
Education Realty Trust, Inc. REIT		53,795		2,482,101
Equity Commonwealth REIT*		50,715		1,477,328
Equity LifeStyle Properties, Inc. REIT		18,812		1,505,901
Equity One, Inc. REIT		76,181		2,451,505
Equity Residential REITD		149,422		10,292,187
Extra Space Storage, Inc. REIT		29,250		2,706,795
Federal Realty Investment Trust REITD		18,938		3,135,186
Four Corners Property Trust, Inc. REITD		115,835		2,385,043
General Growth Properties, Inc. REIT		182,347		5,437,588
Gramercy Property Trust REITD		230,273		2,123,117
Healthcare Realty Trust, Inc. REIT		30,930		1,082,241
Healthcare Trust of America, Inc. Class A REITD		49,469		1,599,827
Hudson Pacific Properties, Inc. REIT		45,767		1,335,481
Kite Realty Group Trust REITD		24,798		695,088
LaSalle Hotel Properties REITD		30,837		727,136
Macerich Co. (The) REITD		23,399		1,998,041
Mid-America Apartment Communities, Inc. REIT		14,637		1,557,377
National Health Investors, Inc. REITD		7,634		573,237
National Retail Properties, Inc. REIT		26,087		1,349,220
New York REIT, Inc.D		94,641		875,429
Paramount Group, Inc. REITD		87,126		1,388,788
Pebblebrook Hotel Trust REITD		75,950		1,993,687
Physicians Realty Trust REIT		49,442		1,038,776
Post Properties, Inc. REITD		32,740		1,998,777

	Shares		Value
Prologis, Inc. REIT		119,282	$	5,849,589
Public Storage REIT		22,548		5,763,043
Regency Centers Corporation REIT		20,642		1,728,355
Retail Properties of America, Inc. Class A REITD		164,287		2,776,450
Rexford Industrial Realty, Inc. REITD		65,558		1,382,618
RLJ Lodging Trust REITD		30,377		651,587
Senior Housing Properties Trust REIT		63,430		1,321,247
Silver Bay Realty Trust Corporation REIT		17,060		290,532
Simon Property Group, Inc. REIT		59,309		12,864,122
SL Green Realty Corporation REITD		11,870		1,263,799
Sovran Self Storage, Inc. REIT		3,296		345,816
Spirit Realty Capital, Inc. REITD		145,532		1,858,444
STORE Capital Corporation REITD		64,359		1,895,373
Sunstone Hotel Investors, Inc. REITD		216,208		2,609,631
Urban Edge Properties REITD		63,748		1,903,515
Ventas, Inc. REITD		50,505		3,677,774
VEREIT, Inc. REIT		120,743		1,224,334
Vornado Realty Trust REIT		56,056		5,612,327
Washington Real Estate Investment Trust REITD		52,832		1,662,095
Welltower, Inc. REIT		85,790		6,534,624
WP Glimcher, Inc. REIT		29,927		334,883
				142,670,426
Total Common Stocks (Cost $128,974,368)				142,670,426
FOREIGN COMMON STOCKS — 41.3%
Australia — 6.0%
Dexus Property Group REIT		169,996		1,153,537
Goodman Group REIT		231,425		1,241,252
GPT Group (The) REIT		167,605		681,592
Ingenia Communities Group REIT		216,816		465,174
Investa Office Fund REIT		17,350		55,809
Mirvac Group REIT		829,258		1,261,175
Scentre Group REIT		1,275,177		4,723,210
Vicinity Centres REIT		1,585,137		3,954,683
Westfield Corporation REIT		254,921		2,047,702
				15,584,134
Austria — 0.6%
BUWOG AG*		70,137		1,623,617
Canada — 1.8%
Chartwell Retirement Residences		134,529		1,642,109
First Capital Realty, Inc.		128,345		2,201,420
Pure Industrial Real Estate Trust REIT		206,640		823,713
				4,667,242
Finland — 0.3%
Citycon OYJ		317,699		723,661
France — 3.2%
Gecina SA REIT		10,640		1,441,175
ICADE REIT		9,733		683,945
Klepierre REIT		62,512		2,758,370

See Notes to Financial Statements.

199

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Unibail-Rodamco SE REIT		13,266	$	3,431,850
				8,315,340
Germany — 2.5%
alstria office REIT-AGD*		69,655		940,344
LEG Immobilien AG*		13,700		1,281,892
TLG Immobilien AGD		27,913		587,062
Vonovia SE		102,648		3,748,102
				6,557,400
Hong Kong — 5.6%
Cheung Kong Property Holdings, Ltd.		564,508		3,556,769
Hang Lung Properties, Ltd.		320,438		647,381
Hongkong Land Holdings, Ltd.		315,581		1,921,888
Link REIT		445,656		3,047,488
New World Development Co., Ltd.		532,224		541,998
Sino Land Co., Ltd.		816,016		1,343,559
Sun Hung Kai Properties, Ltd.		242,626		2,928,226
Wharf Holdings, Ltd. (The)		112,679		687,627
				14,674,936
Ireland — 0.7%
Green REIT PLC		365,014		562,651
Hibernia REIT PLC		799,615		1,189,084
				1,751,735
Italy — 0.1%
COIMA RES SpA 144A*		29,948		274,188
Japan — 10.8%
Advance Residence Investment Corporation REIT		132		353,753
Aeon Mall Co., Ltd.		6,100		79,813
Daibiru CorporationD		43,200		371,652
Daiwa House Residential Investment Corporation REIT		56		151,893
Frontier Real Estate Investment Corporation REIT		222		1,152,688
Global One Real Estate Investment Corporation REITD		304		1,120,807
GLP J-REIT		451		569,284
Hulic REIT, Inc.		306		557,911
Invesco Office J-REIT, Inc.		494		453,441
Invincible Investment Corporation REIT		962		608,087
Japan Hotel REIT Investment Corporation		625		527,026
Japan Logistics Fund, Inc. REIT		552		1,287,231
Japan Real Estate Investment Corporation REIT		332		2,050,624
Japan Retail Fund Investment
Corporation REIT		340		868,179
MCUBS MidCity Investment Corporation REIT		142		489,887
Mitsubishi Estate Co., Ltd.		203,258		3,728,320
Mitsui Fudosan Co., Ltd.		225,843		5,183,274
Mori Hills REIT Investment Corporation		1,040		1,632,815
Mori Trust Sogo REIT, Inc.		365		692,498
Nippon Accommodations Fund, Inc. REIT		120		547,331
Nippon Building Fund, Inc. REIT		155		954,806

	Shares		Value
NTT Urban Development Corporation		67,300	$	723,517
Sekisui House REIT, Inc.		148		199,604
Sekisui House SI Residential Investment Corporation REIT		300		347,309
Sumitomo Realty & Development Co., Ltd.		35,026		949,813
Tokyo Tatemono Co., Ltd.		68,000		815,475
Top REIT, Inc.		158		638,643
United Urban Investment Corporation REIT		678		1,221,323
				28,277,004
Luxembourg — 0.4%
ADO Properties SA 144AD		26,332		1,015,022
Netherlands — 0.9%
Eurocommercial Properties NV CVA		11,095		472,503
InterXion Holding NVD*		35,388		1,305,109
Wereldhave NV REIT		15,416		696,443
				2,474,055
Singapore — 2.0%
CapitaLand Mall Trust REIT		832,081		1,323,028
CapitaLand, Ltd.		744,414		1,709,159
Fortune Real Estate Investment Trust REITD		641,527		766,598
Frasers Logistics & Industrial Trust REIT*		1,530,409		1,079,273
Keppel REIT		511,600		400,178
Mapletree Industrial Trust REIT		42,700		54,615
				5,332,851
Spain — 0.2%
Axiare Patrimonio SOCIMI SA
REIT		15,966		203,407
Inmobiliaria Colonial SA		576,013		420,794
				624,201
Sweden — 1.0%
Castellum AB		20,206		287,288
Fabege AB		58,858		1,001,041
Hufvudstaden AB, A Shares		55,349		868,729
Wihlborgs Fastigheter AB		21,587		441,872
				2,598,930
Switzerland — 0.9%
PSP Swiss Property AG		16,965		1,646,050
Swiss Prime Site AG*		8,141		736,994
				2,383,044
United Kingdom — 4.3%
Assura PLC REIT		463,649		339,442
Big Yellow Group PLC REIT		32,705		340,558
British Land Co. PLC (The) REIT		288,294		2,340,756
Derwent London PLC REIT		15,980		557,507
Great Portland Estates PLC REIT		83,658		700,259
Hammerson PLC REIT		209,062		1,505,793
Land Securities Group PLC REIT		122,656		1,706,826
LondonMetric Property PLC REIT		187,008		374,047
Primary Health Properties PLC REIT		285,275		405,409
Safestore Holdings PLC REIT		58,270		287,890

See Notes to Financial Statements.

200

	Shares		Value
Segro PLC REIT		188,385	$	1,044,195
Shaftesbury PLC REIT		43,691		514,141
St. Modwen Properties PLC		103,004		369,705
UNITE Group PLC (The)		109,609		906,745
				11,393,273
Total Foreign Common Stocks (Cost $108,177,081)				108,270,633
MONEY MARKET FUNDS — 17.3%
GuideStone Money Market Fund (Investor Class)¥		8,681,372		8,681,372
Northern Institutional Liquid Assets Portfolio§		36,512,549		36,512,549
Total Money Market Funds (Cost $45,193,921)				45,193,921
	Par
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
0.31%, 09/08/16W‡‡	$	250,000		249,906
0.43%, 12/08/16W‡‡		850,000		848,938
				1,098,844
Total U.S. Treasury Obligations (Cost $1,098,265)				1,098,844
TOTAL INVESTMENTS — 113.5% (Cost $283,443,635)				297,233,824
Liabilities in Excess of Other Assets — (13.5)%				(35,446,812	)
NET ASSETS — 100.0%			$	261,787,012

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		54.5
Foreign Common Stocks		41.3
Money Market Funds		17.3
U.S. Treasury Obligations		0.4
		113.5

See Notes to Financial Statements.

201

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	142,670,426	$	142,670,426	$	—	$	—
Foreign Common Stocks:
Australia		15,584,134		—		15,584,134		—
Austria		1,623,617		—		1,623,617		—
Canada		4,667,242		4,667,242		—		—
Finland		723,661		—		723,661		—
France		8,315,340		—		8,315,340		—
Germany		6,557,400		—		6,557,400		—
Hong Kong		14,674,936		1,921,888		12,753,048		—
Ireland		1,751,735		1,751,735		—		—
Italy		274,188		274,188		—		—
Japan		28,277,004		—		28,277,004		—
Luxembourg		1,015,022		—		1,015,022		—
Netherlands		2,474,055		1,305,110		1,168,945		—
Singapore		5,332,851		1,079,273		4,253,578		—
Spain		624,201		203,407		420,794		—
Sweden		2,598,930		—		2,598,930		—
Switzerland		2,383,044		—		2,383,044		—
United Kingdom		11,393,273		405,409		10,987,864		—
Money Market Funds		45,193,921		45,193,921		—		—
U.S. Treasury Obligations		1,098,844		—		1,098,844		—
Total Assets — Investments in Securities	$	297,233,824	$	199,472,599	$	97,761,225	$	—
Other Financial Instruments***
Futures Contracts	$	33,086	$	33,086	$	—	$	—
Total Assets — Other Financial Instruments	$	33,086	$	33,086	$	—	$	—

*** 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 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2015 that are now being fair valued. The value of the securities that were transferred to Level 2 as of June 30, 2016 is $1,409,079.

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, 2015 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2016 is $1,751,735.

See Notes to Financial Statements.

202

GLOBAL NATURAL RESOURCES EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2016 (Unaudited)

	Shares		Value
COMMON STOCKS — 39.9%
Consumer Staples — 0.3%
Archer-Daniels-Midland Co.		13,904	$	596,343
Ingredion, Inc.		1,700		219,997
				816,340
Energy — 38.3%
Anadarko Petroleum CorporationD		11,867		631,918
Antero Resources Corporation*		311,422		8,090,744
Apache CorporationD		8,858		493,125
Cabot Oil & Gas Corporation		349,066		8,984,959
Chevron Corporation		44,014		4,613,988
Cimarex Energy Co.D		2,226		265,606
Concho Resources, Inc.D*		2,972		354,470
ConocoPhillips		28,866		1,258,558
Continental Resources, Inc.D*		2,220		100,499
Denbury Resources, Inc.D		2,075,938		7,452,617
Devon Energy Corporation		10,700		387,875
EOG Resources, Inc.		12,816		1,069,111
EQT CorporationD		3,998		309,565
Exxon Mobil Corporation		96,995		9,092,311
Hess CorporationD		6,600		396,660
Laredo Petroleum, Inc.D*		758,360		7,947,613
Marathon Oil CorporationD		19,136		287,231
Murphy Oil CorporationD		3,787		120,237
Newfield Exploration Co.*		4,600		203,228
Noble Energy, Inc.D		294,245		10,554,568
Occidental Petroleum Corporation		17,880		1,351,013
Pioneer Natural Resources Co.D		3,826		578,530
Range Resources CorporationD		253,596		10,940,131
Southwestern Energy Co.D*		1,018,714		12,815,422
				88,299,979
Materials & Processing — 1.3%
Alcoa, Inc.D		30,936		286,777
CF Industries Holdings, Inc.D		5,453		131,417
FMC CorporationD		3,135		145,182
Freeport-McMoRan, Inc.D		27,735		308,968
Monsanto Co.		10,321		1,067,294
Mosaic Co. (The)D		7,806		204,361
Newmont Mining Corporation		12,382		484,384
Nucor CorporationD		7,449		368,055
				2,996,438
Total Common Stocks (Cost $98,876,656)				92,112,757
FOREIGN COMMON STOCKS — 56.0%
Australia — 7.4%
Alumina, Ltd.D		57,199		56,225
BHP Billiton, Ltd.		75,123		1,046,933
Fortescue Metals Group, Ltd.		36,803		98,487
Iluka Resources, Ltd.		1,652,982		8,149,035
Mineral Resources, Ltd.D		1,008,797		6,351,329
Newcrest Mining, Ltd.*		17,833		309,079
Origin Energy, Ltd.		40,719		177,907
Rio Tinto, Ltd.		9,849		340,683
Santos, Ltd.		37,308		132,063
South32, Ltd.*		123,658		145,025
Woodside Petroleum, Ltd.		17,272		350,229
				17,156,995

	Shares		Value
Austria — 0.1%
OMV AG		3,450	$	96,982
voestalpine AG		2,681		90,230
				187,212
Bermuda — 3.5%
Bunge, Ltd.		3,274		193,657
Kosmos Energy, Ltd.D*		1,439,463		7,845,073
				8,038,730
Canada — 28.4%
Agnico Eagle Mines, Ltd.		5,059		270,737
Agrium, Inc.		3,057		276,584
ARC Resources, Ltd.D		8,021		137,269
Barrick Gold Corporation		27,157		579,736
Cameco Corporation		9,147		100,465
Canadian Natural Resources, Ltd.		25,699		792,881
Cenovus Energy Inc		19,424		268,669
Crescent Point Energy Corporation		11,741		185,482
Eldorado Gold Corporation		17,198		77,341
Encana Corporation		19,610		152,545
First Quantum Minerals, Ltd.D		1,904,635		13,371,291
Franco-Nevada Corporation		4,116		312,981
Goldcorp, Inc.		19,340		370,049
HudBay Minerals, Inc.D		574,560		2,746,397
Husky Energy Inc		8,195		100,031
Imperial Oil, Ltd.		6,859		217,033
Kinross Gold Corporation*		28,635		140,521
Painted Pony Petroleum, Ltd.D*		350,970		2,059,176
Peyto Exploration & Development CorporationD		279,574		7,504,645
Potash Corporation of Saskatchewan		19,707		320,327
Prairiesky Royalty Ltd		4,835		91,764
Seven Generations Energy Ltd, Class A*		4,480		85,512
Silver Wheaton Corporation		10,147		238,841
Suncor Energy, Inc.		38,810		1,076,629
Teck Resources, Ltd. Class B		13,169		173,385
Tourmaline Oil Corporation*		314,426		8,277,122
Turquoise Hill Resources, Ltd.*		24,241		81,995
Turquoise Hill Resources, Ltd.D*		5,015,258		16,951,572
Vermilion Energy, Inc.		2,645		84,225
West Fraser Timber Co., Ltd		1,575		46,045
Whitecap Resources, Inc.		1,080,299		8,261,430
Yamana Gold, Inc.		22,260		115,784
				65,468,464
Chile — 7.2%
Sociedad Quimica y Minera de Chile SA ADRD		674,002		16,661,330
Finland — 0.1%
Stora Enso OYJ, R Shares		12,860		103,422
UPM-Kymmene OYJ		12,451		228,735
				332,157
France — 1.1%
TOTAL SAD		51,575		2,473,343
Germany — 0.1%
K+S AGD		4,479		91,696
ThyssenKrupp AG		8,534		171,537
				263,233

See Notes to Financial Statements.

203

GLOBAL NATURAL RESOURCESE QUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Israel — 0.0%
Israel Chemicals, Ltd.		11,331	$	44,146
Italy — 0.4%
Eni SpA		59,591		959,847
Japan — 0.5%
Hitachi Metals, Ltd.		4,800		48,764
Inpex Corporation		22,100		172,835
JFE Holdings, Inc.		12,200		159,152
Kobe Steel, Ltd.		74,000		60,819
Maruichi Steel Tube, Ltd.		1,400		48,930
Mitsubishi Materials CorporationD		27,000		64,648
Nippon Steel & Sumitomo Metal CorporationD		18,800		363,961
Oji Holdings Corporation		20,000		76,780
Sumitomo Metal Mining Co., Ltd.		11,000		111,896
				1,107,785
Jersey — 0.4%
Glencore PLC*		284,849		587,111
Randgold Resources, Ltd.		2,167		243,177
				830,288
Luxembourg — 0.1%
ArcelorMittal*		42,945		195,796
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		156,900		41,053
Netherlands — 0.0%
OCI NVD *		2,238		30,318
Norway — 0.3%
Norsk Hydro ASA		31,141		114,002
Statoil ASA		26,252		453,594
Yara International ASA		4,171		132,499
				700,095
Papua New Guinea — 0.1%
Oil Search, Ltd.		31,917		161,167
Portugal — 0.1%
Galp Energia SGPS SA		10,779		149,919
Singapore — 0.1%
Wilmar International, Ltd.		45,300		110,274
Spain — 0.1%
Repsol SA		25,143		322,306
Sweden — 0.1%
Boliden AB		6,388		124,848
Lundin Petroleum AB*		4,374		79,708
				204,556
Switzerland — 0.4%
Syngenta AG		2,166		831,416
United Kingdom — 5.5%
Anglo American PLC		32,632		319,868
Antofagasta PLC		9,549		59,710
BHP Billiton PLC		49,558		627,256
BP PLC		432,010		2,528,792
Fresnillo PLC		5,266		115,966
Mondi PLC		8,573		160,508
Ophir Energy PLC*		2,736,551		2,889,396
Rio Tinto PLC		28,869		896,865
Royal Dutch Shell PLC, A Shares		100,081		2,748,756

	Shares		Value
Royal Dutch Shell PLC, B Shares		87,492	$	2,417,293
				12,764,410
Total Foreign Common Stocks (Cost $144,799,394)				129,034,840
					��
RIGHTS — 0.0%
Repsol SAD * (Cost $8,183)		25,143		8,176
MONEY MARKET FUNDS — 28.7%
GuideStone Money Market Fund (Investor Class)¥		9,151,221		9,151,221
Northern Institutional Liquid Assets Portfolio§		57,073,930		57,073,930
Total Money Market Funds (Cost $66,225,151)				66,225,151
TOTAL INVESTMENTS — 124.6% (Cost $309,909,384)				287,380,924
Liabilities in Excess of Other Assets — (24.6)%				(56,684,392	)
NET ASSETS — 100.0%			$	230,696,532

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks		56.0
Energy		38.3
Money Market Funds		28.7
Materials & Processing		1.3
Consumer Staples		0.3
Rights		—	**
		124.6

^** Rounds to less than 0.05%

See Notes to Financial Statements.

204

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2016, 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	$	92,112,757	$	92,112,757	$	—	$	—
Foreign Common Stocks:
Australia		17,156,995		—		17,156,995		—
Austria		187,212		—		187,212		—
Bermuda		8,038,730		8,038,730		—		—
Canada		65,468,464		65,468,464		—		—
Chile		16,661,330		16,661,330		—		—
Finland		332,157		—		332,157		—
France		2,473,343		—		2,473,343		—
Germany		263,233		—		263,233		—
Israel		44,146		—		44,146		—
Italy		959,847		—		959,847		—
Japan		1,107,785		—		1,107,785		—
Jersey		830,288		—		830,288		—
Luxembourg		195,796		—		195,796		—
Mauritius		41,053		—		41,053		—
Netherlands		30,318		—		30,318		—
Norway		700,095		—		700,095		—
Papua New Guinea		161,167		—		161,167		—
Portugal		149,919		—		149,919		—
Singapore		110,274		—		110,274		—
Spain		322,306		—		322,306		—
Sweden		204,556		—		204,556		—
Switzerland		831,416		—		831,416		—
United Kingdom		12,764,410		—		12,764,410		—
Money Market Funds		66,225,151		66,225,151		—		—
Rights		8,176		8,176		—		—
Total Assets — Investments in Securities	$	287,380,924	$	248,514,608	$	38,866,316	$	—
Other Financial Instruments***
Futures Contracts	$	3,443	$	3,443	$	—	$	—
Total Assets — Other Financial Instruments	$	3,443	$	3,443	$	—	$	—

*** 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, 2016.

See Notes to Financial Statements.

205

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2016 (Unaudited)

	Inflation  Protected Bond Fund			Flexible Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	299,693,268		$	148,059,801
Investments in securities of affiliated issuers, at value		7,907,924			6,919,151
Total investments, at value (1)(2)		307,601,192			154,978,952
Cash		258			2,544,270
Cash collateral for derivatives		1,280,000			—
Foreign currency(3)		492,044			—
Receivables:
Dividends and reclaims		103			126
Interest		999,070			622,217
Securities lending		—			852
Investment securities sold		1,302,633			3,303,177
Fund shares sold		159,703			30,084
Variation margin on financial futures contracts		62,408			—
Unrealized appreciation on foreign currency exchange contracts		1,285,179			—
Prepaid expenses and other assets		50,824			30,778
Total Assets		313,233,414			161,510,456
Liabilities
Cash overdraft		—			—
Options written, at value (4)		574,626			—
Unrealized depreciation on foreign currency exchange contracts		1,349,197			—
Collateral held for securities on loan, at value		—			3,712,013
Payables:
Investment securities purchased		1,403,231			6,046,162
Fund shares redeemed		507,704			—
Variation margin on financial futures contracts		51,785			—
Securities lending		—			128
Deferred foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		76,638			78,720
Shareholder servicing fees		15,461			31,034
Other expenses		70,847			121,329
Total Liabilities		4,049,489			9,989,386
Net Assets	$	309,183,925		$	151,521,070
Net Assets Consist of:
Paid-in-capital	$	308,118,528		$	160,017,414
Undistributed (distributions in excess of) net investment income		2,967,628			488,862
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(10,357,829	)		(7,105,452	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		8,455,598			(1,879,754	)
Net Assets	$	309,183,925		$	151,521,070
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	232,698,013			N/A
Institutional shares outstanding		22,130,963			N/A
Net asset value, offering and redemption price per Institutional share	$	10.51			N/A
Net assets applicable to the Investor Class	$	76,485,912		$	151,521,070
Investor shares outstanding		7,300,237			16,095,362
Net asset value, offering and redemption price per Investor share	$	10.48		$	9.41
(1)       Investments in securities of unaffiliated issuers, at cost	$	290,439,586		$	149,939,555
Investments in securities of affiliated issuers, at cost		7,907,924			6,919,151
Total investments, at cost	$	298,347,510		$	156,858,706
(2)       Includes securities loaned of:	$	—		$	3,440,535
(3)       Foreign currency, at cost	$	458,726		$	—
(4)       Premiums received on options written	$	627,828		$	—

See Notes to Financial Statements.

206

Real Estate Securities Fund			Global Natural Resources Equity Fund
$	288,552,452		$	278,229,703
	8,681,372			9,151,221
	297,233,824			287,380,924
	—			—
	—			270,000
	1,338,081			306,188
	1,060,742			81,157
	—			—
	9,437			30,918
	3,413,312			11
	154,101			108,385
	182,400			6,797
	—			—
	49,364			32,655
	303,441,261			288,217,035
	—			107,596
	—			—
	—			—
	36,512,549			57,073,930
	4,206,718			—
	587,602			40,949
	—			3,195
	1,415			4,638
	—			2,640
	151,962			162,136
	22,736			47,139
	171,267			78,280
	41,654,249			57,520,503
$	261,787,012		$	230,696,532
$	252,695,672		$	342,080,325
	(1,406,053	)		391,326
	(3,317,634	)		(89,240,839	)
	13,815,027			(22,534,280	)
$	261,787,012		$	230,696,532
$	148,156,489			N/A
	14,681,448			N/A
$	10.09			N/A
$	113,630,523		$	230,696,532
	11,228,993			34,249,120
$	10.12		$	6.74
$	274,762,263		$	300,758,163
	8,681,372			9,151,221
$	283,443,635		$	309,909,384
$	37,166,142		$	73,448,010
$	1,345,113		$	315,021
$	—		$	—

See Notes to Financial Statements.

207

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2016 (Unaudited)

	Inflation  Protected Bond Fund			Flexible Income Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		2,414			3,261
Interest		3,292,475			3,184,220
Securities lending		340			2,645
Less foreign taxes withheld		—			—
Total Investment Income		3,295,229			3,190,126
Expenses
Investment advisory fees		466,837			496,434
Transfer agent fees:
Institutional shares		1,795			—
Investor shares		10,445			9,335
Custodian fees		34,530			21,347
Shareholder servicing fees:
Investor shares		88,932			180,175
Accounting and administration fees		37,609			33,098
Professional fees		33,531			40,814
Blue sky fees:
Institutional shares		2,611			—
Investor shares		10,300			10,350
Shareholder reporting fees:
Institutional shares		451			—
Investor shares		3,009			1,390
Trustee expenses		1,838			844
Line of credit facility fees and interest expense		991			8,248
Other expenses		31,081			7,937
Total Expenses		723,960			809,972
Expenses waived/reimbursed net of amount recaptured(1)		(8,822	)		(2,786	)
Fees paid indirectly		—			—
Net expenses		715,138			807,186
Net Investment Income		2,580,091			2,382,940
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		—			—
Investment securities		335,138			(4,718,460	)
Futures transactions		(712,112	)		—
Option contracts written		864,312			—
Option contracts purchased		(1,859,752	)		—
Foreign currency		(1,090,116	)		—
Net realized gain (loss)		(2,462,530	)		(4,718,460	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		16,286,820			6,056,493
Futures		(680,233	)		—
Option contracts written		(86,156	)		—
Option contracts purchased		(117,400	)		—
Foreign currency		406,394			—
Net change in unrealized appreciation (depreciation)		15,809,425			6,056,493
Net Realized and Unrealized Gain		13,346,895			1,338,033
Net Increase in Net Assets Resulting from Operations	$	15,926,986		$	3,720,973

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

See Notes to Financial Statements.

208

Real Estate Securities  Fund			Global Natural Resources Equity Fund
$	5,176,956		$	2,011,742
	1,653			3,630
	748			—
	48,003			243,625
	(197,836	)		(166,149	)
	5,029,524			2,092,848
	918,269			908,043
	1,942			—
	12,249			9,041
	94,171			14,125
	126,946			252,005
	50,473			33,730
	37,775			38,204
	2,138			—
	8,968			10,500
	468			—
	5,780			2,216
	1,576			1,327
	1,931			1,520
	36,313			14,959
	1,298,999			1,285,670
	(37,993	)		(14,490	)
	(8,219	)		—
	1,252,787			1,271,180
	3,776,737			821,668
	429			—
	1,437,293			(7,116,379	)
	735,917			120,422
	—			—
	—			—
	(5,665	)		(24,626	)
	2,167,974			(7,020,583	)
	15,343,063			63,768,943
	(6,444	)		3,443
	—			—
	—			—
	(673	)		(7,677	)
	15,335,946			63,764,709
	17,503,920			56,744,126
$	21,280,657		$	57,565,794

See Notes to Financial Statements.

209

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Six
	Months Ended			For the Year
	06/30/16			Ended 12/31/15
	(Unaudited)
Operations:
Net investment income (loss)	$	2,580,091		$	(1,254,956	)
Net realized gain (loss) on investment securities, foreign currency and derivative		(2,462,530	)		1,426,417
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		15,809,425			(6,954,259	)
Net increase (decrease) in net assets resulting from operations		15,926,986			(6,782,798	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			—
Investor shares		—			(939,144	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		—			(939,144	)
Capital Share Transactions(1) :
Proceeds from shares sold
Institutional shares		9,896,912			259,093,292
Investor shares		11,226,208			20,592,691
Reinvestment of dividends and distributions
Institutional shares		—			—
Investor shares		—			938,919
Total proceeds from shares sold and reinvested		21,123,120			280,624,902
Value of shares redeemed
Institutional shares		(24,066,589	)		(14,235,444	)
Investor shares		(5,627,266	)		(259,752,863	)
Total value of shares redeemed		(29,693,855	)		(273,988,307	)
Net increase (decrease) from capital share transactions(2)		(8,570,735	)		6,636,595
Total increase (decrease) in net assets		7,356,251			(1,085,347	)
Net Assets:
Beginning of Period		301,827,674			302,913,021
End of Period*	$	309,183,925		$	301,827,674
*Including undistributed (distributions in excess of) net investment income	$	2,967,628		$	387,537

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

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

See Notes to Financial Statements.

210

Flexible Income Fund						Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Six						For the Six						For the Six
Months Ended			For the Year			Months Ended			For the Year			Months Ended			For the Year
06/30/16			Ended 12/31/15			06/30/16			Ended 12/31/15			06/30/16			Ended 12/31/15
(Unaudited)						(Unaudited)						(Unaudited)
$	2,382,940		$	4,736,552		$	3,776,737		$	4,369,399		$	821,668		$	(167,453	)
	(4,718,460	)		(2,275,964	)		2,167,974			9,716,638			(7,020,583	)		(77,934,673	)
	6,056,493			(4,835,703	)		15,335,946			(13,447,095	)		63,764,709			(21,819,393	)
	3,720,973			(2,375,115	)		21,280,657			638,942			57,565,794			(99,921,519	)
	—			—			(2,432,616	)		(4,450,951	)		—			—
	(1,894,078	)		(4,764,206	)		(1,755,281	)		(2,446,585	)		—			(220,488	)
	—			—			(359,743	)		(8,892,323	)		—			—
	—			—			(275,512	)		(5,666,016	)		—			—
	(1,894,078	)		(4,764,206	)		(4,823,152	)		(21,455,875	)		—			(220,488	)
	—			—			3,350,862			169,837,132			—			—
	16,671,258			31,155,171			13,415,725			34,118,123			26,853,038			82,083,602
	—			—			2,781,765			13,324,780			—			—
	1,893,966			4,746,733			2,029,521			8,108,339			—			220,392
	18,565,224			35,901,904			21,577,873			225,388,374			26,853,038			82,303,994
	—			—			(27,126,911	)		(7,513,684	)		—			—
	(10,310,108	)		(17,964,410	)		(7,674,785	)		(208,387,457	)		(36,452,763	)		(64,793,444	)
	(10,310,108	)		(17,964,410	)		(34,801,696	)		(215,901,141	)		(36,452,763	)		(64,793,444	)
	8,255,116			17,937,494			(13,223,823	)		9,487,233			(9,599,725	)		17,510,550
	10,082,011			10,798,173			3,233,682			(11,329,700	)		47,966,069			(82,631,457	)
	141,439,059			130,640,886			258,553,330			269,883,030			182,730,463			265,361,920
$	151,521,070		$	141,439,059		$	261,787,012		$	258,553,330		$	230,696,532		$	182,730,463
$	488,862		$	—		$	(1,406,053	)	$	(994,893	)	$	391,326		$	(430,342	)

See Notes to Financial Statements.

211

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
						Capital Gain			Realized
	Net Asset					Distributions Received			and Unrealized			Dividends			Distributions from Net			Net Asset
	Value,		Net			from			Gain			from Net			Realized			Value,					Net Assets,								Investment			Portfolio
	Beginning		Investment			Affiliated			(Loss) on			Investment			Capital			End of		Total			End of Period		Expenses,			Expenses,			Income,			Turnover
	of Period		Income			Funds			Investments			Income			Gains			Period		Return			(000)		Net(1)			Gross(2)			Net(1)			Rate
Inflation Protected Bond Fund
Institutional Class
2016(3)	$	9.98	$	0.09	#	$	—		$	0.44		$	—		$	—		$	10.51		5.31	%	$	232,698		0.40	%		0.40	%		1.75	%		44	%
2015(4)		10.41		0.12	#		—	†		(0.55	)		—			—			9.98		(4.13	)		234,584		0.40			0.41			1.75			45
Investor Class
2016(3)	$	9.96	$	0.08	#	$	—		$	0.44		$	—		$	—		$	10.48		5.22	%	$	76,486		0.71	%		0.72	%		1.57	%		44	%
2015		10.22		(0.28	)#		—	†		0.05			(0.03	)		—			9.96		(2.25	)		67,244		0.66			0.67			(2.77	)		45
2014		10.15		0.06	#		—	†		0.22			(0.21	)		—			10.22		2.77			302,913		0.62			0.63			0.61			88
2013(5)		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
Flexible Income Fund
Investor Class
2016(3)	$	9.29	$	0.15	#	$	—		$	0.09		$	(0.12	)	$	—		$	9.41		2.62	%	$	151,521		1.12	%		1.12	%		3.31	%		25	%
2015		9.76		0.33	#		—	†		(0.47	)		(0.33	)		—			9.29		(1.54	)		141,439		1.15			1.20			3.37			50
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(6)		10.00		0.11	#		—	†		0.05			(0.10	)		—	†		10.06		1.57			109,163		1.20			1.26			2.22			25

† 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, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) 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.

(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 0.01%.

(6) 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.

212

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset					Capital Gain Distributions Received			Realized and Unrealized			Dividends			Distributions from Net			Net Asset													Investment
	Value, Beginning		Net Investment			from Affiliated			Gain (Loss) on			from Net Investment			Realized Capital			Value, End of		Total			Net Assets, End of Period		Expenses,			Expenses,			Income/ (Loss),			Portfolio Turnover
	of Period		Income			Funds			Investments			Income			Gains			Period		Return			(000)		Net			Gross			Net(1)			Rate
Real Estate Securities Fund
Institutional Class
2016(2)	$	9.46	$	0.15	#	$	—	†	$	0.67		$	(0.17	)	$	(0.02	)	$	10.09		8.76	%	$	148,156		0.90	%(3)		0.91	%		3.15	%		64	%
2015(4)		10.50		0.12	#		—	†		(0.33	)		(0.27	)		(0.56	)		9.46		(1.89	)		159,196		0.93	(3)		0.94			1.83			137
Investor Class
2016(2)	$	9.49	$	0.13	#	$	—	†	$	0.68		$	(0.16	)	$	(0.02	)	$	10.12		8.62	%	$	113,631		1.14	%(3)		1.21	%		2.80	%		64	%
2015		10.26		0.16	#		—	†		(0.13	)		(0.24	)		(0.56	)		9.49		0.34			99,357		1.12	(3)		1.17			1.50			137
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
Global Natural Resources Equity Fund
Investor Class
2016(2)	$	5.11	$	0.02	#	$	—		$	1.61		$	—		$	—		$	6.74		31.90	%	$	230,697		1.26	%		1.28	%		0.82	%		16	%
2015		7.81		—	#		—	†		(2.69	)		(0.01	)		—			5.11		(34.49	)		182,730		1.36	(6)		1.37			(0.06	)		63
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) For the six months ended June 30, 2016. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(3) The ratio for the Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the year 2015. For the six months ended June 30, 2016, the effect of fees paid indirectly decreased the ratio by 0.01% and 0.01% for Institutional Class and Investor Class, respectively.

(4) 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.

(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 fees paid indirectly which decreased the ratio by 0.01% and 0.00% for the years 2014 and 2015.

(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.

213

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 twenty-seven 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 “Target Date Fund” and together as the “Target Date Funds.”

The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund 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 Estate Securities Fund and the Global Natural Resources Equity Fund are together referred to as the “Real Return Select Funds.”

There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”). The International Equity Index Fund issued the Institutional Class only. The Target Date Funds, Flexible Income 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.

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 Target Date and Asset Allocation Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Target Date Funds and Asset Allocation Funds are commonly referred to as “Fund of Funds.”

Following the close of business on November 20, 2015, pursuant to the Plan, the Asset Allocation Funds received all of the assets and liabilities of the I Series Funds. The transfer was treated as a non-taxable event and, accordingly, the I Series Funds’ basis in securities transferred reflected historical cost basis as of the date of the transfer. The shareholders of the I Series Funds received Institutional Class Shares of the respective Allocation Fund with an aggregate net asset value equal to the aggregate net asset value of their shares in the I Series Fund immediately prior to the transfer.

I Series Funds	Asset Allocation Funds
Conservative Allocation I	Conservative Allocation
Institutional Class	Institutional Class
Balanced Allocation I	Balanced Allocation
Institutional Class	Institutional Class
Growth Allocation I	Growth Allocation
Institutional Class	Institutional Class
Aggressive Allocation I	Aggressive Allocation
Institutional Class	Institutional Class

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The plan of reorganization and termination was completed at the close of business on November 20, 2015, with the transfer of all of the assets of each I Series Fund to the corresponding Asset Allocation Fund in exchange solely for the Asset Allocation Fund’s assumption of all of the liabilities of the I Series Fund and Institutional Class shares of the Asset Allocation Fund having an aggregate net asset value equal to the aggregate net asset value of the shares held in the I Series Fund.

The table below summarized the asset transfers and conversion ratios for each exchange.

			Net Assets		Unrealized			Accumulated			Share					Net Assets
	Shares		on		Appreciation			Net Realized			Conversion			Shares		on
I Series Fund	Redeemed		11/20/15		(Depreciation)			Gains			Ratio		Asset Allocation Fund	Issued		11/20/15
Conservative Allocation I													Conservative Allocation
Institutional Class		7,794,876	$	72,465,073	$	(2,891,208	)	$	(458,962	)		0.807689	Institutional Class		6,295,836	$	299,192,438
Balanced Allocation I													Balanced Allocation
Institutional Class		35,336,274		338,149,233		(13,269,032	)		3,517,469			0.755288	Institutional Class		26,689,066		1,213,930,818
Growth Allocation I													Growth Allocation
Institutional Class		24,036,312		254,805,506		(3,928,689	)		2,404,171			0.801277	Institutional Class		19,259,753		892,421,579
Aggressive Allocation I													Aggressive Allocation
Institutional Class		14,571,696		175,568,965		3,037,164			1,172,794			0.852696	Institutional Class		12,425,233		822,337,476

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 the 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.

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 GuideStone Funds (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.

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.

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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 2i, “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 “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 Target Date and Asset Allocation 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.

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Derivative financial instruments such as financial futures contracts and written and purchased put and call options 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.

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 which approximates fair value.

Derivative financial instruments such as forward foreign exchange contracts and swap agreements that are valued based on pricing models using inputs observed on actively quoted markets or observable correlated market inputs.

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, private placements and derivative financial instruments where observable inputs are limited, assumptions about market activity and risk are used; and

Debt securities, including restricted securities, and derivative financial instruments 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.

In accordance with FASB “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.GAAP and International Financial Reporting Standards (“IFRS”),” management has not presented quantitative disclosures for the securities which are advisor priced or valued by the valuation committee as there have been no adjustments to prices received from third parties as of June 30, 2016.

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

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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.

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”.

The Low-Duration Bond Fund and Medium-Duration Bond Fund may enter 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

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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. At June 30, 2016, there were no dollar roll transactions. 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.

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, the 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. 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. The holder may invest in multiple

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series of a loan, which may have varying terms and carry different associated risks. The holder generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, these instruments 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, the holder 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.

The Fixed Income Funds, the Small Cap Equity Fund and the Flexible Income Fund may invest in floating rate loans some of which may be unfunded corporate loan commitments (“commitments”). Commitments may obligate the holder to furnish temporary financing to a borrower until permanent financing can be arranged. The holder 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, the holder 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. At June 30, 2016, there were no unfunded loan commitments.

e. REITs

The Real Estate Securities Fund invests substantial assets in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general.

Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

f. Repurchase Agreements

Each Fund may agree to purchase securities from financial institutions subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. It is the Fund’s policy that repurchase agreements are fully collateralized by U.S. Treasury and Government Agency securities. All collateral is held by the Fund’s custodian bank or a bank with which the custodian bank has entered into a subcustodian agreement, or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

Repurchase transactions are entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

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At June 30, 2016, 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(1)			Cash Collateral Received		Net  Amount(2)
Money Market
Bank of Montreal	$	29,000,000	$	(29,000,000	)	$	—	$	—
Bank of Nova Scotia (The)		65,000,000		(65,000,000	)		—		—
BNP Paribas		30,000,000		(30,000,000	)		—		—
Credit Agricole Corporate & Investment Bank SA		20,000,000		(20,000,000	)		—		—
Goldman Sachs & Co.		19,385,000		(19,385,000	)		—		—
HSBC Securities USA		30,000,000		(30,000,000	)		—		—
Mitsubishi UFJ Securities USA, Inc.		30,000,000		(30,000,000	)		—		—
Mizuho Securities USA, Inc.		60,000,000		(60,000,000	)		—		—
Morgan Stanley & Co. LLC		115,000,000		(115,000,000	)		—		—
RBC Capital Markets LLC		30,000,000		(30,000,000	)		—		—
TD Securities USA LLC		40,000,000		(40,000,000	)		—		—
Total Repurchase Agreements	$	468,385,000	$	(468,385,000	)	$	—	$	—
Medium-Duration Bond
Barclays Capital, Inc.	$	22,000,000	$	(22,000,000	)	$	—	$	—
Total Repurchase Agreements	$	22,000,000	$	(22,000,000	)	$	—	$	—

⁽¹⁾  The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2016.

⁽²⁾  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.

The type and maturity of non-cash collateral in relation to the value of repurchase agreements on the Statement of Assets and Liabilities is as follows:

Fund/Collateral Type	Up to 30 Days		30 —  90 Days		Greater than 90 Days		Total
Money Market
Agency Obligations	$	—	$	—	$	87,270,893	$	87,270,893
U.S. Treasury Obligations		—		—		381,114,107		381,114,107
Total Value of Collateral	$	—	$	—	$	468,385,000	$	468,385,000
Medium-Duration Bond
U.S. Treasury Obligations	$	—	$	—	$	22,000,000	$	22,000,000
Total Repurchase Agreements	$	—	$	—	$	22,000,000	$	22,000,000

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.

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The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Target Date 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, 2016, the value of securities sold short in the Low-Duration Bond Fund and International Equity Funds amounted to $3,414,125 and $62,980,058, 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.

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.

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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.

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

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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.

Certain of the Funds’ 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, 2016, 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.

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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.

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

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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 CDS 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.

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.

Exchange traded swaps require no payments at the beginning of the measurement period nor are there liquidation payments at the termination of the swap.

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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.

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 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.

Variance Swap Agreements — Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance (“Variance Strike Price”) and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets.

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

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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, 2016, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $8,270,000 and $12,650,000, respectively, and the sellers (“providing protection”) on a total notional amount of $0 and $7,000,000, 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:

	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	$	6,801	$	3,314	$	(169,295	)	$	—	$	(159,180	)
Maximum potential amount of future payments		900,000		1,000,000		5,100,000			—		7,000,000
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, 2016, 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
Medium-Duration Bond Fund
0 - 100	$	—	$	—	$	1,900,000	$	—	$	5,100,000	$	7,000,000
101 - 250		—		—		—		—		—		—
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	1,900,000	$	—	$	5,100,000	$	7,000,000

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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, 2016, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	6,475	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		6,475		—
Derivatives not subject to an MA or similar agreement		6,475		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	46,390	$	1,328
Total derivative assets and liabilities in the Statements of Assets and Liabilities		46,390		1,328
Derivatives not subject to an MA or similar agreement		46,390		1,328
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	103,190	$	1,953
Total derivative assets and liabilities in the Statements of Assets and Liabilities		103,190		1,953
Derivatives not subject to an MA or similar agreement		103,190		1,953
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	88,560	$	734
Total derivative assets and liabilities in the Statements of Assets and Liabilities		88,560		734
Derivatives not subject to an MA or similar agreement		88,560		734
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	77,281	$	313
Total derivative assets and liabilities in the Statements of Assets and Liabilities		77,281		313
Derivatives not subject to an MA or similar agreement		77,281		313
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	9,360	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		9,360		—
Derivatives not subject to an MA or similar agreement		9,360		—
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	16,971	$	63
Total derivative assets and liabilities in the Statements of Assets and Liabilities		16,971		63
Derivatives not subject to an MA or similar agreement		16,971		63
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	214,138	$	12,922
Total derivative assets and liabilities in the Statements of Assets and Liabilities		214,138		12,922
Derivatives not subject to an MA or similar agreement		214,138		12,922
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	202,223	$	3,984
Total derivative assets and liabilities in the Statements of Assets and Liabilities		202,223		3,984
Derivatives not subject to an MA or similar agreement		202,223		3,984
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	216,100	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		216,100		—
Derivatives not subject to an MA or similar agreement		216,100		—
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	231,413	$	27,102
Forward foreign exchange contracts		1,251,839		1,346,668
Options		—		45,965
Swaps		—		1,777,626
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,483,252		3,197,361
Derivatives not subject to an MA or similar agreement		741,137		2,191,822
Total assets and liabilities subject to an MA	$	742,115	$	1,005,539

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Fund	Assets		Liabilities
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	347,071	$	441,166
Forward foreign exchange contracts		3,210,485		2,465,804
Options		24,260		10,959
Swaps		379,814		11,207,527
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,961,630		14,125,456
Derivatives not subject to an MA or similar agreement		1,368,490		12,464,855
Total assets and liabilities subject to an MA	$	2,593,140	$	1,660,601
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	84,032	$	10,318
Forward foreign exchange contracts		1,463,242		542,867
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,547,274		553,185
Derivatives not subject to an MA or similar agreement		84,032		10,318
Total assets and liabilities subject to an MA	$	1,463,242	$	542,867
Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	303,030	$	—
Forward foreign exchange contracts		1,706		36,667
Options		—		236,555
Total derivative assets and liabilities in the Statements of Assets and Liabilities		304,736		273,222
Derivatives not subject to an MA or similar agreement		304,736		273,222
Total assets and liabilities subject to an MA	$	—	$	—
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	175,500	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		175,500		—
Derivatives not subject to an MA or similar agreement		175,500		—
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	366,131	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		366,131		—
Derivatives not subject to an MA or similar agreement		366,131		—
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	485,783	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		485,783		—
Derivatives not subject to an MA or similar agreement		485,783		—
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	210,450	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		210,450		—
Derivatives not subject to an MA or similar agreement		210,450		—
Total assets and liabilities subject to an MA	$	—	$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	71,980	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		71,980		—
Derivatives not subject to an MA or similar agreement		71,980		—
Total assets and liabilities subject to an MA	$	—	$	—
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	945,743	$	291,759
Forward foreign exchange contracts		7,355,341		1,721,693
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,301,084		2,013,452
Derivatives not subject to an MA or similar agreement		759,511		261,156
Total assets and liabilities subject to an MA	$	7,541,573	$	1,752,296
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	477,148	$	199,015
Forward foreign exchange contracts		1,714,062		761,746
Swaps		2,894		27,633
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,194,104		988,394
Derivatives not subject to an MA or similar agreement		323,814		33,189
Total assets and liabilities subject to an MA	$	1,870,290	$	955,205
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	62,408	$	51,785
Forward foreign exchange contracts		1,285,179		1,349,197
Options		880,860		574,626
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,228,447		1,975,608
Derivatives not subject to an MA or similar agreement		2,228,447		1,975,608
Total assets and liabilities subject to an MA	$	—	$	—
Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	182,400	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		182,400		—
Derivatives not subject to an MA or similar agreement		182,400		—
Total assets and liabilities subject to an MA	$	—	$	—

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At June 30, 2016, 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*	$	—	$	—		$	—		$	—	$	—
Sub-adviser B
Other Counterparties*		742,115		(1,005,539	)		(263,424	)		—		(263,424	)
Sub-adviser C
Other Counterparties*		—		—			—			—		—
Total Derivatives	$	742,115	$	(1,005,539	)	$	(263,424	)	$	—	$	(263,424	)
Medium-Duration Bond
Sub-adviser A
Other Counterparties*	$	62,591	$	(160,993	)	$	(98,402	)	$	—	$	(98,402	)
Sub-adviser B
BNP		790,502		(33,995	)		756,507			—		756,507
Other Counterparties*		1,723,623		(1,434,251	)		289,372			—		289,372
		2,514,125		(1,468,246	)		1,045,879			—		1,045,879
Sub-adviser C
Other Counterparties*		16,424		(31,362	)		(14,938	)		—		(14,938	)
Total Derivatives	$	2,593,140	$	(1,660,601	)	$	932,539		$	—	$	932,539
Global Bond
Sub-adviser A
DEUT	$	736,855	$	(12,203	)	$	724,652		$	—	$	724,652
BAR		96,787		(450,531	)		(353,744	)		—		(353,744	)
Other Counterparties*		629,600		(80,133	)		549,467			—		549,467
Total Derivatives	$	1,463,242	$	(542,867	)	$	920,375		$	—	$	920,375
International Equity
Sub-adviser A
CITIG	$	7,355,341	$	(1,721,693	)	$	5,633,648		$	—	$	5,633,648
Other Counterparties*		186,232		(30,603	)		155,629			—		155,629
Total Derivatives	$	7,541,573	$	(1,752,296	)	$	5,789,277		$	—	$	5,789,277
Emerging Markets Equity
Sub-adviser A
Other Counterparties*	$	1,870,290	$	(955,205	)	$	915,085		$	—	$	915,085
Total Derivatives	$	1,870,290	$	(955,205	)	$	915,085		$	—	$	915,085

* 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.

233

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, 2016.

	Asset Derivative Value
Fund	Total  Value at 06/30/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	10,990	$	13,487	$	—	$	—	$	(2,497	)
MyDestination 2015 Futures	$	97,551	$	38,975	$	—	$	—	$	58,576
MyDestination 2025 Futures	$	75,474	$	73,207	$	—	$	—	$	2,267
MyDestination 2035 Futures	$	39,684	$	31,628	$	—	$	—	$	8,056
MyDestination 2045 Futures	$	21,479	$	14,072	$	—	$	—	$	7,407
MyDestination 2055 Futures	$	3,235	$	—	$	—	$	—	$	3,235
Conservative Allocation Futures	$	19,376	$	21,934	$	—	$	—	$	(2,558	)
Balanced Allocation Futures	$	384,875	$	355,514	$	—	$	—	$	29,361
Growth Allocation Futures	$	120,650	$	110,956	$	—	$	—	$	9,694
Aggressive Allocation Futures	$	1,255	$	—	$	—	$	—	$	1,255

234

	Asset Derivative Value
Fund	Total Value at 06/30/16			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	1,251,839		$	—	$	1,251,839	$	—	$	—
Futures		2,272,140			2,272,140		—		—		—
Totals	$	3,523,979		$	2,272,140	$	1,251,839	$	—	$	—
Medium-Duration Bond
Forwards	$	3,210,485		$	—	$	3,210,485	$	—	$	—
Futures		8,739,604			8,739,604		—		—		—
Purchased Options		24,260			24,260		—		—		—
Swaps		379,814			224,900		8,590		146,324		—
Totals	$	12,354,163		$	8,988,764	$	3,219,075	$	146,324	$	—
Global Bond Fund
Forwards	$	1,463,242		$	—	$	1,463,242	$	—	$	—
Futures		912,007			912,007		—		—		—
Totals	$	2,375,249		$	912,007	$	1,463,242	$	—	$	—
Defensive Market Strategies
Forwards	$	1,706		$	—	$	1,706	$	—	$	—
Futures		(193,065	)		—		—		—		(193,065	)
Totals	$	(191,359	)	$	—	$	1,706	$	—	$	(193,065	)
Equity Index Futures	$	(14,127	)	$	—	$	—	$	—	$	(14,127	)
Value Equity Futures	$	(175,934	)	$	—	$	—	$	—	$	(175,934	)
Growth Equity Fund Futures	$	(306,773	)	$	—	$	—	$	—	$	(306,773	)
Small Cap Equity Futures	$	(125,831	)	$	—	$	—	$	—	$	(125,831	)
International Equity Index Futures	$	49,375		$	—	$	—	$	—	$	49,375
International Equity
Forwards	$	7,355,341		$	—	$	7,355,341	$	—	$	—
Futures		11,981			—		—		—		11,981
Totals	$	7,367,322		$	—	$	7,355,341	$	—	$	11,981
Emerging Markets Equity
Forwards	$	1,714,062		$	—	$	1,714,062	$	—	$	—
Futures		557,067			—		—		—		557,067
Swaps		2,894			—		—		—		2,894
Totals	$	2,274,023		$	—	$	1,714,062	$	—	$	559,961
Inflation Protected Bond
Forwards	$	1,285,179		$	—	$	1,285,179	$	—	$	—
Futures		156,788			156,788		—		—		—
Purchased Options		880,860			134,278		746,582		—		—
Totals	$	2,322,827		$	291,066	$	2,031,761	$	—	$	—
Real Estate Securities Futures	$	33,086		$	—	$	—	$	—	$	33,086

235

	Asset Derivative Value
Fund	Total Value at 06/30/16		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Global Natural
Resources Equity
Futures	$	3,443	$	—		$	—	$	—	$	3,443
	Liability Derivative Value
Fund	Total Value at 06/30/16		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	1,346,668	$	—		$	1,346,668	$	—	$	—
Futures		691,935		691,935			—		—		—
Swaps		1,777,626		1,756,141			—		21,485		—
Written Options		45,965		—			21,720		24,245		—
Totals	$	3,862,194	$	2,448,076		$	1,368,388	$	45,730	$	—
Medium-Duration Bond
Forwards	$	2,465,804	$	—		$	2,465,804	$	—	$	—
Futures		6,801,911		6,801,911			—		—		—
Swaps		11,207,527		11,100,723			—		106,804		—
Written Options		10,959		(2,365	)		13,324		—		—
Totals	$	20,486,201	$	17,900,269		$	2,479,128	$	106,804	$	—
Global Bond Fund
Forwards	$	542,867	$	—		$	542,867	$	—	$	—
Futures		994,405		994,405			—		—		—
Totals	$	1,537,272	$	994,405		$	542,867	$	—	$	—
Defensive Market Strategies
Forwards	$	36,667	$	—		$	36,667	$	—	$	—
Written Options		236,555		—			—		—		236,555
Totals	$	273,222	$	—		$	36,667	$	—	$	236,555
International Equity
Forwards	$	1,721,693	$	—		$	1,721,693	$	—	$	—
Futures		241,124		—			—		—		241,124
Totals	$	1,962,817	$	—		$	1,721,693	$	—	$	241,124
Emerging Markets Equity
Forwards	$	761,746	$	—		$	761,746	$	—	$	—
Futures		153,669		—			—		—		153,669
Swaps		27,633		—			—		—		27,633
Totals	$	943,048	$	—		$	761,746	$	—	$	181,302
Inflation Protected Bond
Forwards	$	1,349,197	$	—		$	1,349,197	$	—	$	—
Futures		984,243		984,243			—		—		—
Written Options		574,626		3,975			570,651		—		—
Totals	$	2,908,066	$	988,218		$	1,919,848	$	—	$	—

236

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 06/30/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	34,598	$	22,437	$	—	$	—	$	12,161
MyDestination 2015 Futures	$	204,680	$	72,080	$	—	$	—	$	132,600
MyDestination 2025 Futures	$	267,421	$	71,369	$	—	$	—	$	196,052
MyDestination 2035 Futures	$	204,929	$	40,056	$	—	$	—	$	164,873
MyDestination 2045 Futures	$	140,975	$	7,788	$	—	$	—	$	133,187
MyDestination 2055 Futures	$	30,385	$	—	$	—	$	—	$	30,385
Conservative Allocation Futures	$	79,574	$	10,475	$	—	$	—	$	69,099
Balanced Allocation Futures	$	546,475	$	497,097	$	—	$	—	$	49,378
Growth Allocation Futures	$	353,262	$	154,058	$	—	$	—	$	199,204
Aggressive Allocation Futures	$	375,666	$	—	$	—	$	—	$	375,666

237

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond
Forwards	$	(1,216,626	)	$	—		$	(1,216,626	)	$	—		$	—
Futures		218,130			218,130			—			—			—
Purchased Options		(243,065	)		(243,065	)		—			—			—
Swaps		(42,347	)		(385,428	)		—			343,081			—
Written Options		531,983			531,983			—			—			—
Totals	$	(751,925	)	$	121,620		$	(1,216,626	)	$	343,081		$	—
Medium-Duration Bond
Forwards	$	(1,018,763	)	$	—		$	(1,018,763	)	$	—		$	—
Futures		1,834,228			1,847,580			(13,352	)		—			—
Purchased Options		(866,687	)		(835,985	)		(30,702	)		—			—
Swaps		(3,736,240	)		(3,552,851	)		4,800			(188,189	)		—
Written Options		1,437,034			1,142,868			294,166			—			—
Totals	$	(2,350,428	)	$	(1,398,388	)	$	(763,851	)	$	(188,189	)	$	—
Global Bond
Forwards	$	657,531		$	—		$	657,531		$	—		$	—
Futures		(355,728	)		(355,728	)		—			—			—
Purchased Options		(142,243	)		—			(142,243	)		—			—
Totals	$	159,560		$	(355,728	)	$	515,288		$	—		$	—
Defensive Market Strategies
Forwards	$	(15,766	)	$	—		$	(15,766	)	$	—		$	—
Futures		681,043			—			—			—			681,043
Written Options		3,027,250			—			—			—			3,027,250
Totals	$	3,692,527		$	—		$	(15,766	)	$	—		$	3,708,293
Equity Index Futures	$	929,775		$	—		$	—		$	—		$	929,775
Value Equity Futures	$	2,567,147		$	—		$	—		$	—		$	2,567,147
Growth Equity Futures	$	2,536,008		$	—		$	—		$	—		$	2,536,008
Small Cap Equity Futures	$	632,409		$	—		$	—		$	—		$	632,409
International Equity Index Futures	$	(14,905	)	$	—		$	—		$	—		$	(14,905	)
International Equity
Forwards	$	8,348,664		$	—		$	8,348,664		$	—		$	—
Futures		(4,659,701	)		—			—			—			(4,659,701	)
Swaps		31,679			—			—			—			31,679
Totals	$	3,720,642		$	—		$	8,348,664		$	—		$	(4,628,022	)
Emerging Markets Equity
Forwards	$	1,034,268		$	—		$	1,034,268		$	—		$	—
Futures		194,951			—			—			—			194,951
Swaps		104,613			—			—			—			104,613
Totals	$	1,333,832		$	—		$	1,034,268		$	—		$	299,564

238

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Inflation Protected Bond
Forwards	$	(790,842	)	$	—		$	(790,842	)	$	—		$	—
Futures		(712,112	)		(712,112	)		—			—			—
Purchased Options		(1,859,752	)		(768,411	)		(1,091,341	)		—			—
Written Options		864,312			55,200			809,112			—			—
Totals	$	(2,498,394	)	$	(1,425,323	)	$	(1,073,071	)	$	—		$	—
Real Estate Securities
Futures	$	735,917		$	—		$	—		$	—		$	735,917
Global Natural
Resources Equity
Futures	$	120,422		$	—		$	—		$	—		$	120,422
	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2005 Futures	$	17,492		$	15,354		$	—		$	—		$	2,138
MyDestination 2015 Futures	$	87,939		$	43,896		$	—		$	—		$	44,043
MyDestination 2025 Futures	$	56,882		$	79,183		$	—		$	—		$	(22,301	)
MyDestination 2035 Futures	$	14,002		$	33,424		$	—		$	—		$	(19,422	)
MyDestination 2045 Futures	$	(272	)	$	14,431		$	—		$	—		$	(14,703	)
MyDestination 2055 Futures	$	6,755		$	—		$	—		$	—		$	6,755
Conservative Allocation Futures	$	16,146		$	27,448		$	—		$	—		$	(11,302	)
Balanced Allocation Futures	$	291,085		$	362,817		$	—		$	—		$	(71,732	)
Growth Allocation Futures	$	18,242		$	113,901		$	—		$	—		$	(95,659	)
Aggressive Allocation Futures	$	(123,173	)	$	—		$	—		$	—		$	(123,173	)
Low-Duration Bond
Forwards	$	133,095		$	—		$	133,095		$	—		$	—
Futures		1,827,805			1,827,805			—			—			—
Purchased Options		218,575			218,575			—			—			—
Swaps		(2,182,703	)		(2,134,030	)		—			(48,673	)		—
Written Options		(491,005	)		(533,280	)		(2,101	)		44,376			—
Totals	$	(494,233	)	$	(620,930	)	$	130,994		$	(4,297	)	$	—

239

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Medium-Duration Bond
Forwards	$	88,585		$	—		$	88,585		$	—	$	—
Futures		3,022,972			3,021,546			1,426			—		—
Purchased Options		(164,942	)		(164,942	)		—			—		—
Swaps		(6,198,515	)		(6,260,729	)		(16,712	)		78,926		—
Written Options		(94,922	)		(6,770	)		(88,152	)		—		—
Totals	$	(3,346,822	)	$	(3,410,895	)	$	(14,853	)	$	78,926	$	—
Global Bond
Forwards	$	430,322		$	—		$	430,322		$	—	$	—
Futures		(112,787	)		(112,787	)		—			—		—
Purchased Options		(22,410	)		—			(22,410	)		—		—
Totals	$	295,125		$	(112,787	)	$	407,912		$	—	$	—
Defensive Market Strategies
Forwards	$	(47,798	)	$	—		$	(47,798	)	$	—	$	—
Futures		(119,348	)		—			—			—		(119,348	)
Written Options		342,914			—			—			—		342,914
Totals	$	175,768		$	—		$	(47,798	)	$	—	$	223,566
Equity Index Futures	$	27,422		$	—		$	—		$	—	$	27,422
Value Equity Futures	$	(81,037	)	$	—		$	—		$	—	$	(81,037	)
Growth Equity Futures	$	(162,173	)	$	—		$	—		$	—	$	(162,173	)
Small Cap Equity Futures	$	(367,155	)	$	—		$	—		$	—	$	(367,155	)
International Equity Index Futures	$	(37,806	)	$	—		$	—		$	—	$	(37,806	)
International Equity
Forwards	$	2,158,302		$	—		$	2,158,302		$	—	$	—
Futures		(1,264,491	)		—			—			—		(1,264,491	)
Swaps		1,444			—			—			—		1,444
Totals	$	895,255		$	—		$	2,158,302		$	—	$	(1,263,047	)
Emerging Markets Equity
Forwards	$	450,408		$	—		$	450,408		$	—	$	—
Futures		557,979			—			—			—		557,979
Swaps		(5,760	)		—			—			—		(5,760	)
Totals	$	1,002,627		$	—		$	450,408		$	—	$	552,219
Inflation Protected Bond
Forwards	$	375,563		$	—		$	375,563		$	—	$	—
Futures		(680,233	)		(680,233	)		—			—		—
Purchased Options		(117,400	)		(114,817	)		(2,583	)		—		—
Written Options		(86,156	)		58,671			(144,827	)		—		—
Totals	$	(508,226	)	$	(736,379	)	$	228,153		$	—	$	—
Real Estate Securities Futures	$	(6,444	)	$	—		$	—		$	—	$	(6,444	)

240

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 06/30/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Global Natural
Resources Equity
Futures	$	3,443	$	—	$	—	$	—	$	3,443

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the period ended June 30, 2016. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
MyDestination 2005	$	—	$	1,622,932	$	—	$	—
MyDestination 2015		—		6,340,822		—		—
MyDestination 2025		—		10,970,336		—		—
MyDestination 2035		—		8,299,652		—		—
MyDestination 2045		—		5,981,384		—		—
MyDestination 2055		—		785,965		—		—
Conservative Allocation		—		6,143,884		—		—
Balanced Allocation		—		28,792,949		—		—
Growth Allocation		—		20,855,930		—		—
Aggressive Allocation		—		19,158,642		—		—
Low-Duration Bond		23,082,139		529,040,818		212,138		—
Medium-Duration Bond		69,160,186		320,623,370		516,102		4,905,386,000
Global Bond		24,389,011		34,532,428		56,249		—
Defensive Market Strategies		860,979		26,342,425		—		—
Equity Index		—		21,195,531		—		—
Value Equity		—		44,484,335		—		—
Growth Equity		—		48,535,526		—		—
Small Cap Equity		—		18,563,321		—		—
International Equity Index		—		6,795,110		—		—
International Equity		236,584,259		94,113,573		—		—
Emerging Markets Equity		83,487,918		36,626,497		—		2,689,927
Inflation Protected Bond		21,613,638		29,565,637		918,935		—
Real Estate Securities		—		9,888,346		—		—
Global Natural Resources Equity		—		890,193		—		—
	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	$	68,127,673	$	169,717,159	$	477,012	$	180,910,000
Medium-Duration Bond		125,107,480		551,966,133		658,044		502,450,000
Global Bond		33,470,003		24,629,578		—		—
Defensive Market Strategies		5,345,187		—		796,574		—
International Equity		192,983,579		18,795,379		—		—
Emerging Markets Equity		76,794,924		4,949,215		—		4,318,429
Inflation Protected Bond		33,931,162		37,359,181		473,122		—

241

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 Target Date 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 using the effective interest method. Realized gains and losses from security transactions are on an identified cost basis.

3. FEES AND OTHER TRANSACTIONS

a. Investment Advisory Fees (Affiliate)

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. The aggregate fees and sub-adviser fees are included in the Statements of Assets and Liabilities and Statements of Operations under “Investment advisory fees.”

242

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, 2016, based upon average daily net assets, were as follows:

Fund	Advisory Fees			Sub-Adviser Fees
MyDestination 2005		0.10	%		0.00	%
MyDestination 2015		0.10	%		0.00	%
MyDestination 2025		0.10	%		0.00	%
MyDestination 2035		0.10	%		0.00	%
MyDestination 2045		0.10	%		0.00	%
MyDestination 2055		0.10	%		0.00	%
Conservative Allocation		0.10	%		0.00	%
Balanced Allocation		0.10	%		0.00	%
Growth Allocation		0.10	%		0.00	%
Aggressive Allocation		0.10	%		0.00	%
Money Market		0.07	%		0.06	%
Low-Duration Bond		0.11	%		0.19	%
Medium-Duration Bond		0.13	%		0.20	%
Extended-Duration Bond		0.25	%		0.24	%
Global Bond		0.25	%		0.25	%
Defensive Market Strategies		0.33	%		0.32	%
Equity Index		0.08	%		0.02	%
Value Equity		0.33	%		0.23	%
Growth Equity		0.33	%		0.39	%
Small Cap Equity		0.33	%		0.64	%
International Equity Index		0.10	%		0.08	%
International Equity		0.33	%		0.42	%
Emerging Markets Equity		0.33	%		0.74	%
Inflation Protected Bond		0.20	%		0.11	%
Flexible Income		0.20	%		0.49	%
Real Estate Securities		0.30	%		0.43	%
Global Natural Resources Equity		0.36	%		0.54	%

243

For the period ended June 30, 2016, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	50,460	$	(71,125	)	$	(20,665	)
MyDestination 2015		244,935		(104,494	)		140,441
MyDestination 2025		364,050		(124,524	)		239,526
MyDestination 2035		198,803		(97,169	)		101,634
MyDestination 2045		143,288		(87,880	)		55,408
MyDestination 2055		20,983		(62,058	)		(41,075	)
Conservative Allocation		181,179		(65,015	)		116,164
Balanced Allocation		738,230		(113,416	)		624,814
Growth Allocation		532,102		(44,492	)		487,610
Aggressive Allocation		454,570		—			454,570
Money Market(1)		452,061		—			452,061
Low-Duration Bond		475,423		(35,503	)		439,920
Medium-Duration Bond		586,007		(38,314	)		547,693
Extended-Duration Bond		336,800		(8,587	)		328,213
Global Bond		490,335		(20,681	)		469,654
Defensive Market Strategies		1,033,331		(22,395	)		1,010,936
Equity Index		245,552		(18,487	)		227,065
Value Equity		1,998,117		(36,742	)		1,961,375
Growth Equity		2,188,744		(41,557	)		2,147,187
Small Cap Equity		792,499		(39,466	)		753,033
International Equity Index		56,168		(17,080	)		39,088
International Equity		2,051,857		(59,242	)		1,992,615
Emerging Markets Equity		512,899		(264,643	)		248,256
Inflation Protected Bond		302,675		(8,822	)		293,853
Flexible Income		144,140		(2,786	)		141,354
Real Estate Securities		376,578		(37,993	)		338,585
Global Natural Resources Equity		362,888		(14,490	)		348,398

⁽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.

b. Shareholder Servicing Fees (Affiliate)

The Board of Trustees has adopted a Shareholder Service Plan for the Investor Class of each Fund. Under this Plan, the Investor Class of each Fund, was authorized to pay fees of 0.25% of average daily net assets to parties that provide services for and maintain shareholder accounts.

GuideStone Financial Resources (or its affiliate) 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 with the consent of the Board of Trustees at any time.

244

c. Expense Limitation (Affiliate)

GSCM has agreed, through April 30, 2017, to waive fees and reimburse expenses of the Institutional Class and Investor Class of each Fund (excluding interest, taxes, brokerage commissions, expense incurred in connection with aquired fund fees, expenses 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, 2016		May 1, 2016
	to		to
	April 30, 2016		June 30, 2016
Fund	Institutional Class	Investor Class	Institutional Class	Investor Class
MyDestination 2005	N/A	0.35%	N/A	0.35%
MyDestination 2015	N/A	0.35%	N/A	0.35%
MyDestination 2025	N/A	0.35%	N/A	0.35%
MyDestination 2035	N/A	0.35%	N/A	0.35%
MyDestination 2045	N/A	0.35%	N/A	0.35%
MyDestination 2055	N/A	0.35%	N/A	0.35%
Conservative Allocation	N/A	0.35%	N/A	N/A
Global Bond	N/A	0.92%	N/A	N/A
Small Cap Equity	1.03%	1.29%	N/A	N/A
International Equity Index	0.57%	N/A	0.57%	N/A
Emerging Markets Equity	1.28%	1.55%	1.32%	1.57%
Flexible Income	N/A	1.12%	N/A	1.12%
Real Estate Securities	N/A	1.12%	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.

245

At June 30, 2016, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

			Institutional Class						Investor Class
	2013		2014		2015		2016		2013		2014		2015		2016
MyDestination 2005		N/A		N/A		N/A		N/A	$	40,223	$	32,879	$	96,582	$	71,125
MyDestination 2015		N/A		N/A		N/A		N/A		N/A		N/A		93,914		104,494
MyDestination 2025		N/A		N/A		N/A		N/A		N/A		N/A		126,742		124,524
MyDestination 2035		N/A		N/A		N/A		N/A		N/A		N/A		118,651		97,169
MyDestination 2045		N/A		N/A		N/A		N/A		N/A		N/A		98,363		87,880
MyDestination 2055		N/A		N/A		N/A		N/A		87,450		91,150		110,496		62,058
International Equity Index		N/A		N/A		N/A	$	17,080		N/A		N/A		N/A		N/A
Emerging Markets Equity	$	22,538	$	176,022	$	415,435		210,298		111,351		849,038		327,548		43,370
Flexible Income		N/A		N/A		N/A		N/A		18,287		10,828		50,597		N/A

During the period ended June 30, 2016, GSCM recaptured the following amounts:

	Institutional Class		Investor Class
Flexible Income		N/A	$	9,968

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
Value Equity	$	10,000
Small Cap Equity		31,389
International Equity		7,000
Real Estate Securities		8,219

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, 2016, BNY Mellon received $1,685,816 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.

246

f. Investments in Affiliates

The Target Date and Asset Allocation Funds do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Target Date and Asset Allocation Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At June 30, 2016, the Target Date and Asset Allocation Funds 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			2035			2045			2055
Low-Duration Bond		5.22	%		8.63	%		6.97	%		0.58	%		—			—
Medium-Duration Bond		1.36			8.01			9.53			3.27			0.27	%		—
Extended-Duration Bond		—			3.36			11.17			2.65			—			—
Global Bond		0.69			5.68			10.19			8.87			4.64			0.57	%
Defensive Market Strategies		1.47			13.19			20.26			1.51			—			—
Equity Index		0.80			6.49			13.93			12.13			10.13			1.60
Value Equity		0.33			2.70			5.81			5.04			4.21			0.67
Growth Equity		0.32			2.58			5.55			4.80			4.02			0.63
Small Cap Equity		0.31			3.00			6.52			6.94			6.33			1.03
International Equity Index		1.65			13.63			29.24			26.39			22.34			3.67
International Equity		0.33			2.82			6.13			5.30			4.55			0.74
Emerging Markets Equity		0.49			4.07			8.75			7.91			6.77			1.05
Inflation Protected Bond		3.40			16.36			11.51			—			—			—
Flexible Income		3.41			16.52			10.68			—			—			—
Real Estate Securities		0.40			1.99			7.09			5.36			3.88			0.61
Global Natural Resources Equity		0.94			4.83			10.55			6.95			4.96			0.69

	Conservative Allocation			Balanced Allocation			Growth Allocation			Aggressive Allocation
Fund	Fund			Fund			Fund			Fund
Low-Duration Bond		18.76	%		22.22	%		9.67	%		—
Medium-Duration Bond		4.88			28.82			12.55			—
Extended-Duration Bond		—			33.19			14.50			—
Global Bond		2.47			29.27			12.98			—
Defensive Market Strategies		4.90			17.73			—			—
Value Equity		1.70			13.55			18.64			23.32	%
Growth Equity		1.61			12.91			17.79			22.27
Small Cap Equity		1.05			8.35			11.42			14.02
International Equity		1.70			13.54			18.67			23.31
Emerging Markets Equity		1.66			13.32			18.33			22.93
Inflation Protected Bond		11.87			28.32			—			—
Flexible Income		11.92			29.04			—			—
Real Estate Securities		1.42			15.11			14.37			—
Global Natural Resources Equity		3.60			20.69			16.68			—

247

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, 2016 is as follows:

	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	2,260,204	$	1,606,840	$	13,684,457	$	14,337,821	$	2,861	$	—
Low-Duration Bond		37,094,911		41,814,969		4,606,014		317,500		143,014		—
Medium-Duration Bond		9,918,748		11,146,170		970,616		152,000		100,115		—
Global Bond		2,468,525		2,824,665		231,361		72,500		37,361		—
Defensive Market Strategies		9,506,353		9,960,827		674,908		813,000		69,667		36,741
Equity Index		3,230,478		3,501,921		455,313		267,500		48,791		11,522
Value Equity		3,213,837		3,480,523		581,617		303,500		42,894		39,723
Growth Equity		3,238,253		3,458,831		669,978		270,000		2,795		75,684
Small Cap Equity		1,092,769		1,219,157		184,500		87,500		—		—
International Equity Index		1,875,689		1,976,236		311,500		151,000		—		—
International Equity		3,784,279		3,970,924		550,500		282,500		—		—
Emerging Markets Equity		1,464,847		1,642,029		236,500		217,000		—		—
Inflation Protected Bond		9,443,214		10,507,111		850,000		304,000		—		—
Flexible Income		4,733,235		5,163,994		479,111		116,000		65,111		—
Real Estate Securities		948,592		1,047,790		109,754		82,000		17,209		2,545
Global Natural Resources Equity		1,758,019		2,170,074		463,000		665,500		—		—
	$	96,031,953	$	105,492,061	$	25,059,129	$	18,439,321	$	529,818	$	166,215
MyDestination 2015
Money Market	$	7,564,983	$	6,528,282	$	32,186,586	$	33,223,287	$	10,862	$	—
Low-Duration Bond		64,048,691		69,122,474		5,737,829		1,375,000		237,829		—
Medium-Duration Bond		61,585,084		65,865,823		3,465,602		1,600,000		590,602		—
Extended-Duration Bond		7,044,821		6,002,691		249,704		1,968,000		197,054		52,649
Global Bond		21,596,735		23,129,449		304,942		350,000		304,942		—
Defensive Market Strategies		84,004,598		89,219,129		1,711,181		1,532,000		629,300		331,881
Equity Index		26,515,934		28,499,725		1,590,844		200,000		—		—
Value Equity		26,204,711		28,473,832		2,930,765		500,000		351,888		325,877
Growth Equity		26,603,227		28,221,990		3,494,438		400,000		22,593		611,845
Small Cap Equity		10,253,010		11,642,159		1,100,000		—		—		—
International Equity Index		15,788,788		16,274,854		1,250,000		200,000		—		—
International Equity		31,409,631		33,641,934		2,975,000		—		—		—
Emerging Markets Equity		12,264,465		13,710,008		950,000		818,000		—		—
Inflation Protected Bond		47,449,917		50,618,665		1,900,000		1,250,000		—		—
Flexible Income		23,439,077		25,018,964		1,265,719		—		315,719		—
Real Estate Securities		5,043,631		5,189,974		97,106		—		481,672		106,278
Global Natural Resources Equity		8,646,505		11,138,869		250,000		600,000		—		—
	$	479,463,808	$	512,298,822	$	61,459,716	$	44,016,287	$	3,142,461	$	1,428,530

248

	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2025
Money Market	$	11,309,093	$	13,828,492	$	45,990,146	$	43,470,747	$	17,185	$	—
Low-Duration Bond		48,072,204		55,833,506		8,940,651		1,740,000		187,651		—
Medium-Duration Bond		69,486,725		78,405,433		8,616,118		2,500,000		686,119		—
Extended-Duration Bond		17,431,820		19,928,319		1,302,344		475,000		484,841		127,502
Global Bond		38,560,397		41,517,910		815,467		710,000		550,467		—
Defensive Market Strategies		123,486,696		137,055,438		6,364,111		290,000		958,576		505,535
Equity Index		55,427,358		61,187,318		4,611,689		100,000		—		—
Value Equity		55,427,379		61,251,051		6,263,598		—		746,385		691,214
Growth Equity		55,885,629		60,769,664		8,264,171		200,000		48,081		1,302,090
Small Cap Equity		22,620,789		25,258,416		2,152,000		—		—		—
International Equity Index		33,352,119		34,922,107		2,998,000		180,000		—		—
International Equity		66,721,372		73,145,028		8,073,800		—		—		—
Emerging Markets Equity		26,316,876		29,444,777		1,425,000		950,000		—		—
Inflation Protected Bond		30,909,229		35,595,412		3,000,000		—		—		—
Flexible Income		13,552,494		16,176,952		2,441,183		—		191,183		—
Real Estate Securities		18,823,024		18,540,673		352,375		1,871,000		1,149,670		244,394
Global Natural Resources Equity		20,141,519		24,348,534		500,000		2,650,000		—		—
	$	707,524,723	$	787,209,030	$	112,110,653	$	55,136,747	$	5,020,158		2,870,735
MyDestination 2035
Money Market	$	8,731,577	$	9,102,144	$	24,381,235	$	24,010,668	$	12,123	$	—
Low-Duration Bond		3,790,237		4,664,631		925,063		96,000		15,063		—
Medium-Duration Bond		22,844,297		26,858,499		4,354,749		1,276,500		229,749		—
Extended-Duration Bond		3,812,608		4,730,882		584,228		50,000		111,108		28,120
Global Bond		32,520,137		36,134,563		1,945,973		745,000		470,973		—
Defensive Market Strategies		7,540,848		10,201,878		2,240,983		85,500		71,352		37,630
Equity Index		49,086,392		53,264,147		3,224,705		—		735,112		173,593
Value Equity		48,973,198		53,047,801		4,551,810		—		650,964		602,846
Growth Equity		49,127,124		52,594,416		6,307,054		—		41,934		1,135,620
Small Cap Equity		24,468,156		26,879,265		1,931,500		—		—		—
International Equity Index		30,130,432		31,523,108		2,489,500		—		—		—
International Equity		60,330,943		63,204,252		4,418,000		—		—		—
Emerging Markets Equity		23,833,404		26,621,542		1,207,000		750,000		—		—
Real Estate Securities		13,004,386		14,024,184		537,398		377,000		228,593		33,805
Global Natural Resources Equity		12,816,847		16,050,906		550,000		1,342,000		—		—
	$	391,010,586	$	428,902,218	$	59,649,198	$	28,732,668	$	2,566,971	$	2,011,614

249

	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2045
Money Market	$	6,667,359	$	6,884,377	$	19,375,668	$	19,158,650	$	8,787	$	—
Medium-Duration Bond		1,966,542		2,250,005		257,485		55,000		19,984		—
Global Bond		17,205,989		18,917,198		814,113		384,000		248,113		—
Equity Index		40,078,647		44,487,953		3,604,515		—		615,636		145,379
Value Equity		40,047,404		44,343,329		4,729,505		43,000		544,372		504,133
Growth Equity		40,096,168		44,006,434		6,317,318		74,500		34,875		944,443
Small Cap Equity		22,101,990		24,542,877		2,123,000		123,500		—		—
International Equity Index		25,017,796		26,683,320		2,564,500		—		—		—
International Equity		49,990,802		54,296,585		6,590,000		1,040,000		—		—
Emerging Markets Equity		19,726,878		22,780,284		2,107,000		1,029,500		—		—
Real Estate Securities		9,352,191		10,147,691		449,867		273,000		165,406		24,461
Global Natural Resources Equity		9,206,392		11,454,586		400,000		1,078,500		—		—
	$	281,458,158	$	310,794,639	$	49,332,971	$	23,259,650	$	1,637,173	$	1,618,416
MyDestination 2055
Money Market	$	864,216	$	1,159,329	$	6,755,044	$	6,459,931	$	1,284	$	—
Global Bond		1,886,080		2,334,913		579,950		283,934		29,577		—
Equity Index		5,578,177		7,020,081		1,426,065		126,064		97,010		22,909
Value Equity		5,573,463		7,011,989		1,502,173		26,000		85,340		79,032
Growth Equity		5,574,906		6,955,410		1,981,701		283,600		5,520		149,474
Small Cap Equity		3,148,528		3,975,546		913,269		184,205		—		—
International Equity Index		3,493,301		4,384,796		1,006,412		9,000		—		—
International Equity		6,989,558		8,780,284		2,126,585		185,000		—		—
Emerging Markets Equity		2,764,097		3,524,966		794,844		343,500		—		—
Real Estate Securities		1,253,420		1,583,845		352,361		119,245		25,817		3,818
Global Natural Resources Equity		1,247,143		1,588,905		618,353		701,824		—		—
	$	38,372,889	$	48,320,064	$	18,056,757	$	8,722,303	$	244,548	$	255,233
Conservative Allocation
Money Market	$	4,583,563	$	4,728,728	$	21,130,821	$	20,985,656	$	7,051	$	—
Low-Duration Bond		150,222,650		150,241,115		4,072,822		5,637,000		522,822		—
Medium-Duration Bond		40,046,340		40,149,690		520,918		1,940,000		370,918		—
Global Bond		9,770,811		10,060,677		265,981		705,000		137,981		—
Defensive Market Strategies		32,613,520		33,165,046		356,848		1,699,000		233,634		123,214
Value Equity		17,065,496		17,905,014		1,967,226		1,000,000		221,811		205,415
Growth Equity		17,406,201		17,690,325		2,263,431		950,000		14,260		386,172
Small Cap Equity		3,762,956		4,076,534		521,000		300,000		—		—
International Equity		20,226,463		20,257,938		1,608,000		1,085,000		—		—
Emerging Markets Equity		5,090,634		5,585,610		569,000		625,000		—		—
Inflation Protected Bond		36,163,674		36,703,091		—		1,350,000		—		—
Flexible Income		17,974,169		18,048,240		234,030		391,000		234,030		—
Real Estate Securities		3,684,974		3,702,179		113,269		350,000		60,345		8,924
Global Natural Resources Equity		6,875,930		8,301,699		509,000		1,200,000		—		—
	$	365,487,381	$	370,615,886	$	34,132,346	$	38,217,656	$	1,802,852	$	723,725

250

	Total Value at 12/31/15		Total Value at 06/30/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Balanced Allocation
Money Market	$	42,453,581	$	34,211,456	$	39,512,468	$	47,754,593	$	46,141	$	—
Low-Duration Bond		181,725,741		177,996,533		2,041,617		7,668,000		626,617		—
Medium-Duration Bond		245,812,360		237,066,691		2,223,849		20,132,000		2,223,849		—
Extended-Duration Bond		65,152,208		59,215,266		2,535,924		13,970,000		1,594,689		441,235
Global Bond		120,548,248		119,252,606		1,638,729		11,541,000		1,638,729		—
Defensive Market Strategies		122,548,531		119,926,080		1,294,929		10,895,000		847,810		447,119
Value Equity		140,741,304		142,718,732		13,037,202		10,150,000		1,758,597		1,628,605
Growth Equity		143,152,463		141,511,581		13,518,192		6,793,000		112,645		3,050,547
Small Cap Equity		30,990,313		32,365,811		2,827,000		2,118,000		—		—
International Equity		165,334,059		161,611,621		7,000,000		6,655,000		—		—
Emerging Markets Equity		40,953,235		44,816,881		3,500,000		4,017,000		—		—
Inflation Protected Bond		89,932,438		87,594,031		1,760,000		8,756,000		—		—
Flexible Income		45,357,702		43,989,502		577,269		2,514,000		577,269		—
Real Estate Securities		44,462,159		39,512,685		755,233		8,539,000		657,935		97,298
Global Natural Resources Equity		44,193,189		47,761,228		228,000		9,778,000		—		—
	$	1,523,357,531	$	1,489,550,704	$	92,450,412	$	171,280,593	$	10,084,281	$	5,664,804
Growth Allocation
Money Market	$	27,757,264	$	21,141,036	$	36,604,322	$	43,220,550	$	30,699	$	—
Low-Duration Bond		82,705,113		77,464,871		3,714,046		9,785,000		278,046		—
Medium-Duration Bond		110,995,806		103,204,918		3,115,253		14,929,000		979,253		—
Extended-Duration Bond		28,805,675		25,870,384		1,574,662		6,935,000		703,142		191,520
Global Bond		54,003,392		52,890,680		730,698		5,691,000		730,698		—
Value Equity		198,432,917		196,372,095		11,064,050		11,330,000		2,417,887		2,239,163
Growth Equity		205,396,019		194,961,558		8,049,425		6,205,000		156,312		4,233,113
Small Cap Equity		41,521,669		44,256,936		3,500,000		1,629,000		—		—
International Equity		230,986,326		222,798,402		2,700,000		4,973,000		—		—
Emerging Markets Equity		57,702,803		61,695,736		3,200,000		4,993,000		—		—
Real Estate Securities		42,946,950		37,575,619		703,055		8,699,000		612,479		90,575
Global Natural Resources Equity		33,035,311		38,508,392		500,000		5,123,000		—		—
	$	1,114,289,245	$	1,076,740,627	$	75,455,511	$	123,512,550	$	5,908,516	$	6,754,371
Aggressive Allocation
Money Market	$	23,772,781	$	16,806,367	$	24,198,398	$	31,164,812	$	26,800	$	—
Value Equity		254,768,426		245,690,821		5,862,349		12,000,000		3,043,665		2,818,684
Growth Equity		262,055,612		244,069,330		7,196,436		9,169,000		196,269		5,315,168
Small Cap Equity		55,397,826		54,353,217		2,527,000		4,500,000		—		—
International Equity		295,949,517		278,169,681		—		10,047,000		—		—
Emerging Markets Equity		73,918,724		77,166,485		3,150,000		7,233,000		—		—
	$	965,862,886	$	916,255,901	$	42,934,183	$	74,113,812	$	3,266,734	$	8,133,852

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

251

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, 2016, 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	$	62,807,260	$	3,188,563	$	61,010,537	$	64,199,100
Medium-Duration Bond		71,942,586		46,101,834		27,603,402		73,705,236
Extended-Duration Bond		17,444,186		9,022,737		8,768,342		17,791,079
Global Bond		45,664,382		2,779,597		43,951,302		46,730,899
Defensive Market Strategies		98,235,734		1,612,472		99,190,204		100,802,676
Equity Index		56,546,967		1,048,716		56,004,589		57,053,305
Value Equity		206,041,557		11,702,623		197,109,325		208,811,948
Growth Equity		204,885,611		12,366,167		198,241,722		210,607,889
Small Cap Equity		164,254,392		2,111,208		164,795,467		166,906,675
International Equity Index		5,550,162		467,042		5,422,267		5,889,309
International Equity		107,346,800		12,828,699		97,902,849		110,731,548
Emerging Markets Equity		25,419,953		2,051,927		24,228,437		26,280,364
Flexible Income		3,440,535		—		3,712,013		3,712,013
Real Estate Securities		37,166,142		1,368,464		36,512,549		37,881,013
Global Natural Resources Equity		73,448,010		20,515,306		57,073,930		77,589,236

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, 2016, 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	$	62,807,260	$	(3,188,563	)	$	(59,618,697	)	$	—
Medium-Duration Bond		71,942,586		(46,101,834	)		(25,840,752	)		—
Extended-Duration Bond		17,444,186		(9,022,737	)		(8,421,449	)		—
Global Bond		45,664,382		(2,779,597	)		(42,884,785	)		—
Defensive Market Strategies		98,235,734		(1,612,472	)		(96,623,262	)		—
Equity Index		56,546,967		(1,048,716	)		(55,498,251	)		—
Value Equity		206,041,557		(11,702,623	)		(194,338,934	)		—
Growth Equity		204,885,611		(12,366,167	)		(192,519,444	)		—
Small Cap Equity		164,254,392		(2,111,208	)		(162,143,184	)		—
International Equity Index		5,550,162		(467,042	)		(5,083,120	)		—
International Equity		107,346,800		(12,828,699	)		(94,518,101	)		—
Emerging Markets Equity		25,419,953		(2,051,927	)		(23,368,026	)		—
Flexible Income		3,440,535		—			(3,440,535	)		—
Real Estate Securities		37,166,142		(1,368,464	)		(35,797,678	)		—
Global Natural Resources Equity		73,448,010		(20,515,306	)		(52,932,704	)		—

⁽¹⁾ Net amount represents the net amount receivable due from (payable to) the counterparty in the event of default.

252

Additional information about master netting arrangements can be found in the Repurchase Agreements and Derivative Financial

Instruments sections of the Notes to Financial Statements.

The type and maturity of non-cash collateral in relation to the securities lending total value of collateral is as follows:

Fund	Up to 30 Days		30 — 90 Days		Greater than 90 Days		Total
Low-Duration Bond
U.S. Treasury Obligations	$	24,240	$	175,026	$	2,989,297	$	3,188,563
Medium-Duration Bond
U.S. Treasury Obligations		—		87,345		46,014,489		46,101,834
Extended-Duration Bond
U.S. Treasury Obligations		1,437		1,331		9,019,969		9,022,737
Global Bond
U.S. Treasury Obligations		310,617		52,554		2,416,426		2,779,597
Defensive Market Strategies
U.S. Treasury Obligations		64,277		141,145		1,407,050		1,612,472
Equity Index
U.S. Treasury Obligations		113,589		8,427		926,700		1,048,716
Value Equity
U.S. Treasury Obligations		92,748		1,122,104		10,487,771		11,702,623
Growth Equity
U.S. Treasury Obligations		2,678		87,314		12,276,175		12,366,167
Small Cap Equity
U.S. Treasury Obligations		8,962		84,614		2,017,632		2,111,208
International Equity Index
U.S. Treasury Obligations		1,643		40,814		424,585		467,042
International Equity
U.S. Treasury Obligations		—		124,072		12,704,627		12,828,699
Emerging Markets Equity
U.S. Treasury Obligations		47,845		52,466		1,951,616		2,051,927
Real Estate Securities
U.S. Treasury Obligations		—		—		1,368,464		1,368,464
Global Natural Resources Equity
U.S. Treasury Obligations		17,546		69,221		20,428,539		20,515,306

253

5. INVESTMENT TRANSACTIONS

For the period ended June 30, 2016, 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	$	10,681,500	$	4,101,500	$	—	$	—
MyDestination 2015		24,713,000		11,078,000		—		—
MyDestination 2025		58,246,800		11,666,000		—		—
MyDestination 2035		30,701,500		4,722,000		—		—
MyDestination 2045		26,710,500		4,101,000		—		—
MyDestination 2055		10,803,216		2,262,372		—		—
Conservative Allocation		10,482,000		17,232,000		—		—
Balanced Allocation		37,235,000		123,526,000		—		—
Growth Allocation		26,219,000		80,292,000		—		—
Aggressive Allocation		7,362,000		42,949,000		—		—
Low-Duration Bond		808,647,773		726,316,924		690,495,621		741,693,976
Medium-Duration Bond		1,244,796,712		1,252,916,255		248,233,365		251,325,277
Extended-Duration Bond		10,254,120		19,382,111		18,170,414		11,339,782
Global Bond		40,472,073		63,629,057		17,075,166		8,665,627
Defensive Market Strategies		228,765,415		211,899,422		—		—
Equity Index		49,881,457		13,812,612		—		—
Value Equity		228,933,854		206,819,425		—		—
Growth Equity		101,780,508		112,987,531		—		—
Small Cap Equity		164,681,152		162,409,949		—		—
International Equity Index		17,145,553		—		3,204,414		—
International Equity		211,781,031		180,635,866		—		—
Emerging Markets Equity		82,332,588		70,399,420		—		—
Inflation Protected Bond		8,065,246		9,390,691		119,689,226		133,767,915
Flexible Income		49,959,811		33,303,614		—		—
Real Estate Securities		155,304,431		169,347,267		—		—
Global Natural Resources Equity		29,492,706		32,750,706		—		—

Financial Futures Contracts

Investments as of June 30, 2016, included cash and securities that were valued and pledged as collateral to cover initial margin deposits. The market value of the open futures contracts is as follows:

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
S&P 500® E-Mini		09/2016		5	$	522,550		GSC	$	(2,497	)
5-Year U.S. Treasury Note		10/2016		8		977,312		GSC		13,487
					$	1,499,862			$	10,990
MyDestination 2015 Fund
MSCI EAFE Index E-Mini		09/2016		13	$	1,049,880		GSC	$	6,820
MSCI Emerging Markets E-Mini		09/2016		4		166,940		GSC		3,890
S&P 500® E-Mini		09/2016		25		2,612,750		GSC		47,866
10-Year U.S. Treasury Note		09/2016		17		2,260,734		GSC		38,975
					$	6,090,304			$	97,551

254

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
MSCI EAFE Index E-Mini		09/2016		32	$	2,584,320		GSC	$	15,725
MSCI Emerging Markets E-Mini		09/2016		18		751,230		GSC		4,858
S&P 500® E-Mini		09/2016		49		5,120,990		GSC		(18,316	)
10-Year U.S. Treasury Note		09/2016		25		3,324,609		GSC		73,207
					$	11,781,149			$	75,474
MyDestination 2035 Fund
MSCI EAFE Index E-Mini		09/2016		30	$	2,422,800		GSC	$	14,400
MSCI Emerging Markets E-Mini		09/2016		15		626,025		GSC		5,393
S&P 500® E-Mini		09/2016		47		4,911,970		GSC		(11,737	)
10-Year U.S. Treasury Note		09/2016		11		1,462,828		GSC		31,628
					$	9,423,623			$	39,684
MyDestination 2045 Fund
MSCI EAFE Index E-Mini		09/2016		24	$	1,938,240		GSC	$	11,620
MSCI Emerging Markets E-Mini		09/2016		10		417,350		GSC		5,170
S&P 500® E-Mini		09/2016		38		3,971,380		GSC		(9,383	)
10-Year U.S. Treasury Note		09/2016		4		531,938		GSC		14,072
					$	6,858,908			$	21,479
MyDestination 2055 Fund
S&P 500® E-Mini		09/2016		8	$	836,080		GSC	$	3,235
Conservative Allocation Fund
MSCI EAFE Index E-Mini		09/2016		7	$	565,320		GSC	$	2,660
S&P 500® E-Mini		09/2016		7		731,570		GSC		(5,218	)
2-Year U.S. Treasury Note		10/2016		21		4,605,891		GSC		21,934
					$	5,902,781			$	19,376
Balanced Allocation Fund
MSCI EAFE Index E-Mini		09/2016		70	$	5,653,200		GSC	$	58,460
MSCI Emerging Markets E-Mini		09/2016		29		1,210,315		GSC		6,505
S&P 500® E-Mini		09/2016		98		10,241,980		GSC		(35,604	)
10-Year U.S. Treasury Note		09/2016		31		4,122,516		GSC		109,053
5-Year U.S. Treasury Note		10/2016		49		5,986,039		GSC		91,825
Long U.S. Treasury Bond		10/2016		16		2,757,500		GSC		154,636
					$	29,971,550			$	384,875
Growth Allocation Fund
MSCI EAFE Index E-Mini		09/2016		61	$	4,926,360		GSC	$	50,426
MSCI Emerging Markets E-Mini		09/2016		27		1,126,845		GSC		6,765
S&P 500® E-Mini		09/2016		100		10,451,000		GSC		(47,497	)
10-Year U.S. Treasury Note		09/2016		9		1,196,859		GSC		31,661
5-Year U.S. Treasury Note		10/2016		14		1,710,297		GSC		30,972
Long U.S. Treasury Bond		10/2016		5		861,719		GSC		48,323
					$	20,273,080			$	120,650
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		09/2016		73	$	5,895,480		GSC	$	40,786
MSCI Emerging Markets E-Mini		09/2016		34		1,418,990		GSC		8,945
S&P 500® E-Mini		09/2016		98		10,241,980		GSC		(48,476	)
					$	17,556,450			$	1,255

255

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Low-Duration Bond Fund
10-Year U.S. Treasury Note		09/2016		(18	)	$	(2,393,719	)		UBS	$	(61,511	)
10-Year U.S. Ultra Note		09/2016		(2	)		(291,344	)		UBS		114
2-Year U.S. Treasury Note		10/2016		1,080			236,874,376			CITI		1,645,442
2-Year U.S. Treasury Note		10/2016		487			106,812,797			UBS		441,661
2-Year U.S. Treasury Note		10/2016		76			16,668,938			JPM		108,995
5-Year U.S. Treasury Note		10/2016		(6	)		(732,984	)		CITI		(12,565	)
5-Year U.S. Treasury Note		10/2016		(52	)		(6,352,531	)		JPM		(110,326	)
5-Year U.S. Treasury Note		10/2016		(201	)		(24,554,977	)		UBS		(203,033	)
90-Day Euro		12/2016		57			14,153,813			UBS		29,110
3-Month EURIBOR		12/2017		192			53,473,310			CITI		37,838
90-Day Euro		12/2017		(57	)		(14,132,438	)		UBS		(46,965	)
3-Month EURIBOR		12/2018		55			15,312,535			CITI		9,094
90-Day Euro		12/2019		(305	)		(75,308,313	)		CITI		(257,649	)
						$	319,529,463				$	1,580,205
Medium-Duration Bond Fund
10-Year Japanese Bond		09/2016		(4	)	$	(5,923,401	)		GSC	$	(38,379	)
Euro		09/2016		(8	)		(1,110,750	)		GSC		32,974
10-Year U.S. Treasury Note		09/2016		135			17,952,891			CITI		387,226
10-Year U.S. Treasury Note		09/2016		(887	)		(117,957,141	)		GSC		(2,919,680	)
Euro-Bund		09/2016		(10	)		(1,854,622	)		CITI		(39,851	)
Euro-Bund		09/2016		(51	)		(9,458,573	)		GSC		(197,386	)
Long U.S. Treasury Bond		09/2016		(94	)		(16,200,313	)		GSC		(855,563	)
Ultra Long U.S. Treasury Bond		09/2016		227			42,307,125			CITI		1,991,651
Ultra Long U.S. Treasury Bond		09/2016		90			16,773,750			GSC		1,049,490
Ultra Long U.S. Treasury Bond		09/2016		37			6,895,875			DEUT		270,520
Ultra Long U.S. Treasury Bond		09/2016		(15	)		(2,795,625	)		CITI		27,283
2-Year U.S. Treasury Note		10/2016		56			12,282,375			GSC		83,224
2-Year U.S. Treasury Note		10/2016		42			9,211,781			CITI		51,194
5-Year U.S. Treasury Note		10/2016		1,232			150,506,125			GSC		2,590,998
5-Year U.S. Treasury Note		10/2016		845			103,228,633			CITI		1,676,483
Long U.S. Treasury Bond		10/2016		65			11,202,344			CITI		535,303
90-Day Euro		12/2016		(584	)		(145,014,500	)		GSC		(323,283	)
90-Day Euro		03/2017		84			20,854,050			GSC		103,515
90-Day Euro		06/2017		(176	)		(43,678,800	)		DEUT		(832,105	)
90-Day Euro		09/2017		(312	)		(77,399,400	)		DEUT		(1,427,780	)
90-Day Euro		12/2017		(70	)		(17,355,625	)		GSC		(120,640	)
90-Day Euro		06/2018		(72	)		(17,836,200	)		UBS		(107,501	)
						$	(65,370,001	)			$	1,937,693
Global Bond Fund
Euro-Buxl®		09/2016		(3	)	$	(653,068	)		GSC	$	(59,266	)
10-Year U.S. Treasury Note		09/2016		(129	)		(17,154,984	)		GSC		(346,097	)
Euro-Bund		09/2016		(17	)		(3,152,858	)		GSC		(67,216	)
Ultra Long U.S. Treasury Bond		09/2016		(46	)		(8,573,250	)		GSC		(521,825	)
5-Year U.S. Treasury Note		10/2016		413			50,453,758			GSC		864,796
Long U.S. Treasury Bond		10/2016		5			861,719			GSC		47,210
						$	21,781,317				$	(82,398	)
Defensive Market Strategies Fund
S&P 500® E-Mini		09/2016		259		$	27,068,090			GSC	$	(193,065	)

256

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Equity Index Fund
S&P 500® E-Mini		09/2016		150		$	15,676,500			GSC	$	(14,127	)
Value Equity Fund
S&P 500® E-Mini		09/2016		366		$	38,250,660			GSC	$	(175,934	)
Growth Equity Fund
S&P 500® E-Mini		09/2016		455		$	47,552,050			GSC	$	(306,773	)
Small Cap Equity Fund
Russell 2000® IMM-Mini		09/2016		115		$	13,195,100			GSC	$	(125,831	)
International Equity Index Fund
MSCI EAFE Index E-Mini		09/2016		61		$	4,926,360			GSC	$	49,375
International Equity Fund
IBEX 35		07/2016		14		$	1,262,703			BAR	$	(8,535	)
AEX Index		07/2016		(20	)		(1,932,305	)		BAR		(64,014	)
BIST 30 Index		07/2016		64			1,507,475			BAR		61,013
CAC40 Index		07/2016		162			7,611,897			BAR		142,916
Hang Seng Index		07/2016		30			4,050,025			GSC		186,232
OMX 30 Index		07/2016		(123	)		(1,916,809	)		BAR		(26,697	)
MSCI EAFE Index E-Mini		09/2016		370			29,881,200			GSC		259,930
ASX SPI 200 Index		09/2016		(125	)		(12,063,331	)		BAR		(107,503	)
DAX Index		09/2016		48			12,875,596			BAR		97,772
FTSE 100 Index®		09/2016		46			3,932,999			BAR		213,833
S&P/TSE 60 Index		09/2016		(51	)		(6,441,565	)		BAR		(20,787	)
Swiss Market Index Future		09/2016		(9	)		(735,484	)		JPM		(30,602	)
TOPIX Index®		09/2016		118			14,232,218			BAR		(932,701	)
						$	52,264,619				$	(229,143	)
Emerging Markets Equity Fund
HSCEI Index		07/2016		89		$	5,004,608			BAR	$	170,119
HSCEI Index		07/2016		59			3,317,662			GSC		153,333
MSCI Taiwan Index		07/2016		(11	)		(349,250	)		BAR		(11,052	)
SGX CNX Nifty Index		07/2016		(34	)		(566,814	)		BAR		(13,909	)
BIST 30 Index		07/2016		9			211,989			BAR		4,837
KOSPI 200 Index		09/2016		20			2,120,502			GSC		(31,916	)
KOSPI 200 Index		09/2016		17			1,802,427			JPM		(29,166	)
KOSPI 200 Index		09/2016		8			848,201			BAR		(16,051	)
SGX CNX Nifty Index		09/2016		(133	)		(2,217,243	)		GSC		(46,759	)
FTSE/JSE Top 40 Index		09/2016		(98	)		(3,090,513	)		BAR		16,634
Mexican Bolsa IPC Index		09/2016		4			100,883			JPM		2,280
MSCI Emerging Markets E-Mini		09/2016		481			20,074,535			GSC		289,968
TA-25 Index		09/2016		(47	)		(2,482,365	)		GSC		(51,548	)
SET50 Index		09/2016		29			148,994			BAR		2,231
TA-25 Index		10/2016		47			1,702,410			GSC		(35,603	)
						$	26,626,026				$	403,398
Inflation Protected Bond Fund
Euro-BOBL		09/2016		(1	)	$	(148,263	)		UBS	$	(1,188	)
FTSE Bursa Malaysia KLCI		09/2016		(52	)		(8,229,630	)		GSC		(79,351	)
Euro-Buxl®		09/2016		(1	)		(217,689	)		UBS		(15,360	)
10-Year U.S. Treasury Note		09/2016		62			8,245,031			UBS		134,945
10-Year U.S. Ultra Note		09/2016		(21	)		(3,059,109	)		UBS		(91,337	)

257

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Euro-Bund		09/2016		(36	)	$	(6,676,640	)		UBS	$	(92,294	)
Long U.S. Treasury Bond		09/2016		(11	)		(1,895,781	)		UBS		(63,358	)
Ultra Long U.S. Treasury Bond		09/2016		(55	)		(10,250,625	)		UBS		(641,355	)
2-Year U.S. Treasury Note		10/2016		8			1,754,625			UBS		11,488
5-Year U.S. Treasury Note		10/2016		12			1,465,969			UBS		10,355
						$	(19,012,112	)			$	(827,455	)
Real Estate Securities Fund
S&P 500® MidCap 400		09/2016		64		$	9,555,200			GSC	$	33,086
Global Natural Resources Equity Fund
S&P/TSE 60 Index		09/2016		3		$	378,916			GSC	$	1,579
FTSE 100 Index®		09/2016		1			85,500			GSC		1,864
						$	464,416				$	3,443

Forward Foreign Currency Contracts

As of June 30, 2016, 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 statements of assets and liabilities. 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
07/05/16	Japanese Yen		423,300,000	U.S. Dollars		4,138,752		GSC	$	(38,947	)
07/05/16	U.S. Dollars		10,671,581	Euro		9,566,000		GSC		53,676
07/05/16	Euro		5,441,000	U.S. Dollars		6,186,192		CITIG		(146,884	)
07/05/16	Euro		4,717,000	U.S. Dollars		5,217,002		BAR		18,693
07/05/16	U.S. Dollars		4,185,583	Euro		3,776,000		GSC		(5,638	)
07/05/16	U.S. Dollars		3,871,585	Japanese Yen		429,600,000		CITI		(289,238	)
07/05/16	U.S. Dollars		3,016,724	Euro		2,737,000		UBS		(21,244	)
07/05/16	Euro		2,145,000	U.S. Dollars		2,440,740		UBS		(59,869	)
07/06/16	Canadian Dollars		10,760,000	U.S. Dollars		8,224,171		RBC		104,531
07/06/16	U.S. Dollars		8,143,508	Canadian Dollars		10,607,000		RBC		(66,765	)
07/06/16	U.S. Dollars		1,378,661	Australian Dollars		1,903,000		SC		(40,274	)
07/06/16	New Zealand Dollars		1,060,000	U.S. Dollars		729,883		HKSB		26,715
07/06/16	New Zealand Dollars		1,035,938	Australian Dollars		980,000		JPM		8,706
07/06/16	Australian Dollars		980,000	U.S. Dollars		704,327		WMR		26,391
07/06/16	Australian Dollars		970,000	Canadian Dollars		911,092		WMR		18,038
07/06/16	Canadian Dollars		908,483	Australian Dollars		970,000		HKSB		(20,058	)
07/06/16	U.S. Dollars		715,133	New Zealand Dollars		1,060,000		WMR		(41,465	)
07/06/16	U.S. Dollars		704,327	New Zealand Dollars		1,043,725		WMR		(40,655	)
07/06/16	U.S. Dollars		326,584	British Pounds		223,000		BAR		29,698
07/06/16	U.S. Dollars		72,900	British Pounds		50,000		HKSB		6,334
07/11/16	U.S. Dollars		6,383,541	Canadian Dollars		8,265,000		RBC		(14,054	)
07/11/16	U.S. Dollars		1,883,114	British Pounds		1,296,000		HKSB		157,637
07/11/16	U.S. Dollars		1,066,637	Euro		940,000		CITI		23,037
07/14/16	U.S. Dollars		1,377,228	Euro		1,206,000		CITI		38,161
07/14/16	Euro		1,856,000	U.S. Dollars		2,105,632		CITI		(44,845	)
07/14/16	U.S. Dollars		750,568	Euro		650,000		CITI		28,848
07/19/16	Japanese Yen		147,700,000	U.S. Dollars		1,432,117		BOA		(964	)
07/19/16	Japanese Yen		156,900,000	U.S. Dollars		1,529,478		BOA		(9,181	)

258

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/19/16	U.S. Dollars		2,877,603	Japanese Yen		304,600,000		BOA	$	(73,848	)
08/02/16	U.S. Dollars		5,222,384	Euro		4,717,000		BAR		(18,796	)
08/03/16	U.S. Dollars		1,360,603	Australian Dollars		1,827,000		SC		(212	)
08/03/16	U.S. Dollars		316,451	British Pounds		235,000		RBS		3,511
08/05/16	Swedish Kronor		5,940,600	Euro		630,000		BNP		3,183
08/05/16	Swedish Kronor		282,969	Euro		30,000		GSC		162
08/12/16	U.S. Dollars		6,530,760	Canadian Dollars		8,307,000		JPM		100,064
08/12/16	Australian Dollars		5,814,000	U.S. Dollars		4,164,483		CITI		164,522
08/12/16	U.S. Dollars		4,353,904	Australian Dollars		5,940,000		GSC		(68,919	)
08/12/16	Canadian Dollars		3,982,000	U.S. Dollars		3,056,156		GSC		26,429
08/12/16	Norwegian Krone		3,585,000	U.S. Dollars		441,802		GSC		(13,460	)
08/12/16	U.S. Dollars		2,738,209	Canadian Dollars		3,500,000		JPM		28,755
08/12/16	U.S. Dollars		491,314	British Pounds		340,000		CITI		38,511
08/12/16	U.S. Dollars		113,899	Canadian Dollars		149,000		CITI		(1,447	)
08/25/16	U.S. Dollars		2,448,855	Mexican Pesos		45,463,000		JPM		(23,673	)
10/03/16	Danish Kroner		30,629,000	U.S. Dollars		4,633,844		HKSB		(46,795	)
10/03/16	U.S. Dollars		4,704,921	Danish Kroner		30,629,000		UBS		117,872
01/03/17	U.S. Dollars		10,121,759	Danish Kroner		68,000,000		DEUT		(102,327	)
01/03/17	U.S. Dollars		7,401,704	Danish Kroner		50,037,000		UBS		(121,570	)
01/03/17	U.S. Dollars		4,845,186	Danish Kroner		31,254,840		CITI		145,890
01/03/17	U.S. Dollars		111,998	Danish Kroner		750,000		DEUT		(768	)
04/03/17	U.S. Dollars		4,666,875	Danish Kroner		30,600,000		BNP		47,703
									$	(94,829	)
Medium-Duration Bond Fund
07/05/16	Euro		4,723,000	U.S. Dollars		5,359,503		CITI	$	(117,148	)
07/05/16	U.S. Dollars		310,753	British Pounds		233,000		JPM		557
07/05/16	U.S. Dollars		11,704,735	Euro		10,492,119		GSC		58,872
07/05/16	U.S. Dollars		7,987,606	British Pounds		5,440,000		BNP		745,250
07/05/16	Euro		7,971,119	U.S. Dollars		8,816,058		BAR		31,589
07/05/16	U.S. Dollars		3,193,516	Euro		2,844,000		JPM		36,782
07/05/16	Euro		1,919,000	U.S. Dollars		2,140,027		CITI		(10,008	)
07/05/16	U.S. Dollars		1,495,455	British Pounds		1,013,000		CITI		146,833
07/05/16	U.S. Dollars		1,426,852	Euro		1,277,000		CITI		9,429
07/05/16	British Pounds		1,331,000	U.S. Dollars		1,921,687		JPM		(149,706	)
07/05/16	U.S. Dollars		1,306,196	British Pounds		917,000		JPM		85,380
07/05/16	British Pounds		764,000	U.S. Dollars		1,101,645		UBS		(84,520	)
07/13/16	U.S. Dollars		570,170	Euro		502,700		WEST		12,024
07/13/16	Euro		72,740	U.S. Dollars		82,212		CITI		(1,449	)
07/14/16	British Pounds		484,000	U.S. Dollars		653,376		BAR		(8,968	)
07/14/16	Indian Rupees		235,150,000	U.S. Dollars		3,501,079		BOA		(25,888	)
07/14/16	Japanese Yen		196,992,539	U.S. Dollars		1,801,223		BOA		107,256
07/14/16	Chinese Yuan Renminbi		9,880,000	U.S. Dollars		1,512,785		BAR		(26,407	)
07/14/16	U.S. Dollars		5,327,686	Japanese Yen		576,120,000		CITIC		(253,808	)
07/14/16	U.S. Dollars		5,060,352	Chinese Yuan Renminbi		32,910,000		BAR		109,269
07/14/16	Singapore Dollars		4,940,000	U.S. Dollars		3,650,269		BAR		16,424
07/14/16	Euro		4,760,000	U.S. Dollars		5,284,814		BAR		394
07/14/16	U.S. Dollars		4,115,669	Euro		3,602,257		CITIC		115,946
07/14/16	U.S. Dollars		3,635,331	Singapore Dollars		4,940,000		BAR		(31,362	)
07/14/16	U.S. Dollars		1,964,305	Euro		1,720,000		BAR		54,524
07/14/16	U.S. Dollars		1,852,809	Japanese Yen		196,992,539		BOA		(55,669	)
07/14/16	U.S. Dollars		1,791,485	Polish Zloty		6,730,000		BAR		86,232

259

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/14/16	U.S. Dollars		1,463,263	Brazilian Reals		5,411,000		BAR	$	(213,612	)
07/14/16	U.S. Dollars		1,214,631	Chinese Yuan Renminbi		7,920,000		CITIC		23,121
07/14/16	U.S. Dollars		1,186,359	Euro		1,040,000		BOA		31,608
07/14/16	Chinese Yuan Renminbi		830,000	U.S. Dollars		127,252		BAR		(2,384	)
07/14/16	U.S. Dollars		494,417	Chinese Yuan Renminbi		3,210,000		BOA		11,494
07/15/16	Russian Rubles		13,281,389	U.S. Dollars		206,137		JPM		710
07/15/16	U.S. Dollars		196,754	Russian Rubles		13,281,389		UBS		(10,093	)
08/02/16	U.S. Dollars		8,825,153	Euro		7,971,119		BAR		(31,763	)
08/02/16	U.S. Dollars		649,126	Brazilian Reals		2,361,000		RBC		(78,119	)
08/10/16	U.S. Dollars		1,103,000	Malaysian Ringgits		4,562,008		BAR		(25,386	)
08/10/16	U.S. Dollars		342,000	Malaysian Ringgits		1,408,185		UBS		(6,306	)
08/12/16	Japanese Yen		477,600,000	U.S. Dollars		4,438,392		CITI		192,948
08/12/16	Japanese Yen		340,100,000	U.S. Dollars		3,206,513		HSBC		91,474
08/12/16	Japanese Yen		240,700,000	U.S. Dollars		2,201,197		GSC		132,898
08/12/16	Japanese Yen		173,600,000	U.S. Dollars		1,661,274		CITI		22,144
08/12/16	Japanese Yen		157,900,000	U.S. Dollars		1,447,922		CITI		83,252
08/12/16	Japanese Yen		56,700,000	U.S. Dollars		522,277		JPM		27,549
08/12/16	U.S. Dollars		10,604,282	Japanese Yen		1,144,874,357		HSBC		(497,691	)
08/12/16	Australian Dollars		4,611,000	U.S. Dollars		3,420,414		GSC		12,857
08/12/16	U.S. Dollars		2,472,095	Euro		2,156,116		CITIC		75,519
08/12/16	U.S. Dollars		2,003,855	British Pounds		1,379,296		BOA		166,947
08/12/16	U.S. Dollars		1,387,982	Japanese Yen		152,800,000		JPM		(93,737	)
08/12/16	U.S. Dollars		1,354,633	Japanese Yen		147,700,000		GSC		(77,630	)
08/12/16	U.S. Dollars		1,012,850	Euro		882,297		BOA		32,156
08/12/16	U.S. Dollars		909,873	Australian Dollars		1,257,000		JPM		(26,067	)
08/12/16	U.S. Dollars		844,700	Australian Dollars		1,175,000		JPM		(30,185	)
08/12/16	Euro		817,687	U.S. Dollars		937,928		UBS		(29,049	)
08/12/16	U.S. Dollars		255,096	Australian Dollars		354,000		GSC		(8,486	)
08/12/16	U.S. Dollars		92,143	Australian Dollars		126,000		CITI		(1,675	)
08/12/16	U.S. Dollars		41,005	Euro		37,001		CITIC		(122	)
08/12/16	U.S. Dollars		33,040	Euro		29,001		CITIC		805
08/12/16	U.S. Dollars		23,721	Euro		21,001		CITIC		378
08/12/16	U.S. Dollars		22,760	Euro		20,001		CITIC		528
08/16/16	U.S. Dollars		636,573	Mexican Pesos		12,165,798		CITI		(25,719	)
08/18/16	Indian Rupees		9,281,162	U.S. Dollars		137,265		CITI		(973	)
08/18/16	U.S. Dollars		3,626,671	South Korean Won		4,203,311,200		GSC		(20,502	)
08/18/16	U.S. Dollars		3,173,165	Singapore Dollars		4,309,000		CITI		(24,006	)
08/18/16	Singapore Dollars		1,857,000	U.S. Dollars		1,362,861		CITI		14,987
08/18/16	U.S. Dollars		1,033,698	South Korean Won		1,213,716,450		JPM		(19,432	)
08/18/16	U.S. Dollars		944,000	South Korean Won		1,123,832,000		CITI		(31,138	)
08/18/16	U.S. Dollars		725,840	Taiwan Dollars		23,466,399		JPM		(2,431	)
08/18/16	U.S. Dollars		602,000	South Korean Won		716,139,200		GSC		(19,387	)
08/18/16	U.S. Dollars		540,594	Taiwan Dollars		17,453,085		BNP		(1,056	)
08/18/16	U.S. Dollars		531,000	Singapore Dollars		732,759		JPM		(12,689	)
08/18/16	U.S. Dollars		417,080	Singapore Dollars		578,000		CITI		(11,782	)
08/18/16	U.S. Dollars		337,931	South Korean Won		395,733,900		CITI		(5,444	)
08/18/16	U.S. Dollars		203,267	South Korean Won		236,531,400		JPM		(1,969	)
08/18/16	U.S. Dollars		1,000	South Korean Won		1,190,500		GSC		(33	)
08/19/16	Chinese Yuan Renminbi		2,770,702	U.S. Dollars		423,331		CITI		(7,021	)
08/25/16	Mexican Pesos		22,556,000	U.S. Dollars		1,213,034		CITI		13,686
08/25/16	Mexican Pesos		4,396,000	U.S. Dollars		240,413		CITI		(1,334	)
08/25/16	Mexican Pesos		4,212,000	U.S. Dollars		225,211		CITI		3,861

260

		Amount			Amount				Net Unrealized
	Currency	of Currency		Currency	of Currency		Counter-		Appreciation
Fund/Expiration Date	Purchased	Purchased		Sold	Sold		party		(Depreciation)
08/25/16	Mexican Pesos		1,992,000	U.S. Dollars		107,010		JPM	$	1,325
08/25/16	U.S. Dollars		640,879	Mexican Pesos		11,793,000		BAR		(490	)
08/25/16	U.S. Dollars		508,000	Mexican Pesos		9,311,640		RBS		1,582
08/25/16	U.S. Dollars		501,230	Mexican Pesos		9,077,766		JPM		7,531
08/25/16	U.S. Dollars		349,297	Mexican Pesos		6,541,000		CITI		(6,439	)
08/25/16	U.S. Dollars		348,019	Mexican Pesos		6,513,000		BAR		(6,194	)
09/14/16	Chinese Yuan Renminbi		12,661,426	U.S. Dollars		1,864,222		UBS		36,436
09/14/16	U.S. Dollars		739,351	Chinese Yuan Renminbi		5,010,950		BNP		(12,863	)
09/14/16	U.S. Dollars		593,000	Chinese Yuan Renminbi		3,900,161		UBS		7,531
09/14/16	U.S. Dollars		570,000	Chinese Yuan Renminbi		3,750,315		BNP		7,025
09/15/16	U.S. Dollars		202,927	Russian Rubles		13,281,389		JPM		(500	)
09/21/16	Switzerland Francs		41,897	Euro		38,414		MLCS		351
09/21/16	Euro		38,414	Switzerland Francs		41,626		MLCS		(72	)
09/21/16	Japanese Yen		32,011,981	U.S. Dollars		307,246		CS		3,669
09/21/16	Japanese Yen		14,025,744	U.S. Dollars		135,000		MSCS		1,225
09/21/16	Japanese Yen		13,748,601	U.S. Dollars		134,000		MLCS		(467	)
09/21/16	Japanese Yen		13,658,084	U.S. Dollars		134,000		SS		(1,346	)
09/21/16	Japanese Yen		13,570,984	U.S. Dollars		134,000		MLCS		(2,192	)
09/21/16	Japanese Yen		6,956,498	U.S. Dollars		64,134		JPM		3,431
09/21/16	Swedish Kronor		6,586,392	Euro		714,580		BNP		(14,117	)
09/21/16	Swedish Kronor		4,143,687	Euro		809,363		CITI		(6,870	)
09/21/16	Swedish Kronor		4,143,687	Euro		448,213		SS		(7,379	)
09/21/16	Norwegian Krone		2,294,093	Euro		244,000		RBS		2,459
09/21/16	Australian Dollars		1,316,604	U.S. Dollars		946,638		WEST		32,282
09/21/16	Swedish Kronor		1,109,123	Euro		119,000		MLCS		(894	)
09/21/16	Swedish Kronor		1,098,715	Euro		118,000		MLCS		(1,015	)
09/21/16	U.S. Dollars		961,387	Canadian Dollars		1,256,585		SC		(11,395	)
09/21/16	Swedish Kronor		924,208	U.S. Dollars		112,955		MSCS		(3,313	)
09/21/16	U.S. Dollars		672,808	Canadian Dollars		880,538		CITI		(8,858	)
09/21/16	U.S. Dollars		669,620	Canadian Dollars		879,512		MSCS		(11,252	)
09/21/16	Norwegian Krone		627,520	U.S. Dollars		75,217		BNP		(245	)
09/21/16	U.S. Dollars		556,319	New Zealand Dollars		822,118		BAR		(28,168	)
09/21/16	Swedish Kronor		533,550	U.S. Dollars		64,779		CS		(1,482	)
09/21/16	Norwegian Krone		496,396	U.S. Dollars		59,149		CS		157
09/21/16	Norwegian Krone		493,300	U.S. Dollars		59,119		SS		(183	)
09/21/16	Swedish Kronor		449,195	U.S. Dollars		54,117		UBS		(827	)
09/21/16	Norwegian Krone		436,046	U.S. Dollars		53,491		UBS		(1,395	)
09/21/16	U.S. Dollars		402,572	Euro		364,000		MSCS		(2,638	)
09/21/16	Euro		351,000	U.S. Dollars		401,772		SC		(11,033	)
09/21/16	Canadian Dollars		349,137	U.S. Dollars		268,000		RBC		2,283
09/21/16	U.S. Dollars		327,597	British Pounds		223,742		CITI		29,493
09/21/16	U.S. Dollars		327,597	Australian Dollars		440,278		BAR		241
09/21/16	Canadian Dollars		296,340	U.S. Dollars		231,095		SS		(1,684	)
09/21/16	U.S. Dollars		270,854	British Pounds		203,000		RBC		385
09/21/16	U.S. Dollars		270,684	British Pounds		201,000		UBS		2,880
09/21/16	U.S. Dollars		268,521	British Pounds		196,000		HSBC		7,379
09/21/16	U.S. Dollars		268,072	Australian Dollars		362,000		WEST		(1,083	)
09/21/16	U.S. Dollars		266,439	New Zealand Dollars		377,000		HSBC		(1,590	)
09/21/16	Switzerland Francs		259,981	Euro		242,000		UBS		(1,866	)
09/21/16	Switzerland Francs		259,440	Euro		234,946		CS		5,430
09/21/16	New Zealand Dollars		249,854	U.S. Dollars		177,225		JPM		409
09/21/16	Euro		238,000	Switzerland Francs		258,192		MLCS		(747	)

261

		Amount			Amount				Net Unrealized
	Currency	of Currency		Currency	of Currency		Counter-		Appreciation
Fund/Expiration Date	Purchased	Purchased		Sold	Sold		party		(Depreciation)
09/21/16	U.S. Dollars		230,834	Japanese Yen		25,073,927		SS	$	(12,696	)
09/21/16	British Pounds		204,000	U.S. Dollars		271,347		BAR		455
09/21/16	Australian Dollars		189,943	New Zealand Dollars		202,193		WEST		(2,523	)
09/21/16	New Zealand Dollars		189,000	U.S. Dollars		133,194		CITI		1,176
09/21/16	Australian Dollars		184,000	New Zealand Dollars		195,675		SS		(2,308	)
09/21/16	Australian Dollars		183,000	New Zealand Dollars		191,830		WEST		(318	)
09/21/16	British Pounds		182,000	U.S. Dollars		266,858		DEUT		(24,369	)
09/21/16	Australian Dollars		181,748	New Zealand Dollars		191,302		CITI		(874	)
09/21/16	Norwegian Krone		180,800	Euro		19,218		RBS		207
09/21/16	Australian Dollars		180,000	U.S. Dollars		133,436		HSBC		398
09/21/16	Australian Dollars		180,000	U.S. Dollars		133,465		WEST		369
09/21/16	Canadian Dollars		176,410	U.S. Dollars		135,000		SS		1,567
09/21/16	Canadian Dollars		175,017	U.S. Dollars		134,000		BAR		1,488
09/21/16	Canadian Dollars		174,419	U.S. Dollars		134,000		RBC		1,025
09/21/16	Canadian Dollars		172,672	U.S. Dollars		134,000		RBC		(327	)
09/21/16	U.S. Dollars		171,558	New Zealand Dollars		243,155		UBS		(1,314	)
09/21/16	U.S. Dollars		143,392	British Pounds		105,584		JPM		2,717
09/21/16	U.S. Dollars		137,113	British Pounds		103,193		UBS		(378	)
09/21/16	U.S. Dollars		135,120	British Pounds		102,439		CITI		(1,365	)
09/21/16	U.S. Dollars		134,960	British Pounds		102,000		CITI		(940	)
09/21/16	U.S. Dollars		134,716	British Pounds		98,000		BAR		4,145
09/21/16	U.S. Dollars		134,514	Euro		119,000		DEUT		2,041
09/21/16	U.S. Dollars		134,066	Euro		118,000		CITI		2,706
09/21/16	U.S. Dollars		134,055	New Zealand Dollars		191,000		DEUT		(1,737	)
09/21/16	U.S. Dollars		134,000	Canadian Dollars		172,926		RBC		130
09/21/16	U.S. Dollars		134,000	Canadian Dollars		173,702		RBC		(471	)
09/21/16	U.S. Dollars		134,000	Canadian Dollars		173,759		HSBC		(515	)
09/21/16	U.S. Dollars		134,000	Japanese Yen		13,877,241		JPM		(782	)
09/21/16	U.S. Dollars		133,992	British Pounds		97,000		SS		4,753
09/21/16	U.S. Dollars		133,926	British Pounds		91,000		SS		12,681
09/21/16	U.S. Dollars		133,796	British Pounds		91,000		BAR		12,552
09/21/16	U.S. Dollars		133,784	British Pounds		96,000		DEUT		5,878
09/21/16	U.S. Dollars		133,681	British Pounds		97,000		MSCS		4,442
09/21/16	U.S. Dollars		133,000	Japanese Yen		14,260,169		CITI		(5,502	)
09/21/16	Switzerland Francs		132,032	Euro		122,000		CS		54
09/21/16	Switzerland Francs		130,595	Euro		118,000		JPM		3,029
09/21/16	U.S. Dollars		119,719	British Pounds		87,370		JPM		3,311
09/21/16	Euro		119,000	U.S. Dollars		134,582		CITI		(2,109	)
09/21/16	Euro		118,000	Switzerland Francs		128,357		HSBC		(726	)
09/21/16	Euro		118,000	Switzerland Francs		128,900		UBS		(1,284	)
09/21/16	Euro		118,000	Switzerland Francs		129,429		CITI		(1,829	)
09/21/16	Euro		118,000	U.S. Dollars		134,081		CITI		(2,722	)
09/21/16	Euro		118,000	U.S. Dollars		134,244		CITI		(2,884	)
09/21/16	U.S. Dollars		117,775	New Zealand Dollars		166,647		HSBC		(703	)
09/21/16	U.S. Dollars		107,609	New Zealand Dollars		153,287		SS		(1,371	)
09/21/16	British Pounds		103,193	U.S. Dollars		136,294		UBS		1,196
09/21/16	British Pounds		102,972	U.S. Dollars		148,717		CITI		(11,521	)
09/21/16	British Pounds		102,439	U.S. Dollars		134,915		CITI		1,570
09/21/16	British Pounds		102,000	U.S. Dollars		134,365		CITI		1,536
09/21/16	British Pounds		102,000	U.S. Dollars		135,248		CITI		653
09/21/16	British Pounds		100,000	U.S. Dollars		134,583		SS	��	(1,347	)
09/21/16	British Pounds		98,000	U.S. Dollars		133,607		SS		(3,036	)

262

		Amount			Amount				Net Unrealized
	Currency	of Currency		Currency	of Currency		Counter-		Appreciation
Fund/Expiration Date	Purchased	Purchased		Sold	Sold		party		(Depreciation)
09/21/16	British Pounds		98,000	U.S. Dollars		134,399		JPM	$	(3,828	)
09/21/16	U.S. Dollars		76,479	Norwegian Krone		638,565		BNP		187
09/21/16	U.S. Dollars		75,210	Euro		66,654		CS		1,010
09/21/16	U.S. Dollars		74,029	Euro		64,940		CITI		1,737
09/21/16	U.S. Dollars		64,607	Swedish Kronor		530,900		HSBC		1,625
09/21/16	U.S. Dollars		64,443	New Zealand Dollars		91,802		JPM		(824	)
09/21/16	U.S. Dollars		63,900	Australian Dollars		88,465		SC		(1,875	)
09/21/16	U.S. Dollars		63,900	New Zealand Dollars		93,895		BAR		(2,855	)
09/21/16	U.S. Dollars		59,057	New Zealand Dollars		84,391		UBS		(941	)
09/21/16	U.S. Dollars		59,014	Japanese Yen		6,296,886		RBC		(2,144	)
09/21/16	Euro		57,061	U.S. Dollars		63,900		RBC		(378	)
09/21/16	U.S. Dollars		53,163	New Zealand Dollars		78,516		HSBC		(2,658	)
09/21/16	Euro		52,007	U.S. Dollars		58,973		HSBC		(1,078	)
09/21/16	British Pounds		51,822	U.S. Dollars		74,900		RBS		(5,854	)
09/21/16	Switzerland Francs		45,994	Euro		132,986		UBS		155
09/21/16	British Pounds		44,401	U.S. Dollars		64,241		DEUT		(5,082	)
09/21/16	Euro		42,378	Switzerland Francs		45,452		UBS		403
09/21/16	British Pounds		40,377	U.S. Dollars		58,852		UBS		(5,056	)
09/21/16	Euro		13,114	Swedish Kronor		123,144		SS		(10	)
09/26/16	Chinese Yuan Renminbi		3,170,976	U.S. Dollars		464,000		UBS		11,794
09/26/16	Chinese Yuan Renminbi		3,033,692	U.S. Dollars		446,000		DEUT		9,195
09/26/16	U.S. Dollars		914,738	Chinese Yuan Renminbi		6,204,668		GSC		(16,251	)
09/30/16	Chinese Yuan Renminbi		7,610,760	U.S. Dollars		1,121,373		JPM		20,443
09/30/16	U.S. Dollars		1,160,000	Chinese Yuan Renminbi		7,610,760		JPM		18,183
10/11/16	Chinese Yuan Renminbi		11,927,074	U.S. Dollars		1,744,234		GSC		44,579
10/11/16	Chinese Yuan Renminbi		6,204,668	U.S. Dollars		913,391		GSC		17,180
10/11/16	Chinese Yuan Renminbi		5,010,950	U.S. Dollars		737,447		BNP		14,092
10/11/16	U.S. Dollars		1,491,000	Chinese Yuan Renminbi		9,748,158		JPM		28,979
10/11/16	U.S. Dollars		1,120,135	Chinese Yuan Renminbi		7,610,760		JPM		(21,320	)
10/11/16	U.S. Dollars		1,042,437	Chinese Yuan Renminbi		7,084,405		BNP		(20,076	)
10/11/16	Chinese Yuan Renminbi		660,288	U.S. Dollars		98,816		DEUT		214
10/11/16	U.S. Dollars		332,000	Chinese Yuan Renminbi		2,178,916		HSBC		5,208
12/05/16	Chinese Yuan Renminbi		4,498,353	U.S. Dollars		660,619		DEUT		12,976
12/05/16	Chinese Yuan Renminbi		3,723,042	U.S. Dollars		541,730		JPM		15,767
12/05/16	U.S. Dollars		1,235,000	Chinese Yuan Renminbi		8,221,395		JPM		3,908
12/07/16	Chinese Yuan Renminbi		7,084,405	U.S. Dollars		1,036,641		BNP		24,135
12/07/16	Chinese Yuan Renminbi		1,792,647	U.S. Dollars		263,819		GSC		4,601
12/07/16	U.S. Dollars		1,336,000	Chinese Yuan Renminbi		8,877,052		HSBC		6,804
04/03/17	U.S. Dollars		5,686,235	Danish Kroner		36,813,115		UBS		129,172
									$	744,681
Global Bond Fund
07/11/16	U.S. Dollars		1,013,121	Indonesian Rupiahs		13,325,080,000		CITIC	$	779
07/11/16	Indonesian Rupiahs		13,325,080,000	U.S. Dollars		1,002,715		CITIC		4,073
07/11/16	Indian Rupees		235,950,000	U.S. Dollars		3,515,346		JPM		(26,449	)
07/11/16	Indian Rupees		156,237,535	U.S. Dollars		2,327,734		CITIC		(17,514	)
07/11/16	U.S. Dollars		2,803,337	Brazilian Reals		10,249,000		BAR		(375,909	)
07/11/16	U.S. Dollars		1,996,902	Indian Rupees		135,370,000		CITIC		(4,759	)
08/12/16	Japanese Yen		744,255,000	U.S. Dollars		6,976,682		DEUT		240,441
08/12/16	Japanese Yen		231,200,000	U.S. Dollars		2,160,602		UBS		81,370
08/12/16	Mexican Pesos		18,065,079	U.S. Dollars		996,073		DEUT		(12,203	)
08/12/16	U.S. Dollars		6,081,921	British Pounds		4,194,041		DEUT		496,414

263

		Amount			Amount					Net Unrealized
	Currency	of Currency		Currency	of Currency			Counter-		Appreciation
Fund/Expiration Date	Purchased	Purchased		Sold	Sold			party		(Depreciation)
08/12/16	Swedish Kronor		5,133,306	U.S. Dollars		635,593			BAR	$	(27,700	)
08/12/16	U.S. Dollars		4,235,135	Euro		3,695,000			JPM		128,051
08/12/16	U.S. Dollars		2,959,360	Euro		2,568,878			HSBC		103,989
08/12/16	U.S. Dollars		2,075,823	Euro		1,808,255			BOA		65,902
08/12/16	U.S. Dollars		1,703,735	Euro		1,485,966			CITIC		52,046
08/12/16	U.S. Dollars		1,405,312	British Pounds		970,000			RBC		113,493
08/12/16	U.S. Dollars		1,175,136	British Pounds		809,710			BAR		96,787
08/12/16	U.S. Dollars		635,215	Swedish Kronor		5,130,000			UBS		27,714
08/12/16	British Pounds		550,000	U.S. Dollars		779,398			BAR		(46,923	)
08/12/16	Euro		430,000	U.S. Dollars		480,998			UBS		(3,042	)
08/12/16	Euro		400,000	U.S. Dollars		448,440			UBS		(3,830	)
08/12/16	U.S. Dollars		349,783	Euro		304,942			UBS		10,833
08/12/16	U.S. Dollars		301,317	Japanese Yen		32,140,000			HSBC		(10,348	)
08/12/16	U.S. Dollars		289,956	British Pounds		200,000			GSC		23,602
08/12/16	Euro		225,000	U.S. Dollars		258,244			UBS		(8,151	)
08/12/16	U.S. Dollars		217,514	British Pounds		150,000			UBS		17,748
09/29/16	Indonesian Rupiahs		13,325,080,000	U.S. Dollars		1,293,756			CITIC		(6,039	)
										$	920,375
Defensive Market Strategies Fund
09/30/16	U.S. Dollars		4,753,644	Euro		4,301,259			UBS	$	(36,290	)
09/30/16	Euro		302,451	U.S. Dollars		337,190			UBS		(377	)
09/30/16	U.S. Dollars		181,054	Japanese Yen		18,458,440			CS		1,706
										$	(34,961	)
International Equity Fund
09/21/16	Japanese Yen		1,048,272,730	U.S. Dollars		9,554,699			CITIG	$	626,625
09/21/16	Japanese Yen		1,035,683,430	U.S. Dollars		9,362,624			CITIG		696,427
09/21/16	Japanese Yen		811,596,000	U.S. Dollars		7,449,861			CITIG		432,746
09/21/16	Japanese Yen		686,277,494	U.S. Dollars		6,278,719			CITIG		386,735
09/21/16	Japanese Yen		632,575,000	U.S. Dollars		5,964,616			CITIG		179,254
09/21/16	Japanese Yen		355,100,075	U.S. Dollars		3,219,517			CITIG		229,385
09/21/16	Japanese Yen		341,423,271	U.S. Dollars		3,140,749			CITIG		175,316
09/21/16	Japanese Yen		177,776,000	U.S. Dollars		1,674,726			CITIG		51,919
09/21/16	Norwegian Krone		41,351,000	U.S. Dollars		4,949,271			CITIG		(8,926	)
09/21/16	U.S. Dollars		28,565,175	British Pounds		19,436,000			CITIG		2,669,459
09/21/16	Swedish Kronor		23,619,747	U.S. Dollars		2,857,244			CITIG		(55,156	)
09/21/16	Norwegian Krone		23,244,000	U.S. Dollars		2,862,343			CITIG		(85,304	)
09/21/16	Swedish Kronor		14,255,278	U.S. Dollars		1,719,167			CITIG		(28,017	)
09/21/16	Swedish Kronor		13,604,975	U.S. Dollars		1,643,476			CITIG		(29,474	)
09/21/16	New Zealand Dollars		11,066,974	U.S. Dollars		7,427,904			CITIG		440,196
09/21/16	New Zealand Dollars		9,608,026	U.S. Dollars		6,421,836			CITIG		409,020
09/21/16	Swedish Kronor		8,697,000	U.S. Dollars		1,067,481			CITIG		(35,728	)
09/21/16	New Zealand Dollars		8,357,000	U.S. Dollars		5,929,439			CITIG		11,997
09/21/16	U.S. Dollars		7,295,093	Euro		6,511,000			CITIG		46,945
09/21/16	Japanese Yen		6,999,000	U.S. Dollars		65,407			CITIG		2,571
09/21/16	Canadian Dollars		6,911,432	U.S. Dollars		5,322,976			CITIG		27,484
09/21/16	Israeli Shekels		6,615,000	U.S. Dollars		1,729,588			CITIG		(12,058	)
09/21/16	U.S. Dollars		6,523,509	Euro		5,817,000			CITIG		47,933
09/21/16	Hong Kong Dollars		6,306,033	U.S. Dollars		813,186			CITIG		469
09/21/16	Canadian Dollars		5,051,419	U.S. Dollars		3,854,853	��		CITIG		55,685
09/21/16	Canadian Dollars		4,965,249	U.S. Dollars		3,796,802			CITIG		47,028

264

		Amount			Amount				Net Unrealized
	Currency	of Currency		Currency	of Currency		Counter-		Appreciation
Fund/Expiration Date	Purchased	Purchased		Sold	Sold		party		(Depreciation)
09/21/16	U.S. Dollars		4,904,585	Euro		4,306,000		CITIG	$	111,078
09/21/16	Hong Kong Dollars		4,822,967	U.S. Dollars		621,559		CITIG		740
09/21/16	Euro		3,956,747	U.S. Dollars		4,434,184		CITIG		(29,471	)
09/21/16	Hong Kong Dollars		3,643,000	U.S. Dollars		469,812		CITIG		238
09/21/16	U.S. Dollars		3,527,504	Switzerland Francs		3,464,498		CITIG		(37,632	)
09/21/16	Euro		3,399,758	U.S. Dollars		3,817,331		CITIG		(32,667	)
09/21/16	Canadian Dollars		3,361,900	U.S. Dollars		2,595,731		CITIG		6,872
09/21/16	U.S. Dollars		3,113,847	Swedish Kronor		26,446,000		CITIG		(23,528	)
09/21/16	British Pounds		2,969,000	U.S. Dollars		3,925,793		CITIG		29,979
09/21/16	Euro		2,953,766	U.S. Dollars		3,306,724		CITIG		(18,545	)
09/21/16	U.S. Dollars		2,668,328	Japanese Yen		270,276,000		CITIG		43,279
09/21/16	British Pounds		2,666,000	U.S. Dollars		3,879,231		CITIG		(327,164	)
09/21/16	U.S. Dollars		2,645,441	Switzerland Francs		2,607,462		CITIG		(37,764	)
09/21/16	U.S. Dollars		2,595,553	Norwegian Krone		21,543,142		CITIG		21,721
09/21/16	British Pounds		2,573,000	U.S. Dollars		3,711,078		CITIG		(282,919	)
09/21/16	Euro		2,430,548	U.S. Dollars		2,722,832		CITIG		(17,107	)
09/21/16	Euro		2,430,548	U.S. Dollars		2,734,207		CITIG		(28,482	)
09/21/16	U.S. Dollars		2,346,067	Australian Dollars		3,160,000		CITIG		(3,454	)
09/21/16	U.S. Dollars		2,247,842	Canadian Dollars		2,879,000		CITIG		19,075
09/21/16	U.S. Dollars		2,180,895	British Pounds		1,506,000		CITIG		174,363
09/21/16	Euro		2,129,633	U.S. Dollars		2,389,010		CITIG		(18,269	)
09/21/16	U.S. Dollars		1,958,018	Switzerland Francs		1,931,131		CITIG		(29,209	)
09/21/16	British Pounds		1,905,000	U.S. Dollars		2,783,358		CITIG		(245,216	)
09/21/16	U.S. Dollars		1,808,986	Japanese Yen		185,164,000		CITIG		10,585
09/21/16	U.S. Dollars		1,760,867	Japanese Yen		183,608,000		CITIG		(22,422	)
09/21/16	U.S. Dollars		1,735,300	Switzerland Francs		1,712,311		CITIG		(26,751	)
09/21/16	Hong Kong Dollars		1,709,000	U.S. Dollars		220,218		CITIG		291
09/21/16	U.S. Dollars		1,551,305	Switzerland Francs		1,488,000		CITIG		20,081
09/21/16	Australian Dollars		1,485,887	U.S. Dollars		1,063,542		CITIG		41,243
09/21/16	Australian Dollars		1,484,808	U.S. Dollars		1,067,890		CITIG		36,093
09/21/16	Australian Dollars		1,483,153	U.S. Dollars		1,064,618		CITIG		38,134
09/21/16	U.S. Dollars		1,482,549	Norwegian Krone		12,305,795		CITIG		12,334
09/21/16	British Pounds		1,452,000	U.S. Dollars		1,947,720		CITIG		(13,136	)
09/21/16	U.S. Dollars		1,369,065	British Pounds		957,000		CITIG		93,998
09/21/16	Australian Dollars		1,349,152	U.S. Dollars		979,093		CITIG		24,028
09/21/16	U.S. Dollars		1,312,302	Norwegian Krone		10,940,905		CITIG		5,155
09/21/16	Euro		1,298,000	U.S. Dollars		1,475,061		CITIG		(30,107	)
09/21/16	British Pounds		1,252,000	U.S. Dollars		1,768,046		CITIG		(99,933	)
09/21/16	U.S. Dollars		1,112,471	Norwegian Krone		9,308,577		CITIG		343
09/21/16	U.S. Dollars		1,087,794	Switzerland Francs		1,071,665		CITIG		(15,001	)
09/21/16	New Zealand Dollars		1,050,000	U.S. Dollars		738,184		CITIG		8,317
09/21/16	Israeli Shekels		1,011,000	U.S. Dollars		264,606		CITIG		(2,108	)
09/21/16	U.S. Dollars		1,009,930	Norwegian Krone		8,230,000		CITIG		26,664
09/21/16	U.S. Dollars		967,969	Switzerland Francs		935,933		CITIG		4,849
09/21/16	New Zealand Dollars		912,000	U.S. Dollars		636,227		CITIG		12,162
09/21/16	U.S. Dollars		864,765	Japanese Yen		94,603,000		CITIG		(54,065	)
09/21/16	U.S. Dollars		778,724	Australian Dollars		1,052,000		CITIG		(3,458	)
09/21/16	U.S. Dollars		741,593	Norwegian Krone		6,180,684		CITIG		3,166
09/21/16	U.S. Dollars		663,984	Swedish Kronor		5,457,000		CITIG		16,602
09/21/16	U.S. Dollars		634,880	Danish Kroner		4,206,000		CITIG		5,299
09/21/16	U.S. Dollars		586,090	Norwegian Krone		4,884,897		CITIG		2,475
09/21/16	Danish Kroner		558,000	U.S. Dollars		83,308		CITIG		217

265

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	Singapore Dollars		526,470	U.S. Dollars		381,647		CITIG	$	8,820
09/21/16	Hong Kong Dollars		490,000	U.S. Dollars		63,150		CITIG		74
09/21/16	U.S. Dollars		436,941	Singapore Dollars		592,000		CITIG		(2,127	)
09/21/16	Singapore Dollars		414,223	U.S. Dollars		300,642		CITIG		6,575
09/21/16	Singapore Dollars		395,382	U.S. Dollars		285,713		CITIG		7,530
09/21/16	Singapore Dollars		392,988	U.S. Dollars		285,271		CITIG		6,196
09/21/16	Danish Kroner		387,000	U.S. Dollars		59,039		CITIG		(1,111	)
09/21/16	U.S. Dollars		331,748	Swedish Kronor		2,816,000		CITIG		(2,324	)
09/21/16	British Pounds		314,000	U.S. Dollars		461,171		CITIG		(42,811	)
09/21/16	Hong Kong Dollars		270,000	U.S. Dollars		34,821		CITIG		17
09/21/16	Singapore Dollars		263,335	U.S. Dollars		190,492		CITIG		4,816
09/21/16	Singapore Dollars		263,303	U.S. Dollars		191,327		CITIG		3,957
09/21/16	Singapore Dollars		263,299	U.S. Dollars		193,134		CITIG		2,147
09/21/16	U.S. Dollars		201,871	Canadian Dollars		258,000		CITIG		2,141
09/21/16	Euro		199,000	U.S. Dollars		223,858		CITIG		(2,328	)
09/21/16	Euro		188,000	U.S. Dollars		212,704		CITIG		(3,419	)
09/21/16	U.S. Dollars		185,869	Switzerland Francs		181,000		CITIG		(389	)
09/21/16	U.S. Dollars		178,388	Hong Kong Dollars		1,383,000		CITIG		(57	)
09/21/16	U.S. Dollars		169,755	Euro		154,000		CITIG		(1,680	)
09/21/16	U.S. Dollars		155,834	Australian Dollars		216,000		CITIG		(4,766	)
09/21/16	Danish Kroner		152,000	U.S. Dollars		22,514		CITIG		238
09/21/16	U.S. Dollars		105,225	Hong Kong Dollars		816,000		CITIG		(62	)
09/21/16	Danish Kroner		81,000	U.S. Dollars		12,259		CITIG		(135	)
09/21/16	Euro		80,000	U.S. Dollars		90,697		CITIG		(1,640	)
09/21/16	Singapore Dollars		78,000	U.S. Dollars		56,347		CITIG		1,504
09/21/16	U.S. Dollars		75,003	Danish Kroner		493,000		CITIG		1,207
09/21/16	U.S. Dollars		70,135	Hong Kong Dollars		544,000		CITIG		(56	)
09/21/16	Norwegian Krone		66,000	U.S. Dollars		8,015		CITIG		(130	)
09/21/16	Israeli Shekels		64,000	U.S. Dollars		16,674		CITIG		(57	)
09/21/16	Israeli Shekels		57,000	U.S. Dollars		14,833		CITIG		(33	)
09/21/16	U.S. Dollars		55,212	Canadian Dollars		72,000		CITIG		(527	)
09/21/16	U.S. Dollars		53,627	Danish Kroner		350,000		CITIG		1,236
09/21/16	U.S. Dollars		52,181	Japanese Yen		5,508,000		CITIG		(1,315	)
09/21/16	Singapore Dollars		49,000	U.S. Dollars		35,518		CITIG		824
09/21/16	Euro		48,000	U.S. Dollars		54,658		CITIG		(1,224	)
09/21/16	U.S. Dollars		43,445	Singapore Dollars		59,000		CITIG		(313	)
09/21/16	U.S. Dollars		39,339	Hong Kong Dollars		305,000		CITIG		(15	)
09/21/16	U.S. Dollars		34,669	Singapore Dollars		47,000		CITIG		(190	)
09/21/16	U.S. Dollars		34,519	Israeli Shekels		133,000		CITIG		(14	)
09/21/16	U.S. Dollars		33,541	Hong Kong Dollars		260,000		CITIG		(7	)
09/21/16	U.S. Dollars		30,472	Israeli Shekels		118,000		CITIG		(166	)
09/21/16	Danish Kroner		30,000	U.S. Dollars		4,569		CITIG		(79	)
09/21/16	U.S. Dollars		26,289	Euro		23,000		CITIG		685
09/21/16	U.S. Dollars		19,242	Euro		17,000		CITIG		318
09/21/16	Singapore Dollars		18,000	U.S. Dollars		13,222		CITIG		128
09/21/16	U.S. Dollars		15,625	Singapore Dollars		21,000		CITIG		50
09/21/16	British Pounds		14,000	U.S. Dollars		20,088		CITIG		(1,435	)
09/21/16	U.S. Dollars		12,661	Israeli Shekels		49,000		CITIG		(61	)
09/21/16	U.S. Dollars		12,509	Danish Kroner		83,000		CITIG		85
09/21/16	Israeli Shekels		12,000	U.S. Dollars		3,086		CITIG		30
09/21/16	U.S. Dollars		10,297	Singapore Dollars		14,000		CITIG		(87	)
09/21/16	U.S. Dollars		8,598	Danish Kroner		57,000		CITIG		66

266

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	U.S. Dollars		6,744	Israeli Shekels		26,000		CITIG	$	(7	)
09/21/16	U.S. Dollars		6,618	Singapore Dollars		9,000		CITIG		(57	)
09/21/16	U.S. Dollars		6,260	Switzerland Francs		6,000		CITIG		86
09/21/16	U.S. Dollars		1,213	Swedish Kronor		10,000		CITIG		26
09/21/16	U.S. Dollars		459	Danish Kroner		3,000		CITIG		10
									$	5,633,648
Emerging Markets Equity Fund
09/21/16	Columbian Peso		3,400,329,699	U.S. Dollars		1,077,326		CITIG	$	66,134
09/21/16	Indonesian Rupiahs		3,400,000,000	U.S. Dollars		251,480		CITIG		2,018
09/21/16	Columbian Peso		3,138,876,889	U.S. Dollars		984,286		CITIG		71,253
09/21/16	Columbian Peso		3,084,758,322	U.S. Dollars		984,213		CITIG		53,127
09/21/16	Indonesian Rupiahs		2,007,577,570	U.S. Dollars		144,743		CITIG		4,939
09/21/16	Columbian Peso		1,876,035,090	U.S. Dollars		588,747		CITIG		42,125
09/21/16	Indonesian Rupiahs		1,513,980,445	U.S. Dollars		109,077		CITIG		3,803
09/21/16	Indonesian Rupiahs		1,002,487,242	U.S. Dollars		71,607		CITIG		3,137
09/21/16	Indonesian Rupiahs		1,000,442,531	U.S. Dollars		71,892		CITIG		2,700
09/21/16	Chilean Peso		689,890,000	U.S. Dollars		986,449		CITIG		47,998
09/21/16	South Korean Won		580,000,000	U.S. Dollars		501,063		CITIG		2,059
09/21/16	Indonesian Rupiahs		500,000,000	U.S. Dollars		36,800		CITIG		479
09/21/16	Hungarian Forint		485,690,000	U.S. Dollars		1,730,646		CITIG		(23,890	)
09/21/16	South Korean Won		360,000,000	U.S. Dollars		310,464		CITIG		1,819
09/21/16	Columbian Peso		240,000,000	U.S. Dollars		78,457		CITIG		2,250
09/21/16	Columbian Peso		210,000,000	U.S. Dollars		69,491		CITIG		1,128
09/21/16	South Korean Won		130,000,000	U.S. Dollars		111,621		CITIG		1,148
09/21/16	Indian Rupees		107,048,537	U.S. Dollars		1,554,639		CITIG		8,343
09/21/16	South Korean Won		50,000,000	U.S. Dollars		42,318		CITIG		1,055
09/21/16	Indian Rupees		48,504,023	U.S. Dollars		707,419		CITIG		773
09/21/16	Indian Rupees		29,208,220	U.S. Dollars		427,397		CITIG		(937	)
09/21/16	Indian Rupees		29,096,008	U.S. Dollars		425,679		CITIG		(857	)
09/21/16	Indian Rupees		29,029,319	U.S. Dollars		424,795		CITIG		(947	)
09/21/16	Indian Rupees		28,683,884	U.S. Dollars		419,602		CITIG		(798	)
09/21/16	Czech Republic Koruna		22,394,653	U.S. Dollars		930,097		CITIG		(9,437	)
09/21/16	South African Rand		20,087,000	U.S. Dollars		1,260,415		CITIG		80,190
09/21/16	Chilean Peso		20,000,000	U.S. Dollars		29,334		CITIG		655
09/21/16	Indian Rupees		19,356,506	U.S. Dollars		282,743		CITIG		(125	)
09/21/16	Indian Rupees		19,309,503	U.S. Dollars		284,152		CITIG		(2,220	)
09/21/16	Czech Republic Koruna		16,910,363	U.S. Dollars		702,375		CITIG		(7,178	)
09/21/16	Philippine Peso		13,500,000	U.S. Dollars		287,449		CITIG		(1,525	)
09/21/16	Taiwan Dollars		12,400,000	U.S. Dollars		384,498		CITIG		616
09/21/16	Taiwan Dollars		12,300,000	U.S. Dollars		379,866		CITIG		2,142
09/21/16	Czech Republic Koruna		11,294,984	U.S. Dollars		466,737		CITIG		(2,392	)
09/21/16	Brazilian Reals		9,587,427	U.S. Dollars		2,580,507		CITIG		328,195
09/21/16	South African Rand		9,000,000	U.S. Dollars		575,364		CITIG		25,296
09/21/16	Indian Rupees		8,000,000	U.S. Dollars		116,746		CITIG		59
09/21/16	Hong Kong Dollars		7,300,000	U.S. Dollars		941,174		CITIG		731
09/21/16	Philippine Peso		6,800,000	U.S. Dollars		147,219		CITIG		(3,197	)
09/21/16	Taiwan Dollars		5,800,000	U.S. Dollars		178,051		CITIG		2,083
09/21/16	Hong Kong Dollars		5,800,000	U.S. Dollars		747,724		CITIG		639
09/21/16	Indonesian Rupiahs		5,716,000	U.S. Dollars		422		CITIG		4
09/21/16	Hong Kong Dollars		5,655,541	U.S. Dollars		729,303		CITIG		421
09/21/16	Malaysian Ringgits		5,170,023	U.S. Dollars		1,242,351		CITIG		32,754

267

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	Taiwan Dollars		5,100,000	U.S. Dollars		157,871		CITIG	$	523
09/21/16	Indian Rupees		5,000,000	U.S. Dollars		72,485		CITIG		518
09/21/16	Turkish Lira		4,479,242	U.S. Dollars		1,481,139		CITIG		45,734
09/21/16	Hong Kong Dollars		4,325,459	U.S. Dollars		557,443		CITIG		663
09/21/16	Brazilian Reals		4,114,030	U.S. Dollars		1,115,310		CITIG		132,833
09/21/16	Malaysian Ringgits		3,870,285	U.S. Dollars		946,978		CITIG		7,567
09/21/16	Malaysian Ringgits		3,866,059	U.S. Dollars		936,935		CITIG		16,568
09/21/16	Turkish Lira		3,796,406	U.S. Dollars		1,252,452		CITIG		41,658
09/21/16	Turkish Lira		3,771,701	U.S. Dollars		1,245,116		CITIG		40,572
09/21/16	Turkish Lira		3,499,895	U.S. Dollars		1,156,766		CITIG		36,270
09/21/16	Polish Zloty		3,460,000	U.S. Dollars		892,757		CITIG		(17,432	)
09/21/16	Philippine Peso		3,400,000	U.S. Dollars		73,705		CITIG		(1,694	)
09/21/16	Malaysian Ringgits		3,199,103	U.S. Dollars		774,829		CITIG		14,179
09/21/16	Turkish Lira		3,113,507	U.S. Dollars		1,024,824		CITIG		36,500
09/21/16	Brazilian Reals		3,079,685	U.S. Dollars		830,062		CITIG		104,275
09/21/16	Hong Kong Dollars		3,000,000	U.S. Dollars		387,010		CITIG		74
09/21/16	Israeli Shekels		2,870,000	U.S. Dollars		750,403		CITIG		(5,231	)
09/21/16	Brazilian Reals		2,709,946	U.S. Dollars		728,287		CITIG		93,876
09/21/16	Malaysian Ringgits		2,580,265	U.S. Dollars		626,432		CITIG		9,950
09/21/16	Malaysian Ringgits		2,580,265	U.S. Dollars		630,920		CITIG		5,462
09/21/16	U.S. Dollars		2,492,851	Polish Zloty		9,846,000		CITIG		1,970
09/21/16	South African Rand		2,300,000	U.S. Dollars		149,570		CITIG		3,932
09/21/16	South African Rand		2,200,000	U.S. Dollars		141,067		CITIG		5,761
09/21/16	Philippine Peso		2,100,000	U.S. Dollars		45,317		CITIG		(840	)
09/21/16	Brazilian Reals		2,068,912	U.S. Dollars		552,463		CITIG		75,218
09/21/16	South African Rand		1,900,000	U.S. Dollars		122,207		CITIG		4,599
09/21/16	South African Rand		1,900,000	U.S. Dollars		124,664		CITIG		2,142
09/21/16	South African Rand		1,900,000	U.S. Dollars		126,193		CITIG		613
09/21/16	U.S. Dollars		1,842,314	Singapore Dollars		2,541,435		CITIG		(42,591	)
09/21/16	Turkish Lira		1,728,832	U.S. Dollars		569,465		CITIG		19,855
09/21/16	Turkish Lira		1,721,417	U.S. Dollars		569,291		CITIG		17,501
09/21/16	South African Rand		1,700,000	U.S. Dollars		110,465		CITIG		2,993
09/21/16	South African Rand		1,600,000	U.S. Dollars		105,894		CITIG		890
09/21/16	South African Rand		1,500,000	U.S. Dollars		98,626		CITIG		1,484
09/21/16	U.S. Dollars		1,451,281	Singapore Dollars		1,999,583		CITIG		(31,748	)
09/21/16	U.S. Dollars		1,446,108	Taiwan Dollars		47,217,664		CITIG		(20,357	)
09/21/16	U.S. Dollars		1,398,377	Taiwan Dollars		45,624,492		CITIG		(18,609	)
09/21/16	U.S. Dollars		1,379,214	Singapore Dollars		1,908,633		CITIG		(36,360	)
09/21/16	U.S. Dollars		1,377,083	Singapore Dollars		1,897,077		CITIG		(29,921	)
09/21/16	U.S. Dollars		1,325,157	Mexican Pesos		24,954,117		CITIG		(28,209	)
09/21/16	South African Rand		1,300,000	U.S. Dollars		84,122		CITIG		2,640
09/21/16	Thailand Baht		1,300,000	U.S. Dollars		36,710		CITIG		235
09/21/16	South African Rand		1,200,000	U.S. Dollars		79,594		CITIG		494
09/21/16	U.S. Dollars		1,124,797	Philippine Peso		52,938,766		CITIG		3,575
09/21/16	U.S. Dollars		1,121,307	Philippine Peso		52,628,749		CITIG		6,652
09/21/16	South African Rand		1,100,000	U.S. Dollars		69,822		CITIG		3,592
09/21/16	Hong Kong Dollars		1,100,000	U.S. Dollars		141,903		CITIG		28
09/21/16	Thailand Baht		1,100,000	U.S. Dollars		31,280		CITIG		(19	)
09/21/16	Brazilian Reals		1,070,000	U.S. Dollars		307,363		CITIG		17,261
09/21/16	South African Rand		1,000,000	U.S. Dollars		64,545		CITIG		2,195
09/21/16	Singapore Dollars		960,000	U.S. Dollars		705,885		CITIG		6,118
09/21/16	U.S. Dollars		932,311	Singapore Dollars		1,271,024		CITIG		(10,369	)

268

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	Brazilian Reals		930,000	U.S. Dollars		261,750		CITIG	$	20,400
09/21/16	U.S. Dollars		923,587	Singapore Dollars		1,271,045		CITIG		(19,108	)
09/21/16	Polish Zloty		920,000	U.S. Dollars		238,739		CITIG		(5,994	)
09/21/16	U.S. Dollars		919,559	Singapore Dollars		1,271,203		CITIG		(23,254	)
09/21/16	U.S. Dollars		902,131	South Korean Won		1,072,758,643		CITIG		(28,434	)
09/21/16	Hong Kong Dollars		900,000	U.S. Dollars		115,990		CITIG		135
09/21/16	Thailand Baht		900,000	U.S. Dollars		25,586		CITIG		(9	)
09/21/16	U.S. Dollars		850,655	Philippine Peso		39,969,892		CITIG		4,109
09/21/16	U.S. Dollars		824,920	Taiwan Dollars		26,867,748		CITIG		(9,526	)
09/21/16	Hong Kong Dollars		800,000	U.S. Dollars		103,124		CITIG		99
09/21/16	Thailand Baht		800,000	U.S. Dollars		22,686		CITIG		49
09/21/16	U.S. Dollars		774,760	Mexican Pesos		14,300,000		CITIG		(788	)
09/21/16	U.S. Dollars		767,143	Mexican Pesos		14,334,117		CITIG		(10,256	)
09/21/16	U.S. Dollars		756,556	Israeli Shekels		2,900,000		CITIG		3,595
09/21/16	Singapore Dollars		730,000	U.S. Dollars		540,723		CITIG		696
09/21/16	U.S. Dollars		729,021	South Korean Won		849,827,523		CITIG		(8,163	)
09/21/16	U.S. Dollars		723,808	South Korean Won		855,591,077		CITIG		(18,375	)
09/21/16	Polish Zloty		720,000	U.S. Dollars		185,862		CITIG		(3,714	)
09/21/16	Brazilian Reals		700,000	U.S. Dollars		195,256		CITIG		17,115
09/21/16	Brazilian Reals		700,000	U.S. Dollars		195,723		CITIG		16,648
09/21/16	U.S. Dollars		650,022	Mexican Pesos		12,400,000		CITIG		(22,481	)
09/21/16	Brazilian Reals		650,000	U.S. Dollars		190,590		CITIG		6,611
09/21/16	Singapore Dollars		650,000	U.S. Dollars		481,562		CITIG		523
09/21/16	U.S. Dollars		644,738	Mexican Pesos		11,999,980		CITIG		(6,070	)
09/21/16	U.S. Dollars		629,670	South Korean Won		748,112,990		CITIG		(19,281	)
09/21/16	U.S. Dollars		621,963	Taiwan Dollars		20,215,708		CITIG		(5,888	)
09/21/16	U.S. Dollars		619,105	Taiwan Dollars		20,205,388		CITIG		(8,425	)
09/21/16	U.S. Dollars		616,551	South Korean Won		736,039,271		CITIG		(21,926	)
09/21/16	Thailand Baht		600,000	U.S. Dollars		17,026		CITIG		25
09/21/16	Thailand Baht		600,000	U.S. Dollars		17,035		CITIG		16
09/21/16	Thailand Baht		600,000	U.S. Dollars		17,051		CITIG		1
09/21/16	U.S. Dollars		596,734	Israeli Shekels		2,280,000		CITIG		4,750
09/21/16	Singapore Dollars		590,000	U.S. Dollars		434,695		CITIG		2,890
09/21/16	U.S. Dollars		557,956	Philippine Peso		26,176,593		CITIG		3,546
09/21/16	U.S. Dollars		542,144	South Korean Won		641,239,705		CITIG		(14,100	)
09/21/16	U.S. Dollars		538,017	South Korean Won		641,262,865		CITIG		(18,247	)
09/21/16	U.S. Dollars		516,990	Thailand Baht		18,544,000		CITIG		(10,014	)
09/21/16	U.S. Dollars		511,476	Mexican Pesos		9,593,786		CITIG		(8,835	)
09/21/16	Polish Zloty		510,000	U.S. Dollars		128,078		CITIG		943
09/21/16	Thailand Baht		500,000	U.S. Dollars		14,135		CITIG		75
09/21/16	Thailand Baht		500,000	U.S. Dollars		14,135		CITIG		74
09/21/16	Hong Kong Dollars		500,000	U.S. Dollars		64,487		CITIG		27
09/21/16	Polish Zloty		490,000	U.S. Dollars		127,540		CITIG		(3,578	)
09/21/16	Polish Zloty		470,000	U.S. Dollars		123,779		CITIG		(4,877	)
09/21/16	U.S. Dollars		468,209	South Korean Won		550,000,000		CITIG		(8,889	)
09/21/16	U.S. Dollars		451,801	South Korean Won		538,954,926		CITIG		(15,716	)
09/21/16	U.S. Dollars		444,267	Czech Republic Koruna		10,700,000		CITIG		4,383
09/21/16	Singapore Dollars		430,000	U.S. Dollars		310,628		CITIG		8,290
09/21/16	U.S. Dollars		427,283	Hungarian Forint		117,000,000		CITIG		16,135
09/21/16	U.S. Dollars		418,210	Malaysian Ringgits		1,720,000		CITIG		(6,001	)
09/21/16	U.S. Dollars		408,766	Israeli Shekels		1,560,000		CITIG		3,725
09/21/16	U.S. Dollars		404,237	Czech Republic Koruna		9,600,000		CITIG		9,574

269

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	Thailand Baht		400,000	U.S. Dollars		11,172		CITIG	$	195
09/21/16	Hong Kong Dollars		400,000	U.S. Dollars		51,583		CITIG		28
09/21/16	U.S. Dollars		391,269	Czech Republic Koruna		9,300,000		CITIG		8,940
09/21/16	U.S. Dollars		390,549	Brazilian Reals		1,430,000		CITIG		(43,295	)
09/21/16	Polish Zloty		360,000	U.S. Dollars		90,886		CITIG		188
09/21/16	U.S. Dollars		356,852	Malaysian Ringgits		1,470,000		CITIG		(5,701	)
09/21/16	U.S. Dollars		355,759	Israeli Shekels		1,360,000		CITIG		2,646
09/21/16	Singapore Dollars		350,000	U.S. Dollars		260,427		CITIG		(842	)
09/21/16	U.S. Dollars		343,675	Malaysian Ringgits		1,430,000		CITIG		(9,012	)
09/21/16	U.S. Dollars		334,603	Israeli Shekels		1,290,000		CITIG		(335	)
09/21/16	Singapore Dollars		330,000	U.S. Dollars		243,571		CITIG		1,180
09/21/16	Thailand Baht		300,000	U.S. Dollars		8,409		CITIG		117
09/21/16	Thailand Baht		300,000	U.S. Dollars		8,479		CITIG		47
09/21/16	Thailand Baht		300,000	U.S. Dollars		8,497		CITIG		28
09/21/16	Hong Kong Dollars		300,000	U.S. Dollars		38,699		CITIG		9
09/21/16	U.S. Dollars		296,000	Czech Republic Koruna		7,100,000		CITIG		4,114
09/21/16	Singapore Dollars		290,000	U.S. Dollars		213,914		CITIG		1,170
09/21/16	Peruvian Nuevos Soles		289,874	U.S. Dollars		85,610		CITIG		1,743
09/21/16	U.S. Dollars		281,147	Brazilian Reals		980,000		CITIG		(16,172	)
09/21/16	U.S. Dollars		270,548	Czech Republic Koruna		6,500,000		CITIG		3,328
09/21/16	U.S. Dollars		262,369	Israeli Shekels		1,010,000		CITIG		131
09/21/16	U.S. Dollars		235,245	Czech Republic Koruna		5,700,000		CITIG		914
09/21/16	U.S. Dollars		230,989	Israeli Shekels		890,000		CITIG		(92	)
09/21/16	U.S. Dollars		217,438	Columbian Peso		680,000,000		CITIG		(11,232	)
09/21/16	U.S. Dollars		214,670	Brazilian Reals		750,000		CITIG		(12,870	)
09/21/16	U.S. Dollars		203,817	Columbian Peso		630,000,000		CITIG		(8,039	)
09/21/16	U.S. Dollars		201,857	Israeli Shekels		780,000		CITIG		(663	)
09/21/16	South African Rand		200,000	U.S. Dollars		13,250		CITIG		98
09/21/16	Hong Kong Dollars		200,000	U.S. Dollars		25,785		CITIG		20
09/21/16	U.S. Dollars		189,890	Brazilian Reals		680,000		CITIG		(16,413	)
09/21/16	U.S. Dollars		185,049	Mexican Pesos		3,400,000		CITIG		653
09/21/16	U.S. Dollars		175,844	Columbian Peso		550,000,000		CITIG		(9,110	)
09/21/16	U.S. Dollars		172,256	Israeli Shekels		660,000		CITIG		892
09/21/16	Polish Zloty		170,000	U.S. Dollars		44,338		CITIG		(1,331	)
09/21/16	U.S. Dollars		144,697	Israeli Shekels		560,000		CITIG		(703	)
09/21/16	U.S. Dollars		140,815	Mexican Pesos		2,700,000		CITIG		(5,617	)
09/21/16	U.S. Dollars		135,589	Israeli Shekels		520,000		CITIG		575
09/21/16	U.S. Dollars		128,979	Hong Kong Dollars		1,000,000		CITIG		(49	)
09/21/16	Singapore Dollars		120,000	U.S. Dollars		88,842		CITIG		158
09/21/16	Polish Zloty		110,000	U.S. Dollars		28,224		CITIG		(396	)
09/21/16	U.S. Dollars		109,468	Polish Zloty		440,000		CITIG		(1,845	)
09/21/16	Hong Kong Dollars		100,000	U.S. Dollars		12,898		CITIG		5
09/21/16	Philippine Peso		100,000	U.S. Dollars		2,122		CITIG		(4	)
09/21/16	U.S. Dollars		90,275	Hong Kong Dollars		700,000		CITIG		(45	)
09/21/16	U.S. Dollars		87,094	Hungarian Forint		25,000,000		CITIG		(758	)
09/21/16	U.S. Dollars		85,501	Malaysian Ringgits		350,000		CITIG		(821	)
09/21/16	U.S. Dollars		81,683	South African Rand		1,300,000		CITIG		(5,079	)
09/21/16	U.S. Dollars		81,632	Philippine Peso		3,800,000		CITIG		1,150
09/21/16	U.S. Dollars		80,613	Hungarian Forint		23,000,000		CITIG		(211	)
09/21/16	U.S. Dollars		80,053	Columbian Peso		240,000,000		CITIG		(654	)
09/21/16	U.S. Dollars		79,632	Mexican Pesos		1,500,000		CITIG		(1,719	)
09/21/16	U.S. Dollars		79,563	Czech Republic Koruna		1,900,000		CITIG		1,452

270

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/16	U.S. Dollars		77,874	Israeli Shekels		300,000		CITIG	$	(19	)
09/21/16	U.S. Dollars		77,359	Hong Kong Dollars		600,000		CITIG		(58	)
09/21/16	U.S. Dollars		75,751	Turkish Lira		230,000		CITIG		(2,651	)
09/21/16	U.S. Dollars		67,419	Czech Republic Koruna		1,600,000		CITIG		1,642
09/21/16	U.S. Dollars		65,185	Polish Zloty		260,000		CITIG		(590	)
09/21/16	U.S. Dollars		64,493	Hong Kong Dollars		500,000		CITIG		(21	)
09/21/16	U.S. Dollars		55,948	Peruvian Nuevos Soles		190,000		CITIG		(1,308	)
09/21/16	U.S. Dollars		53,090	Philippine Peso		2,500,000		CITIG		141
09/21/16	U.S. Dollars		48,165	Thailand Baht		1,700,000		CITIG		(147	)
09/21/16	U.S. Dollars		43,535	South African Rand		700,000		CITIG		(3,183	)
09/21/16	Polish Zloty		43,000	U.S. Dollars		10,878		CITIG		—
09/21/16	Singapore Dollars		40,000	U.S. Dollars		29,383		CITIG		284
09/21/16	U.S. Dollars		37,221	Mexican Pesos		700,000		CITIG		(743	)
09/21/16	U.S. Dollars		34,053	Thailand Baht		1,200,000		CITIG		(50	)
09/21/16	Singapore Dollars		30,000	U.S. Dollars		22,275		CITIG		(25	)
09/21/16	U.S. Dollars		25,120	Thailand Baht		900,000		CITIG		(457	)
09/21/16	Peruvian Nuevos Soles		20,000	U.S. Dollars		5,984		CITIG		43
09/21/16	Peruvian Nuevos Soles		20,000	U.S. Dollars		6,011		CITIG		16
09/21/16	U.S. Dollars		19,547	Thailand Baht		700,000		CITIG		(346	)
09/21/16	U.S. Dollars		14,522	Hungarian Forint		4,000,000		CITIG		466
09/21/16	U.S. Dollars		12,666	Philippine Peso		600,000		CITIG		(42	)
09/21/16	U.S. Dollars		11,345	Thailand Baht		400,000		CITIG		(23	)
09/21/16	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,958		CITIG		56
09/21/16	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,959		CITIG		55
09/21/16	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,971		CITIG		43
09/21/16	U.S. Dollars		8,486	Thailand Baht		300,000		CITIG		(40	)
09/21/16	U.S. Dollars		6,783	Columbian Peso		20,000,000		CITIG		58
09/21/16	U.S. Dollars		5,894	Peruvian Nuevos Soles		20,000		CITIG		(133	)
09/21/16	U.S. Dollars		2,980	Peruvian Nuevos Soles		10,000		CITIG		(33	)
09/21/16	U.S. Dollars		2,976	Peruvian Nuevos Soles		10,000		CITIG		(37	)
									$	952,316
Inflation Protected Bond Fund
07/01/16	Norwegian Krone		3,647,876	Australian Dollars		595,000		HSBC	$	(7,843	)
07/01/16	Norwegian Krone		3,131,689	Australian Dollars		522,170		CITI		(15,208	)
07/01/16	Norwegian Krone		797,778	Australian Dollars		132,830		UBS		(3,733	)
07/01/16	Australian Dollars		580,000	Norwegian Krone		3,579,193		MSCS		4,863
07/01/16	Australian Dollars		580,000	U.S. Dollars		439,524		MSCS		(6,976	)
07/06/16	U.S. Dollars		9,514,029	Euro		8,520,000		BAR		56,790
07/06/16	U.S. Dollars		3,049,094	New Zealand Dollars		4,522,000		SC		(178,583	)
07/06/16	U.S. Dollars		112,809	Japanese Yen		12,507,500		UBS		(8,334	)
07/06/16	U.S. Dollars		72,079	British Pounds		50,000		SS		5,512
07/06/16	U.S. Dollars		56,329	Japanese Yen		6,253,750		MSCS		(4,243	)
07/06/16	U.S. Dollars		56,304	Japanese Yen		6,253,750		BOA		(4,268	)
07/06/16	U.S. Dollars		52,265	Euro		46,000		CITI		1,205
07/06/16	U.S. Dollars		24,646	Euro		22,000		HSBC		226
07/06/16	U.S. Dollars		22,376	Euro		20,000		SS		175
07/06/16	U.S. Dollars		6,699	Euro		6,000		MSCS		39
07/15/16	U.S. Dollars		724,315	British Pounds		515,000		BNP		38,627
07/15/16	U.S. Dollars		456,124	Euro		405,074		BAR		6,338
07/15/16	U.S. Dollars		419,078	British Pounds		310,000		DEUT		6,334
07/15/16	British Pounds		257,500	U.S. Dollars		349,955		BOA		(7,111	)

271

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/15/16	Japanese Yen		79,527,675	British Pounds		575,000		HSBC	$	4,920
07/15/16	Japanese Yen		79,407,557	British Pounds		575,000		MSCS		3,756
07/15/16	Japanese Yen		78,389,350	British Pounds		520,000		CITI		67,120
07/15/16	Japanese Yen		53,739,869	U.S. Dollars		525,052		MSCS		(4,400	)
07/15/16	Japanese Yen		45,244,028	British Pounds		335,000		DEUT		(7,689	)
07/15/16	Japanese Yen		44,911,922	Norwegian Krone		3,576,948		SC		5,576
07/15/16	Swedish Kronor		6,563,913	Switzerland Francs		765,000		HSBC		(7,857	)
07/15/16	New Zealand Dollars		1,090,000	U.S. Dollars		769,355		DEUT		8,284
07/15/16	Australian Dollars		952,817	British Pounds		520,000		MSCS		17,860
07/15/16	U.S. Dollars		760,000	Swedish Kronor		6,304,730		BNP		14,327
07/15/16	U.S. Dollars		750,914	New Zealand Dollars		1,075,000		HSBC		(16,023	)
07/15/16	British Pounds		740,000	U.S. Dollars		1,084,824		DEUT		(99,563	)
07/15/16	Switzerland Francs		735,502	U.S. Dollars		765,000		DEUT		(11,053	)
07/15/16	British Pounds		695,000	U.S. Dollars		925,448		DEUT		(102	)
07/15/16	British Pounds		690,000	U.S. Dollars		925,325		DEUT		(6,635	)
07/15/16	Australian Dollars		596,826	British Pounds		335,000		BOA		(1,171	)
07/15/16	British Pounds		575,000	Japanese Yen		79,343,054		SC		(3,131	)
07/15/16	U.S. Dollars		544,892	British Pounds		370,000		DEUT		52,261
07/15/16	U.S. Dollars		544,622	British Pounds		370,000		DEUT		51,991
07/15/16	U.S. Dollars		525,052	Japanese Yen		55,672,559		WEST		(14,325	)
07/15/16	British Pounds		515,000	U.S. Dollars		761,065		DEUT		(75,377	)
07/15/16	U.S. Dollars		465,523	British Pounds		347,651		SC		2,649
07/15/16	U.S. Dollars		462,837	British Pounds		347,349		SC		365
07/15/16	British Pounds		460,000	U.S. Dollars		630,338		BOA		(17,879	)
07/15/16	U.S. Dollars		449,731	British Pounds		335,000		DEUT		3,701
07/15/16	U.S. Dollars		443,882	British Pounds		335,000		DEUT		(2,149	)
07/15/16	U.S. Dollars		441,655	British Pounds		335,000		SC		(4,375	)
07/15/16	Euro		415,000	British Pounds		330,019		HSBC		21,410
07/15/16	Euro		405,000	British Pounds		321,625		DEUT		21,481
07/15/16	U.S. Dollars		383,764	British Pounds		257,500		GSC		40,919
07/15/16	U.S. Dollars		382,173	British Pounds		267,421		BAR		26,119
07/15/16	U.S. Dollars		380,625	British Pounds		267,579		GSC		24,362
07/15/16	U.S. Dollars		375,388	British Pounds		259,841		RBS		29,427
07/15/16	U.S. Dollars		374,659	British Pounds		260,159		RBS		28,275
07/15/16	U.S. Dollars		368,459	British Pounds		257,500		DEUT		25,615
07/15/16	U.S. Dollars		356,176	British Pounds		257,543		HSBC		13,275
07/15/16	U.S. Dollars		348,589	British Pounds		255,000		DEUT		9,074
07/15/16	British Pounds		335,000	Japanese Yen		46,118,110		DEUT		(779	)
07/15/16	British Pounds		335,000	Japanese Yen		46,145,245		HSBC		(1,042	)
07/15/16	British Pounds		335,000	Australian Dollars		603,221		DEUT		(3,596	)
07/15/16	British Pounds		335,000	U.S. Dollars		450,676		CITI		(4,645	)
07/15/16	British Pounds		322,291	Euro		405,000		DEUT		(20,594	)
07/15/16	British Pounds		320,373	Euro		404,926		DEUT		(23,066	)
07/15/16	British Pounds		320,000	U.S. Dollars		453,794		MSCS		(27,735	)
07/15/16	British Pounds		310,561	U.S. Dollars		456,124		BAR		(42,632	)
07/15/16	British Pounds		305,000	U.S. Dollars		417,688		MSCS		(11,601	)
07/15/16	British Pounds		267,674	U.S. Dollars		379,039		BAR		(22,648	)
07/15/16	British Pounds		267,326	U.S. Dollars		380,847		MSCS		(24,921	)
07/15/16	British Pounds		257,543	U.S. Dollars		353,841		HSBC		(10,940	)
07/15/16	British Pounds		257,500	U.S. Dollars		375,062		BOA		(32,218	)
07/15/16	British Pounds		257,457	U.S. Dollars		358,853		MSCS		(16,066	)
07/15/16	U.S. Dollars		250,389	New Zealand Dollars		355,000		DEUT		(2,879	)

272

Fund/Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/15/16	U.S. Dollars		221,765	British Pounds		167,440		BOA	$	(1,169	)
07/15/16	U.S. Dollars		221,419	British Pounds		167,560		BOA		(1,676	)
07/15/16	British Pounds		127,500	Australian Dollars		232,814		MSCS		(3,776	)
07/19/16	Japanese Yen		83,239,005	British Pounds		520,000		SC		114,182
07/19/16	Japanese Yen		81,788,442	British Pounds		525,000		BAR		93,470
07/19/16	Japanese Yen		60,610,139	British Pounds		445,000		MSCS		(5,221	)
07/19/16	Japanese Yen		50,001,707	British Pounds		310,000		DEUT		71,738
07/19/16	Japanese Yen		47,928,870	British Pounds		320,000		HSBC		38,338
07/19/16	Japanese Yen		40,441,456	British Pounds		257,500		BNP		49,006
07/19/16	Japanese Yen		38,256,777	British Pounds		257,500		DEUT		27,837
07/19/16	Japanese Yen		36,779,188	British Pounds		257,500		SC		13,519
07/19/16	Japanese Yen		35,944,507	British Pounds		257,500		MSCS		5,431
07/19/16	Japanese Yen		32,429,893	British Pounds		205,000		CITI		41,279
07/19/16	British Pounds		895,000	Japanese Yen		123,061,694		CITI		(742	)
07/19/16	British Pounds		525,000	Japanese Yen		82,579,612		BOA		(101,136	)
07/19/16	British Pounds		515,000	Japanese Yen		79,651,496		BOA		(86,079	)
07/19/16	British Pounds		260,000	Japanese Yen		41,331,893		CITI		(54,304	)
07/19/16	British Pounds		260,000	Japanese Yen		41,608,603		GSC		(56,986	)
07/19/16	British Pounds		257,500	Japanese Yen		39,281,625		BOA		(37,767	)
07/19/16	British Pounds		205,000	Japanese Yen		28,600,023		MSCS		(4,169	)
07/19/16	British Pounds		205,000	Japanese Yen		28,663,364		HSBC		(4,783	)
07/19/16	British Pounds		128,750	Japanese Yen		17,520,300		BOA		1,663
07/19/16	British Pounds		128,750	Japanese Yen		17,591,112		BOA		977
07/22/16	U.S. Dollars		765,723	Australian Dollars		1,030,000		BOA		(1,810	)
07/22/16	U.S. Dollars		765,512	Australian Dollars		1,030,000		BOA		(2,020	)
07/22/16	Australian Dollars		1,035,000	U.S. Dollars		765,724		MSCS		5,534
07/22/16	Australian Dollars		1,015,000	U.S. Dollars		744,971		MSCS		11,382
07/22/16	Australian Dollars		840,000	U.S. Dollars		606,887		MSCS		19,060
07/22/16	U.S. Dollars		757,742	Australian Dollars		1,025,000		DEUT		(6,064	)
07/22/16	U.S. Dollars		750,354	Australian Dollars		1,015,000		BOA		(6,000	)
07/22/16	U.S. Dollars		581,451	Australian Dollars		815,000		WEST		(25,868	)
08/02/16	U.S. Dollars		761,559	Euro		670,000		DEUT		17,105
08/02/16	U.S. Dollars		753,745	Euro		665,000		GSC		14,846
08/02/16	Euro		670,000	U.S. Dollars		764,819		DEUT		(20,365	)
08/02/16	Euro		665,000	U.S. Dollars		740,704		DEUT		(1,805	)
08/03/16	U.S. Dollars		9,543,238	Euro		8,589,000		MSCS		(564	)
08/03/16	U.S. Dollars		3,184,777	New Zealand Dollars		4,477,000		SC		(6,020	)
08/03/16	U.S. Dollars		27,757	Euro		25,000		CITI		(22	)
08/03/16	U.S. Dollars		4,040	British Pounds		3,000		RBS		45
09/26/16	Japanese Yen		47,206,955	Euro		415,000		HSBC		(3,477	)
09/26/16	Euro		415,000	Japanese Yen		47,265,744		MSCS		2,907
									$	(64,018	)

273

Options Written

Transactions in options written during the period ended June 30, 2016 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/15		1,700		$	1,095,730		$	23,300,000		$	99,250		$	1,194,980
Options written		591			47,331			2,097,830,000			351,747			399,078
Options expired		(430	)		(160,605	)		(63,490,000	)		(155,696	)		(316,301	)
Options closed		(1,861	)		(982,456	)		(98,100,000	)		(207,061	)		(1,189,517	)
Options written, 06/30/16		—		$	—		$	1,959,540,000		$	88,240		$	88,240
Medium-Duration Bond
Options written, 12/31/15		909		$	182,223		$	8,276,400,000		$	621,897		$	804,120
Options written		2,126			793,681			54,389,000			459,161			1,252,842
Options expired		(1,613	)		(415,800	)		(7,382,229,000	)		(790,667	)		(1,206,467	)
Options closed		(1,367	)		(534,876	)		(5,100,000	)		(34,562	)		(569,438	)
Options written, 06/30/16		55		$	25,228		$	943,460,000		$	255,829		$	281,057
Defensive Market Strategies
Options written, 12/31/15		606		$	840,327		$	—		$	—		$	840,327
Options written		3,984			5,010,916			—			—			5,010,916
Options expired		(3,281	)		(4,198,868	)		—			—			(4,198,868	)
Options closed		(600	)		(726,167	)		—			—			(726,167	)
Options written, 06/30/16		709		$	926,208		$	—		$	—		$	926,208
Inflation Protected Bond
Options written, 12/31/15		—		$	—		$	63,640,000		$	423,332		$	423,332
Options written		1,302			171,400			163,004,900			1,353,276			1,524,676
Options expired		(179	)		(37,332	)		(128,600,000	)		(1,013,835	)		(1,051,167	)
Options closed		(487	)		(71,422	)		(56,240,000	)		(197,591	)		(269,013	)
Options written, 06/30/16		636		$	62,646		$	41,804,900		$	565,182		$	627,828

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended 06/30/16				Year Ended 12/31/15
	Institutional Class	Investor Class			Institutional Class	Investor Class
MyDestination 2005
Shares sold			1,715,207				2,607,627
Shares reinvested			—				625,352
Shares redeemed			(1,048,034	)			(2,083,197	)
Net increase			667,173				1,149,782
MyDestination 2015
Shares sold			4,570,728				6,806,840
Shares reinvested			—				6,982,808
Shares redeemed			(3,020,364	)			(5,903,256	)
Net increase			1,550,364				7,886,392

274

	Six Months Ended 06/30/16						Year Ended 12/31/15
	Institutional Class			Investor Class			Institutional Class			Investor Class
MyDestination 2025
Shares sold					7,705,278						10,150,281
Shares reinvested					—						11,307,203
Shares redeemed					(2,207,384	)					(3,524,510	)
Net increase					5,497,894						17,932,974
MyDestination 2035
Shares sold					4,138,715						6,443,510
Shares reinvested					—						7,779,306
Shares redeemed					(861,168	)					(1,642,409	)
Net increase					3,277,547						12,580,407
MyDestination 2045
Shares sold					3,480,053						5,025,680
Shares reinvested					—						5,909,639
Shares redeemed					(468,337	)					(823,435	)
Net increase					3,011,716						10,111,884
MyDestination 2055
Shares sold					954,186					��	1,438,059
Shares reinvested					—						280,164
Shares redeemed					(154,894	)					(444,155	)
Net increase (decrease)					799,292						1,274,068
Conservative Allocation(1)
Shares sold		340,363			1,625,126			23,991			2,657,646
Shares issued for merger		—			—			6,295,836			—
Shares reinvested		—			—			451,701			1,882,885
Shares redeemed		(545,713	)		(1,982,438	)		(93,914	)		(3,628,514	)
Net increase (decrease)		(205,350	)		(357,312	)		6,677,614			912,017
Balanced Allocation(1)
Shares sold		582,486			2,252,291			203,852			4,465,243
Shares issued for merger		—			—			26,689,066			—
Shares reinvested		—			—			4,345,704			15,621,502
Shares redeemed		(1,954,326	)		(9,467,283	)		(190,358	)		(8,977,571	)
Net increase (decrease)		(1,371,840	)		(7,214,992	)		31,048,264			11,109,174
Growth Allocation(1)
Shares sold		466,840			1,076,553			96,179			2,556,121
Shares issued for merger		—			—			19,259,753			—
Shares reinvested		—			—			3,697,139			12,926,773
Shares redeemed		(1,202,473	)		(5,877,848	)		(178,363	)		(6,281,510	)
Net increase (decrease)		(735,633	)		(4,801,295	)		22,874,708			9,201,384

275

	Six Months Ended 06/30/16						Year Ended 12/31/15
	Institutional Class			Investor Class			Institutional Class			Investor Class
Aggressive Allocation(1)
Shares sold		351,606			821,696			50,824			1,828,001
Shares issued for merger		—			—			12,425,233			—
Shares reinvested		—			—			3,380,597			15,910,154
Shares redeemed		(827,134	)		(4,228,673	)		(139,248	)		(5,608,985	)
Net increase (decrease)		(475,528	)		(3,406,977	)		15,717,406			12,129,170
Money Market
Shares sold		322,555,323			1,803,822,932			716,417,103			3,839,326,751
Shares reinvested		147,789			94,721			93,907			113,202
Shares redeemed		(340,211,593	)		(1,844,008,229	)		(592,248,517	)		(3,961,518,030	)
Net increase (decrease)		(17,508,481	)		(40,090,576	)		124,262,493			(122,078,077	)
Low-Duration Bond
Shares sold		4,683,281			3,085,890			63,077,817			4,257,195
Shares reinvested		261,199			16,360			736,181			299,903
Shares redeemed		(4,135,650	)		(1,348,916	)		(6,732,790	)		(39,250,353	)
Net increase (decrease)		808,830			1,753,334			57,081,208			(34,693,255	)
Medium-Duration Bond
Shares sold		5,533,142			1,946,265			77,326,867			2,440,961
Shares reinvested		975,852			43,015			4,123,376			511,606
Shares redeemed		(8,126,082	)		(690,846	)		(9,492,242	)		(35,543,020	)
Net increase (decrease)		(1,617,088	)		1,298,434			71,958,001			(32,590,453	)
Extended-Duration Bond
Shares sold		1,773,256			1,990,693			27,278,516			1,561,833
Shares reinvested		1,239,073			44,362			4,048,908			323,774
Shares redeemed		(6,705,071	)		(997,521	)		(4,252,725	)		(8,917,404	)
Net increase (decrease)		(3,692,742	)		1,037,534			27,074,699			(7,031,797	)
Global Bond(2)
Shares sold		1,030,621			1,389,598			34,205,252			1,898,836
Shares reinvested		458,644			106,420			911,828			724,012
Shares redeemed		(2,691,603	)		(1,446,588	)		(837,801	)		(33,991,846	)
Net increase (decrease)		(1,202,338	)		49,430			34,279,279			(31,368,998	)
Defensive Market Strategies
Shares sold		1,584,385			3,215,954			31,370,314			5,411,179
Shares reinvested		431,542			166,154			2,278,236			773,706
Shares redeemed		(1,821,855	)		(1,099,330	)		(2,594,668	)		(32,333,107	)
Net increase (decrease)		194,072			2,282,778			31,053,882			(26,148,222	)

276

	Six Months Ended 06/30/16						Year Ended 12/31/15
	Institutional Class			Investor Class			Institutional Class			Investor Class
Equity Index
Shares sold		3,320,716			1,258,040			40,038,801			1,906,716
Shares reinvested		608,619			82,936			1,855,299			306,429
Shares redeemed		(1,053,920	)		(985,138	)		(20,300,843	)		(2,129,453	)
Net increase		2,875,415			355,838			21,593,257			83,692
Value Equity
Shares sold		5,663,580			1,215,086			92,023,549			1,766,957
Shares reinvested		2,984,529			138,888			16,044,577			869,607
Shares redeemed		(5,890,420	)		(1,046,199	)		(16,940,789	)		(39,567,421	)
Net increase (decrease)		2,757,689			307,775			91,127,337			(36,930,857	)
Growth Equity
Shares sold		4,977,284			913,795			73,296,647			2,711,820
Shares reinvested		2,290,741			201,288			18,063,368			1,950,186
Shares redeemed		(3,568,199	)		(2,113,557	)		(15,686,991	)		(36,823,684	)
Net increase (decrease)		3,699,826			(998,474	)		75,673,024			(32,161,678	)
Small Cap Equity
Shares sold		2,864,469			409,070			24,090,495			1,485,794
Shares reinvested		—			—			3,922,272			876,783
Shares redeemed		(1,765,079	)		(1,360,447	)		(2,031,098	)		(14,204,642	)
Net increase (decrease)		1,099,390			(951,377	)		25,981,669			(11,842,065	)
International Equity Index(3)
Shares sold		1,565,125						12,379,725
Shares reinvested		—						99,655
Shares redeemed		(100,617	)					(55,416	)
Net increase		1,464,508						12,423,964
International Equity
Shares sold		4,247,622			1,962,967			90,434,655			2,594,470
Shares reinvested		—			—			6,310,992			742,205
Shares redeemed		(3,845,750	)		(965,699	)		(13,117,618	)		(66,207,107	)
Net increase (decrease)		401,872			997,268			83,628,029			(62,870,432	)
Emerging Markets Equity
Shares sold		2,927,882			1,798,733			32,938,017			3,178,785
Shares reinvested		—			—			148,746			—
Shares redeemed		(2,800,619	)		(581,772	)		(974,451	)		(27,771,992	)
Net increase (decrease)		127,263			1,216,961			32,112,312			(24,593,207	)

277

	Six Months Ended 06/30/16						Year Ended 12/31/15
	Institutional Class			Investor Class			Institutional Class			Investor Class
Inflation Protected Bond(2)
Shares sold		961,494			1,097,102			24,922,762			2,005,829
Shares reinvested		—			—			—			90,455
Shares redeemed		(2,345,570	)		(550,961	)		(1,407,723	)		(24,973,021	)
Net increase (decrease)		(1,384,076	)		546,141			23,515,039			(22,876,737	)
Flexible Income
Shares sold					1,782,933						3,180,615
Shares reinvested					202,938						490,290
Shares redeemed					(1,107,607	)					(1,841,459	)
Net increase					878,264						1,829,446
Real Estate Securities(2)
Shares sold		347,391			1,363,652			16,192,141			3,237,393
Shares reinvested		284,143			206,672			1,381,699			838,902
Shares redeemed		(2,772,717	)		(810,767	)		(751,209	)		(19,905,339	)
Net increase (decrease)		(2,141,183	)		759,557			16,822,631			(15,829,044	)
Global Natural Resources Equity
Shares sold					4,660,373						12,135,519
Shares reinvested					—						42,140
Shares redeemed					(6,141,177	)					(10,422,963	)
Net increase (decrease)					(1,480,804	)					1,754,696

⁽¹⁾ Inception date for Institutional Class for Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund was November 23, 2015.

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

⁽³⁾ Commencement of operations was June 1, 2015

7. BANK BORROWINGS

The Board of Trustees approved the renewal of a credit agreement with Bank of America, N.A. (the Bank) dated November 27, 2015 through November 25, 2016. The terms of the credit agreement did not change with the renewal. The agreement permits the Funds to borrow cash from the Bank up to a limit of $50 million, collectively. Each Fund was individually, and not jointly, liable for its particular advances, if any, under the line of credit. 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.

There were no outstanding loans at June 30, 2016.

278

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 June 30, 2016, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $34,284 and $(112,113), respectively.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements except as noted above. 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 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, 2015 and December 31, 2014, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2005		2015	$	1,488,763	$	4,633,210	$	—	$	6,121,973
		2014		1,647,310		2,025,520		—		3,672,830
MyDestination 2015		2015		9,221,001		55,611,928		—		64,832,929
		2014		9,893,987		14,015,347		—		23,909,334
MyDestination 2025		2015		14,743,086		86,476,338		—		101,219,424
		2014		13,629,226		19,570,290		—		33,199,516
MyDestination 2035		2015		7,786,505		57,558,647		—		65,345,152
		2014		6,771,198		12,665,870		—		19,437,068
MyDestination 2045		2015		5,286,977		41,769,639		—		47,056,616
		2014		4,564,423		10,053,773		—		14,618,196
MyDestination 2055		2015		722,260		2,378,631		—		3,100,891
		2014		488,935		866,009		—		1,354,944
Conservative Allocation		2015		5,146,319		19,883,553		—		25,029,872
		2014		5,199,569		5,697,230		—		10,896,799
Balanced Allocation		2015		30,811,159		185,492,585		—		216,303,744
		2014		27,727,181		41,042,091		—		68,769,272

279

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
Growth Allocation		2015	$	21,827,804	$	159,439,753	$	—	$	181,267,557
		2014		18,169,049		47,621,569		—		65,790,618
Aggressive Allocation		2015		15,096,267		192,947,411		—		208,043,678
		2014		14,556,180		58,352,188		—		72,908,368
Money Market		2015		354,779		1,901		—		356,680
		2014		223,392		—		—		223,392
Low-Duration Bond		2015		10,210,504		—		—		10,210,504
		2014		11,995,934		462,630		—		12,458,564
Medium-Duration Bond		2015		29,877,794		5,599,044		—		35,476,838
		2014		21,274,702		2,948,049		—		24,222,751
Extended-Duration Bond		2015		15,068,462		7,251,117		—		22,319,579
		2014		14,965,018		6,856,773		—		21,821,791
Global Bond		2015		15,752,245		—		—		15,752,245
		2014		13,252,051		—		—		13,252,051
Defensive Market Strategies		2015		14,319,869		20,145,965		—		34,465,834
		2014		19,332,753		26,898,536		—		46,231,289
Equity Index		2015		10,123,913		13,062,522		—		23,186,435
		2014		7,055,940		6,176,009		—		13,231,949
Value Equity		2015		23,442,851		118,071,515		—		141,514,366
		2014		33,781,242		113,511,347		—		147,292,589
Growth Equity		2015		18,902,593		198,987,433		—		217,890,026
		2014		13,122,409		150,902,788		—		164,025,197
Small Cap Equity		2015		4,060,828		38,044,741		—		42,105,569
		2014		18,688,929		40,288,021		—		58,976,950
International Equity Index		2015		896,896		—		—		896,896
International Equity		2015		26,090,595		45,470,957		—		71,561,552
		2014		31,177,337		—		—		31,177,337
Emerging Markets Equity		2015		1,112,618		—		—		1,112,618
		2014		7,517,589		64,997		—		7,582,586
Inflation Protected Bond		2015		939,144		—		—		939,144
		2014		6,199,837		—		—		6,199,837
Flexible Income		2015		4,764,206		—		—		4,764,206
		2014		3,905,895		—		—		3,905,895
Real Estate Securities		2015		11,697,003		9,758,872		—		21,455,875
		2014		11,864,438		3,399,432		—		15,263,870
Global Natural Resources Equity		2015		220,488		—		—		220,488
		2014		6,605,541		—		—		6,605,541

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At December 31, 2015, 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	$	—	$	765,817		$	(93,295	)	$	(6,147,826	)
MyDestination 2015		—		8,312,948			(328,463	)		(44,126,930	)
MyDestination 2025		—		16,863,236			(1,208,776	)		(80,798,813	)
MyDestination 2035		—		13,907,776			(830,573	)		(58,273,718	)
MyDestination 2045		—		11,651,723			(691,526	)		(44,974,335	)
MyDestination 2055		—		1,669,888			(89,548	)		(5,673,841	)
Conservative Allocation		—		4,228,248			(75,698	)		(28,827,510	)
Balanced Allocation		—		35,666,753			(241,402	)		(203,273,458	)
Growth Allocation		—		50,364,706			(190,313	)		(185,488,498	)
Aggressive Allocation		—		76,295,396			(314,058	)		(174,725,297	)
Money Market		6,678		—			—			—
Low-Duration Bond		165,039		(162,217	)		(2,455,599	)		(11,298,722	)
Medium-Duration Bond		980,377		—			(178,443	)		(22,155,761	)
Extended-Duration Bond		—		1,241,973			—			(2,327,579	)
Global Bond		185,995		(7,443,880	)		—			(33,639,834	)
Defensive Market Strategies		504,851		2,491,518			—			30,855,214
Equity Index		159,956		1,450,473			(133,308	)		139,130,970
Value Equity		776,388		12,059,616			(1,985,461	)		114,885,625
Growth Equity		—		23,904,442			(1,313,213	)		220,023,388
Small Cap Equity		189,221		—			(1,567,115	)		2,851,034
International Equity Index		—		(450,802	)		(32,457	)		(11,200,552	)
International Equity		190,713		—			(1,825,158	)		(22,636,982	)
Emerging Markets Equity		115,137		(19,098,013	)		—			(71,664,811	)
Inflation Protected Bond		—		(7,997,938	)		(22,622	)		(6,841,029	)
Flexible Income		—		(2,386,973	)		—			(7,936,266	)
Real Estate Securities		560,480		633,874			(553,518	)		(8,007,001	)
Global Natural Resources Equity		—		(65,237,401	)		(427,973	)		(103,284,213	)

281

At June 30, 2016, 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	$	107,870,688	$	(2,278,708	)	$	314,031	$	(2,592,739	)
MyDestination 2015		539,952,591		(27,354,144	)		1,225,581		(28,579,725	)
MyDestination 2025		843,465,462		(55,757,057	)		1,563,171		(57,320,228	)
MyDestination 2035		479,187,895		(49,786,302	)		1,548		(49,787,850	)
MyDestination 2045		351,418,591		(40,224,453	)		—		(40,224,453	)
MyDestination 2055		52,767,989		(4,348,007	)		125,399		(4,473,406	)
Conservative Allocation		388,457,269		(17,741,464	)		—		(17,741,464	)
Balanced Allocation		1,634,693,002		(144,143,548	)		—		(144,143,548	)
Growth Allocation		1,246,255,123		(168,615,621	)		—		(168,615,621	)
Aggressive Allocation		1,106,474,147		(189,119,621	)		—		(189,119,621	)
Money Market		1,227,980,710		—			—		—
Low-Duration Bond		996,395,841		(535,702	)		6,341,410		(6,877,112	)
Medium-Duration Bond		1,090,706,649		15,806,731			31,340,095		(15,533,364	)
Extended-Duration Bond		267,897,893		25,147,216			30,202,468		(5,055,252	)
Global Bond		444,936,605		(1,122,896	)		23,428,761		(24,551,657	)
Defensive Market Strategies		712,838,332		60,021,013			66,206,778		(6,185,765	)
Equity Index		560,977,575		151,212,552			164,981,083		(13,768,531	)
Value Equity		1,342,833,856		109,181,705			171,632,774		(62,451,069	)
Growth Equity		1,364,541,281		174,655,481			224,518,419		(49,862,938	)
Small Cap Equity		643,894,958		22,480,789			63,875,500		(41,394,711	)
International Equity Index		140,074,319		(16,652,860	)		3,689,171		(20,342,031	)
International Equity		1,471,760,375		(70,496,943	)		96,597,084		(167,094,027	)
Emerging Markets Equity		379,439,273		(29,393,349	)		21,779,895		(51,173,244	)
Inflation Protected Bond		298,347,510		9,253,682			15,393,039		(6,139,357	)
Flexible Income		156,858,725		(1,879,773	)		472,337		(2,352,110	)
Real Estate Securities		289,890,188		7,343,636			16,452,741		(9,109,105	)
Global Natural Resources		326,894,608		(39,513,684	)		—		(39,513,684	)

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.

282

At December 31, 2015, 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	$	—		$	(895	)	$	895
MyDestination 2015		—			(1,726	)		1,726
MyDestination 2025		—			(4,598	)		4,598
MyDestination 2035		—			(790	)		790
MyDestination 2045		—			(1,669	)		1,669
MyDestination 2055		—			276			(276	)
Conservative Allocation		2,133,508			1,624			(2,135,132	)
Balanced Allocation		24,445,146			(3,913	)		(24,441,233	)
Growth Allocation		16,808,249			3,560			(16,811,809	)
Aggressive Allocation		13,816,629			(3,580	)		(13,813,049	)
Low-Duration Bond		—			(108,744	)		108,744
Medium-Duration Bond		—			3,675,087			(3,675,087	)
Extended-Duration Bond		—			(26,106	)		26,106
Global Bond		—			307,115			(307,115	)
Defensive Market Strategies		(269	)		768,940			(768,671	)
Equity Index		—			285,903			(285,903	)
Value Equity		—			888,518			(888,518	)
Growth Equity		—			959,374			(959,374	)
Small Cap Equity		—			11,367			(11,367	)
International Equity Index		(20,916	)		22,207			(1,291	)
International Equity		—			3,326,163			(3,326,163	)
Emerging Markets Equity		—			(3,082,398	)		3,082,398
Inflation Protected Bond		(484,548	)		4,470,607			(3,986,059	)
Flexible Income		(26,711	)		27,654			(943	)
Real Estate Securities		—			1,876,568			(1,876,568	)
Global Natural Resources Equity		(45,811	)		595,668			(549,857	)

Net investment income, net realized gain (loss) on investments and net assets were not affected by these reclassifications.

9. MARKET AND CREDIT RISK

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (market risk) or due to the failure of the other party to a transaction to perform (credit and counterparty risks).

Market Risks — A Fund’s investments in derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to

283

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.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

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.

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Each Fund may face potential risks associated with the United Kingdom’s vote on June 23, 2016, to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of each Fund’s investments.

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.

The board, on behalf of the Money Market Fund, approved an investment policy in order for the Fund to meet the definition of a “government money market fund” under Rule 2a-7 under the Investment Company Act of 1940, as amended. Under amended Rule 2a-7, a government money market fund is a money market fund that invests at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. These changes became effective on May 1, 2016.

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. LIQUIDATION

On April 29, 2016, the Real Assets Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees on February 26, 2016.

13. 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.

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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 During Past 5 Years
INDEPENDENT TRUSTEES2
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.	27	None
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.	27	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	Chief Financial Officer — The Dunham School, 2016 – present; Certified Public Accountant, 2015 – present; G400 Relations Manager, American Institute of Certified Public Accountants, 2012 – 2015; Executive Director, Society of Louisiana CPAs, 1995 – 2012.	27	Neighbors Federal Credit Union — Chairman of the Board; Stonetrust Commercial Insurance Company — Board of Directors Member and Chairman 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.	27	None
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.	27	None
Kyle L. Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2013	Vice President and Financial Advisor — CAPTRUST Financial Advisors, 2006 – Present.	27	Fellowship of Christian Athletes (NC) Triangle Board, 2012 – 2015; Wake County Parks and Open Spaces Board 2012 – present; NC Values Coalition Board, 2015 – present.

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FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee During Past 5 Years
INTERESTED TRUSTEES2,3
Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2012	Owner, Encompass Financial Services, Inc., 1985 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 – present.	27	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.	27	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.

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PROXY VOTING

A description of the policies and procedures that GuideStone Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how GuideStone Funds voted proxies during the most recent 12-month period ended June 30 is available without charge by calling 1-888-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.

288

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR THE EQUITY INDEX FUND, VALUE EQUITY FUND, INTERNATIONAL EQUITY INDEX FUND AND GLOBAL NATURAL RESOURCES 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 the following new sub-advisory agreements among: (i) Legal & General Investment Management America, Inc. (“LGIMA”), GuideStone Capital Management, LLC (the “Adviser”) and the Trust on behalf of the Equity Index Fund; (ii) LGIMA, the Adviser and the Trust on behalf of the Value Equity Fund; (iii) LGIMA, the Adviser and the Trust on behalf of the International Equity Index Fund; and (iv) LGIMA, the Adviser and the Trust on behalf of the Global Natural Resources Equity Fund (each a “New Sub-Advisory Agreement” and together, the “New Sub-Advisory Agreements”).

The Board approved the New Sub-Advisory Agreements for a two-year term at an in-person meeting of the Board held on May 16-17, 2016.

The Board’s decision to approve each of the New Sub-Advisory Agreements on behalf of the Equity Index Fund, Value Equity Fund, International Equity Index Fund and Global Natural Resources Equity Fund (each a “Fund” and together, the “Funds”) reflects the exercise of its business judgment to enter into such agreements. In approving the New Sub-Advisory Agreements, the Board considered information provided by the Adviser and LGIMA with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of LGIMA; (ii) the experience and expertise of LGIMA; (iii) the financial capability of LGIMA; (iv) the compliance procedures and history of LGIMA; (v) the performance of each proposed investment strategy in comparison to any relevant benchmarks, similarly managed funds and LGIMA’s other clients; (vi) the amount of the contractual sub-advisory fees in comparison to fees for similarly managed funds and available information for LGIMA’s other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expected expenses of the Funds in comparison to those for similarly managed funds and the use of any anticipated expense caps; (viii) the expected profitability of LGIMA with respect to the Funds 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 LGIMA, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits realized by the Funds. The Board also evaluated whether the approval of the New Sub-Advisory Agreements was in the best interest of each of the Funds and their 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 Sub-Advisory Agreements, and the nature, extent and quality of the services to be provided by LGIMA. The Adviser provided the Board with information in the form of reports about LGIMA prior to the meeting, which addressed the factors listed above. The Adviser also provided additional information about the sub-adviser in a presentation made during the meeting, discussed the comprehensive screening process used to recommend LGIMA and responded to questions from the Board.

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 New Sub-Advisory Agreements, as well as the Board’s responsibilities and duties in approving the agreements.

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE EQUITY INDEX FUND, VALUE EQUITY FUND, INTERNATIONAL EQUITY INDEX FUND AND GLOBAL NATURAL RESOURCES EQUITY FUND

In considering the approval of the New Sub-Advisory Agreements for the Funds, the Board took into account the materials provided prior to the meeting, including the materials that the Board had considered at its May 16-17, 2016 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

289

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 the 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 the New Sub-Advisory Agreements, the investment management team at LGIMA, the reasonableness of the sub-advisory fees and whether the appointment would be reasonable and fair to the Funds and their shareholders. The Board reviewed the factors that they should consider in evaluating whether to approve the New Sub-Advisory Agreements and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of LGIMA. The Board noted the experience of key personnel at the 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 LGIMA to attract and retain capable personnel. The Board also noted the terms of each New Sub-Advisory Agreement and the responsibilities that the 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 Funds were likely to benefit from the nature, extent and quality of the services with respect to the sub-adviser’s experience, personnel, operations and resources.

The Board noted the terms of the New Sub-Advisory Agreements and the responsibilities of the sub-adviser, including oversight of general Fund compliance and compliance with the Trust’s social restrictions. The Board considered the Adviser’s assessment of LGIMA’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by LGIMA, felt comfortable that LGIMA was financially sound.

In making its determination to hire LGIMA, the Board, including the Independent Trustees advised by independent legal counsel, considered a number of factors, including the nature, extent and quality of the services to be provided by LGIMA, the past performance record of a similar account managed by personnel of LGIMA who would be managing the portfolio of each Fund, fees charged to comparable clients and information regarding LGIMA’s ownership structure, investment management experience, personnel, clients, assets under management, compliance policies and procedures, brokerage and soft dollar practices and investment philosophies and processes. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend LGIMA. The Board received and considered information about the potential of LGIMA to contribute economies of scale as each Fund grows in size. The Board considered that the Adviser had been able to negotiate fees that were favorable compared to LGIMA’s stated fee schedule for each strategy. In addition, the Trustees noted that the sub-adviser’s fee schedules included breakpoints that would reduce the sub-advisory fees charged if a specified asset level is reached in the future.

The Board noted that because this engagement with LGIMA is new, there is no historical profitability information with regard to this assignment for each Fund. The Board noted, however, that LGIMA did provide an estimate of profitability for each Fund, which took into account LGIMA’s estimated direct costs of managing each Fund as well as LGIMA’s proportionate share of indirect costs incurred by its parent company. The Board considered the Adviser’s assessment of LGIMA’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by LGIMA, believed that LGIMA was financially sound.

The Board considered the fees to be paid to LGIMA under the New Sub-Advisory Agreements, as well as the overall fee structure under the each New Sub-Advisory Agreement, in light of the nature, extent and quality of the services to be provided. The Board noted that each Fund’s aggregate management fees would not increase as a result of the appointment of LGIMA. The Board also noted that the Funds, and not the Adviser, pay fees to LGIMA directly. Therefore, the appointment of LGIMA is not expected to affect the Adviser’s profitability with respect to any Fund, except to the extent that the Adviser would benefit from a reduction in the level of expenses the Adviser was required to waive or reimburse pursuant to its expense limitation arrangement with the International Equity Index Fund, which was not expected to materially affect the Adviser’s profitability. The Board noted that the aggregate management fee for each Fund would continue to be competitive with fees paid by other mutual funds to other advisers.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by LGIMA and its affiliates as a result of its arrangements with each Fund. The Board concluded that any potential benefits to be derived by LGIMA included potential

290

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.

The Board considered the fact that LGIMA has been managing index strategies since 2013, and thus has a limited performance history in this regard. The Board further considered the qualifications, experience and capabilities of the individuals with primary portfolio management responsibilities for the Funds. The Board considered that LGIMA had experience managing socially responsible investment mandates for other advisory clients. The Board also noted that LGIMA’s parent company has substantial and lengthy experience in managing index strategies, and that LGIMA would use certain resources of its affiliates in its management of the Funds.

The Board considered the passively managed index strategy proposed to be implemented by LGIMA with respect to the approximate portion of each Fund’s assets that the Adviser intends to allocate to LGIMA (100% of Equity Index Fund’s assets, 17% of Value Equity Fund’s assets, 100% of International Equity Index Fund’s assets and 25% of Global Natural Resources Equity Fund’s assets). With respect to the Value Equity Fund and the Global Natural Resources Equity Fund, the Board noted the Adviser’s determination that the strategy will complement the other strategies currently utilized in each Fund and, as such, will enhance each applicable Fund’s potential to provide long-term capital appreciation. The Board recognized that LGIMA has limited comparable performance history with respect to the investment strategies it proposes to implement for the Equity Index Fund and the International Equity Index Fund, a passive S&P 500^® Index strategy and a passive MSCI EAFE Index strategy, respectively. Additionally, the Board recognized that LGIMA has no comparable performance history with respect to the investment strategies it proposes to implement for the Value Equity Fund and the Global Natural Resources Equity Fund, a passive Russell Top 200^® Value Index strategy and a passive MSCI World Commodity Producers Index strategy, respectively.

The Board also reviewed the performance results of the benchmark index for each Fund’s proposed passive index strategy (i.e., S&P 500^® Index for the Equity Index Fund, Russell Top 200^® Value Index for the Value Equity Fund, MSCI EAFE Index for the International Equity Index Fund, and MSCI World Commodity Producers Index for the Global Natural Resources Equity Fund), while noting that past performance does not indicate future results. The Board noted that the Adviser does not anticipate any transition costs related to the transition of assets from Northern Trust Investments, Inc. to LGIMA given that LGIMA would most likely take over the existing passively managed accounts on an “as is” basis.

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 Funds were likely to benefit from the nature, extent and quality of LGIMA’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 Funds and its respective shareholders.

291

INVESTMENT SUB-ADVISERS (Assets under management as of June 30, 2016) (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	$	4.9Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	4.9Tr
	Pacific Investment Management Company LLC		1971	$	1.5Tr
	Payden & Rygel		1983	$	98.9B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	1.1Tr
	Pacific Investment Management Company LLC		1971	$	1.5Tr
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	459.8B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	240.0B
	Schroder Investment Management North America Inc.		1804	$	95.1B
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	240.0B
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	459.8B
Defensive Market Strategies	American Century Investment Management, Inc.		1958	$	149.7B
	AQR Capital Management, LLC		1998	$	159.2B
	Parametric Portfolio Associates LLC		1992	$	165.7B
	Shenkman Capital Management, Inc.		1985	$	29.9B
Equity Index	Legal & General Investment Management America Inc.		2006	$	134.22B
Value Equity	AJO, LP		1984	$	26.1B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	90.2B
	Legal & General Investment Management America Inc.		2006	$	134.22B
	TCW Investment Management Company LLC		1971	$	194.6B
Growth Equity	Brown Advisory, LLC		1993	$	43.0B
	Jackson Square Partners, LLC		2013	$	26.0B
	Loomis, Sayles & Company, L.P.		1926	$	240.0B
	Sands Capital Management, LLC		1992	$	38.4B
Small Cap Equity	AJO, LP		1984	$	26.1B
	Columbus Circle Investors		1975	$	11.4B
	RBC Global Asset Management (U.S.) Inc.		1983	$	38.3B
	Snow Capital Management L.P.		1980	$	2.7B
	TimesSquare Capital Management, LLC		2000	$	16.1B
International Equity Index	Legal & General Investment Management America Inc.		2006	$	134.22B
International Equity	AQR Capital Management, LLC		1998	$	159.2B
	Baillie Gifford Overseas Limited		1983	$	174.3B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	90.2B
	MFS Institutional Advisors, Inc.		1970	$	424.7B
	Mondrian Investment Partners Ltd.		1990	$	58.9B
Emerging Markets Equity	AQR Capital Management, LLC		1998	$	159.2B
	Genesis Asset Managers, LLP and
	Genesis Investment Management, LLP		1989	$	28.3B
Inflation Protected Bond	BlackRock Financial Management, Inc.		1988	$	4.9Tr
Flexible Income	Shenkman Capital Management, Inc.		1985	$	29.9B
Real Estate Securities	Heitman Real Estate Securities, LLC,
	Heitman International Real Estate Securities GmbH and
	Heitman International Real Estate Securities HK Limited		1989	$	36.7B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited		1975	$	53.6B
Global Natural Resources Equity	Legal & General Investment Management America Inc.		2006	$	134.22B
	SailingStone Capital Partners LLC		2014	$	6.6B
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889	$	6.4Tr
Cash Overlay for Target Date, Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC		1992	$	165.7B

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2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-GS-FUNDS • GuideStoneFunds.com	Funds distributed by Foreside Funds Distributors LLC 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312
	28107      08/16     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 29, 2016

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 29, 2016

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

Date August 29, 2016

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