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)

Matthew A. Wolfe, 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, 2017

Item 1.  Reports to Stockholders.

The Report to Shareholders is attached herewith.

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	6
Abbreviations, Footnotes and Index Definitions	10
Target Date Funds
MyDestination 2015 Fund	14
MyDestination 2025 Fund	16
MyDestination 2035 Fund	18
MyDestination 2045 Fund	20
MyDestination 2055 Fund	21
Financial Statements	24
Asset Allocation Funds
Conservative Allocation Fund	32
Balanced Allocation Fund	34
Growth Allocation Fund	36
Aggressive Allocation Fund	37
Financial Statements	38
Fixed Income Select Funds
Money Market Fund	44
Low-Duration Bond Fund	48
Medium-Duration Bond Fund	71
Extended-Duration Bond Fund	108
Global Bond Fund	114
Financial Statements	130
Equity Select Funds
Defensive Market Strategies Fund	139
Equity Index Fund	151
Value Equity Fund	158
Growth Equity Fund	163
Small Cap Equity Fund	166
International Equity Index Fund	173
International Equity Fund	185
Emerging Markets Equity Fund	195
Financial Statements	204
Real Asset Select Funds
Inflation Protected Bond Fund	216
Global Real Estate Securities Fund (formerly, Real Estate Securities Fund)	219
Global Natural Resources Equity Fund	223
Financial Statements	227
Alternatives Select Fund
Strategic Alternatives Fund	234
Financial Statements	234
Notes to Financial Statements	237
Fund Management	319
Board Review of Advisory Agreements	322

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 GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fund shares are distributed by Foreside Funds Distributors LLC, 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312.

1

LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2017 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.

During the first half of 2017, our staff continued to work diligently on behalf of all of our investors. As a sample of their activities:

• GuideStone^® launched our Strategic Alternatives Fund. The Fund seeks to provide absolute returns with both lower volatility than and lower correlation to traditional equity and fixed-income markets.

• GuideStone also launched Institutional class shares of the MyDestination Funds^®, a Christian-screened Target Date family. The Investor class shares of these Funds, launched in 2006, provide investors with a diversified Fund that becomes more conservative as the target date approaches. The Funds are tied to target dates of 2015, 2025, 2035, 2045 and 2055.

• Additionally, this year GuideStone was once again honored by the Lipper Awards* for its consistently strong risk-adjusted performance relative to its peers in the Flexible Portfolio Funds category, for the Defensive Market Strategies Fund (Institutional class) in the 3- and 5-year periods ending November 30, 2016. In the 3-year period, the Fund was best out of 425 similar funds and in the 5-year period, it ranked best out of 322 similar funds.

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

* The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

2

FROM THE CHIEF INVESTMENT OFFICER

The term “Goldilocks” has often been used by many to describe the economic and capital market environments during the first half of 2017. As the story goes, Goldilocks, walking through the forest, enters the house of three bears and finds three separate bowls of porridge sitting on the table. She tastes the first bowl of porridge and finds it to be too hot. Then she turns to the second bowl, tastes the porridge, and finds it to be too cold. Lastly, she tastes the porridge in the third bowl, which she finds to be just right, and she happily and quickly eats all the porridge! Well, the economic environment during the last six-month period had the appearance of being “just right” — gross domestic product¹ (“GDP”) grew moderately (not too hot and not too cold), while unemployment and consumer confidence continued to improve. Furthermore, providing unconditional support to the global economies were the major central banks (including the Federal Reserve, or “Fed”), maintaining very accommodative monetary policies, which may be viewed as providing a safety net or conceptual floor to the capital markets, especially risk-based assets (such as equities). Also supporting the capital markets was the “Trump Bump,” or the pricing in of potential economic/earnings benefits associated with health care and tax and regulatory reform. In summary, this combination of factors formed the “Goldilocks” environment that resulted in very strong equity returns with low volatility during the first six months of 2017.

Two major macro themes have dominated the headlines thus far in 2017. First, there was monetary policy. The year began with the anticipation that the Fed would raise rates during the calendar year in its efforts to begin the monetary normalization process. The Fed’s policy, especially in historical terms, has remained very accommodative, and the central bank has been very sensitive to the impact its tightening actions could have on the capital markets and the economy. At the beginning of the year, the capital markets were anticipating three to four rate hikes during the calendar year. The Fed raised rates by 0.25% in March, and again in June, bringing the new target for Fed Funds to 1.00%–1.25% at the end of the second quarter. These increases were highly telegraphed and widely expected, and, as such, there was little direct impact felt in the financial markets. It should be noted, however, that the Fed announced plans to reduce its $4.5 billion balance sheet later in the year by discontinuing the reinvestment of maturing U.S. Treasury and mortgage-backed securities by approximately $10 billion per month, gradually increasing the amount until the monthly total reaches $50 billion. Somewhat noteworthy, this marks the beginning of the unwinding of quantitative easing² (“QE”), which originally began in the latter half of 2008.

The second theme was the “Trump Bump”— investor and financial market optimism related to the prospects of President Trump being able to carry out his campaign promises. Promises to repeal or replace the Affordable Care Act (“Obamacare”), implement corporate and personal tax reform that would result in lower tax rates, and reduce regulatory oversight were all viewed as economy-friendly and positive for corporate earnings. With this outlook, the equity markets, which trade based on expected earnings growth, materially increased in value, especially during the first quarter. However, optimism waned during the second quarter as there began to be indications that President Trump would have difficulty passing health care reform, which was seen as the first step of legislation prior to tax and regulatory reform. By the end of the second quarter, no new legislation had been passed, and expectations about future reform had diminished from original expectations. Despite this outlook, the equity markets remained remarkably resilient, posting positive returns during the second quarter.

Turning to the performance of the capital markets, there was definitely a bifurcation in performance between bonds and the riskier asset class of equities during the first half of the year, with equities posting much stronger returns for the reasons previously mentioned. See the table below for major asset class returns.

3

As of 6/30/2017
	2nd Quarter			6 Months			1 Year
U.S. Stocks		3.09	%		9.34	%		17.90	%
Non-U.S. Stocks–Developed		6.12	%		13.81	%		20.27	%
Non-U.S. Stocks–Emerging Markets		6.27	%		18.43	%		23.75	%
Investment Grade Bonds		1.45	%		2.27	%		-0.31	%
High Yield Bonds		2.17	%		4.93	%		12.70	%
Global Real Estate Investment Trusts (Equities)		2.71	%		4.84	%		0.21	%

The bond market has been characterized by a flattening U.S. Treasury yield curve, as short-term rates increased during the year in response to the Fed raising the Fed Funds rate, while mid- and longer-term rates fell in response to very modest economic growth forecasts and the lack of inflationary pressures. This yield curve behavior is often referred to in the market as a “bear flattener,” as the difference between short- and long-term rates narrow. The broad U.S. Bond market, as measured by the Bloomberg Barclays US Aggregate Bond Index³ (“Bond Index”), posted a second-quarter return of 1.45%, bringing the year-to-date return to 2.27%. Longer maturity bonds outperformed their short maturity counterparts given the decline in mid- to long-term yields and their higher price sensitivity to changes in interest rates. As evidence, the 30-year U.S. Treasury bond posted a first-half return of 5.61%. Regarding sectors within the Bond Index, investment grade corporate bonds were the top performers, posting a year-to-date return of 3.80%, while sectors outside of the Bond Index, such as high yield and emerging market bonds, also benefitted from the risk on environment, generating first half returns of 4.93% and 6.27%, respectively.

The U.S. equity market was robust for the first half of the year, especially during the first quarter, thwarting concerns over geopolitical risks, lack of new fiscal policies and below-long-term average economic growth. The S&P 500^® Index⁴, a measure of the broad U.S. equity market, generated a second quarter return of 3.09%, bringing its year-to-date return to 9.34%. The U.S. equity market was led by large-cap growth stocks, which is symptomatic of a late stage economic cycle. Both technology and health care were the best-performing sectors, while energy was the sole sector posting negative returns. The current bull market and economic cycle is long-in-the-tooth, reaching 96 months (or 8 years), the third-longest in history since 1900, but it is also rated the slowest when measured by the strength of the economic expansion. At quarter-end, stocks were trading at valuations considered stretched or expensive; therefore, strong corporate earnings will be needed in upcoming periods to support current valuation levels.

Non-U.S. stocks, both developed and emerging markets, outpaced the U.S. stock market. The MSCI EAFE Index⁵, the proxy for non-U.S. developed market stocks, posted a second quarter return of 6.12% and a year-to-date return of 13.81%. The MSCI Emerging Markets Index⁶ posted a second quarter return of 6.27%, bringing its year-to-date return to 18.43%. Non-U.S. stocks, in general, have benefited during the year from accommodative monetary policies, attractive valuations, better-than-expected growth in foreign economies and a depreciating U.S. dollar. Like the U.S. market, international growth stocks generally outperformed value.

In conclusion, the financial markets have perceived the environment as “just right,” focusing primarily on the positives and overlooking the negatives. As the Goldilocks story ends, the three bears enter the house and scare Goldilocks out of the house, ending her perfect environment. We question how much longer this Goldilocks economic environment can last, as it presently appears to be largely based on sentiment, not fundamentals. One can easily argue that stocks are trading at, or above, fair value, thus future returns are projected to be lower compared to long-term averages, especially without some

4

catalyst to spur economic growth and earnings to higher levels. The interest rate environment remains accommodative relative to history, but the Fed is doing its best to raise short-term rates. The flattening yield curve is generally associated with pessimistic economic forecasts and low inflation expectations. Given the expensive valuations, prospects for modest to moderate economic growth, uncertain fiscal policies and increasing geopolitical risks, we believe that lower-than-expected returns, coupled with higher volatility, could persist for the next several years. During such periods, it is important for investors to stay patient and diversified while maintaining asset allocations consistent with their respective risk tolerance.

We thank you for investing in GuideStone Funds™ and for the confidence and trust you have placed with us. We welcome any comments or questions that you may have. For additional commentary on the capital markets and information on GuideStone Funds, we invite you to our website, GuideStoneFunds.com. Please consider our website a central resource for your investment information.

Sincerely,

Matt L. Peden, CFA

Vice President - Chief Investment Officer

GuideStone Capital Management, LLC

Past performance does not guarantee future results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. One cannot invest directly into an index.

¹  Gross Domestic Product (“GDP”) is used to measure the health of a country’s economy. A country’s GDP represents the total dollar value of all goods and services produced over a specific time period.

²  Quantitative Easing (“QE”) is an unconventional monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply.

³  The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS and CMBS (agency and non-agency).

⁴  The S&P 500^® Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.

⁵  The MSCI EAFE Index is a free-float weighted equity index. The index was developed with a base value of 100 as of December 31, 1969. The MSCI EAFE region covers developed market (DM) countries in Europe, Australasia, Israel and the Far East.

⁶  The MSCI EM (Emerging Markets) Index is a free-float weighted equity index that captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

5

About Your Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and to the extent applicable, shareholder services fees, as well as other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017.

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 (5)	Class	Beginning Account Value 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2015	Institutional	$	1,000.00	$	1,015.00		0.13	%	$	0.63
	Investor		1,000.00		1,060.80		0.37			1.87
MyDestination 2025	Institutional		1,000.00		1,019.40		0.11			0.57
	Investor		1,000.00		1,075.40		0.36			1.86
MyDestination 2035	Institutional		1,000.00		1,023.70		0.12			0.60
	Investor		1,000.00		1,089.50		0.37			1.89
MyDestination 2045	Institutional		1,000.00		1,024.70		0.13			0.64
	Investor		1,000.00		1,098.90		0.36			1.90
MyDestination 2055	Institutional		1,000.00		1,025.80		0.20			1.00
	Investor		1,000.00		1,102.10		0.37			1.90
Conservative Allocation	Institutional		1,000.00		1,037.70		0.15			0.74
	Investor		1,000.00		1,036.80		0.42			2.11
Balanced Allocation	Institutional		1,000.00		1,063.10		0.11			0.55
	Investor		1,000.00		1,061.30		0.37			1.87
Growth Allocation	Institutional		1,000.00		1,093.90		0.11			0.59
	Investor		1,000.00		1,092.10		0.37			1.93
Aggressive Allocation	Institutional		1,000.00		1,128.80		0.12			0.66
	Investor		1,000.00		1,126.20		0.38			2.00

6

Actual
Fund	Class		Beginning Account Value 01/01/17			Ending Account Value 06/30/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Money Market		Institutional	$	1,000.00		$	1,002.90		0.17	%	$	0.84
		Investor		1,000.00			1,001.70		0.42			2.08
Low-Duration Bond		Institutional		1,000.00			1,012.00		0.36			1.78
		Investor		1,000.00			1,010.70		0.62			3.11
Medium-Duration Bond		Institutional		1,000.00			1,028.70		0.39			1.98
		Investor		1,000.00			1,027.40		0.67			3.34
Extended-Duration Bond		Institutional		1,000.00			1,062.40		0.57			2.93
		Investor		1,000.00			1,061.10		0.85			4.35
Global Bond		Institutional		1,000.00			1,053.60		0.56			2.83
		Investor		1,000.00			1,053.40		0.84			4.28
Defensive Market Strategies		Institutional		1,000.00			1,061.40		0.67			3.41
		Investor		1,000.00			1,060.10		0.93			4.77
Equity Index		Institutional		1,000.00			1,091.50		0.17			0.91
		Investor		1,000.00			1,089.80		0.44			2.26
Value Equity		Institutional		1,000.00			1,049.30		0.59			3.00
		Investor		1,000.00			1,047.60		0.85			4.34
Growth Equity		Institutional		1,000.00			1,176.00		0.73			3.96
		Investor		1,000.00			1,174.30		1.00			5.37
Small Cap Equity		Institutional		1,000.00			1,023.40		0.97			4.86
		Investor		1,000.00			1,022.20		1.23			6.19
International Equity Index		Institutional		1,000.00			1,141.10		0.49			2.58
International Equity		Institutional		1,000.00			1,167.20		0.94			5.05
		Investor		1,000.00	��		1,166.20		1.21			6.48
Emerging Markets Equity		Institutional		1,000.00			1,187.00		1.31			7.12
		Investor		1,000.00			1,184.40		1.58			8.54
Inflation Protected Bond		Institutional		1,000.00			1,005.90		0.38			1.89
		Investor		1,000.00			1,004.80		0.67			3.35
Global Real Estate Securities		Institutional		1,000.00			1,048.80		0.84			4.26
		Investor		1,000.00			1,047.20		1.13			5.73
Global Natural Resources Equity		Investor		1,000.00			908.40		1.21			5.74

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2015	Institutional	$	1,000.00	$	1,024.16		0.13	%	$	0.64
	Investor		1,000.00		1,022.98		0.37			1.83
MyDestination 2025	Institutional		1,000.00		1,024.23		0.11			0.57
	Investor		1,000.00		1,023.00		0.36			1.82

7

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class		Beginning Account Value 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2035		Institutional	$	1,000.00	$	1,024.20		0.12	%	$	0.60
		Investor		1,000.00		1,022.98		0.37			1.83
MyDestination 2045 (3)		Institutional		1,000.00		1,024.17		0.13			0.64
		Investor		1,000.00		1,022.99		0.36			1.83
MyDestination 2055		Institutional		1,000.00		1,023.80		0.20			1.00
		Investor		1,000.00		1,022.98		0.37			1.83
Conservative Allocation		Institutional		1,000.00		1,024.07		0.15			0.73
		Investor		1,000.00		1,022.72		0.42			2.10
Balanced Allocation		Institutional		1,000.00		1,024.26		0.11			0.54
		Investor		1,000.00		1,022.98		0.37			1.84
Growth Allocation		Institutional		1,000.00		1,024.23		0.11			0.57
		Investor		1,000.00		1,022.95		0.37			1.86
Aggressive Allocation		Institutional		1,000.00		1,024.18		0.12			0.63
		Investor		1,000.00		1,022.91		0.38			1.91
Money Market		Institutional		1,000.00		1,023.96		0.17			0.84
		Investor		1,000.00		1,022.72		0.42			2.10
Low-Duration Bond		Institutional		1,000.00		1,023.02		0.36			1.79
		Investor		1,000.00		1,021.70		0.62			3.13
Medium-Duration Bond		Institutional		1,000.00		1,022.84		0.39			1.98
		Investor		1,000.00		1,021.50		0.67			3.33
Extended-Duration Bond		Institutional		1,000.00		1,021.96		0.57			2.87
		Investor		1,000.00		1,020.58		0.85			4.26
Global Bond		Institutional		1,000.00		1,022.04		0.56			2.79
		Investor		1,000.00		1,020.62		0.84			4.21
Defensive Market Strategies		Institutional		1,000.00		1,021.48		0.67			3.35
		Investor		1,000.00		1,020.16		0.93			4.68
Equity Index		Institutional		1,000.00		1,023.93		0.17			0.88
		Investor		1,000.00		1,022.63		0.44			2.19
Value Equity		Institutional		1,000.00		1,021.87		0.59			2.96
		Investor		1,000.00		1,020.56		0.85			4.28
Growth Equity		Institutional		1,000.00		1,021.16		0.73			3.67
		Investor		1,000.00		1,019.86		1.00			4.98
Small Cap Equity		Institutional		1,000.00		1,019.99		0.97			4.86
		Investor		1,000.00		1,018.68		1.23			6.18
International Equity Index		Institutional		1,000.00		1,022.39		0.49			2.43
International Equity (4)		Institutional		1,000.00		1,020.13		0.94			4.71
		Investor		1,000.00		1,018.81		1.21			6.04
Emerging Markets Equity		Institutional		1,000.00		1,018.29		1.31			6.57
		Investor		1,000.00		1,016.98		1.58			7.88

8

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/17		Ending Account Value 06/30/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Inflation Protected Bond	Institutional	$	1,000.00	$	1,022.91		0.38	%	$	1.91
	Investor		1,000.00		1,021.46		0.67			3.37
Global Real Estate Securities	Institutional		1,000.00		1,020.64		0.84			4.20
	Investor		1,000.00		1,019.20		1.13			5.65
Global Natural Resources Equity	Investor		1,000.00		1,018.78		1.21			6.07
Strategic Alternatives (5)	Institutional		1,000.00		1,017.21		1.53			7.65
	Investor		1,000.00		1,018.45		1.28			6.41

⁽¹⁾  Expenses include the effect of contractual waivers by GuideStone Capital Management, LLC. 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, 2017 through June 30, 2017, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

⁽³⁾  Expenses include non-routine extraordinary expenses amounting to 0.10% of average net assets. See Note 1 in Notes to Financial Statements.

⁽⁴⁾ The expense ratios for the International Equity Fund include the impact of dividend and interest expense on securities sold short.

⁽⁵⁾ Actual expense calculation was not included for the Strategic Alternatives Fund as it commenced operations on June 30, 2017, therefore the fund did not have any activity for the period January 1, 2017 through June 30, 2017. Hypothetical expense calculation for the fund assumes the fund has been in existence for 181 days, and is based on data since January 1, 2017.

9

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:

ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
BBSW	—	Bank Bill Swap Rate
CDI	—	Crest Depository Interest
CDOR	—	Canadian Dollar Offered Rate
CDX	—	A series of indices that track North American and emerging market credit derivative indices.
CLO	—	Collateralized Loan Obligation
CMBX	—	A group of indexes made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.
CONV	—	Convertible
CVA	—	Dutch Certificate
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
HDD	—	Heating Degree Day
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.
KORIBOR	—	Korea Interbank Offered 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).
NIBOR	—	Norwegian Interbank Offered Rate
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.
STIBOR	—	Stockholm Interbank Offered Rate
STRIP	—	Stripped Security
TBA	—	To be announced
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, 2017, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities		Percentage of Net Assets
Low-Duration Bond	$	235,428,207		24.89	%
Medium-Duration Bond		148,878,496		13.07
Extended-Duration Bond		10,658,135		4.39
Global Bond		73,137,328		15.04
Defensive Market Strategies		65,236,151		7.26
International Equity Index		879,954		0.57
International Equity		15,774,385		1.08
Emerging Markets Equity		4,567,578		1.10
Global Real Estate Securities		155,360		0.07

INVESTMENT FOOTNOTES:

‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
*	—	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, 2017. 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, 2017.
¥	—	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 2 in Notes to Financial Statements). As of June 30, 2017, 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
Medium-Duration Bond	$	—		—	%
Global Bond		6,600		—
Small Cap Equity		—		—
International Equity		—		—

10

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).
(J)	—	Par is denominated in Japanese Yen (JPY).
(K)	—	Par is denominated in Norwegian Krone (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(Q)	—	Par is denominated in Russian Ruble (RUB).
(T)	—	Par is denominated in Turkish Lira (TRY).
(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).
(ZA)	—	Par is denominated in Argentine Peso (ARS).

COUNTERPARTY ABBREVIATIONS:

BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
BOM	—	Counterparty to contract is Bank of Montreal.
CITI	—	Counterparty to contract is Citibank NA London.
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.
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.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WEST	—	Counterparty to contract is Westpac Pollock.

11

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The BofA Merrill Lynch 1-3 Year US Treasury Index is a subset of The BofA Merrill Lynch US Treasury Index including all securities with a remaining term to final maturity less than 3 years.

The Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS and CMBS (agency and non-agency).

The Bloomberg Barclays US Corporate High Yield – 2% Issuer Capped Index is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. The index follows the same rules as the uncapped version, 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 Bloomberg Barclays US Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranational and local authorities.

The Bloomberg Barclays US Government Bond Index is comprised of the US Treasury and US Agency Indices. The index includes US dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities, and debt explicitly guaranteed by the US government).

The Bloomberg Barclays US TIPS (Series-L) Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.

The Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

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 indexes 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. The purpose of the combined indexes is to track the performance of the various segments of credit derivatives so that the overall return can be benchmarked against funds that invest in similar products.

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 indexes that are monitored by the International Index Company (IIC). The credit derivatives market that iTraxx provides allows parties to transfer the risk and return of underlying assets from one party to another without actually transferring the assets. iTraxx indexes cover credit derivatives markets in Europe, Asia and Australia.

The JPMorgan EMBI 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 AC World Index ex USA Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1987.

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

The MSCI EAFE Index is a free-float weighted equity index. The index was developed with a base value of 100 as of December 31, 1969. The MSCI EAFE region covers DM countries in Europe, Australasia, Israel, and the Far East.

12

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

The MSCI EM (Emerging Markets) Index is a free-float weighted equity index that captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992.

The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992.

The Russell 2000 Index measures the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

The Russell 3000 Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of Securities represents approximately 98% of the investable U.S. equity market. The Russell 3000 Index is comprised of stocks within the Russell 1000 and the Russell 2000 Indices. The index was developed with a base value of 140.00 as of December 31, 1986.

S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.

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

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

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

The S&P/LSTA U.S. BB- 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. BB- 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.

13

MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.3%
GuideStone Money Market Fund (Institutional Class)¥		30,518,844	$	30,518,843
GuideStone Low-Duration Bond Fund (Institutional Class)¥		4,885,375		65,512,882
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		7,363,481		108,537,702
GuideStone Global Bond Fund (Institutional Class)¥		4,341,545		43,675,943
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		7,810,827		97,557,225
GuideStone Equity Index Fund (Institutional Class)¥		1,210,925		32,295,353
GuideStone Value Equity Fund (Institutional Class)¥		1,513,587		33,041,608
GuideStone Growth Equity Fund (Institutional Class)¥		1,334,932		32,812,637
GuideStone Small Cap Equity Fund (Institutional Class)¥		624,235		11,198,775
GuideStone International Equity Index Fund (Institutional Class)¥		2,187,448		22,115,102
GuideStone International Equity Fund (Institutional Class)¥		3,034,072		46,603,351
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		1,969,368		19,122,565
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		3,651,788		37,284,758
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		474,846		4,506,288
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		470,969		3,174,331
GuideStone Strategic Alternatives Fund (Institutional Class)¥		191,710		1,917,102
Total Mutual Funds (Cost $580,310,665)				589,874,465

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $796,014)	$	800,000	$	796,128
TOTAL INVESTMENTS — 100.4% (Cost $581,106,679)				590,670,593
Liabilities in Excess of Other Assets — (0.4)%				(2,639,902	)
NET ASSETS — 100.0%			$	588,030,691

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		42.2
U.S. Equity Select Funds		35.1
Non-U.S. Equity Select Funds		15.0
Real Return Select Funds		7.7
Alternative Select Funds		0.3
U.S. Treasury Obligation		0.1
		100.4

See Notes to Financial Statements.

14

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	589,874,465		$	589,874,465		$	—	$	—
U.S. Treasury Obligation		796,128			—			796,128		—
Total Assets — Investments in Securities	$	590,670,593		$	589,874,465		$	796,128	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(87,624	)	$	(87,624	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(87,624	)	$	(87,624	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

15

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		38,472,776	$	38,472,776
GuideStone Low-Duration Bond Fund (Institutional Class)¥		1,409,050		18,895,354
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		12,705,977		187,286,101
GuideStone Global Bond Fund (Institutional Class)¥		5,157,169		51,881,118
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		13,794,257		172,290,272
GuideStone Equity Index Fund (Institutional Class)¥		3,074,669		82,001,416
GuideStone Value Equity Fund (Institutional Class)¥		3,824,174		83,481,718
GuideStone Growth Equity Fund (Institutional Class)¥		3,359,400		82,574,042
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,556,815		27,929,260
GuideStone International Equity Index Fund (Institutional Class)¥		5,001,127		50,561,394
GuideStone International Equity Fund (Institutional Class)¥		6,733,289		103,423,327
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		4,489,031		43,588,491
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		2,431,169		24,822,233
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		1,155,568		10,966,340

	Shares		Value
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,159,921	$	7,817,870
GuideStone Strategic Alternatives Fund (Institutional Class)¥		182,941		1,829,409
Total Mutual Funds (Cost $965,284,871)				987,821,121
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $1,194,021)	$	1,200,000		1,194,191
TOTAL INVESTMENTS — 100.2% (Cost $966,478,892)				989,015,312
Liabilities in Excess of Other Assets — (0.2)%				(2,104,750	)
NET ASSETS — 100.0%			$	986,910,562

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		45.4
Fixed Income Select Funds		30.1
Non-U.S. Equity Select Funds		20.0
Real Return Select Funds		4.4
Alternative Select Funds		0.2
U.S. Treasury Obligation		0.1
		100.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	987,821,121	$	987,821,121	$	—	$	—
U.S. Treasury Obligation		1,194,191		—		1,194,191		—
Total Assets — Investments in Securities	$	989,015,312	$	987,821,121	$	1,194,191	$	—

See Notes to Financial Statements.

16

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(124,197	)	$	(124,197	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(124,197	)	$	(124,197	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

17

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		12,932,989	$	12,932,989
GuideStone Low-Duration Bond Fund (Institutional Class)¥		360		4,829
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		5,970,637		88,007,186
GuideStone Global Bond Fund (Institutional Class)¥		2,200,816		22,140,214
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		1,588,282		19,837,640
GuideStone Equity Index Fund (Institutional Class)¥		2,886,212		76,975,283
GuideStone Value Equity Fund (Institutional Class)¥		3,595,630		78,492,595
GuideStone Growth Equity Fund (Institutional Class)¥		3,157,915		77,621,557
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,452,906		26,065,125
GuideStone International Equity Index Fund (Institutional Class)¥		3,660,502		37,007,677
GuideStone International Equity Fund (Institutional Class)¥		4,926,000		75,663,362
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		3,266,926		31,721,851
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		959,204		9,102,843
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		948,951		6,395,929
Total Mutual Funds (Cost $550,037,027)				561,969,080
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.09%, 12/14/17W
(Cost $597,010)	$	600,000		597,096
TOTAL INVESTMENTS — 100.0% (Cost $550,634,037)				562,566,176
Liabilities in Excess of Other Assets — (0.0)%				(76,513	)
NET ASSETS — 100.0%			$	562,489,663

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		49.6
Non-U.S. Equity Select Funds		25.7
Fixed Income Select Funds		21.9
Real Return Select Funds		2.7
U.S. Treasury Obligation		0.1
		100.0

See Notes to Financial Statements.

18

VALUATION HIERARCHY    

The following is a summary of the inputs used, as of June 30, 2017, 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	$	561,969,080		$	561,969,080		$	—	$	—
U.S. Treasury Obligation		597,096			—			597,096		—
Total Assets — Investments in Securities	$	562,566,176		$	561,969,080		$	597,096	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(54,118	)	$	(54,118	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(54,118	)	$	(54,118	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosures in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

19

MYDESTINATION 2045 FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		10,059,331	$	10,059,331
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		2,493,069		36,747,836
GuideStone Global Bond Fund (Institutional Class)¥		918,797		9,243,100
GuideStone Equity Index Fund (Institutional Class)¥		2,559,856		68,271,351
GuideStone Value Equity Fund (Institutional Class)¥		3,185,498		69,539,423
GuideStone Growth Equity Fund (Institutional Class)¥		2,797,231		68,755,927
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,289,301		23,130,054
GuideStone International Equity Index Fund (Institutional Class)¥		3,126,919		31,613,151
GuideStone International Equity Fund (Institutional Class)¥		4,185,443		64,288,411
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		2,805,335		27,239,803
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		716,128		6,796,058

	Shares		Value
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		730,131	$	4,921,085
Total Mutual Funds (Cost $407,918,608)				420,605,530
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $497,509)	$	500,000		497,580
TOTAL INVESTMENTS — 100.0% (Cost $408,416,117)				421,103,110
Liabilities in Excess of Other Assets — (0.0)%				(52,587	)
NET ASSETS — 100.0%			$	421,050,523

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		54.6
Non-U.S. Equity Select Funds		29.2
Fixed Income Select Funds		13.3
Real Return Select Funds		2.8
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY    

The following is a summary of the inputs used, as of June 30, 2017, 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	$	420,605,530		$	420,605,530		$	—	$	—
U.S. Treasury Obligation		497,580			—			497,580		—
Total Assets — Investments in Securities	$	421,103,110		$	420,605,530		$	497,580	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(44,431	)	$	(44,431	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(44,431	)	$	(44,431	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.    

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.    

See Notes to Financial Statements.

20

MYDESTINATION 2055 FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (Institutional Class)¥		2,289,313	$	2,289,313
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		328,781		4,846,234
GuideStone Global Bond Fund (Institutional Class)¥		120,801		1,215,262
GuideStone Equity Index Fund (Institutional Class)¥		565,148		15,072,507
GuideStone Value Equity Fund (Institutional Class)¥		703,260		15,352,155
GuideStone Growth Equity Fund (Institutional Class)¥		617,327		15,173,903
GuideStone Small Cap Equity Fund (Institutional Class)¥		284,699		5,107,499
GuideStone International Equity Index Fund (Institutional Class)¥		692,802		7,004,223
GuideStone International Equity Fund (Institutional Class)¥		923,774		14,189,163
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		621,013		6,030,037
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		150,572		1,428,924
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		158,489		1,068,214
Total Mutual Funds
(Cost $83,758,627)				88,777,434

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.85%, 08/31/17W‡‡ (Cost $99,857)	$	100,000	$	99,849
TOTAL INVESTMENTS — 99.9% (Cost $83,858,484)				88,877,283
Other Assets in Excess of Liabilities — 0.1%				64,640
NET ASSETS — 100.0%			$	88,941,923

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		57.0
Non-U.S. Equity Select Funds		30.6
Fixed Income Select Funds		9.4
Real Return Select Funds		2.8
U.S. Treasury Obligation		0.1
		99.9

VALUATION HIERARCHY    

The following is a summary of the inputs used, as of June 30, 2017, 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	$	88,777,434	$	88,777,434	$	—	$	—
U.S. Treasury Obligation		99,849		—		99,849		—
Total Assets — Investments in Securities	$	88,877,283	$	88,777,434	$	99,849	$	—

See Notes to Financial Statements.

21

MYDESTINATION 2055 FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(13,209	)	$	(13,209	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(13,209	)	$	(13,209	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

22

(This page intentionally left blank)

23

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	MyDestination 2015 Fund		MyDestination 2025 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	796,128	$	1,194,191
Investments in securities of affiliated issuers, at value		589,874,465		987,821,121
Total investments, at value (1)		590,670,593		989,015,312
Cash collateral for derivatives		45,798		43,697
Receivables:
Dividends		16,715		20,446
From advisor		3,923		4,162
Investment securities sold		1,051,840		2,590,514
Fund shares sold		1,201		255,975
Variation margin on financial futures contracts		15,854		26,571
Prepaid expenses and other assets		27,121		31,844
Total Assets		591,833,045		991,988,521
Liabilities
Cash Overdraft		173,696		257,413
Payables:
Investment securities purchased		2,968,942		4,419,923
Fund shares redeemed		403,676		39,224
Variation margin on financial futures contracts		27,703		27,250
Accrued expenses:
Investment advisory fees		55,439		81,041
Professional fees		19,858		19,858
Shareholder servicing fees		99,733		161,346
Other expenses		53,307		71,904
Total Liabilities		3,802,354		5,077,959
Net Assets	$	588,030,691	$	986,910,562
Net Assets Consist of:
Paid-in-capital	$	572,393,144	$	952,043,606
Accumulated net investment income		4,452,291		7,722,512
Undistributed (accumulated) net realized gain (loss) on investments and derivative transactions		1,708,966		4,732,221
Net unrealized appreciation (depreciation) on investments and derivative transactions		9,476,290		22,412,223
Net Assets	$	588,030,691	$	986,910,562
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	103,424,697	$	200,782,388
Institutional shares outstanding		10,215,283		20,126,987
Net asset value, offering and redemption price per Institutional share	$	10.12	$	9.98
Net assets applicable to the Investor Class	$	484,605,994	$	786,128,174
Investor shares outstanding		47,900,586		78,804,397
Net asset value, offering and redemption price per Investor share	$	10.12	$	9.98
(1)      Investments in securities of unaffiliated issuers, at cost	$	796,014	$	1,194,021
Investments in securities of affiliated issuers, at cost		580,310,665		965,284,871
Total investments, at cost	$	581,106,679	$	966,478,892

See Notes to Financial Statements.

24

MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	597,096		$	497,580		$	99,849
	561,969,080			420,605,530			88,777,434
	562,566,176			421,103,110			88,877,283
	46,848			47,374			183,717
	6,982			5,329			1,123
	332			4,053			12,075
	2,119,342			1,630,641			353,961
	139,700			116,713			115,630
	10,515			9,115			708
	26,572			28,818			25,721
	564,916,467			422,945,153			89,570,218
	46,235			81,923			207,044
	2,119,342			1,630,641			353,961
	56,002			24,967			—
	4,500			1,125			428
	46,118			34,484			7,211
	19,858			19,859			19,857
	88,254			60,522			12,129
	46,495			41,109			27,665
	2,426,804			1,894,630			628,295
$	562,489,663		$	421,050,523		$	88,941,923
$	545,540,080		$	405,349,652		$	83,626,727
	5,072,625			3,932,741			278,734
	(1,063	)		(874,432	)		30,872
	11,878,021			12,642,562			5,005,590
$	562,489,663		$	421,050,523		$	88,941,923
$	132,379,330		$	125,380,327		$	29,014,009
	13,923,867			13,741,750			2,275,706
$	9.51		$	9.12		$	12.75
$	430,110,333		$	295,670,196		$	59,927,914
	45,259,185			32,442,460			4,703,606
$	9.50		$	9.11		$	12.74
$	597,010		$	497,509		$	99,857
	550,037,027			407,918,608			83,758,627
$	550,634,037		$	408,416,117		$	83,858,484

See Notes to Financial Statements.

25

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2017 (Unaudited)

	MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	3,169,427
Interest		1,327
Total Investment Income		3,170,754
Expenses
Investment advisory fees		281,467
Transfer agent fees:
Institutional Shares (1)		760
Investor Shares		14,182
Custodian fees		10,631
Shareholder servicing fees:
Investor Shares		656,784
Accounting and administration fees		14,430
Professional fees		28,836
Blue sky fees:
Institutional Shares (1)		1,024
Investor Shares		11,257
Shareholder reporting fees:
Institutional Shares (1)		69
Investor Shares		7,703
Trustees expenses		2,491
Line of credit facility fees and interest expense		1,526
Other expenses		14,741
Total Expenses		1,045,901
Expenses waived/reimbursed net of amount recaptured (2)		(64,656	)
Net Expenses		981,245
Net Investment Income		2,189,509
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		1,615,096
Net realized gain (loss) on investment securities of affiliated issuers		(2,180,130	)
Net realized gain on futures transactions		1,057,119
Net realized gain		492,085
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		30,466,589
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		146
Change in unrealized appreciation (depreciation) on futures		(48,090	)
Net change in unrealized appreciation (depreciation)		30,418,645
Net Realized and Unrealized Gain		30,910,730
Net Increase in Net Assets Resulting from Operations	$	33,100,239

⁽¹⁾  Inception date for Institutional Class for MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund was May 1, 2017.    

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

See Notes to Financial Statements.

26

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	4,474,214		$	2,378,622		$	1,574,256		$	304,301
	1,743			1,561			770			315
	4,475,957			2,380,183			1,575,026			304,616
	465,075			262,933			195,626			38,448
	760			760			760			760
	16,303			12,303			11,868			9,554
	13,174			10,594			10,113			6,646
	1,072,947			598,253			434,328			83,819
	23,155			13,467			10,227			2,553
	28,837			28,837			28,837			28,836
	1,024			1,024			1,024			1,024
	9,802			8,723			8,831			8,652
	69			69			69			656
	10,706			5,391			4,779			997
	4,023			1,962			1,678			304
	2,474			2,594			1,035			459
	17,315			11,649			10,464			7,706
	1,665,664			958,559			719,639			190,414
	(73,633	)		(58,672	)		(61,709	)		(58,816	)
	1,592,031			899,887			657,930			131,598
	2,883,926			1,480,296			917,096			173,018
	3,346,235			1,760,092			1,391,667			305,421
	(2,932,060	)		(2,632,623	)		(2,168,860	)		240,340
	1,803,206			994,818			814,676			121,669
	2,217,381			122,287			37,483			667,430
	61,885,198			43,133,763			35,541,052			6,398,029
	222			138			112			(1	)
	(47,320	)		25,086			5,537			(9,436	)
	61,838,100			43,158,987			35,546,701			6,388,592
	64,055,481			43,281,274			35,584,184			7,056,022
$	66,939,407		$	44,761,570		$	36,501,280		$	7,229,040

See Notes to Financial Statements.

27

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2015 Fund						MyDestination 2025 Fund
	For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	2,189,509		$	8,418,415		$	2,883,926		$	13,254,628
Net realized gain (loss) on investment securities and futures transactions		492,085			3,130,405			2,217,381			6,414,502
Net change in unrealized appreciation (depreciation) on investment securities and futures		30,418,645			23,098,892			61,838,100			41,265,382
Net increase in net assets resulting from operations		33,100,239			34,647,712			66,939,407			60,934,512
Dividends and Distributions to Shareholders:
Dividends from net investment income
Investor shares		—			(6,155,633	)		—			(8,416,042	)
Distributions from net realized capital gains
Investor shares		—			(9,812,326	)		—			(19,446,568	)
Total dividends and distributions		—			(15,967,959	)		—			(27,862,610	)
Capital Share Transactions:(1)
Proceeds from shares sold
Institutional shares		104,543,170			—			199,048,657			—
Investor shares		44,159,605			84,788,090			76,055,347			129,211,781
Reinvestment of dividends and distributions
Institutional shares		—			—			—			—
Investor shares		—			15,963,515			—			27,861,817
Total proceeds from shares sold and reinvested		148,702,775			100,751,605			275,104,004			157,073,598
Value of shares redeemed
Institutional shares		(2,605,785	)		—			(1,764,363	)		—
Investor shares		(126,567,118	)		(63,543,088	)		(208,539,758	)		(42,672,317	)
Total value of shares redeemed		(129,172,903	)		(63,543,088	)		(210,304,121	)		(42,672,317	)
Net increase from capital share transactions(2)		19,529,872			37,208,517			64,799,883			114,401,281
Total increase in net assets		52,630,111			55,888,270			131,739,290			147,473,183
Net Assets:
Beginning of Period		535,400,580			479,512,310			855,171,272			707,698,089
End of Period*	$	588,030,691		$	535,400,580		$	986,910,562		$	855,171,272
*Including undistributed net investment income	$	4,452,291		$	2,262,782		$	7,722,512		$	4,838,586

⁽¹⁾  Inception date for Institutional Class for MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund was May 1, 2017.

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

See Notes to Financial Statements.

28

MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
(Unaudited)						(Unaudited)						(Unaudited)
$	1,480,296		$	7,042,640		$	917,096		$	4,670,638		$	173,018		$	791,724
	122,287			1,551,137			37,483			328,657			667,430			(330,626	)
	43,158,987			26,825,146			35,546,701			21,855,450			6,388,592			4,128,392
	44,761,570			35,418,923			36,501,280			26,854,745			7,229,040			4,589,490
	—			(3,450,311	)		—			(1,654,993	)		—			(686,008	)
	—			(14,584,084	)		—			(11,986,023	)		—			(1,723,825	)
	—			(18,034,395	)		—			(13,641,016	)		—			(2,409,833	)
	130,267,821			—			123,341,308			—			28,614,921			—
	42,253,704			69,340,421			31,210,083			55,119,010			17,886,069			22,719,176
	—			—			—			—			—			—
	—			18,034,395			—			13,641,016			—			2,409,832
	172,521,525			87,374,816			154,551,391			68,760,026			46,500,990			25,129,008
	(576,544	)		—			(719,732	)		—			(235,128	)		—
	(133,268,353	)		(16,986,664	)		(123,553,721	)		(9,420,875	)		(27,526,360	)		(2,800,595	)
	(133,844,897	)		(16,986,664	)		(124,273,453	)		(9,420,875	)		(27,761,488	)		(2,800,595	)
	38,676,628			70,388,152			30,277,938			59,339,151			18,739,502			22,328,413
	83,438,198			87,772,680			66,779,218			72,552,880			25,968,542			24,508,070
	479,051,465			391,278,785			354,271,305			281,718,425			62,973,381			38,465,311
$	562,489,663		$	479,051,465		$	421,050,523		$	354,271,305		$	88,941,923		$	62,973,381
$	5,072,625		$	3,592,329		$	3,932,741		$	3,015,645		$	278,734		$	105,716

See Notes to Financial Statements.

29

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
MyDestination 2015 Fund
Institutional Class
2017(5)(6)	$	10.00	$	0.02	#	$	0.03	$	0.07		$	—		$	—		$	10.12		1.50	%	$	103,425		0.13	%		0.13	%		1.39	%		6	%
Investor Class
2017(6)	$	9.54	$	0.04	#	$	0.02	$	0.52		$	—		$	—		$	10.12		6.08	%	$	484,606		0.37	%		0.39	%		0.74	%		6	%
2016		9.19		0.16	#		0.13		0.35			(0.11	)		(0.18	)		9.54		6.99			535,401		0.35			0.40			1.65			16
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	(7)
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
MyDestination 2025 Fund
Institutional Class
2017(5)(6)	$	10.00	$	0.02	#	$	0.03	$	(0.07	)	$	—		$	—		$	9.98		1.94	%	$	200,783		0.11	%		0.12	%		1.46	%		4	%
Investor Class
2017(6)	$	9.28	$	0.03	#	$	0.03	$	0.64		$	—		$	—		$	9.98		7.54	%	$	786,128		0.36	%		0.38	%		0.56	%		4	%
2016		8.88		0.16	#		0.16		0.39			(0.09	)		(0.22	)		9.28		8.01			855,171		0.35			0.39			1.70			17
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	(7)
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
MyDestination 2035 Fund
Institutional Class
2017(5)(6)	$	10.00	$	0.03	#	$	0.03	$	(0.55	)	$	—		$	—		$	9.51		2.37	%	$	132,379		0.12	%		0.13	%		1.70	%		3	%
Investor Class
2017(6)	$	8.72	$	0.02	#	$	0.03	$	0.73		$	—		$	—		$	9.50		8.95	%	$	430,111		0.37	%		0.39	%		0.47	%		3	%
2016		8.36		0.14	#		0.15		0.42			(0.07	)		(0.28	)		8.72		8.38			479,051		0.35			0.40			1.65			16
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	(7)
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

# 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. The estimated acquired fund fees which are incurred directly by the underlying funds for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.56%, 0.66%, 0.66%, 0.67% and 0.72%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.    

(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) Inception date was May 1, 2017. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) For the six months ended June 30, 2017. 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.

30

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
MyDestination 2045 Fund
Institutional Class
2017(5)(6)	$	10.00	$	0.03	#	$	0.03	$	(0.94	)	$	—		$	—		$	9.12		2.47	%	$	125,381		0.13	%		0.14	%		1.74	%		4	%
Investor Class
2017(6)	$	8.29	$	0.01	#	$	0.02	$	0.79		$	—		$	—		$	9.11		9.89	%	$	295,670		0.36	%		0.40	%		0.33	%		4	%
2016		7.95		0.12	#		0.15		0.41			(0.04	)		(0.30	)		8.29		8.45			354,271		0.35			0.41			1.50			16
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	(7)
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
MyDestination 2055 Fund
Institutional Class
2017(5)(6)	$	10.00	$	0.04	#	$	0.05	$	2.66		$	—		$	—		$	12.75		2.58	%	$	29,014		0.20	%		0.24	%		1.68	%		3	%
Investor Class
2017(6)	$	11.56	$	0.02	#	$	0.04	$	1.12		$	—		$	—		$	12.74		10.21	%	$	59,928		0.37	%		0.54	%		0.28	%		3	%
2016		11.05		0.18	#		0.23		0.57			(0.13	)		(0.34	)		11.56		8.81			62,973		0.35			0.65			1.62			27
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	(7)
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

# 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. The estimated acquired fund fees which are incurred directly by the underlying funds for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.56%, 0.66%, 0.66%, 0.67% and 0.72%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

(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) Inception date was May 1, 2017. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) For the six months ended June 30, 2017. 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.

31

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.4%
GuideStone Money Market Fund (Institutional Class)¥		30,539,153	$	30,539,153
GuideStone Low-Duration Bond Fund (Institutional Class)¥		16,250,118		217,914,082
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,939,719		58,071,463
GuideStone Global Bond Fund (Institutional Class)¥		1,449,901		14,586,000
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		3,420,672		42,724,189
GuideStone Value Equity Fund (Institutional Class)¥		1,150,400		25,113,240
GuideStone Growth Equity Fund (Institutional Class)¥		1,010,082		24,827,810
GuideStone Small Cap Equity Fund (Institutional Class)¥		303,164		5,438,761
GuideStone International Equity Fund (Institutional Class)¥		1,906,588		29,285,191
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		829,910		8,058,430
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		2,872,601		29,329,252
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		522,680		4,960,231
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,006,835		6,786,070
GuideStone Strategic Alternatives Fund (Institutional Class)¥		231,886		2,318,863
Total Mutual Funds (Cost $498,731,753)				499,952,735

	Shares		Value
MONEY MARKET FUNDS — 0.1%
Northern Institutional Government Assets Portfolio (Cost $205,053)		205,053	$	205,053
	Par
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.77%, 08/31/17W‡‡	$	50,000		49,925
1.09%, 12/14/17W‡‡		500,000		497,579
Total U.S. Treasury Obligations (Cost $547,445)				547,504
TOTAL INVESTMENTS — 100.6% (Cost $499,484,251)				500,705,292
Liabilities in Excess of Other Assets — (0.6)%				(2,898,520	)
NET ASSETS — 100.0%			$	497,806,772

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		64.4
U.S. Equity Select Funds		19.7
Real Return Select Funds		8.3
Non-U.S. Equity Select Funds		7.5
Alternative Select Funds		0.5
U.S. Treasury Obligations		0.1
Money Market Funds		0.1
		100.6

VALUATION HIERARCHY    

The following is a summary of the inputs used, as of June 30, 2017, 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:
Mutual Funds	$	499,952,735	$	499,952,735	$	—	$	—
Money Market Funds		205,053		205,053		—		—
U.S. Treasury Obligations		547,504		—		547,504		—
Total Assets — Investments in Securities	$	500,705,292	$	500,157,788	$	547,504	$	—

See Notes to Financial Statements.

32

							Level 2		Level 3
	Total Value			Level 1 Quoted Prices			Other Significant Observable Inputs		Significant Unobservable Inputs
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(65,321	)	$	(65,321	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(65,321	)	$	(65,321	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosures in the Notes to Financial Statements.    

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.    

See Notes to Financial Statements.

33

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.2%
GuideStone Money Market Fund (Institutional Class)¥		83,249,662	$	83,249,662
GuideStone Low-Duration Bond Fund (Institutional Class)¥		14,011,829		187,898,622
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		16,977,319		250,245,686
GuideStone Funds Extended-Duration Bond Fund (Institutional Class)¥		3,646,077		64,389,717
GuideStone Global Bond Fund (Institutional Class)¥		12,466,765		125,415,656
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		9,745,188		121,717,393
GuideStone Value Equity Fund (Institutional Class)¥		7,062,905		154,183,220
GuideStone Growth Equity Fund (Institutional Class)¥		6,200,984		152,420,194
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,867,618		33,505,063
GuideStone International Equity Fund (Institutional Class)¥		11,580,597		177,877,977
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		5,029,118		48,832,735
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		8,551,412		87,309,916
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		4,668,955		44,308,385
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		4,819,186		32,481,314
GuideStone Strategic Alternatives Fund (Institutional Class)¥		437,711		4,377,111
Total Mutual Funds (Cost $1,586,776,614)				1,568,212,651
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $1,990,035)	$	2,000,000		1,990,319
TOTAL INVESTMENTS — 100.3% (Cost $1,588,766,649)				1,570,202,970
Liabilities in Excess of Other Assets — (0.3)%				(5,283,401	)
NET ASSETS — 100.0%			$	1,564,919,569

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		45.4
U.S. Equity Select Funds		29.5
Non-U.S. Equity Select Funds		14.5
Real Return Select Funds		10.5
Alternative Select Funds		0.3
U.S. Treasury Obligation		0.1
		100.3

See Notes to Financial Statements.

34

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	1,568,212,651		$	1,568,212,651		$	—	$	—
U.S. Treasury Obligation		1,990,319			—			1,990,319		—
Total Assets — Investments in Securities	$	1,570,202,970		$	1,568,212,651		$	1,990,319	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(134,550	)	$	(134,550	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(134,550	)	$	(134,550	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

35

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2017 (Unaudited)  

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		25,333,774	$	25,333,774
GuideStone Low-Duration Bond Fund (Institutional Class)¥		6,454,276		86,551,842
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		7,786,007		114,765,737
GuideStone Funds Extended-Duration Bond Fund (Institutional Class)¥		1,647,054		29,086,973
GuideStone Global Bond Fund (Institutional Class)¥		5,730,337		57,647,192
GuideStone Value Equity Fund (Institutional Class)¥		9,974,746		217,748,704
GuideStone Growth Equity Fund (Institutional Class)¥		8,764,115		215,421,958
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,687,340		48,210,888
GuideStone International Equity Fund (Institutional Class)¥		16,304,636		250,439,207
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		7,029,926		68,260,578
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		4,080,724		38,726,067

	Shares		Value
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		3,741,664	$	25,218,814
Total Mutual Funds (Cost $1,198,809,957)				1,177,411,734
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $995,017)	$	1,000,000		995,159
TOTAL INVESTMENTS — 100.0% (Cost $1,199,804,974)				1,178,406,893
Liabilities in Excess of Other Assets — (0.0)%				(226,507	)
NET ASSETS — 100.0%			$	1,178,180,386

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		40.9
Non-U.S. Equity Select Funds		27.0
Fixed Income Select Funds		26.6
Real Return Select Funds		5.4
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	1,177,411,734		$	1,177,411,734		$	—	$	—
U.S. Treasury Obligation		995,159			—			995,159		—
Total Assets — Investments in Securities	$	1,178,406,893		$	1,177,411,734		$	995,159	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(82,200	)	$	(82,200	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(82,200	)	$	(82,200	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

36

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2017 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		19,131,856	$	19,131,856
GuideStone Value Equity Fund (Institutional Class)¥		11,764,051		256,809,239
GuideStone Growth Equity Fund (Institutional Class)¥		10,377,768		255,085,542
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,221,941		57,801,630
GuideStone International Equity Fund (Institutional Class)¥		19,351,628		297,241,007
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		8,325,739		80,842,922
Total Mutual Funds (Cost $982,736,229)				966,912,196
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $1,094,519)	$	1,100,000		1,094,675
TOTAL INVESTMENTS — 100.0% (Cost $983,830,748)				968,006,871
Liabilities in Excess of Other Assets — (0.0)%				(413,537	)
NET ASSETS — 100.0%			$	967,593,334

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		58.9
Non-U.S. Equity Select Funds		39.0
Fixed Income Select Funds		2.0
U.S. Treasury Obligation		0.1
		100.0

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	966,912,196		$	966,912,196		$	—	$	—
U.S. Treasury Obligation		1,094,675			—			1,094,675		—
Total Assets — Investments in Securities	$	968,006,871		$	966,912,196		$	1,094,675	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(95,515	)	$	(95,515	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(95,515	)	$	(95,515	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

37

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	752,557		$	1,990,319		$	995,159		$	1,094,675
Investments in securities of affiliated issuers, at value		499,952,735			1,568,212,651			1,177,411,734			966,912,196
Total investments, at value (1)		500,705,292			1,570,202,970			1,178,406,893			968,006,871
Receivables:
Dividends from affiliated funds		15,900			45,195			14,450			10,270
From advisor		4,722			24,333			20,014			—
Investment securities sold		2,248,620			10,762,944			8,356,457			—
Fund shares sold		30,422			349,910			223,569			48,606
Variation margin on financial futures contracts		5,325			38,275			19,575			19,400
Prepaid expenses and other assets		54,473			51,042			45,375			41,873
Total Assets		503,064,754			1,581,474,669			1,187,086,333			968,127,020
Liabilities
Cash Overdraft		—			323,716			92,911			177,700
Due to broker		152,627			163,132			—			—
Payables:
Investment securities purchased		4,567,483			15,140,055			8,356,457			—
Fund shares redeemed		276,789			289,067			22,590			—
Variation margin on financial futures contracts		12,844			78,125			12,236			—
Accrued expenses:
Investment advisory fees		41,036			129,050			97,220			79,872
Professional fees		49,940			24,624			24,626			24,625
Shareholder servicing fees		84,954			252,637			188,972			162,380
Other expenses		72,309			154,694			110,935			89,109
Total Liabilities		5,257,982			16,555,100			8,905,947			533,686
Net Assets	$	497,806,772		$	1,564,919,569		$	1,178,180,386		$	967,593,334
Net Assets Consist of:
Paid-in-capital	$	497,571,800		$	1,587,618,464		$	1,198,800,529		$	975,436,833
Accumulated net investment income		3,382,011			24,742,297			11,731,355			10,246,485
Undistributed net realized loss on investments and derivative transactions		(4,302,759	)		(28,742,963	)		(10,871,217	)		(2,170,592	)
Net unrealized appreciation (depreciation) on investments and derivative transactions		1,155,720			(18,698,229	)		(21,480,281	)		(15,919,392	)
Net Assets	$	497,806,772		$	1,564,919,569		$	1,178,180,386		$	967,593,334
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	86,011,024		$	338,983,464		$	262,032,118		$	180,738,684
Institutional shares outstanding		7,617,527			28,760,068			21,842,492			15,275,777
Net asset value, offering and redemption price per Institutional share	$	11.29		$	11.79		$	12.00		$	11.83
Net assets applicable to the Investor Class	$	411,795,748		$	1,225,936,105		$	916,148,268		$	786,854,650
Investor shares outstanding		36,519,173			104,153,914			76,491,194			66,767,478
Net asset value, offering and redemption price per Investor share	$	11.28		$	11.77		$	11.98		$	11.78
(1)       Investments in securities of unaffiliated issuers, at cost	$	752,498		$	1,990,035		$	995,017		$	1,094,519
Investments in securities of affiliated issuers, at cost		498,731,753			1,586,776,614			1,198,809,957			982,736,229
Total investments, at cost	$	499,484,251		$	1,588,766,649		$	1,199,804,974		$	983,830,748

See Notes to Financial Statements.

38

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2017 (Unaudited)

	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	2,968,507		$	9,047,611		$	4,757,616		$	2,105,617
Interest		439			5,375			2,864			3,374
Total Investment Income		2,968,946			9,052,986			4,760,480			2,108,991
Expenses
Investment advisory fees		234,821			766,913			572,269			465,273
Transfer agent fees:
Institutional Shares		1,917			2,047			1,983			1,900
Investor Shares		26,317			33,774			23,120			18,377
Custodian fees		15,475			14,293			14,347			11,175
Shareholder servicing fees:
Investor Shares		478,708			1,485,129			1,098,839			936,463
Accounting and administration fees		14,792			37,854			28,472			23,282
Professional fees		54,137			28,836			28,837			28,837
Blue sky fees:
Institutional Shares		2,546			3,047			2,916			2,825
Investor Shares		16,238			9,748			9,130			8,214
Shareholder reporting fees:
Institutional Shares		140			309			236			117
Investor Shares		13,667			21,317			14,817			11,479
Trustees expenses		2,163			6,826			5,054			4,061
Line of credit facility fees and interest expense		1,331			4,183			3,091			2,463
Other expenses		20,821			30,282			17,099			14,720
Total Expenses		883,073			2,444,558			1,820,210			1,529,186
Expenses waived/reimbursed(1)		(25,725	)		(87,947	)		(44,192	)		(1,812	)
Net Expenses		857,348			2,356,611			1,776,018			1,527,374
Net Investment Income		2,111,598			6,696,375			2,984,462			581,617
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		850,210			4,082,780			3,957,487			4,643,429
Net realized loss on investment securities of affiliated issuers		(3,480,763	)		(9,651,849	)		(4,742,769	)		(2,311,870	)
Net realized gain on futures transactions		499,193			3,040,242			2,012,877			1,949,641
Net realized gain (loss)		(2,131,360	)		(2,528,827	)		1,227,595			4,281,200
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		15,980,220			87,546,017			96,056,967			105,521,049
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		66			388			236			270
Change in unrealized appreciation (depreciation) on futures		(57,372	)		(12,477	)		58,727			3,549
Net change in unrealized appreciation (depreciation)		15,922,914			87,533,928			96,115,930			105,524,868
Net Realized and Unrealized Gain		13,791,554			85,005,101			97,343,525			109,806,068
Net Increase in Net Assets Resulting from Operations	$	15,903,152		$	91,701,476		$	100,327,987		$	110,387,685

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

See Notes to Financial Statements.

39

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	2,111,598		$	5,223,370		$	6,696,375		$	26,363,164
Net realized gain (loss) on investment securities and futures transactions		(2,131,360	)		320,918			(2,528,827	)		2,297,805
Net change in unrealized appreciation (depreciation) on investment securities and futures		15,922,914			12,270,192			87,533,928			72,281,388
Net increase in net assets resulting from operations		15,903,152			17,814,480			91,701,476			100,942,357
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(928,687	)		—			(2,483,236	)
Investor shares		—			(3,024,270	)		—			(5,829,103	)
Distributions from net realized capital gains
Institutional shares		—			(951,614	)		—			(8,586,401	)
Investor shares		—			(3,903,129	)		—			(30,595,881	)
Total dividends and distributions		—			(8,807,700	)		—			(47,494,621	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		24,353,287			10,866,018			30,345,511			13,574,551
Investor shares		95,525,439			39,269,297			36,677,504			44,406,902
Shares issued from Merger
Investor shares		105,467,529			—			—			—
Reinvestment of dividends and distributions
Institutional shares		—			1,869,987			—			11,040,091
Investor shares		—			6,923,060			—			36,418,219
Total proceeds from shares sold and reinvested		225,346,255			58,928,362			67,023,015			105,439,763
Value of shares redeemed
Institutional shares		(16,674,805	)		(10,009,301	)		(37,890,373	)		(42,649,048	)
Investor shares		(108,400,928	)		(42,185,083	)		(38,943,261	)		(157,414,729	)
Total value of shares redeemed		(125,075,733	)		(52,194,384	)		(76,833,634	)		(200,063,777	)
Net increase (decrease) from capital share transactions(1)		100,270,522			6,733,978			(9,810,619	)		(94,624,014	)
Total increase (decrease) in net assets		116,173,674			15,740,758			81,890,857			(41,176,278	)
Net Assets:
Beginning of Period		381,633,098			365,892,340			1,483,028,712			1,524,204,990
End of Period*	$	497,806,772		$	381,633,098		$	1,564,919,569		$	1,483,028,712
* Including undistributed net investment income	$	3,382,011		$	1,270,413		$	24,742,297		$	18,045,922

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

See Notes to Financial Statements.

40

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
(Unaudited)						(Unaudited)
$	2,984,462		$	16,476,023		$	581,617		$	9,273,357
	1,227,595			6,695,084			4,281,200			8,200,735
	96,115,930			50,902,584			105,524,868			39,337,329
	100,327,987			74,073,691			110,387,685			56,811,421
	—			(2,219,710	)		—			—
	—			(5,509,420	)		—			—
	—			(11,665,660	)		—			(14,529,604	)
	—			(40,312,926	)		—			(61,769,042	)
	—			(59,707,716	)		—			(76,298,646	)
	6,253,143			9,777,898			2,374,425			5,702,265
	24,751,054			26,960,487			14,832,398			15,744,951
	—			—			—			—
	—			13,871,071			—			14,525,136
	—			45,817,706			—			61,766,425
	31,004,197			96,427,162			17,206,823			97,738,777
	(11,841,339	)		(30,033,973	)		(8,857,728	)		(19,296,176	)
	(28,961,963	)		(108,056,691	)		(25,540,483	)		(150,902,912	)
	(40,803,302	)		(138,090,664	)		(34,398,211	)		(170,199,088	)
	(9,799,105	)		(41,663,502	)		(17,191,388	)		(72,460,311	)
	90,528,882			(27,297,527	)		93,196,297			(91,947,536	)
	1,087,651,504			1,114,949,031			874,397,037			966,344,573
$	1,178,180,386		$	1,087,651,504		$	967,593,334		$	874,397,037
$	11,731,355		$	8,746,893		$	10,246,485		$	9,664,868

See Notes to Financial Statements.

41

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
2017(5)	$	10.88	$	0.06	#	$	0.02	$	0.33		$	—		$	—		$	11.29		3.77	%	$	86,011		0.15	%		0.16	%		1.10	%		13	%
2016		10.62		0.18	#		0.10		0.25			(0.13	)		(0.14	)		10.88		5.07			75,333		0.14			0.15			1.61			5
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
2017(5)	$	10.88	$	0.05	#	$	0.02	$	0.33		$	—		$	—		$	11.28		3.68	%	$	411,796		0.42	%		0.43	%		0.87	%		13	%
2016		10.62		0.15	#		0.10		0.26			(0.11	)		(0.14	)		10.88		4.82			306,300		0.39			0.42			1.36			5
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
Balanced Allocation Fund
Institutional Class
2017(5)	$	11.09	$	0.06	#	$	0.03	$	0.61		$	—		$	—		$	11.79		6.31	%	$	338,984		0.11	%		0.12	%		1.08	%		4	%
2016		10.70		0.22	#		0.17		0.39			(0.08	)		(0.31	)		11.09		7.27			326,164		0.11			0.13			1.97			4
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
2017(5)	$	11.09	$	0.05	#	$	0.03	$	0.60		$	—		$	—		$	11.77		6.13	%	$	1,225,936		0.37	%		0.38	%		0.83	%		4	%
2016		10.70		0.19	#		0.17		0.39			(0.05	)		(0.31	)		11.09		7.00			1,156,865		0.37			0.38			1.71			4
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

# 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. The estimated acquired fund fees which are incurred directly by the underlying funds for the Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund were 0.56%, 0.65%, 0.75% and 0.82%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

(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, 2017. 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.

42

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
2017(5)	$	10.97	$	0.04	#	$	0.04	$	0.95		$	—		$	—		$	12.00		9.39	%	$	262,032		0.11	%		0.12	%		0.72	%		4	%
2016		10.83		0.19	#		0.21		0.40			(0.10	)		(0.56	)		10.97		7.34			244,873		0.12			0.13			1.72			4
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
2017(5)	$	10.97	$	0.03	#	$	0.04	$	0.94		$	—		$	—		$	11.98		9.21	%	$	916,148		0.37	%		0.38	%		0.47	%		4	%
2016		10.83		0.16	#		0.21		0.40			(0.07	)		(0.56	)		10.97		7.08			842,779		0.38			0.39			1.46			4
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
Aggressive Allocation Fund
Institutional Class
2017(5)	$	10.48	$	0.02	†#	$	0.06	$	1.27		$	—		$	—		$	11.83		12.88	%	$	180,739		0.12	%		0.12	%		0.34	%		3	%
2016		10.77		0.14	#		0.27		0.30			—			(1.00	)		10.48		6.55			166,293		0.13			0.13			1.28			2
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
2017(5)	$	10.46	$	—	#	$	0.06	$	1.26		$	—		$	—		$	11.78		12.62	%	$	786,854		0.38	%		0.38	%		0.08	%		3	%
2016		10.77		0.10	#		0.26		0.33			—			(1.00	)		10.46		6.38			708,104		0.39			0.39			0.96			2
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

† 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. The estimated acquired fund fees which are incurred directly by the underlying funds for the Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund were 0.56%, 0.65%, 0.75% and 0.82%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

(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, 2017. 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.

43

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 51.8%
Federal Farm Credit Bank
1.27%, 09/05/17†	$	15,285,000	$	15,284,716
1.16%, 09/12/17†		6,400,000		6,400,245
1.23%, 09/22/17†		18,000,000		17,999,793
1.21%, 09/25/17†		15,000,000		14,999,307
Federal Farm Credit Bank Discount Notes
0.61%, 07/11/17		7,870,000		7,868,688
0.70%, 09/29/17		5,965,000		5,954,710
0.87%, 01/11/18		7,760,000		7,724,037
1.06%, 02/08/18		6,166,000		6,126,075
Federal Home Loan Bank
1.14%, 07/07/17†		18,000,000		18,000,000
1.15%, 08/22/17†		22,000,000		21,999,914
0.95%, 08/25/17†		7,450,000		7,450,000
1.26%, 10/16/17†		10,000,000		10,000,000
1.09%, 10/27/17†		21,115,000		21,114,858
1.00%, 11/08/17†		9,000,000		9,000,000
1.06%, 02/05/18†		7,000,000		7,000,000
1.38%, 03/09/18		9,500,000		9,517,568
0.91%, 03/13/18†		20,000,000		20,000,000
0.88%, 03/19/18		10,500,000		10,483,027
0.99%, 04/13/18†		25,625,000		25,625,000
1.06%, 04/17/18†		25,390,000		25,390,000
0.83%, 05/09/18†		6,000,000		6,000,000
1.09%, 06/05/18†		9,000,000		9,000,000
1.08%, 07/05/18†		12,360,000		12,360,000
1.11%, 10/03/18†		10,000,000		10,000,000
1.11%, 06/20/19†		21,140,000		21,140,000
Federal Home Loan Bank Discount Notes
0.82%, 07/14/17		10,790,000		10,786,708
0.86%, 07/21/17		9,000,000		8,995,730
0.94%, 07/26/17		5,090,000		5,086,649
0.97%, 07/28/17		8,555,000		8,548,763
0.65%, 08/01/17		14,170,000		14,162,191
0.86%, 08/02/17		10,000,000		9,992,444
0.94%, 08/09/17		23,500,000		23,476,095
0.65%, 08/11/17		42,165,000		42,134,074
0.70%, 08/23/17		6,500,000		6,493,349
0.68%, 08/25/17		7,270,000		7,262,503
0.91%, 08/28/17		8,810,000		8,797,297
0.70%, 08/30/17		14,000,000		13,983,783
1.00%, 09/20/17		28,695,000		28,630,987
0.92%, 09/22/17		5,500,000		5,488,461
1.06%, 09/25/17		20,000,000		19,949,833
1.04%, 09/27/17		16,500,000		16,458,094

	Par		Value
1.09%, 10/12/17	$	35,115,000	$	35,006,495
0.76%, 10/18/17		9,310,000		9,288,859
1.05%, 11/08/17		6,500,000		6,475,612
1.01%, 12/04/17		3,500,000		3,484,833
1.01%, 12/05/17		18,000,000		17,921,500
1.15%, 12/29/17		10,000,000		9,942,683
Federal Home Loan Mortgage Corporation
0.75%, 07/14/17		3,500,000		3,500,146
1.34%, 07/21/17†		6,100,000		6,099,965
1.13%, 01/08/18†		5,870,000		5,870,000
1.13%, 01/12/18†		5,870,000		5,870,000
1.24%, 03/08/18†		7,000,000		7,000,000
Federal Home Loan Mortgage Corporation Discount Notes
0.81%, 08/02/17		9,880,000		9,872,974
0.84%, 08/03/17		19,025,000		19,010,525
1.04%, 09/01/17		5,000,000		4,991,131
0.74%, 10/16/17		19,065,000		19,023,634
Federal National Mortgage Association
1.00%, 09/27/17		2,827,000		2,827,189
1.24%, 10/05/17†		5,500,000		5,499,779
0.88%, 03/28/18		15,440,000		15,414,248
Total Agency Obligations (Cost $743,784,472)				743,784,472
U.S. TREASURY OBLIGATIONS — 3.2%
U.S. Treasury Bill
0.90%, 09/28/17W		11,270,000		11,244,785
U.S. Treasury Notes
0.88%, 10/15/17		7,790,000		7,793,179
1.22%, 10/31/17†		1,663,200		1,662,292
1.32%, 01/31/18†		4,000,000		3,999,504
0.75%, 02/28/18		14,520,000		14,504,656
1.22%, 07/31/18†		6,000,000		6,007,138
				33,966,769
Total U.S. Treasury Obligations (Cost $45,211,554)				45,211,554
	Shares
MONEY MARKET FUNDS — 0.0%
Northern Institutional Funds - Government Select Portfolio (Cost $292,902)		292,902		292,902

See Notes to Financial Statements.

44

	Par		Value
REPURCHASE AGREEMENTS — 46.3%
Bank of Montreal 1.07% (dated 06/30/17, due 07/03/17, repurchase price $60,005,350, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, U.S. Treasury Notes and U.S. Treasury Bonds, 1.000% to 5.250%, due 06/13/18 to 05/01/47, total market value $61,457,355)	$	60,000,000	$	60,000,000
Bank of Nova Scotia 1.10% (dated 06/30/17, due 07/03/17, repurchase price $60,005,500, collateralized by U.S. Treasury Bond and U.S. Treasury Notes, 2.250% to 3.125%, due 05/15/19 to 08/15/45, total market value $61,205,675)		60,000,000		60,000,000
BNP Paribas SA 1.12% (dated 06/30/17, due 07/03/17, repurchase price $60,005,600, collateralized by Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association and U.S. Treasury Note, 2.000% to 7.000%, due 04/20/25 to 08/20/46, total market value $61,200,024)		60,000,000		60,000,000

	Par		Value
Citigroup Global Markets, Inc. 1.10% (dated 06/30/17, due 07/03/17, repurchase price $60,005,500, collateralized by U.S. Treasury Bond and U.S. Treasury Notes, 1.250% to 3.375%, due 12/31/18 to 05/15/44, total market value $61,200,026)	$	60,000,000	$	60,000,000
Goldman Sachs & Co. 1.07% (dated 06/30/17, due 07/03/17, repurchase price $60,005,350, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 3.000% to 4.000%, due 09/01/29 to 06/01/47, total market value $61,800,001)		60,000,000		60,000,000
1.12% (dated 06/29/17, due 07/06/17, repurchase price $15,503,376, collateralized by Government National Mortgage Association, 3.500% to 4.000%, due 09/20/46 to 06/20/47, total market value $15,810,001)		15,500,000		15,500,000
HSBC Securities USA, Inc. 1.09% (dated 06/30/17, due 07/03/17, repurchase price $40,003,633, collateralized by U.S. Treasury Note, 1.625%, due 05/15/26, total market value $40,802,253)		40,000,000		40,000,000

See Notes to Financial Statements.

45

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
1.04% (dated 06/28/17, due 07/05/17, repurchase price $13,502,730, collateralized by U.S. Treasury Note, 0.077%, due 07/31/17, total market value $13,774,508)	$	13,500,000	$	13,500,000
Mitsubishi UFJ Securities USA, Inc. 1.07% (dated 06/30/17, due 07/03/17, repurchase price $60,005,350, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bills and U.S. Treasury Bond, 0.000% to 6.000%, due 12/07/17 to 06/01/47, total market value $61,589,878)		60,000,000		60,000,000
Mizuho Securities USA, Inc. 1.16% (dated 06/30/17, due 07/03/17, repurchase price $60,005,800, collateralized by Federal National Mortgage Association and Government National Mortgage Association, 4.000%, due 11/01/46 to 05/20/47, total market value $61,213,919)		60,000,000		60,000,000

	Par		Value
Morgan Stanley & Co. LLC 1.01% (dated 06/30/17, due 07/03/17, repurchase price $20,001,683, collateralized by U.S. Treasury Bonds and U.S. Treasury Notes, 1.375% to 9.125%, due 05/15/18 to 09/30/23, total market value $20,400,082)	$	20,000,000	$	20,000,000
Natixis S.A. 1.08% (dated 06/30/17, due 07/03/17, repurchase price $40,003,600, collateralized by U.S. Treasury Bonds and U.S. Treasury Notes, 1.250% to 3.875%, due 05/31/19 to 11/15/42, total market value $40,800,037)		40,000,000		40,000,000
1.10% (dated 06/30/17, due 07/03/17, repurchase price $11,001,008, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.448% to 3.500%, due 06/01/32 to 04/01/47, total market value $11,330,029)		11,000,000		11,000,000

See Notes to Financial Statements.

46

	Par		Value
RBC Capital Markets LLC 1.07% (dated 06/30/17, due 07/03/17, repurchase price $45,004,013, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.517% to 4.116%, due 01/01/24 to 06/01/47, total market value $46,350,001)	$	45,000,000	$	45,000,000
TD Securities USA LLC 1.15% (dated 06/30/17, due 07/03/17, repurchase price $60,005,750, collateralized by Federal National Mortgage Association, U.S. Treasury Bill and U.S. Treasury Notes, 0.000% to 4.000%, due 07/20/17 to 02/01/47, total market value $61,459,997)		60,000,000		60,000,000
Total Repurchase Agreements (Cost $665,000,000)				665,000,000
TOTAL INVESTMENTS — 101.3% (Cost $1,454,288,928)				1,454,288,928
Liabilities in Excess of Other Assets — (1.3)%				(19,304,893	)
NET ASSETS — 100.0%			$	1,434,984,035

PORTFOLIO SUMMARY (based on net assets)

	%
Agency Obligations		51.8
Repurchase Agreements		46.3
U.S. Treasury Obligations		3.2
Money Market Funds		—	**
		101.3

** Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	743,784,472	$	—	$	743,784,472	$	—��
Money Market Funds		292,902		292,902		—		—
Repurchase Agreements		665,000,000		—		665,000,000		—
U.S. Treasury Obligations		45,211,554		—		45,211,554		—
Total Assets — Investments in Securities	$	1,454,288,928	$	292,902	$	1,443,996,026	$	—

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

47

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.6%
Federal Home Loan Bank
1.25%, 01/16/19	$	3,250,000	$	3,243,882
Federal Home Loan Mortgage Corporation
1.00%, 06/29/18		2,870,000		2,862,194
1.13%, 04/15/19		1,550,000		1,543,307
0.88%, 07/19/19		2,880,000		2,846,540
Federal National Mortgage Association
1.00%, 08/28/19D		2,970,000		2,941,917
1.50%, 02/28/20		1,700,000		1,696,204
Total Agency Obligations (Cost $15,210,496)				15,134,044
ASSET-BACKED SECURITIES — 15.5%
Adams Mill CLO, Ltd. Series 2014-1A
0.00%, 07/15/26 144AW†		800,000		800,000
ALM XII, Ltd. Series 2015-12A
2.21%, 04/16/27 144A†		440,000		440,000
AmeriCredit Automobile Receivables Trust Series 2014-1
2.15%, 03/09/20		825,000		827,489
AmeriCredit Automobile Receivables Trust Series 2014-3
3.13%, 10/08/20		915,000		929,046
AmeriCredit Automobile Receivables Trust Series 2016-2
1.60%, 11/09/20		590,000		590,019
2.21%, 05/10/21		790,000		792,677
2.87%, 11/08/21		230,000		232,445
AmeriCredit Automobile Receivables Trust Series 2016-3
1.46%, 05/10/21		1,280,000		1,276,619
AmeriCredit Automobile Receivables Trust Series 2017-1
1.87%, 08/18/21		210,000		210,011
AmeriCredit Automobile Receivables Trust Series 2017-2
1.98%, 12/20/21		1,360,000		1,361,935
AMMC CLO XIII, Ltd. Series 2013-13A
2.60%, 01/26/26 144AW†		2,000,000		2,000,007
0.00%, 07/24/29 144AW†		2,000,000		2,000,000
Apidos CLO XIV Series 2013-14A
2.31%, 04/15/25 144A†		2,090,000		2,092,055
2.86%, 04/15/25 144A†		250,000		250,319
Apidos CLO XIX Series 2014-19A
2.36%, 10/17/26 144A†		2,000,000		2,004,305

	Par		Value
Arbor Realty Commercial Real Estate, Ltd. Series 2016-FL1A
2.86%, 09/15/26 144A†	$	490,000	$	489,437
Arbor Realty Commercial Real Estate, Ltd. Series 2017-FL1A
2.46%, 04/15/27 144A†		1,610,000		1,617,853
ARES XXVI CLO, Ltd. Series 2013-1A
2.26%, 04/15/25 144A†		515,000		515,169
Atrium X Series 10A
2.04%, 07/16/25 144A†		2,950,000		2,954,429
Babson CLO, Ltd. Series 2013-IA
2.26%, 04/20/25 144A†		1,200,000		1,201,629
Babson CLO, Ltd. Series 2015-IA
4.01%, 04/20/27 144A†		600,000		602,717
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1
1.67%, 12/25/42†		68,566		67,860
Bear Stearns Asset-Backed Securities Trust Series 2007-HE7
2.22%, 10/25/37†		507,964		510,591
BlueMountain CLO, Ltd. Series 2012-1A
2.48%, 07/20/23 144A†		743,091		743,295
BlueMountain CLO, Ltd. Series 2013-4A
2.17%, 04/15/25 144A†		990,000		990,677
BMW Vehicle Owner Trust Series 2016-A
1.16%, 11/25/20		1,530,000		1,520,236
Bsprt Issuer, Ltd. Series 2017-FL1
2.43%, 06/15/27 144A†		550,000		554,126
Capital Auto Receivables Asset Trust Series 2016-2
2.11%, 03/22/21		170,000		170,052
2.42%, 06/21/21		340,000		340,071
Capital One Multi-Asset Execution Trust Series 2015-A2
2.08%, 03/15/23		1,000,000		1,005,234
Capital One Multi-Asset Execution Trust Series 2016-A4
1.33%, 06/15/22		2,320,000		2,301,164
Carlyle Global Market Strategies CLO, Ltd. Series 2014-1A
2.46%, 04/17/25 144A†		475,000		476,834
Cent CLO, Ltd. Series 2013-18A
2.27%, 07/23/25 144A†		1,400,000		1,400,536

See Notes to Financial Statements.

48

	Par		Value
Chesapeake Funding II LLC Series 2016-1A
2.11%, 03/15/28 144A	$	1,592,704	$	1,596,959
Chesapeake Funding II LLC Series 2016-2A
1.88%, 06/15/28 144A		1,876,756		1,874,891
CIFC Funding 2015-II, Ltd. Series 2015-2A
4.16%, 04/15/27 144A†		700,000		703,193
Citibank Credit Card Issuance Trust Series 2017-A3
1.92%, 04/07/22		2,010,000		2,013,348
CNH Equipment Trust Series 2016-B
1.63%, 08/15/21		1,020,000		1,018,476
CNH Equipment Trust Series 2016-C
1.44%, 12/15/21		1,140,000		1,132,386
Colony American Homes Series 2014-1A
2.36%, 05/17/31 144A†		515,032		518,199
Colony American Homes Series 2014-2A
2.17%, 07/17/31 144A†		650,324		650,802
Colony Starwood Homes Trust Series 2016-2A
2.46%, 12/17/33 144A†		1,077,530		1,087,884
Conseco Financial Corporation Series 1998-1
6.04%, 11/01/29		530		532
Credit Acceptance Auto Loan Trust Series 2015-1A
2.00%, 07/15/22 144A		517,870		518,121
Credit Acceptance Auto Loan Trust Series 2016-2A
2.42%, 11/15/23 144A		2,080,000		2,088,063
Credit Acceptance Auto Loan Trust Series 2017-1A
2.56%, 10/15/25 144A		1,020,000		1,023,635
CSAB Mortgage-Backed Trust Series 2006-2
5.72%, 09/25/36 STEP		390,488		240,827
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6
1.76%, 12/25/34†		1,307,814		1,273,718
Discover Card Execution Note Trust Series 2016-A4
1.39%, 03/15/22		2,220,000		2,202,292
Drive Auto Receivables Trust Series 2016-BA
3.19%, 07/15/22 144A		590,000		596,571
Drug Royalty II LP 2 Series 2014-1
4.01%, 07/15/23 144A†		143,956		144,851
Dryden Senior Loan Fund Series 2014-31A
2.24%, 04/18/26 144A†		590,000		590,615

	Par		Value
Dryden Senior Loan Fund Series 2015-41A
2.66%, 01/15/28 144A†	$	2,000,000	$	2,008,968
Dryden XXIV Senior Loan Fund Series 2012-24RA
2.47%, 11/15/23 144A†		700,278		701,341
Dryden XXVI Senior Loan Fund Series 2013-26A
2.26%, 07/15/25 144A†		400,000		401,006
Dryden XXVIII Senior Loan Fund Series 2013-28A
2.28%, 08/15/25 144A†		930,000		931,154
2.73%, 08/15/25 144A†		1,175,000		1,175,301
Enterprise Fleet Financing LLC Series 2016-2
1.74%, 02/22/22 144A		1,449,599		1,448,443
2.04%, 02/22/22 144A		730,000		727,371
Enterprise Fleet Financing LLC Series 2017-1
2.13%, 07/20/22 144A		380,000		380,767
2.60%, 07/20/22 144A		250,000		251,258
Enterprise Fleet Financing LLC Series 2017-2
1.97%, 01/20/23 144A		790,000		789,959
Freddie Mac Structured Pass-Through Certificates Series T-32
1.48%, 08/25/31†		412,713		405,110
GCAT Series 2015-2
3.75%, 07/25/20 144A STEP		203,908		204,846
GM Financial Automobile Leasing Trust Series 2016-1
3.24%, 03/20/20		800,000		808,868
GoldenTree Loan Opportunities VII, Ltd. Series 2013-7A
2.31%, 04/25/25 144A†		500,000		500,723
Greystone Commercial Real Estate Notes, Ltd. Series 2017-FL1A
2.54%, 03/15/27 144A†		900,000		902,621
GT Loan Financing I Ltd. Series 2013-1A
2.44%, 10/28/24 144A†		1,100,000		1,100,593
Honda Auto Receivables Owner Trust Series 2016-2
1.39%, 04/15/20		1,410,000		1,407,260
Hyundai Auto Receivables Trust Series 2016-A
1.56%, 09/15/20		940,000		939,823

See Notes to Financial Statements.

49

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Hyundai Auto Receivables Trust Series 2016-B
2.68%, 09/15/23	$	680,000	$	676,102
IFC SBA Loan-Backed Adjustable Rate Certificate Series 1997-1
1.50%, 01/15/24 144A†		36,927		35,634
Invitation Homes Trust Series 2014-SFR2
2.31%, 09/17/31 144A†		1,431,822		1,435,626
JP Morgan Mortgage Acquisition Corporation Series 2006-FRE2
1.40%, 02/25/36†		266,643		265,072
Kubota Credit Owner Trust Series 2016-1A
1.25%, 04/15/19 144A		705,917		704,889
LA Arena Funding LLC Series 1
7.66%, 12/15/26 144A		159,992		173,671
LCM XII LP Series 12A
2.42%, 10/19/22 144A†		515,545		515,799
LCM XVII LP Series 17A
2.51%, 10/15/26 144A†		1,250,000		1,253,094
Madison Park Funding XIV, Ltd. Series 2014-14A
2.28%, 07/20/26 144A†		250,000		250,323
2.71%, 07/20/26 144A†		1,370,000		1,373,093
Mercedes-Benz Master Owner Trust Series 2016-BA
1.86%, 05/17/21 144A†		1,354,000		1,365,887
Mercedes-Benz Master Owner Trust Series 2017-BA
1.58%, 05/16/22 144A†		1,750,000		1,753,614
MMAF Equipment Finance LLC Series 2017-AA
2.04%, 02/16/22 144A		2,210,000		2,213,199
Mountain Hawk II CLO, Ltd. Series 2013-2A
2.32%, 07/22/24 144A†		315,000		314,997
Navient Private Education Loan Trust Series 2014-CTA
1.86%, 09/16/24 144A†		88,740		88,799
Navient Student Loan Trust Series 2016-5A
2.47%, 06/25/65 144A†		731,984		744,579
Navient Student Loan Trust Series 2016-6A
1.97%, 03/25/66 144A†		1,500,000		1,506,925
Navient Student Loan Trust Series 2017-2A
2.27%, 12/27/66 144A†		1,480,419		1,491,085
Nelnet Student Loan Trust Series 2016-1A
2.02%, 09/25/65 144A†		1,679,930		1,699,856

	Par		Value
Nissan Auto Receivables Owner Trust Series 2016-A
1.59%, 07/15/22	$	2,860,000	$	2,844,819
Nissan Master Owner Receivables Trust Series 2016-A
1.54%, 06/15/21		1,440,000		1,432,607
Nissan Master Owner Receivables Trust Series 2017-B
1.59%, 04/18/22†		1,650,000		1,655,152
North Texas Higher Education Authority, Inc. Series 2011-1
2.25%, 04/01/40†		2,140,351		2,141,828
Octagon Investment Partners XVII, Ltd. Series 2013-1A
2.10%, 10/25/25 144A†		1,370,000		1,370,956
OneMain Financial Issuance Trust Series 2014-2A
2.47%, 09/18/24 144A		691,784		693,548
OneMain Financial Issuance Trust Series 2015-2A
2.57%, 07/18/25 144A		1,140,676		1,143,387
OZLM Funding II, Ltd. Series 2012-2A
2.61%, 10/30/27 144A†		950,000		953,234
PFS Financing Corporation Series 2016-BA
1.87%, 10/15/21 144A		290,000		289,024
Regatta V Funding, Ltd. Series 2014-1A
2.32%, 10/25/26 144A†		2,000,000		2,001,131
Santander Drive Auto Receivables Trust Series 2013-A
3.12%, 10/15/19 144A		311,939		312,868
Santander Drive Auto Receivables Trust Series 2014-3
2.65%, 08/17/20		210,000		211,414
Santander Drive Auto Receivables Trust Series 2014-4
2.60%, 11/16/20		1,237,725		1,243,442
Santander Drive Auto Receivables Trust Series 2015-1
3.24%, 04/15/21		320,000		324,538
Santander Drive Auto Receivables Trust Series 2015-2
3.02%, 04/15/21		555,000		562,216
Santander Drive Auto Receivables Trust Series 2016-2
1.56%, 05/15/20		500,000		499,968

See Notes to Financial Statements.

50

	Par		Value
2.66%, 11/15/21	$	640,000	$	644,782
Santander Drive Auto Receivables Trust Series 2017-1
1.77%, 09/15/20		190,000		190,104
Securitized Asset-Backed Receivables LLC Trust Series 2006-OP1
1.59%, 10/25/35†		2,007,278		1,999,502
SLC Student Loan Trust Series 2006-2
1.35%, 09/15/26†		1,180,824		1,178,325
SLM Private Credit Student Loan Trust Series 2003-B
1.65%, 03/15/22†		61,005		60,941
SLM Private Credit Student Loan Trust Series 2005-A
1.45%, 06/15/23†		2,595,937		2,589,050
SLM Private Education Loan Trust Series 2010-A
4.41%, 05/16/44 144A†		1,078,982		1,119,044
SLM Private Education Loan Trust Series 2011-B
3.74%, 02/15/29 144A		1,105,099		1,126,807
SLM Private Education Loan Trust Series 2014-A
2.31%, 01/15/26 144A†		1,245,000		1,256,179
2.59%, 01/15/26 144A		555,000		559,045
SLM Student Loan Trust Series 2003-5
0.00%, 06/17/24(E)†		475,040		540,532
SLM Student Loan Trust Series 2004-2
0.00%, 01/25/24(E)†		3,021,218		3,441,519
SLM Student Loan Trust Series 2004-3
1.33%, 07/25/23†		1,420,896		1,420,874
SLM Student Loan Trust Series 2005-8
1.71%, 01/25/28†		2,843,263		2,860,342
SMB Private Education Loan Trust Series 2016-A
2.70%, 05/15/31 144A		470,000		472,457
SMB Private Education Loan Trust Series 2016-B
2.43%, 02/17/32 144A		298,000		295,791
SoFi Professional Loan Program LLC Series 2015-A
2.19%, 03/25/33 144A†		585,023		594,305
SoFi Professional Loan Program LLC Series 2015-D
2.72%, 10/27/36 144A		690,559		698,010
SoFi Professional Loan Program LLC Series 2016-A
2.76%, 12/26/36 144A		581,070		587,167
SoFi Professional Loan Program LLC Series 2016-C
2.36%, 12/27/32 144A		210,000		208,611

	Par		Value
SoFi Professional Loan Program LLC Series 2016-D
1.53%, 04/25/33 144A	$	385,472	$	385,075
2.34%, 04/25/33 144A		190,000		188,514
SoFi Professional Loan Program LLC Series 2016-F
3.02%, 02/25/40 144A		1,782,843		1,791,962
SoFi Professional Loan Program LLC Series 2017-C
1.75%, 07/25/40 144A		870,000		869,422
Springleaf Funding Trust Series 2015-AA
3.16%, 11/15/24 144A		545,000		550,087
Structured Asset Securities Corporation Mortgage Loan Trust Series 2005-7XS
2.55%, 04/25/35†		354,918		340,005
Symphony CLO VIII LP Series 2012-8A
2.26%, 01/09/23 144A†		1,036,872		1,037,286
Synchrony Credit Card Master Note Trust Series 2015-2
1.60%, 04/15/21		1,500,000		1,500,469
Synchrony Credit Card Master Note Trust Series 2016-3
1.58%, 09/15/22		1,710,000		1,699,105
Towd Point Mortgage Trust Series 2016-3
2.25%, 04/25/56 144A†		854,081		853,619
Toyota Auto Receivables Owner Trust Series 2016-B
1.30%, 04/15/20		670,000		668,233
Treman Park CLO, Ltd. Series 2015-1A
2.53%, 04/20/27 144A†		1,000,000		1,004,947
Tryon Park CLO, Ltd. Series 2013-1A
2.28%, 07/15/25 144A†		1,770,000		1,771,958
2.71%, 07/15/25 144A†		1,175,000		1,176,565
Venture XVII CLO, Ltd. Series 2014-17A
0.00%, 07/15/26 144AW†		360,000		360,000
4.01%, 07/15/26 144A†		360,000		360,010
Verizon Owner Trust Series 2016-1A
1.42%, 01/20/21 144A		300,000		298,891
Vibrant CLO III, Ltd. Series 2015-3A
2.64%, 04/20/26 144A†		250,000		250,634
VOLT LIX LLC Series 2017-NPL6
3.25%, 05/25/47 144A STEP		972,219		972,943

See Notes to Financial Statements.

51

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
VOLT LVIII LLC Series 2017-NPL5
3.38%, 05/28/47 144A STEP	$	1,740,561	$	1,742,684
VOLT LX LLC Series 2017-NPL7
3.25%, 04/25/59 144A STEP		500,000		500,078
VOLT LXI LLC Series 2017-NPL8
3.13%, 06/25/47 144A STEP		600,000		600,000
VOLT XL LLC Series 2015-NP14
4.38%, 11/27/45 144A STEP		227,408		228,797
Voya CLO, Ltd. Series 2013-3A
2.66%, 01/18/26 144A†		1,000,000		1,000,829
Westlake Automobile Receivables Trust Series 2016-2A
2.30%, 11/15/19 144A		710,000		711,253
4.10%, 06/15/21 144A		350,000		355,785
Westlake Automobile Receivables Trust Series 2017-1A
2.70%, 10/17/22 144A		740,000		742,654
Wheels SPV 2 LLC Series 2016-1A
1.59%, 05/20/25 144A		219,690		219,710
Total Asset-Backed Securities (Cost $146,636,830)				147,196,890
CERTIFICATES OF DEPOSIT — 0.1%
Wells Fargo Bank NA
1.35%, 10/06/17†		900,000		900,000
COMMERCIAL PAPER — 0.8%
AXA SA
1.36%, 11/08/17W		2,000,000		1,990,250
Chevron Corporation
1.05%, 08/29/17W		900,000		898,466
1.04%, 09/25/17W		2,000,000		1,995,079
Coca-Cola Co.
1.01%, 09/13/17W		1,800,000		1,796,300
1.37%, 04/12/18W		700,000		692,519
Total Commercial Paper (Cost $7,372,614)				7,372,614
CORPORATE BONDS — 24.3%
Abbott Laboratories
2.35%, 11/22/19		285,000		287,308
AbbVie, Inc.
1.80%, 05/14/18D		870,000		871,282
2.30%, 05/14/21		2,300,000		2,296,399
2.85%, 05/14/23		1,000,000		999,107
ADT Corporation
6.25%, 10/15/21		150,000		164,063
AES Corporation
4.20%, 06/01/19†		260,000		260,650
7.38%, 07/01/21		435,000		500,250

	Par		Value
Aetna, Inc.
1.70%, 06/07/18	$	290,000	$	290,178
Air Lease Corporation
2.63%, 09/04/18		640,000		644,938
3.88%, 04/01/21D		440,000		459,366
2.63%, 07/01/22		500,000		496,145
American Express Credit Corporation
1.88%, 05/03/19		390,000		390,073
2.20%, 03/03/20		735,000		738,774
American Honda Finance Corporation
1.70%, 02/22/19D		500,000		500,682
1.20%, 07/12/19		650,000		643,976
American Tower Corporation REIT
2.80%, 06/01/20		508,000		515,251
3.45%, 09/15/21		610,000		629,670
2.25%, 01/15/22		2,700,000		2,635,504
AmeriGas Partners LP
5.50%, 05/20/25		270,000		276,750
Amgen, Inc.
1.90%, 05/10/19		1,045,000		1,046,452
2.20%, 05/11/20		200,000		201,149
Amphenol Corporation
2.20%, 04/01/20		365,000		366,203
Anadarko Petroleum Corporation
4.85%, 03/15/21		560,000		598,206
Analog Devices, Inc.
3.50%, 12/05/26		315,000		318,073
Apache Corporation
3.25%, 04/15/22D		306,000		310,786
Arconic, Inc.
5.40%, 04/15/21D		500,000		526,875
Ares Capital Corporation
3.63%, 01/19/22		1,325,000		1,341,701
Astoria Financial Corporation
3.50%, 06/08/20		480,000		482,939
AT&T, Inc.
2.30%, 03/11/19		1,070,000		1,076,789
2.02%, 07/15/21†		2,800,000		2,830,632
Athene Global Funding
2.75%, 04/20/20 144A		545,000		546,410
Autodesk, Inc.
1.95%, 12/15/17		350,000		350,560
AutoZone, Inc.
1.63%, 04/21/19		280,000		278,396
Aviation Capital Group Corporation
4.63%, 01/31/18 144A		500,000		507,807
2.88%, 09/17/18 144A		2,000,000		2,019,804
2.88%, 01/20/22 144A		415,000		413,971
Bank of America Corporation
6.88%, 04/25/18		800,000		832,668
2.20%, 01/15/19†		280,000		283,578
2.65%, 04/01/19		2,500,000		2,531,179

See Notes to Financial Statements.

52

	Par		Value
2.15%, 11/09/20D	$	195,000	$	194,273
3.12%, 01/20/23†		495,000		500,963
2.15%, 04/24/23†		1,015,000		1,019,419
2.88%, 04/24/23†		780,000		782,313
3.50%, 04/19/26		325,000		326,721
Baxalta, Inc.
2.00%, 06/22/18		210,000		210,389
Becton Dickinson and Co.
2.13%, 06/06/19		1,275,000		1,277,533
2.40%, 06/05/20D		325,000		325,753
BGC Partners, Inc.
5.13%, 05/27/21		1,400,000		1,476,885
BMW US Capital LLC
1.50%, 04/11/19 144A		430,000		428,415
Boston Scientific Corporation
2.65%, 10/01/18		1,800,000		1,817,078
3.38%, 05/15/22		1,100,000		1,133,625
Branch Banking & Trust Co.
1.45%, 05/10/19		1,180,000		1,171,152
Broadcom Corporation
2.38%, 01/15/20 144A		2,530,000		2,535,222
3.63%, 01/15/24 144A		455,000		466,123
Burlington Northern Santa Fe LLC
3.40%, 09/01/24		500,000		520,995
CA, Inc.
3.60%, 08/15/22		205,000		207,537
Cantor Fitzgerald LP
6.50%, 06/17/22 144A		750,000		840,457
Capital One Bank USA NA
2.25%, 02/13/19		500,000		501,527
Capital One Financial Corporation
2.17%, 03/09/22†		995,000		993,684
3.75%, 04/24/24		360,000		368,403
Capital One NA
2.35%, 01/31/20		1,030,000		1,030,954
Cardinal Health, Inc.
1.95%, 06/14/19		745,000		746,093
Caterpillar Financial Services Corporation
1.50%, 02/23/18D		300,000		299,687
1.90%, 03/22/19		640,000		642,571
1.67%, 01/10/20†		3,000,000		3,019,119
2.10%, 01/10/20		325,000		327,279
CBOE Holdings, Inc.
1.95%, 06/28/19		320,000		320,045
Celgene Corporation
2.13%, 08/15/18		310,000		311,282
CenturyLink, Inc.
5.63%, 04/01/20		530,000		562,627
Charter Communications Operating LLC
4.46%, 07/23/22		1,240,000		1,322,629
Chevron Corporation
1.69%, 02/28/19		390,000		390,367

	Par		Value
CIT Group, Inc.
5.50%, 02/15/19 144A	$	67,000	$	70,518
Citibank NA
2.00%, 03/20/19		870,000		873,457
2.10%, 06/12/20		1,050,000		1,050,773
Citigroup, Inc.
2.15%, 06/07/19†		1,000,000		1,009,595
2.45%, 01/10/20		820,000		825,414
2.75%, 04/25/22		1,100,000		1,099,487
2.63%, 09/01/23†		425,000		433,204
Citizens Bank NA
1.60%, 12/04/17		900,000		899,802
2.30%, 12/03/18		350,000		351,375
2.25%, 03/02/20		285,000		284,916
2.20%, 05/26/20		370,000		369,622
CNH Industrial Capital LLC
3.88%, 07/16/18		530,000		540,070
3.38%, 07/15/19D		275,000		280,156
3.88%, 10/15/21		145,000		149,169
Comcast Corporation
3.00%, 02/01/24		500,000		507,323
Community Health Systems, Inc.
5.13%, 08/01/21D		300,000		304,875
Compass Bank
1.85%, 09/29/17		500,000		500,139
Continental Airlines Class B Pass-Through Trust Series 2010-1
6.00%, 01/12/19		210,554		216,345
Crown Castle International Corporation REIT
4.88%, 04/15/22		325,000		355,419
Crown Castle Towers LLC
3.22%, 05/15/22 144A		1,500,000		1,539,585
D.R. Horton, Inc.
3.63%, 02/15/18		700,000		704,411
4.00%, 02/15/20		1,100,000		1,142,999
Daimler Finance North America LLC
2.00%, 08/03/18 144A		3,000,000		3,008,126
1.50%, 07/05/19 144A		1,090,000		1,079,938
2.20%, 05/05/20 144A		230,000		230,093
DCP Midstream Operating LP
2.70%, 04/01/19D		420,000		418,425
5.35%, 03/15/20 144A		275,000		287,375
Delta Air Lines, Inc.
2.88%, 03/13/20		465,000		471,384
3.63%, 03/15/22		185,000		190,119
Devon Energy Corporation
3.25%, 05/15/22D		115,000		114,419
Diamond 1 Finance Corporation
3.48%, 06/01/19 144AD		1,955,000		2,001,620
4.42%, 06/15/21 144A		300,000		316,546
5.88%, 06/15/21 144A		140,000		147,000

See Notes to Financial Statements.

53

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Discovery Communications LLC
4.38%, 06/15/21	$	220,000	$	232,419
DISH DBS Corporation
4.25%, 04/01/18		700,000		710,724
6.75%, 06/01/21		700,000		778,750
Dominion Energy, Inc.
1.50%, 09/30/18 144A		1,005,000		998,278
Dominion Resources, Inc.
2.96%, 07/01/19 STEP		200,000		203,088
2.58%, 07/01/20		335,000		336,971
DTE Energy Co.
1.50%, 10/01/19D		400,000		394,229
DXC Technology Co.
2.88%, 03/27/20 144AD		140,000		141,853
eBay, Inc.
2.50%, 03/09/18		280,000		281,664
2.15%, 06/05/20		950,000		950,692
2.09%, 01/30/23†		1,900,000		1,911,618
EI du Pont de Nemours & Co.
2.20%, 05/01/20D		365,000		367,131
Emera US Finance LP
2.15%, 06/15/19		250,000		249,886
Enbridge Energy Partners LP
4.38%, 10/15/20		625,000		658,318
Energy Transfer Equity LP
7.50%, 10/15/20		300,000		336,750
EnLink Midstream Partners LP
2.70%, 04/01/19D		685,000		683,788
Enterprise Products Operating LLC
1.65%, 05/07/18		75,000		74,953
Exelon Generation Co. LLC
2.95%, 01/15/20		70,000		71,121
Federal Express Corporation Pass-Through Trust Series 2012
2.63%, 01/15/18 144A		34,495		34,499
Fidelity National Information Services, Inc.
2.00%, 04/15/18		340,000		340,533
Fifth Third Bank
2.30%, 03/15/19D		370,000		372,411
FirstEnergy Corporation
2.75%, 03/15/18		1,000,000		1,006,527
2.85%, 07/15/22		257,000		257,055
Ford Motor Credit Co. LLC
2.10%, 01/09/18†		500,000		501,575
2.15%, 01/09/18		700,000		702,466
2.94%, 01/08/19D		1,300,000		1,317,191
2.06%, 03/12/19†		1,160,000		1,163,162
2.26%, 03/28/19D		265,000		265,834
2.02%, 05/03/19D		875,000		874,034
2.43%, 06/12/20D		1,135,000		1,135,435
2.56%, 03/28/22†		435,000		438,165
Fortive Corporation
1.80%, 06/15/19		200,000		198,661

	Par		Value
Freeport-McMoRan, Inc.
3.10%, 03/15/20	$	400,000	$	393,000
6.50%, 11/15/20		250,000		257,813
3.55%, 03/01/22		200,000		188,436
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A		395,000		439,438
GameStop Corporation
6.75%, 03/15/21 144AD		350,000		365,400
General Motors Financial Co., Inc.
4.75%, 08/15/17		5,800,000		5,819,932
3.10%, 01/15/19		175,000		177,457
2.40%, 05/09/19		780,000		782,437
2.09%, 04/13/20†		1,010,000		1,015,571
2.65%, 04/13/20		740,000		743,934
2.71%, 01/14/22†		895,000		913,181
3.15%, 06/30/22D		1,770,000		1,774,741
Georgia-Pacific LLC
3.73%, 07/15/23 144AD		500,000		524,721
Glencore Funding LLC
2.52%, 01/15/19 144A†		680,000		686,385
Goldman Sachs Group, Inc.
2.28%, 11/15/18†		580,000		586,145
2.30%, 12/13/19		155,000		155,512
2.60%, 12/27/20D		1,115,000		1,121,606
2.35%, 11/15/21		260,000		256,766
3.00%, 04/26/22		1,770,000		1,784,556
2.27%, 06/05/23†D		1,490,000		1,491,980
Great Plains Energy, Inc.
2.50%, 03/09/20		629,000		635,279
Hartford Financial Services Group, Inc.
5.13%, 04/15/22		93,000		103,346
HCA, Inc.
3.75%, 03/15/19		1,600,000		1,636,000
Hewlett Packard Enterprise Co.
2.45%, 10/05/17		658,000		659,685
2.85%, 10/05/18		2,581,000		2,603,879
HSBC USA, Inc.
1.79%, 11/13/19†		2,000,000		2,003,044
2.75%, 08/07/20		1,500,000		1,525,196
Hughes Satellite Systems Corporation
6.50%, 06/15/19		275,000		298,031
Huntington Bancshares, Inc.
2.30%, 01/14/22		450,000		443,714
Huntington National Bank
2.20%, 11/06/18		300,000		300,922
2.38%, 03/10/20D		940,000		943,929
Hyundai Capital America
2.40%, 10/30/18 144A		155,000		155,374
2.50%, 03/18/19 144A		710,000		712,480
2.55%, 04/03/20 144A		800,000		798,524
IAC/InterActiveCorp
4.88%, 11/30/18		234,000		236,223

See Notes to Financial Statements.

54

	Par		Value
International Lease Finance Corporation
5.88%, 04/01/19	$	800,000	$	850,012
6.25%, 05/15/19D		1,300,000		1,394,976
4.63%, 04/15/21D		350,000		373,178
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		283,405
Iron Mountain, Inc. REIT
4.38%, 06/01/21 144A		435,000		452,400
J.B. Hunt Transport Services, Inc.
2.40%, 03/15/19		620,000		623,618
John Deere Capital Corporation
1.95%, 01/08/19		550,000		552,292
JPMorgan Chase & Co.
6.30%, 04/23/19		320,000		344,495
2.20%, 10/22/19		975,000		978,444
2.38%, 10/29/20†		5,900,000		6,028,779
1.88%, 06/01/21†		1,265,000		1,267,450
2.06%, 04/25/23†		680,000		680,996
KeyBank NA
1.70%, 06/01/18		900,000		901,109
2.35%, 03/08/19		440,000		442,964
Kinder Morgan Energy Partners LP
6.50%, 04/01/20		90,000		99,075
3.50%, 03/01/21D		325,000		333,064
5.00%, 10/01/21		300,000		322,496
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144A		2,300,000		2,348,065
Kinder Morgan, Inc.
2.00%, 12/01/17		210,000		210,134
3.05%, 12/01/19		290,000		295,203
Kraft Heinz Foods Co.
2.00%, 07/02/18		1,830,000		1,835,081
Lam Research Corporation
2.75%, 03/15/20		203,000		205,713
Lehman Escrow Bonds
0.00%, 01/18/12W#		600,000		37,500
0.00%, 12/28/17+W#		2,600,000		—
Lennar Corporation
4.50%, 06/15/19		1,100,000		1,141,250
4.13%, 01/15/22D		1,250,000		1,296,875
4.50%, 04/30/24		320,000		331,552
Masco Corporation
5.95%, 03/15/22		683,000		771,799
Metropolitan Life Global Funding I
1.95%, 12/03/18 144A		670,000		670,919
Moody’s Corporation
2.75%, 12/15/21		255,000		257,404
Morgan Stanley
2.45%, 02/01/19		560,000		563,956
1.89%, 07/23/19†		940,000		946,913
2.38%, 07/23/19		1,253,000		1,262,307

	Par		Value
2.31%, 01/27/20†	$	1,350,000	$	1,370,936
2.75%, 05/19/22		275,000		275,127
Motorola Solutions, Inc.
3.50%, 09/01/21		1,900,000		1,961,014
National Oilwell Varco, Inc.
1.35%, 12/01/17D		660,000		659,179
National Retail Properties, Inc. REIT
5.50%, 07/15/21		151,000		165,853
Navient Corporation
5.50%, 01/15/19		1,800,000		1,878,750
8.00%, 03/25/20D		200,000		224,000
6.63%, 07/26/21		400,000		431,500
6.50%, 06/15/22D		390,000		413,888
New York Life Global Funding
1.55%, 11/02/18 144A		710,000		708,911
Newell Brands, Inc.
2.15%, 10/15/18		240,000		240,683
2.60%, 03/29/19		121,000		122,231
Newmont Mining Corporation
3.50%, 03/15/22		280,000		289,849
NextEra Energy Capital Holdings, Inc.
1.65%, 09/01/18		230,000		229,370
Nissan Motor Acceptance Corporation
1.95%, 09/12/17 144A		520,000		520,265
2.00%, 03/08/19 144A		6,120,000		6,126,184
2.25%, 01/13/20 144A		310,000		310,874
Northwest Airlines Class G-2 Pass-Through Trust Series 2002-1
6.26%, 11/20/21		71,407		76,316
Nuance Communications, Inc.
5.38%, 08/15/20 144A		274,000		279,138
NuStar Logistics LP
6.75%, 02/01/21		250,000		273,750
NUVEEN FINANCE LLC
2.95%, 11/01/19 144A		1,400,000		1,420,803
NVIDIA Corporation
2.20%, 09/16/21		520,000		514,715
ONEOK, Inc.
4.25%, 02/01/22		300,000		311,250
Oracle Corporation
1.90%, 09/15/21		1,100,000		1,090,983
Pennsylvania Electric Co.
5.20%, 04/01/20		500,000		528,568
Penske Truck Leasing Co. LP
3.38%, 03/15/18 144A		2,900,000		2,934,284
2.50%, 06/15/19 144A		190,000		191,053
3.20%, 07/15/20 144A		1,000,000		1,026,284
3.38%, 02/01/22 144AD		650,000		666,529
PepsiCo, Inc.
1.35%, 10/04/19		320,000		317,279

See Notes to Financial Statements.

55

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Pioneer Natural Resources Co.
6.88%, 05/01/18	$	400,000	$	416,105
Plains All American Pipeline LP
6.50%, 05/01/18		900,000		932,276
Prudential Financial, Inc.
1.96%, 08/15/18†		500,000		503,364
QEP Resources, Inc.
6.88%, 03/01/21		155,000		161,587
QUALCOMM, Inc.
1.85%, 05/20/19		485,000		486,239
Radian Group, Inc.
5.25%, 06/15/20		270,000		287,550
Regency Energy Partners LP
5.88%, 03/01/22D		325,000		358,364
Reliance Standard Life Global Funding II
2.15%, 10/15/18 144A		1,490,000		1,493,484
Rockies Express Pipeline LLC
6.00%, 01/15/19 144A		285,000		298,538
Rockwell Collins, Inc.
1.95%, 07/15/19		535,000		536,050
S&P Global, Inc.
2.50%, 08/15/18		270,000		271,958
3.30%, 08/14/20		800,000		820,750
Sabine Pass Liquefaction LLC
5.63%, 02/01/21D		1,170,000		1,274,717
6.25%, 03/15/22D		1,100,000		1,246,834
Santander Holdings USA, Inc.
3.70%, 03/28/22 144A		815,000		826,409
Seagate HDD Cayman
3.75%, 11/15/18		660,000		676,252
4.25%, 03/01/22 144A		535,000		544,377
Sherwin-Williams Co. (The)
2.25%, 05/15/20		925,000		927,708
Sirius XM Radio, Inc.
3.88%, 08/01/22 144A		470,000		476,025
SLM Corporation
5.13%, 04/05/22		580,000		593,050
Smithfield Foods, Inc.
2.70%, 01/31/20 144A		250,000		251,629
Southern California Edison Co.
1.85%, 02/01/22		1,071,428		1,058,301
Southern Co.
2.95%, 07/01/23		1,500,000		1,492,417
Sprint Communications, Inc.
9.00%, 11/15/18 144A		313,000		340,093
Sprint Spectrum Co., LLC
3.36%, 09/20/21 144A		1,270,000		1,284,288
Stanley Black & Decker, Inc.
2.45%, 11/17/18		530,000		535,340
Starwood Property Trust, Inc. REIT
5.00%, 12/15/21 144A		275,000		286,687

	Par		Value
Stryker Corporation
2.00%, 03/08/19	$	550,000	$	551,744
Synchrony Bank
3.00%, 06/15/22		490,000		488,346
Synchrony Financial
1.88%, 08/15/17		3,050,000		3,050,726
2.60%, 01/15/19D		370,000		372,107
3.00%, 08/15/19		390,000		395,692
2.40%, 02/03/20†		950,000		957,534
Targa Resources Partners LP
4.13%, 11/15/19		150,000		152,437
Tech Data Corporation
3.70%, 02/15/22		390,000		398,374
TECO Finance, Inc.
1.76%, 04/10/18†		1,500,000		1,503,644
Tenet Healthcare Corporation
6.25%, 11/01/18		275,000		290,194
Thermo Fisher Scientific, Inc.
2.15%, 12/14/18		200,000		200,821
3.30%, 02/15/22		1,900,000		1,965,355
TimeWarner Cable LLC
6.75%, 07/01/18		1,000,000		1,046,459
Toyota Motor Credit Corporation
1.70%, 02/19/19		490,000		490,699
Unit Corporation
6.63%, 05/15/21		175,000		168,438
United States Steel Corporation
8.38%, 07/01/21 144A		1,410,000		1,554,525
UnitedHealth Group, Inc.
1.90%, 07/16/18		420,000		421,609
US Airways Class B Pass-Through Trust Series 2011-1B
9.75%, 10/22/18		653,551		725,441
US Airways Class B Pass-Through Trust Series 2012-1B
8.00%, 10/01/19		250,904		271,930
Verizon Communications, Inc.
1.72%, 05/22/20†		1,480,000		1,481,732
2.95%, 03/15/22 144A		710,000		715,713
2.25%, 03/16/22†		1,275,000		1,290,831
Volkswagen Group of America Finance LLC
1.60%, 11/20/17 144A		1,370,000		1,369,140
Vulcan Materials Co.
1.85%, 06/15/20†		645,000		645,234
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19		790,000		802,854
WEA Finance LLC REIT
2.70%, 09/17/19 144A		260,000		262,283
Wells Fargo & Co.
2.11%, 02/11/22†		755,000		761,782
3.07%, 01/24/23		1,470,000		1,491,539

See Notes to Financial Statements.

56

	Par		Value
West Corporation
4.75%, 07/15/21 144A	$	310,000	$	316,588
Williams Partners LP
4.00%, 11/15/21D		162,000		168,718
WR Grace & Co-Conn
5.13%, 10/01/21 144A		135,000		145,125
Xilinx, Inc.
2.95%, 06/01/24D		165,000		165,596
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		300,000		316,125
Zimmer Biomet Holdings, Inc.
2.00%, 04/01/18		3,610,000		3,617,197
2.70%, 04/01/20		190,000		191,854
Zoetis, Inc.
3.45%, 11/13/20		300,000		310,494
Total Corporate Bonds (Cost $228,055,093)				229,936,043
FOREIGN BONDS — 17.5%
Australia — 1.4%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A		1,500,000		1,527,646
Australia & New Zealand Banking Group, Ltd.
2.05%, 09/23/19		975,000		975,749
Commonwealth Bank of Australia
2.05%, 03/15/19D		590,000		590,760
Macquarie Group, Ltd.
4.88%, 08/10/17 144A		355,000		356,129
National Australia Bank, Ltd.
2.25%, 03/16/21 144AD		1,500,000		1,498,116
Suncorp-Metway, Ltd.
2.10%, 05/03/19 144A		1,700,000		1,696,549
2.35%, 04/27/20 144A		420,000		419,166
Virgin Australia Pass-Through Trust Series 2013-1A
5.00%, 10/23/23 144A		375,405		392,299
Westpac Banking Corporation
1.95%, 11/23/18		1,270,000		1,272,753
1.60%, 08/19/19		1,760,000		1,746,873
2.15%, 03/06/20		1,245,000		1,247,918
2.10%, 02/25/21 144A		1,500,000		1,493,252
Woodside Finance, Ltd.
4.60%, 05/10/21 144A		400,000		422,311
				13,639,521
Bermuda — 0.0%
Enstar Group, Ltd.
4.50%, 03/10/22D		275,000		284,011

	Par		Value
Canada — 1.5%
Air Canada Class C Pass-Through Trust Series 2013-1C
6.63%, 05/15/18 144A	$	710,000	$	733,963
Bank of Nova Scotia
1.88%, 04/26/21		3,035,000		3,007,169
Canadian Natural Resources, Ltd.
1.75%, 01/15/18D		480,000		480,023
Enbridge, Inc.
2.90%, 07/15/22		365,000		364,693
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A		1,031,000		1,032,623
National Bank of Canada
1.76%, 01/17/20†		400,000		401,408
Province of Alberta Canada
1.90%, 12/06/19		1,000,000		1,002,680
1.75%, 08/26/20 144A		1,000,000		995,327
Province of Ontario Canada
2.40%, 02/08/22		1,000,000		1,008,371
Royal Bank of Canada
1.63%, 04/15/19		1,320,000		1,314,646
2.20%, 09/23/19		247,000		248,032
2.10%, 10/14/20		1,050,000		1,048,700
Toronto-Dominion Bank
2.50%, 01/18/22 144A		2,600,000		2,619,714
TransCanada PipeLines, Ltd.
3.13%, 01/15/19		115,000		117,054
				14,374,403
Chile — 0.1%
Itau CorpBanca
3.88%, 09/22/19 144A		500,000		516,041
China — 0.5%
Alibaba Group Holding, Ltd.
1.63%, 11/28/17 144A		200,000		200,043
Baidu, Inc.
2.25%, 11/28/17		1,940,000		1,944,646
2.88%, 07/06/22		485,000		482,663
CNOOC Finance 2013, Ltd.
1.75%, 05/09/18D		1,000,000		998,715
Sinopec Group Overseas Development 2017, Ltd.
2.38%, 04/12/20 144AD		970,000		970,881
				4,596,948
Denmark — 2.0%
AP Moeller - Maersk A/S
2.55%, 09/22/19 144A		670,000		674,951
BRFkredit A/S
1.00%, 01/01/18(D)		17,400,000		2,692,878

See Notes to Financial Statements.

57

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Nordea Kredit Realkreditaktieselskab
2.00%, 01/01/18(D)	$	103,000,000	$	16,031,942
				19,399,771
Finland — 0.1%
Nokie OYJ
5.38%, 05/15/19D		79,000		83,764
3.38%, 06/12/22		635,000		641,414
				725,178
France — 1.7%
BNP Paribas SA
2.95%, 05/23/22 144A		240,000		242,664
3.80%, 01/10/24 144A		335,000		349,379
BPCE SA
2.39%, 05/22/22 144A†		545,000		550,218
2.08%, 05/31/22†		1,560,000		1,559,632
Credit Agricole Corporate and Investment Bank
1.54%, 07/12/17†		750,000		750,049
Credit Agricole SA
3.38%, 01/10/22 144AD		680,000		698,915
Dexia Credit Local SA
2.25%, 02/18/20		2,100,000		2,104,733
Engie SA
1.50%, 07/20/17(E)		2,000,000		2,286,157
France Treasury Bill BTF
0.00%, 08/30/17(E)W		6,650,000		7,602,369
				16,144,116
Germany — 1.2%
Erste Abwicklungsanstalt
1.43%, 03/09/20†		6,000,000		6,020,955
IHO Verwaltungs GmbH Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		400,000		408,500
KFW
1.88%, 11/30/20D		1,095,000		1,096,100
State of North Rhine-Westphalia Germany
1.50%, 09/17/18†		4,000,000		4,011,164
				11,536,719
India — 0.1%
Export-Import Bank of India
3.88%, 10/02/19		1,000,000		1,028,785
2.75%, 04/01/20		300,000		300,248
				1,329,033
Ireland — 0.8%
AerCap Ireland Capital DAC
4.63%, 10/30/20		650,000		691,333
3.50%, 05/26/22D		460,000		472,592
Johnson Controls International PLC
1.40%, 11/02/17		130,000		129,926

	Par		Value
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19	$	4,565,000	$	4,546,254
2.40%, 09/23/21		890,000		880,498
2.88%, 09/23/23		200,000		198,515
SMBC Aviation Capital Finance DAC
2.65%, 07/15/21 144A		390,000		383,293
Willis Towers Watson PLC
5.75%, 03/15/21		34,000		37,541
				7,339,952
Israel — 0.2%
Israel Electric Corporation, Ltd.
5.63%, 06/21/18		1,500,000		1,550,250
Italy — 0.1%
Intesa Sanpaolo SpA
5.02%, 06/26/24 144A		200,000		203,128
Telecom Italia Capital SA
7.00%, 06/04/18		200,000		209,250
Wind Acquisition Finance SA
4.75%, 07/15/20 144A		830,000		840,790
				1,253,168
Japan — 0.9%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
2.26%, 09/14/18 144A†		800,000		806,958
Daiwa Securities Group, Inc.
3.13%, 04/19/22 144AD		435,000		438,506
Japan Finance Organization for Municipalities
1.50%, 09/12/17		200,000		199,859
Mitsubishi UFJ Financial Group, Inc.
3.00%, 02/22/22D		198,000		201,071
Mitsubishi UFJ Trust & Banking Corporation
2.65%, 10/19/20 144A		700,000		704,785
Mizuho Bank, Ltd.
1.70%, 09/25/17 144A		700,000		700,363
2.00%, 10/03/17†		750,000		751,386
2.40%, 03/26/20 144A		510,000		510,665
Mizuho Financial Group, Inc.
2.14%, 02/28/22†		805,000		809,322
2.95%, 02/28/22		245,000		247,270
Sumitomo Mitsui Banking Corporation
1.76%, 10/19/18		400,000		399,520
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		1,100,000		1,082,092
2.85%, 01/11/22D		335,000		338,915
Sumitomo Mitsui Trust Bank, Ltd.
2.05%, 03/06/19 144A		870,000		870,207

See Notes to Financial Statements.

58

	Par		Value
2.05%, 10/18/19 144A	$	520,000	$	518,682
				8,579,601
Luxembourg — 0.1%
ArcelorMittal
5.75%, 08/05/20D		500,000		540,625
6.75%, 02/25/22D		375,000		423,750
				964,375
Mexico — 0.0%
Petroleos Mexicanos
3.50%, 07/18/18		283,000		287,132
Netherlands — 2.1%
ABN AMRO Bank NV
2.10%, 01/18/19 144A		1,745,000		1,749,472
Bank Nederlandse Gemeenten NV
1.25%, 06/25/18		2,000,000		1,996,356
Deutsche Telekom International Finance BV
2.23%, 01/17/20 144A		620,000		621,313
2.82%, 01/19/22 144A		985,000		991,675
Enel Finance International NV
2.88%, 05/25/22 144A		200,000		200,504
ING Bank NV
2.00%, 11/26/18 144A		1,010,000		1,011,046
2.30%, 03/22/19 144A		360,000		361,796
5.80%, 09/25/23 144A		755,000		853,667
ING Groep NV
2.45%, 03/29/22†		365,000		371,268
LeasePlan Corporation NV
2.50%, 05/16/18 144A		700,000		702,017
2.88%, 01/22/19 144A		2,500,000		2,508,868
Mondelez International Holdings Netherlands BV
1.63%, 10/28/19 144A		560,000		555,052
Mylan NV
2.50%, 06/07/19 144A		610,000		615,161
Nederlandse Waterschapsbank NV
1.28%, 10/13/17†		6,000,000		6,002,511
NXP BV
4.13%, 06/01/21 144A		620,000		654,410
3.88%, 09/01/22 144A		200,000		208,750
				19,403,866
New Zealand — 0.2%
BNZ International Funding, Ltd.
1.90%, 02/26/18 144A		2,000,000		2,002,116
Norway — 0.2%
DNB Boligkreditt AS
2.00%, 05/28/20 144A		1,500,000		1,499,310
Peru — 0.1%
Banco de Credito del Peru
2.25%, 10/25/19 144A		220,000		220,869

	Par		Value
Fondo MIVIVIENDA SA
3.50%, 01/31/23 144A	$	690,000	$	700,005
				920,874
Singapore — 0.7%
DBS Bank, Ltd.
3.63%, 09/21/22†		200,000		200,663
ST Engineering Financial I, Ltd.
4.80%, 07/16/19D		6,000,000		6,329,838
				6,530,501
South Korea — 0.9%
Hyundai Capital Services, Inc.
1.63%, 08/30/19 144A		520,000		510,366
3.00%, 03/06/22 144A		550,000		548,425
Industrial Bank of Korea
2.38%, 07/17/17		2,500,000		2,500,278
KEB Hana Bank
3.50%, 10/25/17		800,000		804,342
Korea Western Power Co., Ltd.
2.88%, 10/10/18D		3,000,000		3,026,225
KT Corporation
2.63%, 04/22/19		800,000		806,113
				8,195,749
Sweden — 0.2%
Stadshypotek AB
2.50%, 04/05/22 144A		1,000,000		1,005,037
Svenska Handelsbanken AB
1.50%, 09/06/19		835,000		826,918
				1,831,955
Switzerland — 0.9%
Credit Suisse Group AG
3.57%, 01/09/23 144A		570,000		584,706
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21†		1,500,000		1,574,558
3.80%, 09/15/22		450,000		468,092
UBS AG
2.38%, 08/14/19		250,000		252,353
2.20%, 06/08/20 144A		1,790,000		1,792,572
4.75%, 05/22/23†		600,000		612,845
UBS Group Funding Switzerland AG
2.94%, 04/14/21 144A†		900,000		932,437
2.41%, 05/23/23 144A†D		1,455,000		1,478,034
3.49%, 05/23/23 144AD		450,000		460,911
				8,156,508
Taiwan — 0.0%
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		369,321

See Notes to Financial Statements.

59

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
United Arab Emirates — 0.1%
ADCB Finance Cayman, Ltd.
3.00%, 03/04/19	$	1,000,000	$	1,011,036
United Kingdom — 1.4%
Barclays Bank PLC
1.71%, 03/16/18†		800,000		799,870
Barclays PLC
3.29%, 08/10/21†		700,000		734,515
3.68%, 01/10/23		310,000		318,407
4.38%, 09/11/24		785,000		795,645
BP Capital Markets PLC
1.68%, 05/03/19		367,000		365,863
2.52%, 01/15/20		79,000		80,130
HBOS PLC
1.92%, 09/06/17†		1,000,000		999,590
HSBC Holdings PLC
2.95%, 05/25/21		650,000		658,627
3.26%, 03/13/23†		555,000		565,884
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 144A		300,000		304,875
Lloyds Banking Group PLC
3.00%, 01/11/22		480,000		485,250
4.50%, 11/04/24		745,000		777,020
Pentair Finance SA
2.90%, 09/15/18		353,000		356,749
Royal Bank of Scotland Group PLC
2.65%, 05/15/23†		1,580,000		1,593,883
Santander UK Group Holdings PLC
2.88%, 08/05/21		3,700,000		3,711,836
Santander UK PLC
2.50%, 03/14/19		370,000		373,087
Standard Chartered PLC
2.10%, 08/19/19 144A		580,000		578,166
				13,499,397
Total Foreign Bonds (Cost $163,908,803)				165,940,852
MORTGAGE-BACKED SECURITIES — 19.9%
American Home Mortgage Assets Trust Series 2006-5
1.65%, 11/25/46†		763,762		410,081
American Home Mortgage Investment Trust Series 2004-3
3.28%, 10/25/34†		119,450		120,225
Americold LLC Series 2010-ARTA
2.64%, 01/14/29 144A†		1,536,260		1,540,078
3.85%, 01/14/29 144A		701,432		723,843
AOA Mortgage Trust Series 2015-1177
2.96%, 12/13/29 144A		780,000		796,761

	Par		Value
Apollo Trust Series 2009-1
2.92%, 10/03/40(A)†	$	175,076	$	133,465
Banc of America Commercial Mortgage Trust Series 2007-4
6.16%, 02/10/51†		423,200		423,344
Banc of America Commercial Mortgage Trust Series 2007-5
5.49%, 02/10/51		499,801		500,495
Banc of America Funding Trust Series 2006-J
3.56%, 01/20/47†		300,730		283,884
Banc of America Mortgage Trust Series 2003-L
3.62%, 01/25/34†		89,826		86,357
Banc of America Mortgage Trust Series 2004-2
6.50%, 10/25/31		45,619		48,089
Banc of America Mortgage Trust Series 2004-I
3.26%, 10/25/34†		172,396		172,328
BBCMS Trust Series 2015-RRI
2.41%, 05/15/32 144A†		2,103,959		2,106,645
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-8
3.43%, 01/25/34†		185,828		187,387
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-5
3.93%, 07/25/34†		200,386		198,780
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-7
3.41%, 10/25/34†		15,402		15,407
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
3.26%, 03/25/35†		316,988		320,674
Bear Stearns ALT-4 Trust Series 2004-10
1.88%, 09/25/34†		1,268,371		1,229,508
Bear Stearns ALT-4 Trust Series 2004-13
1.96%, 11/25/34†		90,974		90,030
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
6.08%, 06/11/50†		1,055,000		1,067,019
Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26
5.51%, 01/12/45†		285,670		290,113
BLCP Hotel Trust Series 2014-CLRN
2.11%, 08/15/29 144A†		1,516,809		1,518,551

See Notes to Financial Statements.

60

	Par		Value
CDGJ Commercial Mortgage Trust Series 2014-BXCH
2.56%, 12/15/27 144A†	$	465,417	$	466,412
CFCRE Commercial Mortgage Trust Series 2017-C8
3.37%, 06/15/50		1,500,000		1,538,637
CGBAM Commercial Mortgage Trust Series 2015-SMRT
3.21%, 04/10/28 144A		850,000		861,216
CGDB Commercial Mortgage Trust Series 2017-BIO
1.80%, 05/15/30 144A†		770,000		771,522
Chicago Skyscraper Trust Series 2017-SKY
1.96%, 02/15/30 144A†		570,000		571,728
CHL Mortgage Pass-Through Trust Series 2004-29
1.76%, 02/25/35†		105,318		100,801
Citigroup Commercial Mortgage Trust Series 2013-SMP
2.11%, 01/12/30 144A		1,184,736		1,186,467
Citigroup Commercial Mortgage Trust Series 2015-SHP2
2.44%, 07/15/27 144A†		1,035,000		1,036,766
CLNS Trust Series 2017-IKPR
1.80%, 06/11/32 144A†		420,000		420,734
COBALT Commercial Mortgage Trust Series 2007-C3
6.06%, 05/15/46†		70,010		70,703
COMM Mortgage Trust Series 2013-CR12
2.90%, 10/10/46		2,055,000		2,083,287
COMM Mortgage Trust Series 2013-SFS
1.87%, 04/12/35 144A		482,349		475,331
COMM Mortgage Trust Series 2014-PAT
1.79%, 08/13/27 144A†		100,000		100,083
COMM Mortgage Trust Series 2014-TWC
1.98%, 02/13/32 144A†		1,728,000		1,732,735
COMM Mortgage Trust Series 2015-LC21
1.00%, 07/10/48 IO†		6,767,151		295,904
COMM Trust Series 2013-GAM
1.71%, 02/10/28 144A		693,599		689,820
Core Industrial Trust Series 2015-TEXW
3.08%, 02/10/34 144A		1,450,000		1,489,189
CSAIL Commercial Mortgage Trust Series 2016-C6
1.98%, 01/15/49 IO†		995,969		111,924

	Par		Value
CSMC Trust Series 2013-IVR2
1.55%, 04/25/43 144A†	$	782,252	$	744,656
CSMC Trust Series 2017-1
4.50%, 03/25/21		707,209		709,471
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4
5.87%, 10/25/36 STEP		270,530		257,830
5.89%, 10/25/36 STEP		270,530		257,826
Eurosail-UK PLC Series 2007-4X
0.59%, 06/13/45(U)†		20,670		26,958
Fannie Mae Connecticut Avenue Securities Series 2013-C01
3.22%, 10/25/23†		301,076		304,585
Fannie Mae Connecticut Avenue Securities Series 2014-C01
2.82%, 01/25/24†		408,951		413,550
Fannie Mae Connecticut Avenue Securities Series 2014-C02
2.17%, 05/25/24†		424,939		426,632
Fannie Mae Connecticut Avenue Securities Series 2014-C03
2.42%, 07/25/24†		166,378		166,656
Fannie Mae Connecticut Avenue Securities Series 2016-C01
3.17%, 08/25/28†		1,389,358		1,406,581	��
Fannie Mae Connecticut Avenue Securities Series 2016-C02
3.37%, 09/25/28†		496,105		503,267
Fannie Mae Connecticut Avenue Securities Series 2016-C05
2.57%, 01/25/29†		706,563		712,447
Fannie Mae Connecticut Avenue Securities Series 2017-C02
2.37%, 09/25/29†		2,744,056		2,769,136
Fannie Mae Connecticut Avenue Securities Series 2017-C04
2.07%, 11/25/29†		2,171,293		2,180,980
FDIC Guaranteed Notes Trust Series 2010-S1
3.25%, 04/25/38 144A		198,529		199,856
FDIC Guaranteed Notes Trust Series 2010-S4
1.71%, 12/04/20 144A†		1,123,686		1,122,372
FDIC Trust Series 2010-R1
2.18%, 05/25/50 144A		286,566		287,353
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		27,470		28,185
5.00%, 02/01/19		33,177		34,040

See Notes to Financial Statements.

61

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.00%, 12/01/19	$	86,929	$	89,765
5.50%, 05/01/22		253,045		261,981
3.06%, 07/01/27†		6,549		6,901
2.85%, 11/01/31†		42,982		45,128
3.01%, 04/01/32†		6,506		6,817
3.00%, 07/17/32 TBA		4,100,000		4,210,507
2.89%, 06/01/33†		534,661		557,840
2.75%, 10/01/34†		115,470		122,493
3.48%, 08/01/35†		453,858		480,100
2.62%, 09/01/35†		220,068		230,744
2.93%, 10/01/35†		265,841		279,606
3.21%, 04/01/36†		336,530		352,400
Federal Home Loan Mortgage Corporation REMIC Series 3228
1.66%, 10/15/36†		1,974,009		1,984,783
Federal Home Loan Mortgage Corporation REMIC Series 3710
4.00%, 08/15/25 STEP		209,710		223,676
Federal Home Loan Mortgage Corporation REMIC Series 3959
4.50%, 11/15/41		526,313		564,362
Federal Home Loan Mortgage Corporation REMIC Series 3986
4.50%, 09/15/41		550,979		588,389
Federal Home Loan Mortgage Corporation REMIC Series 4274
3.50%, 10/15/35		463,508		481,064
Federal Home Loan Mortgage Corporation REMIC Series 4390
3.50%, 06/15/50		576,596		597,607
Federal Home Loan Mortgage Corporation REMIC Series 4446
3.50%, 12/15/50		1,138,399		1,181,779
Federal Home Loan Mortgage Corporation REMIC Series 4459
3.00%, 08/15/43		807,072		824,839
Federal Home Loan Mortgage Corporation REMIC Series 4482
3.00%, 06/15/42		465,417		477,013
Federal Home Loan Mortgage Corporation REMIC Series 4493
3.00%, 02/15/44		610,267		624,437
Federal Home Loan Mortgage Corporation REMIC Series 4494
3.75%, 10/15/42		759,413		795,814
Federal Home Loan Mortgage Corporation REMIC Series 4593
4.00%, 04/15/54		1,371,974		1,473,695

	Par		Value
Federal National Mortgage Association
5.00%, 07/01/19	$	18,453	$	18,953
5.00%, 05/01/21		120,619		123,584
5.00%, 11/01/21		57,407		58,818
3.74%, 09/01/23		2,838,787		3,019,863
2.67%, 12/01/24 CONV†		11,772		12,017
2.50%, 06/01/31		2,212,109		2,225,114
2.50%, 07/01/31		279,567		281,214
2.82%, 09/01/31†		52,465		54,728
2.50%, 10/01/31		500,050		502,993
2.50%, 11/01/31		3,908,798		3,930,036
2.50%, 12/01/31		1,033,000		1,037,752
2.50%, 01/01/32		1,263,458		1,269,849
2.50%, 02/01/32		342,482		344,058
2.50%, 04/01/32		500,000		502,300
2.50%, 07/01/32		893,235		901,798
2.50%, 07/17/32 TBA		14,267,000		14,343,135
3.50%, 07/17/32 TBA		2,675,000		2,783,463
4.00%, 07/17/32 TBA		1,445,000		1,494,785
4.50%, 07/17/32 TBA		510,000		521,714
2.30%, 08/01/32†		438,053		454,026
2.50%, 08/01/32		500,000		504,238
2.84%, 12/01/32†		356,260		379,033
2.64%, 04/01/33†		93,165		98,644
2.75%, 06/01/33†		55,572		59,178
3.26%, 06/01/33†		47,971		50,569
3.30%, 10/01/33†		133,827		141,203
3.19%, 12/01/33†		58,941		62,291
2.67%, 09/01/34†		185,202		196,975
2.60%, 10/01/34†		106,604		112,443
2.74%, 10/01/34†		133,263		141,805
3.27%, 02/01/35†		178,362		188,262
2.97%, 09/01/35†		260,347		274,129
3.32%, 12/01/35†		8,311		8,493
3.24%, 05/01/38†		2,125,863		2,249,486
1.89%, 08/01/42†		336,459		341,753
3.51%, 09/01/42†		886,348		925,307
2.72%, 07/01/43†		1,472,260		1,506,084
1.89%, 07/01/44†		185,488		188,538
1.89%, 10/01/44†		159,737		162,283
2.71%, 06/01/45†		1,580,200		1,610,120
Federal National Mortgage Association ACES Series 2015-M4
0.65%, 07/25/22 IO†		23,008,257		534,654
Federal National Mortgage Association ACES Series 2016-M6
1.79%, 06/25/19		1,437,726		1,439,582
Federal National Mortgage Association REMIC Series 2004-80
4.00%, 11/25/19		13,581		13,686

See Notes to Financial Statements.

62

	Par		Value
Federal National Mortgage Association REMIC Series 2006-98
1.65%, 10/25/36†	$	298,941	$	300,244
Federal National Mortgage Association REMIC Series 2007-100
1.77%, 10/25/37†		578,277		583,028
Federal National Mortgage Association REMIC Series 2010-72
1.94%, 07/25/40†		1,357,699		1,377,958
Federal National Mortgage Association REMIC Series 2011-48
4.00%, 06/25/26 STEP		308,901		325,496
Federal National Mortgage Association REMIC Series 2011-87
1.77%, 09/25/41†		1,679,813		1,696,995
Federal National Mortgage Association REMIC Series 2012-79
1.67%, 07/25/42†		404,064		406,579
Federal National Mortgage Association REMIC Series 2015-38
1.31%, 06/25/55†		622,929		621,352
Federal National Mortgage Association REMIC Series 2016-11
1.50%, 03/25/46†		3,371,796		3,376,210
Federal National Mortgage Association REMIC Series 2016-40
1.45%, 07/25/46†		3,867,225		3,865,630
FHLMC Multifamily Structured Pass Through Certificates Series KIR2
2.75%, 03/25/27		506,625		514,346
FHLMC Multifamily Structured Pass Through Certificates Series KP03
1.78%, 07/25/19		2,308,870		2,310,941
FHLMC Multifamily Structured Pass Through Certificates Series KW01
1.12%, 01/25/26 IO†		2,679,777		172,062
FHLMC Structured Agency Credit Risk Debt Notes Series 2013-DN2
2.67%, 11/25/23†		150,197		150,871
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA2
2.47%, 10/25/28†		266,963		267,698
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2
2.42%, 10/25/29†		2,091,203		2,122,132

	Par		Value
FHLMC Structured Pass-Through Certificates Series T-56
2.22%, 05/25/43†	$	564,428	$	577,982
FHLMC Structured Pass-Through Certificates Series T-61
2.09%, 07/25/44†		775,407		785,546
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
3.13%, 06/25/34†		228,080		224,498
FNBA Mortgage Loan Trust Series 2004-AR1
1.61%, 08/19/34†		1,008,562		995,585
GAHR Commercial Mortgage Trust Series 2015-NRF
2.29%, 12/15/34 144A†		364,263		365,038
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.48%, 12/10/49†		171,771		171,614
Giovecca Mortgages S.r.l. Series 2011-1
0.27%, 04/23/48(E)†		83,375		95,402
Gosforth Funding PLC Series 2016-1A
0.92%, 02/15/58 144A(U)†		859,823		1,124,788
Government National Mortgage Association
2.13%, 06/20/21†		1,497		1,527
2.38%, 03/20/22†		85,377		87,047
2.38%, 01/20/23†		15,487		15,924
2.13%, 05/20/24†		31,009		31,842
2.13%, 07/20/25†		41,476		42,655
2.13%, 08/20/25†		10,909		11,224
2.25%, 11/20/25†		38,538		39,652
2.25%, 12/20/26†		53,460		55,124
2.13%, 07/20/27†		1,284		1,325
2.25%, 10/20/27†		20,740		21,412
8.50%, 10/15/29		22,074		22,657
8.50%, 03/15/30		552		554
8.50%, 04/15/30		4,519		4,599
8.50%, 05/15/30		59,485		61,951
2.13%, 05/20/30†		32,588		33,740
8.50%, 07/15/30		45,776		48,656
8.50%, 08/15/30		6,516		6,720
8.50%, 11/15/30		7,322		7,673
8.50%, 12/15/30		26,586		30,190
8.50%, 02/15/31		15,826		16,496
Government National Mortgage Association Series 2000-9
1.77%, 02/16/30†		56,084		56,552

See Notes to Financial Statements.

63

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Government National Mortgage Association Series 2007-30
1.51%, 05/20/37†	$	157,837	$	157,598
Government National Mortgage Association Series 2011-H08
1.59%, 02/20/61†		1,303,541		1,307,441
Government National Mortgage Association Series 2013-H13
1.51%, 05/20/63†		2,038,038		2,045,959
Government National Mortgage Association Series 2016-H07
1.76%, 02/20/66†		1,254,910		1,260,798
Government National Mortgage Association Series 2016-H22
1.76%, 10/20/66†		2,481,505		2,499,367
Government National Mortgage Association Series 2017-H09
2.55%, 04/20/67†		3,008,531		3,106,934
Government National Mortgage Association Series 2017-H10
2.55%, 04/20/67†		3,501,011		3,616,518
GRACE Mortgage Trust Series 2014-GRCE
3.37%, 06/10/28 144A		1,250,000		1,299,481
GreenPoint Mortgage Funding Trust Series 2005-AR5
1.49%, 11/25/45†		168,580		149,376
GreenPoint Mortgage Funding Trust Series 2006-OH1
1.40%, 01/25/37†		524,937		487,176
GS Mortgage Securities Trust Series 2013-GC13
3.72%, 07/10/46†		2,700,000		2,836,444
GSR Mortgage Loan Trust Series 2004-11
3.52%, 09/25/34†		287,431		291,919
GSR Mortgage Loan Trust Series 2005-AR6
3.11%, 09/25/35†		185,292		188,813
Impac CMB Trust Series 2003-1
2.02%, 03/25/33†		184,063		181,006
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
1.41%, 09/25/46†		618,872		547,830
IndyMac INDX Mortgage Loan Trust Series 2007-FLX3
1.29%, 06/25/37†		334,591		253,060

	Par		Value
JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4
4.11%, 07/15/46 144A	$	1,318,174	$	1,340,987
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX
3.48%, 06/15/45		1,310,000		1,363,863
3.48%, 06/15/45 144A		800,000		832,894
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FL6
2.56%, 11/15/31 144A†		140,695		141,073
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4
0.96%, 12/15/49 IO†		1,993,219		95,975
JP Morgan Mortgage Trust Series 2005-A1
3.50%, 02/25/35†		47,515		47,165
JP Morgan Mortgage Trust Series 2013-1
2.50%, 03/25/43 144A†		248,486		247,914
JP Morgan Mortgage Trust Series 2016-2
2.68%, 06/25/46 144A†		1,228,417		1,234,085
JP Morgan Mortgage Trust Series 2017-1
3.50%, 01/25/47 144A†		2,987,236		3,064,397
JP Morgan Mortgage Trust Series 2017-2
3.00%, 05/25/47 144A†		1,486,779		1,503,211
LB-UBS Commercial Mortgage Trust Series 2007-C6
6.11%, 07/15/40†		1,309,437		1,311,141
LB-UBS Commercial Mortgage Trust Series 2007-C7
6.41%, 09/15/45†		2,130,000		2,157,898
LSTAR Commercial Mortgage Trust Series 2017-5
2.42%, 03/10/50 144A		2,437,450		2,445,868
Luminent Mortgage Trust Series 2006-7
1.19%, 12/25/36†		591,079		521,625
MASTR Adjustable Rate Mortgages Trust Series 2003-6
3.30%, 12/25/33†		270,698		270,440
Merrill Lynch Mortgage Investors Trust Series 2004-1
3.08%, 12/25/34†		293,647		295,202

See Notes to Financial Statements.

64

	Par		Value
Merrill Lynch Mortgage Investors Trust Series 2006-1
3.01%, 02/25/36†	$	336,142	$	335,250
Mill City Mortgage Loan Trust Series 2016-1
2.50%, 04/25/57 144A†		1,452,716		1,459,142
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12
3.82%, 10/15/46		1,500,000		1,581,416
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
2.66%, 05/15/46		300,000		304,984
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.04%, 04/15/48		2,000,000		2,045,967
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32
0.92%, 12/15/49 IO†		1,992,491		108,071
Morgan Stanley Capital I Trust Series 2014-CPT
3.35%, 07/13/29 144A		815,000		846,244
National RMBS Trust Series 2012-2
2.72%, 06/20/44(A)†		192,942		148,910
NCUA Guaranteed Notes Trust Series 2010-R3
1.64%, 12/08/20†		2,002,502		2,013,926
NCUA Guaranteed Notes Trust Series 2011-C1
1.72%, 03/09/21†		902,854		901,205
New Residential Mortgage Loan Trust Series 2017-3
4.00%, 04/25/57 144A†		2,581,924		2,709,284
New Residential Mortgage Loan Trust Series 2017-4
4.00%, 05/25/57 144A†		2,790,000		2,790,000
RAIT Trust Series 2017-FL7
2.10%, 06/15/37 144A†		380,000		380,150
Resource Capital Corporation, Ltd. Series 2017-CRE5
1.89%, 07/15/34 144A†		540,000		540,000
RFMSI Trust Series 2003-S9
6.50%, 03/25/32		9,914		10,233
Rochester Financing No. 1 PLC Series 1
1.79%, 07/16/46(U)†		242,023		317,105
Sequoia Mortgage Trust Series 2012-1
2.87%, 01/25/42†		163,035		165,441
Sequoia Mortgage Trust Series 2013-1
1.45%, 02/25/43†		343,272		336,121

	Par		Value
Sequoia Mortgage Trust Series 2013-4
1.55%, 04/25/43†	$	458,173	$	447,853
Springleaf Mortgage Loan Trust Series 2013-2A
1.78%, 12/25/65 144A†		140,126		140,194
Structured Adjustable Rate Mortgage Loan Trust Series 2004-10
3.35%, 08/25/34†		368,016		361,487
1.52%, 09/25/34†		88,924		83,430
Structured Asset Mortgage Investments II Trust Series 2005-AR5
1.46%, 07/19/35†		89,394		85,626
Structured Asset Mortgage Investments II Trust Series 2005-AR8
1.50%, 02/25/36†		476,470		438,231
TBW Mortgage-Backed Trust Series 2007-2
6.01%, 07/25/37 STEP		312,411		235,628
TORRENS Trust Series 2013-1
2.57%, 04/12/44(A)†		951,951		730,689
Waldorf Astoria Boca Raton Trust Series 2016-BOCA
2.51%, 06/15/29 144A†		210,000		210,701
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
2.13%, 06/25/42†		12,882		12,445
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR8
2.70%, 08/25/33†		294,612		301,402
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2
1.53%, 01/25/45†		477,693		467,271
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19
1.47%, 01/25/47†		451,928		367,936
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5
1.71%, 06/25/46†		879,147		848,494
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
3.00%, 02/25/37†		345,800		316,739

See Notes to Financial Statements.

65

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY5
2.85%, 05/25/37†	$	392,245	$	322,380
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY7
2.85%, 07/25/37†		1,092,686		909,488
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5
1.57%, 05/25/47†		145,809		30,614
Wells Fargo Commercial Mortgage Trust Series 2010-C1
3.35%, 11/15/43 144A		650,675		663,477
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
3.48%, 08/15/50		200,000		209,088
Wells Fargo Commercial Mortgage Trust Series 2014-NXS5
2.71%, 01/15/59 144A†		2,000,000		2,059,930
Wells Fargo Commercial Mortgage Trust Series 2014-TISH
3.91%, 01/15/27 144A†		790,000		780,268
2.19%, 02/15/27 144A†		550,000		549,458
Wells Fargo Mortgage-Backed Securities Trust Series 2004-EE
3.24%, 12/25/34†		225,538		228,679
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.37%, 08/25/33†		45,549		46,851
Total Mortgage-Backed Securities (Cost $189,651,561)				188,324,181
MUNICIPAL BONDS — 1.5%
California Earthquake Authority, Revenue Bond
2.81%, 07/01/19		1,300,000		1,309,087
Energy Northwest, Columbia Generating Station, Revenue Bond, Series 2014-B
1.79%, 07/01/18		400,000		401,424
New York City Transitional Finance Authority Future Tax Secured, Revenue Bond
1.90%, 02/01/20		4,560,000		4,554,232

	Par		Value
State of California, General Obligation, Series B
1.62%, 12/01/31†	$	3,000,000	$	3,036,540
State of California, General Obligation, Series C
2.01%, 04/01/47†		1,500,000		1,505,670
State of Texas, General Obligation, Series C-2
1.63%, 06/01/19†		3,300,000		3,299,472
Total Municipal Bonds (Cost $14,068,389)				14,106,425
	Notional Amount
PURCHASED OPTION — 0.0%
Call Swaption — 0.0%
3-Month LIBOR, Strike Price 1.67%, Expires 09/06/17 (MSCS)
(Cost $18,707)		13,100,000		18,061
	Par
U.S. TREASURY OBLIGATIONS — 19.3%
U.S. Treasury Bills
1.00%, 11/09/17W		9,000,000		8,966,286
1.19%, 05/24/18WD		5,000,000		4,946,377
				13,912,663
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/20‡‡		5,700,000		5,962,988
0.13%, 04/15/22‡‡D		9,900,000		9,912,152
				15,875,140
U.S. Treasury Notes
0.88%, 01/31/18‡‡		1,155,000		1,153,043
0.88%, 03/31/18		4,500,000		4,487,432
0.88%, 05/31/18		1,090,000		1,086,189
0.63%, 06/30/18		18,500,000		18,382,941
1.00%, 08/15/18		15,000,000		14,950,493
1.00%, 09/15/18‡‡		5,740,000		5,719,147
1.13%, 01/31/19D		10,100,000		10,064,690
1.13%, 02/28/19		13,000,000		12,952,264
1.00%, 03/15/19		6,540,000		6,500,404
1.25%, 04/30/19		9,750,000		9,727,146
1.25%, 05/31/19D		200,000		199,535
0.88%, 06/15/19D		240,000		237,694
1.25%, 06/30/19		10,200,000		10,172,909
0.75%, 07/15/19		9,858,000		9,731,887
1.38%, 01/15/20		8,320,000		8,300,173
1.50%, 05/15/20		9,730,000		9,720,119
1.50%, 06/15/20		4,430,000		4,424,203

See Notes to Financial Statements.

66

	Par			Value
2.38%, 05/15/27D	$	24,600,000		$	24,759,039
					152,569,308
Total U.S. Treasury Obligations (Cost $183,013,844)					182,357,111
	Shares
MONEY MARKET FUNDS — 5.1%
GuideStone Money Market Fund (Investor Class)¥		38,996,714			38,996,714
Northern Institutional Government Asset Portfolio		1,958,762			1,958,762
Northern Institutional Liquid Assets Portfolio§		6,997,952			6,997,952
(Cost $47,953,428)					47,953,428
TOTAL INVESTMENTS — 105.6% (Cost $996,789,765)					999,239,649
	Par
SECURITY SOLD SHORT — (1.7)%
U.S. Treasury Note 1.75%, 05/31/22 (Cost $(16,431,735))		(16,500,000	)		(16,405,257	)
Liabilities in Excess of Other Assets — (3.9)%					(37,123,266	)
NET ASSETS — 100.0%				$	945,711,126

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		24.3
Mortgage-Backed Securities		19.9
U.S. Treasury Obligations		19.3
Foreign Bonds		17.5
Asset-Backed Securities		15.5
Money Market Funds		5.1
Agency Obligations		1.6
Municipal Bonds		1.5
Commercial Paper		0.8
Certificates of Deposit		0.1
Purchased Option		—	**
Security Sold Short		(1.7	)
		103.9

** Rounds to less than 0.05%

See Notes to Financial Statements.

67

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2017:

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.IG27 Index		(1.00	)%		12/20/21		ICE		USD		12,200,000	$	(253,830	)	$	(195,714	)	$	(58,116	)
Dow Jones CDX.NA.IG28 Index		(1.00	)%		06/20/22		ICE		USD		15,900,000		(298,449	)		(251,725	)		(46,724	)
Dow Jones CDX.NA.IG28 Index		(1.00	)%		06/20/22		CME		USD		2,834,000		(53,195	)		(44,589	)		(8,606	)
												$	(605,474	)	$	(492,028	)	$	(113,446	)

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		(2.00	)%		06/15/21		CME		USD		13,600,000	$	(82,382	)	$	(251,891	)	$	169,509
MXN-TIIE-Banxico		5.80	%		09/06/21		CME		MXN		258,400,000		(489,781	)		(532,063	)		42,282
MXN-TIIE-Banxico		7.20	%		12/03/21		CME		MXN		66,100,000		66,197			(46,152	)		112,349
3-Month LIBOR		(1.50	)%		06/21/27		CME		USD		28,300,000		2,034,481			2,470,792			(436,311	)
												$	1,528,515		$	1,640,686		$	(112,171	)
Total Swap agreements outstanding at June 30, 2017												$	923,041		$	1,148,658		$	(225,617	)

See Notes to Financial Statements.

68

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	15,134,044	$	—	$	15,134,044	$	—
Asset-Backed Securities		147,196,890		—		147,196,890		—
Certificates of Deposit		900,000		—		900,000		—
Commercial Paper		7,372,614		—		7,372,614		—
Corporate Bonds		229,936,043		—		229,936,043		—
Foreign Bonds:
Australia		13,639,521		—		13,639,521		—
Bermuda		284,011		—		284,011		—
Canada		14,374,403		—		14,374,403		—
Chile		516,041		—		516,041		—
China		4,596,948		—		4,596,948		—
Denmark		19,399,771		—		19,399,771		—
Finland		725,178		—		725,178		—
France		16,144,116		—		16,144,116		—
Germany		11,536,719		—		11,536,719		—
India		1,329,033		—		1,329,033		—
Ireland		7,339,952		—		7,339,952		—
Israel		1,550,250		—		1,550,250		—
Italy		1,253,168		—		1,253,168		—
Japan		8,579,601		—		8,579,601		—
Luxembourg		964,375		—		964,375		—
Mexico		287,132		—		287,132		—
Netherlands		19,403,866		—		19,403,866		—
New Zealand		2,002,116		—		2,002,116		—
Norway		1,499,310		—		1,499,310		—
Peru		920,874		—		920,874		—
Singapore		6,530,501		—		6,530,501		—
South Korea		8,195,749		—		8,195,749		—
Sweden		1,831,955		—		1,831,955		—
Switzerland		8,156,508		—		8,156,508		—
Taiwan		369,321		—		369,321		—
United Arab Emirates		1,011,036		—		1,011,036		—
United Kingdom		13,499,397		—		13,499,397		—
Money Market Funds		47,953,428		47,953,428		—		—
Mortgage-Backed Securities		188,324,181		—		188,324,181		—
Municipal Bonds		14,106,425		—		14,106,425		—
Puchased Option		18,061		—		18,061		—
U.S. Treasury Obligations		182,357,111		—		182,357,111		—
Total Assets — Investments in Securities	$	999,239,649	$	47,953,428	$	951,286,221	$	—

See Notes to Financial Statements.

69

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
Other Financial Instruments***
Futures Contracts	$	68,008		$	68,008	$	—		$	—
Swap Agreements		923,041			—		923,041			—
Total Assets — Other Financial Instruments	$	991,049		$	68,008	$	923,041		$	—
Liabilities:
Investments in Securities:
Security Sold Short	$	(16,405,257	)	$	—	$	(16,405,257	)	$	—
Total Liabilities — Investments in Securities	$	(16,405,257	)	$	—	$	(16,405,257	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(1,576,418	)	$	—	$	(1,576,418	)	$	—
Total Liabilities — Other Financial Instruments	$	(1,576,418	)	$	—	$	(1,576,418	)	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forwards contracts), and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and “Forward Foreign Currency Contracts” disclosures in the Notes to Financial Statements and the “Swap agreements outstanding” disclosure on the preceding pages(s), respectively.

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2017.

The unobservable inputs used in the fair value measurement of the reporting entity’s asset-backed securities, corporate bonds, foreign bonds, mortgagebacked 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 Value			Asset-Backed Securities			Corporate Bonds			Mortgage-Backed Securities
Balance, 12/31/16	$	46,004,470		$	44,497,928		$	260,645		$	1,245,897
Accrued discounts/premiums		4,282			8,639			(4,357	)		—
Realized gain (loss)		75,423			75,304			—			119
Change in unrealized appreciation (depreciation)		34,992			38,314			(754	)		(2,568	)
Purchases		—			—			—			—
Sales		(9,845,715	)		(9,781,741	)		—			(63,974	)
Transfers in to Level 3		—			—			—			—
Transfers out of Level 3(1)		(27,021,497	)		(25,899,125	)		—			(1,122,372	)
Maturities		(6,891,463	)		(6,635,929	)		(255,534	)		—
Paydowns		(2,360,492	)		(2,303,390	)		—			(57,102	)
Balance, 06/30/17	$	—		$	—		$	—		$	—

⁽¹⁾  Transfers out of Level 3 represent the value of securities at June 30, 2017 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.

70

MEDIUM-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 0.8%
Federal Home Loan Bank
3.38%, 12/08/23	$	200,000	$	213,612
Federal National Mortgage Association
2.51%, 10/09/19W		3,350,000		3,214,662
2.63%, 09/06/24		200,000		205,394
1.88%, 09/24/26		2,200,000		2,088,545
6.25%, 05/15/29		500,000		679,394
6.63%, 11/15/30		1,170,000		1,675,146
Tennessee Valley Authority
3.88%, 02/15/21		1,000,000		1,074,554
Total Agency Obligations (Cost $8,919,804)				9,151,307
ASSET-BACKED SECURITIES — 7.1%
Academic Loan Funding Trust Series 2012-1A
2.32%, 12/27/44 144A†		1,250,000		1,248,350
Access Group, Inc. Series 2015-1
1.92%, 07/25/56 144A†		372,647		373,138
AmeriCredit Automobile Receivables Series 2016-1
1.52%, 06/10/19		170,007		170,021
ARES XXXIII CLO, Ltd. Series 2015-1A
2.57%, 12/05/25 144A†		1,000,000		1,004,518
AUTO ABS Series 2012-3
0.60%, 09/27/24		125,837		147,913
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1
6.00%, 10/25/36		1,361,452		1,059,298
6.50%, 10/25/36		2,288,147		1,754,512
Benefit Street Partners CLO II Ltd.
0.00%, 07/15/29 144A†		1,400,000		1,400,000
BlueMountain CLO, Ltd. Series 2012-2A
2.59%, 11/20/28 144A†		1,250,000		1,256,086
BlueMountain CLO, Ltd. Series 2014-2A
4.31%, 07/20/26 144A†		1,250,000		1,250,000
4.61%, 07/20/26 144A†		1,000,000		1,000,066
BlueMountain CLO, Ltd. Series 2015-1A
2.49%, 04/13/27 144A†		1,000,000		1,000,945
Capital One Multi-Asset Execution Trust Series 2016-A1
1.61%, 02/15/22†		800,000		804,965
Carlyle Global Market Strategies CLO, Ltd. Series 2014-4
4.76%, 10/15/26 144A†		1,000,000		1,008,130
Cent CLO 21, Ltd. Series 2014-21A
2.38%, 07/27/26 144A†		500,000		496,200

	Par		Value
Chapel BV Series 2007
0.03%, 07/17/66†	$	646,506	$	733,479
Community Funding CLO, Ltd. Series 2015-1A
5.75%, 11/01/27 144A STEP		860,000		861,689
CWHEQ Revolving Home Equity Loan Trust Series 2005-F
1.40%, 12/15/35†		173,679		165,993
CWHEQ Revolving Home Equity Loan Trust Series 2006-E
1.30%, 07/15/36†		295,431		260,344
ECMC Group Student Loan Trust Series 2016-1A
2.57%, 07/26/66 144A†		911,429		913,793
ECMC Group Student Loan Trust Series 2017-1A
2.42%, 12/27/66 144A†		2,158,803		2,163,061
Edsouth Indenture No. 7 LLC Series 2014-3
1.82%, 02/25/36 144A†		923,167		906,530
EFS Volunteer No. 2 LLC Series 2012-1
2.57%, 03/25/36 144A†		1,200,000		1,221,143
EFS Volunteer No. 3 LLC Series 2012-1
2.22%, 04/25/33 144A†		2,100,000		2,114,687
EMC Mortgage Loan Trust Series 2003-B
2.12%, 11/25/41 144A†		17,956		17,334
Financial Asset Securities Corporation AAA Trust Series 2005-1A
1.63%, 02/27/35 144A†		923,468		842,079
Ford Credit Floorplan Master Owner Trust A Series 2015-4
1.76%, 08/15/20†		500,000		502,450
Fremont Home Loan Trust Series 2005-E
1.46%, 01/25/36†		196,143		196,459
Galaxy XV CLO, Ltd. Series 2013-15A
3.01%, 04/15/25 144A†		500,000		500,994
GMACM Home Equity Loan Trust Series 2007-HE3
6.81%, 09/25/37†		88,470		91,825
7.00%, 09/25/37†		29,649		30,425
Goal Capital Funding Trust Series 2007-1
1.24%, 09/25/28†		78,429		78,367
Golden Credit Card Trust Series 2016-5A
1.60%, 09/15/21 144A		900,000		895,540
Golden Credit Card Trust Series 2017-2A
1.98%, 04/15/22 144A		1,100,000		1,100,194

See Notes to Financial Statements.

71

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GSAMP Trust Series 2007-HS1
2.07%, 02/25/47†	$	527,774	$	524,094
Hertz Vehicle Financing II LP Series 2015-1A
2.73%, 03/25/21 144A		350,000		348,264
Higher Education Funding I Series 2014-1
2.24%, 05/25/34 144A†		954,580		951,797
Invitation Homes Trust Series 2015-SFR2
3.30%, 06/17/32 144A†		250,000		251,263
Jackson Mill CLO, Ltd. Series 2015-1A
2.70%, 04/15/27 144A†		1,000,000		1,001,808
JGWPT XXXIII LLC Series 2014-3A
3.50%, 06/15/77 144A		391,086		387,148
Kabbage Asset Securitization LLC Series 2017-1
5.79%, 03/15/22 144A		1,240,000		1,261,500
LCM XXIII, Ltd. Series 23A
2.56%, 10/20/29 144A†		1,000,000		999,989
Mississippi Higher Education Assistance Corporation Series 2014-1
1.90%, 10/25/35†		632,421		625,011
Montana Higher Education Student Assistance Corporation Series 2012-1
2.26%, 07/20/43†		700,000		689,576
Navient Student Loan Trust Series 2016-5A
2.47%, 06/25/65 144A†		2,104,455		2,140,665
Navient Student Loan Trust Series 2016-7A
2.37%, 03/25/66 144A†		1,027,741		1,039,905
Navient Student Loan Trust Series 2017-2A
2.27%, 12/27/66 144A†		2,220,628		2,236,628
Nelnet Student Loan Trust Series 2006-1
1.64%, 08/23/36 144A†		1,200,000		1,155,503
Nelnet Student Loan Trust Series 2006-2
1.26%, 01/25/30†		1,057,615		1,055,421
OHA Loan Funding, Ltd. Series 2015-1A
2.59%, 08/15/29 144A†		1,000,000		1,001,366
OZLM XV, Ltd. Series 2016-15A
3.62%, 01/20/29 144A†		1,000,000		1,009,117
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2
2.28%, 10/01/35†		344,623		343,976
Park Place Securities, Inc. Pass-Through Trust Certificates Series 2005-WCH1
2.06%, 01/25/36†		100,000		99,384

	Par		Value
PHEAA Student Loan Trust Series 2012-1A
1.77%, 05/25/57 144A†	$	1,082,818	$	1,070,772
PHEAA Student Loan Trust Series 2016-1A
2.37%, 09/25/65 144A†		852,073		861,483
PHEAA Student Loan Trust Series 2016-2A
2.17%, 11/25/65 144A†		1,908,378		1,915,186
Prosper Marketplace Issuance Trust Series 2017-1A
2.56%, 06/15/23 144A		1,110,000		1,112,820
RAMP Trust Series 2005-EFC6
1.65%, 11/25/35†		1,900,000		1,857,752
Saxon Asset Securities Trust Series 2004-1
2.01%, 03/25/35†		549,007		539,446
SBA Small Business Investment Cos. Series 2016-10A
2.51%, 03/10/26		518,825		524,090
Scholar Funding Trust Series 2010-A
1.92%, 10/28/41 144A†		325,376		321,009
SLC Student Loan Trust Series 2005-3
1.37%, 06/15/29†		900,000		893,812
SLM Private Education Loan Trust Series 2010-A
4.41%, 05/16/44 144A†		449,576		466,268
SLM Student Loan EDC Repackaging Trust Series 2013-M1
3.50%, 10/28/29 144A		182,101		179,370
SLM Student Loan Trust Series 2003-7A
2.45%, 12/15/33 144A†		978,540		989,835
SLM Student Loan Trust Series 2004-8A
1.79%, 01/25/40 144A†		900,000		890,034
SLM Student Loan Trust Series 2005-4
1.28%, 01/25/27†		175,874		175,009
SLM Student Loan Trust Series 2005-5
1.30%, 10/25/28†		900,000		890,313
1.91%, 10/25/40†		250,000		244,989
SLM Student Loan Trust Series 2006-2
1.27%, 07/25/25†		756,390		756,386
SLM Student Loan Trust Series 2007-7
1.49%, 01/25/22†		510,869		503,407
1.91%, 10/27/70†		400,000		364,152
SLM Student Loan Trust Series 2008-2
1.91%, 04/25/23†		168,996		168,351
SLM Student Loan Trust Series 2008-4
2.81%, 07/25/22†		474,052		486,133

See Notes to Financial Statements.

72

	Par		Value
SLM Student Loan Trust Series 2008-5
2.86%, 07/25/23†	$	1,840,331	$	1,892,039
SLM Student Loan Trust Series 2008-6
2.26%, 07/25/23†		650,000		654,610
SLM Student Loan Trust Series 2008-8
2.66%, 04/25/23†		400,000		409,799
SLM Student Loan Trust Series 2008-9
2.66%, 04/25/23†		2,476,020		2,531,052
SoFi Consumer Loan Program LLC Series 2017-4
2.50%, 05/26/26 144A		1,120,000		1,120,850
Soundview Home Loan Trust Series 2006-OPT2
1.40%, 05/25/36†		746,242		740,618
TIAA CLO II, Ltd. Series 2017-1A
2.49%, 04/20/29 144A†		3,950,000		3,955,718
Utah State Board of Regents Series 2015-1
1.82%, 02/25/43†		645,536		647,224
Vibrant CLO VI, Ltd.
2.52%, 06/20/29 144A†		2,750,000		2,750,000
Voya CLO, Ltd. Series 2014-4A
0.00%, 10/14/26 144A†		2,000,000		2,000,000
Voya CLO, Ltd. Series 2017-3A
2.55%, 07/20/30 144A†		4,150,000		4,150,000
Washington Mutual Asset-Backed Certificates Trust Series 2006-HE1
1.40%, 04/25/36†		180,264		180,098
Total Asset-Backed Securities (Cost $80,865,198)				80,935,568
CERTIFICATES OF DEPOSIT — 0.1%
Abbey National Treasury
1.40%, 07/07/17		100,000		100,004
Mitsubishi UFJ Trust & Banking Corporation
1.99%, 09/19/17†		1,100,000		1,101,638
Total Certificates Of Deposit (Cost $1,200,000)				1,201,642
CORPORATE BONDS — 19.3%
21st Century Fox America, Inc.
3.70%, 09/15/24		625,000		654,377
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		43,643
Abbott Laboratories
3.75%, 11/30/26		260,000		265,924
4.75%, 11/30/36		170,000		185,629
4.90%, 11/30/46		210,000		232,234
AbbVie, Inc.
2.50%, 05/14/20		225,000		227,760

	Par		Value
2.30%, 05/14/21	$	200,000	$	199,687
2.85%, 05/14/23		1,650,000		1,648,526
3.60%, 05/14/25		140,000		143,046
AES Corporation
4.88%, 05/15/23		40,000		40,950
5.50%, 03/15/24D		100,000		104,625
Aetna, Inc.
2.80%, 06/15/23		225,000		224,915
Allison Transmission, Inc.
5.00%, 10/01/24 144A		200,000		205,500
Amazon.com, Inc.
3.30%, 12/05/21		525,000		547,799
4.95%, 12/05/44D		220,000		260,297
American Campus Communities Operating Partnership LP
3.75%, 04/15/23		525,000		540,815
American International Group, Inc.
2.30%, 07/16/19		200,000		201,156
3.75%, 07/10/25		430,000		438,724
4.50%, 07/16/44		25,000		25,521
4.80%, 07/10/45		200,000		214,292
6.25%, 03/15/87†		278,000		300,991
American Tower Corporation
3.40%, 02/15/19		200,000		204,259
3.30%, 02/15/21		150,000		154,046
3.38%, 10/15/26D		1,500,000		1,470,484
Amgen, Inc.
3.63%, 05/22/24		50,000		52,234
4.66%, 06/15/51		34,000		36,168
Anadarko Petroleum Corporation
4.85%, 03/15/21		290,000		309,785
3.45%, 07/15/24		95,000		92,942
5.55%, 03/15/26		150,000		167,912
6.45%, 09/15/36		280,000		330,548
6.60%, 03/15/46		470,000		582,537
Antero Resources Corporation
5.63%, 06/01/23		425,000		432,438
Apache Corporation
3.25%, 04/15/22D		80,000		81,251
2.63%, 01/15/23		75,000		73,293
5.10%, 09/01/40		180,000		184,524
4.25%, 01/15/44D		1,300,000		1,222,390
Apple, Inc.
2.40%, 05/03/23		350,000		347,527
2.45%, 08/04/26		720,000		689,306
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000		236,732
AT&T, Inc.
1.81%, 01/15/20†		900,000		904,999
2.80%, 02/17/21D		100,000		101,146
4.45%, 05/15/21D		80,000		85,077
3.00%, 02/15/22		170,000		170,940
3.20%, 03/01/22		475,000		481,304
3.00%, 06/30/22		475,000		475,793

See Notes to Financial Statements.

73

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.60%, 02/17/23D	$	293,000	$	300,243
4.45%, 04/01/24		725,000		764,282
3.95%, 01/15/25		125,000		127,598
3.40%, 05/15/25		1,680,000		1,654,416
4.13%, 02/17/26		175,000		179,739
4.25%, 03/01/27D		1,590,000		1,647,171
4.35%, 06/15/45		100,000		93,175
4.50%, 03/09/48		190,000		178,496
Bank of America Corporation
5.75%, 12/01/17		1,890,000		1,922,178
6.88%, 04/25/18		1,400,000		1,457,168
5.65%, 05/01/18		700,000		722,128
2.60%, 01/15/19		320,000		323,134
5.63%, 07/01/20		50,000		54,778
5.88%, 01/05/21		150,000		166,848
5.00%, 05/13/21D		320,000		349,469
3.30%, 01/11/23		120,000		122,456
4.00%, 04/01/24		420,000		440,494
4.20%, 08/26/24		390,000		405,235
6.25%, 09/05/24†		300,000		326,625
6.50%, 10/23/24†		150,000		166,977
4.00%, 01/22/25		440,000		448,098
3.88%, 08/01/25		330,000		341,743
4.45%, 03/03/26		70,000		72,983
3.50%, 04/19/26		340,000		341,800
4.25%, 10/22/26		440,000		453,971
3.25%, 10/21/27		275,000		266,317
4.18%, 11/25/27		800,000		815,242
3.82%, 01/20/28†		575,000		585,683
3.71%, 04/24/28†		1,300,000		1,311,129
5.00%, 01/21/44		790,000		896,503
Barrick North America Finance LLC
4.40%, 05/30/21		138,000		149,014
5.70%, 05/30/41		150,000		178,239
Bear Stearns Cos. LLC
6.40%, 10/02/17		1,200,000		1,213,877
Becton, Dickinson and Co.
2.68%, 12/15/19		349,000		353,481
2.89%, 06/06/22D		700,000		702,976
3.36%, 06/06/24		1,405,000		1,410,326
3.73%, 12/15/24		171,000		174,075
4.69%, 12/15/44		345,000		356,679
Berkshire Hathaway Energy Co.
6.50%, 09/15/37		130,000		175,107
Blackstone CQP Holdco LP
6.50%, 03/20/21 144A		600,000		603,366
Boeing Capital Corporation
4.70%, 10/27/19		230,000		245,462
Boeing Co.
4.88%, 02/15/20		50,000		53,841
6.63%, 02/15/38		210,000		293,024
Brighthouse Financial, Inc.
3.70%, 06/22/27 144AD		925,000		915,653
4.70%, 06/22/47 144A		310,000		307,266
Broadcom Corporation
3.00%, 01/15/22 144A		550,000		555,490

	Par		Value
3.63%, 01/15/24 144A	$	650,000	$	665,890
3.88%, 01/15/27 144A		1,125,000		1,157,510
Capital One Financial Corporation
4.20%, 10/29/25		350,000		353,530
Cardinal Health, Inc.
2.62%, 06/15/22		130,000		130,268
3.08%, 06/15/24		640,000		642,520
Catholic Health Initiatives
4.35%, 11/01/42		40,000		36,233
CCO Holdings LLC
5.13%, 05/01/27 144AD		130,000		133,250
CE Generation LLC
7.42%, 12/15/18		231,660		220,946
Celgene Corporation
3.55%, 08/15/22		170,000		177,179
3.88%, 08/15/25D		250,000		261,530
5.00%, 08/15/45		160,000		180,868
Centene Corporation
4.75%, 05/15/22		130,000		136,338
6.13%, 02/15/24		90,000		97,531
4.75%, 01/15/25		50,000		51,500
Charles Schwab Corporation
3.20%, 03/02/27		300,000		301,765
Charter Communications Operating LLC
4.46%, 07/23/22		125,000		133,330
4.91%, 07/23/25		2,710,000		2,932,435
3.75%, 02/15/28 144A		1,800,000		1,777,288
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 144AD		150,000		153,938
Chesapeake Energy Corporation
6.13%, 02/15/21		160,000		157,600
Chevron Corporation
2.95%, 05/16/26		750,000		745,249
CHS/Community Health Systems, Inc.
8.00%, 11/15/19D		100,000		100,875
Chubb Corporation
3.41%, 04/15/37†D		400,000		398,000
Chubb INA Holdings, Inc.
2.30%, 11/03/20		90,000		90,555
3.35%, 05/03/26		120,000		122,874
Cimarex Energy Co.
3.90%, 05/15/27		470,000		473,515
Cintas Corporation No. 2
2.90%, 04/01/22		180,000		183,012
3.70%, 04/01/27		690,000		712,980
Cisco Systems, Inc.
2.20%, 02/28/21		300,000		301,779
CIT Group, Inc.
5.50%, 02/15/19 144A		190,000		199,975
Citigroup, Inc.
8.40%, 04/30/18†		300,000		317,625
2.15%, 06/07/19†		700,000		706,716
2.36%, 08/02/21†		1,300,000		1,321,141

See Notes to Financial Statements.

74

	Par		Value
5.95%, 01/30/23†	$	170,000	$	181,050
3.50%, 05/15/23		220,000		223,502
5.35%, 05/15/23†		180,000		184,275
5.95%, 05/15/25†		690,000		740,218
4.40%, 06/10/25		450,000		469,326
5.50%, 09/13/25		290,000		323,025
6.25%, 08/15/26†D		150,000		166,594
4.30%, 11/20/26		1,600,000		1,646,590
4.45%, 09/29/27		780,000		812,215
6.63%, 06/15/32		50,000		62,667
8.13%, 07/15/39		20,000		30,803
6.68%, 09/13/43		10,000		13,392
5.30%, 05/06/44		24,000		27,260
4.65%, 07/30/45		574,000		626,690
4.75%, 05/18/46		40,000		42,156
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		760,000		761,452
Comcast Corporation
5.70%, 05/15/18		1,250,000		1,294,582
3.38%, 08/15/25		275,000		282,416
3.20%, 07/15/36		380,000		356,394
Compass Bank
5.50%, 04/01/20		300,000		318,945
Concho Resources, Inc.
5.50%, 10/01/22		60,000		61,800
5.50%, 04/01/23		60,000		61,950
ConocoPhillips Co.
3.35%, 11/15/24		80,000		81,693
4.95%, 03/15/26		175,000		195,241
4.15%, 11/15/34		175,000		176,389
ConocoPhillips Holding Co.
6.95%, 04/15/29		220,000		282,767
Continental Airlines Class A Pass-Through Trust Series 1998-1
6.65%, 09/15/17		11,209		11,314
Cott Holdings, Inc.
5.50%, 04/01/25 144A		170,000		173,825
Crown Castle International Corporation
2.25%, 09/01/21		125,000		123,097
5.25%, 01/15/23		525,000		583,896
Crown Castle Towers LLC
4.88%, 08/15/20 144A		1,900,000		2,028,984
CVS Health Corporation
2.75%, 12/01/22		210,000		210,513
4.00%, 12/05/23		400,000		423,102
3.88%, 07/20/25		113,000		117,689
2.88%, 06/01/26D		875,000		849,602
5.13%, 07/20/45		260,000		299,228
CVS Pass-Through Trust
6.94%, 01/10/30		661,925		787,320
Delta Air Lines Class A Pass-Through Trust Series 2007-1
6.82%, 08/10/22		502,811		578,861

	Par		Value
Depository Trust & Clearing Corporation
4.88%, 06/15/20 144A†	$	750,000	$	782,812
Devon Energy Corporation
3.25%, 05/15/22D		220,000		218,889
5.85%, 12/15/25		250,000		284,566
5.60%, 07/15/41		462,000		481,414
4.75%, 05/15/42		205,000		199,469
5.00%, 06/15/45		660,000		669,258
Devon Financing Corporation LLC
7.88%, 09/30/31		60,000		78,041
Diamond 1 Finance Corporation
3.48%, 06/01/19 144AD		1,010,000		1,034,085
4.42%, 06/15/21 144A		2,380,000		2,511,265
Digital Realty Trust LP
3.40%, 10/01/20		900,000		923,742
Discover Financial Services
3.75%, 03/04/25D		450,000		445,366
DISH DBS Corporation
5.88%, 07/15/22		200,000		215,500
7.75%, 07/01/26		50,000		59,375
Dollar Tree, Inc.
5.75%, 03/01/23		140,000		148,442
Duke Energy Corporation
3.75%, 04/15/24		200,000		209,317
Eaton Corporation
1.50%, 11/02/17		120,000		120,033
2.75%, 11/02/22		710,000		714,750
4.15%, 11/02/42		200,000		205,377
Ecolab, Inc.
4.35%, 12/08/21D		100,000		108,858
5.50%, 12/08/41		175,000		215,143
Education Realty Operating Partnership LP
4.60%, 12/01/24		325,000		330,897
Eli Lilly & Co.
3.10%, 05/15/27		140,000		141,552
EMD Finance LLC
2.95%, 03/19/22 144A		750,000		764,123
Energy Transfer LP
4.65%, 06/01/21		650,000		686,282
Energy Transfer Partners LP
3.60%, 02/01/23		75,000		75,438
4.75%, 01/15/26		25,000		26,052
Entergy Louisiana LLC
5.40%, 11/01/24		1,200,000		1,378,906
Enterprise Products
Operating LLC
5.70%, 02/15/42		60,000		70,479
4.88%, 08/01/66†		550,000		552,750
EOG Resources, Inc.
4.15%, 01/15/26D		140,000		147,353
EQT Midstream Partners LP
4.13%, 12/01/26		1,800,000		1,819,677

See Notes to Financial Statements.

75

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
ERP Operating LP REIT
4.63%, 12/15/21	$	150,000	$	162,238
Exelon Corporation
5.63%, 06/15/35		415,000		487,759
Exxon Mobil Corporation
3.04%, 03/01/26D		310,000		313,000
4.11%, 03/01/46		530,000		560,521
Fidelity National Information Services, Inc.
3.63%, 10/15/20		475,000		497,958
First Data Corporation
5.38%, 08/15/23 144A		70,000		73,325
FirstEnergy Corporation
2.75%, 03/15/18		120,000		120,783
4.25%, 03/15/23		490,000		516,038
3.90%, 07/15/27		1,410,000		1,417,369
7.38%, 11/15/31		770,000		1,015,493
Fiserv, Inc.
2.70%, 06/01/20		350,000		354,363
Florida Power & Light Co.
3.80%, 12/15/42		425,000		433,511
Ford Motor Credit Co. LLC
5.00%, 05/15/18		225,000		230,804
2.94%, 01/08/19D		600,000		607,934
2.46%, 03/27/20		800,000		801,220
5.75%, 02/01/21		200,000		220,248
3.34%, 03/18/21		250,000		255,048
5.88%, 08/02/21		1,675,000		1,869,557
Freeport-McMoRan, Inc.
6.50%, 11/15/20		46,000		47,438
6.88%, 02/15/23		12,000		12,727
5.45%, 03/15/43		120,000		104,076
General Electric Co.
8.50%, 04/06/18		2,000,000		110,705
6.00%, 08/07/19		301,000		327,225
4.38%, 09/16/20		198,000		212,625
5.30%, 02/11/21		104,000		115,070
4.65%, 10/17/21		140,000		154,309
3.15%, 09/07/22		230,000		238,768
5.88%, 01/14/38		72,000		93,359
6.88%, 01/10/39		400,000		580,941
4.50%, 03/11/44		100,000		111,364
General Motors Co.
6.25%, 10/02/43		110,000		122,597
General Motors Financial Co., Inc.
3.25%, 05/15/18		280,000		283,341
3.50%, 07/10/19		625,000		639,838
2.57%, 10/04/19†		400,000		404,616
3.20%, 07/13/20		1,000,000		1,019,626
4.38%, 09/25/21		400,000		422,033
3.45%, 04/10/22		230,000		234,019
4.25%, 05/15/23		40,000		41,918
4.35%, 01/17/27		170,000		172,420
Gilead Sciences, Inc.
3.70%, 04/01/24		230,000		239,312
4.75%, 03/01/46		20,000		22,009

	Par		Value
4.15%, 03/01/47D	$	300,000	$	302,163
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		380,000		393,318
Glencore Funding LLC
4.13%, 05/30/23 144AD		525,000		539,400
4.63%, 04/29/24 144A		200,000		209,370
4.00%, 03/27/27 144AD		480,000		473,214
Goldman Sachs Capital II
4.00%, 08/14/17†		3,000		2,612
Goldman Sachs Group, Inc.
5.95%, 01/18/18D		1,000,000		1,022,483
2.28%, 11/15/18†		3,800,000		3,840,263
5.38%, 03/15/20		200,000		215,990
6.00%, 06/15/20		540,000		596,146
5.25%, 07/27/21		560,000		614,127
3.85%, 07/08/24		150,000		155,918
4.25%, 10/21/25		620,000		641,988
3.50%, 11/16/26		550,000		547,733
6.75%, 10/01/37		110,000		143,046
6.25%, 02/01/41		750,000		981,741
5.15%, 05/22/45		330,000		367,400
4.75%, 10/21/45		530,000		587,832
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		100,000		105,000
5.00%, 05/31/26		140,000		145,250
Halliburton Co.
3.80%, 11/15/25		745,000		764,823
4.85%, 11/15/35		30,000		32,171
5.00%, 11/15/45		90,000		96,128
Harris Corporation
5.05%, 04/27/45		110,000		123,938
Hartford Financial Services Group, Inc.
5.13%, 04/15/22		50,000		55,562
HCA, Inc.
7.69%, 06/15/25		250,000		291,250
HCP, Inc.
2.63%, 02/01/20		300,000		302,370
HD Supply, Inc.
5.25%, 12/15/21 144A		200,000		210,625
Hewlett Packard Enterprise Co.
4.90%, 10/15/25D		425,000		446,309
HiltonWorldwide Finance LLC
4.88%, 04/01/27 144AD		20,000		20,975
HSBC USA, Inc.
1.95%, 08/07/18†		1,700,000		1,706,956
Humana, Inc.
7.20%, 06/15/18		480,000		504,303
3.15%, 12/01/22		70,000		71,291
3.95%, 03/15/27		150,000		156,632
4.63%, 12/01/42		60,000		64,360
4.95%, 10/01/44D		70,000		78,919
4.80%, 03/15/47		10,000		11,065

See Notes to Financial Statements.

76

	Par		Value
Hyundai Capital America
2.13%, 10/02/17 144A	$	80,000	$	80,062
Intel Corporation
3.70%, 07/29/25		805,000		845,980
4.90%, 07/29/45D		70,000		81,527
International Lease Finance Corporation
8.88%, 09/01/17		100,000		101,345
7.13%, 09/01/18 144A		1,975,000		2,090,820
8.63%, 01/15/22		420,000		517,676
International Paper & Co.
3.00%, 02/15/27D		900,000		867,953
John Deere Capital Corporation
2.25%, 04/17/19		160,000		161,589
1.70%, 01/15/20		80,000		79,747
Johnson & Johnson
2.45%, 03/01/26		190,000		185,487
3.63%, 03/03/37		720,000		754,465
JPMorgan Chase & Co.
1.71%, 04/25/18†		2,200,000		2,207,608
2.25%, 01/23/20		1,700,000		1,705,884
5.30%, 05/01/20†D		550,000		574,063
4.40%, 07/22/20		980,000		1,044,080
2.55%, 03/01/21		300,000		301,628
2.40%, 06/07/21		1,100,000		1,098,529
4.35%, 08/15/21		70,000		74,967
2.97%, 01/15/23		475,000		481,011
3.88%, 09/10/24D		860,000		888,131
2.95%, 10/01/26		700,000		676,382
4.25%, 10/01/27		90,000		94,074
4.95%, 06/01/45		400,000		447,284
4.26%, 02/22/48†		150,000		157,322
Kerr-McGee Corporation
6.95%, 07/01/24		290,000		340,586
7.88%, 09/15/31		280,000		360,828
Kilroy Realty LP
3.80%, 01/15/23		400,000		412,745
Kimberly-Clark Corporation
3.70%, 06/01/43		200,000		194,383
Kinder Morgan Energy Partners LP
9.00%, 02/01/19		700,000		772,456
3.95%, 09/01/22D		520,000		537,858
4.15%, 02/01/24D		50,000		51,469
4.25%, 09/01/24		100,000		103,477
Kinder Morgan, Inc.
3.05%, 12/01/19		575,000		585,317
5.63%, 11/15/23 144A		900,000		997,103
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144A		30,000		33,292
Kraft Heinz Foods Co.
5.38%, 02/10/20		223,000		240,491
2.80%, 07/02/20		250,000		253,916
3.50%, 06/06/22D		160,000		165,498
3.95%, 07/15/25		260,000		267,797
3.00%, 06/01/26D		110,000		105,479

	Par		Value
5.00%, 07/15/35	$	100,000	$	108,460
5.00%, 06/04/42		50,000		52,976
5.20%, 07/15/45		60,000		65,155
4.38%, 06/01/46		425,000		417,910
Kroger Co.
6.15%, 01/15/20		360,000		393,611
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A		150,000		155,250
Laredo Petroleum, Inc.
6.25%, 03/15/23		100,000		99,750
Lehman Escrow Bonds
0.00%, 01/18/12W#		200,000		12,500
0.00%, 01/24/13W#		2,300,000		143,750
0.00%, 07/19/17W#+		150,000		—
0.00%, 08/07/17W#+		2,330,000		—
0.00%, 12/28/17W#		3,340,000		—
Lockheed Martin Corporation
3.10%, 01/15/23		1,040,000		1,065,327
3.55%, 01/15/26		310,000		321,800
4.50%, 05/15/36		50,000		54,703
Magnolia Finance X Ltd.
0.00%, 12/08/20		372,844		475,898
2.48%, 12/08/20		1,000,791		1,277,411
McDonald’s Corporation
3.70%, 01/30/26D		240,000		248,994
3.50%, 03/01/27		500,000		509,270
Medtronic Global Holdings SCA
3.35%, 04/01/27		750,000		765,531
Medtronic, Inc.
2.50%, 03/15/20		125,000		126,861
3.15%, 03/15/22		300,000		310,654
3.50%, 03/15/25		30,000		31,239
4.63%, 03/15/45D		250,000		282,048
MetLife Capital Trust IV
7.88%, 12/15/37 144A		300,000		406,530
MetLife, Inc.
4.75%, 02/08/21		270,000		293,790
6.40%, 12/15/36		50,000		57,875
4.05%, 03/01/45		25,000		25,275
Microsoft Corporation
2.88%, 02/06/24		470,000		478,064
2.70%, 02/12/25D		120,000		119,313
3.13%, 11/03/25		450,000		459,642
2.40%, 08/08/26		1,200,000		1,156,255
3.30%, 02/06/27		800,000		825,049
3.45%, 08/08/36		10,000		10,027
4.10%, 02/06/37		50,000		53,965
3.95%, 08/08/56		130,000		130,405
Moody’s Corporation
4.50%, 09/01/22		800,000		865,700
Morgan Stanley
6.63%, 04/01/18		700,000		724,989
5.55%, 07/15/20†		375,000		392,250
5.50%, 07/24/20		550,000		600,922
2.56%, 04/21/21†		100,000		102,676

See Notes to Financial Statements.

77

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.55%, 10/24/23†	$	225,000	$	229,076
3.88%, 04/29/24		275,000		286,061
3.70%, 10/23/24		450,000		462,258
3.63%, 01/20/27		550,000		554,621
MPLX LP
4.88%, 12/01/24		230,000		245,590
4.88%, 06/01/25		240,000		254,903
National Retail Properties, Inc.
3.60%, 12/15/26		250,000		248,457
Navient Corporation
5.88%, 03/25/21		300,000		318,000
NCL Corporation, Ltd.
4.63%, 11/15/20 144A		180,000		185,682
4.75%, 12/15/21 144A		50,000		52,025
Netflix, Inc.
5.50%, 02/15/22		100,000		109,093
Newell Brands, Inc.
3.15%, 04/01/21		110,000		112,653
3.85%, 04/01/23		200,000		210,251
4.20%, 04/01/26D		150,000		159,439
Nissan Motor Acceptance Corporation
2.05%, 01/13/22 144A†		1,900,000		1,919,570
Noble Energy, Inc.
4.15%, 12/15/21		620,000		653,914
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A		300,000		391,040
Occidental Petroleum Corporation
3.13%, 02/15/22		100,000		102,751
2.70%, 02/15/23		20,000		20,012
3.40%, 04/15/26		500,000		505,079
3.00%, 02/15/27D		150,000		146,245
4.63%, 06/15/45		130,000		138,136
4.40%, 04/15/46D		60,000		62,520
4.10%, 02/15/47		210,000		209,672
Oracle Corporation
1.20%, 10/15/17		470,000		469,785
2.50%, 05/15/22		375,000		378,809
Pacific Gas & Electric Co.
8.25%, 10/15/18		130,000		140,497
6.05%, 03/01/34		570,000		736,769
5.80%, 03/01/37D		210,000		268,377
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A		575,000		586,615
Phillips 66 Partners LP
3.55%, 10/01/26D		175,000		170,310
Pioneer Natural Resources Co.
3.45%, 01/15/21		275,000		282,767
3.95%, 07/15/22D		75,000		78,675
Plains All American Pipeline LP
3.65%, 06/01/22		200,000		204,249
4.50%, 12/15/26D		600,000		607,946
Priceline Group, Inc.
3.60%, 06/01/26		425,000		431,010

	Par		Value
Principal Life Global Funding II
2.38%, 09/11/19 144A	$	2,900,000	$	2,917,874
Private Export Funding Corporation
5.45%, 09/15/17		1,600,000		1,613,318
Progress Energy, Inc.
7.75%, 03/01/31		350,000		493,412
Puget Sound Energy, Inc.
6.97%, 06/01/67†		275,000		264,688
QUALCOMM, Inc.
2.60%, 01/30/23		375,000		373,921
2.90%, 05/20/24		375,000		374,582
3.25%, 05/20/27		350,000		351,233
Quicken Loans, Inc.
5.75%, 05/01/25 144A		110,000		114,125
Range Resources Corporation
5.00%, 03/15/23 144A		130,000		127,725
4.88%, 05/15/25		10,000		9,550
Raytheon Co.
3.13%, 10/15/20		200,000		207,312
Regency Energy Partners LP
5.88%, 03/01/22		100,000		110,266
4.50%, 11/01/23		310,000		322,089
Reliance Standard Life Global Funding II
2.50%, 01/15/20 144A		475,000		475,955
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000		731,901
Reynolds Group Issuer, Inc.
5.13%, 07/15/23 144A		360,000		374,400
Rockwell Collins, Inc.
3.50%, 03/15/27		550,000		558,838
Roper Technologies, Inc.
2.05%, 10/01/18		375,000		375,849
3.00%, 12/15/20		250,000		256,077
3.80%, 12/15/26		400,000		411,777
Sabine Pass Liquefaction LLC
6.25%, 03/15/22D		475,000		538,406
5.75%, 05/15/24		1,000,000		1,115,059
5.63%, 03/01/25		500,000		552,373
Sally Holdings LLC
5.63%, 12/01/25D		250,000		257,188
Santander Holdings USA, Inc.
2.70%, 05/24/19D		700,000		705,477
4.50%, 07/17/25		60,000		61,852
Schlumberger Holdings Corporation
3.00%, 12/21/20 144A		250,000		254,753
4.00%, 12/21/25 144A		190,000		199,525
Select Income REIT
2.85%, 02/01/18		75,000		75,321
3.60%, 02/01/20		125,000		126,751
Sherwin-Williams Co. (The)
2.25%, 05/15/20		350,000		351,025

See Notes to Financial Statements.

78

	Par		Value
2.75%, 06/01/22	$	125,000	$	125,068
3.13%, 06/01/24		75,000		75,494
3.45%, 06/01/27		500,000		504,332
Southern Co.
2.35%, 07/01/21		450,000		447,144
Southern Copper Corporation
5.25%, 11/08/42		760,000		759,870
Southern Natural Gas Co. LLC
8.00%, 03/01/32		400,000		542,344
Spectrum Brands, Inc.
5.75%, 07/15/25		110,000		118,536
Spirit Airlines Class A Pass-Through Trust Series 2015-1
4.10%, 04/01/28		1,394,648		1,455,664
Sprint Corporation
7.25%, 09/15/21		30,000		33,413
7.63%, 02/15/25D		300,000		346,125
State Street Corporation
4.96%, 03/15/18		480,000		490,689
Stryker Corporation
2.63%, 03/15/21D		125,000		126,408
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24		100,000		101,287
Symantec Corporation
5.00%, 04/15/25 144A		140,000		146,868
Synchrony Financial
2.60%, 01/15/19D		300,000		301,708
3.00%, 08/15/19		375,000		380,473
2.70%, 02/03/20		200,000		201,135
Taylor Morrison Communities, Inc.
5.63%, 03/01/24 144A		150,000		157,500
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		46,000		63,112
4.90%, 09/15/44 144A		435,000		488,035
Tenet Healthcare Corporation
8.13%, 04/01/22		50,000		53,188
Thermo Fisher Scientific, Inc.
3.00%, 04/15/23		325,000		328,060
3.65%, 12/15/25		200,000		206,121
Time Warner, Inc.
6.10%, 07/15/40		140,000		168,358
TimeWarner Cable LLC
5.00%, 02/01/20		100,000		106,744
4.13%, 02/15/21		400,000		418,610
7.30%, 07/01/38		210,000		269,212
5.88%, 11/15/40		100,000		111,828
TimeWarner Entertainment Co. LP
8.38%, 07/15/33		390,000		536,765
TJX Cos, Inc.
2.25%, 09/15/26		40,000		37,186

	Par		Value
T-Mobile USA, Inc.
4.00%, 04/15/22D	$	180,000	$	187,776
Toyota Motor Credit Corporation
1.25%, 10/05/17		520,000		519,918
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		350,000		451,017
United Airlines Class A Pass-Through Trust Series 2016-2
3.10%, 10/07/28D		800,000		786,000
United Airlines Class AA Pass-Through Trust Series 2016-2
2.88%, 10/07/28D		800,000		786,160
United Rentals North America, Inc.
5.50%, 07/15/25D		180,000		189,225
United Technologies Corporation
4.50%, 06/01/42		120,000		131,337
UnitedHealth Group, Inc.
1.63%, 03/15/19		170,000		168,964
3.75%, 07/15/25		270,000		284,674
4.63%, 07/15/35		225,000		253,360
6.88%, 02/15/38D		200,000		284,617
Univision Communications, Inc.
5.13%, 02/15/25 144AD		150,000		149,063
VEREIT Operating Partnership LP
3.00%, 02/06/19D		500,000		505,220
4.13%, 06/01/21D		200,000		209,612
4.88%, 06/01/26		100,000		106,092
Verizon Communications, Inc.
2.99%, 09/14/18†		400,000		407,310
4.50%, 09/15/20		975,000		1,042,314
1.75%, 08/15/21D		1,000,000		968,200
2.45%, 11/01/22D		700,000		686,999
5.15%, 09/15/23		1,185,000		1,318,045
4.15%, 03/15/24		750,000		790,581
2.63%, 08/15/26		985,000		907,807
4.13%, 03/16/27D		1,720,000		1,779,928
5.25%, 03/16/37		600,000		647,017
5.50%, 03/16/47D		220,000		241,415
Visa, Inc.
3.15%, 12/14/25		600,000		609,818
4.30%, 12/14/45		360,000		395,831
Voya Financial, Inc.
2.90%, 02/15/18		46,000		46,318
5.70%, 07/15/43		170,000		198,549
Wachovia Capital Trust III
5.57%, 08/14/17†		560,000		563,780
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19		100,000		101,627

See Notes to Financial Statements.

79

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.45%, 06/01/26	$	225,000	$	224,952
Waste Management, Inc.
3.50%, 05/15/24		140,000		146,045
7.38%, 05/15/29		140,000		184,921
WEA Finance LLC
3.75%, 09/17/24 144A		400,000		405,659
Wells Fargo & Co.
2.60%, 07/22/20		800,000		811,633
4.60%, 04/01/21		70,000		75,496
3.45%, 02/13/23		200,000		204,926
2.40%, 10/31/23†		600,000		611,106
4.48%, 01/16/24		2,196,000		2,355,783
5.88%, 06/15/25†		600,000		661,932
4.10%, 06/03/26		440,000		456,116
3.00%, 10/23/26		2,170,000		2,115,601
4.30%, 07/22/27D		860,000		901,885
3.58%, 05/22/28†		600,000		607,132
5.38%, 11/02/43		190,000		220,296
4.65%, 11/04/44		70,000		73,695
4.90%, 11/17/45		370,000		404,400
4.40%, 06/14/46		70,000		71,043
4.75%, 12/07/46D		260,000		278,273
Wells Fargo Capital X
5.95%, 12/15/36		140,000		158,690
Welltower, Inc.
4.25%, 04/01/26		900,000		942,803
West Corporation
4.75%, 07/15/21 144A		60,000		61,275
5.38%, 07/15/22 144A		250,000		253,125
Western Gas Partners LP
3.95%, 06/01/25		225,000		223,912
Westlake Chemical Corporation
4.63%, 02/15/21		60,000		62,400
4.88%, 05/15/23		90,000		94,163
3.60%, 08/15/26		125,000		124,302
WestRock RKT Co.
3.50%, 03/01/20		150,000		154,181
4.00%, 03/01/23		30,000		31,455
Whiting Petroleum Corporation
5.00%, 03/15/19		60,000		59,925
5.75%, 03/15/21		10,000		9,450
6.25%, 04/01/23		230,000		212,175
Williams Cos., Inc.
7.50%, 01/15/31		10,000		11,900
7.75%, 06/15/31		25,000		29,875
8.75%, 03/15/32		181,000		233,038
Williams Partners LP
3.60%, 03/15/22		155,000		158,522
4.88%, 05/15/23		60,000		62,407
3.90%, 01/15/25		350,000		354,403
5.10%, 09/15/45		105,000		109,190
Wm.Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000		60,423
2.90%, 10/21/19 144A		230,000		233,964

	Par		Value
8.25%, 08/01/23	$	30,000	$	32,700
WPX Energy, Inc.
6.00%, 01/15/22D		10,000		9,950
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		200,000		210,750
Total Corporate Bonds (Cost $213,661,648)				220,017,292
FOREIGN BONDS — 13.3%
Argentina — 0.3%
Argentine Bonos del Tesoro
18.20%, 10/03/21(ZA)		13,390,000		858,519
Argentine Republic Government International Bond
5.63%, 01/26/22		1,050,000		1,077,825
7.13%, 07/06/36D		720,000		716,400
Provincia de Buenos Aires
6.50%, 02/15/23 144A		230,000		235,405
7.88%, 06/15/27 144A		180,000		186,804
				3,074,953
Australia — 0.3%
BHP Billiton Finance (USA), Ltd.
2.88%, 02/24/22		32,000		32,672
5.00%, 09/30/43D		220,000		255,172
6.75%, 10/19/75 144A†		880,000		1,007,679
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20		1,300,000		1,305,155
Commonwealth Bank of Australia
5.00%, 10/15/19 144A		50,000		53,199
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		180,000		205,875
Macquarie Bank, Ltd.
6.63%, 04/07/21 144A		71,000		80,079
Westpac Banking Corporation
4.32%, 11/23/31†		350,000		359,416
				3,299,247
Belgium — 0.0%
KBC Bank NV
8.00%, 01/25/23†		200,000		206,220
Brazil — 0.5%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		5,800,000		1,754,456
10.00%, 01/01/23(B)		7,128,000		2,130,245
10.00%, 01/01/27(B)		297,000		87,221
Brazilian Government International Bond
5.63%, 01/07/41D		750,000		723,750
5.63%, 02/21/47D		600,000		574,500

See Notes to Financial Statements.

80

	Par		Value
Vale Overseas, Ltd.
6.88%, 11/21/36	$	591,000	$	636,803
				5,906,975
Canada — 0.4%
Bank of Nova Scotia
1.88%, 04/26/21		1,600,000		1,585,328
Barrick Gold Corporation
4.10%, 05/01/23		73,000		79,080
5.25%, 04/01/42D		560,000		639,489
Cenovus Energy Inc
4.25%, 04/15/27 144AD		150,000		143,176
Enbridge, Inc.
3.50%, 06/10/24		150,000		150,164
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A		530,000		530,834
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20		110,000		116,700
Transcanada Trust
5.30%, 03/15/77†		370,000		381,054
Valeant Pharmaceuticals International, Inc.
6.50%, 03/15/22 144A		50,000		52,563
7.00%, 03/15/24 144A		230,000		242,362
				3,920,750
Chile — 0.1%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22D		240,000		250,352
Corporation Nacional del Cobre de Chile
4.50%, 09/16/25 144A		400,000		426,983
Latam Airlines Class A Pass-Through Trust Series 2015-1
4.20%, 11/15/27		833,885		831,241
				1,508,576
China — 0.1%
China Government Bond
3.31%, 11/30/25(Y)		1,000,000		138,247
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		210,000		220,305
5.50%, 02/15/24 144A		200,000		209,400
Sinopec Group Overseas Development 2014, Ltd.
4.38%, 04/10/24 144A		750,000		798,771
				1,366,723
Colombia — 0.1%
Colombia Government International Bond
5.63%, 02/26/44		480,000		527,040
Ecopetrol SA
5.88%, 05/28/45		720,000		664,560
				1,191,600

	Par		Value
Denmark — 0.0%
Realkredit Danmark A/S
1.00%, 04/01/18(D)	$	1,400,000	$	217,461
2.00%, 04/01/18(D)		1,400,000		218,954
				436,415
Dominican Republic — 0.0%
Dominican Republic International Bond
10.38%, 03/04/22(V)		800,000		17,060
14.50%, 02/10/23(V)		1,300,000		31,520
6.88%, 01/29/26 144A		180,000		201,825
11.38%, 07/06/29(V)		700,000		15,128
				265,533
Ecuador — 0.0%
Ecuador Government International Bond
9.65%, 12/13/26		200,000		200,740
9.63%, 06/02/27 144A		200,000		200,500
				401,240
Finland — 0.0%
Nokia OYJ
4.38%, 06/12/27D		259,000		264,343
France — 0.6%
BNP Paribas SA
2.38%, 09/14/17		270,000		270,464
4.38%, 05/12/26 144A		275,000		285,497
Credit Agricole SA
8.38%, 10/13/19 144A†		510,000		571,200
4.13%, 01/10/27 144AD		450,000		471,391
Danone SA
2.59%, 11/02/23 144A		650,000		635,108
2.95%, 11/02/26 144A		620,000		600,471
Natixis SA
1.98%, 09/25/17†		1,800,000		1,802,739
Unibail-Rodamco SE
1.93%, 04/16/19†		1,600,000		1,595,470
				6,232,340
Germany — 0.4%
Deutsche Bank AG
2.50%, 02/13/19		100,000		100,411
2.85%, 05/10/19D		1,600,000		1,617,782
4.25%, 10/14/21		600,000		629,824
KFW
1.13%, 08/06/18		1,800,000		1,794,386
				4,142,403
India — 0.1%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144A		530,000		530,874
Indonesia — 0.2%
Indonesia Government International Bond
4.88%, 05/05/21		570,000		613,610
3.70%, 01/08/22 144A		200,000		206,039

See Notes to Financial Statements.

81

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.38%, 10/17/23	$	200,000	$	222,603
4.75%, 01/08/26 144A		250,000		268,963
4.35%, 01/08/27 144A		210,000		219,255
Perusahaan Penerbit Sbsn Indonesia III
4.33%, 05/28/25 144A		200,000		206,760
				1,737,230
Ireland — 0.4%
AerCap Ireland Capital DAC
4.63%, 07/01/22		550,000		590,110
GE Capital International Funding Co.
2.34%, 11/15/20		1,723,000		1,737,614
3.37%, 11/15/25		597,000		617,946
4.42%, 11/15/35		229,000		249,720
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		500,000		497,947
2.40%, 09/23/21		1,000,000		989,323
				4,682,660
Israel — 0.2%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000		1,429,820
5.50%, 12/04/23		200,000		237,952
5.50%, 04/26/24		500,000		597,414
				2,265,186
Italy — 0.3%
Intesa Sanpaolo SpA
3.88%, 01/16/18		600,000		605,628
5.02%, 06/26/24 144A		750,000		761,730
UniCredit SpA
3.75%, 04/12/22 144AD		900,000		922,731
4.63%, 04/12/27 144AD		325,000		342,579
5.86%, 06/19/32 144A†		250,000		257,265
				2,889,933
Jamaica — 0.0%
Digicel, Ltd.
6.75%, 03/01/23 144A		300,000		283,224
Japan — 4.1%
Dai-ichi Life Insurance Co., Ltd.
4.00%, 07/24/26 144A†		375,000		372,562
Development Bank of Japan, Inc.
1.63%, 09/01/21 144A		1,300,000		1,264,316
Japan Finance Organization for Municipalities
2.13%, 10/25/23 144A		2,200,000		2,131,293
Japan Treasury Discount Bill
0.00%, 07/24/17(J)W		2,060,000,000		18,316,042
0.00%, 08/28/17(J)W		2,150,000,000		19,117,863
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21		250,000		254,187
3.00%, 02/22/22D		180,000		182,792
3.85%, 03/01/26		200,000		209,111

	Par		Value
Mizuho Financial Group, Inc.
2.63%, 04/12/21 144A	$	500,000	$	500,263
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		260,000		255,767
4.44%, 04/02/24 144A		350,000		372,042
Sumitomo Mitsui Trust Bank, Ltd.
2.00%, 09/18/17†		2,900,000		2,904,382
2.01%, 10/06/17†		400,000		400,716
				46,281,336
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000		1,228,996
Kuwait — 0.1%
Kuwait International Government Bond
3.50%, 03/20/27 144A		1,490,000		1,524,903
Luxembourg — 0.0%
ArcelorMittal
6.75%, 02/25/22D		50,000		56,500
7.50%, 10/15/39		70,000		78,838
				135,338
Mexico — 0.6%
America Movil SAB de CV
5.63%, 11/15/17		370,000		375,272
6.00%, 06/09/19(M)		3,030,000		162,952
5.00%, 03/30/20		240,000		258,142
Mexican Bonos
10.00%, 12/05/24(M)		25,130,000		1,651,092
8.50%, 11/18/38(M)		24,978,500		1,575,653
7.75%, 11/13/42(M)		34,565,200		2,015,776
8.00%, 11/07/47(M)		22,200		1,335
Petroleos Mexicanos
5.50%, 02/04/19D		50,000		52,325
6.38%, 02/04/21		11,000		11,933
5.13%, 03/15/23(E)		110,000		141,563
6.88%, 08/04/26		200,000		222,100
6.63%, 06/15/35		19,000		19,736
5.50%, 06/27/44		170,000		151,130
6.38%, 01/23/45		500,000		490,000
				7,129,009
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A		450,000		455,062
Netherlands — 1.1%
ABN AMRO Bank NV
4.75%, 07/28/25 144A		200,000		211,248
Alcoa Nederland Holding BV
7.00%, 09/30/26 144A		200,000		220,500
Cooperatieve Rabobank UA
11.00%, 06/30/19 144A†		487,000		567,477
4.63%, 12/01/23		400,000		431,654

See Notes to Financial Statements.

82

	Par		Value
4.38%, 08/04/25	$	670,000	$	703,801
Enel Finance International NV
2.88%, 05/25/22 144A		725,000		726,829
Equate Petrochemical BV
4.25%, 11/03/26 144AD		260,000		264,160
ING Bank NV
5.80%, 09/25/23 144A		340,000		384,433
4.13%, 11/21/23†		600,000		614,354
ING Groep NV
3.15%, 03/29/22D		200,000		204,033
Majapahit Holding BV
7.75%, 01/20/20		240,000		268,800
Mylan NV
3.95%, 06/15/26D		750,000		761,322
Myriad International Holdings BV
4.85%, 07/06/27		420,000		423,150
NXP BV
4.63%, 06/01/23 144A		800,000		865,000
Petrobras Global Finance BV
5.38%, 01/27/21		1,230,000		1,253,616
8.38%, 05/23/21		90,000		100,969
6.13%, 01/17/22		150,000		155,100
6.25%, 03/17/24		380,000		388,170
7.38%, 01/17/27		720,000		763,560
6.85%, 06/05/15		350,000		311,255
Shell International Finance BV
4.38%, 03/25/20		320,000		340,679
2.88%, 05/10/26D		410,000		405,043
4.55%, 08/12/43		120,000		128,706
4.38%, 05/11/45		230,000		241,293
4.00%, 05/10/46		190,000		188,087
Stichting AK Rabobank Certificaten
6.50%, 12/31/49(E)		700,000		948,828
				11,872,067
Peru — 0.0%
Peruvian Government International Bond
5.63%, 11/18/50		330,000		400,620
Poland — 0.1%
Republic of Poland Government International Bond
4.00%, 01/22/24		980,000		1,049,709
Russia — 0.3%
Russian Federal Bond - OFZ
7.00%, 08/16/23(Q)		12,100,000		198,606
7.75%, 09/16/26(Q)		9,710,000		165,634
8.15%, 02/03/27(Q)		43,040,000		762,022
7.05%, 01/19/28(Q)		106,530,000		1,721,008
				2,847,270
South Korea — 0.2%
Export-Import Bank of Korea
5.00%, 04/11/22		1,500,000		1,655,997

	Par		Value
Spain — 0.1%
Telefonica Emisiones SA Unipersonal
6.22%, 07/03/17	$	20,000	$	20,000
5.88%, 07/15/19		70,000		75,245
5.46%, 02/16/21		900,000		990,754
5.21%, 03/08/47		150,000		162,594
				1,248,593
Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18		400,000		398,116
Sweden — 0.1%
Nordea Bank AB
4.88%, 05/13/21 144A		640,000		687,247
Stadshypotek AB
1.88%, 10/02/19 144A		900,000		899,005
				1,586,252
Switzerland — 0.7%
Credit Suisse AG
6.50%, 08/08/23 144A		225,000		253,552
Credit Suisse Group AG
4.28%, 01/09/28 144A		1,800,000		1,862,803
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21D		800,000		821,961
4.55%, 04/17/26		890,000		947,162
4.88%, 05/15/45		350,000		386,761
UBS Group Funding Switzerland AG
3.00%, 04/15/21 144A		1,500,000		1,524,361
2.65%, 02/01/22 144A		300,000		299,683
2.70%, 02/01/22 144A†		200,000		206,235
3.49%, 05/23/23 144AD		880,000		901,338
4.25%, 03/23/28 144A		1,160,000		1,214,303
				8,418,159
Turkey — 0.1%
Turkish Airlines Class A Pass-Through Trust Series 2015-1
4.20%, 03/15/27 144A		1,393,692		1,336,203
United Arab Emirates — 0.0%
Shelf Drilling Holdings, Ltd.
9.50%, 11/02/20 144A		18,119		17,666
United Kingdom — 1.7%
Barclays Bank PLC
1.95%, 11/06/17†		300,000		300,681
6.05%, 12/04/17 144A		230,000		233,995
1.71%, 03/16/18†		2,900,000		2,899,529
Barclays PLC
6.50%, 09/15/19(E)†		800,000		946,271
3.29%, 08/10/21†		1,600,000		1,678,891
4.95%, 01/10/47		200,000		214,281
BP Capital Markets PLC
3.56%, 11/01/21		30,000		31,420

See Notes to Financial Statements.

83

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.22%, 11/28/23	$	370,000	$	376,077
3.81%, 02/10/24		330,000		344,449
3.51%, 03/17/25		390,000		399,658
3.12%, 05/04/26		570,000		565,593
Centrica PLC
4.25%, 09/12/44(U)		200,000		309,057
Ensco PLC
8.00%, 01/31/24		89,000		84,105
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		220,000		224,927
5.25%, 12/19/33(U)		100,000		179,617
Hammerson PLC
3.50%, 10/27/25(U)		100,000		139,700
HSBC Bank PLC
4.75%, 01/19/21 144A		200,000		215,681
HSBC Holdings PLC
3.40%, 03/08/21		610,000		627,280
2.80%, 01/05/22†		400,000		411,730
3.26%, 03/13/23†		525,000		535,296
6.00%, 09/29/23(E)†D		800,000		1,026,798
4.25%, 03/14/24		240,000		248,644
4.25%, 08/18/25		220,000		226,394
4.04%, 03/13/28†		700,000		725,916
6.50%, 09/15/37		1,000,000		1,297,076
Lloyds Bank PLC
12.00%, 12/16/24 144A†		1,200,000		1,636,272
Lloyds Banking Group PLC
4.50%, 11/04/24		240,000		250,315
Reckitt Benckiser Group PLC
2.75%, 06/26/24 144A		600,000		595,472
3.00%, 06/26/27 144A		800,000		790,434
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		180,000		197,300
6.00%, 12/19/23		110,000		121,325
5.13%, 05/28/24D		280,000		294,559
Severn Trent Utilities Finance PLC
6.25%, 06/07/29(U)		100,000		184,156
Standard Chartered PLC
5.70%, 03/26/44 144A		680,000		775,320
UBM PLC
5.75%, 11/03/20 144A		230,000		242,310
				19,330,529
Total Foreign Bonds (Cost $150,826,143)				151,522,250
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.0%
Brazil — 0.0%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50
(Cost $869,158)		662,000		632,485

	Par		Value
LOAN AGREEMENTS — 0.9%
Air Medical Group Holdings, Inc. Initial Term Loan
0.00%, 04/28/22S†	$	470,000	$	468,766
Avolon TLB Borrower 1 (US) LLC Initial Term B-2 Loan
3.96%, 03/21/22†		410,000		414,102
Berry Global Group, Inc. Term J Loan
3.62%, 01/19/24†		384,038		384,784
BWay Holding Co. Initial Term Loan
4.33%, 04/03/24†		430,000		430,153
CenturyLink, Inc. Initial Term B Loan
1.38%, 01/31/25†		440,000		435,757
Charter Communications Operating LLC Term I-1 Loan
3.48%, 01/15/24†		992,462		997,356
Delos Finance S.à r.l Loan
3.55%, 10/06/23†		270,000		271,712
First Data Corporation 2024 New Dollar Term Loan
3.72%, 04/26/24†		988,082		988,947
Flying Fortress Holdings LLC New Loans
0.00%, 10/30/22S†		205,000		206,196
3.55%, 10/30/22†		205,000		206,196
Four Seasons Holdings, Inc. Term Loan 2013
3.73%, 11/30/23†		407,950		412,503
Michaels Stores, Inc. 2016 New Replacement Term B-1 Loan
3.84%, 01/30/23†		991,772		990,798
PetSmart, Inc. Tranche B-2 Loan
4.22%, 03/11/22†		992,405		924,100
Post Holdings, Inc. Series A Incremental Term Loan
0.00%, 05/24/24S†		130,000		130,325
Prime Security Services Borrower, LLC 2016-2 Refinancing Term B-1 Loan
3.97%, 05/02/22†		408,975		410,363
Realogy Group LLC Initial Term B Loan
3.48%, 07/20/22†		134,624		135,700
RPI Finance Trust Initial Term Loan B-6
3.30%, 03/27/23†		510,000		512,510
Sprint Communications, Inc. Initial Term Loan
3.75%, 02/02/24†		399,000		399,428

See Notes to Financial Statements.

84

	Par		Value
Trans Union LLC 2016 Incremental Term B-2 Commitment
3.73%, 04/09/23†	$	326,316	$	328,938
Univision Communications, Inc. 2017 Replacement Repriced First-Lien Term Loan
3.98%, 03/15/24†		991,982		975,552
Total Loan Agreements (Cost $10,140,486)				10,024,186
MORTGAGE-BACKED SECURITIES — 38.4%
ALBA PLC Series 2007-1
0.48%, 03/17/39†		867,064		1,084,868
ALBA PLC Series 2015-1
1.50%, 04/24/49†		811,942		1,067,022
Alternative Loan Trust Series 2006-OA11
1.41%, 09/25/46†		547,859		471,259
American Home Mortgage Assets Trust Series 2006-5
1.65%, 11/25/46†		878,687		471,787
American Home Mortgage Investment Trust Series 2005-2
2.91%, 09/25/45†		786,503		784,636
Banc of America Funding Trust Series 2005-D
3.18%, 05/25/35†		937,872		982,952
Banc of America Mortgage Trust Series 2004-F
3.71%, 07/25/34†		68,794		70,312
Bayview Commercial Asset Trust Series 2004-3
1.59%, 01/25/35 144A†		454,735		439,349
BBCCRE Trust Series 2015-GTP
3.97%, 08/10/33 144A		1,600,000		1,638,790
4.71%, 08/10/33 144A†		1,700,000		1,481,851
BBCMS Trust Series 2015-RRI
2.41%, 05/15/32 144A†		1,625,786		1,627,862
BBCMS Trust Series 2015-STP
3.32%, 09/10/28 144A		1,593,792		1,640,702
Bear Stearns Adjustable Rate Mortgage Trust Series 2002-11
2.95%, 02/25/33†		9,715		9,722
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-2
2.95%, 05/25/34†		35,315		32,992
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
3.26%, 03/25/35†		310,384		313,993
Bear Stearns ALT-A Trust Series 2005-4
3.47%, 05/25/35†		242,968		244,486

	Par		Value
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
5.60%, 06/11/50	$	714,163	$	720,059
Bear Stearns Structured Products, Inc. Trust Series 2007-R6
3.42%, 01/26/36†		697,290		623,491
Berica 8 Residential MBS S.r.l. Series 8
0.00%, 03/31/48†		77,362		88,131
Berica ABS S.r.l. Series 2011-1
0.00%, 12/31/55†		417,607		476,601
CD Commercial Mortgage Trust Series 2016-CD2
3.53%, 11/10/49†		380,000		393,585
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4A
1.56%, 10/25/35 144A†		208,789		197,567
Chicago Skyscraper Trust Series 2017-SKY
2.26%, 02/15/30 144A†		420,000		421,276
2.41%, 02/15/30 144A†		440,000		441,553
CHL Mortgage Pass-Through Trust Series 2003-58
3.35%, 02/19/34†		384,807		387,121
CHL Mortgage Pass-Through Trust Series 2004-HYB5
3.07%, 04/20/35†		776,574		773,640
Citigroup Commercial Mortgage Trust Series 2008-C7
6.30%, 12/10/49†		351,063		352,747
Citigroup Commercial Mortgage Trust Series 2014-GC21
1.42%, 05/10/47 IO†		1,203,608		78,111
Citigroup Commercial Mortgage Trust Series 2015-GC27
3.14%, 02/10/48		650,000		654,450
Citigroup Commercial Mortgage Trust Series 2015-GC29
3.11%, 04/10/48 144A		420,000		312,840
COMM Mortgage Trust Series 2013-CR12
4.30%, 10/10/46		50,000		53,581
4.76%, 10/10/46†		40,000		43,139
5.25%, 10/10/46†		20,000		20,660
COMM Mortgage Trust Series 2013-CR13
1.09%, 12/10/23 IO†		1,084,336		40,448
COMM Mortgage Trust Series 2013-CR6
3.40%, 03/10/46 144A		390,000		391,768

See Notes to Financial Statements.

85

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
COMM Mortgage Trust Series 2014-277P
3.73%, 08/10/49 144A†	$	160,000	$	167,344
COMM Mortgage Trust Series 2014-CR19
4.88%, 08/10/47†		218,000		224,073
COMM Mortgage Trust Series 2015-DC1
4.04%, 02/10/48†		100,000		101,392
4.50%, 02/10/48†		80,000		79,856
COMM Mortgage Trust Series 2015-LC19
3.83%, 02/10/48†		100,000		101,739
4.40%, 02/10/48†		190,000		192,169
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-19
5.25%, 07/25/33 IO		1,762		2
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR18
0.00%, 07/25/33 IO†		30,330		—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR20
0.00%, 08/25/33 IO†		32,063		—
CSAIL Commercial Mortgage Trust Series 2015-C1
4.04%, 04/15/50†		60,000		61,538
CSMC Trust Series 2014-TIKI
2.11%, 09/15/38 144A†		300,000		300,446
DBJPM Mortgage Trust Series 2017-C6
3.33%, 06/10/50		130,000		133,339
DBUBS Mortgage Trust Series 2011-LC3A
5.51%, 08/10/44 144A†		400,000		435,451
Federal Home Loan Bank
7.43%, 10/01/18		2,719		2,727
Federal Home Loan Mortgage Corporation
8.50%, 06/01/18		1		1
4.50%, 09/01/18		784		802
8.00%, 08/01/24		1,086		1,185
4.00%, 10/01/25		223,427		234,612
5.50%, 02/01/27		37,465		41,299
7.50%, 11/01/29		3,990		4,653
7.50%, 12/01/29		4,650		5,425
7.50%, 02/01/31		4,561		4,784
2.73%, 07/01/31†		3,237		3,344
7.50%, 11/01/31		8,423		8,449
3.73%, 04/01/32†		2,045		2,142
3.50%, 08/01/33		1,025,272		1,072,000
5.00%, 08/01/33		5,584		6,112

	Par		Value
5.00%, 09/01/33	$	1,069	$	1,169
5.00%, 10/01/33		3,366		3,681
3.20%, 03/01/34†		1,855		1,957
5.00%, 12/01/34		92,830		101,520
5.50%, 05/01/35		257,878		288,539
5.00%, 07/01/35		5,015		5,501
5.00%, 11/01/35		125,451		136,910
5.50%, 11/01/35		33,189		37,164
5.00%, 12/01/35		13,786		15,240
5.50%, 01/01/36		25,174		28,151
6.00%, 02/01/36		203,371		228,664
5.00%, 02/01/37		13,577		14,837
5.50%, 07/01/37		40,161		44,938
5.50%, 04/01/38		9,580		10,668
7.00%, 02/01/39		129,531		150,470
7.00%, 03/01/39		23,077		25,914
5.50%, 04/01/39		256,402		286,167
4.50%, 06/01/39		111,616		119,984
6.50%, 09/01/39		44,232		50,141
5.50%, 08/01/40		206,473		229,954
4.00%, 02/01/41		75,625		79,871
5.00%, 06/01/41		3,371		3,685
3.50%, 10/01/42		142,040		146,458
4.00%, 10/01/42		63,852		67,730
3.50%, 11/01/42		295,015		304,195
3.50%, 12/01/42		78,085		80,534
3.50%, 01/01/43		457,022		471,340
3.50%, 02/01/43		338,967		349,573
3.50%, 03/01/43		780,172		804,467
3.50%, 04/01/43		684,919		706,918
4.00%, 04/01/43		153,137		162,453
3.50%, 05/01/43		532,629		550,892
4.00%, 05/01/43		68,506		73,318
4.00%, 06/01/43		77,668		83,066
4.00%, 07/01/43		274,115		293,012
4.00%, 08/01/43		159,586		169,378
4.50%, 12/01/43		1,005,409		1,090,020
3.50%, 02/01/44		78,433		80,884
4.50%, 02/01/44		785,861		858,049
4.50%, 03/01/44		248,976		271,899
3.50%, 03/01/45		845,613		872,036
3.50%, 06/01/45		484,883		501,497
3.50%, 10/01/45		383,286		396,325
4.00%, 12/01/45		679,502		715,500
3.50%, 03/01/46		1,770,907		1,831,189
3.50%, 05/01/46		366,425		378,123
4.00%, 09/01/46		1,955,092		2,058,666
4.00%, 04/01/47		23,647		24,888
4.00%, 07/01/47		2,500,000		2,632,441
3.00%, 08/17/47 TBA		2,000,000		1,992,656
3.50%, 08/17/47 TBA		7,100,000		7,281,192
4.00%, 08/17/47 TBA		1,400,000		1,469,688

See Notes to Financial Statements.

86

	Par		Value
Federal Home Loan Mortgage Corporation Reference REMIC Series R007
6.00%, 05/15/36	$	233,632	$	262,975
Federal Home Loan Mortgage Corporation REMIC Series 3325
1.66%, 06/15/37†		171,622		172,342
Federal Home Loan Mortgage Corporation REMIC Series 3621
5.07%, 01/15/40 IO†		316,427		51,468
Federal Home Loan Mortgage Corporation REMIC Series 3947
4.79%, 10/15/41 IO†		207,381		33,723
Federal Home Loan Mortgage Corporation REMIC Series 4092
3.00%, 09/15/31 IO		467,278		48,517
Federal Home Loan Mortgage Corporation REMIC Series 4099
4.84%, 08/15/42 IO†		289,856		58,724
Federal Home Loan Mortgage Corporation REMIC Series 4194
3.50%, 04/15/43 IO		1,086,352		171,734
Federal Home Loan Mortgage Corporation REMIC Series 4210
3.00%, 05/15/43		332,015		304,698
Federal Home Loan Mortgage Corporation REMIC Series 4239
3.50%, 06/15/27 IO		452,394		45,783
Federal Home Loan Mortgage Corporation REMIC Series 4298
4.00%, 04/15/43 IO		381,546		48,374
Federal Home Loan Mortgage Corporation REMIC Series 4310
4.79%, 02/15/44 IO†		147,919		27,068
Federal Home Loan Mortgage Corporation REMIC Series 4335
4.84%, 05/15/44 IO†		151,787		26,160
Federal Home Loan Mortgage Corporation REMIC Series 4415
1.85%, 04/15/41 IO†		288,227		15,649
Federal Home Loan Mortgage Corporation REMIC Series 4638
1.44%, 07/15/40†		686,239		685,817
Federal National Mortgage Association
5.00%, 12/01/17		651		667
9.50%, 05/01/22		201		214
1.87%, 07/01/22†		2,336		2,320
5.50%, 09/01/23		40,940		43,321

	Par		Value
5.50%, 10/01/23	$	9,252	$	9,833
9.50%, 07/01/24		424		453
2.81%, 04/01/25		50,000		50,489
5.50%, 05/01/25		84,756		86,857
3.08%, 01/01/27		500,000		509,555
1.83%, 07/01/27†		10,792		10,676
2.83%, 08/01/27†		20,329		21,289
1.83%, 11/01/27 CONV†		12,001		11,881
3.14%, 02/01/30†		78,591		80,456
3.00%, 06/01/30 CONV†		13,212		13,491
8.00%, 10/01/30		12,870		15,435
3.06%, 12/01/30 CONV†		4,567		4,656
1.83%, 01/01/31†		5,631		5,558
4.50%, 04/01/31		65,304		70,252
3.20%, 05/01/31†		11,962		12,026
4.50%, 05/01/31		233,324		251,021
4.50%, 06/01/31		70,589		75,937
4.50%, 11/01/31		103,218		111,023
6.00%, 11/01/31		2,092		2,382
4.50%, 12/01/31		161,245		173,465
6.00%, 01/01/32		58,274		65,560
6.00%, 03/01/32		6,999		7,900
6.00%, 04/01/32		130,521		146,983
1.83%, 06/01/32†		7,287		7,190
1.87%, 08/01/32†		7,425		7,327
6.00%, 08/01/32		1,285		1,460
2.50%, 08/17/32 TBA		300,000		301,178
3.00%, 08/17/32 TBA		400,000		410,125
3.00%, 02/01/33†		978		995
5.50%, 04/01/33		24,697		28,261
1.87%, 05/01/33†		25,352		25,040
6.00%, 05/01/33		448		504
5.00%, 07/01/33		30,561		33,541
5.00%, 08/01/33		2,652		2,929
5.00%, 09/01/33		36,687		40,272
5.50%, 09/01/33		1,283		1,433
5.50%, 12/01/33		6,064		6,795
6.00%, 12/01/33		216		243
5.50%, 02/01/34		1,607		1,801
5.50%, 04/01/34		328		370
3.50%, 05/01/34		223,202		233,252
5.50%, 08/01/34		2,698		3,045
5.50%, 10/01/34		127		143
6.00%, 10/01/34		28,413		31,965
3.08%, 12/01/34†		58,055		61,563
5.50%, 12/01/34		10,816		12,048
6.00%, 05/01/35		589,209		666,339
5.50%, 07/01/35		153		171
6.00%, 07/01/35		137,415		156,867
5.50%, 08/01/35		270		303
5.50%, 09/01/35		64,856		71,862
5.00%, 10/01/35		101,816		111,757
6.00%, 10/01/35		28,275		32,137
1.83%, 11/01/35†		4,845		4,786
2.69%, 11/01/35†		53,810		56,296
6.00%, 11/01/35		395,207		447,630
5.50%, 12/01/35		1,195		1,348

See Notes to Financial Statements.

87

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.00%, 12/01/35	$	4,788	$	5,419
6.00%, 02/01/36		1,949		2,202
6.00%, 03/01/36		1,401		1,576
5.50%, 04/01/36		11,479		12,188
6.00%, 04/01/36		4,265		4,871
3.89%, 05/01/36†		51,511		54,452
5.50%, 11/01/36		84,876		95,030
6.00%, 01/01/37		368,126		415,993
5.50%, 02/01/37		122		136
6.00%, 02/01/37		330,998		377,497
5.50%, 03/01/37		5,219		5,845
6.00%, 03/01/37		19,725		22,470
5.50%, 04/01/37		249		276
5.50%, 06/01/37		66		74
6.00%, 07/01/37		696,258		791,055
5.50%, 08/01/37		244,630		274,056
6.00%, 08/01/37		50,866		57,699
6.00%, 09/01/37		106,147		120,422
6.50%, 10/01/37		54,093		59,880
7.00%, 10/01/37		3,605		3,987
7.00%, 11/01/37		5,194		5,627
1.83%, 12/01/37†		36,426		36,022
6.00%, 12/01/37		248,046		281,209
7.00%, 12/01/37		3,451		3,830
1.83%, 01/01/38†		18,222		18,030
6.00%, 01/01/38		186,900		211,962
5.50%, 02/01/38		2,984		3,344
7.00%, 02/01/38		3,566		3,936
4.50%, 03/01/38		6,396		6,869
5.50%, 03/01/38		366		410
6.00%, 03/01/38		796		896
4.50%, 04/01/38		101,909		109,667
5.00%, 04/01/38		104,887		114,561
5.50%, 05/01/38		116		129
6.00%, 05/01/38		22,709		25,674
5.00%, 06/01/38		110,510		120,703
5.50%, 06/01/38		481		536
5.50%, 07/01/38		56,867		63,239
5.50%, 08/01/38		64,300		72,016
7.00%, 08/01/38		1,528		1,711
5.50%, 09/01/38		237		265
6.00%, 11/01/38		28,477		32,264
7.00%, 11/01/38		18,338		20,719
5.50%, 12/01/38		111		124
6.00%, 12/01/38		32,986		37,429
7.00%, 02/01/39		10,596		12,213
7.00%, 03/01/39		90,774		104,396
6.00%, 09/01/39		19,891		22,551
6.00%, 12/01/39		363,240		412,187
2.09%, 06/01/40†		37,108		38,428
2.09%, 10/01/40†		119,345		121,818
1.83%, 11/01/40†		14,916		14,727
4.50%, 04/01/41		114,086		123,433
6.00%, 05/01/41		705,219		802,908
4.50%, 08/01/41		89,281		96,563
4.50%, 11/01/41		364,283		393,753
4.00%, 06/01/42		62,245		65,699
3.50%, 09/01/42		66,899		69,070

	Par		Value
2.50%, 10/01/42	$	470,696	$	456,238
4.00%, 10/01/42		263,991		279,865
2.50%, 11/01/42		26,361		25,551
4.00%, 11/01/42		2,195,279		2,335,125
2.50%, 12/01/42		19,728		19,121
3.00%, 12/01/42		21,052		21,235
4.00%, 12/01/42		157,775		166,506
2.50%, 01/01/43		18,632		18,059
3.00%, 01/01/43		385,750		387,158
3.50%, 01/01/43		2,040,866		2,104,668
2.50%, 02/01/43		20,623		19,989
2.50%, 03/01/43		1,629,704		1,579,578
3.00%, 03/01/43		236,131		238,178
2.50%, 04/01/43		1,381,819		1,339,344
3.00%, 04/01/43		352,234		355,287
3.50%, 04/01/43		105,795		109,022
4.00%, 04/01/43		66,537		70,859
2.50%, 05/01/43		32,312		31,319
3.00%, 05/01/43		227,804		229,780
2.50%, 06/01/43		31,666		30,693
3.00%, 06/01/43		66,655		67,233
4.00%, 06/01/43		642,047		682,107
3.00%, 07/01/43		607,547		612,810
3.50%, 07/01/43		1,108,750		1,141,762
4.00%, 07/01/43		663,777		704,742
2.50%, 08/01/43		873,733		845,807
3.50%, 08/01/43		284,652		293,130
4.00%, 08/01/43		229,573		243,559
4.50%, 09/01/43		729,063		784,663
2.50%, 10/01/43		44,980		43,539
4.50%, 10/01/43		229,047		247,402
4.50%, 11/01/43		155,248		167,709
4.50%, 12/01/43		226,413		244,557
4.50%, 01/01/44		146,228		157,953
4.50%, 02/01/44		1,030,849		1,108,188
4.50%, 07/01/44		135,901		147,973
4.50%, 10/01/44		584,762		636,415
4.00%, 01/01/45		221,085		234,803
4.50%, 02/01/45		1,296,494		1,421,606
4.50%, 04/01/45		800,826		877,080
4.50%, 05/01/45		94,634		103,500
3.50%, 06/01/45		790,244		812,380
3.00%, 11/01/45		1,693,632		1,693,169
3.50%, 12/01/45		2,294,269		2,359,673
3.50%, 01/01/46		540,751		558,453
3.50%, 05/01/46		556,979		574,995
3.00%, 11/01/46		3,337,850		3,341,496
4.00%, 04/01/47		891,465		942,553
3.00%, 07/17/47 TBA		15,100,000		15,080,823
3.50%, 07/17/47 TBA		12,000,000		12,325,782
4.00%, 07/17/47 TBA		9,000,000		9,461,601
5.00%, 07/17/47 TBA		1,000,000		1,092,500
3.00%, 08/17/47 TBA		6,670,000		6,651,211
3.50%, 08/17/47 TBA		61,550,000		63,114,663
4.00%, 08/17/47 TBA		8,200,000		8,606,318
4.50%, 08/17/47 TBA		15,300,000		16,394,011
3.50%, 09/17/47 TBA		46,450,000		47,559,133
4.00%, 09/17/47 TBA		4,500,000		4,715,860

See Notes to Financial Statements.

88

	Par		Value
4.50%, 04/01/56	$	1,075,476	$	1,166,107
5.50%, 09/01/56		1,086,409		1,219,874
Federal National Mortgage Association ACES Series 2015-M13
2.80%, 06/25/25†		90,000		90,269
Federal National Mortgage Association ACES Series 2016-M11
2.94%, 07/25/39		320,473		315,785
Federal National Mortgage Association Interest STRIP Series 409
3.00%, 04/25/27 IO		370,956		32,974
5.47%, 01/25/29†		200,000		221,032
4.50%, 11/25/39 IO		60,402		13,813
3.50%, 11/25/41 IO		216,390		37,325
4.00%, 11/25/41 IO		268,113		51,476
4.00%, 04/25/42 IO		501,013		91,360
Federal National Mortgage Association REMIC Series 1991-137
868.32%, 10/25/21 IO		42		571
Federal National Mortgage Association REMIC Series 1991-97
1,009.30%, 08/25/21 IO		28		425
Federal National Mortgage Association REMIC Series 2000-32
1.66%, 10/18/30†		11,069		11,112
Federal National Mortgage Association REMIC Series 2005-29
5.50%, 04/25/35		423,159		478,640
Federal National Mortgage Association REMIC Series 2007-24
5.53%, 03/25/37 IO†		707,058		131,517
Federal National Mortgage Association REMIC Series 2011-52
5.00%, 06/25/41		426,425		468,392
Federal National Mortgage Association REMIC Series 2011-59
5.50%, 07/25/41		1,111,936		1,247,483
Federal National Mortgage Association REMIC Series 2011-87
1.77%, 09/25/41†		1,987,778		2,008,111
Federal National Mortgage Association REMIC Series 2011-96
5.32%, 10/25/41 IO†		525,715		93,089
Federal National Mortgage Association REMIC Series 2012-111
7.00%, 10/25/42		39,356		44,781
Federal National Mortgage Association REMIC Series 2012-118
3.50%, 12/25/39 IO		358,979		47,574

	Par		Value
Federal National Mortgage Association REMIC Series 2012-133
4.92%, 12/25/42 IO†	$	168,808	$	35,438
Federal National Mortgage Association REMIC Series 2012-153
7.00%, 07/25/42		130,265		151,069
Federal National Mortgage Association REMIC Series 2012-28
6.50%, 06/25/39		20,194		22,150
Federal National Mortgage Association REMIC Series 2012-46
6.00%, 05/25/42		189,998		214,431
Federal National Mortgage Association REMIC Series 2012-70
5.43%, 02/25/41 IO†		41,657		5,591
Federal National Mortgage Association REMIC Series 2012-74
5.43%, 03/25/42 IO†		225,573		37,403
Federal National Mortgage Association REMIC Series 2012-75
5.37%, 07/25/42 IO†		61,798		12,189
Federal National Mortgage Association REMIC Series 2013-14
4.00%, 03/25/43 IO		270,612		45,891
Federal National Mortgage Association REMIC Series 2013-17
3.00%, 03/25/28 IO		1,380,640		139,599
Federal National Mortgage Association REMIC Series 2013-29
4.00%, 04/25/43 IO		736,682		122,459
Federal National Mortgage Association REMIC Series 2013-9
5.50%, 04/25/42		772,078		861,869
6.50%, 07/25/42		325,117		368,580
Federal National Mortgage Association REMIC Series 2014-47
1.93%, 08/25/44 IO†		1,396,109		84,726
Federal National Mortgage Association REMIC Series 2015-55
1.61%, 08/25/55 IO†		256,506		14,045
Federal National Mortgage Association REMIC Series 2015-56
4.92%, 08/25/45 IO†		82,289		18,958
FHLMC Multifamily Structured Pass-Through Certificates Series K015
1.77%, 07/25/21 IO†		602,087		32,819

See Notes to Financial Statements.

89

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
FHLMC Multifamily Structured Pass-Through Certificates Series K016
1.69%, 10/25/21 IO†	$	198,513	$	10,789
FHLMC Multifamily Structured Pass-Through Certificates Series KF11
1.67%, 09/25/25†		1,243,114		1,249,959
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DN1
5.37%, 01/25/25†		400,000		434,198
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1
3.07%, 10/25/27†		400,000		410,378
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4
5.02%, 03/25/29†		250,000		271,072
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-HQA2
6.37%, 11/25/28†		300,000		349,258
FHLMC Structured Pass-Through Certificates Series T-61
2.09%, 07/25/44†		782,330		792,559
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
3.13%, 06/25/34†		304,106		299,331
FREMF Mortgage Trust Series 2012-K20
0.20%, 05/25/45 IO 144A		5,528,962		42,297
GE Business Loan Trust Series 2007-1A
1.33%, 04/16/35 144A†		285,045		273,866
Giovecca Mortgages S.r.l. Series 2011-1
0.27%, 04/23/48†		83,375		95,402
Government National Mortgage Association
7.00%, 01/15/26		3,854		4,179
7.00%, 07/15/27		36,750		42,293
7.00%, 01/15/28		13,229		13,502
7.00%, 03/15/28		48,057		55,152
7.00%, 07/15/28		8,021		8,696
7.50%, 07/15/28		11,278		11,549
6.50%, 08/15/28		2,985		3,317
7.00%, 08/15/28		10,509		11,595
7.50%, 08/15/28		8,051		8,923
6.50%, 09/15/28		7,026		8,102
7.00%, 10/15/28		33,408		35,301
7.50%, 03/15/29		15,845		18,783
2.25%, 11/20/29†		29,268		30,274
8.50%, 08/15/30		649		685
8.50%, 11/20/30		6,327		7,305
6.50%, 08/15/31		33,938		38,537
7.50%, 08/15/31		9,577		10,714
6.50%, 10/15/31		58,363		65,813

	Par		Value
6.00%, 11/15/31	$	142,919	$	164,374
6.50%, 11/15/31		79,002		86,363
6.00%, 12/15/31		28,022		31,941
6.00%, 01/15/32		84,803		95,969
6.00%, 02/15/32		145,387		163,999
6.50%, 02/15/32		105,900		116,506
6.00%, 04/15/32		42,726		48,196
7.50%, 04/15/32		46,138		47,228
6.50%, 06/15/32		58,986		65,118
6.50%, 08/15/32		142,825		157,412
6.50%, 09/15/32		111,507		125,982
6.00%, 10/15/32		89,882		103,422
5.50%, 11/15/32		16,869		18,887
6.00%, 11/15/32		69,245		78,320
6.00%, 12/15/32		33,779		38,704
6.50%, 12/15/32		9,322		10,224
5.50%, 01/15/33		10,578		11,854
6.00%, 01/15/33		32,649		37,293
5.50%, 02/15/33		18,814		21,101
6.00%, 02/15/33		33,307		37,948
5.50%, 03/15/33		18,927		21,149
6.50%, 04/15/33		223,656		264,600
6.00%, 06/15/33		19,794		22,328
5.50%, 07/15/33		17,851		19,981
5.50%, 08/15/33		10,900		12,261
5.50%, 09/15/33		6,173		6,871
6.00%, 10/15/33		57,644		65,023
6.50%, 10/15/33		112,054		125,443
6.00%, 12/15/33		131,877		148,760
5.50%, 04/15/34		12,703		14,295
5.50%, 05/15/34		5,328		5,930
6.50%, 08/15/34		185,641		210,895
5.50%, 09/15/34		88,805		99,467
5.50%, 12/15/34		82,071		92,390
5.50%, 01/15/35		75,543		85,053
6.00%, 09/20/38		217,314		242,989
5.00%, 07/20/40		18,486		20,325
5.00%, 09/20/40		77,129		84,782
4.00%, 10/20/40		10,035		10,662
6.00%, 10/20/40		32,226		36,204
6.00%, 01/20/41		31,985		36,371
4.50%, 04/20/41		361,120		388,195
4.00%, 08/20/43		610,576		644,099
4.00%, 10/20/43		1,993,282		2,108,824
3.00%, 01/15/45		5,032,132		5,091,805
3.00%, 02/15/45		186,466		188,719
3.50%, 04/15/45		1,216,254		1,261,212
4.00%, 05/20/45		57,174		60,454
4.00%, 08/20/45		1,162,941		1,225,581
4.00%, 09/20/45		1,542,863		1,625,546
4.00%, 10/20/45		1,692,588		1,783,295
4.00%, 11/20/45		147,798		155,719
4.00%, 01/20/46		828,086		872,463
4.00%, 02/20/46		868,846		915,408
4.00%, 03/20/46		3,966,542		4,179,111
4.00%, 04/20/46		4,976,841		5,243,552
4.00%, 05/20/46		1,275,461		1,343,814

See Notes to Financial Statements.

90

	Par		Value
3.50%, 09/20/46	$	3,240,871	$	3,369,950
3.50%, 03/20/47		1,387,878		1,439,486
4.00%, 05/20/47		4,001,427		4,225,002
4.00%, 06/20/47		2,993,561		3,161,777
4.00%, 07/20/47		2,000,000		2,111,797
3.00%, 08/17/47 TBA		9,200,000		9,285,712
3.50%, 08/17/47 TBA		10,900,000		11,273,837
4.00%, 08/17/47 TBA		1,000,000		1,050,937
Government National Mortgage Association Series 2007-30
1.51%, 05/20/37†		162,929		162,682
Government National Mortgage Association Series 2010-31
5.29%, 03/20/39 IO†		35,494		2,559
Government National Mortgage Association Series 2010-85
5.44%, 01/20/40 IO†		60,464		7,847
Government National Mortgage Association Series 2010-H28
1.39%, 12/20/60†		310,010		309,214
Government National Mortgage Association Series 2011-H08
1.47%, 03/20/61†		399,467		399,058
Government National Mortgage Association Series 2011-H09
1.49%, 03/20/61†		274,581		274,464
Government National Mortgage Association Series 2012-144
0.47%, 01/16/53 IO†		9,076,962		327,905
Government National Mortgage Association Series 2012-34
4.84%, 03/20/42 IO†		51,731		9,086
Government National Mortgage Association Series 2012-66
3.50%, 02/20/38 IO		220,055		19,339
Government National Mortgage Association Series 2012-H30
1.34%, 12/20/62†		1,285,736		1,277,992
Government National Mortgage Association Series 2013-113
5.53%, 08/16/43 IO†		191,259		35,519
Government National Mortgage Association Series 2013-153
3.50%, 04/20/43 IO		169,120		27,327
Government National Mortgage Association Series 2014-117
4.39%, 08/20/44 IO†		58,496		8,839

	Par		Value
Government National Mortgage Association Series 2014-118
4.99%, 08/20/44 IO†	$	295,144	$	68,287
Government National Mortgage Association Series 2014-135
0.84%, 01/16/56 IO†		6,622,416		349,428
Government National Mortgage Association Series 2014-93
0.87%, 11/16/55 IO†		3,465,325		167,632
Government National Mortgage Association Series 2015-167
4.00%, 04/16/45 IO		157,936		34,446
Government National Mortgage Association Series 2015-H11
1.54%, 05/20/65†		2,827,633		2,815,723
Government National Mortgage Association Series 2015-H14
1.42%, 05/20/65†		2,811,252		2,800,958
1.56%, 06/20/65†		4,682,828		4,667,756
Government National Mortgage Association Series 2015-H15
1.57%, 06/20/65†		1,811,470		1,806,323
1.59%, 06/20/65†		4,401,710		4,393,655
Government National Mortgage Association Series 2015-H16
1.59%, 07/20/65†		4,415,120		4,406,875
Government National Mortgage Association Series 2015-H17
1.45%, 06/20/65†		690,778		688,952
Government National Mortgage Association Series 2015-H18
1.59%, 07/20/65†		671,845		670,610
Government National Mortgage Association Series 2015-H19
1.59%, 08/20/65†		719,781		718,444
Government National Mortgage Association Series 2015-H22
1.59%, 09/20/65†		712,398		711,050
Government National Mortgage Association Series 2015-H23
1.61%, 09/20/65†		859,270		858,492
Government National Mortgage Association Series 2015-H26
1.51%, 10/20/65†		1,611,584		1,610,929

See Notes to Financial Statements.

91

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Government National Mortgage Association Series 2015-H30
1.67%, 08/20/61†	$	618,027	$	620,135
GreenPoint Mortgage Funding Trust Series 2006-OH1
1.40%, 01/25/37†		664,920		617,089
GS Mortgage Securities Corporation II Series 2015-GC30
3.38%, 05/10/50		490,000		360,177
3.78%, 05/10/50†		370,000		380,448
GS Mortgage Securities Trust Series 2007-GG10
5.98%, 08/10/45†		552,493		559,677
GS Mortgage Securities Trust Series 2013-GC16
5.16%, 11/10/46†		130,000		143,087
GS Mortgage Securities Trust Series 2015-GC28
4.47%, 02/10/48†		290,000		280,106
GSR Mortgage Loan Trust Series 2005-AR6
3.11%, 09/25/35†		893,762		910,746
Impac CMB Trust Series 2004-8
1.94%, 10/25/34†		45,935		44,226
IndyMac ARM Trust Series 2001-H2
2.11%, 01/25/32†		6,297		5,620
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
1.41%, 09/25/46†		774,297		685,414
JP Morgan Alternative Loan Trust Series 2005-A2
1.74%, 01/25/36†		179,472		174,197
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6
5.30%, 05/15/45†		280,000		289,108
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-WPT
2.61%, 10/15/33 144A†		800,000		803,879
JP Morgan Mortgage Trust Series 2005-A1
3.50%, 02/25/35†		62,364		61,904
JPMBB Commercial Mortgage Securities Trust Series 2013-C15
5.23%, 11/15/45†		90,000		93,373
JPMBB Commercial Mortgage Securities Trust Series 2013-C17
5.05%, 01/15/47†		50,000		53,741
JPMBB Commercial Mortgage Securities Trust Series 2014-C25
3.41%, 11/15/47		840,000		875,709

	Par		Value
JPMBB Commercial Mortgage Securities Trust Series 2015-C30
3.82%, 07/15/48	$	880,000	$	925,802
JPMBB Commercial Mortgage Securities Trust Series 2015-C31
3.80%, 08/15/48		1,700,000		1,786,231
JPMBB Commercial Mortgage Securities Trust Series 2015-C32
3.36%, 11/15/48		800,000		830,030
Kensington Mortgage Securities PLC Series 2007-1X
1.41%, 06/14/40†		1,078,542		1,041,992
LB-UBS Commercial Mortgage Trust Series 2001-C3
0.57%, 06/15/36 IO 144A†		380,217		1,101
Ludgate Funding PLC Series 2007-1
0.50%, 01/01/61†		883,574		1,093,791
Ludgate Funding PLC Series 2008-W1X
0.94%, 01/01/61†		740,033		943,056
Luminent Mortgage Trust Series 2006-2
1.42%, 02/25/46†		493,349		383,179
Mansard Mortgages PLC Series 2007-1X
0.52%, 04/15/47†		893,413		1,111,311
MASTR Adjustable Rate Mortgages Trust Series 2004-11
1.86%, 11/25/34†		6,972		6,991
MASTR Adjustable Rate Mortgages Trust Series 2004-13
3.19%, 11/21/34†		418,620		429,997
MASTR Adjustable Rate Mortgages Trust Series 2004-4
3.40%, 05/25/34†		135,693		134,258
MASTR Adjustable Rate Mortgages Trust Series 2007-R5
3.32%, 11/25/35 144A†		543,018	��	442,859
Merrill Lynch Mortgage Investors Trust Series 2005-2
2.66%, 10/25/35†		30,306		30,334
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
3.10%, 05/15/46		300,000		306,493
3.46%, 05/15/46		140,000		143,119
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19
4.00%, 12/15/47†		370,000		377,268

See Notes to Financial Statements.

92

	Par		Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.56%, 04/15/48	$	480,000	$	485,625
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25
3.37%, 10/15/48		1,400,000		1,428,372
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27
3.56%, 12/15/47		800,000		838,252
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30
4.27%, 09/15/49†		450,000		449,243
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31
3.10%, 11/15/49		380,000		378,710
Morgan Stanley Capital I Trust Series 2014-CPT
3.56%, 07/13/29 144A†		800,000		821,515
Morgan Stanley Capital I Trust Series 2015-XLF1
2.29%, 08/14/31 144A†		253,079		253,003
Morgan Stanley Capital I Trust Series 2016-UBS12
3.60%, 12/15/49		380,000		393,986
Mortgage Repurchase Agreement Financing Trust Series 2016-1
2.02%, 04/10/19 144A†		600,000		600,098
2.07%, 04/10/19 144A†		800,000		800,227
Mortgage Repurchase Agreement Financing Trust Series 2016-2
2.42%, 03/10/19 144A†		950,000		950,189
Mortgage Repurchase Agreement Financing Trust Series 2017-1
1.97%, 07/10/19 144A†		2,150,000		2,151,010
MortgageIT Trust Series 2005-4
1.50%, 10/25/35†		519,468		499,482
Motel 6 Trust Series 2015-MTL6
4.53%, 02/05/30 144A		150,000		150,198
MSCG Trust Series 2015-ALDR
3.58%, 06/07/35 144A†		580,000		577,958
MSCG Trust Series 2016-SNR
5.21%, 11/15/34 144A		390,000		393,663
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		308,940
Nomura Resecuritization Trust Series 2014-7R
1.22%, 12/26/35 144A†		540,860		534,610

	Par		Value
One Market Plaza Trust Series 2017-1MKT
3.61%, 02/10/32 144A	$	1,020,000	$	1,063,363
Prime Mortgage Trust Series 2006-DR1
5.50%, 05/25/35 144A		2,356,001		2,192,115
6.00%, 05/25/35 144A		1,968,366		1,843,185
ResLoC UK PLC Series 2007-1X
0.00%, 12/15/43†		1,279,858		1,409,210
0.45%, 12/15/43†		319,964		397,834
RFTI Issuer, Ltd. Series 2015-FL1
2.91%, 08/15/30 144A†		974,403		975,620
Rosslyn Portfolio Trust Series 2017-A
2.11%, 06/15/33 144A†		450,000		451,496
Sequoia Mortgage Trust Series 2003-4
2.00%, 07/20/33†		86,363		81,494
Sequoia Mortgage Trust Series 6
1.85%, 04/19/27†		457,046		432,248
Station Place Securitization Trust Series 2015-2
2.19%, 05/15/18 144A†		600,000		600,000
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5
3.43%, 05/25/34†		234,640		238,480
Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
1.52%, 10/25/35†		1,040,322		1,025,418
Structured Asset Mortgage Investments II Trust Series 2005-AR5
1.46%, 07/19/35†		117,330		112,384
Thornburg Mortgage Securities Trust Series 2003-4
1.86%, 09/25/43†		11,029		10,712
Thornburg Mortgage Securities Trust Series 2005-1
3.11%, 04/25/45†		91,531		91,996
Towd Point Mortgage Funding Vantage1 PLC Series 2016-V1A
1.50%, 02/20/54 144A†		528,042		692,735
Trinity Square PLC Series 2015-1A
1.49%, 07/15/51 144A†		317,899		419,468
UBS-Barclays Commercial Mortgage Trust Series 2012-C4
4.64%, 12/10/45 144A†		320,000		313,720

See Notes to Financial Statements.

93

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

		Par		Value
VNDO Mortgage Trust Series 2012-6AVE
3.00%, 11/15/30 144A		$	100,000	$	102,193
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19
2.85%, 02/25/33†			6,758		6,699
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
2.13%, 06/25/42†			15,298		14,779
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13
1.51%, 10/25/45†			1,285,144		1,277,649
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
1.49%, 07/25/45†			848,174		821,951
1.51%, 07/25/45†			169,937		165,998
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
3.00%, 02/25/37†			346,201		317,107
3.09%, 02/25/37†			238,452		218,166
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3
1.49%, 04/25/47†			715,998		644,720
Waterfall Commercial Mortgage Trust Series 2015-SBC5
4.10%, 09/14/22 144A†			471,747		472,907
Wells Fargo Alternative Loan Trust Series 2007-PA6
3.21%, 12/28/37†			735,302		721,711
Wells Fargo Commercial Mortgage Trust Series 2013-LC12
4.43%, 07/15/46†			20,000		20,936
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
1.55%, 08/15/50 IO†			2,929,759		174,193
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1
3.66%, 05/15/48†			350,000		353,326
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR13	��
3.38%, 05/25/35†			8,162		8,193
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.37%, 08/25/33†			136,647		140,552

	Par		Value
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR2
3.16%, 03/25/35†	$	83,325	$	84,330
WFRBS Commercial Mortgage Trust Series 2012-C10
1.79%, 12/15/45 IO 144A†		2,178,847		145,375
WFRBS Commercial Mortgage Trust Series 2012-C7
1.61%, 06/15/45 IO 144A†		288,162		15,855
WFRBS Commercial Mortgage Trust Series 2013-C13
1.50%, 05/15/45 IO 144A†		2,902,990		154,352
WFRBS Commercial Mortgage Trust Series 2014-C19
1.37%, 03/15/47 IO†		1,030,743		54,912
WFRBS Commercial Mortgage Trust Series 2014-C21
1.30%, 08/15/47 IO†		3,574,490		200,833
WFRBS Commercial Mortgage Trust Series 2014-C24
3.93%, 11/15/47		290,000		300,446
4.29%, 11/15/47†		300,000		283,412
Total Mortgage-Backed Securities (Cost $438,539,989)				437,002,899
MUNICIPAL BONDS — 0.9%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		2,400,000		3,477,840
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		600,000		958,776
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		311,400
Brazos Higher Education Authority, Inc. Series 2005-2
1.44%, 09/27/21†		198,047		197,982
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000		892,633
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000		382,557
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32#		5,000		3,019

See Notes to Financial Statements.

94

	Par		Value
6.00%, 07/01/34#	$	10,000	$	6,088
8.00%, 07/01/35#		280,000		169,750
5.25%, 07/01/37#		20,000		11,925
5.50%, 07/01/39#		85,000		50,362
5.00%, 07/01/41#		10,000		5,650
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36#		10,000		6,019
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39#		10,000		5,975
Commonwealth of Puerto Rico, General Obligation, Series D
5.75%, 07/01/41#		10,000		5,850
Northstar Education Finance, Inc., Student Loan Series 2007-1A, Asset-Backed Notes
0.00%, 04/28/30†		250,000		246,897
Port Authority of New York & New Jersey, Revenue Bond, Series 192
4.81%, 10/15/65		300,000		347,211
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000		16,053
6.00%, 07/01/44		55,000		44,711
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.50%, 08/01/28		60,000		15,525
5.50%, 08/01/37		65,000		16,819
5.38%, 08/01/39		35,000		9,056
5.50%, 08/01/42		120,000		31,050
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
6.75%, 08/01/32		85,000		22,631
6.25%, 08/01/33		25,000		4,767
5.00%, 08/01/43		20,000		5,175
5.25%, 08/01/43		10,000		2,588
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series B
5.25%, 08/01/27		5,000		1,294
5.75%, 08/01/37		45,000		11,644
6.38%, 08/01/39		5,000		1,319
6.00%, 08/01/42		100,000		26,125
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
5.38%, 08/01/38		15,000		3,881

	Par		Value
6.00%, 08/01/39	$	35,000	$	9,144
5.25%, 08/01/41		100,000		25,875
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C-1
6.63%, 08/01/37		10,000		620
State of California, General Obligation
7.95%, 03/01/36		265,000		304,449
7.55%, 04/01/39		85,000		130,041
State of Illinois, General Obligation
7.35%, 07/01/35		375,000		402,720
Utah State Board of Regents Series 2016-1
1.97%, 09/25/56†		1,815,647		1,806,768
Total Municipal Bonds (Cost $9,589,090)				9,972,189
	Number of
	Contracts
PURCHASED OPTIONS — 0.2%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $126.20, Expires 07/21/17 (GSC)		50		10,937
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 07/21/17 (GSC)		95		14,844
10-Year U.S. Treasury Note, Strike Price $127.00, Expires 07/21/17 (GSC)		100		7,813
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 07/21/17 (GSC)		16		750
10-Year U.S. Treasury Note, Strike Price $155.00, Expires 07/21/17 (GSC)		16		10,245
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 07/21/17 (GSC)		56		3,938
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 06/30/17 (GSC)		79		79
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 07/07/17 (GSC)		31		484
5-Year U.S. Treasury Note, Strike Price $118.70, Expires 08/25/17 (GSC)		48		6,750

See Notes to Financial Statements.

95

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of
	Contracts		Value
Long U.S. Treasury Bond, Strike Price $157.00, Expires 07/21/17 (GSC)		30	$	6,563
Long U.S. Treasury Bond, Strike Price $158.00, Expires 07/21/17 (GSC)		64		9,000
	Notional
	Amount
One-day Interbank Deposit Volatility Type 4, Strike Price $0.00, Expires 09/21/17 (MSCS)	$	500,000		42,580
One-day Interbank Deposit Volatility Type 4, Strike Price $0.00, Expires 06/18/17 (DEUT)		3,400,000		79,099
				193,082
Call Swaption — 0.0%
3-Month LIBOR, Strike Price 1.65%, Expires 11/15/18 (MSCS)		22,800,000		64,779
	Number of
	Contracts
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $114.50, Expires 08/25/17 (MSCS)		25		175
10-Year U.S. Treasury Note, Strike Price $115.00, Expires 08/25/17 (MSCS)		12		12
10-Year U.S. Treasury Note, Strike Price $115.50, Expires 08/25/17 (MSCS)		108		108
10-Year U.S. Treasury Note, Strike Price $125.50, Expires 07/21/17 (GSC)		16		8,000
10-Year U.S. Treasury Note, Strike Price $125.50, Expires 08/25/17 (GSC)		48		39,000
10-Year U.S. Treasury Note, Strike Price $125.70, Expires 07/21/17 (GSC)		33		20,625
10-Year U.S. Treasury Note, Strike Price $126.00, Expires 07/21/17 (MSCS)		64		49,000
Euro Dollars, Strike Price $9,825.00, Expires 03/19/18 (MSCS)		587		47,694
Euro Dollars, Strike Price $9,862.00, Expires 09/18/17 (GSC)		51		4,144

	Number of
	Contracts		Value
Euro-Bund, Strike Price $164.00, Expires 07/21/17 (GSC)		22	$	56,788
Euro-Bund, Strike Price $164.50, Expires 07/21/17 (GSC)		11		34,047
Long U.S. Treasury Bond, Strike Price $124.50, Expires 09/22/17 (GSC)		6		4,500
	Notional
	Amount
FNMA TBA 3.5% Aug 30YR, Strike Price $72.00, Expires 08/07/17 (JPM)	$	45,000,000		0
U.S. Dollar vs. Brazilian Reals, Strike Price $0.15, Expires 11/28/17 (BAR)		98,200,000		11,970
				276,063
Put Swaptions — 0.2%
3-Month LIBOR, Strike Price $2.30, Expires 10/21/19 (GSC)		7,700,000		989,355
3-Month LIBOR, Strike Price $2.50, Expires 11/07/19 (DEUT)		3,100,000		324,504
3-Month LIBOR, Strike Price $2.91, Expires 08/20/18 (MSCS)		1,100,000		38,182
3-Month LIBOR, Strike Price $2.91, Expires 08/20/18 (MSCS)		500,000		17,355
3-Month LIBOR, Strike Price $2.94, Expires 08/20/18 (GSC)		500,000		16,169
6-Month EURIBOR, Strike Price $1.08, Expires 09/06/17 (GSC)		10,600,000		39,682
				1,425,247
Total Purchased Options (Cost $2,094,921)				1,959,171
	Par
U.S. TREASURY OBLIGATIONS — 28.2%
U.S. Treasury Bonds
4.25%, 05/15/39		5,300,000		6,641,147
4.38%, 11/15/39		200,000		254,984
2.75%, 08/15/42		600,000		593,613
2.75%, 11/15/42		1,080,000		1,067,449
3.13%, 02/15/43‡‡		650,000		686,880
2.88%, 05/15/43		800,000		807,953
3.75%, 11/15/43		35,630,000		41,891,705
3.63%, 02/15/44		1,000,000		1,152,539
3.38%, 05/15/44		4,120,000		4,552,520
3.13%, 08/15/44		760,000		803,151
3.00%, 11/15/44		3,800,000		3,922,016

See Notes to Financial Statements.

96

	Par		Value
2.50%, 02/15/45	$	1,450,000	$	1,353,541
3.00%, 05/15/45		4,090,000		4,215,416
2.88%, 08/15/45		360,000		362,095
3.00%, 11/15/45		2,400,000		2,472,469
2.50%, 02/15/46		2,280,000		2,122,715
2.88%, 11/15/46‡‡		13,450,000		13,526,974
3.00%, 02/15/47		2,930,000		3,023,107
3.00%, 05/15/47		10,040,000		10,363,358
				99,813,632
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/18		5,100,000		5,377,363
0.13%, 04/15/19		600,000		626,620
0.13%, 04/15/20		750,000		784,604
1.13%, 01/15/21‡‡		1,800,000		2,089,829
0.13%, 04/15/21		6,430,000		6,626,572
0.13%, 04/15/22D		1,600,000		1,601,964
0.13%, 07/15/22		3,500,000		3,719,068
0.13%, 01/15/23		200,000		210,064
0.38%, 07/15/23		1,140,000		1,206,286
0.63%, 01/15/24		1,790,000		1,903,772
0.13%, 07/15/24		6,300,000		6,376,928
0.25%, 01/15/25		1,000,000		1,014,716
2.38%, 01/15/25‡‡		2,700,000		3,992,520
0.63%, 01/15/26‡‡		3,300,000		3,419,868
0.13%, 07/15/26		6,110,000		6,016,484
0.38%, 01/15/27		9,800,000		9,750,176
2.38%, 01/15/27‡‡		500,000		707,085
2.50%, 01/15/29		600,000		822,545
2.13%, 02/15/40		920,000		1,296,573
0.75%, 02/15/42		380,000		392,024
1.38%, 02/15/44		1,140,000		1,303,230
0.88%, 02/15/47		240,000		236,203
				59,474,494
U.S. Treasury Notes
1.38%, 04/30/21		3,420,000		3,376,783
1.13%, 06/30/21		14,960,000		14,602,658
1.13%, 07/31/21		3,430,000		3,343,648
2.00%, 12/31/21‡‡		1,500,000		1,511,045
1.88%, 03/31/22		8,840,000		8,846,215
1.88%, 04/30/22D		12,100,000		12,099,056
1.75%, 06/30/22		1,490,000		1,480,484
1.38%, 06/30/23		590,000		568,128
1.25%, 07/31/23		3,710,000		3,542,761
1.38%, 08/31/23		13,600,000		13,066,098
1.38%, 09/30/23		720,000		691,032
2.25%, 01/31/24		4,256,000		4,296,649
2.13%, 03/31/24		28,130,000		28,155,275
2.00%, 04/30/24		7,100,000		7,047,996
2.00%, 05/31/24		5,000,000		4,960,352
2.38%, 08/15/24		440,000		446,789
2.00%, 02/15/25‡‡		6,030,000		5,948,502
2.13%, 05/15/25		4,450,000		4,422,795
2.25%, 11/15/25		10,400,000		10,404,264

	Par		Value
2.00%, 11/15/26	$	21,200,000	$	20,674,971
2.25%, 02/15/27		7,718,000		7,683,481
2.38%, 05/15/27D		2,520,000		2,536,292
				159,705,274
U.S. Treasury Strips
2.01%, 02/15/43W		4,100,000		1,957,211
Total U.S. Treasury Obligations (Cost $319,925,895)				320,950,611
	Shares
PREFERRED STOCKS — 0.0%
Delphi Financial Group, Inc.
4.37%, 05/15/37†		12,432		268,065
GMAC Capital Trust I
6.97%, 02/15/40†		6,979		182,850
Total Preferred Stocks (Cost $449,178)				450,915
MONEY MARKET FUNDS — 7.8%
GuideStone Money Market Fund (Investor Class)¥		77,181,404		77,181,404
Northern Institutional Government Assets Portfolio		3,704,963		3,704,963
Northern Institutional Liquid Assets Portfolio§		7,525,783		7,525,783
(Cost $88,412,150)				88,412,150
	Par
REPURCHASE AGREEMENTS — 6.5%
Barclays PLC 1.19% (dated 06/30/17, due 07/03/17, repurchase price $19,500,000, collateralized by U.S. Treasury Bond, 3.125%, due 02/15/43, total market value $19,570,310)		19,500,000		19,500,000
1.32% (dated 07/03/17, due 07/05/17, repurchase price $19,500,000, collateralized by U.S. Treasury Bond, 3.125%, due 02/15/43, total market value $19,570,310)		19,500,000		19,500,000

See Notes to Financial Statements.

97

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Citigroup, Inc. 1.20% (dated 07/03/17, due 07/05/17, repurchase price $18,400,000, collateralized by U.S. Treasury Note, 2.000%, due 02/15/25, total market value $16,974,034)	$	18,400,000		$	18,400,000
1.33% (dated 06/30/17, due 07/03/17, repurchase price $16,800,000, collateralized by U.S. Treasury Note, 2.000%, due 02/15/25, total market value $16,974,034)		16,800,000			16,800,000
Total Repurchase Agreements (Cost $74,200,000)					74,200,000
TOTAL INVESTMENTS — 123.5% (Cost $1,399,693,660)					1,406,432,665
	Number of
	Contracts
WRITTEN OPTIONS — (0.2)%
Call Options — (0.0)%
10-Year U.S. Treasury Note, Strike Price $128.00, Expires 08/25/17 (GSC)		(94	)		(13,219	)
10-Year U.S. Treasury Note, Strike Price $129.00, Expires 08/25/17 (GSC)		(110	)		(6,875	)
10-Year U.S. Treasury Note, Strike Price $129.00, Expires 07/21/17 (GSC)		(78	)		(1,219	)
Euro Dollars, Strike Price $9,875.00, Expires 03/19/18 (MSCS)		(587	)		(22,013	)
Euro-Bund, Strike Price $165.50, Expires 07/21/17 (GSC)		(35	)		(1,199	)
Long U.S. Treasury Bond, Strike Price $159.00, Expires 08/25/17 (GSC)		(18	)		(6,188	)
Long U.S. Treasury Bond, Strike Price $159.00, Expires 07/21/17 (GSC)		(16	)		(1,500	)
Long U.S. Treasury Bond, Strike Price $160.00, Expires 08/25/17 (GSC)		(48	)		(12,000	)
Long U.S. Treasury Bond, Strike Price $161.00, Expires 08/25/17 (GSC)		(28	)		(5,250	)

	Notional
	Amount			Value
FNMA TBA 3.5% Aug 30YR, Strike Price $103.11, Expires 08/07/17 (JPM)	$	(32,600,000	)	$	(76,215	)
FNMA TBA 3.5% Aug 30YR, Strike Price $103.63, Expires 08/07/17 (CS)		(33,600,000	)		(32,353	)
					(178,031	)
Call Swaption — (0.0)%
3-Month LIBOR, Strike Price 2.00%, Expires 11/15/18 (MSCS)		(4,900,000	)		(72,194	)
	Number of
	Contracts
Put Options — (0.0)%
Euro-Bund, Strike Price 162.50%, Expires 07/21/17 (GSC)		(44	)		(57,793	)
	Notional
	Amount
U.S. Dollar vs. Brazilian Reals, Strike Price 0.04%, Expires 11/28/17 (BAR)	$	(196,400,000	)		(4,187	)
					(61,980	)
Put Swaptions — (0.2)%
3-Month LIBOR, Strike Price $2.00, Expires 10/21/19 (GSC)		(38,500,000	)		(1,155,383	)
3-Month LIBOR, Strike Price $2.25, Expires 11/07/19 (DEUT)		(15,500,000	)		(369,004	)
3-Month LIBOR, Strike Price $2.80, Expires 08/20/18 (MSCS)		(4,900,000	)		(20,975	)
3-Month LIBOR, Strike Price $2.80, Expires 08/20/18 (MSCS)		(2,200,000	)		(9,417	)
3-Month LIBOR, Strike Price $2.80, Expires 08/20/18 (GSC)		(2,300,000	)		(9,845	)
3-Month LIBOR, Strike Price $2.94, Expires 09/06/17 (JPM)		(13,000,000	)		(2,283	)
					(1,566,907	)
Total Written Options (Premiums received $(1,890,268))					(1,879,112	)
	Par
TBA SALE COMMITMENTS — (0.5)%
Government National Mortgage Association 3.00%, 07/17/47 TBA		(1,000,000	)		(1,010,526	)
Federal Home Loan Mortgage Corporation 3.50%, 07/17/47 TBA		(3,000,000	)		(3,082,185	)

See Notes to Financial Statements.

98

	Par			Value
Federal National Mortgage Association
3.00%, 07/17/47 TBA		(1,000,000	)	$	(998,730	)
Total TBA Sale Commitments (Proceeds $(5,119,258))					(5,091,441	)
Liabilities in Excess of Other Assets — (22.8)%					(260,122,331	)
NET ASSETS — 100.0%				$	1,139,339,781

PORTFOLIO SUMMARY (based on net assets)

	%
Mortgage-Backed Securities		38.4
U.S. Treasury Obligations		28.2
Corporate Bonds		19.3
Foreign Bonds		13.3
Money Market Funds		7.8
Asset-Backed Securities		7.1
Repurchase Agreements		6.5
Loan Agreements		0.9
Municipal Bonds		0.9
Agency Obligations		0.8
Purchased Options		0.2
Certificates of Deposit		0.1
Foreign Government Inflation-Linked Bonds		—	**
Preferred Stocks		—	**
Written Options		(0.2	)
TBA Sale Commitments		(0.5	)
		122.8

** Rounds to less than 0.05%

Swap agreements outstanding at June 30, 2017:

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 and Sovereign Issues – Buy Protection
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		120,000	$	(1,600	)	$	(79	)	$	(1,521	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		JPM		USD		120,000		(1,600	)		(137	)		(1,463	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		190,000		(2,533	)		(222	)		(2,311	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		20,000		(267	)		(44	)		(223	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		JPM		USD		60,000		(800	)		(79	)		(721	)

See Notes to Financial Statements.

99

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	)%		3/20/2019		CITI		USD		180,000	$	(2,399	)	$	(153	)	$	(2,246	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		190,000		(2,533	)		(174	)		(2,359	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		130,000		(1,733	)		(77	)		(1,656	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		80,000		(1,066	)		(112	)		(954	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		140,000		(1,866	)		(266	)		(1,600	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		220,000		(2,932	)		(1,103	)		(1,829	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		3/20/2019		CITI		USD		430,000		(5,732	)		(918	)		(4,814	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		210,000		(3,130	)		(582	)		(2,548	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		950,000		(14,160	)		—			(14,160	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,789	)		(301	)		(1,488	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		JPM		USD		50,000		(745	)		(168	)		(577	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,789	)		(306	)		(1,483	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		BOA		USD		20,000		(298	)		(53	)		(245	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		60,000		(894	)		(151	)		(743	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		250,000		(3,726	)		(658	)		(3,068	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		BOA		USD		30,000		(447	)		(71	)		(376	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,789	)		(612	)		(1,177	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		60,000		(894	)		(149	)		(745	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		JPM		USD		10,000		(149	)		(24	)		(125	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2019		CITI		USD		80,000		(1,192	)		(483	)		(709	)
Credit Suisse, Inc., 6.50%, due 01/15/12		(1.00	)%		9/20/2020		GSC		USD		300,000		(1,704	)		2,493			(4,197	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		CITI		USD		60,000		(1,086	)		294			(1,380	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		JPM		USD		60,000		(1,086	)		236			(1,322	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		JPM		USD		90,000		(1,630	)		578			(2,208	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		CITI		USD		270,000		(4,889	)		1,647			(6,536	)

See Notes to Financial Statements.

100

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	)%		12/20/2020		JPM		USD		100,000	$	(1,811	)	$	589		$	(2,400	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		BOA		USD		300,000		(5,432	)		1,237			(6,669	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2020		JPM		USD		340,000		(6,156	)		420			(6,576	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		90,000		(1,612	)		671			(2,283	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		BOA		USD		60,000		(1,074	)		444			(1,518	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		JPM		USD		30,000		(537	)		(194	)		(343	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		30,000		(537	)		223			(760	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		70,000		(1,254	)		614			(1,868	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		BOA		USD		460,000		(8,238	)		4,285			(12,523	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,074	)		560			(1,634	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		DEUT		USD		130,000		(2,328	)		1,113			(3,441	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		160,000		(2,865	)		1,237			(4,102	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		60,000		(1,074	)		456			(1,530	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		JPM		USD		40,000		(716	)		325			(1,041	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		80,000		(1,433	)		683			(2,116	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		JPM		USD		150,000		(2,686	)		620			(3,306	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		270,000		(4,835	)		1,115			(5,950	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		JPM		USD		60,000		(1,074	)		177			(1,251	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,074	)		182			(1,256	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		DEUT		USD		110,000		(1,970	)		207			(2,177	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		JPM		USD		40,000		(716	)		72			(788	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2021		CITI		USD		160,000		(2,865	)		286			(3,151	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2021		JPM		USD		220,000		(3,561	)		740			(4,301	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		12/20/2021		DEUT		USD		20,000		(324	)		117			(441	)

See Notes to Financial Statements.

101

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	)%		12/20/2021		DEUT		USD		410,000	$	(6,636	)	$	1,387		$	(8,023	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		6/20/2022		JPM		USD		460,000		(6,676	)		(4,500	)		(2,176	)
Peoples Republic of China, 7.5% due 10/28/27		(1.00	)%		6/20/2022		GSC		USD		130,000		(1,887	)		(2,253	)		366
Peoples Republic of China, 7.5% due 10/28/27		(1.00	)%		6/20/2022		GSC		USD		180,000		(2,612	)		(3,400	)		788
Peoples Republic of China, 7.5% due 10/28/27		(1.00	)%		6/20/2022		0		USD		170,000		(2,467	)		(2,196	)		(271	)
												$	(141,982	)	$	3,543		$	(145,525	)

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
Volkswagon International Finance NV, 5.375% due 05/22/18		0.11	%		1.00	%		12/20/2017		ICE		EUR		900,000	$	4,709	$	3,370	$	1,339
Berkshire Hathaway, Inc., 1.55% due 02/09/18		0.41	%		1.00	%		12/20/2021		ICE		USD		400,000		10,233		4,860		5,373
Berkshire Hathaway, Inc., 1.55% due 02/09/18		0.47	%		1.00	%		6/20/2022		ICE		USD		100,000		2,544		1,765		779
															$	17,486	$	9,995	$	7,491

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.HY28 Index		5.00	%		6/20/2022		ICE		USD		650,000	$	(56,061	)	$	(43,135	)	$	(12,926	)
Dow Jones iTraxx Europe Index		1.00	%		6/20/2022		ICE		EUR		7,000,000		(175,111	)		(126,933	)		(48,178	)
												$	(231,172	)	$	(170,068	)	$	(61,104	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices – Sell Protection
Dow Jones CDX.NA.HY28 Index		3.39	%		5.00	%		6/20/2022		ICE		USD		8,200,000	$	577,077	$	605,190	$	(28,113	)
CDX.NA.IG.28		0.61	%		1.00	%		6/20/2022		ICE		USD		3,800,000		71,328		77,601		(6,273	)

See Notes to Financial Statements.

102

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Dow Jones CDX.NA.HY28 Index		3.39	%		5.00	%		6/20/2022		ICE		USD		650,000	$	56,061		$	44,438		$	11,623
Dow Jones CMBX.NA.AAA.7 Index		0.51	%		0.50	%		1/17/2047		GSC		USD		1,700,000		(740	)		(72,206	)		71,466
Dow Jones CMBX.NA.AAA.8 Index		0.60	%		0.50	%		10/17/2057		DEUT		USD		600,000		(3,795	)		(39,581	)		35,786
Dow Jones CMBX.NA.AAA.8 Index		0.60	%		0.50	%		10/17/2057		DEUT		USD		1,100,000		(6,958	)		(72,366	)		65,408
Dow Jones CMBX.NA.AAA.8 Index		0.60	%		0.50	%		10/17/2057		GSC		USD		1,700,000		(10,753	)		(98,468	)		87,715
															$	682,220		$	444,608		$	237,612

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	)%		6/21/2017		LCH		USD		15,930,000	$	528,057		$	452,027		$	76,030
3-Month KORIBOR		2.25	%		10/15/2017		DEUT		KRW		3,619,650,000		13,853			—			13,853
3-Month KORIBOR		2.17	%		10/28/2017		CITI		KRW		382,410,000		1,312			—			1,312
3-Month LIBOR		0.59	%		6/21/2018		LCH		GBP		105,570,000		4,672			4,657			15
3-Month LIBOR		(1.50	)%		5/15/2019		CME		USD		17,700,000		41,690			61,562			(19,872	)
3-Month CDOR		1.25	%		9/20/2019		LCH		CAD		51,450,000		(242,819	)		(49,683	)		(193,136	)
6-Month NIBOR		1.00	%		9/20/2019		LCH		NOK		15,980,000		(7,147	)		(4,383	)		(2,764	)
3-Month BBSW		(1.80	)%		9/20/2019		LCH		AUD		10,600,000		30,246			8,927			21,319
3-Month LIBOR		(1.75	)%		9/20/2019		LCH		USD		7,970,000		(11,897	)		(23,549	)		11,652
3-Month LIBOR		(2.00	)%		12/16/2019		CME		USD		3,500,000		(28,949	)		(22,651	)		(6,298	)
3-Month LIBOR		2.25	%		12/20/2019		LCH		USD		31,180,000		111,715			71,107			40,608
3-Month LIBOR		(1.85	)%		3/14/2020		CME		USD		55,100,000		40,620			(20,139	)		60,759
3-Month LIBOR		(1.25	)%		6/21/2020		CME		USD		15,100,000		215,017			311,708			(96,691	)
6-Month EURIBOR		0.25	%		2/11/2021		LCH		EUR		15,220,000		(14,007	)		25,394			(39,401	)
6-Month EURIBOR		0.25	%		2/11/2021		LCH		EUR		10,190,000		(44,502	)		(58,711	)		14,209
3-Month LIBOR		(1.25	)%		6/21/2021		CME		USD		7,800,000		180,975			220,184			(39,209	)
3-Month STIBOR		0.25	%		9/20/2022		LCH		SEK		47,370,000		(75,924	)		(10,649	)		(65,275	)
3-Month CDOR		1.50	%		9/20/2022		LCH		CAD		3,420,000		(38,263	)		(10,856	)		(27,407	)
6-Month EURIBOR		(0.25	)%		9/20/2022		LCH		EUR		14,040,000		(58,814	)		56,252			(115,066	)
3-Month LIBOR		2.00	%		9/20/2022		LCH		USD		3,580,000		(439	)		(19,716	)		19,277
3-Month LIBOR		(2.14	)%		7/3/2023		LCH		USD		2,170,000		1,173			(146	)		1,319
3-Month LIBOR		(2.00	)%		7/12/2023		CME		USD		19,200,000		29,610			29,598			12
3-Month LIBOR		(2.00	)%		7/12/2023		LCH		USD		17,400,000		24,367			24,354			13
3-Month LIBOR		(2.50	)%		12/16/2025		LCH		USD		1,500,000		(36,814	)		(20,019	)		(16,795	)
3-Month LIBOR		(1.75	)%		12/21/2026		CME		USD		3,900,000		174,815			222,428			(47,613	)
3-Month LIBOR		(1.75	)%		12/21/2026		LCH		USD		11,100,000		475,870			608,531			(132,661	)
6-Month LIBOR		(1.60	)%		3/16/2027		LCH		GBP		10,610,000		(53,673	)		80,110			(133,783	)
6-Month LIBOR		(1.60	)%		3/16/2027		LCH		GBP		6,000,000		(37,032	)		(2,350	)		(34,682	)
3-Month LIBOR		(1.50	)%		6/21/2027		CME		USD		6,000,000		431,339			515,628			(84,289	)
3-Month LIBOR		(1.50	)%		6/21/2027		CME		USD		8,400,000		603,874			560,939			42,935

See Notes to Financial Statements.

103

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)
6-Month LIBOR		(1.50	)%		9/20/2027		CME		USD		8,500,000	$	(131,571	)	$	(90,341	)	$	(41,230	)
6-Month LIBOR		(1.50	)%		9/20/2027		LCH		GBP		3,280,000		(50,771	)		(142,999	)		92,228
6-Month EURIBOR		(1.00	)%		9/20/2027		LCH		EUR		4,620,000		29,920			106,505			(76,585	)
3-Month LIBOR		(2.50	)%		9/20/2027		LCH		USD		900,000		(16,089	)		(28,063	)		11,974
3-Month LIBOR		(2.38	)%		7/3/2028		LCH		USD		6,760,000		(17,216	)		—			(17,216	)
3-Month LIBOR		(2.79	)%		12/20/2028		LCH		USD		4,490,000		(130,959	)		(107,416	)		(23,543	)
United Kingdom Retail Price Index		(3.14	)%		1/14/2030		GSC		GBP		1,410,000		(30,025	)		—			(30,025	)
6-Month LIBOR		(1.94	)%		1/11/2032		LCH		GBP		4,560,000		11,983			(37,661	)		49,644
6-Month LIBOR		(1.50	)%		9/20/2032		LCH		GBP		1,270,000		15,172			(28,483	)		43,655
6-Month LIBOR		(2.04	)%		2/1/2037		LCH		GBP		2,100,000		(23,580	)		(27,649	)		4,069
6-Month LIBOR		(2.05	)%		2/1/2037		LCH		GBP		2,900,000		(35,667	)		(41,085	)		5,418
6-Month EURIBOR		(2.05	)%		2/3/2037		LCH		EUR		5,600,000		(16,160	)		23,939			(40,099	)
6-Month LIBOR		(1.75	)%		3/17/2037		LCH		GBP		7,410,000		146,320			(11,812	)		158,132
3-Month LIBOR		(2.75	)%		12/16/2045		CME		USD		6,700,000		(267,697	)		(71,989	)		(195,708	)
3-Month LIBOR		(2.50	)%		6/15/2046		CME		USD		4,000,000		53,996			(73,432	)		127,428
United Kingdom Retail Price Index		(3.59	)%		10/15/2046		LCH		GBP		180,000		13,639			(3,218	)		16,857
3-Month CDOR		(1.75	)%		12/16/2046		CME		CAD		5,800,000		629,722			699,121			(69,399	)
3-Month LIBOR		(2.25	)%		12/21/2046		CME		USD		600,000		41,152			58,120			(16,968	)
3-Month LIBOR		(2.50	)%		9/20/2047		LCH		USD		800,000		8,047			(11,394	)		19,441
3-Month LIBOR		(2.56	)%		7/3/2048		LCH		USD		2,790,000		13,839			—			13,839
												$	2,502,980		$	3,222,697		$	(719,717	)

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
Arab Republic of Egypt		8/17/2017		CITI		EGP		5,125,000	$	275,658	$	264,158	$	11,500
Arab Republic of Egypt		3/08/2018		MLCS		EGP		5,000,000		243,166		240,609		2,557
									$	518,824	$	504,767	$	14,057
Total Swap agreements outstanding at June 30, 2017									$	3,348,356	$	4,015,542	$	(667,186	)

See Notes to Financial Statements.

104

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	9,151,307	$	—	$	9,151,307	$	—
Asset-Backed Securities		80,935,568		—		80,073,879		861,689
Certificates of Deposit		1,201,642		—		1,201,642		—
Corporate Bonds		220,017,292		—		218,263,983		1,753,309
Foreign Bonds:
Argentina		3,074,953		—		3,074,953		—
Australia		3,299,247		—		3,299,247		—
Belgium		206,220		—		206,220		—
Brazil		5,906,975		—		5,906,975		—
Canada		3,920,750		—		3,920,750		—
Chile		1,508,576		—		1,508,576		—
China		1,366,723		—		1,366,723		—
Colombia		1,191,600		—		1,191,600		—
Denmark		436,415		—		436,415		—
Dominican Republic		265,533		—		265,533		—
Ecuador		401,240		—		401,240		—
Finland		264,343		—		264,343		—
France		6,232,340		—		6,232,340		—
Germany		4,142,403		—		4,142,403		—
India		530,874		—		530,874		—
Indonesia		1,737,230		—		1,737,230		—
Ireland		4,682,660		—		4,682,660		—
Israel		2,265,186		—		2,265,186		—
Italy		2,889,933		—		2,889,933		—
Jamaica		283,224		—		283,224		—
Japan		46,281,336		—		46,281,336		—
Jordan		1,228,996		—		1,228,996		—
Kuwait		1,524,903		—		1,524,903		—
Luxembourg		135,338		—		135,338		—
Mexico		7,129,009		—		7,129,009		—
Morocco & Antilles		455,062		—		455,062		—
Netherlands		11,872,067		—		11,872,067		—
Peru		400,620		—		400,620		—
Poland		1,049,709		—		1,049,709		—
Russia		2,847,270		—		2,847,270		—
South Korea		1,655,997		—		1,655,997		—
Spain		1,248,593		—		1,248,593		—
Supranational		398,116		—		398,116		—
Sweden		1,586,252		—		1,586,252		—
Switzerland		8,418,159		—		8,418,159		—
Turkey		1,336,203		—		1,336,203		—
United Arab Emirates		17,666		—		17,666		—

See Notes to Financial Statements.

105

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
United Kingdom	$	19,330,529		$	—		$	19,330,529		$	—
Foreign Government Inflation-Linked Bond		632,485			—			632,485			—
Loan Agreements		10,024,186			—			10,024,186			—
Money Market Funds		88,412,150			88,412,150			—			—
Mortgage-Backed Securities		437,002,899			—			437,000,172			2,727
Municipal Bonds		9,972,189			—			9,972,189			—
Preferred Stock		450,915			182,850			268,065			—
Purchased Options:
Call Options		193,082			71,403			121,679			—
Call Swaptions		64,779			—			64,779			—
Put Options		276,063			264,093			—			11,970
Put Swaptions		1,425,247			—			1,425,247			—
Repurchase Agreements		74,200,000			—			74,200,000			—
U.S. Treasury Obligations		320,950,611			—			320,950,611			—
Total Assets — Investments in Securities	$	1,406,432,665		$	88,930,496		$	1,314,872,474		$	2,629,695
Other Financial Instruments***
Futures Contracts	$	746,600		$	746,600		$	—		$	—
Swap Agreements		3,348,356			—			3,348,356			—
Forward Foreign Currency Contracts		647,710			—			647,710			—
Total Assets — Other Financial Instruments	$	4,742,666		$	746,600		$	3,996,066		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(5,091,441	)	$	—		$	(5,091,441	)	$	—
Written Options:
Call Options		(178,031	)		(68,264	)		(109,767	)		—
Call Swaption		(72,194	)		—			(72,194	)		—
Put Options		(61,980	)		—			—			(61,980	)
Put Swaption		(1,566,907	)		—			(1,566,907	)		—
Total Liabilities — Investments in Securities	$	(6,970,553	)	$	(68,264	)	$	(6,840,309	)	$	(61,980	)

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forwards contracts), and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and “Forward Foreign Currency Contracts” disclosures in the Notes to Financial Statements and the “Swap agreements outstanding” disclosure on the preceding page(s), respectively.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the period ended June 30, 2017.

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, mortgage-backed securities, municipal bonds, purchased options and written options 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.

106

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

	Total Value			Asset- Backed Securities			Corporate Bonds			Foreign Bonds			Foreign Government Inflation- Linked Note			Mortgage Backed Securities			Municipal Bonds			Purchased Options			Written Options
Balance, 12/31/16	$	36,789,248		$	16,446,524		$	2,996,783		$	1,451,051		$	624,389		$	13,243,312		$	2,027,189		$	—		$	—
Accrued discounts/premiums		142,375			6,870			(5,814	)		(576	)		121,720			22,347			(2,172	)		—			—
Realized gain (loss)(1)		(11,939	)		1,684			(1,901	)		(314	)		—			(12,733	)		1,365			—			(40	)
Change in unrealized appreciation (depreciation)(2)		204,629			136,126			86,432			(26,643	)		(113,624	)		163,106			4,162			(42,152	)		(2,778	)
Purchases		1,250,000			—			—			—			—			1,250,000			—			—			—
Sales		(5,790,625	)		(3,301,541	)		(4,405	)		—			—			(2,528,641	)		—			43,962			—
Transfers in to Level 3(3)		(6,422	)		—			—			—			—			—			—			52,740			(59,162	)
Transfers out of Level 3(4)		(29,227,327	)		(12,257,172	)		(1,313,250	)		(1,368,504	)		(632,485	)		(11,806,568	)		(1,806,768	)		(42,580	)		—
Maturities		—			—			—			—			—			—			—			—			—
Paydowns		(782,224	)		(170,802	)		(4,536	)		(55,014	)		—			(328,096	)		(223,776	)		—			—
Balance, 06/30/17	$	2,587,715		$	881,689		$	1,753,309		$	—		$	—		$	2,727		$	—		$	11,970		$	(61,980	)

⁽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 December 31, 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 December 31, 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.

107

EXTENDED-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Par		Value
AGENCY OBLIGATION — 0.6%
Federal National Mortgage Association Discount Note
0.93%, 08/28/17W
(Cost $1,402,827)	$	1,405,000	$	1,402,792
CORPORATE BONDS — 41.2%
21st Century Fox America, Inc.
4.75%, 09/15/44		815,000		861,277
Abbott Laboratories
4.90%, 11/30/46		1,005,000		1,111,408
AbbVie, Inc.
4.70%, 05/14/45		1,154,000		1,231,125
AES Corporation
4.88%, 05/15/23		145,000		148,444
Aflac, Inc.
6.45%, 08/15/40		328,000		435,204
Ally Financial, Inc.
8.00%, 11/01/31		177,000		217,710
AltaWind Holdings LLC
7.00%, 06/30/35 144A		401,371		455,680
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 01/15/24		683,873		713,758
American Airlines Class B Pass-Through Trust Series 2017-1B
4.95%, 02/15/25		135,000		139,388
American International Group, Inc.
4.38%, 01/15/55		1,073,000		1,037,125
Andarko Holding Co.
7.15%, 05/15/28		250,000		300,954
Antero Resources Corporation
5.38%, 11/01/21		125,000		126,719
5.13%, 12/01/22D		35,000		35,251
Anthem, Inc.
6.38%, 06/15/37		1,208,000		1,556,320
Apple, Inc.
4.38%, 05/13/45		676,000		732,680
3.85%, 08/04/46		367,000		367,710
4.25%, 02/09/47D		242,000		257,326
AT&T, Inc.
4.50%, 05/15/35		529,000		522,010
4.30%, 12/15/42		1,242,000		1,157,695
4.75%, 05/15/46		2,704,000		2,661,878
Bank of America Corporation
3.50%, 04/19/26		964,000		969,104
6.11%, 01/29/37		900,000		1,104,930
Bank of America NA
6.00%, 10/15/36		2,900,000		3,672,144
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34		850,301		341,183
Burlington Northern Santa Fe LLC
4.15%, 04/01/45		879,000		921,117

	Par		Value
California Institute of Technology
4.70%, 11/01/11	$	2,010,000	$	2,044,781
CenturyLink, Inc.
6.88%, 01/15/28		65,000		64,837
7.65%, 03/15/42		295,000		275,456
Chesapeake Energy Corporation
6.63%, 08/15/20		25,000		25,187
6.88%, 11/15/20		15,000		15,075
4.88%, 04/15/22D		70,000		65,450
5.75%, 03/15/23		20,000		18,100
Ciena Corporation
3.75%, 10/15/18 CONV 144A		15,000		20,269
Citigroup, Inc.
8.13%, 07/15/39		858,000		1,321,435
4.28%, 04/24/48†		533,000		547,645
Continental Airlines Class B Pass Through Trust Series 1999-2
7.57%, 03/15/20		45		48
Continental Resources, Inc.
4.50%, 04/15/23D		40,000		38,300
3.80%, 06/01/24D		125,000		115,078
Corning, Inc.
7.25%, 08/15/36		850,000		1,044,782
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,773,823
CVS Health Corporation
5.13%, 07/20/45		240,000		276,211
Darden Restaurants, Inc.
6.00%, 08/15/35		990,000		1,136,107
DCP Midstream Operating LP
6.45%, 11/03/36 144A		490,000		519,400
Diamond 1 Finance Corporation
6.02%, 06/15/26 144A		140,000		154,475
8.10%, 07/15/36 144A		180,000		226,839
8.35%, 07/15/46 144A		130,000		168,309
Dillard’s, Inc.
7.00%, 12/01/28		500,000		554,906
Dow Chemical Co.
9.40%, 05/15/39		570,000		960,905
Enbridge Energy Partners LP
7.38%, 10/15/45		750,000		958,369
Energy Transfer Partners LP
5.15%, 03/15/45		1,000,000		975,110
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		655,873
4.95%, 10/15/54D		515,000		536,794
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,175,000
Ford Motor Co.
6.63%, 10/01/28		680,000		804,812
6.38%, 02/01/29		1,255,000		1,434,141

See Notes to Financial Statements.

108

	Par		Value
Freeport-McMoRan, Inc.
5.45%, 03/15/43	$	160,000	$	138,768
FTS International, Inc.
6.25%, 05/01/22		90,000		73,350
General Electric Co.
6.75%, 03/15/32		573,000		786,593
5.88%, 01/14/38		150,000		194,498
General Motors Co.
5.20%, 04/01/45		1,085,000		1,068,364
General Motors Financial Co., Inc.
3.45%, 04/10/22		130,000		132,272
5.25%, 03/01/26		250,000		270,490
Genworth Holdings, Inc.
4.90%, 08/15/23		30,000		25,050
4.80%, 02/15/24		40,000		33,200
Global Marine, Inc.
7.00%, 06/01/28		20,000		17,500
Goldman Sachs Group, Inc.
6.75%, 10/01/37		500,000		650,208
Great Plains Energy, Inc.
4.85%, 04/01/47		540,000		557,854
HCA, Inc.
7.05%, 12/01/27		500,000		562,500
Hewlett Packard Enterprise Co.
6.35%, 10/15/45		135,000		143,157
Intel Corporation
3.25%, 08/01/39 CONV		485,000		802,372
International Paper & Co.
8.70%, 06/15/38		950,000		1,400,353
Jefferies Group LLC
6.45%, 06/08/27		50,000		57,408
6.25%, 01/15/36		185,000		202,231
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		286,577
5.60%, 07/15/41		2,547,000		3,165,414
4.26%, 02/22/48†		335,000		351,353
KB Home
1.38%, 02/01/19 CONV		95,000		102,066
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		303,785
Kraft Heinz Foods Co.
6.88%, 01/26/39		267,000		344,481
6.50%, 02/09/40		1,000,000		1,255,063
5.20%, 07/15/45		655,000		711,280
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,755,405
Lockheed Martin Corporation
4.70%, 05/15/46		1,238,000		1,396,791
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000		245,274
Marathon Petroleum Corporation
5.00%, 09/15/54		598,000		549,362
Masco Corporation
7.75%, 08/01/29		129,000		173,355

	Par		Value
6.50%, 08/15/32	$	15,000	$	18,397
McDonald’s Corporation
4.88%, 12/09/45		828,000		926,793
Medtronic, Inc.
4.63%, 03/15/45D		1,852,000		2,089,412
MetLife, Inc.
6.40%, 12/15/36		310,000		358,825
5.88%, 02/06/41		500,000		634,538
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		85,000		128,297
Microsoft Corporation
4.45%, 11/03/45D		595,000		663,688
3.70%, 08/08/46		594,000		589,348
4.50%, 02/06/57		1,385,000		1,529,305
Monsanto Co.
4.70%, 07/15/64		537,000		543,424
Morgan Stanley
4.75%, 11/16/18(A)		295,000		233,305
3.13%, 08/05/21(C)		235,000		186,497
4.30%, 01/27/45		1,092,000		1,132,021
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		127,369
Navient Corporation
5.88%, 10/25/24		30,000		30,684
5.63%, 08/01/33		1,460,000		1,226,838
New Albertsons, Inc.
6.63%, 06/01/28		35,000		32,025
7.45%, 08/01/29		55,000		53,625
8.70%, 05/01/30		200,000		205,000
8.00%, 05/01/31D		295,000		293,525
Newell Brands, Inc.
5.38%, 04/01/36		317,000		367,052
NGL Energy Partners LP
7.50%, 11/01/23 144A		30,000		29,738
6.13%, 03/01/25 144A		170,000		156,400
Noble Energy, Inc.
5.05%, 11/15/44		1,016,000		1,047,329
Old Republic International Corporation
4.88%, 10/01/24		230,000		246,396
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		85,000		88,613
ONEOK Partners LP
6.20%, 09/15/43		5,000		5,763
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,324,197
Plains All American Pipeline LP
4.90%, 02/15/45		995,000		928,279
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		110,000		126,225
Prudential Financial, Inc.
6.63%, 06/21/40		1,236,000		1,678,144
PulteGroup, Inc.
6.38%, 05/15/33		1,000,000		1,050,000

See Notes to Financial Statements.

109

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Quicken Loans, Inc.
5.75%, 05/01/25 144AD	$	125,000	$	129,688
Qwest Corporation
7.25%, 09/15/25		490,000		544,986
6.88%, 09/15/33		1,918,000		1,892,094
Rockwell Collins, Inc.
4.35%, 04/15/47		823,000		864,338
RPM International, Inc.
2.25%, 12/15/20 CONV		22,000		26,070
Sempra Energy
6.00%, 10/15/39		991,000		1,258,587
Sherwin-Williams Co. (The)
4.50%, 06/01/47		785,000		825,966
SM Energy Co.
5.00%, 01/15/24		15,000		13,350
Southern Co.
4.40%, 07/01/46D		1,723,000		1,761,479
Sprint Capital Corporation
6.88%, 11/15/28		1,025,000		1,141,922
8.75%, 03/15/32		20,000		25,250
Sprint Communications, Inc.
6.00%, 11/15/22		40,000		42,500
Sprint Corporation
7.13%, 06/15/24D		15,000		16,725
Tenet Healthcare Corporation
5.00%, 03/01/19		225,000		236,331
Textron, Inc.
6.63%, 04/07/20(U)		160,000		232,963
THC Escrow Corporation III
5.13%, 05/01/25 144A		240,000		241,500
Time Warner Cable LLC
5.50%, 09/01/41		25,000		26,958
4.50%, 09/15/42		45,000		42,975
Toro Co.
6.63%, 05/01/37		300,000		342,015
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		455,000		586,323
Transocean, Inc.
5.80%, 10/15/22D		205,000		191,162
6.80%, 03/15/38D		20,000		14,700
Tyson Foods, Inc.
4.55%, 06/02/47D		405,000		428,132
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 04/11/26D		102,090		106,809
United States Steel Corporation
6.65%, 06/01/37D		95,000		85,975
Unum Group
5.75%, 08/15/42		1,747,000		2,079,270
US Airways Class A Pass-Through Trust Series 2012-1
5.90%, 10/01/24		345,257		387,551
Verizon Communications, Inc.
4.27%, 01/15/36		1,700,000		1,645,948

	Par		Value
5.25%, 03/16/37	$	999,000	$	1,077,284
5.01%, 08/21/54		491,000		486,859
4.67%, 03/15/55		580,000		545,315
Visa, Inc.
4.30%, 12/14/45		1,798,000		1,976,958
Wells Fargo & Co.
3.90%, 05/01/45D		3,524,000		3,534,320
WestRock MWV LLC
7.55%, 03/01/47		515,000		657,165
Weyerhaeuser Co. REIT
6.88%, 12/15/33		580,000		741,451
Total Corporate Bonds (Cost $88,497,206)				100,004,002
FOREIGN BONDS — 13.6%
Australia — 1.1%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39		1,650,000		2,000,259
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000		574,949
3.50%, 03/20/19(A)		60,000		47,365
				2,622,573
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		813,581
Canada — 4.6%
Bombardier, Inc.
6.00%, 10/15/22 144A		515,000		516,931
Canadian Government Bond Residual STRIP
3.47%, 06/01/25(C)W		3,685,000		2,507,295
Enbridge, Inc.
5.50%, 12/01/46D		549,000		616,407
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144AD		807,000		893,969
MEG Energy Corporation
7.00%, 03/31/24 144A		275,000		215,187
Province of Ontario Generic Residual STRIP
2.90%, 03/08/29(C)W		4,600,000		2,573,205
Province of Saskatchewan Residual STRIP
3.49%, 02/04/22(C)W		3,000,000		2,105,876
TransCanada PipeLines, Ltd.
6.20%, 10/15/37		1,300,000		1,659,701
				11,088,571
Ireland — 0.7%
GE Capital International Funding Co.
4.42%, 11/15/35		1,417,000		1,545,211
Johnson Controls International PLC
4.50%, 02/15/47		160,000		170,771
				1,715,982

See Notes to Financial Statements.

110

	Par		Value
Italy — 0.3%
Telecom Italia Capital SA
6.00%, 09/30/34	$	785,000	$	833,952
Luxembourg — 0.6%
ArcelorMittal
7.50%, 10/15/39		215,000		242,144
7.25%, 03/01/41		975,000		1,079,812
				1,321,956
Mexico — 1.4%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		136,727
8.46%, 12/18/36(M)		12,000,000		616,566
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,255,859
10.00%, 12/05/24(M)		3,500,000		229,957
7.50%, 06/03/27(M)		3,500,000		203,112
8.50%, 05/31/29(M)		500,000		31,307
7.75%, 05/29/31(M)		1,000,000		59,053
Petroleos Mexicanos
5.63%, 01/23/46		1,017,000		905,384
				3,437,965
Netherlands — 2.0%
Cooperatieve Rabobank UA
3.75%, 07/21/26		493,000		493,858
5.25%, 05/24/41		632,000		773,281
Embraer Netherlands Finance BV
5.40%, 02/01/27		80,000		83,700
Enel Finance International NV
6.00%, 10/07/39 144A		500,000		596,573
Petrobras Global Finance BV
5.63%, 05/20/43		120,000		100,020
Shell International Finance BV
4.00%, 05/10/46		1,300,000		1,286,914
Siemens Financieringsmaatschappij NV
4.20%, 03/16/47 144A		1,401,000		1,487,861
				4,822,207
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		726,432
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19 144A(K)		265,000		34,049
3.75%, 05/25/21 144A(K)		196,000		25,997
				60,046

	Par		Value
Saudi Arabia — 0.2%
Saudi Government International Bond
4.50%, 10/26/46 144A	$	520,000	$	530,949
Spain — 0.5%
Telefonica Emisiones SA Unipersonal
7.05%, 06/20/36		900,000		1,185,725
Supranational — 1.0%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000		2,321,216
United Kingdom — 0.6%
Ensco PLC
5.75%, 10/01/44		357,000		235,620
Lloyds Banking Group PLC
5.30%, 12/01/45		1,056,000		1,209,285
				1,444,905
Total Foreign Bonds (Cost $32,082,149)				32,926,060
MUNICIPAL BONDS — 0.8%
State of Illinois, General Obligation
5.10%, 06/01/33		235,000		220,658
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		1,768,000		1,833,611
Total Municipal Bonds
(Cost $1,968,586)				2,054,269
U.S. TREASURY OBLIGATIONS — 39.6%
U.S. Treasury Bonds
4.63%, 02/15/40		10,694,000		14,104,595
4.38%, 05/15/40		24,874,200		31,754,300
2.75%, 11/15/42		200,000		197,676
2.88%, 05/15/43		1,691,000		1,707,811
3.13%, 08/15/44		2,605,000		2,752,904
2.50%, 02/15/46		4,512,800		4,201,487
2.50%, 05/15/46		19,224,200		17,886,032
2.25%, 08/15/46		3,524,000		3,102,637
2.88%, 11/15/46		3,822,000		3,843,873
3.00%, 02/15/47		4,374,000		4,512,993
				84,064,308
U.S. Treasury Notes
2.25%, 02/15/27		11,095,000		11,045,377
2.38%, 05/15/27		937,500		943,561
				11,988,938
Total U.S. Treasury Obligations (Cost $98,981,104)				96,053,246

See Notes to Financial Statements.

111

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
PREFERRED STOCKS — 0.2%
Arconic, Inc.
5.38%, 10/01/17 CONV		1,660	$	59,428
Chesapeake Energy Corporation
5.00%, 12/31/49 CONV		620		38,440
5.75%, 12/31/49 CONV 144A		80		47,350
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONV		5,350		268,035
Total Preferred Stocks (Cost $435,264)				413,253
MONEY MARKET FUNDS — 4.1%
GuideStone Money Market Fund (Investor Class)¥		9,134,512		9,134,512
Northern Institutional Government Assets Portfolio		24,143		24,143
Northern Institutional Liquid Assets Portfolio§		937,751		937,751
(Cost $10,096,406)				10,096,406
TOTAL INVESTMENTS — 100.1% (Cost $233,463,542)				242,950,028
Liabilities in Excess of Other Assets — (0.1)%				(183,434	)
NET ASSETS — 100.0%			$	242,766,594

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		41.2
U.S. Treasury Obligations		39.6
Foreign Bonds		13.6
Money Market Funds		4.1
Municipal Bonds		0.8
Agency Obligation		0.6
Preferred Stocks		0.2
		100.1
			��

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligation	$	1,402,792	$	—	$	1,402,792	$	—
Corporate Bonds		100,004,002		—		100,004,002		—

See Notes to Financial Statements.

112

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Foreign Bonds		32,926,060		—		32,926,060		—
Money Market Funds		10,096,406		10,096,406		—		—
Municipal Bonds		2,054,269		—		2,054,269		—
Preferred Stocks		413,253		327,463		85,790		—
U.S. Treasury Obligations		96,053,246		—		96,053,246		—
Total Assets - Investments in Securities	$	242,950,028	$	10,423,869	$	232,526,159	$	—

Management has determined that the amount of transfers between Level 1 and Level 2 as well as the amount of Level 3 securities compared to total net assets are not material; therefore, the amount of transfers between Level 1 and Level 2 and the reconciliation of Level 3 securities and assumptions are not shown for the period ended June 30, 2017.

See Notes to Financial Statements.

113

GLOBAL BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Par		Value
AGENCY OBLIGATION — 1.9%
Federal National Mortgage Association Discount Note
0.93%, 08/28/17W
(Cost $9,465,338)	$	9,480,000	$	9,465,102
ASSET-BACKED SECURITY — 0.5%
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HE4
1.39%, 07/25/47†		3,256,368		2,285,456
CORPORATE BONDS — 35.4%
Abbott Laboratories
3.75%, 11/30/26		700,000		715,948
Activision Blizzard, Inc.
6.13%, 09/15/23 144A		60,000		64,765
Adient Global Holdings, Ltd.
4.88%, 08/15/26 144AD		430,000		433,225
AES Corporation
4.88%, 05/15/23		1,350,000		1,382,062
Ally Financial, Inc.
8.00%, 12/31/18		104,000		112,450
3.50%, 01/27/19		1,000,000		1,016,250
8.00%, 03/15/20		161,000		183,540
5.13%, 09/30/24D		920,000		972,826
8.00%, 11/01/31		345,000		424,350
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 01/15/24		1,735,622		1,811,468
American Airlines Group, Inc.
5.50%, 10/01/19 144AD		1,825,000		1,931,032
American Axle & Manufacturing, Inc.
6.63%, 10/15/22D		150,000		154,500
Anadarko Petroleum Corporation
3.45%, 07/15/24D		135,000		132,075
4.50%, 07/15/44		215,000		197,769
Antero Resources Corporation
5.38%, 11/01/21		365,000		370,019
5.13%, 12/01/22D		475,000		478,410
5.63%, 06/01/23D		155,000		157,713
Anthem, Inc.
6.38%, 06/15/37		221,000		284,724
Ashtead Capital, Inc.
5.63%, 10/01/24 144AD		330,000		356,400
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144AD		565,000		565,000
Avon Products, Inc.
8.95%, 03/15/43		115,000		103,069
Bank of America Corporation
5.49%, 03/15/19D		100,000		105,286
5.20%, 06/01/23†D		300,000		303,354
6.50%, 10/23/24†		490,000		545,458

	Par		Value
4.25%, 10/22/26	$	100,000	$	103,175
6.05%, 06/01/34		700,000		831,665
6.11%, 01/29/37		1,300,000		1,596,009
Barrick North America Finance LLC
5.75%, 05/01/43		1,970,000		2,399,901
Beazer Homes USA, Inc.
7.25%, 02/01/23		50,000		52,625
Berry Petroleum Co. LLC
6.38%, 09/15/22#D		60,000		—
Best Buy Co., Inc.
5.00%, 08/01/18		3,455,000		3,568,203
Blue Cube Spinco, Inc.
10.00%, 10/15/25		1,525,000		1,887,187
Blue Racer Midstream LLC
6.13%, 11/15/22 144A		200,000		202,500
Braskem America Finance Co.
7.13%, 07/22/41D		900,000		961,605
CalAmp Corporation
1.63%, 05/15/20 CONV		65,000		66,544
CalAtlantic Group, Inc.
0.25%, 06/01/19 CONV		140,000		133,175
California Resources Corporatoon
8.00%, 12/15/22 144AD		1,290,000		820,762
Calpine Corporation
5.88%, 01/15/24 144A		274,000		283,590
Care Capital Properties LP REIT
5.13%, 08/15/26		220,000		223,933
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23D		320,000		309,600
CBC Ammo LLC
7.25%, 11/15/21 144A		350,000		354,375
CCO Holdings LLC
5.38%, 05/01/25 144A		130,000		138,775
Celgene Corporation
5.00%, 08/15/45		310,000		350,433
CEMEX Finance LLC
9.38%, 10/12/22		550,000		585,750
Centene Corporation
4.75%, 05/15/22		550,000		576,812
6.13%, 02/15/24		200,000		216,736
4.75%, 01/15/25		260,000		267,800
CenturyLink, Inc.
5.63%, 04/01/20		295,000		313,160
7.60%, 09/15/39		810,000		757,350
7.65%, 03/15/42		165,000		154,069
Charter Communications Operating LLC
6.48%, 10/23/45		300,000		361,337
Chemours Co.
6.63%, 05/15/23		70,000		74,375
Chesapeake Energy Corporation
6.63%, 08/15/20		145,000		146,088
6.88%, 11/15/20		5,000		5,025

See Notes to Financial Statements.

114

	Par		Value
6.13%, 02/15/21D	$	665,000	$	655,025
5.38%, 06/15/21		80,000		75,200
4.88%, 04/15/22D		2,570,000		2,402,950
5.75%, 03/15/23D		870,000		787,350
5.50%, 09/15/26 CONV 144A		40,000		37,600
Ciena Corporation
3.75%, 10/15/18 CONV 144A		40,000		54,050
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000		153,063
Cincinnati Bell, Inc.
7.00%, 07/15/24 144AD		355,000		371,933
CIT Group, Inc.
5.00%, 08/15/22		500,000		540,000
5.00%, 08/01/23		670,000		723,600
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000		487,726
3.50%, 05/15/23		1,305,000		1,325,772
5.35%, 05/15/23†		360,000		368,550
6.30%, 05/15/24†		1,330,000		1,418,112
5.95%, 05/15/25†		250,000		268,195
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		345,000		344,569
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000		113,575
CME Group, Inc.
5.30%, 09/15/43		860,000		1,070,875
Comcast Corporation
5.15%, 03/01/20		170,000		184,272
3.15%, 03/01/26		1,010,000		1,016,343
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A		70,000		35,438
ConocoPhillips
6.50%, 02/01/39D		20,000		26,345
Consolidated Communications, Inc.
6.50%, 10/01/22		60,000		60,000
Continental Airlines Class A Pass Through Trust Series 2007-1
5.98%, 04/19/22		401,471		443,625
Continental Resources, Inc.
5.00%, 09/15/22D		95,000		93,575
4.50%, 04/15/23D		525,000		502,687
3.80%, 06/01/24D		315,000		289,995
4.90%, 06/01/44		370,000		310,800
Crestwood Midstream Partners LP
6.25%, 04/01/23		120,000		122,400
Crown Americas LLC
4.25%, 09/30/26 144A		250,000		250,000
CST Brands, Inc.
5.00%, 05/01/23		170,000		179,384
Cummins, Inc.
5.65%, 03/01/98		860,000		941,659

	Par		Value
DaVita, Inc.
5.00%, 05/01/25	$	90,000	$	90,450
Delta Air Lines Class B Pass Through Trust Series 2007-1
8.02%, 08/10/22		46,600		53,007
Diamond 1 Finance Corporation
4.42%, 06/15/21 144A		970,000		1,023,499
5.88%, 06/15/21 144A		500,000		525,000
7.13%, 06/15/24 144AD		290,000		318,929
6.02%, 06/15/26 144A		260,000		286,883
8.10%, 07/15/36 144A		440,000		554,495
8.35%, 07/15/46 144A		240,000		310,724
Dillard’s, Inc.
7.75%, 07/15/26		890,000		1,032,473
DISH DBS Corporation
5.88%, 07/15/22		600,000		646,500
5.00%, 03/15/23		410,000		421,275
5.88%, 11/15/24D		1,370,000		1,466,886
7.75%, 07/01/26		290,000		344,375
DJO Finco, Inc.
8.13%, 06/15/21 144A		830,000		776,050
Dollar Tree, Inc.
5.75%, 03/01/23		920,000		975,476
DPL, Inc.
6.75%, 10/01/19		155,000		162,750
DR Horton, Inc.
4.38%, 09/15/22		1,405,000		1,497,122
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		109,320
8.38%, 06/15/32		75,000		95,640
Embarq Corporation
8.00%, 06/01/36		995,000		1,009,925
Enbridge Energy Partners LP
7.38%, 10/15/45		435,000		555,854
EnLink Midstream Partners LP
4.15%, 06/01/25		460,000		455,015
Enterprise Products Operating LLC
4.88%, 08/01/66†		60,000		60,300
ERAC USA Finance LLC
7.00%, 10/15/37 144AD		1,065,000		1,386,640
Extraction Oil & Gas Holdings LLC
7.88%, 07/15/21 144A		400,000		413,000
First Data Corporation
7.00%, 12/01/23 144AD		260,000		278,200
FirstEnergy Corporation
7.38%, 11/15/31		185,000		243,982
Ford Motor Co.
6.63%, 10/01/28		850,000		1,006,015
4.75%, 01/15/43D		510,000		494,080
Ford Motor Credit Co. LLC
4.39%, 01/08/26		3,085,000		3,183,344

See Notes to Financial Statements.

115

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Freeport-McMoRan, Inc.
3.55%, 03/01/22	$	380,000	$	358,028
5.40%, 11/14/34D		115,000		103,788
5.45%, 03/15/43		1,800,000		1,561,140
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A		750,000		834,375
Frontier Communications Corporation
11.00%, 09/15/25		295,000		275,087
7.88%, 01/15/27		405,000		303,750
FTS International, Inc.
6.25%, 05/01/22		210,000		171,150
GameStop Corporation
5.50%, 10/01/19 144A		295,000		304,587
Gates Global LLC
6.00%, 07/15/22 144AD		195,000		196,463
General Electric Co.
3.15%, 09/07/22		95,000		98,622
6.75%, 03/15/32		30,000		41,183
6.88%, 01/10/39		161,000		233,829
General Motors Co.
5.20%, 04/01/45		210,000		206,780
General Motors Financial Co., Inc.
3.45%, 04/10/22		300,000		305,242
5.25%, 03/01/26		625,000		676,225
Genesis Energy LP
5.63%, 06/15/24		130,000		123,825
Genworth Holdings, Inc.
4.90%, 08/15/23		65,000		54,275
4.80%, 02/15/24		90,000		74,700
GEO Group, Inc. REIT
5.88%, 10/15/24		100,000		103,750
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		930,140
Gilead Sciences, Inc.
4.00%, 09/01/36		100,000		99,637
Global Marine, Inc.
7.00%, 06/01/28		45,000		39,375
Goldman Sachs Capital II
4.00%, 08/14/17†		58,000		50,497
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		131,510
6.75%, 10/01/37		355,000		461,647
Goodyear Tire & Rubber Co.
5.13%, 11/15/23D		1,030,000		1,081,500
7.00%, 03/15/28		690,000		764,175
Guitar Center, Inc.
6.50%, 04/15/19 144AD		310,000		270,863
Hanesbrands, Inc.
4.63%, 05/15/24 144AD		160,000		163,200
4.88%, 05/15/26 144AD		150,000		153,000
Harris Corporation
5.05%, 04/27/45		30,000		33,801
HCA, Inc.
7.50%, 02/15/22		40,000		46,150
5.88%, 05/01/23D		80,000		87,300

	Par		Value
8.36%, 04/15/24	$	90,000	$	108,000
5.38%, 02/01/25		870,000		919,851
7.69%, 06/15/25		275,000		320,375
7.58%, 09/15/25		715,000		824,037
5.25%, 06/15/26		500,000		540,500
4.50%, 02/15/27		200,000		206,250
7.05%, 12/01/27		20,000		22,500
7.50%, 11/06/33		205,000		232,931
7.75%, 07/15/36		120,000		136,200
Hercules LLC
6.50%, 06/30/29		250,000		251,563
Hexion, Inc.
9.00%, 11/15/20D		185,000		127,188
Iconix Brand Group, Inc.
1.50%, 03/15/18 CONVD		225,000		218,953
Intel Corporation
3.25%, 08/01/39 CONV		208,000		344,110
International Lease Finance Corporation
3.88%, 04/15/18		10,000		10,154
6.25%, 05/15/19D		75,000		80,479
4.63%, 04/15/21		300,000		319,867
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000		947,208
Iron Mountain, Inc. REIT
6.00%, 10/01/20 144A		70,000		72,625
iStar, Inc. REIT
7.13%, 02/15/18		150,000		154,313
4.88%, 07/01/18		95,000		95,834
J.C. Penney Corporation, Inc.
6.38%, 10/15/36D		480,000		347,400
7.63%, 03/01/97		815,000		562,350
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000		286,687
6.88%, 04/15/22 144A		200,000		200,500
Jefferies Group LLC
5.13%, 04/13/18		55,000		56,425
6.88%, 04/15/21		270,000		307,577
5.13%, 01/20/23		305,000		332,535
6.45%, 06/08/27		35,000		40,186
3.88%, 11/01/29 CONV		55,000		55,413
6.25%, 01/15/36		1,135,000		1,240,717
6.50%, 01/20/43		510,000		578,256
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		267,968
6.13%, 04/30/24†D		260,000		281,450
K Hovnanian Enterprises, Inc.
8.00%, 11/01/19 144AD		5,000		5,050
5.00%, 11/01/21		795,000		749,287
KB Home
1.38%, 02/01/19 CONV		440,000		472,725
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		83,278
6.95%, 01/15/38		90,000		107,803
Kinder Morgan, Inc.
7.75%, 01/15/32		80,000		100,827

See Notes to Financial Statements.

116

	Par		Value
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A	$	196,000	$	210,200
5.20%, 07/15/45		40,000		43,437
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A		440,000		455,400
4.88%, 11/01/26 144AD		310,000		322,787
Lennar Corporation
4.75%, 11/15/22		315,000		335,869
Lockheed Martin Corporation
3.80%, 03/01/45		1,090,000		1,077,536
LSF9 Balta Issuer SA
7.75%, 09/15/22 144A(E)		333,648		416,600
Magnum Hunter Resources Corporation (Escrow)
0.00%, 12/31/20		470,000		—
Masco Corporation
7.75%, 08/01/29		117,000		157,229
6.50%, 08/15/32		47,000		57,644
MBIA Insurance Corporation
12.42%, 01/15/33 144A		435,000		210,975
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000		376,875
Michael Baker International LLC
8.25%, 10/15/18 144A		60,000		59,925
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		280,000		422,625
Micron Technology, Inc.
5.25%, 08/01/23 144A		330,000		344,355
5.25%, 01/15/24 144A		190,000		197,600
5.50%, 02/01/25D		228,000		241,680
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000		1,050,525
Miran Mid-Atlantic Pass-Through Trust Series C
10.06%, 12/30/28		769,693		731,208
Morgan Stanley
4.75%, 11/16/18(A)		275,000		217,488
5.75%, 01/25/21		205,000		226,929
3.13%, 08/05/21(C)		535,000		424,578
4.10%, 05/22/23		370,000		386,769
6.25%, 08/09/26D		400,000		479,709
4.35%, 09/08/26		940,000		979,109
3.95%, 04/23/27		125,000		126,382
MPH Acquisition Holdings LLC
7.13%, 06/01/24 144A		350,000		374,062
MPLX LP
4.50%, 07/15/23		20,000		21,259
4.88%, 12/01/24		460,000		491,179
4.88%, 06/01/25D		75,000		79,657
MPT Operating Partnership LP REIT
5.25%, 08/01/26		340,000		355,161

	Par		Value
Murray Energy Corporation
11.25%, 04/15/21 144A	$	310,000	$	235,600
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,528,425
Navient Corporation
8.45%, 06/15/18		406,000		428,533
5.50%, 01/15/19		75,000		78,281
8.00%, 03/25/20		600,000		672,000
5.88%, 03/25/21		320,000		339,200
5.50%, 01/25/23D		1,720,000		1,754,400
6.13%, 03/25/24D		1,480,000		1,531,800
5.88%, 10/25/24		600,000		613,680
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000		76,725
NCL Corporation, Ltd.
4.63%, 11/15/20 144AD		600,000		618,941
New Albertsons, Inc.
7.75%, 06/15/26		410,000		413,075
6.63%, 06/01/28		60,000		54,900
7.45%, 08/01/29		1,375,000		1,340,625
8.70%, 05/01/30		290,000		297,250
8.00%, 05/01/31D		1,210,000		1,203,950
Newell Brands, Inc.
3.85%, 04/01/23		680,000		714,854
4.00%, 12/01/24		445,000		463,042
Newfield Exploration Co.
5.63%, 07/01/24D		955,000		1,000,362
Newmont Mining Corporation
4.88%, 03/15/42		575,000		609,767
NGL Energy Partners LP
7.50%, 11/01/23 144A		550,000		545,187
6.13%, 03/01/25 144A		555,000		510,600
NGPL PipeCo LLC
7.77%, 12/15/37 144AD		200,000		239,000
Nine West Holdings, Inc.
6.13%, 11/15/34		125,000		24,063
NRG Energy, Inc.
7.25%, 05/15/26D		230,000		239,200
6.63%, 01/15/27D		260,000		261,625
NRG REMA LLC
9.68%, 07/02/26		200,000		152,000
Nuance Communications, Inc.
1.00%, 12/15/35 CONV		1,215,000		1,177,031
Oasis Petroleum, Inc.
6.88%, 03/15/22D		330,000		321,750
6.88%, 01/15/23D		95,000		92,388
Old Republic International Corporation
3.75%, 03/15/18 CONVD		1,525,000		1,937,703
4.88%, 10/01/24		520,000		557,069
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		645,000		672,412

See Notes to Financial Statements.

117

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
ONEOK Partners LP
4.90%, 03/15/25D	$	60,000	$	64,342
6.20%, 09/15/43		20,000		23,052
Outfront Media Capital LLC
5.25%, 02/15/22		110,000		114,400
5.88%, 03/15/25		170,000		178,713
Owens Corning
7.00%, 12/01/36		1,800,000		2,345,881
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144A		1,500,000		1,605,000
Pactiv LLC
8.38%, 04/15/27		200,000		230,500
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		909,757
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		570,000		654,075
Pride International, Inc.
7.88%, 08/15/40		270,000		228,825
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000		1,755,000
6.38%, 05/15/33		470,000		493,500
6.00%, 02/15/35		180,000		181,350
QEP Resources, Inc.
5.38%, 10/01/22D		315,000		304,762
5.25%, 05/01/23		1,500,000		1,425,000
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		1,395,000		1,447,312
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		237,656
Qwest Corporation
6.88%, 09/15/33		2,124,000		2,095,311
7.25%, 10/15/35		110,000		110,093
Range Resources Corporation
5.00%, 08/15/22 144A		520,000		513,500
5.00%, 03/15/23 144A		1,450,000		1,424,625
4.88%, 05/15/25D		240,000		229,200
Regency Energy Partners LP
5.88%, 03/01/22ÄD		340,000		374,904
5.00%, 10/01/22		80,000		85,896
Reliance Holding USA, Inc.
4.50%, 10/19/20 144AD		540,000		569,460
Reynolds Group Issuer, Inc.
5.75%, 10/15/20		60,000		61,475
Rovi Corporation
0.50%, 03/01/20 CONVD		985,000		972,072
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000		55,695
RR Donnelley & Sons Co.
7.00%, 02/15/22		38,000		39,948
6.00%, 04/01/24D		278,000		272,092
Sanchez Energy Corporation
7.75%, 06/15/21D		50,000		45,500
6.13%, 01/15/23D		160,000		128,800
Sealed Air Corporation
4.88%, 12/01/22 144AD		25,000		26,719
5.50%, 09/15/25 144A		555,000		607,725

	Par		Value
ServiceMaster Co. LLC
7.45%, 08/15/27	$	1,195,000	$	1,311,512
Simmons Foods, Inc.
7.88%, 10/01/21 144AD		500,000		532,500
SM Energy Co.
5.00%, 01/15/24		40,000		35,600
Southern Copper Corporation
5.25%, 11/08/42		550,000		549,906
Southwestern Energy Co.
6.70%, 01/23/25D		280,000		275,100
Spectrum Brands, Inc.
5.75%, 07/15/25D		910,000		980,616
Springleaf Finance Corporation
7.75%, 10/01/21		145,000		162,763
6.13%, 05/15/22		1,165,000		1,231,987
8.25%, 10/01/23		55,000		61,738
Sprint Capital Corporation
6.88%, 11/15/28		2,865,000		3,191,811
8.75%, 03/15/32		645,000		814,312
Sprint Communications, Inc.
11.50%, 11/15/21		570,000		732,450
Sprint Corporation
7.88%, 09/15/23D		680,000		783,700
Targa Resources Partners LP
4.25%, 11/15/23		430,000		421,937
6.75%, 03/15/24		1,050,000		1,134,000
5.13%, 02/01/25 144AD		370,000		382,487
5.38%, 02/01/27 144AD		70,000		72,800
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000		420,762
Tenet Healthcare Corporation
5.00%, 03/01/19		560,000		588,202
7.50%, 01/01/22 144AD		110,000		119,603
8.13%, 04/01/22D		240,000		255,300
6.75%, 06/15/23D		355,000		355,887
6.88%, 11/15/31		85,000		78,625
Tesoro Logistics LP
6.38%, 05/01/24		190,000		206,625
Textron, Inc.
6.63%, 04/07/20(U)		130,000		189,283
THC Escrow Corporation III
5.13%, 05/01/25 144A		735,000		739,594
Time Warner Cable LLC
8.75%, 02/14/19		190,000		209,062
8.25%, 04/01/19		40,000		44,144
5.50%, 09/01/41		60,000		64,699
4.50%, 09/15/42		105,000		100,275
Time Warner, Inc.
4.00%, 01/15/22		50,000		52,768
TMX Finance LLC
8.50%, 09/15/18 144A		50,000		47,750
TransDigm, Inc.
6.50%, 07/15/24D		199,000		205,965
6.50%, 05/15/25		195,000		198,900

See Notes to Financial Statements.

118

	Par		Value
Transocean Proteus, Ltd.
6.25%, 12/01/24 144A	$	1,524,750	$	1,562,869
Transocean, Inc.
5.80%, 10/15/22D		430,000		400,975
6.80%, 03/15/38D		80,000		58,800
TRI Pointe Group, Inc.
4.38%, 06/15/19		100,000		102,920
5.88%, 06/15/24		5,000		5,300
TRU Taj LLC
12.00%, 08/15/21 144AD		193,000		180,938
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 04/11/26D		221,935		232,194
United Airlines Class B Pass-Through Trust Series 2014-2
4.63%, 09/03/22		77,186		79,695
United Airlines Pass-Through Trust Series 2007-1
6.64%, 07/02/22		169,880		184,533
United Rentals North America, Inc.
6.13%, 06/15/23		400,000		417,500
5.75%, 11/15/24		540,000		567,675
5.50%, 05/15/27D		390,000		402,675
United States Steel Corporation
6.65%, 06/01/37D		760,000		687,800
Uniti Group, Inc. REIT
8.25%, 10/15/23		170,000		175,950
US Airways Class A Pass-Through Trust 2012-2
4.63%, 06/03/25		199,331		214,726
US Airways Class A Pass-Through Trust Series 2012-1
5.90%, 10/01/24		251,437		282,238
US Airways Class B Pass-Through Trust Series 2012-1B
8.00%, 10/01/19		419,368		454,511
Valeant Pharmaceuticals International
6.38%, 10/15/20 144AD		30,000		29,213
Wells Fargo & Co.
4.48%, 01/16/24		124,000		133,022
5.88%, 06/15/25†		240,000		264,773
West Corporation
4.75%, 07/15/21 144A		50,000		51,063
5.38%, 07/15/22 144A		690,000		698,625
Westlake Chemical Corporation
4.63%, 02/15/21		60,000		62,400
4.88%, 05/15/23		20,000		20,925
WestRock MWV LLC
8.20%, 01/15/30		145,000		204,576
7.95%, 02/15/31		45,000		62,897

	Par		Value
WestRock RKT Co.
4.00%, 03/01/23	$	430,000	$	450,861
WEX, Inc.
4.75%, 02/01/23 144A		440,000		444,400
Weyerhaeuser Co. REIT
8.50%, 01/15/25		405,000		541,828
6.95%, 10/01/27		55,000		69,160
7.38%, 03/15/32		370,000		510,713
6.88%, 12/15/33		490,000		626,399
Whiting Petroleum Corporation
5.00%, 03/15/19D		755,000		754,056
5.75%, 03/15/21D		470,000		444,150
6.25%, 04/01/23D		1,210,000		1,116,225
William Lyon Homes, Inc.
7.00%, 08/15/22		20,000		20,750
Williams Cos., Inc.
7.50%, 01/15/31		60,000		71,400
5.75%, 06/24/44		440,000		456,500
Windstream Services LLC
7.75%, 10/15/20		180,000		182,250
7.75%, 10/01/21D		485,000		458,325
7.50%, 06/01/22		40,000		35,900
7.50%, 04/01/23D		235,000		207,388
Wm.Wrigley Jr. Co.
8.25%, 08/01/23		430,000		468,700
XPO Logistics, Inc.
6.50%, 06/15/22 144AD		20,000		21,075
6.13%, 09/01/23 144AD		490,000		512,050
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		150,000		158,063
4.75%, 04/29/25 144A		550,000		582,312
Total Corporate Bonds (Cost $155,845,502)				171,941,386
FOREIGN BONDS — 25.1%
Argentina — 1.5%
Argentine Bonos del Tesoro
21.20%, 09/19/18(ZA)		36,451,000		2,353,704
18.20%, 10/03/21(ZA)		27,550,000		1,766,407
Argentine Republic Government International Bond
6.88%, 04/22/21		680,000		729,300
7.50%, 04/22/26		540,000		583,200
7.63%, 04/22/46		300,000		307,800
Pampa Energia SA
7.50%, 01/24/27 144A		910,000		951,915
YPF SA
8.50%, 03/23/21 144A		460,000		512,803
				7,205,129

See Notes to Financial Statements.

119

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20	$	520,000	$	545,880
Australia — 0.5%
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		240,000		274,500
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000		2,063,515
Queensland Treasury Corporation
7.13%, 09/18/17(Z)		275,000		203,679
				2,541,694
Bermuda — 0.3%
XLIT, Ltd.
6.38%, 11/15/24		585,000		687,943
6.25%, 05/15/27		640,000		766,272
				1,454,215
Brazil — 1.4%
Brazil Letras do Tesouro Nacional
8.53%, 01/01/18(B)W		3,700,000		1,070,285
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		8,000,000		2,419,939
Brazilian Government International Bond
10.25%, 01/10/28(B)		5,250,000		1,691,603
GTL Trade Finance, Inc.
7.25%, 04/16/44 144A		480,000		473,280
Ultrapar International SA
5.25%, 10/06/26 144A		420,000		421,470
Vale Overseas, Ltd.
6.88%, 11/21/36		592,000		637,880
				6,714,457
Canada — 2.6%
1011778 BC ULC
6.00%, 04/01/22 144A		890,000		924,487
Baytex Energy Corporation
5.13%, 06/01/21 144A		110,000		98,175
5.63%, 06/01/24 144AD		110,000		94,600
Bombardier, Inc.
6.00%, 10/15/22 144A		1,200,000		1,204,500
Canadian Government Bond
0.25%, 11/01/17(C)		3,550,000		2,732,553
Hudbay Minerals, Inc.
7.25%, 01/15/23 144A		190,000		196,887
7.63%, 01/15/25 144A		450,000		473,625
MEG Energy Corporation
6.38%, 01/30/23 144A		45,000		34,988
7.00%, 03/31/24 144A		395,000		309,087
Methanex Corporation
5.25%, 03/01/22		75,000		79,118

	Par		Value
Province of Ontario Canada
2.10%, 09/08/18(C)	$	3,500,000	$	2,728,829
Province of Ontario Generic Residual STRIP
2.96%, 07/13/22(C)W		2,600,000		1,800,642
2.90%, 03/08/29(C)W	��	2,400,000		1,342,542
Stone Container Finance Company of Canada II
7.38%, 07/15/14+#		330,000		6,600
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000		61,125
Valeant Pharmaceuticals International, Inc.
5.38%, 03/15/20 144A		10,000		9,700
7.50%, 07/15/21 144A		40,000		38,900
5.50%, 03/01/23 144AD		190,000		162,211
5.88%, 05/15/23 144A		90,000		77,625
6.13%, 04/15/25 144AD		380,000		323,000
				12,699,194
Chile — 0.2%
AES Gener SA
5.25%, 08/15/21 144A		420,000		451,545
Corporation Nacional del Cobrede Chile
3.88%, 11/03/21 144A		220,000		230,156
				681,701
China — 0.2%
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		310,000		325,212
5.50%, 02/15/24 144A		560,000		586,320
				911,532
Colombia — 0.6%
Colombia Government International Bond
5.63%, 02/26/44		1,847,000		2,028,006
Colombian TES
10.00%, 07/24/24(X)		23,100,000		9,258
Ecopetrol SA
5.88%, 09/18/23		190,000		208,240
4.13%, 01/16/25		170,000		167,025
5.38%, 06/26/26		80,000		83,400
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144A		250,000		258,375
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000		267,930
				3,022,234
Ecuador — 0.2%
Ecuador Government International Bond
9.65%, 12/13/26 144A		810,000		812,997

See Notes to Financial Statements.

120

	Par		Value
France — 0.8%
3AB Optique Developpement SAS
5.63%, 04/15/19(E)	$	660,000	$	765,002
AXA SA
6.21%, 10/05/17(E)†		210,000		243,333
Burger King France SAS
6.00%, 05/01/24 144A(E)		120,000		146,128
Europcar Groupe SA
5.75%, 06/15/22 144A(E)		170,000		204,928
SFR Group SA
5.63%, 05/15/24 144A(E)		160,000		197,389
Societe Generale SA
5.63%, 11/24/45 144AD		1,985,000		2,325,134
				3,881,914
Germany — 0.8%
Bundesrepublik Deutschland
1.00%, 08/15/24(E)		2,180,000		2,650,150
CeramTec Group GmbH
8.25%, 08/15/21(E)D		580,000		697,421
IHO Verwaltungs GmbH Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		210,000		214,462
Cash coupon 4.75% or PIK
5.50%, 09/15/26 144A		210,000		212,888
				3,774,921
Honduras — 0.2%
Honduras Government International Bond
7.50%, 03/15/24		460,000		511,175
6.25%, 01/19/27 144A		620,000		643,250
				1,154,425
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000		958,971
Indonesia — 0.5%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000		457,473
6.63%, 02/17/37		225,000		279,267
5.25%, 01/17/42 144A		1,710,000		1,852,566
				2,589,306
Ireland — 0.4%
AerCap Ireland Capital DAC
3.50%, 05/26/22D		300,000		308,212
Ardagh Packaging Finance PLC
4.63%, 05/15/23 144A		250,000		257,085
7.25%, 05/15/24 144A		460,000		504,850
GE Capital International Funding Co.
3.37%, 11/15/25		246,000		254,631
4.42%, 11/15/35		569,000		620,484
				1,945,262

	Par		Value
Italy — 2.2%
Enel SpA
7.75%, 09/10/75(U)†	$	440,000	$	652,234
Intesa Sanpaolo SpA
7.00%, 01/19/21(E)†		530,000		638,839
Italy Buoni Poliennali Del Tesoro
2.20%, 06/01/27(E)		7,130,000		8,189,956
Nuovo Transpo Viaggiatori SpA
3.50%, 06/01/23 144A(E)†		140,000		162,336
Telecom Italia Capital SA
6.38%, 11/15/33		715,000		775,775
6.00%, 09/30/34		200,000		212,472
				10,631,612
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A		470,000		481,722
Kuwait — 0.3%
Kuwait International Government Bond
2.75%, 03/20/22 144A		1,370,000		1,376,507
Luxembourg — 0.4%
Altice Financing SA
6.63%, 02/15/23 144A		400,000		425,376
7.50%, 05/15/26 144A		260,000		289,250
ArcelorMittal
6.00%, 03/01/21		30,000		32,438
7.50%, 10/15/39		510,000		574,387
7.25%, 03/01/41		690,000		764,175
				2,085,626
Mexico — 2.4%
Banco Mercantil del Norte SA
6.88%, 07/06/22		260,000		269,044
Cemex SAB de CV
6.50%, 12/10/19 144A		762,000		803,910
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100		2,511,520
8.00%, 12/07/23(M)		41,500,000		2,446,862
10.00%, 12/05/24(M)		31,500,000		2,069,614
7.50%, 06/03/27(M)		7,500,000		435,241
8.50%, 05/31/29(M)		2,000,000		125,226
7.75%, 05/29/31(M)		3,000,000		177,158
7.75%, 11/13/42(M)		22,750,000		1,326,736
Mexichem SAB de CV
5.88%, 09/17/44 144A		570,000		573,705
Petroleos Mexicanos
5.50%, 01/21/21		750,000		787,688
				11,526,704
Morocco & Antilles — 0.2%
OCP SA
5.63%, 04/25/24 144A		550,000		596,500

See Notes to Financial Statements.

121

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.50%, 10/22/25 144A	$	520,000	$	525,850
				1,122,350
Netherlands — 2.4%
ABN AMRO Bank NV
7.13%, 07/06/22(E)		750,000		1,102,859
Alcoa Nederland Holding BV
6.75%, 09/30/24 144A		380,000		414,200
7.00%, 09/30/26 144AD		250,000		275,625
Cooperatieve Rabobank UA
5.75%, 12/01/43		880,000		1,088,116
DPx Holdings BV
7.50%, 02/01/22 144A		90,000		95,681
EDP Finance BV
4.90%, 10/01/19 144A		1,600,000		1,682,258
4.13%, 01/15/20 144A		540,000		559,461
Embraer Netherlands Finance BV
5.40%, 02/01/27		250,000		261,562
LyondellBasell Industries NV
5.75%, 04/15/24D		260,000		298,311
Majapahit Holding BV
7.75%, 01/20/20		890,000		996,800
Marfrig Holdings Europe BV
8.00%, 06/08/23 144A		480,000		488,496
Myriad International Holdings BV
4.85%, 07/06/27		750,000		755,625
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/22 144A#		933,000		328,882
Petrobras Global Finance BV
4.38%, 05/20/23		250,000		236,375
6.25%, 03/17/24		1,160,000		1,184,940
6.88%, 01/20/40D		390,000		370,987
6.75%, 01/27/41		270,000		254,219
5.63%, 05/20/43		275,000		229,213
Telefonica Europe BV
6.75%, 11/26/20(U)†D		300,000		433,278
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000		262,812
VimpelCom Holdings BV
7.50%, 03/01/22		200,000		227,500
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000		206,500
				11,753,700
New Zealand — 0.4%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000		1,833,375
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19 144A(K)		172,000		22,100

	Par		Value
3.75%, 05/25/21 144A(K)	$	129,000	$	17,110
				39,210
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000		3,877
Peru — 0.1%
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A		550,000		573,375
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21		200,000		213,191
Portugal — 0.1%
Portugal Government International Bond
5.13%, 10/15/24 144AD		595,000		608,387
Qatar — 0.1%
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000		211,084
Russia — 0.9%
Russian Federal Bond - OFZ
8.15%, 02/03/27(Q)		257,799,000		4,564,321
Saudi Arabia — 0.3%
Saudi Government International Bond
2.38%, 10/26/21 144A		395,000		389,152
3.25%, 10/26/26 144A		875,000		868,486
				1,257,638
Singapore — 0.2%
BOC Aviation Ltd
3.00%, 03/30/20 144A		1,000,000		1,008,434
Spain — 0.0%
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		80,941
Supranational — 0.5%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000		2,421,815
Turkey — 0.7%
Turk Telekomunikasyon AS
4.88%, 06/19/24 144A		680,000		685,768
Turkey Government Bond
10.60%, 02/11/26(T)		8,080,000		2,344,117

See Notes to Financial Statements.

122

	Par		Value
Turkey Government International Bond
4.88%, 04/16/43	$	500,000	$	444,625
				3,474,510
United Kingdom — 3.2%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)		310,000		418,266
Anglo American Capital PLC
4.75%, 04/10/27 144A		200,000		205,960
Annington Finance No. 4 PLC
1.51%, 01/10/23(U)†		111,734		147,754
Barclays Bank PLC
7.63%, 11/21/22		680,000		779,025
Barclays PLC
2.63%, 11/11/25(E)†		300,000		352,911
Boparan Finance PLC
5.50%, 07/15/21(U)D		270,000		342,870
Ensco PLC
8.00%, 01/31/24		33,000		31,185
5.75%, 10/01/44		30,000		19,800
Evraz Group SA
6.50%, 04/22/20 144A		480,000		508,800
HBOS PLC
6.75%, 05/21/18 144A		500,000		520,177
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000		342,404
6.38%, 03/30/25†D		600,000		639,900
Intelsat Jackson Holdings SA
7.25%, 10/15/20D		80,000		76,000
7.50%, 04/01/21		30,000		27,825
5.50%, 08/01/23D		330,000		274,725
Interoute Finco PLC
7.38%, 10/15/20 144A(E)		600,000		723,200
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000		480,600
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000		432,495
Lloyds Banking Group PLC
5.30%, 12/01/45		1,581,000		1,810,492
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21(U)		400,000		520,029
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		145,000		149,976
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000		2,074,077
6.00%, 12/19/23		275,000		303,312
3.63%, 03/25/24(E)†		547,000		648,004
Santander UK Group Holdings PLC
7.38%, 06/24/22(U)†		390,000		534,801
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000		396,249

	Par		Value
Standard Chartered PLC
5.13%, 06/06/34(U)	$	321,000	$	452,831
Synlab Bondco PLC
6.25%, 07/01/22(E)		270,000		334,380
Synlab Unsecured Bondco PLC
8.25%, 07/01/23(E)		170,000		217,253
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		274,648		396,742
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		588,573		827,477
Virgin Media Finance PLC
6.38%, 10/15/24 144A(U)		360,000		505,994
Virgin Media Secured Finance PLC
5.50%, 08/15/26 144A		200,000		210,000
				15,705,514
Total Foreign Bonds (Cost $125,209,067)				121,867,725
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 0.4%
Brazil — 0.4%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50(B) (Cost $2,492,604)		2,063,000		1,971,022
LOAN AGREEMENTS — 2.4%
1011778 B.C. Unlimited Liability Co.
Term B-3 Loan
3.55%, 02/16/24†		461,079		460,983
Air Medical Group Holdings, Inc.
Initial Term Loan
4.47%, 04/28/22†		296,970		292,033
American Airlines, Inc.
2017 Replacement Term Loan
3.22%, 06/27/20†		975,019		975,324
American Builders & Contractors Supply Co., Inc.
Additional Term B-1 Loan
3.73%, 10/31/23†		542,202		544,047
Avolon TLB Borrower 1 (US) LLC
Initial Term B-2 Loan
0.00%, 03/21/22S†		380,000		383,802
Berry Global Group, Inc.
Term I Loan
3.73%, 10/01/22†		254,882		255,471
Blue Ridge Mountain Resources, Inc.
Exit Term Loan
16.00%, 04/15/19		43,363		43,146
CenturyLink, Inc.
Initial Term B Loan
0.00%, 01/31/25S†		350,000		346,625

See Notes to Financial Statements.

123

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Charter Communications Operating LLC
Term I-1 Loan
3.48%, 01/15/24†	$	161,591	$	162,388
CSC Holdings LLC
March 2017 Refinancing Term Loan
3.46%, 07/17/25†		262,500		262,090
Energy Future Intermediate Holding Co. LLC
Term Loan
0.00%, 06/23/18S†		1,110,000		1,114,625
First Data Corporation
2024 New Dollar Term Loan
3.72%, 04/26/24†		541,185		541,658
Flying Fortress Holdings LLC
New Loans
0.00%, 10/30/22S†		190,000		191,108
3.55%, 10/30/22†		190,000		191,108
Hilton Worldwide Finance LLC
Series B-2 Term Loan
3.22%, 10/25/23†		603,172		605,603
Level 3 Financing, Inc.
Tranche B 2024 Term Loan
3.47%, 02/22/24†		350,000		351,240
Nord Anglia Education Finance LLC
Initial Term Loan
4.70%, 03/31/21†		987,277		990,363
Party City Holdings, Inc.
2016 Replacement Term Loan
4.18%, 08/19/22†		676,194		677,462
Petco Animal Supplies, Inc.
Term Loan
4.17%, 01/26/23†		406,909		367,744
PetSmart, Inc.
Tranche B-2 Loan
4.22%, 03/11/22†		980,000		912,549
Univision Communications, Inc.
2017 Replacement Repriced First-Lien Term Loan
3.98%, 03/15/24†		728,433		716,368
Valeant Pharmaceuticals International, Inc.
Series F Tranche B Term Loan
5.83%, 04/01/22†		674,821		684,768
Virgin Media Bristol LLC I Facility
3.91%, 01/31/25†		413,428		414,160
Total Loan Agreements (Cost $11,583,904)				11,484,665

	Par		Value
MORTGAGE-BACKED SECURITIES — 1.6%
Commercial Mortgage Trust Series 2007-CD4
5.40%, 12/11/49†	$	32,450	$	20,217
Credit Suisse Commercial Mortgage Trust Series 2006-C5
5.37%, 12/15/39		143,915		134,072
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.70%, 09/15/40†		65,997		65,934
5.87%, 09/15/40†		240,000		234,896
Fannie Mae Connecticut Avenue Securities Series 2014-C02
3.82%, 05/25/24†		1,600,000		1,673,309
Fannie Mae Connecticut Avenue Securities Series 2015-C03
6.22%, 07/25/25†		837,613		934,621
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA3
5.92%, 04/25/28†		830,000		956,319
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA1
6.17%, 07/25/29†		1,060,000		1,144,332
Freddie Mac Structured Agency Credit Risk Debt Notes
6.37%, 10/25/29†		560,000		611,882
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
6.26%, 02/15/51†		40,000		38,919
Lone Star Portfolio Trust Series 2015-LSP
8.38%, 09/15/20 144A†		687,577		684,204
8.06%, 09/15/28 144A†		767,900		786,404
Morgan Stanley Resecuritization Trust Series 2015-R6
1.28%, 07/26/45 144A†		1,118,706		511,839
Total Mortgage-Backed Securities (Cost $7,318,019)				7,796,948
MUNICIPAL BOND — 0.0%
State of Illinois, General Obligation
5.10%, 06/01/33		160,000		150,235

See Notes to Financial Statements.

124

	Number of Contracts		Value
PURCHASED OPTION — 0.0%
Put Option — 0.0%
Long U.S. Treasury Bond, Strike Price 156.50%, Expires 07/21/17(GSC)
(Cost $63,416)		56	$	173,250
	Par
U.S. TREASURY OBLIGATIONS — 21.4%
U.S. Treasury Bills
0.81%, 07/13/17W	$	10,000,000		9,997,860
0.76%, 07/27/17W		6,000,000		5,996,739
0.93%, 09/21/17W		10,500,000		10,477,425
1.00%, 10/05/17W		3,570,000		3,560,586
				30,032,610
U.S. Treasury Bonds
3.50%, 02/15/39		860,000		971,934
4.25%, 05/15/39		40,000		50,122
3.88%, 08/15/40		30,000		35,709
2.75%, 08/15/42		120,000		118,723
3.13%, 02/15/43		9,116,000		9,633,224
2.88%, 05/15/43		120,000		121,193
3.00%, 05/15/45		40,000		41,226
3.00%, 11/15/45		920,000		947,780
2.50%, 05/15/46		820,000		762,921
2.25%, 08/15/46		960,000		845,213
2.88%, 11/15/46D		2,120,000		2,132,133
				15,660,178
U.S. Treasury Notes
0.75%, 10/31/17‡‡		10,780,000		10,768,034
0.63%, 04/30/18		530,000		527,226
0.75%, 08/31/18		4,000,000		3,973,908
1.38%, 09/30/18		250,000		250,156
1.50%, 12/31/18		5,875,000		5,888,771
1.25%, 03/31/19		15,000,000		14,969,828
1.63%, 06/30/19		10,000		10,046
1.25%, 10/31/19		110,000		109,572
3.63%, 02/15/21D		14,549,000		15,542,144
1.88%, 01/31/22		710,000		710,998
2.00%, 02/15/22		120,000		120,919
1.63%, 08/15/22		3,380,000		3,334,977
2.75%, 02/15/24		150,000		156,100
2.25%, 11/15/24		30,000		30,171
2.00%, 02/15/25		100,000		98,648
1.63%, 02/15/26		180,000		171,102
1.63%, 05/15/26D		470,000		445,665
2.00%, 11/15/26D		1,220,000		1,189,786
				58,298,051
Total U.S. Treasury Obligations (Cost $102,865,908)				103,990,839

	Shares		Value
COMMON STOCKS — 0.9%
Consumer Discretionary — 0.2%
Ford Motor Co.		96,849	$	1,083,740
Energy — 0.1%
Berry Petroleum Co. LLC		2,350		21,737
Blue Ridge Mountain
Resources, Inc.		24,163		216,259
Hercules Offshore, Inc.		46,644		13,154
				251,150
Financials — 0.0%
Tricer Holdco SCA		4,654		12,007
Health Care — 0.2%
Bristol-Myers Squibb Co.		15,400		858,088
Information Technology — 0.4%
Corning, Inc.		70,534		2,119,547
Total Common Stocks (Cost $5,249,928)				4,324,532
FOREIGN COMMON STOCK — 0.0%
Canada — 0.0%
Frontera Energy Corporation (Cost $108,653)		3,014		78,191
PREFERRED STOCKS — 0.4%
Arconic, Inc.
5.38%, 10/01/17 CONV		9,400		336,520
Bank of America Corporation
7.25%, 12/31/49 CONV		602		759,718
Chesapeake Energy Corporation
4.50%, 12/31/49 CONV		1,229		66,058
5.00%, 12/31/49 CONVD		3,950		244,900
5.75%, 12/31/49 CONVD		30		17,756
5.75%, 12/31/49 CONV		780		468,487
5.75%, 12/31/49 CONV 144A		50		29,594
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONV		3,880		194,388
iStar, Inc. REIT
4.50%, 12/31/49 CONV		50		2,546
Tricer Holdco SCA
0.00%, 12/31/49*		2,068,500		20,685
Total Preferred Stocks (Cost $2,090,639)				2,140,652
MONEY MARKET FUNDS — 13.7%
GuideStone Money Market Fund (Investor Class)¥		44,890,934		44,890,934
Northern Institutional Government Assets Portfolio		116,095		116,095

See Notes to Financial Statements.

125

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Northern Institutional Liquid Assets Portfolio§		21,429,055	$	21,429,055
(Cost $66,436,084)			��	66,436,084
TOTAL INVESTMENTS — 103.7% (Cost $490,860,523)				504,106,087
Liabilities in Excess of Other Assets — (3.7)%				(17,913,685	)
NET ASSETS — 100.0%			$	486,192,402

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		35.4
Foreign Bonds		25.1
U.S. Treasury Obligations		21.4
Money Market Funds		13.7
Loan Agreements		2.4
Agency Obligation		1.9
Mortgage-Backed Securities		1.6
Common Stocks		0.9
Asset-Backed Security		0.5
Preferred Stocks		0.4
Foreign Government Inflation-Linked Bond		0.4
Purchased Option		—	**
Municipal Bond		—	**
Foreign Common Stock		—	**
		103.7

^**  Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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 Obligation	$	9,465,102	$	—	$	9,465,102	$	—
Asset-Backed Security		2,285,456		—		2,285,456		—
Common Stocks		4,324,532		4,277,634		21,737		25,161
Corporate Bonds		171,941,386		—		171,941,386		—
Foreign Bonds:
Argentina		7,205,129		—		7,205,129		—
Armenia		545,880		—		545,880		—
Australia		2,541,694		—		2,541,694		—
Bermuda		1,454,215		—		1,454,215		—

See Notes to Financial Statements.

126

					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Brazil	$	6,714,457	$	—	$	6,714,457	$	—
Canada		12,699,194		—��		12,692,594		6,600
Chile		681,701		—		681,701		—
China		911,532		—		911,532		—
Colombia		3,022,234		—		3,022,234		—
Ecuador		812,997		—		812,997		—
France		3,881,914		—		3,881,914		—
Germany		3,774,921		—		3,774,921		—
Honduras		1,154,425		—		1,154,425		—
India		958,971		—		958,971		—
Indonesia		2,589,306		—		2,589,306		—
Ireland		1,945,262		—		1,945,262		—
Italy		10,631,612		—		10,631,612		—
Kenya		481,722		—		481,722		—
Kuwait		1,376,507		—		1,376,507		—
Luxembourg		2,085,626		—		2,085,626		—
Mexico		11,526,704		—		11,526,704		—
Morocco & Antilles		1,122,350		—		1,122,350		—
Netherlands		11,753,700		—		11,753,700		—
New Zealand		1,833,375		—		1,833,375		—
Norway		39,210		—		39,210		—
Panama		3,877		—		3,877		—
Peru		573,375		—		573,375		—
Philippines		213,191		—		213,191		—
Portugal		608,387		—		608,387		—
Qatar		211,084		—		211,084		—
Russia		4,564,321		—		4,564,321		—
Saudi Arabia		1,257,638		—		1,257,638		—
Singapore		1,008,434		—		1,008,434		—
Spain		80,941		—		80,941		—
Supranational		2,421,815		—		2,421,815		—
Turkey		3,474,510		—		3,474,510		—
United Kingdom		15,705,514		—		15,705,514		—
Foreign Common Stock		78,191		78,191		—		—
Foreign Government Inflation-Linked Bond		1,971,022		—		1,971,022		—
Loan Agreements		11,484,665		—		11,441,519		43,146
Money Market Funds		66,436,084		66,436,084		—		—
Mortgage-Backed Securities		7,796,948		—		7,796,948		—
Municipal Bond		150,235		—		150,235		—
Preferred Stocks		2,140,652		1,356,684		763,283		20,685
Purchased Option		173,250		173,250		—		—
U.S. Treasury Obligations		103,990,839		—		103,990,839		—
Total Assets - Investments in Securities	$	504,106,087	$	72,321,843	$	431,688,652	$	95,592

See Notes to Financial Statements.

127

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	$	219,664		$	—		$	219,664	$	—
Total Assets - Other Financial Instruments	$	219,664		$	—		$	219,664	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(8,738	)	$	(8,738	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(8,738	)	$	(8,738	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forwards contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and “Forward Foreign Currency Contracts” disclosures in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 as well as the amount of Level 3 securities compared to total net assets are not material; therefore, the amount of transfers between Level 1 and Level 2 and the reconciliation of Level 3 securities and assumptions are not shown for the period ended June 30, 2017.

See Notes to Financial Statements.

128

(This page intentionally left blank)

129

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	789,288,928		$	960,242,935
Investments in repurchase agreements, at value		665,000,000			—
Investments in securities of affiliated issuers, at value		—			38,996,714
Total investments, at value (1)(2)		1,454,288,928			999,239,649
Cash		398,125			—
Cash collateral for derivatives		—			2,197,503
Foreign currency (3)		—			1,053,738
Upfront premiums paid from swap contracts		—			2,470,792
Receivables:
Dividends and reclaims		—			24,336
Interest		443,494			4,031,311
Securities lending		—			10,955
From advisor		5			18,230
Investment securities sold		—			55,214,422
Fund shares sold		33,688,030			151,856
Variation margin on centrally cleared swaps		—			101,034
Variation margin on financial futures contracts		—			207,851
Unrealized appreciation on foreign currency exchange contracts		—			337,282
Unrealized appreciation on swap agreements		—			324,140
Prepaid expenses and other assets		40,564			40,533
Total Assets		1,488,859,146			1,065,423,632
Liabilities
Securities sold short, at value (4)		—			16,405,257
TBA sale commitments, at value (5)		—			—
Options written, at value (6)		—			—
Upfront premiums received from swap contracts		—			1,322,134
Unrealized depreciation on foreign currency exchange contracts		—			1,913,700
Unrealized depreciation on swap agreements		—			549,757
Collateral held for securities on loan, at value		—			6,997,952
Collateral held for derivatives		—			1,136,583
Payables:
Investment securities purchased		10,000,000			90,601,577
Fund shares redeemed		42,958,302			95,172
Variation margin on centrally cleared swaps		—			—
Variation margin on financial futures contracts		—			167,996
Distributions		390,599			—
Securities lending		—			1,643
Accrued expenses:
Investment advisory fees		136,045			230,933
Professional fees		27,644			49,487
Shareholder servicing fees		207,218			60,108
Other expenses		155,303			180,207
Total Liabilities		53,875,111			119,712,506
Net Assets	$	1,434,984,035		$	945,711,126
Net Assets Consist of:
Paid-in-capital	$	1,434,982,408		$	951,502,602
Accumulated (distributions in excess of) net investment income (loss)		(2	)		1,101,121
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		1,629			(7,575,969	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—			683,372
Net Assets	$	1,434,984,035		$	945,711,126
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	370,072,324		$	651,587,220
Institutional shares outstanding		370,073,593			48,584,139
Net asset value, offering and redemption price per Institutional share	$	1.00		$	13.41
Net assets applicable to the Investor Class	$	1,064,911,711		$	294,123,906
Investor shares outstanding		1,064,874,384			21,928,084
Net asset value, offering and redemption price per Investor share	$	1.00		$	13.41
(1)      Investments in securities of unaffiliated issuers, at cost	$	789,288,928		$	957,793,051
Investments in repurchase agreements, at cost		665,000,000			—
Investments in securities of affiliated issuers, at cost		—			38,996,714
Total investments, at cost	$	1,454,288,928		$	996,789,765
(2)      Includes securities loaned of:	$	—		$	53,757,146
(3)      Foreign currency, at cost	$	—		$	1,044,537
(4)      Proceeds from securities sold short	$	—		$	16,431,735
(5)      TBA sale commitments, at cost	$	—		$	—
(6)      Premiums received on options written	$	—		$	—

See Notes to Financial Statements.

130

Medium-Duration Bond Fund		Extended-Duration Bond Fund			Global Bond Fund
$	1,255,051,261	$	233,815,516		$	459,215,153
	74,200,000		—			—
	77,181,404		9,134,512			44,890,934
	1,406,432,665		242,950,028			504,106,087
	757,802		—			—
	1,567,802		—			193,073
	3,036,455		—			3,778,516
	527,771		—			—
	21,455		3,802			35,408
	5,602,275		2,231,214			4,605,590
	9,228		4,462			28,093
	33,380		3,704			19,040
	301,602,832		573,196			919,835
	428,752		151,767			317,067
	745,297		—			—
	569,658		—			84,114
	1,790,180		—			1,169,129
	275,584		—			—
	71,610		24,060			48,737
	1,723,472,746		245,942,233			515,304,689
	—		—			—
	5,091,441		—			—
	1,879,112		—			—
	302,084		—			—
	1,142,470		—			949,465
	170,455		—			—
	7,525,783		937,751			21,429,055
	—		—			—
	566,376,122		1,995,629			5,471,316
	76,865		23,606			866,201
	102,465		—			—
	790,819		—			56,031
	—		—			—
	1,384		669			4,214
	121,623		94,698			196,793
	49,486		37,253			35,533
	47,974		24,825			22,498
	454,882		61,208			81,181
	584,132,965		3,175,639			29,112,287
$	1,139,339,781	$	242,766,594		$	486,192,402
	$1,139,804,804	$	233,291,742		$	484,441,130
	1,608,079		989,718			2,899,406
	(9,749,791)		(1,000,504	)		(14,620,166	)
	7,676,689		9,485,638			13,472,032
$	1,139,339,781	$	242,766,594		$	486,192,402
$	905,242,986	$	121,797,095		$	374,495,779
	61,432,364		6,896,478			37,225,741
$	14.74	$	17.66		$	10.06
$	234,096,795	$	120,969,499		$	111,696,623
	15,884,572		6,848,638			11,105,957
$	14.74	$	17.66		$	10.06
$	1,248,312,256	$	224,329,030		$	445,969,589
	74,200,000		—			—
	77,181,404		9,134,512			44,890,934
$	1,399,693,660	$	233,463,542		$	490,860,523
$	46,361,637	$	40,922,541		$	62,007,564
$	2,997,418	$	—		$	3,756,114
$	—	$	—		$	—
$	5,119,258	$	—		$	—
$	1,890,268	$	—		$	—

See Notes to Financial Statements.

131

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2017 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund
Investment Income
Dividends	$	—	$	—
Income distributions received from affiliated funds		—		52,243
Interest		4,860,666		8,303,238
Securities lending		—		60,021
Less foreign taxes withheld		—		(16,489	)
Total Investment Income		4,860,666		8,399,013
Expenses
Investment advisory fees		467,367		1,342,159
Transfer agent fees:
Institutional Shares		2,106		2,283
Investor Shares		21,974		13,472
Custodian fees		7,202		61,049
Shareholder servicing fees:
Investor Shares		1,219,098		354,077
Accounting and administration fees		438,158		133,634
Professional fees		33,355		50,630
Blue sky fees:
Institutional Shares		19,431		7,901
Investor Shares		18,626		8,983
Shareholder reporting fees:
Institutional Shares		427		633
Investor Shares		14,554		6,273
Trustees expenses		5,426		4,025
Line of credit facility fees and interest expense		3,486		2,942
Other expenses		21,267		17,934
Total Expenses		2,272,477		2,005,995
Expenses waived/reimbursed net of amount recaptured(1)		—		(33,236	)
Net Expenses		2,272,477		1,972,759
Net Investment Income		2,588,189		6,426,254
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		1,629		80,556
Investment securities sold short		—		(82,730	)
Futures transactions		—		390,509
Swap agreements		—		(1,065,767	)
Option contracts written		—		261,620
Option contracts purchased		—		(31,975	)
Foreign currency		—		(459,098	)
Net realized gain (loss)		1,629		(906,885	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—		8,708,810
Investment securities sold short		—		18,850
Futures		—		51,820
Swap agreements		—		268,411
Option contracts written		—		(51,006	)
Option contracts purchased		—		(19,332	)
Foreign currency		—		(3,806,367	)
Net change in unrealized appreciation (depreciation)		—		5,171,186
Net Realized and Unrealized Gain		1,629		4,264,301
Net Increase in Net Assets Resulting from Operations	$	2,589,818	$	10,690,555

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

See Notes to Financial Statements.

132

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	11,829		$	20,084		$	216,566
	97,203			10,333			60,672
	14,998,234			4,748,372			10,945,061
	53,451			18,492			112,314
	13,328			(211	)		(15,369	)
	15,174,045			4,797,070			11,319,244
	1,220,329			558,395			1,123,669
	2,305			2,029			2,201
	13,222			13,425			10,375
	122,500			5,825			27,577
	277,248			147,171			122,614
	177,801			43,484			80,422
	50,630			39,141			45,373
	7,863			7,479			4,605
	7,210			7,312			6,762
	694			332			493
	5,979			5,622			2,596
	4,696			1,102			1,988
	2,998			1,331			1,583
	597,999			9,372			10,657
	2,491,474			842,020			1,440,915
	(64,667	)		(6,835	)		(41,752	)
	2,426,807			835,185			1,399,163
	12,747,238			3,961,885			9,920,081
	343,512			(317,160	)		1,702,933
	(241,171	)		—			—
	1,777,310			—			(23,571	)
	1,693,715			—			—
	125,523			—			16,694
	211,646			—			(165,807	)
	(840,887	)		6,964			(288,661	)
	3,069,648			(310,196	)		1,241,588
	16,944,601			10,554,877			11,457,178
	423,977			—			—
	1,324,487			—			(68,578	)
	(2,550,634	)		—			—
	866,971			—			(15,147	)
	(538,908	)		—			(595,652	)
	(1,763,223	)		1,508			1,853,810
	14,707,271			10,556,385			12,631,611
	17,776,919			10,246,189			13,873,199
$	30,524,157		$	14,208,074		$	23,793,280

See Notes to Financial Statements.

133

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
	(Unaudited)
Operations:
Net investment income	$	2,588,189		$	993,192
Net realized gain (loss) on investment securities, foreign currency and derivatives		1,629			53,322
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase in net assets resulting from operations		2,589,818			1,046,514
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(927,613	)		(628,794	)
Investor shares		(1,660,576	)		(364,398	)
Distributions from net realized capital gains
Institutional shares		—			(11,523	)
Investor shares		—			(48,479	)
Total dividends and distributions		(2,588,189	)		(1,053,194	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		431,692,421			649,810,099
Investor shares		1,941,336,108			4,364,775,848
Reinvestment of dividends and distributions
Institutional shares		343,316			305,772
Investor shares		766,076			209,397
Total proceeds from shares sold and reinvested		2,374,137,921			5,015,101,116
Value of shares redeemed
Institutional shares		(313,601,167	)		(644,356,936	)
Investor shares		(1,827,856,673	)		(4,455,737,775	)
Total value of shares redeemed		(2,141,457,840	)		(5,100,094,711	)
Net increase (decrease) from capital share transactions(1)		232,680,081			(84,993,595	)
Total increase (decrease) in net assets		232,681,710			(85,000,275	)
Net Assets:
Beginning of Period		1,202,302,325			1,287,302,600
End of Period*	$	1,434,984,035		$	1,202,302,325
* Including undistributed (distributions in excess of) net investment income	$	(2	)	$	(2	)

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

See Notes to Financial Statements.

134

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
(Unaudited)						(Unaudited)
$	6,426,254		$	12,150,324		$	12,747,238		$	22,475,026
	(906,885	)		(3,744,351	)		3,069,648			(10,644,065	)
	5,171,186			6,466,908			14,707,271			13,658,934
	10,690,555			14,872,881			30,524,157			25,489,895
	(4,115,777	)		(9,332,720	)		(7,942,770	)		(19,149,627	)
	(1,562,144	)		(2,592,772	)		(1,778,398	)		(3,212,334	)
	—			—			—			(2,396,364	)
	—			—			—			(645,755	)
	(5,677,921	)		(11,925,492	)		(9,721,168	)		(25,404,080	)
	66,155,792			75,052,450			75,113,144			259,641,101
	25,032,727			74,656,288			23,497,736			48,285,449
	4,102,099			9,329,322			7,936,776			21,529,595
	1,561,266			2,590,031			1,776,689			3,852,247
	96,851,884			161,628,091			108,324,345			333,308,392
	(7,699,769	)		(118,188,777	)		(9,803,121	)		(171,216,394	)
	(14,745,098	)		(40,118,621	)		(11,197,018	)		(25,588,210	)
	(22,444,867	)		(158,307,398	)		(21,000,139	)		(196,804,604	)
	74,407,017			3,320,693			87,324,206			136,503,788
	79,419,651			6,268,082			108,127,195			136,589,603
	866,291,475			860,023,393			1,031,212,586			894,622,983
$	945,711,126		$	866,291,475		$	1,139,339,781		$	1,031,212,586
$	1,101,121		$	352,788		$	1,608,079		$	(1,417,991	)

See Notes to Financial Statements.

135

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund						Global Bond Fund
	For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	3,961,885		$	10,018,068		$	9,920,081		$	18,957,185
Net realized gain (loss) on investment securities, foreign currency and derivatives		(310,196	)		9,506,330			1,241,588			(9,723,149	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		10,556,385			1,012,592			12,631,611			33,487,785
Net increase in net assets resulting from operations		14,208,074			20,536,990			23,793,280			42,721,821
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,556,113	)		(7,560,818	)		(5,283,541	)		(13,837,022	)
Investor shares		(1,412,817	)		(2,465,545	)		(1,352,619	)		(3,392,928	)
Distributions from net realized capital gains
Institutional shares		(388,725	)		(5,541,003	)		—			—
Investor shares		(390,950	)		(4,868,635	)		—			—
Total dividends and distributions		(3,748,605	)		(20,436,001	)		(6,636,160	)		(17,229,950	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		2,454,865			19,454,193			20,195,899			62,834,081
Investor shares		7,330,922			49,316,598			21,443,661			22,304,414
Reinvestment of dividends and distributions
Institutional shares		1,944,096			13,095,046			5,232,584			13,705,988
Investor shares		1,801,366			7,324,265			1,360,251			3,388,544
Total proceeds from shares sold and reinvested		13,531,249			89,190,102			48,232,395			102,233,027
Value of shares redeemed
Institutional shares		(3,402,796	)		(65,143,260	)		(2,902,769	)		(69,877,520	)
Investor shares		(12,822,250	)		(44,984,790	)		(4,181,322	)		(19,969,937	)
Total value of shares redeemed		(16,225,046	)		(110,128,050	)		(7,084,091	)		(89,847,457	)
Net increase (decrease) from capital share transactions(1)		(2,693,797	)		(20,937,948	)		41,148,304			12,385,570
Total increase (decrease) in net assets		7,765,672			(20,836,959	)		58,305,424			37,877,441
Net Assets:
Beginning of Period		235,000,922			255,837,881			427,886,978			390,009,537
End of Period*	$	242,766,594		$	235,000,922		$	486,192,402		$	427,886,978
* Including undistributed (distributions in excess of) net investment income	$	989,718		$	(3,237	)	$	2,899,406		$	(384,515	)

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

See Notes to Financial Statements.

136

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
2017(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.29	%	$	370,072		0.17	%		0.17	%		0.61	%		N/A
2016		1.00		—	†#		—	†		—	†		—	†		1.00		0.28			251,639		0.17			0.18			0.27			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
Investor Class
2017(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.17	%	$	1,064,912		0.42	%		0.42	%		0.34	%		N/A
2016		1.00		—	†#		—	†		—	†		—	†		1.00		0.04			950,663		0.41			0.42			0.03			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
Low-Duration Bond Fund
Institutional Class
2017(3)	$	13.34	$	0.10	#	$	0.06		$	(0.09	)	$	—		$	13.41		1.20	%	$	651,587		0.36	%		0.36	%		1.52	%		201	%
2016		13.30		0.19	#		0.05	(5)		(0.20	)		—			13.34		1.74			585,590		0.37			0.38			1.46			398
2015		13.41		0.21	#		(0.10	)(5)		(0.22	)		—			13.30		0.79			617,698		0.37			0.38			1.52			746
2014		13.57		0.14	#		0.02	(5)		(0.30	)		(0.02	)		13.41		1.16			141,461		0.36			0.42			1.06			529
2013(6)		13.84		0.17	#		(0.17	)(5)		(0.25	)		(0.02	)		13.57		0.02			136,966		0.36			0.42			1.26			202
2012		13.65		0.24	#		0.35	(5)		(0.35	)		(0.05	)		13.84		4.35			135,526		0.36			0.41			1.68			228
Investor Class
2017(3)	$	13.34	$	0.08	#	$	0.06		$	(0.07	)	$	—		$	13.41		1.07	%	$	294,124		0.62	%		0.63	%		1.26	%		201	%
2016		13.27		0.16	#		0.03	(5)		(0.12	)		—			13.34		1.47			280,701		0.64			0.65			1.18			398
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
Medium-Duration Bond Fund
Institutional Class
2017(3)	$	14.46	$	0.18	#	$	0.23		$	(0.13	)	$	—		$	14.74		2.87	%	$	905,243		0.39	%		0.41	%		2.43	%		186	%
2016		14.44		0.37	#		0.08	(5)		(0.39	)		(0.04	)		14.46		3.21			815,430		0.45			0.46			2.50			337
2015		15.18		0.37	#		(0.35	)(5)		(0.54	)		(0.22	)		14.44		0.03			706,760		0.45			0.47			2.46			346
2014		15.01		0.33	#		0.56	(5)		(0.63	)		(0.09	)		15.18		6.03			239,389		0.48			0.52			2.14			408
2013(7)		15.90		0.35	#		(0.63	)(5)		(0.59	)		(0.02	)		15.01		(1.90	)		227,172		0.48			0.52			2.21			409
2012		15.72		0.37	#		0.85	(5)		(0.61	)		(0.43	)		15.90		7.93			251,565		0.48			0.51			2.32			570
Investor Class
2017(3)	$	14.46	$	0.15	#	$	0.25		$	(0.12	)	$	—		$	14.74		2.74	%	$	234,097		0.67	%		0.68	%		2.09	%		186	%
2016		14.31		0.33	#		0.08	(5)		(0.22	)		(0.04	)		14.46		2.88			215,783		0.72			0.73			2.24			337
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

† 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, 2017. 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.

137

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

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
2017(3)	$	16.90	$	0.30	#	$	0.75		$	(0.23	)	$	(0.06	)	$	17.66		6.24	%	$	121,797		0.57	%		0.58	%		3.52	%		26	%
2016		17.37		0.70	#		0.63	(4)		(0.98	)		(0.82	)		16.90		7.65			115,558		0.56			0.57			3.81			50
2015		21.26		0.78	#		(1.74	)(4)		(1.42	)		(1.51	)		17.37		(5.01	)		148,920		0.60			0.60			4.09			42
2014		21.85		0.96	#		2.70	(4)		(2.42	)		(1.83	)		21.26		17.47			56,216		0.56			0.57			4.19			48
2013(5)		29.08		1.23	#		(2.65	)(4)		(2.88	)		(2.93	)		21.85		(5.10	)		51,959		0.55			0.55			4.61			37
2012		29.62		1.42	#		2.93	(4)		(2.97	)		(1.92	)		29.08		15.41			86,268		0.52			0.53			4.68			27
Investor Class
2017(3)	$	16.90	$	0.28	#	$	0.75		$	(0.21	)	$	(0.06	)	$	17.66		6.11	%	$	120,970		0.85	%		0.86	%		3.24	%		26	%
2016		16.76		0.64	#		0.56	(4)		(0.34	)		(0.72	)		16.90		7.23			119,443		0.84			0.85			3.51			50
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
Global Bond Fund
Institutional Class
2017(3)	$	9.68	$	0.22	#	$	0.31		$	(0.15	)	$	—		$	10.06		5.36	%	$	374,496		0.56	%		0.57	%		4.44	%		18	%
2016		9.08		0.45	#		0.56	(4)		(0.41	)		—			9.68		11.24			338,475		0.59			0.60			4.73			28
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
2017(3)	$	9.68	$	0.20	#	$	0.31		$	(0.13	)	$	—		$	10.06		5.34	%	$	111,696		0.84	%		0.86	%		4.15	%		18	%
2016		9.08		0.42	#		0.56	(4)		(0.38	)		—			9.68		10.91			89,412		0.88			0.89			4.42			28
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

# 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, 2017. 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.

138

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS June 30, 2017  (Unaudited) 

	Shares		Value
COMMON STOCKS — 43.2%
Consumer Discretionary — 3.3%
Advance Auto Parts, Inc.		294	$	34,278
Amazon.com, Inc.*		2,843		2,752,024
AutoNation, Inc.*		58		2,445
AutoZone, Inc.*		942		537,373
Bed Bath & Beyond, Inc.D		936		28,454
Best Buy Co., Inc.		458		26,257
BorgWarner, Inc.		232		9,828
Cable One, Inc.		213		151,422
CarMax, Inc.*		253		15,954
Carnival Corporation		789		51,735
CBS Corporation Class B (Non-Voting Shares)		708		45,156
Charter Communications, Inc. Class A*		432		145,519
Chipotle Mexican Grill, Inc.*		905		376,571
Coach, Inc.		466		22,060
Comcast Corporation Class A		31,794		1,237,423
D.R. Horton, Inc.		552		19,083
Darden Restaurants, Inc.		10,008		905,124
Delphi Automotive PLC		5,751		504,075
Discovery Communications, Inc. Class A*		180		4,649
Discovery Communications, Inc. Class C*		364		9,176
DISH Network Corporation Class A*		275		17,259
Dollar General Corporation		460		33,161
Dollar Tree, Inc.*		374		26,150
Domino’s Pizza, Inc.D		2,746		580,861
Expedia, Inc.		288		42,898
Foot Locker, Inc.		320		15,770
Ford Motor Co.		6,620		74,078
Gap, Inc. (The)		301		6,619
General Motors Co.		2,773		96,861
Genuine Parts Co.		802		74,394
Goodyear Tire & Rubber Co. (The)		280		9,789
H&R Block, Inc.		33,420		1,033,012
Hanesbrands, Inc.		491		11,372
Harley-Davidson, Inc.		250		13,505
Hasbro, Inc.		196		21,856
Home Depot, Inc. (The)		14,710		2,256,514
Interpublic Group of Cos., Inc. (The)		849		20,885
Kohl’s Corporation		339		13,109
L Brands, Inc.		525		28,292
Leggett & Platt, Inc.		135		7,092
Lennar Corporation Class A		243		12,957
LKQ Corporation*		551		18,156
Lowe’s Cos., Inc.		11,593		898,805
Lululemon Athletica, Inc.D*		1,143		68,203
Macy’s, Inc.		543		12,619
Marriott International, Inc. Class A		694		69,615
Mattel, Inc.		51,428		1,107,245
McDonald’s Corporation		19,922		3,051,254

	Shares		Value
Michael Kors Holdings, Ltd.*		280	$	10,150
Mohawk Industries, Inc.*		62		14,985
Netflix, Inc.*		4,807		718,214
Newell Brands, Inc.		917		49,170
News Corporation Class A		567		7,768
News Corporation Class B		636		8,999
NIKE, Inc. Class B		16,561		977,099
Nordstrom, Inc.		287		13,727
O’Reilly Automotive, Inc.*		3,971		868,617
Omnicom Group, Inc.		506		41,947
Pool Corporation		1,213		142,612
Priceline Group, Inc. (The)*		352		658,423
PulteGroup, Inc.		257		6,304
PVH Corporation		138		15,801
Ralph Lauren Corporation		53		3,911
Ross Stores, Inc.		4,600		265,558
Scripps Networks Interactive, Inc. Class A		121		8,266
Signet Jewelers, Ltd.D		97		6,134
Staples, Inc.		1,015		10,221
Starbucks Corporation		36,440		2,124,816
Target Corporation		964		50,408
Tiffany & Co.		162		15,207
TimeWarner, Inc.		10,173		1,021,471
TJX Cos., Inc. (The)		20,737		1,496,589
Tractor Supply Co.		1,883		102,077
TripAdvisor, Inc.*		203		7,755
Twenty-First Century Fox, Inc. Class A		1,877		53,194
Twenty-First Century Fox, Inc. Class B		766		21,348
Ulta Beauty, Inc.*		4,942		1,420,034
Under Armour, Inc. Class A*		210		4,570
Under Armour, Inc. Class C*		211		4,254
VF Corporation		493		28,397
Walt Disney Co. (The)		18,284		1,942,675
Whirlpool Corporation		160		30,659
Williams-Sonoma, Inc.D		3,610		175,085
WyndhamWorldwide Corporation		274		27,512
Yum! Brands, Inc.		14,969		1,104,113
				29,959,007
Consumer Staples — 6.6%
Archer-Daniels-Midland Co.		895		37,035
Campbell Soup Co.		12,112		631,641
Casey’s General Stores, Inc.D		1,186		127,033
Church & Dwight Co., Inc.		22,634		1,174,252
Clorox Co. (The)		9,761		1,300,556
Coca-Cola Co. (The)		68,447		3,069,848
Colgate-Palmolive Co.		30,572		2,266,302
Conagra Brands, Inc.		781		27,929
Costco Wholesale Corporation		15,267		2,441,651
Coty, Inc. Class A		700		13,132
CVS Health Corporation		19,516		1,570,257
Dr. Pepper Snapple Group, Inc.		11,520		1,049,587

See Notes to Financial Statements.

139

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Estee Lauder Cos., Inc. (The) Class A		19,093	$	1,832,546
General Mills, Inc.		123,917		6,865,002
Hershey Co. (The)		11,457		1,230,138
Hormel Foods Corporation		20,100		685,611
Ingredion, Inc.		2,921		348,213
J.M. Smucker Co. (The)		682		80,701
Kellogg Co.		7,398		513,865
Kimberly-Clark Corporation		8,538		1,102,341
Kraft Heinz Co. (The)		11,299		967,646
Kroger Co. (The)		2,790		65,063
McCormick & Co., Inc. (Non-Voting Shares)		15,192		1,481,372
Mondelez International, Inc. Class A		54,850		2,368,972
Monster Beverage Corporation*		17,699		879,286
Nu Skin Enterprises, Inc. Class A		6,923		435,041
PepsiCo, Inc.		26,523		3,063,141
Procter & Gamble Co. (The)		170,520		14,860,818
Sysco Corporation		22,795		1,147,272
Tyson Foods, Inc. Class A		513		32,129
Walgreens Boots Alliance, Inc.		8,724		683,177
Wal-Mart Stores, Inc.		81,362		6,157,476
Whole Foods Market, Inc.		8,967		377,600
				58,886,633
Energy — 1.5%
Anadarko Petroleum Corporation		970		43,980
Apache Corporation		795		38,104
Baker Hughes, Inc.D		716		39,029
Cabot Oil & Gas Corporation		793		19,888
Chesapeake Energy Corporation*		1,423		7,072
Chevron Corporation		58,023		6,053,540
Cimarex Energy Co.		158		14,853
Concho Resources, Inc.*		260		31,598
ConocoPhillips		3,257		143,178
Devon Energy Corporation		909		29,061
EOG Resources, Inc.		1,050		95,046
EQT Corporation		244		14,296
Exxon Mobil Corporation		58,435		4,717,457
Halliburton Co.		1,753		74,871
Helmerich & Payne, Inc.		350		19,019
Hess Corporation		400		17,548
Kinder Morgan, Inc.		2,911		55,775
Marathon Oil Corporation		1,361		16,128
Marathon Petroleum Corporation		921		48,196
Murphy Oil Corporation		380		9,739
National Oilwell Varco, Inc.		635		20,917
Newfield Exploration Co.*		284		8,083
Noble Energy, Inc.		885		25,045
Occidental Petroleum Corporation		34,508		2,065,994
ONEOK, Inc.		486		25,350
Phillips 66		702		58,048

	Shares		Value
Pioneer Natural Resources Co.		320	$	51,066
Range Resources Corporation		186		4,310
Tesoro Corporation		143		13,385
Valero Energy CorporationD		716		48,301
Williams Cos., Inc. (The)		1,187		35,942
				13,844,819
Financials — 7.4%
Affiliated Managers Group, Inc.		64		10,615
Aflac, Inc.		1,630		126,618
Alleghany Corporation*		1,440		856,512
Allstate Corporation (The)		36,245		3,205,508
American Express Co.		6,925		583,362
American Financial Group, Inc.		7,038		699,366
American International Group, Inc.		1,986		124,165
Ameriprise Financial, Inc.		269		34,241
Arch Capital Group, Ltd.*		12,191		1,137,298
Arthur J. Gallagher & Co.		451		25,820
Assurant, Inc.		75		7,777
Bank of America Corporation		17,723		429,960
Bank of Hawaii CorporationD		9,804		813,438
Bank of New York Mellon Corporation (The)		48,370		2,467,837
BB&T Corporation		11,864		538,744
Berkshire Hathaway, Inc. Class B*		3,382		572,809
BlackRock, Inc.		1,440		608,270
Capital One Financial Corporation		785		64,857
Capitol Federal Financial, Inc.D		257,700		3,661,917
CBOE Holdings, Inc.		8,244		753,502
Charles Schwab Corporation (The)		2,096		90,044
Cincinnati Financial Corporation		334		24,198
Citigroup, Inc.		5,046		337,476
Citizens Financial Group, Inc.		634		22,621
CME Group, Inc.		705		88,294
Comerica, Inc.		7,102		520,150
Commerce Bancshares, Inc.		29,104		1,653,980
Discover Financial Services		702		43,657
E*TRADE Financial Corporation*		326		12,398
Erie Indemnity Co. Class A		1,436		179,601
Everest Re Group, Ltd.		7,677		1,954,487
Fifth Third Bancorp		1,381		35,851
FNF Group		1,309		58,682
Franklin Resources, Inc.		2,537		113,632
Goldman Sachs Group, Inc. (The)		655		145,344
Hartford Financial Services Group, Inc. (The)		633		33,277
Huntington Bancshares, Inc.		1,372		18,549

See Notes to Financial Statements.

140

	Shares		Value
Intercontinental Exchange, Inc.		960	$	63,283
Invesco, Ltd.		816		28,715
JPMorgan Chase & Co.		79,709		7,285,403
KeyCorp		1,880		35,231
Leucadia National Corporation		355		9,287
Lincoln National Corporation		300		20,274
Loews Corporation		130		6,085
M&T Bank Corporation		10,768		1,743,878
Markel Corporation*		1,441		1,406,214
Marsh & McLennan Cos., Inc.		45,272		3,529,405
Mercury General Corporation		1,852		100,008
MetLife, Inc.		11,602		637,414
Moody’s Corporation		279		33,949
Morgan Stanley		2,825		125,882
Nasdaq, Inc.		251		17,944
Navient Corporation		520		8,658
Northern Trust Corporation		27,570		2,680,080
People’s United Financial, Inc.		674		11,903
PNC Financial Services Group, Inc. (The)		57,718		7,207,247
Principal Financial Group, Inc.		666		42,671
ProAssurance Corporation		3,571		217,117
Progressive Corporation (The)		64,073		2,824,979
Prudential Financial, Inc.		899		97,218
Regions Financial Corporation		4,384		64,182
RenaissanceRe Holdings, Ltd.		2,564		356,524
S&P Global, Inc.		430		62,776
Signature Bank*		1,459		209,410
State Street Corporation		604		54,197
SunTrust Banks, Inc.		78,807		4,469,933
SVB Financial Group*		1,464		257,357
Synchrony Financial		1,268		37,812
T. Rowe Price Group, Inc.		13,606		1,009,701
TCF Financial Corporation		9,485		151,191
TFS Financial Corporation		8,840		136,755
Torchmark Corporation		321		24,557
Travelers Cos., Inc. (The)		17,895		2,264,254
U.S. Bancorp		68,227		3,542,346
Unum Group		295		13,756
W.R. Berkley Corporation		4,601		318,251
Wells Fargo & Co.		58,930		3,265,311
White Mountains Insurance Group, Ltd.		176		152,879
XL Group, Ltd.		452		19,798
Zions Bancorporation		159		6,982
				66,605,674
Health Care — 4.9%
Abbott Laboratories		5,667		275,473
AbbVie, Inc.		3,182		230,727
ABIOMED, Inc.*		3,570		511,581

	Shares		Value
Aetna, Inc.		756	$	114,783
Agilent Technologies, Inc.		647		38,374
Alexion Pharmaceuticals, Inc.*		399		48,546
Align Technology, Inc.*		2,927		439,401
Amgen, Inc.		2,100		361,683
Anthem, Inc.		3,984		749,510
Baxter International, Inc.		9,868		597,409
Becton, Dickinson and Co.		5,433		1,060,033
Biogen, Inc.*		1,261		342,185
Bio-Rad Laboratories, Inc. Class A*		292		66,082
Boston Scientific Corporation*		2,122		58,822
Bristol-Myers Squibb Co.		62,344		3,473,808
C.R. Bard, Inc.		74		23,392
Cardinal Health, Inc.		7,793		607,231
Celgene Corporation*		3,984		517,402
Centene Corporation*		253		20,210
Cerner Corporation*		527		35,030
Cigna Corporation		2,849		476,894
Cooper Cos., Inc. (The)		110		26,336
Danaher Corporation		5,990		505,496
DaVita, Inc.*		200		12,952
DENTSPLY SIRONA, Inc.		281		18,220
DexCom, Inc.*		4,979		364,214
Edwards Lifesciences Corporation*		2,223		262,847
Eli Lilly & Co.		64,941		5,344,644
Express Scripts Holding Co.*		1,011		64,542
Gilead Sciences, Inc.		2,291		162,157
HCA Healthcare, Inc.D*		500		43,600
Henry Schein, Inc.*		4,011		734,093
Hologic, Inc.*		233		10,573
Humana, Inc.		4,384		1,054,878
IDEXX Laboratories, Inc.*		1,342		216,626
Illumina, Inc.*		473		82,075
Incyte Corporation*		228		28,707
Intuitive Surgical, Inc.*		1,329		1,243,107
Johnson & Johnson		114,754		15,180,807
Laboratory Corporation of America Holdings*		195		30,057
McKesson Corporation		629		103,496
Mettler-Toledo International, Inc.*		1,916		1,127,643
Patterson Cos., Inc.		120		5,634
PerkinElmer, Inc.		318		21,668
Quest Diagnostics, Inc.		3,602		400,398
Regeneron Pharmaceuticals, Inc.*		312		153,236
ResMed, Inc.D		559		43,529
Seattle Genetics, Inc.*		4,373		226,259
Stryker Corporation		11,779		1,634,690
Thermo Fisher Scientific, Inc.		705		123,001
United Therapeutics CorporationD*		1,627		211,071
UnitedHealth Group, Inc.		16,191		3,002,135

See Notes to Financial Statements.

141

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Universal Health Services, Inc. Class B		174	$	21,242
Varian Medical Systems, Inc.*		836		86,267
Veeva Systems, Inc. Class AD*		2,650		162,471
Vertex Pharmaceuticals, Inc.*		5,003		644,737
Waters Corporation*		738		135,674
Zimmer Biomet Holdings, Inc.		334		42,886
Zoetis, Inc.		2,773		172,980
				43,753,524
Industrials — 5.3%
3M Co.		36,057		7,506,707
Acuity Brands, Inc.		1,496		304,107
Alaska Air Group, Inc.		1,116		100,172
American Airlines Group, Inc.		947		47,653
AMETEK, Inc.		278		16,839
Arconic, Inc.		520		11,778
Boeing Co. (The)		13,155		2,601,401
C.H. Robinson Worldwide, Inc.		2,398		164,695
Carlisle Cos., Inc.		299		28,525
Caterpillar, Inc.		1,221		131,209
Cintas Corporation		3,375		425,385
CSX Corporation		1,818		99,190
Cummins, Inc.		1,550		251,441
Deere & Co.		484		59,818
Delta Air Lines, Inc.		1,480		79,535
Dover Corporation		192		15,402
Emerson Electric Co.		20,936		1,248,204
Equifax, Inc.		179		24,598
Expeditors International of Washington, Inc.		15,163		856,406
Fastenal Co.		9,323		405,830
FedEx Corporation		3,113		676,548
Flowserve Corporation		133		6,175
Fluor Corporation		182		8,332
Fortive Corporation		4,496		284,822
Fortune Brands Home & Security, Inc.		114		7,437
General Dynamics Corporation		4,956		981,784
General Electric Co.		36,730		992,077
Honeywell International, Inc.		15,552		2,072,926
Huntington Ingalls Industries, Inc.		1,440		268,070
IHS Markit, Ltd.*		500		22,020
Illinois ToolWorks, Inc.		563		80,650
J.B. Hunt Transport Services, Inc.		1,066		97,411
Jacobs Engineering Group, Inc.		1,419		77,179
Kansas City Southern		154		16,116
L3 Technologies, Inc.		139		23,224
Landstar System, Inc.		8,571		733,678
Lockheed Martin Corporation		5,365		1,489,378

	Shares		Value
Masco Corporation		401	$	15,322
Norfolk Southern Corporation		7,357		895,347
Northrop Grumman Corporation		5,607		1,439,373
PACCAR, Inc.		655		43,256
Parker-Hannifin Corporation		429		68,563
Quanta Services, Inc.*		139		4,576
Raytheon Co.		8,084		1,305,404
Republic Services, Inc.		132,567		8,448,495
Robert Half International, Inc.		3,476		166,605
Rockwell Automation, Inc.		5,428		879,119
Rockwell Collins, Inc.		2,876		302,210
Rollins, Inc.		23,337		950,049
Roper Technologies, Inc.		165		38,203
Snap-on, Inc.		44		6,952
Southwest Airlines Co.		15,896		987,777
Stanley Black & Decker, Inc.		2,620		368,713
Stericycle, Inc.*		97		7,403
Textron, Inc.		272		12,811
TransDigm Group, Inc.		70		18,821
Union Pacific Corporation		7,675		835,884
United Continental Holdings, Inc.*		462		34,766
United Parcel Service, Inc. Class B		37,456		4,142,259
United Rentals, Inc.*		123		13,863
United Technologies Corporation		8,131		992,876
Verisk Analytics, Inc.*		707		59,650
W.W. Grainger, Inc.		2,009		362,685
Waste Management, Inc.		36,214		2,656,297
Xylem, Inc.		389		21,562
				47,295,563
Information Technology — 5.8%
Activision Blizzard, Inc.		1,188		68,393
Adobe Systems, Inc.*		9,213		1,303,087
Advanced Micro Devices, Inc.*		1,790		22,339
Akamai Technologies, Inc.*		1,033		51,454
Alliance Data Systems Corporation		78		20,022
Alphabet, Inc. Class A*		3,299		3,067,014
Alphabet, Inc. Class C*		513		466,178
Amdocs, Ltd.		1,249		80,511
Amphenol Corporation Class A		1,054		77,806
Analog Devices, Inc.		2,989		232,544
ANSYS, Inc.*		733		89,191
Apple, Inc.		17,348		2,498,459
Applied Materials, Inc.		36,214		1,496,000
Arista Networks, Inc.D*		1,572		235,470
Autodesk, Inc.*		417		42,042
Automatic Data Processing, Inc.		48,224		4,941,031
CA, Inc.		706		24,336
Cisco Systems, Inc.		108,063		3,382,372

See Notes to Financial Statements.

142

	Shares		Value
Citrix Systems, Inc.*		271	$	21,566
Cognex CorporationD		6,450		547,605
Cognizant Technology Solutions Corporation Class A		772		51,261
Corning, Inc.		1,580		47,479
CSRA, Inc.		165		5,239
Dolby Laboratories, Inc. Class A		2,230		109,181
DXC Technology Co.		257		19,693
eBay, Inc.*		1,618		56,501
Electronic Arts, Inc.*		4,722		499,210
F5 Networks, Inc.*		2,946		374,319
Facebook, Inc. Class A*		13,534		2,043,363
Fidelity National Information Services, Inc.		549		46,885
Fiserv, Inc.*		2,293		280,526
FLIR Systems, Inc.		1,545		53,550
Gartner, Inc.*		4,651		574,445
Global Payments, Inc.		200		18,064
Harris Corporation		225		24,543
Hewlett Packard Enterprise Co.		2,988		49,571
HP, Inc.		2,972		51,951
Intel Corporation		34,862		1,176,244
International Business Machines Corporation		10,012		1,540,146
Intuit, Inc.		13,910		1,847,387
IPG Photonics Corporation*		367		53,252
Jack Henry & Associates, Inc.		5,373		558,094
Juniper Networks, Inc.		571		15,919
KLA-Tencor Corporation		188		17,204
Lam Research Corporation		290		41,015
MasterCard, Inc. Class A		17,173		2,085,661
Maxim Integrated Products, Inc.		88,474		3,972,483
Microchip Technology, Inc.		519		40,056
Micron Technology, Inc.*		1,756		52,434
Microsoft Corporation		68,774		4,740,592
Motorola Solutions, Inc.		226		19,603
NetApp, Inc.		374		14,979
NVIDIA Corporation		6,906		998,331
Oracle Corporation		86,880		4,356,163
Paychex, Inc.		21,493		1,223,811
PayPal Holdings, Inc.*		1,878		100,792
Qorvo, Inc.*		175		11,081
QUALCOMM, Inc.		5,909		326,295
Red Hat, Inc.*		303		29,012
salesforce.com, Inc.*		1,070		92,662
Skyworks Solutions, Inc.		3,552		340,814
Symantec Corporation		1,290		36,442
Synopsys, Inc.*		600		43,758
Teradata CorporationD*		2,305		67,974
Texas Instruments, Inc.		26,237		2,018,412
Total System Services, Inc.		261		15,203
VeriSign, Inc.*		180		16,733
Visa, Inc. Class A		31,637		2,966,918

	Shares		Value
Western Digital Corporation		476	$	42,174
Western Union Co. (The)		622		11,849
Xerox Corporation		314		9,021
Xilinx, Inc.		7,173		461,367
				52,317,082
Materials — 1.2%
Air Products & Chemicals, Inc.		26,486		3,789,087
Albemarle Corporation		215		22,691
Ball Corporation		452		19,079
Bemis Co., Inc.		53,200		2,460,500
CF Industries Holdings, Inc.		530		14,819
Dow Chemical Co. (The)		1,849		116,616
E.I. du Pont de Nemours & Co.		2,874		231,961
Eastman Chemical Co.		174		14,614
Ecolab, Inc.		7,228		959,517
FMC Corporation		151		11,031
Freeport-McMoRan, Inc.*		1,994		23,948
International Flavors & Fragrances, Inc.		693		93,555
International Paper Co.		640		36,230
Martin Marietta Materials, Inc.		107		23,816
Monsanto Co.		713		84,391
Mosaic Co. (The)		713		16,278
NewMarket Corporation		415		191,099
Newmont Mining Corporation		1,042		33,750
Nucor Corporation		459		26,562
PPG Industries, Inc.		6,926		761,583
Praxair, Inc.		2,185		289,622
Sealed Air Corporation		225		10,071
Sherwin-Williams Co. (The)		3,963		1,390,855
Vulcan Materials Co.		294		37,244
WestRock Co.		409		23,174
				10,682,093
Real Estate — 0.9%
American Tower Corporation REIT		11,134		1,473,251
Apartment Investment & Management Co. Class A REIT		481		20,669
AvalonBay Communities,
Inc. REIT		351		67,452
Boston Properties, Inc. REIT		9,357		1,151,098
CBRE Group, Inc. Class A*		315		11,466
Crown Castle International Corporation REIT		1,012		101,382
Digital Realty Trust, Inc. REIT		278		31,400
Equinix, Inc. REIT		119		51,070
Equity Residential REIT		543		35,746
Essex Property Trust, Inc. REIT		90		23,154
Extra Space Storage, Inc. REIT		139		10,842

See Notes to Financial Statements.

143

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Federal Realty Investment Trust REIT		55	$	6,951
GGP, Inc. REIT		1,040		24,502
HCP, Inc. REIT		895		28,604
Host Hotels & Resorts, Inc. REIT		1,486		27,149
Iron Mountain, Inc. REIT		502		17,249
Kimco Realty Corporation REIT		474		8,698
Macerich Co. (The) REIT		159		9,232
Mid-America Apartment Communities, Inc. REIT		202		21,287
Prologis, Inc. REIT		1,007		59,050
Public Storage REIT		226		47,128
Realty Income Corporation REIT		388		21,410
Simon Property Group, Inc. REIT		789		127,629
SL Green Realty Corporation REIT		174		18,409
UDR, Inc. REIT		300		11,691
Ventas, Inc. REIT		697		48,428
Vornado Realty Trust REIT		299		28,076
Welltower, Inc. REIT		717		53,667
Weyerhaeuser Co. REIT		129,207		4,328,434
				7,865,124
Telecommunication Services — 0.8%
AT&T, Inc.		74,462		2,809,451
CenturyLink, Inc.		1,162		27,749
Level 3 Communications, Inc.*		391		23,186
Verizon Communications, Inc.		105,849		4,727,216
				7,587,602
Utilities — 5.5%
AES Corporation		1,420		15,776
Alliant Energy Corporation		4,100		164,697
Ameren Corporation		18,862		1,031,186
American Electric Power Co., Inc.		23,250		1,615,177
AmericanWater Works Co., Inc.		21,200		1,652,540
Aqua America, Inc.D		32,314		1,076,056
Atmos Energy Corporation		60,357		5,006,613
CenterPoint Energy, Inc.		11,891		325,576
CMS Energy Corporation		355		16,419
Consolidated Edison, Inc.		16,860		1,362,625
Dominion Energy, Inc.		15,147		1,160,715
DTE Energy Co.		10,389		1,099,052
Duke Energy Corporation		13,455		1,124,703
Edison International		20,186		1,578,343
Entergy Corporation		614		47,137
Eversource Energy		35,053		2,128,068
Exelon Corporation		6,250		225,438
FirstEnergy Corporation		1,116		32,543
NextEra Energy, Inc.		11,087		1,553,621
NiSource, Inc.		15,696		398,051
NRG Energy, Inc.		370		6,371

	Shares		Value
OGE Energy Corporation		10,332	$	359,450
ONE Gas, Inc.		62,142		4,338,133
PG&E Corporation		69,907		4,639,728
PinnacleWest Capital Corporation		42,565		3,624,835
PPL Corporation		5,163		199,602
Public Service Enterprise Group, Inc.		37,675		1,620,402
SCANA Corporation		161		10,789
Sempra Energy		2,696		303,974
Southern Co. (The)		24,706		1,182,923
Spire, Inc.		57,162		3,987,064
UGI Corporation		34,345		1,662,641
Vectren Corporation		17,522		1,023,986
WEC Energy Group, Inc.		8,713		534,804
Westar Energy, Inc.		63,700		3,377,374
Xcel Energy, Inc.		19,740		905,671
				49,392,083
Total Common Stocks
(Cost $314,667,845)				388,189,204
FOREIGN COMMON STOCKS — 4.5%
Curacao — 0.7%
Schlumberger, Ltd.		97,542		6,422,165
France — 0.9%
TOTAL SA		152,619		7,545,172
Ireland — 1.0%
Accenture PLC Class A		12,922		1,598,193
Allegion PLC		94		7,625
Eaton Corporation PLC		837		65,144
Ingersoll-Rand PLC		431		39,389
Johnson Controls International PLC		1,765		76,530
Mallinckrodt PLCÄ*		2,126		95,266
Medtronic PLC		73,265		6,502,269
Pentair PLC		224		14,905
Seagate Technology PLC		738		28,598
Willis Towers Watson PLC		205		29,819
				8,457,738
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		290		31,677
Netherlands — 0.3%
LyondellBasell Industries NV Class A		618		52,153
Mylan NV*		3,568		138,510
Unilever NV CVA		49,600		2,737,359
				2,928,022
Singapore — 0.0%
Broadcom, Ltd.		707		164,766
Switzerland — 1.5%
Chubb, Ltd.		44,109		6,412,567
Garmin, Ltd.		6,945		354,403
Roche Holding AG		23,400		5,959,203
Roche Holding AG ADR		28,200		896,760

See Notes to Financial Statements.

144

	Shares		Value
TE Connectivity, Ltd.		617	$	48,546
Transocean, Ltd.*		893		7,349
				13,678,828
United Kingdom — 0.1%
Aon PLC		8,040		1,068,918
Nielsen Holdings PLCD		545		21,070
TechnipFMC PLC*		280		7,616
				1,097,604
Total Foreign Common Stocks
(Cost $37,500,814)				40,325,972
PREFERRED STOCKS — 0.9%
Bank of America Corporation,
7.25%,12/31/49 CONVD		3,390		4,278,146
Stanley Black & Decker, Inc.,
5.38%,05/15/20 CONVD		11,905		1,306,217
Wells Fargo & Co.,
7.50%,12/31/49 CONV		796		1,043,643
Welltower, Inc.,
6.50%,12/31/49 CONV		18,500		1,225,810
Total Preferred Stocks
(Cost $7,267,139)				7,853,816
MASTER LIMITED PARTNERSHIP — 0.7%
Spectra Energy Partners LP
(Cost $6,205,132)		142,072		6,094,889
SYNTHETIC CONVERTIBLE INSTRUMENTS — 0.3%
Goldman Sachs International CONV		16,100		886,047
Morgan Stanley BV 144AW		470,000		574,951
UBS AG CONV 144A		16,200		1,353,668
Total Synthetic Convertible Instruments
(Cost $2,774,048)				2,814,666
	Par
CORPORATE BONDS — 25.6%
Advanced Micro Devices, Inc.
2.13%, 09/01/26 CONV	$	330,000		578,738
Akamai Technologies, Inc.
(0.36)%, 02/15/19 CONVWD		3,873,000		3,797,961
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		2,720,000		2,767,600
Ares Capital Corporation
4.38%, 01/15/19 CONV		3,233,000		3,344,134
3.75%, 02/01/22 CONV 144A		1,335,000		1,345,013
BioMarin Pharmaceutical, Inc.
1.50%, 10/15/20 CONV		3,551,000		4,241,226
Blackhawk Network Holdings, Inc.
1.50%, 01/15/22 CONV 144AD		3,180,000		3,561,600
CalAtlantic Group, Inc.
1.63%, 05/15/18 CONV		2,217,000		2,635,459

	Par		Value
Centene Corporation
5.63%, 02/15/21	$	935,000	$	977,075
Chart Industries, Inc.
2.00%, 08/01/18 CONVD		2,282,000		2,273,442
Chesapeake Energy Corporation
5.50%, 09/15/26 CONV 144A		1,680,000		1,579,200
Ciena Corporation
3.75%, 10/15/18 CONV 144A		815,000		1,101,269
Citigroup, Inc.
5.95%, 01/30/23†		3,245,000		3,455,925
Citrix Systems, Inc.
0.50%, 04/15/19 CONV		3,105,000		3,735,703
Colony Starwood Homes
3.00%, 07/01/19 CONV		925,000		1,101,328
3.50%, 01/15/22 CONV 144A		1,540,000		1,653,575
DexCom, Inc.
0.75%, 05/15/22 CONV 144A		1,090,000		1,115,206
DISH Network Corporation
2.38%, 03/15/24 CONV 144A		2,165,000		2,280,016
3.38%, 08/15/26 CONV 144A		1,365,000		1,661,888
Dycom Industries, Inc.
0.75%, 09/15/21 CONVD		1,038,000		1,209,270
Echo Global Logistics, Inc.
2.50%, 05/01/20 CONV		1,440,000		1,386,000
Electronics For Imaging, Inc.
0.75%, 09/01/19 CONV		3,750,000		4,038,281
Empire State Realty OP LP
2.63%, 08/15/19 CONV 144A		385,000		436,975
Ensco Jersey Finance, Ltd.
3.00%, 01/31/24 CONV 144AD		1,150,000		889,813
Envestnet, Inc.
1.75%, 12/15/19 CONV		1,360,000		1,342,150
EuronetWorldwide, Inc.
1.50%, 10/01/44 CONV		796,000		1,020,870
Extra Space Storage LP
3.13%, 10/01/35 CONV 144AD		2,685,000		2,874,628
Finisar Corporation
0.50%, 12/15/36 CONV 144A		1,910,000		1,869,412
FireEye, Inc.
1.00%, 06/01/35 CONVD		2,335,000		2,212,412
General Electric Co.
5.00%, 01/31/21†		6,383,000		6,782,895
Gogo, Inc.
3.75%, 03/01/20 CONVD		1,340,000		1,228,613
Goldman Sachs Group, Inc. (The)
5.30%, 11/10/26†D		1,724,000		1,814,510

See Notes to Financial Statements.

145

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
HCA, Inc.
6.50%, 02/15/20	$	910,000	$	995,313
Hubspot, Inc.
0.25%, 06/01/22 CONV 144A		425,000		413,047
Huron Consulting Group, Inc.
1.25%, 10/01/19 CONVD		2,465,000		2,374,103
Inphi Corporation
0.75%, 09/01/21 CONV 144A		1,090,000		1,056,619
Integrated Device Technology, Inc.
0.88%, 11/15/22 CONVD		2,579,000		2,736,964
Intel Corporation
3.49%, 12/15/35 CONV		4,037,000		5,285,947
Jazz Investments I, Ltd.
1.88%, 08/15/21 CONVD		4,020,000		4,411,950
Lam Research Corporation
1.25%, 05/15/18 CONV		637,000		1,489,784
LendingTree, Inc.
0.63%, 06/01/22 CONV 144A		1,450,000		1,582,313
Liberty Expedia Holdings, Inc.
1.00%, 06/30/47 CONV 144A		2,225,000		2,376,578
Liberty Interactive LLC
1.75%, 09/30/46 CONV 144A		970,000		1,113,681
Liberty Media Corp-Liberty Formula One
1.00%, 01/30/23 CONV 144AD		990,000		1,151,494
Liberty Media Corporation
1.38%, 10/15/23 CONVD		948,000		1,127,077
2.25%, 09/30/46 CONV 144A		2,055,000		2,221,969
Ligand Pharmaceuticals, Inc.
0.75%, 08/15/19 CONV		380,000		630,800
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONVD		3,015,000		3,452,175
Macquarie Infrastructure Corporation
2.88%, 07/15/19 CONVD		2,133,000		2,367,630
2.00%, 10/01/23 CONVD		2,505,000		2,506,566
Medidata Solutions, Inc.
1.00%, 08/01/18 CONV		3,152,000		4,418,710
Meritor, Inc.
7.88%, 03/01/26 CONV		715,000		1,219,969
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		683,000		1,030,903
1.63%, 02/15/27 CONV 144A		7,759,000		8,195,444
Micron Technology, Inc.
3.00%, 11/15/43 CONVD		1,005,000		1,135,650
Molina Healthcare, Inc.
1.63%, 08/15/44 CONVD		2,403,000		3,077,342

	Par		Value
Nabors Industries, Inc.
0.75%, 01/15/24 CONV 144AD	$	1,090,000	$	869,956
National Health Investors, Inc.
3.25%, 04/01/21 CONV		1,164,000		1,362,608
Navistar International Corporation
4.75%, 04/15/19 CONV		2,459,000		2,405,209
Neurocrine Biosciences, Inc.
2.25%, 05/15/24 CONV 144A		560,000		557,550
Newmont Mining Corporation
1.63%, 07/15/17 CONVD		6,149,000		6,152,843
Nice Systems, Inc.
1.25%, 01/15/24 CONV 144AD		1,010,000		1,130,569
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144A		2,366,000		2,405,926
3.25%, 06/01/20 CONV 144AD		2,730,000		2,752,606
Nuance Communications, Inc.
1.00%, 12/15/35 CONV		2,765,000		2,678,594
NuVasive, Inc.
2.25%, 03/15/21 CONV		2,388,000		3,307,380
Oasis Petroleum, Inc.
2.63%, 09/15/23 CONVD		450,000		442,406
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		4,337,000		4,521,322
OSI Systems, Inc.
1.25%, 09/01/22 CONV 144A		1,110,000		1,084,331
Pacira Pharmaceuticals, Inc.
2.38%, 04/01/22 CONV 144A		1,085,000		1,155,525
PDC Energy, Inc.
1.13%, 09/15/21 CONV		550,000		501,875
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		2,478,000		2,843,505
Priceline Group, Inc. (The)
0.35%, 06/15/20 CONV		795,000		1,171,631
Proofpoint, Inc.
0.75%, 06/15/20 CONVD		3,316,000		4,147,072
Red Hat, Inc.
0.25%, 10/01/19 CONVD		1,816,000		2,516,295
Rovi Corporation
0.50%, 03/01/20 CONVD		1,700,000		1,677,687
Royal Gold, Inc.
2.88%, 06/15/19 CONV		2,105,000		2,279,978
salesforce.com, Inc.
0.25%, 04/01/18 CONV		1,791,000		2,373,075
ServiceNow, Inc.
(10.30)%, 11/01/18 CONVWD		730,000		1,070,819

See Notes to Financial Statements.

146

	Par		Value
(0.11)%, 06/01/22 CONV 144AW	$	2,675,000	$	2,738,531
Silicon Laboratories, Inc.
1.38%, 03/01/22 CONV 144A		2,220,000		2,306,025
SM Energy Co.
1.50%, 07/01/21 CONVD		557,000		503,389
SolarCity Corporation
1.63%, 11/01/19 CONV		616,000		584,430
Spirit Realty Capital, Inc.
2.88%, 05/15/19 CONV		1,094,000		1,085,795
Square, Inc.
0.38%, 03/01/22 CONV 144AD		1,105,000		1,359,841
Starwood Property Trust, Inc.
4.38%, 04/01/23 CONV		3,780,000		3,848,512
Teradyne, Inc.
1.25%, 12/15/23 CONV 144AD		4,236,000		4,895,227
Tesla, Inc.
1.25%, 03/01/21 CONV		1,145,000		1,325,338
2.38%, 03/15/22 CONV		1,815,000		2,284,631
Tutor Perini Corporation
2.88%, 06/15/21 CONV 144AD		1,423,000		1,698,706
Twitter, Inc.
1.00%, 09/15/21 CONVD		3,968,000		3,650,560
Two Harbors Investment Corporation
6.25%, 01/15/22 CONVD		3,420,000		3,601,687
U.S. Bancorp
5.30%, 04/15/27†		2,358,000		2,517,165
VEREIT, Inc.
3.00%, 08/01/18 CONV		1,100,000		1,106,188
Verint Systems, Inc.
1.50%, 06/01/21 CONVD		3,421,000		3,367,547
Weatherford International, Ltd.
5.88%, 07/01/21 CONV		1,550,000		1,572,281
Web.com Group, Inc.
1.00%, 08/15/18 CONVD		3,645,000		3,670,059
WebMD Health Corporation
2.63%, 06/15/23 CONVD		3,350,000		3,295,562
Whiting Petroleum Corporation
1.25%, 04/01/20 CONV		1,326,000		1,127,100
Workday, Inc.
0.75%, 07/15/18 CONV		1,640,000		2,033,600
1.50%, 07/15/20 CONV		265,000		354,272
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV		2,675,000		2,985,969
Zillow Group, Inc.
2.00%, 12/01/21 CONV 144A		1,600,000		1,873,000
Total Corporate Bonds
(Cost $217,302,785)				229,878,392

	Par			Value
FOREIGN BONDS — 1.2%
France — 0.4%
TOTAL SA
0.50%, 12/02/22 CONV	$	2,800,000		$	2,821,000
Vinci SA
0.38%, 02/16/22 CONVD		1,000,000			1,075,000
					3,896,000
Netherlands — 0.5%
QIAGEN NV
0.38%, 03/19/19 CONV		1,800,000			2,210,355
Siemens Financieringsmaatschappij NV
1.65%, 08/16/19 CONV		1,500,000			1,856,625
					4,066,980
United Kingdom — 0.3%
Inmarsat PLC
3.88%, 09/09/23 CONV		2,200,000			2,579,500
Total Foreign Bonds
(Cost $9,800,312)					10,542,480
	Shares
MONEY MARKET FUNDS — 8.3%
GuideStone Money Market Fund (Investor Class) ¥		30,077,273			30,077,273
Northern Institutional Liquid Assets Portfolio§		45,103,430			45,103,430
Total Money Market Funds
(Cost $75,180,702)					75,180,703
	Par
U.S. TREASURY OBLIGATIONS — 20.3%
U.S. Treasury Bill
1.20%, 06/21/18W		32,680,000			32,295,471
U.S. Treasury Notes
0.88%, 08/15/17W		36,200,000			36,196,633
0.75%, 10/31/17W		22,900,000			22,874,581
0.88%, 11/30/17W		35,080,000			35,044,815
0.75%, 02/28/18W		22,590,000			22,522,930
1.00%, 05/15/18W		33,820,000			33,740,726
Total U.S. Treasury Obligations
(Cost $182,778,911)					182,675,156
TOTAL INVESTMENTS — 105.0%
(Cost $853,477,688)					943,555,278
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — (0.0)%
S&P 500®, Strike Price $2,445.00, Expires 06/26/17 (MSCS)		(13	)		(65	)

See Notes to Financial Statements.

147

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts			Value
S&P 500®, Strike Price $2,450.00, Expires 06/23/17 (MSCS)		(13	)	$	(26	)
S&P 500®, Strike Price $2,460.00, Expires 07/05/17 (MSCS)		(14	)		(182	)
S&P 500®, Strike Price $2,460.00, Expires 07/03/17 (MSCS)		(5	)		(25	)
S&P 500®, Strike Price $2,460.00, Expires 07/07/17 (MSCS)		(13	)		(520	)
S&P 500®, Strike Price $2,460.00, Expires 07/12/17 (MSCS)		(12	)		(1,380	)
S&P 500®, Strike Price $2,465.00, Expires 07/28/17 (MSCS)		(13	)		(6,500	)
S&P 500®, Strike Price $2,470.00, Expires 06/30/17 (MSCS)		(13	)		(65	)
S&P 500®, Strike Price $2,470.00, Expires 06/28/17 (MSCS)		(12	)		(60	)
S&P 500®, Strike Price $2,470.00, Expires 07/03/17 (MSCS)		(8	)		(40	)
S&P 500®, Strike Price $2,470.00, Expires 07/10/17 (MSCS)		(12	)		(360	)
S&P 500®, Strike Price $2,470.00, Expires 07/21/17 (MSCS)		(13	)		(2,990	)
S&P 500®, Strike Price $2,475.00, Expires 07/19/17 (MSCS)		(12	)		(1,500	)
S&P 500®, Strike Price $2,475.00, Expires 07/24/17 (MSCS)		(13	)		(2,600	)
S&P 500®, Strike Price $2,475.00, Expires 07/26/17 (MSCS)		(12	)		(3,000	)
S&P 500®, Strike Price $2,480.00, Expires 07/14/17 (MSCS)		(12	)		(360	)
S&P 500®, Strike Price $2,485.00, Expires 07/17/17 (MSCS)		(13	)		(455	)
					(20,128	)
Put Options — (0.1)%
S&P 500®, Strike Price $2,355.00, Expires 06/26 /17 (MSCS)		(64	)		(960	)
S&P 500®, Strike Price $2,360.00, Expires 06/2 3/17 (MSCS)		(64	)		(320	)
S&P 500®, Strike Price $2,370.00, Expires 07/07/17 (MSCS)		(65	)		(9,100	)
S&P 500®, Strike Price $2,370.00, Expires 07/28/17 (MSCS)		(65	)		(58,500	)

	Number of Contracts			Value
S&P 500®, Strike Price $2,375.00, Expires 07/05/17 (MSCS)		(65	)	$	(4,225	)
S&P 500®, Strike Price $2,380.00, Expires 07/12/17 (MSCS)		(62	)		(27,900	)
S&P 500®, Strike Price $2,380.00, Expires 07/03/17 (MSCS)		(23	)		(575	)
S&P 500®, Strike Price $2,380.00, Expires 07/19/17 (MSCS)		(62	)		(49,600	)
S&P 500®, Strike Price $2,380.00, Expires 07/21/17 (MSCS)		(62	)		(48,980	)
S&P 500®, Strike Price $2,385.00, Expires 07/03/17 (MSCS)		(42	)		(1,050	)
S&P 500®, Strike Price $2,385.00, Expires 07/10/17 (MSCS)		(19	)		(6,460	)
S&P 500®, Strike Price $2,390.00, Expires 06/30/17 (MSCS)		(65	)		(325	)
S&P 500®, Strike Price $2,390.00, Expires 06/28/17 (MSCS)		(64	)		(320	)
S&P 500®, Strike Price $2,390.00, Expires 07/24/17 (MSCS)		(63	)		(73,080	)
S&P 500®, Strike Price $2,390.00, Expires 07/26/17 (MSCS)		(63	)		(79,380	)
S&P 500®, Strike Price $2,400.00, Expires 07/10/17 (MSCS)		(41	)		(23,370	)
S&P 500®, Strike Price $2,405.00, Expires 07/14/17 (MSCS)		(63	)		(66,780	)
S&P 500®, Strike Price $2,405.00, Expires 07/17/17 (MSCS)		(62	)		(70,680	)
					(521,605	)
Total Written Options
(Premiums received $(938,709))					(541,733	)
Liabilities in Excess of Other Assets — (4.9)%					(44,113,468	)
NET ASSETS — 100.0%				$	898,900,077

See Notes to Financial Statements.

148

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		25.6
U.S. Treasury Obligations		20.3
Money Market Funds		8.3
Financials		7.4
Consumer Staples		6.6
Information Technology		5.8
Utilities		5.5
Industrials		5.3
Health Care		4.9
Foreign Common Stocks		4.5
Consumer Discretionary		3.3
Energy		1.5
Materials		1.2
Foreign Bonds		1.2
Real Estate		0.9
Preferred Stocks		0.9
Telecommunication Services		0.8
Master Limited Partnership		0.7
Synthetic Convertible Instruments		0.3
Written Options		(0.1	)
		104.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	388,189,204	$	388,189,204	$	—	$	—
Corporate Bonds		229,878,392		—		229,878,392		—
Foreign Bonds:
France		3,896,000		—		3,896,000		—
Netherlands		4,066,980		—		4,066,980		—
United Kingdom		2,579,500		—		2,579,500		—
Foreign Common Stocks:
Curacao		6,422,165		6,422,165		—		—
France		7,545,172		7,545,172		—		—
Ireland		8,457,738		8,457,738		—		—
Liberia		31,677		31,677		—		—
Netherlands		2,928,022		2,928,022		—		—
Singapore		164,766		164,766		—		—
Switzerland		13,678,828		13,678,828		—		—
United Kingdom		1,097,604		1,097,604		—		—

See Notes to Financial Statements.

149

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other  Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Master Limited Partnership	$	6,094,889		$	6,094,889		$	—		$	—
Money Market Funds		75,180,703			75,180,703			—			—
Preferred Stocks		7,853,816			7,853,816			—			—
U.S. Treasury Obligations		182,675,156			—			182,675,156			—
Synthetic Convertible Instruments		2,814,666			—			640,436			2,174,230
Total Assets — Investments in Securities	$	943,555,278		$	517,644,584		$	423,736,464		$	2,174,230
Liabilities:
Investments in Securities:
Written Options	$	(541,733	)	$	(541,733	)	$	—		$	—
Total Liabilities — Investments in Securities	$	(541,733	)	$	(541,733	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(249,666	)	$	—		$	(249,666	)	$	—
Total Liabilities — Other Financial Instruments	$	(249,666	)	$	—		$	(249,666	)	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as forwards contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Forward Foreign Currency Contracts” disclosure in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the period ended June 30, 2017.

There were no transfers between Level 2 and Level 3 during the period ended June 30, 2017.

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, 2017.

See Notes to Financial Statements.

150

EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 92.3%
Consumer Discretionary — 11.7%
Advance Auto Parts, Inc.D		2,745	$	320,040
Amazon.com, Inc.*		15,789		15,283,752
AutoZone, Inc.*		1,114		635,492
Bed Bath & Beyond, Inc.D		5,670		172,368
Best Buy Co., Inc.D		10,393		595,831
BorgWarner, Inc.		6,279		265,978
CarMax, Inc.D*		7,247		456,996
Carnival Corporation		18,725		1,227,798
CBS Corporation Class B (Non-Voting Shares)		15,355		979,342
Charter Communications, Inc. Class A*		8,535		2,875,015
Chipotle Mexican Grill, Inc.D*		1,095		455,629
Coach, Inc.		10,404		492,525
Comcast Corporation Class A		191,293		7,445,124
D.R. Horton, Inc.		12,145		419,853
Darden Restaurants, Inc.		5,847		528,803
Delphi Automotive PLC		10,057		881,496
Discovery Communications, Inc. Class AD*		5,482		141,600
Discovery Communications, Inc. Class C*		10,298		259,613
DISH Network Corporation Class A*		5,937		372,606
Dollar General Corporation		10,512		757,810
Dollar Tree, Inc.*		8,698		608,164
Expedia, Inc.		4,322		643,762
Foot Locker, Inc.		5,069		249,800
Ford Motor Co.		144,543		1,617,436
Gap, Inc. (The)D		8,085		177,789
General Motors Co.		51,917		1,813,461
Genuine Parts Co.		5,571		516,766
Goodyear Tire & Rubber Co. (The)		7,868		275,065
H&R Block, Inc.		8,300		256,553
Hanesbrands, Inc.D		14,216		329,243
Harley-Davidson, Inc.D		6,786		366,580
Hasbro, Inc.		4,114		458,752
Hilton Worldwide Holdings, Inc.D		3,040		188,024
Home Depot, Inc. (The)		48,000		7,363,200
Interpublic Group of Cos., Inc. (The)D		14,688		361,325
Kohl’s CorporationD		6,969		269,491
L Brands, Inc.D		9,448		509,153
Leggett & Platt, Inc.		4,991		262,177
Lennar Corporation Class A		6,785		361,776
LKQ Corporation*		11,558		380,836
Lowe’s Cos., Inc.		32,842		2,546,240
Macy’s, Inc.D		11,632		270,328
Marriott International, Inc. Class A		11,967		1,200,410
Mattel, Inc.D		12,746		274,421
McDonald’s Corporation		36,419		5,577,934
Michael Kors Holdings, Ltd.*		4,400		159,500
Mohawk Industries, Inc.*		2,387		576,914

	Shares		Value
Netflix, Inc.*		17,187	$	2,567,910
Newell Brands, Inc.		17,616		944,570
News Corporation Class A		13,865		189,950
News Corporation Class B		13,984		197,874
NIKE, Inc. Class B		49,355		2,911,945
Nordstrom, Inc.D		4,745		226,953
O’Reilly Automotive, Inc.D*		3,583		783,745
Omnicom Group, Inc.		8,892		737,147
Priceline Group, Inc. (The)*		1,934		3,617,586
PulteGroup, Inc.		11,415		280,010
PVH Corporation		2,959		338,805
Ralph Lauren CorporationD		2,058		151,880
Ross Stores, Inc.		14,955		863,352
Scripps Networks Interactive, Inc. Class AD		3,568		243,730
Signet Jewelers, Ltd.D		1,299		82,149
Staples, Inc.		24,605		247,772
Starbucks Corporation		62,445		3,641,168
Target Corporation		21,807		1,140,288
Tiffany & Co.		4,009		376,325
TimeWarner, Inc.		32,575		3,270,856
TJX Cos., Inc. (The)		24,515		1,769,247
Tractor Supply Co.D		4,911		266,225
TripAdvisor, Inc.D*		4,311		164,680
Twenty-First Century Fox, Inc. Class A		40,561		1,149,499
Twenty-First Century Fox, Inc. Class B		27,297		760,767
Ulta Beauty, Inc.*		2,317		665,767
Under Armour, Inc. Class AD*		4,310		93,786
Under Armour, Inc. Class CD*		6,794		136,967
VF CorporationD		12,323		709,805
Walt Disney Co. (The)		62,043		6,592,069
Whirlpool Corporation		2,806		537,686
WyndhamWorldwide Corporation		4,156		417,304
Yum! Brands, Inc.		15,763		1,162,679
				99,423,267
Consumer Staples — 7.7%
Archer-Daniels-Midland Co.		21,937		907,753
Campbell Soup Co.		10,028		522,960
Church & Dwight Co., Inc.		14,355		744,737
Clorox Co. (The)		7,450		992,638
Coca-Cola Co. (The)		170,928		7,666,121
Colgate-Palmolive Co.		43,400		3,217,242
Conagra Brands, Inc.		21,488		768,411
Costco Wholesale Corporation		19,512		3,120,554
Coty, Inc. Class AD		27,012		506,745
CVS Health Corporation		39,814		3,203,434
Dr. Pepper Snapple Group, Inc.		10,724		977,064
Estee Lauder Cos., Inc. (The) Class A		10,968		1,052,709
General Mills, Inc.		26,730		1,480,842
Hershey Co. (The)		8,923		958,062

151

See Notes to Financial Statements.

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Hormel Foods CorporationD		12,783	$	436,028
J.M. Smucker Co. (The)		6,008		710,927
Kellogg Co.		14,617		1,015,297
Kimberly-Clark Corporation		15,826		2,043,295
Kraft Heinz Co. (The)		31,323		2,682,502
Kroger Co. (The)		37,195		867,387
McCormick & Co., Inc. (Non-Voting Shares)		7,331		714,846
Mondelez International, Inc. Class A		64,259		2,775,346
Monster Beverage Corporation*		16,689		829,110
PepsiCo, Inc.		65,479		7,562,170
Procter & Gamble Co. (The)		109,468		9,540,136
Sysco Corporation		24,037		1,209,782
Tyson Foods, Inc. Class A		17,363		1,087,445
Walgreens Boots Alliance, Inc.		32,568		2,550,400
Wal-Mart Stores, Inc.		64,374		4,871,824
Whole Foods Market, Inc.D		11,874		500,014
				65,515,781
Energy — 5.4%
Anadarko Petroleum Corporation		23,055		1,045,314
Apache CorporationD		13,964		669,295
Archrock, Inc.		13		148
Baker Hughes, Inc.D		19,911		1,085,349
Cabot Oil & Gas Corporation		17,428		437,094
Chesapeake Energy CorporationD*		22,454		111,596
Chevron Corporation		77,664		8,102,685
Cimarex Energy Co.		3,553		334,018
Concho Resources, Inc.*		5,101		619,925
ConocoPhillips		46,694		2,052,668
Devon Energy Corporation		19,349		618,588
EOG Resources, Inc.		22,624		2,047,924
EQT CorporationD		6,378		373,687
Exterran Corporation*		6		160
Exxon Mobil Corporation		168,644		13,614,630
Halliburton Co.		37,920		1,619,563
Helmerich & Payne, Inc.D		3,908		212,361
Hess CorporationD		9,841		431,725
Kinder Morgan, Inc.		85,842		1,644,733
Marathon Oil Corporation		31,833		377,221
Marathon Petroleum Corporation		21,070		1,102,593
Murphy Oil Corporation		6,037		154,728
National Oilwell Varco, Inc.		15,403		507,375
Newfield Exploration Co.*		7,387		210,234
Noble Energy, Inc.		15,961		451,696
Occidental Petroleum Corporation		32,936		1,971,878
ONEOK, Inc.D		14,757		769,725
Phillips 66		18,222		1,506,777
Pioneer Natural Resources Co.		6,565		1,047,643
Range Resources Corporation		6,377		147,755
Tesoro Corporation		5,815		544,284

	Shares		Value
Valero Energy Corporation		18,837	$	1,270,744
Williams Cos., Inc. (The)		36,398		1,102,131
				46,186,247
Financials — 13.5%
Affiliated Managers Group, Inc.		2,010		333,379
Aflac, Inc.		15,268		1,186,018
Allstate Corporation (The)		18,095		1,600,322
American Express Co.		30,995		2,611,019
American International Group, Inc.		41,489		2,593,892
Ameriprise Financial, Inc.		6,100		776,469
Arthur J. Gallagher & Co.		8,294		474,832
Assurant, Inc.		2,341		242,738
Bank of America Corporation		392,952		9,533,016
Bank of New York Mellon Corporation (The)		39,883		2,034,831
BB&T Corporation		30,463		1,383,325
Berkshire Hathaway, Inc. Class B*		75,383		12,767,619
BlackRock, Inc.		4,670		1,972,655
Capital One Financial Corporation		18,963		1,566,723
CBOE Holdings, Inc.		1,581		144,503
Charles Schwab Corporation (The)		44,611		1,916,489
Cincinnati Financial Corporation		5,441		394,200
Citigroup, Inc.		108,814		7,277,480
Citizens Financial Group, Inc.		19,869		708,926
CME Group, Inc.		13,055		1,635,008
Comerica, Inc.		6,388		467,857
Discover Financial Services		15,300		951,507
E*TRADE Financial Corporation*		10,478		398,478
Everest Re Group, Ltd.		977		248,734
Fifth Third Bancorp		28,756		746,506
Franklin Resources, Inc.		13,630		610,488
Goldman Sachs Group, Inc. (The)		14,296		3,172,282
Hartford Financial Services Group, Inc. (The)		14,682		771,833
Huntington Bancshares, Inc.		38,337		518,316
Intercontinental Exchange, Inc.		22,125		1,458,480
Invesco, Ltd.		15,292		538,125
JPMorgan Chase & Co.		140,943		12,882,190
KeyCorp		31,726		594,545
Leucadia National Corporation		12,259		320,695
Lincoln National Corporation		8,875		599,773
Loews Corporation		12,502		585,219
M&T Bank CorporationD		5,892		954,209
Marsh & McLennan Cos., Inc.		22,485		1,752,931
MetLife, Inc.		40,735		2,237,981
Moody’s Corporation		6,644		808,442
Morgan Stanley		56,134		2,501,331

See Notes to Financial Statements.

152

	Shares		Value
Nasdaq, Inc.		4,269	$	305,191
Navient Corporation		12,116		201,731
Northern Trust Corporation		7,800		758,238
People’s United Financial, Inc.D		11,480		202,737
PNC Financial Services Group, Inc. (The)		19,052		2,379,023
Principal Financial Group, Inc.		10,001		640,764
Progressive Corporation (The)		28,774		1,268,646
Prudential Financial, Inc.		16,373		1,770,576
Raymond James Financial, Inc.		1,396		111,987
Regions Financial Corporation		46,314		678,037
S&P Global, Inc.		10,813		1,578,590
State Street Corporation		14,760		1,324,415
SunTrust Banks, Inc.		18,647		1,057,658
Synchrony Financial		30,761		917,293
T. Rowe Price Group, Inc.		9,221		684,290
Torchmark Corporation		4,186		320,229
Travelers Cos., Inc. (The)		14,413		1,823,677
U.S. Bancorp		66,172		3,435,650
Unum Group		8,642		402,976
Wells Fargo & Co.		180,138		9,981,447
XL Group, Ltd.		12,627		553,063
Zions Bancorporation		7,446		326,954
				114,996,538
Health Care — 13.0%
Abbott Laboratories		81,741		3,973,430
AbbVie, Inc.		71,634		5,194,181
Aetna, Inc.		13,267		2,014,329
Agilent Technologies, Inc.		12,235		725,658
Alexion Pharmaceuticals, Inc.*		10,659		1,296,881
Align Technology, Inc.*		1,710		256,705
Amgen, Inc.		32,287		5,560,790
Anthem, Inc.		11,135		2,094,828
Baxter International, Inc.		20,435		1,237,135
Becton, Dickinson and Co.		11,057		2,157,331
Biogen, Inc.*		9,740		2,643,046
Boston Scientific Corporation*		55,711		1,544,309
Bristol-Myers Squibb Co.		81,902		4,563,579
C.R. Bard, Inc.		3,813		1,205,327
Cardinal Health, Inc.		26,586		2,071,581
Celgene Corporation*		39,390		5,115,579
Centene Corporation*		7,011		560,039
Cerner Corporation*		11,227		746,259
Cigna Corporation		11,444		1,915,611
Cooper Cos., Inc. (The)		1,378		329,921
Danaher Corporation		23,773		2,006,204
DaVita, Inc.*		6,108		395,554
DENTSPLY SIRONA, Inc.		8,772		568,777
Edwards Lifesciences Corporation*		10,109		1,195,288

	Shares		Value
Eli Lilly & Co.		60,661	$	4,992,400
Envision Healthcare Corporation*		3,391		212,514
Express Scripts Holding Co.*		23,515		1,501,198
Gilead Sciences, Inc.		55,233		3,909,392
HCA Healthcare, Inc.*		12,602		1,098,894
Henry Schein, Inc.*		3,300		603,966
Hologic, Inc.D*		11,305		513,021
Humana, Inc.		6,302		1,516,387
IDEXX Laboratories, Inc.*		4,626		746,729
Illumina, Inc.*		5,434		942,908
Incyte Corporation*		6,861		863,869
Intuitive Surgical, Inc.*		1,911		1,787,492
Johnson & Johnson		117,387		15,529,126
Laboratory Corporation of America Holdings*		7,436		1,146,185
McKesson Corporation		13,506		2,222,277
Mettler-Toledo International, Inc.*		900		529,686
Patterson Cos., Inc.D		3,194		149,958
PerkinElmer, Inc.		4,105		279,715
Quest Diagnostics, Inc.		9,445		1,049,906
Regeneron Pharmaceuticals, Inc.*		5,159		2,533,791
Stryker Corporation		14,905		2,068,516
Thermo Fisher Scientific, Inc.		14,611		2,549,181
UnitedHealth Group, Inc.		42,007		7,788,938
Universal Health Services, Inc. Class B		3,301		402,986
Varian Medical Systems, Inc.*		3,565		367,872
Vertex Pharmaceuticals, Inc.*		11,963		1,541,672
Waters Corporation*		3,017		554,645
Zimmer Biomet Holdings, Inc.		7,732		992,789
Zoetis, Inc.		44,839		2,797,057
				110,565,412
Industrials — 9.2%
3M Co.		24,604		5,122,307
Acuity Brands, Inc.D		1,643		333,989
Alaska Air Group, Inc.		4,535		407,062
American Airlines Group, Inc.		21,202		1,066,885
AMETEK, Inc.		8,745		529,685
Arconic, Inc.		16,474		373,136
Boeing Co. (The)		23,062		4,560,510
C.H. Robinson Worldwide, Inc.D		5,208		357,685
Caterpillar, Inc.		21,616		2,322,855
Cintas CorporationD		3,159		398,160
CSX Corporation		35,484		1,936,007
Cummins, Inc.		5,861		950,771
Deere & Co.		11,036		1,363,939
Delta Air Lines, Inc.		28,602		1,537,071
Dover Corporation		5,776		463,351
Emerson Electric Co.		23,868		1,423,010

See Notes to Financial Statements.

153

EQUITY INDEX FUND

SCHEDULEOFINVESTMENTS (Continued)

	Shares		Value
Equifax, Inc.		4,433	$	609,183
Expeditors International of Washington, Inc.		6,818		385,081
Fastenal Co.		10,759		468,339
FedEx Corporation		9,248		2,009,868
Flowserve CorporationD		4,858		225,557
Fluor Corporation		5,110		233,936
Fortive Corporation		11,111		703,882
Fortune Brands Home & Security, Inc.		5,687		371,020
General Dynamics Corporation		10,638		2,107,388
General Electric Co.		346,277		9,352,942
Honeywell International, Inc.		31,441		4,190,771
IHS Markit, Ltd.*		5,204		229,184
Illinois ToolWorks, Inc.D		12,023		1,722,295
J.B. Hunt Transport Services, Inc.		3,269		298,721
Jacobs Engineering Group, Inc.		4,647		252,750
Kansas City Southern		4,046		423,414
L3 Technologies, Inc.		2,814		470,163
Lockheed Martin Corporation		10,606		2,944,332
Masco Corporation		12,522		478,466
Norfolk Southern Corporation		10,996		1,338,213
Northrop Grumman Corporation		6,714		1,723,551
PACCAR, Inc.		12,988		857,728
Parker-Hannifin Corporation		5,009		800,538
Quanta Services, Inc.*		5,431		178,789
Raytheon Co.		11,266		1,819,234
Republic Services, Inc.		10,528		670,949
Robert Half International, Inc.		4,920		235,816
Rockwell Automation, Inc.		4,778		773,845
Rockwell Collins, Inc.		4,858		510,479
Roper Technologies, Inc.		3,753		868,932
Snap-on, Inc.		2,136		337,488
Southwest Airlines Co.		23,826		1,480,548
Stanley Black & Decker, Inc.		5,530		778,237
Stericycle, Inc.*		3,095		236,210
Textron, Inc.		9,853		464,076
TransDigm Group, Inc.D		1,980		532,363
Union Pacific Corporation		32,857		3,578,456
United Continental Holdings, Inc.*		12,532		943,033
United Parcel Service, Inc. Class B		25,671		2,838,956
United Rentals, Inc.*		3,295		371,379
United Technologies Corporation		28,853		3,523,240
Verisk Analytics, Inc.D*		6,177		521,153
W.W. Grainger, Inc.		2,114		381,640
Waste Management, Inc.		18,003		1,320,520
Xylem, Inc.		6,524		361,625
				78,070,713

	Shares		Value
Information Technology — 20.7%
Activision Blizzard, Inc.		27,042	$	1,556,808
Adobe Systems, Inc.*		20,480		2,896,691
Advanced Micro Devices, Inc.D*		29,779		371,642
Akamai Technologies, Inc.*		6,606		329,045
Alliance Data Systems Corporation		2,165		555,734
Alphabet, Inc. Class A*		11,129		10,346,409
Alphabet, Inc. Class C*		12,476		11,337,315
Amphenol Corporation Class A		11,410		842,286
Analog Devices, Inc.		13,555		1,054,579
ANSYS, Inc.*		2,034		247,497
Apple, Inc.		209,506		30,173,054
Applied Materials, Inc.		40,351		1,666,900
Autodesk, Inc.*		8,418		848,703
Automatic Data Processing, Inc.		19,488		1,996,740
CA, Inc.		10,805		372,448
Cisco Systems, Inc.		194,188		6,078,084
Citrix Systems, Inc.*		5,780		459,972
Cognizant Technology Solutions Corporation Class A		23,028		1,529,059
Corning, Inc.		39,819		1,196,561
CSRA, Inc.		4,813		152,813
DXC Technology Co.		11,080		850,073
eBay, Inc.*		39,141		1,366,804
Electronic Arts, Inc.*		12,894		1,363,154
F5 Networks, Inc.*		2,480		315,109
Facebook, Inc. Class A*		93,681		14,143,957
Fidelity National Information Services, Inc.		13,461		1,149,569
Fiserv, Inc.*		8,564		1,047,720
FLIR Systems, Inc.		5,180		179,539
Gartner, Inc.*		2,803		346,199
Global Payments, Inc.		5,633		508,773
Harris Corporation		4,630		505,040
Hewlett Packard Enterprise Co.		67,776		1,124,404
HP, Inc.		70,478		1,231,955
Intel Corporation		186,371		6,288,158
International Business Machines Corporation		35,202		5,415,124
Intuit, Inc.		10,186		1,352,803
Juniper Networks, Inc.		15,019		418,730
KLA-Tencor Corporation		5,691		520,783
Lam Research CorporationD		5,942		840,377
MasterCard, Inc. Class A		39,653		4,815,857
Microchip Technology, Inc.D		8,063		622,302
Micron Technology, Inc.*		37,945		1,133,038
Microsoft Corporation		310,446		21,399,043
Motorola Solutions, Inc.		6,473		561,468
NetApp, Inc.		10,744		430,297
NVIDIA Corporation		23,450		3,389,932
Oracle Corporation		124,156		6,225,182

See Notes to Financial Statements.

154

	Shares		Value
Paychex, Inc.		13,117	$	746,882
PayPal Holdings, Inc.*		46,473		2,494,206
Qorvo, Inc.*		4,807		304,379
QUALCOMM, Inc.		58,003		3,202,926
Red Hat, Inc.*		6,794		650,525
salesforce.com, Inc.*		27,495		2,381,067
Skyworks Solutions, Inc.		6,957		667,524
Symantec Corporation		23,870		674,327
Synopsys, Inc.*		4,415		321,986
Texas Instruments, Inc.		38,862		2,989,654
Total System Services, Inc.		6,366		370,819
VeriSign, Inc.D*		3,542		329,264
Visa, Inc. Class AD		77,526		7,270,388
Western Digital Corporation		12,250		1,085,350
Western Union Co. (The)		18,512		352,654
Xerox Corporation		8,987		258,197
Xilinx, Inc.		9,444		607,438
				176,265,316
Materials — 2.7%
Air Products & Chemicals, Inc.		9,507		1,360,071
Albemarle Corporation		5,038		531,711
Avery Dennison Corporation		3,272		289,147
Ball CorporationD		10,346		436,705
CF Industries Holdings, Inc.D		8,828		246,831
Dow Chemical Co. (The)		47,131		2,972,552
E.I. du Pont de Nemours & Co.		34,706		2,801,121
Eastman Chemical Co.		5,449		457,661
Ecolab, Inc.		13,969		1,854,385
FMC Corporation		4,848		354,146
Freeport-McMoRan, Inc.*		46,615		559,846
International Flavors & Fragrances, Inc.D		2,950		398,250
International Paper Co.D		15,226		861,944
Martin Marietta Materials, Inc.		2,361		525,511
Monsanto Co.		20,554		2,432,771
Mosaic Co. (The)		12,935		295,306
Newmont Mining Corporation		23,284		754,169
Nucor Corporation		11,797		682,692
PPG Industries, Inc.		10,182		1,119,613
Praxair, Inc.		12,303		1,630,763
Sealed Air Corporation		8,156		365,063
Sherwin-Williams Co. (The)		3,201		1,123,423
Vulcan Materials Co.		4,979		630,740
WestRock Co.		9,470		536,570
				23,220,991
Real Estate — 2.8%
Alexandria Real Estate Equities, Inc. REITD		1,945		234,314
American Tower Corporation REIT		16,945		2,242,162
Apartment Investment & Management Co. Class A REIT		5,951		255,715

	Shares		Value
AvalonBay Communities, Inc. REITD		5,872	$	1,128,422
Boston Properties, Inc. REIT		5,686		699,492
CBRE Group, Inc. Class A*		10,731		390,608
Crown Castle International Corporation REIT		15,874		1,590,257
Digital Realty Trust, Inc. REITD		7,642		863,164
Equinix, Inc. REIT		3,607		1,547,980
Equity Residential REIT		13,641		897,987
Essex Property Trust, Inc. REIT		2,756		709,036
Extra Space Storage, Inc. REITD		4,684		365,352
Federal Realty Investment Trust REIT		2,600		328,614
GGP, Inc. REIT		21,627		509,532
HCP, Inc. REIT		17,306		553,100
Host Hotels & Resorts, Inc. REIT		27,531		502,991
Iron Mountain, Inc. REITD		8,763		301,097
Kimco Realty Corporation REITD		15,470		283,875
Macerich Co. (The) REIT		4,614		267,889
Mid-America Apartment Communities, Inc. REIT		3,061		322,568
Prologis, Inc. REIT		19,570		1,147,585
Public Storage REIT		5,743		1,197,588
Realty Income Corporation REITD		9,546		526,748
Regency Centers Corporation REITD		1,211		75,857
Simon Property Group, Inc. REIT		11,898		1,924,621
SL Green Realty Corporation REIT		3,720		393,576
UDR, Inc. REIT		11,107		432,840
Ventas, Inc. REIT		13,796		958,546
Vornado Realty Trust REIT		6,562		616,172
Welltower, Inc. REITD		15,892		1,189,516
Weyerhaeuser Co. REIT		27,654		926,409
				23,383,613
Telecommunication Services — 2.1%
AT&T, Inc.		246,345		9,294,597
CenturyLink, Inc.D		24,032		573,884
Level 3 Communications, Inc.*		12,692		752,635
Verizon Communications, Inc.		160,524		7,169,002
				17,790,118
Utilities — 3.5%
AES Corporation		24,428		271,395
Alliant Energy Corporation		6,500		261,105
Ameren Corporation		9,053		494,928
American Electric Power Co., Inc.		21,087		1,464,914
AmericanWater Works Co., Inc.		8,825		687,909

See Notes to Financial Statements.

155

EQUITY INDEX FUND

SCHEDULEOFINVESTMENTS (Continued)

	Shares		Value
CenterPoint Energy, Inc.		17,352	$	475,098
CMS Energy Corporation		10,396		480,815
Consolidated Edison, Inc.		13,128		1,061,005
Dominion Energy, Inc.		28,714		2,200,354
DTE Energy Co.		9,262		979,827
Duke Energy Corporation		32,282		2,698,452
Edison International		13,663		1,068,310
Entergy Corporation		9,511		730,159
Eversource Energy		11,754		713,585
Exelon Corporation		40,681		1,467,364
FirstEnergy Corporation		24,029		700,686
NextEra Energy, Inc.		23,020		3,225,793
NiSource, Inc.		23,079		585,283
NRG Energy, Inc.		11,763		202,559
PG&E Corporation		22,213		1,474,277
PinnacleWest Capital Corporation		4,108		349,837
PPL Corporation		26,453		1,022,673
Public Service Enterprise Group, Inc.		18,690		803,857
SCANA Corporation		5,221		349,859
Sempra EnergyD		11,379		1,282,982
Southern Co. (The)		49,020		2,347,078
WEC Energy Group, Inc.D		18,016		1,105,822
Xcel Energy, Inc.		21,338		978,987
				29,484,913
Total Common Stocks     (Cost $528,707,951)				784,902,909
FOREIGN COMMON STOCKS — 3.9%
Curacao — 0.5%
Schlumberger, Ltd.		59,529		3,919,389
Ireland — 1.7%
Accenture PLC Class A		25,667		3,174,495
Allegion PLC		3,479		282,216
Eaton Corporation PLC		16,887		1,314,315
Ingersoll-Rand PLC		9,510		869,119
Johnson Controls International PLC		35,200		1,526,272
Mallinckrodt PLCD*		11,491		514,912
Medtronic PLC		57,092		5,066,915
Pentair PLC		6,692		445,286
Seagate Technology PLCD		13,156		509,795
Willis Towers Watson PLC		6,037		878,142
				14,581,467
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.		6,553		715,784
Netherlands — 0.3%
LyondellBasell Industries NV Class A		13,384		1,129,476
Mylan NV*		39,046		1,515,766
				2,645,242
Singapore — 0.4%
Broadcom, Ltd.		16,443		3,832,041
Switzerland — 0.6%
Chubb, Ltd.		23,356		3,395,495

	Shares		Value
Garmin, Ltd.D		4,430	$	226,063
TE Connectivity, Ltd.		13,229		1,040,858
Transocean, Ltd.*		12,739		104,842
				4,767,258
United Kingdom — 0.3%
Aon PLC		11,176		1,485,849
Nielsen Holdings PLCD		13,413		518,547
TechnipFMC PLC*		17,342		471,702
				2,476,098
Total Foreign Common Stocks (Cost $27,040,607)				32,937,279
MONEY MARKET FUNDS — 3.6%
GuideStone Money Market Fund (Investor Class)¥		27,283,583		27,283,583
Northern Institutional Liquid Assets Portfolio§		3,205,054		3,205,054
Total Money Market Funds (Cost $30,488,637)				30,488,637
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡
(Cost $995,018)	$	1,000,000		995,160
TOTAL INVESTMENTS — 99.9% (Cost $587,232,213)				849,323,985
Other Assets in Excess of Liabilities — 0.1%				755,354
NET ASSETS — 100.0%			$	850,079,339

PORTFOLIO SUMMARY (based on net assets)

	%
Information Technology		20.7
Financials		13.5
Health Care		13.0
Consumer Discretionary		11.7
Industrials		9.2
Consumer Staples		7.7
Energy		5.4
Foreign Common Stocks		3.9
Money Market Funds		3.6
Utilities		3.5
Real Estate		2.8
Materials		2.7
Telecommunication Services		2.1
U.S. Treasury Obligation		0.1
		99.9

See Notes to Financial Statements.

156

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	784,902,909		$	784,902,909		$	—	$	—
Foreign Common Stocks		32,937,279			32,937,279			—		—
Money Market Funds		30,488,637			30,488,637			—		—
U.S. Treasury Obligation		995,160			—			995,160		—
Total Assets — Investments in Securities	$	849,323,985		$	848,328,825		$	995,160	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(116,965	)	$	(116,965	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(116,965	)	$	(116,965	)	$	—	$	—

*** Other finanancial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

157

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 87.7%
Consumer Discretionary — 7.4%
Aaron’s, Inc.		27,460	$	1,068,194
AMC Networks, Inc.*		19,526		1,042,884
Bed Bath & Beyond, Inc.D		18,324		557,050
Big Lots, Inc.D		11,277		544,679
Brunswick Corporation		32,570		2,043,116
Carnival Corporation		71,998		4,720,909
Charter Communications, Inc. Class A*		2,551		859,304
Coach, Inc.		111,593		5,282,813
Comcast Corporation Class A		325,283		12,660,014
Dana, Inc.		327,354		7,309,815
DISH Network Corporation Class A*		773		48,513
Dollar General Corporation		53,600		3,864,024
Ford Motor Co.		75,977		850,183
General Motors Co.		135,026		4,716,458
Home Depot, Inc. (The)		25,808		3,958,947
John Wiley & Sons, Inc.		3,552		187,368
Lear Corporation		31,325		4,450,656
Lennar Corporation Class A		165,851		8,843,175
Lowe’s Cos., Inc.		131,800		10,218,454
Michael Kors Holdings, Ltd.*		12,229		443,301
Office Depot, Inc.		221,209		1,247,619
Target Corporation		15,323		801,240
Taylor Morrison Home Corporation*		51,161		1,228,376
Tenneco, Inc.D		51,026		2,950,834
Time Warner, Inc.		22,277		2,236,834
Twenty-First Century Fox, Inc. Class A		369,303		10,466,047
Twenty-First Century Fox, Inc. Class B		20,442		569,718
Visteon Corporation*		4,668		476,416
Walt Disney Co. (The)		78,565		8,347,531
				101,994,472
Consumer Staples — 6.1%
Archer-Daniels-Midland Co.		12,748		527,512
Bunge, Ltd.		33,413		2,492,610
Coca-Cola Co. (The)		39,583		1,775,298
Colgate-Palmolive Co.		25,047		1,856,734
Conagra Brands, Inc.		199,730		7,142,345
CVS Health Corporation		181,206		14,579,835
Dean Foods Co.D		91,669		1,558,373
Dr. Pepper Snapple Group, Inc.		31,866		2,903,311
General Mills, Inc.		7,510		416,054
Ingredion, Inc.		23,259		2,772,705
Kimberly-Clark Corporation		3,790		489,327
Kraft Heinz Co. (The)		24,139		2,067,264
Kroger Co. (The)		17,815		415,446
Lancaster Colony Corporation		6,102		748,227
Mondelez International, Inc. Class A		45,733		1,975,208
Nu Skin Enterprises, Inc. Class A		39,707		2,495,188

	Shares		Value
PepsiCo, Inc.		124,101	$	14,332,424
Pilgrim’s Pride CorporationD*		37,709		826,581
Procter & Gamble Co. (The)		109,752		9,564,887
Sanderson Farms, Inc.D		19,717		2,280,271
Walgreens Boots Alliance, Inc.		22,290		1,745,530
Wal-Mart Stores, Inc.		162,041		12,263,263
				85,228,393
Energy — 8.2%
Anadarko Petroleum
Corporation		14,890		675,113
Baker Hughes, Inc.D		153,400		8,361,834
Chevron Corporation		216,960		22,635,437
ConocoPhillips		313,122		13,764,843
Devon Energy Corporation		11,572		369,957
EOG Resources, Inc.		14,883		1,347,209
Exxon Mobil Corporation		300,574		24,265,339
Halliburton Co.		9,436		403,012
Kinder Morgan, Inc.		102,152		1,957,232
Marathon Petroleum Corporation		91,894		4,808,813
Murphy Oil Corporation		19,253		493,454
Nabors Industries, Ltd.D		368,423		2,998,963
Newfield Exploration Co.		96,900		2,757,774
Occidental Petroleum Corporation		195,186		11,685,786
Oceaneering International, Inc.		64,098		1,463,998
Phillips 66		64,195		5,308,285
Pioneer Natural Resources Co.		4,699		749,866
Southwestern Energy Co.D*		28,364		172,453
Tesoro Corporation		31,040		2,905,344
Valero Energy CorporationD		78,568		5,300,197
World Fuel Services Corporation		32,226		1,239,090
				113,663,999
Financials — 22.0%
Aflac, Inc.		86,192		6,695,395
Allstate Corporation (The)		78,112		6,908,225
Ally Financial, Inc.		93,316		1,950,304
American Express Co.		165,532		13,944,416
American International Group, Inc.		122,310		7,646,821
Assured Guaranty, Ltd.		72,906		3,043,096
Axis Capital Holdings, Ltd.		8,814		569,913
Bank of America Corporation		1,230,970		29,863,332
Bank of New York Mellon Corporation (The)		27,771		1,416,876
BB&T Corporation		18,900		858,249
Berkshire Hathaway, Inc. Class B*		54,716		9,267,249
BlackRock, Inc.		3,587		1,515,185
Capital One Financial Corporation		13,105		1,082,735
Charles Schwab Corporation (The)		7,924		340,415

See Notes to Financial Statements.

158

	Shares		Value
Citigroup, Inc.		384,517	$	25,716,497
Citizens Financial Group, Inc.		139,944		4,993,202
CME Group, Inc.		10,271		1,286,340
Discover Financial Services		20,214		1,257,109
Everest Re Group, Ltd.		10,290		2,619,731
Franklin Resources, Inc.		4,984		223,233
Goldman Sachs Group, Inc. (The)		10,757		2,386,978
Hartford Financial Services Group, Inc. (The)		172,775		9,082,782
Intercontinental Exchange, Inc.		146,152		9,634,340
Invesco, Ltd.		97,400		3,427,506
JPMorgan Chase & Co.		482,390		44,090,446
Lazard, Ltd. Class A		30,648		1,419,922
Leucadia National Corporation		15,918		416,415
Lincoln National Corporation		45,316		3,062,455
MetLife, Inc.		24,535		1,347,953
MGIC Investment Corporation*		108,613		1,216,466
Morgan Stanley		47,827		2,131,171
Navient Corporation		29,976		499,100
New York Community Bancorp, Inc.		293,200		3,849,716
PNC Financial Services Group, Inc. (The)		12,688		1,584,351
Popular, Inc.		65,188		2,718,991
Prudential Financial, Inc.		72,418		7,831,283
Reinsurance Group of America, Inc.		34,601		4,442,422
S&P Global, Inc.		33,198		4,846,576
State Street Corporation		92,875		8,333,674
SunTrust Banks, Inc.		76,222		4,323,312
Synchrony Financial		164,289		4,899,098
Synovus Financial Corporation		89,560		3,962,134
Travelers Cos., Inc. (The)		58,739		7,432,246
U.S. Bancorp		47,105		2,445,692
Unum Group		59,032		2,752,662
Voya Financial, Inc.		117,126		4,320,778
Wells Fargo & Co.		423,341		23,457,325
XL Group, Ltd.		200,000		8,760,000
Zions Bancorporation		178,600		7,842,326
				303,716,443
Health Care — 12.6%
Abbott Laboratories		70,686		3,436,046
Aetna, Inc.		7,453		1,131,589
Agilent Technologies, Inc.		59,270		3,515,304
Alexion Pharmaceuticals, Inc.*		3,145		382,652
Amgen, Inc.		19,929		3,432,372
Anthem, Inc.		90,266		16,981,743
Baxter International, Inc.		119,665		7,244,519
Biogen, Inc.*		11,729		3,182,781
Bristol-Myers Squibb Co.		95,889		5,342,935
Bruker Corporation		42,695		1,231,324

	Shares		Value
Cardinal Health, Inc.		258,500	$	20,142,320
Catalent, Inc.*		31,807		1,116,426
Centene Corporation*		72,028		5,753,597
Chemed CorporationD		9,484		1,939,762
Cigna Corporation		19,785		3,311,811
Danaher Corporation		22,347		1,885,863
Eli Lilly & Co.		41,448		3,411,170
Express Scripts Holding Co.*		178,100		11,369,904
Gilead Sciences, Inc.		174,769		12,370,150
HCA Healthcare, Inc.D*		11,675		1,018,060
Humana, Inc.		1,926		463,434
Johnson & Johnson		282,768		37,407,379
Laboratory Corporation of America Holdings*		12,463		1,921,047
McKesson Corporation		25,398		4,178,987
Quest Diagnostics, Inc.		51,247		5,696,616
Thermo Fisher Scientific, Inc.		7,062		1,232,107
United Therapeutics CorporationD*		19,745		2,561,519
UnitedHealth Group, Inc.		47,800		8,863,076
Vertex Pharmaceuticals, Inc.*		10,017		1,290,891
Zoetis, Inc.		40,252		2,510,920
				174,326,304
Industrials — 8.2%
CSX Corporation		2,379		129,798
Cummins, Inc.		26,122		4,237,511
Deere & Co.		35,500		4,387,445
Delta Air Lines, Inc.		124,782		6,705,785
Emerson Electric Co.		7,692		458,597
General Dynamics Corporation		38,550		7,636,755
General Electric Co.		569,121		15,371,958
Hawaiian Holdings, Inc.*		42,747		2,006,972
Honeywell International, Inc.		40,765		5,433,567
Lockheed Martin Corporation		2,178		604,634
ManpowerGroup, Inc.		40,072		4,474,039
Masco Corporation		92,666		3,540,768
Norfolk Southern Corporation		45,997		5,597,835
Owens Corning		62,362		4,173,265
Quanta Services, Inc.*		127,425		4,194,831
Raytheon Co.		6,390		1,031,857
Spirit AeroSystems Holdings, Inc. Class A		42,605		2,468,534
Spirit Airlines, Inc.*		25,929		1,339,233
Terex Corporation		173,160		6,493,500
Textron, Inc.		231,903		10,922,631
Timken Co. (The)		9,283		429,339
Union Pacific Corporation		1,810		197,127
United Continental Holdings, Inc.*		53,864		4,053,266
United Rentals, Inc.*		10,941		1,233,160
United Technologies Corporation		129,686		15,835,957

See Notes to Financial Statements.

159

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Waste Management, Inc.		3,656	$	268,168
				113,226,532
Information Technology — 11.5%
Advanced Energy Industries, Inc.*		7,352		475,601
Amkor Technology, Inc.*		93,364		912,166
Applied Materials, Inc.		120,235		4,966,908
Aspen Technology, Inc.*		48,310		2,669,611
Cadence Design Systems, Inc.*		34,328		1,149,645
Cisco Systems, Inc.		459,954		14,396,560
Citrix Systems, Inc.*		13,499		1,074,251
Corning, Inc.		324,581		9,753,659
Cypress Semiconductor CorporationD		542,600		7,406,490
eBay, Inc.*		95,722		3,342,612
First Data Corporation*		219,500		3,994,900
Hewlett Packard Enterprise Co.		50,474		837,364
HP, Inc.		176,917		3,092,509
Intel Corporation		352,890		11,906,509
International Business Machines Corporation		8,751		1,346,166
Intuit, Inc.		16,596		2,204,115
Jabil Circuit, Inc.D		56,337		1,644,477
Lam Research Corporation		5,420		766,551
Micron Technology, Inc.*		124,887		3,729,126
Microsoft Corporation		347,152		23,929,187
ON Semiconductor CorporationD*		265,623		3,729,347
Oracle Corporation		365,895		18,345,975
QUALCOMM, Inc.		263,547		14,553,065
Synopsys, Inc.*		35,809		2,611,550
Texas Instruments, Inc.		104,200		8,016,106
VeriSign, Inc.D*		46,749		4,345,787
Western Digital Corporation		91,625		8,117,975
				159,318,212
Materials — 3.5%
Air Products & Chemicals, Inc.		89,314		12,777,261
Cabot Corporation		33,379		1,783,440
Celanese Corporation Series A		8,977		852,276
Chemours Co. (The)		30,064		1,140,027
Dow Chemical Co. (The)		123,391		7,782,270
E.I. du Pont de Nemours & Co.		101,300		8,175,923
Freeport-McMoRan, Inc.		308,400		3,703,884
Louisiana-Pacific Corporation*		42,228		1,018,117
Praxair, Inc.		1,107		146,733
Sealed Air Corporation		68,634		3,072,058
Trinseo SA		34,924		2,399,279
WestRock Co.		91,570		5,188,356
				48,039,624
Real Estate — 1.7%
CBRE Group, Inc. Class A*		66,783		2,430,901

	Shares		Value
Equity Residential REIT		7,701	$	506,957
Hospitality Properties Trust REIT		102,504		2,987,991
Host Hotels & Resorts, Inc. REIT		147,859		2,701,384
Hudson Pacific Properties, Inc. REIT		37,664		1,287,732
Jones Lang LaSalle, Inc.		52,400		6,550,000
LaSalle Hotel Properties REITD		81,029		2,414,664
Mack-Cali Realty Corporation REIT		44,658		1,212,018
RLJ Lodging Trust REIT		106,793		2,121,977
Ryman Hospitality Properties, Inc. REITD		30,981		1,983,094
Simon Property Group, Inc. REIT		364		58,881
				24,255,599
Telecommunication Services — 3.4%
AT&T, Inc.		662,503		24,996,238
Sprint Corporation*		23,091		189,577
Telephone & Data Systems, Inc.		42,138		1,169,330
T-Mobile US, Inc.*		4,652		282,004
Verizon Communications, Inc.		445,935		19,915,457
				46,552,606
Utilities — 3.1%
AES Corporation		832,814		9,252,564
American Electric Power Co., Inc.		79,280		5,507,582
Dominion Energy, Inc.		22,336		1,711,608
Duke Energy Corporation		23,368		1,953,331
Edison International		32,962		2,577,299
Entergy Corporation		67,631		5,192,032
Exelon Corporation		128,483		4,634,382
NextEra Energy, Inc.		15,442		2,163,887
PG&E Corporation		17,398		1,154,705
Public Service Enterprise Group, Inc.		158,003		6,795,709
Southern Co. (The)		33,514		1,604,650
				42,547,749
Total Common Stocks (Cost $974,785,223)				1,212,869,933
FOREIGN COMMON STOCKS — 7.5%
Curacao — 0.2%
Schlumberger, Ltd.		40,423		2,661,450
France — 0.8%
Sanofi ADR		238,600		11,431,326
Ireland — 3.7%
Adient PLC		23,165		1,514,528
Eaton Corporation PLC		10,589		824,142
Johnson Controls International PLC		459,737		19,934,196
Mallinckrodt PLCD*		29,938		1,341,522
Medtronic PLC		262,137		23,264,659

See Notes to Financial Statements.

160

	Shares		Value
Pentair PLC		66,864	$	4,449,130
				51,328,177
Netherlands — 0.4%
AerCap Holdings NV*		14,703		682,661
LyondellBasell Industries NV Class A		58,175		4,909,388
NXP Semiconductor NV*		4,622		505,878
				6,097,927
Switzerland — 0.2%
Chubb, Ltd.		16,308		2,370,857
United Kingdom — 2.2%
BP PLC ADR		338,300		11,722,095
GlaxoSmithKline PLC ADRD		235,200		10,141,824
Nielsen Holdings PLCD		216,100		8,354,426
				30,218,345
Total Foreign Common Stocks (Cost $101,518,490)				104,108,082
MONEY MARKET FUNDS — 4.6%
GuideStone Money Market Fund (Investor Class)¥		46,740,934		46,740,934
Northern Institutional Liquid Assets Portfolio§		16,019,825		16,019,825
Total Money Market Funds (Cost $62,760,759)				62,760,759
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡
(Cost $1,990,035)	$	2,000,000		1,990,319
TOTAL INVESTMENTS —100.0% (Cost $1,141,054,507)				1,381,729,093
Other Assets in Excess of Liabilities — 0.0%				671,856
NET ASSETS — 100.0%			$	1,382,400,949

PORTFOLIO SUMMARY (based on net assets)

	%
Financials		22.0
Health Care		12.6
Information Technology		11.5
Energy		8.2
Industrials		8.2
Foreign Common Stocks		7.5
Consumer Discretionary		7.4
Consumer Staples		6.1
Money Market Funds		4.6
Materials		3.5
Telecommunication Services		3.4
Utilities		3.1
Real Estate		1.7
U.S. Treasury Obligation		0.2
		100.0

See Notes to Financial Statements.

161

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	1,212,869,933		$	1,212,869,933		$	—	$	—
Foreign Common Stocks		104,108,082			104,108,082			—		—
Money Market Funds		62,760,759			62,760,759			—		—
U.S. Treasury Obligation		1,990,319			—			1,990,319		—
Total Assets — Investments in Securities	$	1,381,729,093		$	1,379,738,774		$	1,990,319	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(183,228	)	$	(183,228	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(183,228	)	$	(183,228	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

162

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 86.5%
Consumer Discretionary — 14.5%
Amazon.com, Inc.*		88,157	$	85,335,976
Chipotle Mexican Grill, Inc.D*		23,087		9,606,501
Comcast Corporation Class A		196,200		7,636,104
Home Depot, Inc. (The)		45,700		7,010,380
Netflix, Inc.*		116,629		17,425,539
Priceline Group, Inc. (The)D*		15,730		29,423,280
Starbucks Corporation		280,995		16,384,818
TJX Cos., Inc. (The)		113,836		8,215,544
TripAdvisor, Inc.D*		179,272		6,848,190
Twenty-First Century Fox, Inc. Class A		131,100		3,715,374
Under Armour, Inc. Class AD*		155,112		3,375,237
Under Armour, Inc. Class CD*		158,716		3,199,715
Walt Disney Co. (The)		56,200		5,971,250
Yum China Holdings, Inc.*		270,631		10,670,980
Yum! Brands, Inc.		119,822		8,838,071
				223,656,959
Consumer Staples — 6.2%
Coca-Cola Co. (The)		450,150		20,189,227
Colgate-Palmolive Co.		69,000		5,114,970
Costco Wholesale Corporation		64,389		10,297,733
CVS Health CorporationD		64,300		5,173,578
Estee Lauder Cos., Inc. (The) Class A		115,580		11,093,368
Monster Beverage Corporation*		593,407		29,480,460
Procter & Gamble Co. (The)		165,365		14,411,560
				95,760,896
Energy — 0.2%
Pioneer Natural Resources Co.		24,000		3,829,920
Financials — 4.1%
American Express Co.		131,488		11,076,549
BlackRock, Inc.		14,700		6,209,427
Charles Schwab Corporation (The)		416,061		17,873,981
FactSet Research Systems, Inc.D		47,330		7,865,300
LendingClub CorporationD*		514,585		2,835,363
Nasdaq, Inc.		59,200		4,232,208
SEI Investments Co.		243,959		13,120,115
				63,212,943
Health Care — 16.4%
Alexion Pharmaceuticals, Inc.*		169,744		20,652,752
Amgen, Inc.		57,678		9,933,882
athenahealth, Inc.D*		48,363		6,797,420
Biogen, Inc.*		48,200		13,079,552
BioMarin Pharmaceutical, Inc.*		110,116		10,000,735
Celgene Corporation*		71,600		9,298,692
Cerner Corporation*		162,842		10,824,108

	Shares		Value
Danaher Corporation		163,552	$	13,802,153
DENTSPLY SIRONA, Inc.		70,000		4,538,800
DexCom, Inc.D*		72,736		5,320,638
Edwards Lifesciences Corporation*		153,575		18,158,708
Illumina, Inc.*		66,257		11,496,915
Incyte Corporation*		100,800		12,691,728
Intuitive Surgical, Inc.*		13,971		13,068,054
Johnson & Johnson		35,210		4,657,931
Regeneron Pharmaceuticals, Inc.*		71,548		35,140,085
Thermo Fisher Scientific, Inc.		89,562		15,625,882
UnitedHealth Group, Inc.		39,870		7,392,695
Varex Imaging Corporation*		5,536		187,117
Varian Medical Systems, Inc.*		113,361		11,697,722
Zoetis, Inc.		306,939		19,146,855
				253,512,424
Industrials — 6.3%
A.O. Smith Corporation		142,817		8,044,882
Deere & Co.		99,594		12,308,822
Expeditors International of Washington, Inc.		254,255		14,360,322
Fortive Corporation		169,750		10,753,663
Honeywell International, Inc.		35,400		4,718,466
Rockwell Collins, Inc.		49,700		5,222,476
Roper Technologies, Inc.		55,379		12,821,900
United Parcel Service, Inc. Class B		153,453		16,970,367
W.W. Grainger, Inc.		19,560		3,531,167
Wabtec CorporationD		95,088		8,700,552
				97,432,617
Information Technology — 36.4%
Adobe Systems, Inc.*		279,660		39,555,110
Akamai Technologies, Inc.*		111,300		5,543,853
Alphabet, Inc. Class A*		46,127		42,883,349
Alphabet, Inc. Class C*		46,027		41,826,116
Amphenol Corporation Class A		175,903		12,985,160
Analog Devices, Inc.		28,331		2,204,152
ANSYS, Inc.*		60,362		7,344,848
Apple, Inc.		34,400		4,954,288
Autodesk, Inc.*		180,839		18,232,188
Automatic Data Processing, Inc.		42,479		4,352,398
Cisco Systems, Inc.		591,540		18,515,202
CoStar Group, Inc.*		17,700		4,665,720
eBay, Inc.*		72,800		2,542,176
Facebook, Inc. Class A*		533,854		80,601,277
FleetCor Technologies, Inc.*		59,663		8,604,001
Intuit, Inc.		75,373		10,010,288
Microsoft Corporation		324,039		22,336,008
Oracle Corporation		478,263		23,980,107
Palo Alto Networks, Inc.*		101,167		13,537,156
PayPal Holdings, Inc.*		336,116		18,039,346
QUALCOMM, Inc.		273,481		15,101,621
Red Hat, Inc.*		56,700		5,429,025

See Notes to Financial Statements.

163

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
salesforce.com, Inc.*		423,842	$	36,704,717
ServiceNow, Inc.*		132,200		14,013,200
Snap, Inc. Class AD*		317,449		5,641,069
Splunk, Inc.D*		223,143		12,694,605
Texas Instruments, Inc.		52,200		4,015,746
TiVo Corporation		7		131
Visa, Inc. Class AD		839,600		78,737,688
Vmware, Inc.D*		41,800		3,654,574
Xilinx, Inc.		62,300		4,007,136
				562,712,255
Materials — 1.6%
Ecolab, Inc.		139,268		18,487,827
Monsanto Co.		47,200		5,586,592
				24,074,419
Real Estate — 0.8%
SBA Communications
Corporation REIT*		87,267		11,772,318
Total Common Stocks (Cost $1,009,344,103)				1,335,964,751
FOREIGN COMMON STOCKS — 8.5%
China — 4.5%
Alibaba Group Holding, Ltd. ADRD*		406,253		57,241,048
Baidu, Inc. ADR*		73,100		13,074,666
				70,315,714
France — 1.0%
Danone SA ADRD		1,085,853		16,309,512
Germany — 1.5%
Genpact, Ltd.		293,575		8,170,192
Schlumberger, Ltd.		222,862		14,673,234
				22,843,426
Netherlands — 0.8%
NXP Semiconductor NV*		109,353		11,968,686
Switzerland — 0.7%
Novartis AG ADR		123,870		10,339,429
Total Foreign Common Stocks (Cost $105,899,589)				131,776,767
MONEY MARKET FUNDS — 4.8%
GuideStone Money Market Fund (Investor Class)¥		62,285,366		62,285,366
Northern Institutional Liquid Assets Portfolio§		12,043,880		12,043,880
Total Money Market Funds (Cost $74,329,246)				74,329,246

	Par		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.09%, 12/14/17W‡‡
(Cost $2,985,053)	$	3,000,000	$	2,985,478
TOTAL INVESTMENTS —100.0% (Cost $1,192,557,991)				1,545,056,242
Other Assets in Excess of Liabilities — 0.0%				183,721
NET ASSETS — 100.0%			$	1,545,239,963

PORTFOLIO SUMMARY (based on net assets)

	%
Information Technology		36.4
Health Care		16.4
Consumer Discretionary		14.5
Foreign Common Stocks		8.5
Industrials		6.3
Consumer Staples		6.2
Money Market Funds		4.8
Financials		4.1
Materials		1.6
Real Estate		0.8
Energy		0.2
U.S. Treasury Obligation		0.2
		100.0

See Notes to Financial Statements.

164

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	1,335,964,751		$	1,335,964,751		$	—	$	—
Foreign Common Stocks		131,776,767			131,776,767			—		—
Money Market Funds		74,329,246			74,329,246			—		—
U.S. Treasury Obligation		2,985,478			—			2,985,478		—
Total Assets — Investments in Securities	$	1,545,056,242		$	1,542,070,764		$	2,985,478	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(279,778	)	$	(279,778	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(279,778	)	$	(279,778	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosures in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

165

SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 91.7%
Consumer Discretionary — 13.2%
1-800-Flowers.com, Inc.D*		60,815	$	592,946
Aaron’s, Inc.		30,353		1,180,732
American Outdoor Brands CorporationD*		68,426		1,516,320
Bed Bath & Beyond, Inc.D		5,903		179,451
Big Lots, Inc.D		40,149		1,939,197
Bloomin’ Brands, Inc.		36,085		766,085
Bridgepoint Education, Inc.*		33,277		491,169
Bright Horizons Family Solutions, Inc.*		55,800		4,308,318
Brunswick Corporation		5,856		367,347
Cable One, Inc.		4,310		3,063,979
Capella Education Co.		11,316		968,650
Carriage Services, Inc.		31,890		859,754
Cavco Industries, Inc.*		5,600		726,040
Chegg, Inc.D*		157,500		1,935,675
Dave & Buster’s Entertainment, Inc.*		23,000		1,529,730
Destination XL Group, Inc.D*		330,288		776,177
Dick’s Sporting Goods, Inc.D		12,275		488,913
Five Below, Inc.D*		29,400		1,451,478
Floor & Decor Holdings, Inc.D*		5,400		212,004
Fox Factory Holding Corporation*		53,319		1,898,156
Gannett Co., Inc.		71,112		620,097
Gentherm, Inc.*		21,325		827,410
Grand Canyon Education, Inc.*		35,450		2,779,634
Gray Television, Inc.*		96,547		1,322,694
Haverty Furniture Cos., Inc.		33,610		843,611
Helen of Troy, Ltd.*		3,830		360,403
John Wiley & Sons, Inc.		2,470		130,292
Kona Grill, Inc.D*		28,230		104,451
LCI IndustriesD		28,590		2,927,616
Lear Corporation		12,403		1,762,218
Libbey, Inc.		51,019		411,213
Liberty TripAdvisor Holdings, Inc.*		45,038		522,441
Lithia Motors, Inc. Class AD		19,400		1,828,062
M/I Homes, Inc.*		44,298		1,264,708
Malibu Boats, Inc. Class A*		80,374		2,079,275
MCBC Holdings, Inc.*		53,634		1,048,545
Monro Muffler Brake, Inc.D		63,850		2,665,737
Motorcar Parts of America, Inc.D*		27,870		787,049
MSG Networks, Inc. Class A*		15,674		351,881
Nord Anglia Education, Inc.D*		63,400		2,064,938
Nutrisystem, Inc.		10,297		535,959
Office Depot, Inc.		135,545		764,474
Ollie’s Bargain Outlet Holdings, Inc.*		27,500		1,171,500
Papa John’s International, Inc.D		23,400		1,679,184

	Shares		Value
PICO Holdings, Inc.D*		17,391	$	304,342
Rent-A-Center, Inc.		46,893		549,586
Skechers U.S.A., Inc. Class A*		77,250		2,278,875
SORL Auto Parts, Inc.D*		47,626		318,142
Steven Madden, Ltd.*		27,260		1,089,037
Strayer Education, Inc.		9,500		885,590
Tenneco, Inc.D		25,565		1,478,424
Time, Inc.		50,220		720,657
Tower International, Inc.		40,741		914,635
Unifi, Inc.*		22,431		690,875
Universal Electronics, Inc.*		57,916		3,871,685
Urban Outfitters, Inc.D*		6,775		125,609
Visteon Corporation*		14,802		1,510,692
William Lyon Homes Class AD*		54,000		1,303,560
ZAGG, Inc.*		233,543		2,020,147
				72,167,369
Consumer Staples — 1.3%
Adecoagro SA*		63,274		632,107
Andersons, Inc. (The)		11,598		396,072
Coca-Cola Bottling Co. ConsolidatedD		3,500		801,045
Dean Foods Co.D		66,451		1,129,667
Landec CorporationD*		35,820		531,927
Medifast, Inc.		25,780		1,069,096
Nu Skin Enterprises, Inc. Class A		2,637		165,709
Omega Protein Corporation		73,140		1,309,206
Sanderson Farms, Inc.D		8,372		968,222
				7,003,051
Energy — 4.5%
Archrock, Inc.		54,364		619,750
Callon Petroleum Co.*		70,680		749,915
Cosan, Ltd. Class A		111,184		712,689
Evolution Petroleum Corporation		24,279		196,660
Exterran Corporation*		20,253		540,755
Geopark, Ltd.*		50,421		380,679
Gulfport Energy Corporation*		226,270		3,337,483
Hallador Energy Co.		58,811		456,961
Keane Group, Inc.D*		63,900		1,022,400
Matador Resources Co.D*		63,200		1,350,584
McDermott International, Inc.*		165,825		1,188,965
Pacific Ethanol, Inc.*		61,330		383,313
PBF Energy, Inc. Class AD		106,462		2,369,844
PDC Energy, Inc.D*		26,300		1,133,793
Renewable Energy Group, Inc.D*		82,615		1,069,864
REX American Resources CorporationD*		11,562		1,116,427
RigNet, Inc.*		12,301		197,431
Ring Energy, Inc.*		166,453		2,163,889
RSP Permian, Inc.*		29,300		945,511
Southwestern Energy Co.D*		286,389		1,741,245

See Notes to Financial Statements.

166

	Shares		Value
Tsakos Energy Navigation, Ltd.D		35,224	$	169,075
Whiting Petroleum CorporationD*		104,700		576,897
WildHorse Resource Development CorporationD*		75,000		927,750
World Fuel Services Corporation		35,951		1,382,316
				24,734,196
Financials — 15.2%
American Equity Investment Life Holding Co.		101,157		2,658,406
AMERISAFE, Inc.D		71,515		4,072,779
AmTrust Financial Services, Inc.D		16,330		247,236
Argo Group International Holdings, Ltd.		25,510		1,545,906
Assured Guaranty, Ltd.		52,876		2,207,044
Axis Capital Holdings, Ltd.		8,997		581,746
BancFirst Corporation		5,350		516,810
Bancorp, Inc. (The)*		63,646		482,437
BankUnited, Inc.		19,100		643,861
Berkshire Hills Bancorp, Inc.		32,253		1,133,693
Cadence BanCorp*		43,500		951,780
CenterState Banks, Inc.		60,565		1,505,646
Central Pacific Financial Corporation		55,736		1,754,012
Chemical Financial Corporation		36,431		1,763,625
CNO Financial Group, Inc.		147,296		3,075,540
Community Bank System, Inc.D		13,490		752,337
Cowen, Inc.D*		10,760		174,850
Enova International, Inc.*		8,702		129,225
Evercore Partners, Inc. Class A		7,104		500,832
Everest Re Group, Ltd.		5,763		1,467,202
FCB Financial Holdings, Inc. Class A*		24,500		1,169,875
Federal Agricultural Mortgage Corporation Class C		16,043		1,037,982
Financial Institutions, Inc.		27,400		816,520
First Commonwealth Financial Corporation		120,840		1,532,251
First Connecticut Bancorp, Inc.		13,025		334,091
FNB Corporation		148,710		2,105,734
GAMCO Investors, Inc. Class A		3,503		103,689
Garrison Capital, Inc.		10,979		90,687
Great Western Bancorp, Inc.D		29,965		1,222,872
Green Dot Corporation Class A*		44,687		1,721,790
Hamilton Lane, Inc. Class A		64,340		1,414,837
Hanmi Financial Corporation		28,682		816,003
HomeTrust Bancshares, Inc.*		15,611		380,908
Independent Bank Corporation		40,708		885,399

	Shares		Value
Infinity Property & Casualty Corporation		9,098	$	855,212
INTL. FCStone, Inc.*		26,790		1,011,590
Investment Technology Group, Inc.		16,708		354,878
Lazard, Ltd. Class A		36,532		1,692,528
Leucadia National Corporation		38,825		1,015,662
LPL Financial Holdings, Inc.		10,644		451,944
MGIC Investment Corporation*		100,384		1,124,301
National General Holdings Corporation		45,140		952,454
OFG BancorpD		231,124		2,311,240
Old Second Bancorp, Inc.D		54,453		628,932
Pacific Premier Bancorp, Inc.*		48,835		1,802,011
Peapack Gladstone Financial Corporation		9,400		294,126
Pinnacle Financial Partners, Inc.		10,310		647,468
Piper Jaffray Cos.		12,038		721,678
Popular, Inc.		51,518		2,148,816
ProAssurance Corporation		44,350		2,696,480
QCR Holdings, Inc.		16,509		782,527
Regional Management Corporation*		26,842		634,276
Reinsurance Group of America, Inc.		19,137		2,456,999
Republic Bancorp, Inc.		1,341		47,874
Safeguard Scientifics, Inc.*		49,210		585,599
State Bank Financial Corporation		7,172		194,505
Stewart Information Services Corporation		29,568		1,341,796
Synovus Financial Corporation		34,615		1,531,368
Texas Capital Bancshares, Inc.*		23,360		1,808,064
Third Point Reinsurance, Ltd.*		53,633		745,499
TriCo Bancshares		14,068		494,490
Umpqua Holdings Corporation		101,540		1,864,274
United Community Banks, Inc.		132,773		3,691,089
United Community Financial CorporationD*		56,286		467,737
Universal Insurance Holdings, Inc.D		36,477		919,220
Voya Financial, Inc.		87,833		3,240,159
Wintrust Financial Corporation		20,090		1,535,680
WisdomTree Investments, Inc.D		185,900		1,890,603
				82,738,684
Health Care — 8.0%
Achaogen, Inc.D*		21,000		456,330
Addus HomeCare Corporation*		16,784		624,365

See Notes to Financial Statements.

167

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMEN (Continued)

	Shares		Value
Allscripts Healthcare Solutions, Inc.*		83,000	$	1,059,080
Amedisys, Inc.*		31,200		1,959,672
American Renal Associates Holdings, Inc.D*		56,500		1,048,075
Applied Genetic Technologies CorporationD*		60,063		306,321
Avexis, Inc.*		3,200		262,912
Blueprint Medicines CorporationD*		13,600		689,112
Catalent, Inc.*		24,087		845,454
Catalyst Pharmaceuticals, Inc.D*		199,899		551,721
Civitas Solutions, Inc.*		95,000		1,662,500
Dermira, Inc.D*		57,800		1,684,292
Eagle Pharmaceuticals, Inc.D*		6,009		474,050
Emergent BioSolutions, Inc.*		37,300		1,264,843
Evolent Health, Inc. Class AD*		62,000		1,571,700
Five Star Quality Care, Inc.+*		2,086		—
Globus Medical, Inc. Class A*		32,390		1,073,728
Halyard Health, Inc.*		18,935		743,767
HealthEquity, Inc.D*		23,800		1,185,954
Inogen, Inc.*		23,800		2,270,996
iRhythm Technologies, Inc.D*		45,300		1,924,797
K2M Group Holdings, Inc.*		72,500		1,766,100
Kindred Biosciences, Inc.*		44,901		386,149
Lannett Co., Inc.D*		110,927		2,262,911
LHC Group, Inc.*		14,275		969,130
Masimo Corporation*		10,880		992,038
Molina Healthcare, Inc.*		13,125		907,988
Pfenex, Inc.*		44,206		177,266
Phibro Animal Health Corporation		16,566		613,770
PRA Health Sciences, Inc.*		24,000		1,800,240
Providence Service Corporation (The)*		19,508		987,300
Psychemedics Corporation		14,308		356,985
Quality Systems, Inc.*		12,839		220,959
R1 RCM, Inc.D*		132,532		496,995
Radius Health, Inc.D*		24,000		1,085,520
RadNet, Inc.*		38,224		296,236
Repligen CorporationD*		55,100		2,283,344
Retrophin, Inc.*		7,640		148,140
RTI Surgical, Inc.*		73,235		428,425
Spectranetics Corporation Class A*		15,200		583,680
US Physical Therapy, Inc.D		5,480		330,992
Vanda Pharmaceuticals, Inc.*		58,258		949,605
VIVUS, Inc.*		435,987		531,904
West Pharmaceutical Services, Inc.		35,020		3,310,090
				43,545,436
Industrials — 19.9%
ACCO Brands Corporation*		301,800		3,515,970

	Shares		Value
Advisory Board Co. (The)*		28,500	$	1,467,750
AECOM*		4,645		150,173
Albany International Corporation Class A		64,500		3,444,300
Allegiant Travel Co.D		15,650		2,122,140
Applied Industrial Technologies, Inc.		26,675		1,575,159
Argan, Inc.		10,148		608,880
Astronics Corporation*		79,646		2,426,814
Atkore International Group, Inc.*		23,730		535,112
Atlas Air Worldwide Holdings, Inc.*		31,868		1,661,916
AZZ, Inc.		37,977		2,119,117
Beacon Roofing Supply, Inc.*		46,800		2,293,200
BMC Stock Holdings, Inc.*		34,450		752,733
CAI International, Inc.*		26,279		620,184
Clean Harbors, Inc.*		41,900		2,339,277
Columbus McKinnon Corporation		109,147		2,774,517
Commercial Vehicle Group, Inc.*		54,320		459,004
Continental Building Products, Inc.*		50,708		1,181,496
CRA International, Inc.		20,837		756,800
Crane Co.		3,235		256,794
Ducommun, Inc.*		57,297		1,809,439
EMCOR Group, Inc.		38,200		2,497,516
EnerSys, Inc.		40,090		2,904,521
Ennis, Inc.*		23,021		439,701
Exponent, Inc.		31,800		1,853,940
FreightCar America, Inc.		29,710		516,657
Global Brass & Copper Holdings, Inc.		25,570		781,164
Greenbrier Cos., Inc. (The)D		43,247		2,000,174
Hawaiian Holdings, Inc.*		17,983		844,302
Healthcare Services Group, Inc.		43,250		2,025,398
Huron Consulting Group, Inc.*		32,300		1,395,360
ICF International, Inc.*		41,400		1,949,940
Insteel Industries, Inc.		64,622		2,130,587
Interface, Inc.		24,899		489,265
JetBlue Airways Corporation*		51,380		1,173,005
KBR, Inc.D		101,400		1,543,308
Kforce, Inc.		22,537		441,725
Kimball International, Inc.		29,045		484,761
Knight Transportation, Inc.D		48,000		1,778,400
LB Foster Co. Class A		36,043		773,122
Lydall, Inc.*		36,532		1,888,704
ManpowerGroup, Inc.		20,068		2,240,592
Milacron Holdings Corporation*		124,400		2,188,196
Moog, Inc.*		14,708		1,054,858
MYR Group, Inc.*		30,086		933,268
NCI Building Systems, Inc.*		49,750		830,825
Neff Corporation Class AD*		23,240		441,560
NN, Inc.		91,434		2,509,863

See Notes to Financial Statements.

168

	Shares		Value
Old Dominion Freight Line, Inc.D		5,710	$	543,820
On Assignment, Inc.*		95,910		5,193,526
Orbital ATK, Inc.		26,531		2,609,589
Owens Corning		36,053		2,412,667
Patrick Industries, Inc.*		69,833		5,087,334
Proto Labs, Inc.D*		19,400		1,304,650
Quanta Services, Inc.*		25,265		831,724
RBC Bearings, Inc.D*		17,700		1,801,152
Rexnord Corporation*		74,700		1,736,775
RPX Corporation*		75,299		1,050,421
SkyWest, Inc.D		6,296		220,990
Spirit AeroSystems Holdings, Inc. Class A		29,943		1,734,897
Spirit Airlines, Inc.*		13,700		707,605
Sterling Construction Co., Inc.*		50,068		654,389
TriNet Group, Inc.*		70,100		2,295,074
Triumph Group, Inc.D		23,693		748,699
UniFirst Corporation*		13,700		1,927,590
Viad Corporation		8,600		406,350
Wabash National CorporationD		49,583		1,089,834
WageWorks, Inc.D*		59,550		4,001,760
Watts Water Technologies, Inc. Class AD		15,800		998,560
				108,338,893
Information Technology — 16.9%
2U, Inc.D*		68,700		3,223,404
Alpha & Omega Semiconductor, Ltd.*		27,861		464,443
Ambarella, Inc.D*		8,380		406,849
American Software, Inc.		17,823		183,399
Amkor Technology, Inc.*		64,696		632,080
Aspen Technology, Inc.*		29,506		1,630,502
Autobytel, Inc.*		38,125		480,756
Blackhawk Network Holdings, Inc.*		39,300		1,713,480
Blackline, Inc.D*		39,900		1,426,026
BroadSoft, Inc.D*		37,000		1,592,850
Carbonite, Inc.*		38,300		834,940
CardConnect CorporationD*		77,600		1,167,880
Cision, Ltd.*		91,800		944,622
Cloudera, Inc.D*		52,000		833,040
Coherent, Inc.D*		7,880		1,772,921
Cohu, Inc.		30,172		474,907
Cypress Semiconductor CorporationD		46,231		631,053
DHI Group, Inc.*		136,866		390,068
Diodes, Inc.*		21,070		506,312
Electronics For Imaging, Inc.D*		41,600		1,971,008
Envestnet, Inc.*		86,500		3,425,400
ExlService Holdings, Inc.*		54,750		3,043,005
Fair Isaac Corporation		19,300		2,690,613
FARO Technologies, Inc.D*		34,100		1,288,980
Finisar CorporationD*		21,760		565,325
Integrated Device Technology, Inc.*		63,935		1,648,884

	Shares		Value
InterDigital, Inc.		35,970	$	2,780,481
IXYS Corporation*		14,274		234,807
j2 Global, Inc.D		46,100		3,922,649
Jabil Circuit, Inc.D		38,593		1,126,530
KEMET Corporation*		35,289		451,699
Kimball Electronics, Inc.*		34,060		614,783
Kulicke & Soffa Industries, Inc.*		64,487		1,226,543
Littelfuse, Inc.		10,100		1,666,500
MACOM Technology Solutions Holdings, Inc.D*		40,100		2,236,377
MAXIMUS, Inc.		27,700		1,734,851
MKS Instruments, Inc.		98,537		6,631,540
Net 1 UEPS Technologies, Inc.*		56,634		558,411
New Relic, Inc.*		3,200		137,632
NIC, Inc.		86,400		1,637,280
Paycom Software, Inc.D*		49,700		3,399,977
Pegasystems, Inc.D		38,300		2,234,805
Progress Software Corporation		44,235		1,366,419
Q2 Holdings, Inc.*		80,600		2,978,170
Reis, Inc.D		54,238		1,152,558
Science Applications International Corporation		24,400		1,693,848
Synaptics, Inc.D*		45,750		2,365,733
Synchronoss Technologies, Inc.D*		54,254		892,478
Take-Two Interactive Software, Inc.D*		26,390		1,936,498
Teradyne, Inc.		40,933		1,229,218
TESSCO Technologies, Inc.		50,499		671,637
Tyler Technologies, Inc.D*		15,044		2,642,779
VeriFone Systems, Inc.D*		120,800		2,186,480
Vishay Intertechnology, Inc.D		118,062		1,959,829
Web.com Group, Inc.*		40,299		1,019,565
WEX, Inc.*		40,000		4,170,800
Zebra Technologies Corporation Class A*		7,404		744,250
Zix Corporation*		126,118		717,611
				92,265,485
Materials — 4.2%
A. Schulman, Inc.		19,118		611,776
Boise Cascade Co.*		26,706		811,862
Cabot Corporation		15,168		810,426
Chemours Co. (The)		14,398		545,972
Ferro Corporation*		35,120		642,345
FutureFuel Corporation		52,237		788,256
KMG Chemicals, Inc.		9,731		473,608
Koppers Holdings, Inc.*		65,282		2,359,944
LSB Industries, Inc.D*		145,080		1,498,676
Mercer International, Inc.D		74,592		857,808
Myers Industries, Inc.		41,659		747,779
Olympic Steel, Inc.		12,334		240,266
OMNOVA Solutions, Inc.*		166,759		1,625,900
Orion Engineered Carbons SAD		38,583		769,731
Owens-Illinois, Inc.*		31,550		754,676

See Notes to Financial Statements.

169

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
PolyOne Corporation		59,975	$	2,323,432
Summit Materials, Inc. Class A*		80,524		2,324,728
Trinseo SA		22,348		1,535,308
UFP Technologies, Inc.*		7,012		198,440
United States Steel CorporationD		86,517		1,915,486
Universal Stainless & Alloy Products, Inc.*		55,449		1,081,256
				22,917,675
Real Estate — 5.6%
Ashford Hospitality Trust, Inc. REIT		162,420		987,514
Chesapeake Lodging Trust REIT		16,980		415,501
CubeSmart REIT		23,190		557,488
DiamondRock Hospitality Co. REIT		123,241		1,349,489
First Potomac Realty Trust REIT		46,728		519,148
HFF, Inc. Class A		56,600		1,967,982
Hospitality Properties Trust REIT		54,572		1,590,774
InfraREIT, Inc.D		34,850		667,377
Kennedy-Wilson Holdings, Inc.D		142,825		2,720,816
LaSalle Hotel Properties REITD		57,119		1,702,146
Mack-Cali Realty Corporation REIT		73,126		1,984,640
National Storage Affiliates Trust REIT		73,000		1,687,030
NexPoint Residential Trust, Inc. REIT		37,303		928,472
Physicians Realty Trust REIT		57,240		1,152,814
RLJ Lodging Trust REIT		14,472		287,559
RMR Group, Inc. (The) Class A		18,112		881,149
Ryman Hospitality Properties, Inc. REITD		22,939		1,468,325
Sabra Health Care REIT, Inc.D		48,026		1,157,426
Summit Hotel Properties, Inc. REITD		82,151		1,532,116
Terreno Realty Corporation REIT		47,869		1,611,270
Tier REIT, Inc.		66,129		1,222,064
UMH Properties, Inc. REIT		53,744		916,335
Washington Prime Group, Inc. REITD		141,846		1,187,251
Xenia Hotels & Resorts, Inc. REIT		87,944		1,703,475
				30,198,161
Telecommunication Services — 0.9%
Cogent Communications Holdings, Inc.D		35,500		1,423,550

	Shares		Value
Shenandoah Telecommunications Co.		77,500	$	2,379,250
Vonage Holdings Corporation*		157,840		1,032,274
				4,835,074
Utilities — 2.0%
AES Corporation		138,435		1,538,013
AquaVenture Holdings, Ltd.D*		46,400		706,672
El Paso Electric Co.		15,126		782,014
Portland General Electric Co.		40,919		1,869,589
Southwest Gas Holdings, Inc.		24,123		1,762,426
Spire, Inc.		11,210		781,897
UGI Corporation		49,231		2,383,273
Vectren Corporation		20,963		1,225,078
				11,048,962
Total Common Stocks (Cost $428,894,517)				499,792,986
FOREIGN COMMON STOCKS — 2.9%
Australia — 0.1%
Tronox, Ltd.D		34,295		518,540
Belgium — 0.1%
Euronav NVD		70,203		554,604
Canada — 1.3%
Advantage Oil & Gas, Ltd.D*		92,063		621,425
Celestica, Inc.D*		69,955		949,989
Colliers International Group, Inc.		9,380		529,501
Dominion Diamond Corporation		77,111		968,514
FirstService Corporation		20,483		1,310,502
IMAX CorporationD*		84,800		1,865,600
Silvercorp Metals, Inc.D		158,305		503,410
Taseko Mines, Ltd.*		145,502		184,788
				6,933,729
Curacao — 0.2%
Orthofix International NV*		22,149		1,029,485
France — 0.5%
DBV Technologies SA ADRD*		28,800		1,028,448
Talend SA ADRD*		57,600		2,003,328
				3,031,776
Ireland — 0.1%
Mallinckrodt PLCD*		18,417		825,266
Israel — 0.2%
Mellanox Technologies, Ltd.D*		26,501		1,147,493
Nova Measuring Instruments, Ltd.*		1,401		30,948
				1,178,441

See Notes to Financial Statements.

170

	Shares		Value
Marshall Islands — 0.1%
Aegean Marine Petroleum Network, Inc.D		63,160	$	369,486
United Kingdom — 0.3%
Cardtronics PLC Class A*		26,900		883,934
Signet Jewelers, Ltd.D		9,720		614,693
				1,498,627
Total Foreign Common Stocks (Cost $16,376,838)				15,939,954
MASTER LIMITED PARTNERSHIP — 0.8%
Compass Diversified Holdings (Cost $3,558,055)		238,065		4,154,234
	Par
CORPORATE BONDS — 0.0%
Lehman Escrow Bonds
0.00%, 07/19/17+W#	$	160,000		—
0.00%, 08/07/17+W#		10,000		—
0.00%, 12/28/17+W#		120,000		—
0.00%, 08/19/45+W#		50,000		—
Total Corporate Bonds
(Cost $0)				—
	Shares
MONEY MARKET FUNDS — 12.7%
GuideStone Money Market Fund (Investor Class)¥		26,109,041		26,109,041
Northern Institutional Liquid Assets Portfolio§		43,102,599		43,102,599
Total Money Market Funds (Cost $69,211,640)				69,211,640
	Par
U. S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.09%, 12/14/17W‡‡ (Cost $1,393,025)		1,400,000		1,393,223
TOTAL INVESTMENTS — 108.3% (Cost $519,434,075)				590,492,037
Liabilities in Excess of Other Assets — (8.3)%				(45,349,797	)
NET ASSETS — 100.0%			$	545,142,240

PORTFOLIO SUMMARY (based on net assets)

	%
Industrials		19.9
Information Technology		16.9
Financial Services		15.2
Consumer Discretionary		13.2
Money Market Funds		12.7
Health Care		8.0
Real Estate		5.6
Energy		4.5
Materials		4.2
Foreign Common Stocks		2.9
Utilities		2.0
Consumer Staples		1.3
Telecommunication Services		0.9
Master Limited Partnership		0.8
U.S. Treasury Obligation		0.2
Corporate Bonds		—	**
		108.3

^**  Rounds to less than 0.005%

See Notes to Financial Statements.

171

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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:
Consumer Discretionary	$	72,167,369		$	72,167,369		$	—	$	—
Consumer Staples		7,003,051			7,003,051			—		—
Energy		24,734,196			24,734,196			—		—
Financials		82,738,684			82,738,684			—		—
Health Care		43,545,436			43,545,436			—		—	**
Industrials		108,338,893			108,338,893			—		—
Information Technology		92,265,485			92,265,485			—		—
Materials		22,917,675			22,917,675			—		—
Real Estate		30,198,161			30,198,161			—		—
Telecommunication Services		4,835,074			4,835,074			—		—
Utilities		11,048,962			11,048,962			—		—
Corporate Bonds		—			—			—		—	**
Foreign Common Stocks		15,939,954			15,939,954			—		—
Master Limited Partnership		4,154,234			4,154,234			—		—
Money Market Funds		69,211,640			69,211,640			—		—
U.S. Treasury Obligation		1,393,223			—			1,393,223		—
Total Assets — Investments in Securities	$	590,492,037		$	589,098,814		$	1,393,223	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(121,853	)	$	(121,853	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(121,853	)	$	(121,853	)	$	—	$	—

** Level 3 security has zero value.

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosures in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

172

INTERNATIONAL EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 93.6%
Australia — 6.5%
AGL Energy, Ltd.		9,921	$	194,445
Alumina, Ltd.D		20,465		30,200
Amcor, Ltd.		12,343		153,781
AMP, Ltd.		32,305		128,866
APA Group		9,268		65,321
ASX, Ltd.		2,247		92,587
Aurizon Holdings, Ltd.		25,222		103,907
AusNet Services		27,770		37,032
Australia & New Zealand Banking Group, Ltd.		32,216		711,142
Bank of Queensland, Ltd.		4,076		35,871
Bendigo and Adelaide Bank, Ltd.D		5,305		45,178
BHP Billiton, Ltd.		32,891		588,519
BlueScope Steel, Ltd.		5,856		59,457
Boral, Ltd.		12,539		66,980
Brambles, Ltd.		15,826		118,354
Caltex Australia, Ltd.		2,589		62,901
Challenger, Ltd.		6,640		68,081
CIMIC Group, Ltd.		1,187		35,435
Coca-Cola Amatil, Ltd.		13,078		92,778
Cochlear, Ltd.		717		85,666
Commonwealth Bank of Australia		18,548		1,180,539
Computershare, Ltd.		5,174		56,231
CSL, Ltd.		4,943		524,402
Dexus REIT		9,600		69,949
Domino’s Pizza Enterprises, Ltd.D		1,020		40,829
Flight Centre Travel Group, Ltd.D		1,053		30,998
Fortescue Metals Group, Ltd.		15,263		61,236
Goodman Group REIT		23,142		139,983
GPT Group (The) REIT		20,139		74,144
Harvey Norman Holdings, Ltd.D		9,185		26,968
Healthscope, Ltd.		21,042		35,742
Incitec Pivot, Ltd.		17,247		45,203
Insurance Australia Group, Ltd.		26,988		140,637
Lend Lease Group		5,556		71,101
Macquarie Group, Ltd.		3,969		269,976
Medibank Pvt., Ltd.		28,244		60,783
Mirvac Group REIT		50,361		82,447
National Australia Bank, Ltd.		29,275		665,798
Newcrest Mining, Ltd.		8,925		138,293
Orica, Ltd.		4,853		77,137
Origin Energy, Ltd.		19,723		103,991
Qantas Airways, Ltd.		4,384		19,274

	Shares		Value
QBE Insurance Group, Ltd.		15,735	$	142,829
Ramsay Health Care, Ltd.		1,607		90,906
REA Group, Ltd.		873		44,554
Rio Tinto, Ltd.		4,176		203,076
Santos, Ltd.		17,955		41,815
Scentre Group REIT		56,458		175,744
SEEK, Ltd.		3,958		51,442
Sonic Healthcare, Ltd.		5,071		94,399
South32, Ltd.		58,584		120,674
Stockland REIT		27,645		93,066
Suncorp Group, Ltd.		13,771		156,861
Sydney Airport		10,990		59,889
Telstra Corporation, Ltd.		47,291		156,296
TPG Telecom, Ltd.D		4,589		20,104
Transurban Group		23,481		213,863
Vicinity Centres		34,448		68,045
Wesfarmers, Ltd.		17,797		548,792
Westfield Corporation REIT		21,009		129,665
Westpac Banking Corporation		36,038		845,091
Woodside Petroleum, Ltd.		8,928		204,970
				10,154,243
Austria — 0.2%
ANDRITZ AG		720		43,371
Erste Group Bank AG		3,328		127,431
OMV AG		1,954		101,400
Raiffeisen Bank International AG*		950		23,979
voestalpine AGD		552		25,723
				321,904
Belgium — 0.8%
Ageas		2,844		114,534
Colruyt SA		1,898		99,990
Groupe Bruxelles Lambert SA		1,963		188,982
KBC Groep NV		3,074		233,163
Proximus SADP		2,723		95,262
Solvay SA		1,154		154,870
Telenet Group Holding NV*		1,213		76,406
UCB SA		2,703		185,944
Umicore SA		1,333		92,719
				1,241,870
Canada — 0.0%
International Petroleum Corporation*		1		2
Denmark — 1.4%
AP Moeller - Maersk A/S Class A		78		148,923

See Notes to Financial Statements.

173

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
AP Moeller - Maersk A/S Class B		51	$	102,543
Chr. Hansen Holding A/S		1,516		110,259
Coloplast A/S Class B		2,241		187,256
Danske Bank A/S		9,189		353,426
DONG Energy A/S 144A		1,983		89,520
DSV A/S		2,517		154,646
Genmab A/S		757		161,508
H Lundbeck A/S		1,284		72,066
ISS A/S		2,857		112,211
Novozymes A/S, B Shares		3,119		136,491
Pandora A/S		1,677		156,486
TDC A/S		8,509		49,483
Tryg A/S		3,476		76,030
VestasWind Systems A/S		2,437		224,970
William Demant Holding A/S		2,918		75,523
				2,211,341
Finland — 1.1%
Elisa OYJ		860		33,328
Fortum OYJ		5,093		79,867
Kone OYJ Class B		3,899		198,347
Metso OYJ		1,554		53,886
Neste OYJ		1,361		53,614
Nokia OYJ		65,477		400,511
Nokian Renkaat OYJ		669		27,691
Orion OYJ Class B		1,825		116,519
Sampo OYJ, A Shares		6,290		322,352
Stora Enso OYJ, R Shares		7,178		92,723
UPM-Kymmene OYJ		6,620		188,723
Wartsila OYJ Abp		1,465		86,591
				1,654,152
France — 9.6%
Accor SA		2,894		135,669
Aeroports de Paris		231		37,280
Air Liquide SA		4,448		549,687
Alstom SA*		1,430		49,995
Arkema SA		687		73,311
Atos SE		720		101,067
AXA SA		22,938		627,457
BNP Paribas SA		12,261		883,086
Bollore SAD		12,330		56,063
Bouygues SA		1,998		84,252
Bureau Veritas SA		3,678		81,391
Capgemini SE		1,772		183,122
Carrefour SAD		7,470		188,981
Casino Guichard Perrachon SA		458		27,128
Christian Dior SED		961		274,786
Cie de St-GobainD		5,516		294,719
Cie Generale des Etablissements Michelin		1,437		191,044
CNP Assurances		2,393		53,720
Credit Agricole SA		12,791		205,771
Danone SA		9,695		728,724
Dassault Aviation SA		24		33,512
Dassault Systemes SA		1,492		133,754

	Shares		Value
Edenred		2,757	$	71,890
Eiffage SA		840		76,330
Electricite de France SAD		7,268		78,711
Engie SA		19,597		295,788
Essilor International SA		2,757		350,788
Eurazeo SA		48		3,601
Eurofins Scientific SE Millicom International Cellular SA SDR		215		121,099
Eutelsat Communications SA		1,634		41,730
Fonciere Des Regions		707		65,585
Gecina SA REIT		503		78,908
Groupe Eurotunnel SE		5,218		55,652
Hermes International		345		170,482
ICADE REIT		531		44,576
Iliad SA		257		60,791
Imerys SA		21		1,826
Ingenico GroupD		673		61,101
Ipsen SA		640		87,607
JCDecaux SAD		1,071		35,132
Kering		1,025		349,104
Klepierre REIT		3,685		151,034
L’Oreal SA		3,123		650,609
Lagardere SCA		494		15,601
Legrand SA		2,556		178,809
Natixis SA		11,553		77,549
Orange SAD		22,045		349,732
Peugeot SA		3,975		79,292
Publicis Groupe SAD		2,369		176,713
Renault SAD		1,904		172,341
Rexel SA		2,931		47,955
Safran SAD		3,469		317,920
Sanofi		13,652		1,306,039
Schneider Electric SE		6,272		481,893
SCOR SE		1,503		59,585
SEB SA		418		75,074
SES SAD		3,858		90,442
Societe BIC SA		295		35,007
Societe Generale SA		8,362		449,932
Sodexo SA		1,234		159,546
Suez		3,491		64,653
Thales SA		918		98,810
TOTAL SA		27,071		1,338,335
Unibail-Rodamco SE REITD		1,439		362,650
Valeo SA		2,451		165,137
Veolia Environnement SA		5,489		115,981
Vinci SA		5,959		508,618
Vivendi SA		11,829		263,319
Wendel SA		233		34,489
Zodiac Aerospace		2,025		54,930
				14,927,215
Germany — 8.5%
adidas AG		2,142		410,398
Allianz SE		5,353		1,054,041
Axel Springer SED		360		21,628
BASF SE		10,418		964,883

See Notes to Financial Statements.

174

	Shares		Value
Bayerische Motoren Werke AG		3,758	$	348,870
Beiersdorf AG		1,495		157,160
Brenntag AG		1,403		81,211
Commerzbank AGD*		11,608		138,282
Continental AG		1,223		263,935
Covestro AG 144A		1,188		85,768
Daimler AG		10,567		764,819
Deutsche Bank AG		22,655		401,716
Deutsche Boerse AG		2,301		242,888
Deutsche Lufthansa AG		2,431		55,323
Deutsche Post AG		11,286		423,060
Deutsche Telekom AG		39,020		700,588
DeutscheWohnen AG		4,402		168,379
E.ON SE		26,940		253,787
Evonik Industries AG		1,751		55,967
Fraport AG Frankfurt Airport ServicesWorldwide		338		29,841
Fresenius Medical Care AG & Co. KGaA		3,048		293,019
Fresenius SE & Co. KGaA		5,622		481,973
GEA Group AGD		2,114		86,512
Hannover Rueck SE		793		95,056
HeidelbergCement AG		1,752		169,389
Henkel AG & Co KGaA		1,482		179,253
HOCHTIEF AG		215		39,388
HUGO BOSS AGD		951		66,583
Infineon Technologies AG		11,974		252,803
Innogy SE 144A		1,400		55,110
K+S AGD		1,931		49,447
LANXESS AG		939		71,095
Linde AG		2,207		417,936
Merck KGaA		2,991		361,260
METRO AG		2,082		70,280
Muenchener Rueckversicherungs-Gesellschaft AG		1,808		364,577
OSRAM Licht AG		655		52,181
ProSiebenSat.1 Media SE		2,829		118,389
RWE AG		5,478		109,148
SAP SE		11,250		1,175,058
Siemens AG		8,662		1,190,659
Symrise AG		1,436		101,721
Telefonica Deutschland Holding AG		8,893		44,417
thyssenKrupp AGD		4,347		123,503
TUI AG		5,007		72,974
United Internet AG		1,502		82,593
Volkswagen AGD		584		90,547
Vonovia SE		6,071		241,060
Zalando SE 144AD		1,333		60,915
				13,139,390
Hong Kong — 3.0%
AIA Group, Ltd.		132,200		966,002
ASM Pacific Technology, Ltd.		3,200		43,241
Bank of East Asia, Ltd. (The)		12,668		54,437

	Shares		Value
BOC Hong Kong Holdings, Ltd.		40,500	$	193,748
Cheung Kong Property Holdings, Ltd.		30,500		238,884
CK Hutchison Holdings, Ltd.		29,000		364,011
CK Infrastructure Holdings, Ltd.		7,000		58,816
CLP Holdings, Ltd.		17,500		185,144
First Pacific Co., Ltd.		18,000		13,280
Hang Lung Group, Ltd.		12,000		49,645
Hang Lung Properties, Ltd.		26,000		64,938
Hang Seng Bank, Ltd.		8,100		169,419
Henderson Land Development Co., Ltd.		14,278		79,643
HK Electric Investments & HK Electric Investments, Ltd. 144A		25,000		22,991
HKT Trust & HKT, Ltd.		48,000		62,955
Hong Kong & China Gas Co., Ltd.		91,421		171,895
Hong Kong Exchanges and Clearing, Ltd.		13,155		340,019
Hysan Development Co., Ltd.		9,000		42,940
Kerry Properties, Ltd.		5,000		16,971
Li & Fung, Ltd.		60,000		21,825
Link REIT		24,500		186,399
MTR Corporation, Ltd.		16,387		92,246
New World Development Co., Ltd.		74,546		94,621
NWS Holdings, Ltd.		13,399		26,360
PCCW, Ltd.		55,000		31,278
Power Assets Holdings, Ltd.		16,500		145,716
Shangri-La Asia, Ltd.		32,000		54,266
Sino Land Co., Ltd.		30,632		50,220
Sun Hung Kai Properties, Ltd.		16,000		235,057
Swire Pacific, Ltd. Class A		6,500		63,481
Swire Properties, Ltd.		13,000		42,876
Techtronic Industries Co., Ltd.		17,500		80,468
WH Group, Ltd. 144A		113,500		114,555
Wharf Holdings, Ltd. (The)		15,000		124,304
Wheelock & Co., Ltd.		8,000		60,352
Yue Yuen Industrial
Holdings, Ltd.		8,000		33,199
				4,596,202
Ireland — 0.5%
Bank of Ireland*		288,122		75,688
CRH PLC		9,619		340,302
DCC PLC		671		61,089
James Hardie Industries PLC CDI		5,216		82,185
Kerry Group PLC Class A		2,819		242,541
				801,805
Israel — 0.5%
Azrieli Group		958		53,216
Bank Hapoalim BM		15,980		107,756

See Notes to Financial Statements.

175

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Bank Leumi Le-Israel BM		19,282	$	93,682
Bezeq The Israeli Telecommunication Corporation, Ltd.		51,814		85,949
Check Point Software Technologies, Ltd.*		1,500		163,620
Elbit Systems, Ltd.		512		63,157
Frutarom Industries, Ltd.		340		23,736
Israel Chemicals, Ltd.		20,530		96,845
Mizrahi Tefahot Bank, Ltd.		1,129		20,528
NICE, Ltd.		1,027		80,913
Taro Pharmaceuticals Industries, Ltd.D*		300		33,618
				823,020
Italy — 1.8%
Assicurazioni Generali SpA		12,486		205,499
Atlantia SpA		4,528		127,429
Enel SpA		84,567		453,385
Eni SpA		28,645		430,554
Intesa Sanpaolo SpA		149,866		473,604
Leonardo SpA		3,992		66,340
Luxottica Group SpA		2,060		119,171
Mediobanca SpA		3,955		39,029
Poste Italiane SpA 144A		1,382		9,463
Prysmian SpA		1,011		29,734
Recordati SpA		1,825		74,039
Saipem SpAD*		7,412		27,376
Snam SpA		19,199		83,678
Telecom Italia SpA*		170,573		151,775
Tenaris SAD		5,417		84,453
Terna Rete Elettrica Nazionale SpA		6,216		33,553
UniCredit SpA		22,553		421,158
				2,830,240
Japan — 22.0%
ABC-Mart, Inc.		100		5,877
Acom Co., Ltd.D		3,200		14,595
AEON Co., Ltd.		7,100		107,755
AEON Financial Service Co., Ltd.		800		16,914
AEON Mall Co., Ltd.		900		17,700
AirWater, Inc.		2,000		36,701
Aisin Seiki Co., Ltd.		1,900		97,133
Ajinomoto Co., Inc.		9,400		202,793
Alfresa Holdings Corporation		1,900		36,606
Alps Electric Co., Ltd.		2,100		60,493
Amada Holdings Co., Ltd.		4,700		54,240
ANA Holdings, Inc.		13,000		45,123
Aozora Bank, Ltd.		5,000		19,026
Asahi Glass Co., Ltd.		2,000		84,108
Asahi Kasei Corporation		13,000		139,564
ASICS Corporation		1,700		31,468
Astellas Pharma, Inc.		24,200		295,736
Bandai Namco Holdings, Inc.		2,400		81,725
Bank of Kyoto, Ltd. (The)		3,000		28,273
Benesse Holdings, Inc.		500		18,849
Bridgestone Corporation		7,000		301,222

	Shares		Value
Brother Industries, Ltd.		1,900	$	43,803
Calbee, Inc.D		2,100		82,432
Canon, Inc.D		11,800		400,345
Casio Computer Co., Ltd.		2,100		32,244
Central Japan Railway Co.		1,600		260,467
Chiba Bank, Ltd. (The)		7,000		50,660
Chubu Electric Power Co., Inc.		7,000		92,887
Chugai Pharmaceutical Co., Ltd.		2,600		97,204
Chugoku Bank, Ltd. (The)		1,300		19,418
Chugoku Electric Power Co., Inc. (The)		3,100		34,149
Coca-Cola Bottlers Japan, Inc.		2,700		78,017
Concordia Financial Group, Ltd.		13,500		68,007
Credit Saison Co., Ltd.		1,200		23,408
CYBERDYNE, Inc.D*		1,200		15,950
Dai Nippon Printing Co., Ltd.		6,000		66,575
Daicel Corporation		3,100		38,504
Dai-ichi Life Insurance Co., Ltd.		11,500		207,199
Daiichi Sankyo Co., Ltd.		7,000		164,739
Daikin Industries, Ltd.		2,700		275,341
Daito Trust Construction Co., Ltd.		700		108,882
Daiwa House Industry Co., Ltd.		6,300		214,976
Daiwa House Investment Corporation REIT		13		30,849
Daiwa Securities Group, Inc.		17,000		100,632
DeNA Co., Ltd.		1,200		26,843
Denso Corporation		5,500		231,883
Dentsu, Inc.		2,200		105,037
Disco Corporation		300		47,797
Don Quijote Holdings Co., Ltd.		1,000		37,875
East Japan Railway Co.		3,600		343,916
Eisai Co., Ltd.		3,300		182,054
Electric Power Development Co., Ltd.		1,500		37,048
FamilyMart UNY Holdings Co., Ltd.		800		45,735
FANUC Corporation		2,100		404,316
Fast Retailing Co., Ltd.		600		199,618
Fuji Electric Co., Ltd.		5,000		26,317
FUJIFILM Holdings Corporation		4,700		168,820
Fujitsu, Ltd.		20,000		147,197
Fukuoka Financial Group, Inc.		8,000		37,982
Hachijuni Bank, Ltd. (The)		5,000		31,696
Hakuhodo DY Holdings, Inc.		1,900		25,187
Hamamatsu Photonics KK		1,200		36,808
Hankyu Hanshin Holdings, Inc.		2,600		93,390
Hikari Tsushin, Inc.		200		21,018
Hino Motors, Ltd.		2,100		23,283

See Notes to Financial Statements.

176

	Shares		Value
Hirose Electric Co., Ltd.		300	$	42,729
Hiroshima Bank, Ltd. (The)		6,000		26,566
Hisamitsu Pharmaceutical Co., Inc.		900		43,050
Hitachi Chemical Co., Ltd.		1,200		35,741
Hitachi Construction Machinery Co., Ltd.		900		22,461
Hitachi High-Technologies Corporation		600		23,258
Hitachi Metals, Ltd.		2,000		27,775
Hitachi, Ltd.		52,000		318,727
Honda Motor Co., Ltd.		18,700		509,418
Hoshizaki Corporation		600		54,199
Hoya Corporation		4,100		212,628
Hulic Co., Ltd.		2,400		24,475
Idemitsu Kosan Co., Ltd.		700		19,853
IHI Corporation		15,000		50,945
Iida Group Holdings Co., Ltd.		2,500		41,587
Inpex Corporation		10,400		99,955
Isetan Mitsukoshi Holdings, Ltd.		3,600		36,040
Isuzu Motors, Ltd.		5,000		61,614
ITOCHU Corporation		16,300		241,873
J. Front Retailing Co., Ltd.		3,400		52,115
Japan Airlines Co., Ltd.		1,200		37,064
Japan Airport Terminal Co., Ltd.		400		15,275
Japan Exchange Group, Inc.		6,600		119,413
Japan Post Bank Co., Ltd.		3,800		48,583
Japan Post Holdings Co., Ltd.		5,700		70,645
Japan Prime Realty Investment Corporation REIT		9		31,167
Japan Real Estate Investment Corporation REIT		13		64,610
Japan Retail Fund Investment Corporation REIT		25		46,121
JFE Holdings, Inc.		5,300		91,911
JGC Corporation		2,000		32,398
JSR Corporation		1,500		25,832
JTEKT Corporation		2,600		37,957
JXTG Holdings, Inc.		32,350		141,135
Kajima Corporation		9,000		75,857
Kakaku.com, Inc.		1,200		17,209
Kamigumi Co., Ltd.		2,000		20,947
Kaneka Corporation		3,000		22,832
Kansai Electric Power Co., Inc. (The)		8,200		112,784
Kansai Paint Co., Ltd.		2,000		45,966
Kao Corporation		5,800		344,055
Kawasaki Heavy Industries, Ltd.		15,000		44,277
KDDI Corporation		19,200		507,846
Keihan Holdings Co., Ltd.		2,000		12,696
Keikyu Corporation		4,000		48,117
Keio Corporation		7,000		58,502
Keisei Electric Railway Co., Ltd.		1,500		40,009

	Shares		Value
Keyence Corporation		1,000	$	438,675
Kikkoman Corporation		3,000		95,755
Kintetsu Group Holdings Co., Ltd.		15,000		57,746
Kobe Steel, Ltd.*		2,500		25,650
Koito Manufacturing Co., Ltd.		1,100		56,528
Komatsu, Ltd.		9,800		248,714
Konami Holdings Corporation		1,100		61,027
Konica Minolta, Inc.		4,700		38,946
Kose Corporation		300		32,727
Kubota Corporation		10,800		181,240
Kuraray Co., Ltd.		3,600		65,230
KuritaWater Industries, Ltd.		900		24,485
Kyocera Corporation		3,400		196,669
Kyowa Hakko Kirin Co., Ltd.		3,000		55,666
Kyushu Electric Power Co., Inc.D		4,400		53,359
Kyushu Financial Group, Inc.		3,700		23,323
Kyushu Railway Co.		1,100		35,648
Lawson, Inc.		600		41,929
LINE Corporation*		300		10,336
Lion Corporation		2,000		41,360
LIXIL Group Corporation		2,600		64,934
M3, Inc.		2,100		57,786
Mabuchi Motor Co., Ltd.		400		19,880
Makita Corporation		2,200		81,271
Marubeni Corporation		19,900		128,414
Marui Group Co., Ltd.		1,900		27,974
Maruichi Steel Tube, Ltd.		400		11,611
Mazda Motor Corporation		5,700		79,463
McDonald’s Holdings Co. Japan, Ltd.D		500		19,160
Mebuki Financial Group, Inc.		9,150		34,005
Medipal Holdings Corporation		2,200		40,645
MEIJI Holdings Co., Ltd.		2,000		161,992
MINEBEA MITSUMI, Inc.		4,000		64,192
Miraca Holdings, Inc.		500		22,449
MISUMI Group, Inc.		2,200		50,191
Mitsubishi Chemical Holdings Corporation		15,400		127,349
Mitsubishi Corporation		17,300		362,381
Mitsubishi Electric Corporation		22,000		315,990
Mitsubishi Estate Co., Ltd.		14,000		260,582
Mitsubishi Gas Chemical Co., Inc.		2,500		52,789
Mitsubishi Heavy Industries, Ltd.		38,000		155,345
Mitsubishi Materials Corporation		1,200		36,275
Mitsubishi Motors Corporation		6,300		41,449
Mitsubishi Tanabe Pharma Corporation		2,400		55,394
Mitsubishi UFJ Financial Group, Inc.		130,000		872,407

See Notes to Financial Statements.

177

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000	$	21,836
Mitsui & Co., Ltd.		18,300		261,219
Mitsui Chemicals, Inc.		8,000		42,321
Mitsui Fudosan Co., Ltd.		10,000		238,320
Mitsui OSK Lines, Ltd.		13,000		38,142
Mixi, Inc.		300		16,670
Mizuho Financial Group, Inc.		260,500		475,721
MS&AD Insurance Group Holdings, Inc.		5,400		181,192
Murata Manufacturing Co., Ltd.		2,200		333,888
Nabtesco Corporation		1,000		29,029
Nagoya Railroad Co., Ltd.		5,000		23,294
NEC Corporation		29,000		76,835
Nexon Co., Ltd.		2,200		43,423
NGK Insulators, Ltd.		3,000		59,720
NGK Spark Plug Co., Ltd.		1,900		40,357
NH Foods, Ltd.		3,000		91,087
Nidec Corporation		2,500		255,835
Nikon Corporation		3,500		55,888
Nintendo Co., Ltd.		1,200		402,009
Nippon Building Fund, Inc. REITD		14		71,447
Nippon Electric Glass Co., Ltd.		600		21,792
Nippon Express Co., Ltd.		10,000		62,503
Nippon Paint Holdings Co., Ltd.D		1,900		71,794
Nippon Prologis REIT, Inc.		17		36,184
Nippon Steel & Sumitomo Metal Corporation		8,200		185,033
Nippon Telegraph & Telephone Corporation		7,200		339,916
Nippon Yusen KK*		17,000		31,589
Nissan Chemical Industries, Ltd.		1,600		52,776
Nissan Motor Co., Ltd.		26,600		264,404
Nisshin Seifun Group, Inc.		5,500		90,220
Nissin Foods Holdings Co., Ltd.		1,600		99,862
Nitori Holdings Co., Ltd.		900		120,347
Nitto Denko Corporation		1,700		139,658
NOK Corporation		800		16,886
Nomura Holdings, Inc.		39,100		234,096
Nomura Real Estate Holdings, Inc.		2,000		39,191
Nomura Real Estate Master Fund, Inc. REIT		37		50,561
Nomura Research Institute, Ltd.		1,419		55,826
NSK, Ltd.		4,700		58,627
NTT Data Corporation		7,000		77,795
NTT DOCOMO, Inc.		15,400		363,110
Obayashi Corporation		7,300		85,737
Obic Co., Ltd.		600		36,808
Odakyu Electric Railway Co., Ltd.		3,000		60,440
Oji Holdings Corporation		8,000		41,254

	Shares		Value
Olympus Corporation		3,200	$	116,648
Omron Corporation		2,100		91,020
Ono Pharmaceutical Co., Ltd.		4,900		106,778
Oracle Corporation		700		45,370
Oriental Land Co., Ltd.		2,400		162,340
ORIX Corporation		14,800		228,958
Osaka Gas Co., Ltd.		23,000		93,963
Otsuka Corporation		400		24,788
Otsuka Holdings Co., Ltd.		5,100		217,195
Panasonic Corporation		24,500		331,967
Park24 Co., Ltd.		800		20,314
Pola Orbis Holdings, Inc.		800		21,068
Rakuten, Inc.		11,300		132,817
Recruit Holdings Co., Ltd.		12,000		206,019
Resona Holdings, Inc.		23,900		131,426
Ricoh Co., Ltd.		6,400		56,446
Rinnai Corporation		300		27,926
Rohm Co., Ltd.		1,000		76,728
Ryohin Keikaku Co., Ltd.		200		49,913
Santen Pharmaceutical Co., Ltd.		3,600		48,779
SBI Holdings, Inc.		1,500		20,298
Secom Co., Ltd.		2,300		174,328
Seibu Holdings, Inc.		2,300		42,473
Seiko Epson Corporation		3,000		66,655
Sekisui Chemical Co., Ltd.		4,000		71,518
Sekisui House, Ltd.		6,900		121,436
Seven & i Holdings Co., Ltd.		8,200		337,405
Seven Bank, Ltd.		4,800		17,156
Sharp CorporationD*		14,000		51,905
Shimadzu Corporation		2,000		38,017
Shimamura Co., Ltd.		200		24,468
Shimano, Inc.		800		126,464
Shimizu Corporation		6,000		63,534
Shin-Etsu Chemical Co., Ltd.		4,200		380,325
Shinsei Bank, Ltd.		4,000		6,970
Shionogi & Co., Ltd.		3,400		189,203
Shiseido Co., Ltd.		4,300		152,693
Shizuoka Bank, Ltd. (The)		5,000		45,121
Showa Shell Sekiyu KK		1,500		13,896
SMC Corporation		600		182,174
SoftBank Group Corporation		8,700		703,658
Sohgo Security Services Co., Ltd.		600		26,993
Sompo Holdings, Inc.		3,700		142,737
Sony Corporation		13,500		514,434
Sony Financial Holdings, Inc.		2,000		34,034
Stanley Electric Co., Ltd.		1,300		39,182
Start Today Co., Ltd.		1,500		36,875
Subaru Corporation		6,600		222,161
Sumitomo Chemical Co., Ltd.		17,000		97,639
Sumitomo Corporation		12,400		161,181
Sumitomo Dainippon Pharma Co., Ltd.		2,000		27,259
Sumitomo Electric Industries, Ltd.		8,000		123,050

See Notes to Financial Statements.

178

	Shares		Value
Sumitomo Heavy Industries, Ltd.		6,000	$	39,529
Sumitomo Metal Mining Co., Ltd.		5,000		66,704
Sumitomo Mitsui Financial Group, Inc.		15,200		591,783
Sumitomo Mitsui Trust Holdings, Inc.		4,300		153,649
Sumitomo Realty & Development Co., Ltd.		4,000		123,227
Sumitomo Rubber Industries, Inc.		1,400		23,600
Sundrug Co., Ltd.		800		29,802
Suntory Beverage & Food, Ltd.		2,400		111,385
Suruga Bank, Ltd.		1,500		36,301
Suzuken Co., Ltd.		900		29,847
Suzuki Motor Corporation		3,600		170,598
Sysmex Corporation		1,700		101,418
T&D Holdings, Inc.		6,200		94,233
Taiheiyo Cement Corporation		12,000		43,636
Taisei Corporation		10,000		91,220
Taisho Pharmaceutical Holdings Co., Ltd.		300		22,805
Taiyo Nippon Sanso Corporation		1,200		13,454
Takashimaya Co., Ltd.		3,000		28,513
Takeda Pharmaceutical Co., Ltd.		8,300		421,291
TDK Corporation		1,600		105,126
Teijin, Ltd.		1,600		30,741
Terumo Corporation		3,300		129,829
THK Co., Ltd.		1,000		28,273
Tobu Railway Co., Ltd.		10,000		54,501
Toho Co., Ltd.		1,600		49,220
Toho Gas Co., Ltd.		2,000		14,545
Tohoku Electric Power Co., Inc.		5,500		76,039
Tokio Marine Holdings, Inc.		7,200		297,730
Tokyo Electric Power Co. Holdings, Inc.*		16,800		69,157
Tokyo Electron, Ltd.		1,600		215,657
Tokyo Gas Co., Ltd.		22,000		114,288
Tokyo Tatemono Co., Ltd.		2,300		30,101
Tokyu Corporation		14,000		106,673
Tokyu Fudosan Holdings Corporation		5,600		33,060
Toppan Printing Co., Ltd.		7,000		76,675
Toray Industries, Inc.		16,000		133,761
Toshiba Corporation*		46,000		111,161
Tosoh Corporation		7,000		71,634
TOTO, Ltd.		1,200		45,770
Toyo Seikan Group Holdings, Ltd.		2,300		38,771
Toyo Suisan Kaisha, Ltd.		2,700		103,343
Toyoda Gosei Co., Ltd.		500		11,909
Toyota Industries Corporation		1,600		84,072
Toyota Motor Corporation		28,516		1,494,063
Toyota Tsusho Corporation		2,100		62,827

	Shares		Value
Trend Micro, Inc.		1,200	$	61,774
Tsuruha Holdings, Inc.		400		42,427
Unicharm Corporation		4,500		112,905
United Urban Investment Corporation REITD		28		39,956
USS Co., Ltd.		1,400		27,795
West Japan Railway Co.		1,900		134,060
Yahoo Japan CorporationD		17,200		74,779
Yakult Honsha Co., Ltd.		1,500		102,023
Yamada Denki Co., Ltd.		7,600		37,704
Yamaguchi Financial Group, Inc.		2,000		24,130
Yamaha Corporation		1,800		62,094
Yamaha Motor Co., Ltd.D		3,100		79,874
Yamato Holdings Co., Ltd.		4,400		89,134
Yamazaki Baking Co., Ltd.		4,000		79,627
Yaskawa Electric Corporation		2,600		55,040
Yokogawa Electric Corporation		1,800		28,822
Yokohama Rubber Co., Ltd. (The)		1,000		20,049
				34,158,028
Jersey — 0.3%
Shire PLC		9,425		520,240
Netherlands — 4.2%
ABN AMRO Group NV CVA 144A		3,989		105,746
Aegon NV		21,999		112,339
AerCap Holdings NV*		1,900		88,217
Airbus SE		6,460		531,237
Akzo Nobel NV		2,814		244,554
Altice NV Class A		5,108		117,849
Altice NV Class B*		878		20,262
ArcelorMittal*		6,552		148,620
ASML Holding NV		4,097		533,918
BoskalisWestminster		993		32,250
CNH Industrial NV		11,766		133,243
EXOR NV		1,420		76,860
Ferrari NV		1,166		100,081
Fiat Chrysler Automobiles NV		10,698		112,779
Gemalto NV		809		48,556
ING Groep NV		43,615		752,204
Koninklijke Ahold Delhaize NV		13,901		265,781
Koninklijke DSM NV		1,806		131,272
Koninklijke KPN NV		40,973		131,079
Koninklijke Philips NV		10,392		369,073
Koninklijke Vopak NV		953		44,192
Mobileye NV		2,300		144,440
NN Group NV		2,520		89,570
NXP Semiconductor NV*		3,562		389,861
QIAGEN NV		3,795		126,241
Randstad Holding NV		1,430		83,493
RELX NV		12,796		263,069
STMicroelectronics NV		6,571		94,339

See Notes to Financial Statements.

179

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Unilever NV CVA		20,219	$	1,115,860
Wolters Kluwer NV		3,782		160,106
				6,567,091
New Zealand — 0.2%
Auckland International
Airport, Ltd.		10,774		56,293
Contact Energy, Ltd.		7,151		27,302
Fletcher Building, Ltd.		7,398		43,316
Mercury NZ, Ltd.		4,302		10,466
Meridian Energy, Ltd.		12,874		27,453
Ryman Healthcare, Ltd.		6,330		38,454
Spark New Zealand, Ltd.		18,489		51,214
				254,498
Norway — 0.8%
DNB ASA		9,875		167,959
Gjensidige Forsikring ASA		1,151		19,646
Marine Harvest ASA		8,080		138,300
Norsk Hydro ASA		13,545		75,085
Orkla ASA		25,401		258,155
Schibsted ASA Class A		715		17,265
Schibsted ASA, B Shares		1,488		32,884
Statoil ASA		15,284		253,368
Telenor ASA		8,188		135,833
Yara International ASA		1,747		65,622
				1,164,117
Papua New Guinea — 0.1%
Oil Search, Ltd.		15,218		79,770
Portugal — 0.1%
EDP - Energias de Portugal SA		23,635		77,286
Galp Energia SGPS SA		4,165		63,055
Jeronimo Martins SGPS SA		1,845		36,013
				176,354
Singapore — 1.5%
Ascendas Real Estate Investment Trust REIT		25,800		48,911
CapitaLand Commercial Trust REIT		34,800		41,960
CapitaLand Mall Trust REIT		36,600		52,504
CapitaLand, Ltd.		30,000		76,267
City Developments, Ltd.		5,900		45,983
ComfortDelGro Corporation, Ltd.		29,600		49,450
DBS Group Holdings, Ltd.D		19,512		293,938
Global Logistic Properties, Ltd.		36,100		74,992
Golden Agri-Resources, Ltd.		62,700		17,078
Hongkong Land Holdings, Ltd.		12,800		94,208
Hutchison Port Holdings Trust Class U		53,700		23,091
Jardine Cycle & Carriage, Ltd.		1,111		35,789
Jardine Matheson Holdings, Ltd.		2,300		147,660

	Shares		Value
Jardine Strategic Holdings, Ltd.		2,500	$	104,225
Keppel Corporation, Ltd.		17,700		80,866
Oversea-Chinese Banking Corporation, Ltd.		32,762		256,766
SATS, Ltd.		4,900		18,187
Sembcorp Industries, Ltd.		15,900		35,571
Singapore Airlines, Ltd.		5,600		41,164
Singapore Exchange, Ltd.		7,800		41,585
Singapore Press Holdings, Ltd.D		18,400		43,168
Singapore Technologies Engineering, Ltd.		16,100		43,035
Singapore Telecommunications, Ltd.		91,800		259,380
StarHub, Ltd.D		4,000		7,903
Suntec Real Estate Investment Trust		26,900		36,537
United Overseas Bank, Ltd.		15,138		254,215
UOL Group, Ltd.		7,561		41,958
Wilmar International, Ltd.		17,100		41,609
Yangzijiang Shipbuilding Holdings, Ltd.		23,400		20,226
				2,328,226
Spain — 3.2%
Abertis Infraestructuras SA		6,859		127,068
ACS Actividades de Construccion y Servicios SA		2,803		108,289
Aena SA 144A		550		107,325
Amadeus IT Group SAD		4,206		251,483
Banco Bilbao Vizcaya Argentaria SA		71,780		595,610
Banco de Sabadell SA		55,869		113,519
Banco Santander SA		159,297		1,053,803
Bankia SAD		11,453		55,359
Bankinter SA		2,364		21,776
CaixaBank SA		34,666		165,502
Distribuidora Internacional de Alimentacion SAD		6,556		40,817
Enagas SA		391		10,963
Endesa SAD		2,170		49,991
Ferrovial SA		5,923		131,477
Gamesa Corp Technologica SAD		1,890		40,356
Gas Natural SDG SAD		3,746		87,666
Grifols SA		5,385		149,979
Iberdrola SA		60,281		477,337
Industria de Diseno Textil SA		12,536		481,228
International Consolidated Airlines Group SA		9,036		71,717
Mapfre SA		6,599		23,048
Red Electrica Corporation SAD		4,224		88,263
Repsol SA		11,348		173,679
Telefonica SAD		50,840		524,809
				4,951,064

See Notes to Financial Statements.

180

	Shares		Value
Sweden — 2.8%
Alfa Laval AB		2,935	$	60,061
Assa Abloy AB Class B		10,719		235,508
Atlas Copco AB, A Shares		7,121		273,017
Atlas Copco AB, B Shares		5,681		196,296
Boliden AB		2,787		76,054
Electrolux AB, Series B		3,663		120,046
Essity AB*		6,985		191,110
Getinge AB, B Shares		3,042		59,542
Hennes & Mauritz AB, B Shares		11,084		276,156
Hexagon AB, B Shares		2,571		122,222
Husqvarna AB, B Shares		7,015		69,695
ICA Gruppen AB		628		23,377
Industrivarden AB, C Shares		527		12,636
Investor AB, B Shares		5,617		270,692
Kinnevik AB Class B		2,697		82,562
L E Lundbergforetagen AB, B Shares		330		26,048
Lundin Petroleum AB		1,760		33,864
Millicom International Cellular SA SDR		902		53,276
Nordea Bank AB		34,020		432,887
Sandvik AB		11,727		184,437
Securitas AB, B Shares		4,765		80,315
Skandinaviska Enskilda Banken AB Class A		15,102		182,665
Skanska AB, B Shares		3,302		78,349
SKF AB, B Shares		3,265		66,155
Svenska Handelsbanken AB, A Shares		17,553		251,272
Swedbank AB, A Shares		9,578		233,405
Tele2 AB, B Shares		795		8,323
Telefonaktiebolaget LM Ericsson, B Shares		33,343		238,455
Telia Co. AB		33,087		152,343
Volvo AB, B Shares		17,174		292,733
				4,383,501
Switzerland — 8.4%
ABB, Ltd.		19,954		492,763
Adecco Group AG		1,422		108,107
Barry Callebaut AG*		132		181,433
Chocoladefabriken Lindt & Spruengli AG		2		139,431
Chocoladefabriken Lindt & Spruengli AG (SIX Swiss Exchange)		21		121,765
Cie Financiere Richemont SA		6,072		500,248
Coca-Cola HBC AG		11,510		338,501
Credit Suisse Group AG		26,866		388,323
Dufry AG*		216		35,388
EMS-Chemie Holding AG		12		8,848
Geberit AG		183		85,345
Givaudan SA		83		166,017
Julius Baer Group, Ltd.*		2,138		112,485
LafargeHolcim, Ltd.*		1,431		82,162
LafargeHolcim, Ltd. (SIX Swiss Exchange)*		3,562		203,936

	Shares		Value
Lonza Group AG		979	$	211,645
Nestle SA		38,276		3,331,038
Novartis AG		25,851		2,151,330
Pargesa Holding SA		251		19,095
Partners Group Holding AG		30		18,599
Roche Holding AG		8,680		2,210,508
Schindler Holding AG		280		58,050
SGS SA		43		104,126
Sika AG		14		89,936
Sonova Holding AG		334		54,233
Straumann Holding AG		51		29,013
Swatch Group AG (The)D		1,592		189,468
Swiss Prime Site AG*		10		908
Swiss Re AG		2,808		256,670
Swisscom AG		117		56,456
UBS Group AG		40,531		686,436
Vifor Pharma AG		732		80,689
Zurich Insurance Group AG		1,570		456,968
				12,969,920
United Kingdom — 16.1%
3i Group PLC		11,550		135,766
Aberdeen Asset Management PLC		11,716		46,084
Admiral Group PLC		2,090		54,524
Anglo American PLC*		14,939		199,243
Antofagasta PLC		4,327		45,057
Ashtead Group PLC		3,861		79,907
Associated British Foods PLC		5,456		208,637
AstraZeneca PLC		15,085		1,008,897
Auto Trader Group PLC 144A		6,651		32,918
Aviva PLC		53,312		365,235
Babcock International Group PLC		3,096		35,505
BAE Systems PLC		33,502		276,426
Barclays PLC		156,780		414,012
Barratt Developments PLC		5,701		41,841
Berkeley Group Holdings PLC		1,312		55,143
BHP Billiton PLC		22,971		351,842
BP PLC		217,310		1,253,281
British Land Co. PLC (The) REIT		6,199		48,887
BT Group PLC		90,683		348,129
Bunzl PLC		5,323		158,626
Burberry Group PLC		5,023		108,666
Capita PLC		7,184		64,702
Carnival PLC		2,057		136,100
Centrica PLC		80,402		209,649
Cobham PLC		10,968		18,514
Coca-Cola European Partners PLC		4,235		171,956
Compass Group PLC		23,001		485,313
ConvaTec Group PLC 144A*		13,720		57,040
Croda International PLC		1,285		65,021
Direct Line Insurance Group PLC		17,390		80,497

See Notes to Financial Statements.

181

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Dixons Carphone PLC		9,192	$	33,953
easyJet PLC		1,707		30,214
Experian PLC		16,169		331,684
Fresnillo PLC		2,448		47,380
G4S PLC		14,238		60,529
GKN PLC		28,014		118,947
GlaxoSmithKline PLC		58,530		1,246,781
Glencore PLC*		128,266		479,796
Hammerson PLC REIT		9,324		69,768
Hargreaves Lansdown PLC		3,813		64,660
Hikma Pharmaceuticals PLCD		2,086		39,939
HSBC Holdings PLC		206,407		1,913,297
IMI PLC		2,914		45,354
Inmarsat PLC		4,074		40,831
InterContinental Hotels Group PLC		2,501		139,009
Intertek Group PLC		2,227		122,316
Investec PLC		10,376		77,504
ITV PLC		47,151		111,401
J Sainsbury PLCD		33,573		110,061
Johnson Matthey PLC		2,447		91,502
Kingfisher PLC		39,382		154,238
Land Securities Group PLC REIT		6,333		83,556
Legal & General Group PLC		60,308		202,890
Lloyds Banking Group PLC		713,571		614,792
London Stock Exchange Group PLC		5,129		243,563
Marks & Spencer Group PLC		22,092		95,903
Mediclinic International PLC		3,843		37,114
Meggitt PLC		2,379		14,777
Merlin Entertainments PLC 144A		10,663		66,732
Mondi PLC		5,463		143,302
National Grid PLC		47,322		586,638
Next PLC		1,452		72,923
Old Mutual PLC		54,512		137,312
Pearson PLC		9,585		86,327
Persimmon PLC		2,646		77,266
Petrofac, Ltd.D		4,133		23,793
Provident Financial PLC		1,296		41,068
Prudential PLC		34,802		798,224
Randgold Resources, Ltd.		1,112		98,558
Reckitt Benckiser Group PLC		9,422		955,228
RELX PLC		15,143		327,402
Rio Tinto PLC		14,565		615,013
Rolls-Royce Holdings PLC		16,262		188,718
Royal Bank of Scotland Group PLC*		26,652		85,810
Royal Dutch Shell PLC, A Shares		48,904		1,296,194
Royal Dutch Shell PLC, B Shares		39,196		1,052,923
Royal Mail PLC		4,454		24,434
RSA Insurance Group PLC		18,313		146,808
RTL Group SA		567		42,813

	Shares		Value
Sage Group PLC (The)		14,620	$	131,008
Schroders PLC		1,895		76,611
Segro PLC REIT		5,764		36,726
Severn Trent PLC		5,435		154,460
Sky PLC		11,016		142,617
Smith & Nephew PLC		12,823		221,292
Smiths Group PLC		4,838		100,631
SSE PLC		15,333		290,171
St. James’s Place PLC		3,122		48,063
Standard Chartered PLC		34,320		347,409
Standard Life PLC		17,188		89,345
Tate & Lyle PLC		11,792		101,673
Taylor Wimpey PLC		35,050		80,437
Tesco PLC		119,038		261,709
Unilever PLC		18,942		1,025,080
United Utilities Group PLC		6,575		74,289
Vodafone Group PLC		305,354		866,010
Weir Group PLC (The)		2,386		53,793
Whitbread PLC		1,594		82,359
WM Morrison Supermarkets PLC		49,239		154,685
Wolseley PLC		3,852		236,453
Worldpay Group PLC 144A		17,529		71,871
WPP PLC		15,611		328,167
				25,021,522
Total Foreign Common Stocks     (Cost $140,300,964)				145,275,715
FOREIGN PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische MotorenWerke AG 4.96%, 05/12/17		887		73,125
FUCHS PETROLUB SE 1.83%, 05/08/17		942		51,294
Henkel AG & Co KGaA 1.35%, 04/07/17		2,279		313,657
Porsche Automobil Holding SE 1.97%, 05/31/17		1,662		93,375
Schaeffler AG 4.07%, 04/27/17		1,753		25,107
Volkswagen AG 1.49%, 05/11/17		1,943		295,930
Total Foreign Preferred Stocks (Cost $933,537)				852,488
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios SA*		2,803		2,241
Repsol SA*		11,348		5,184
Total Rights     (Cost $7,805)				7,425

See Notes to Financial Statements.

182

	Shares		Value
MONEY MARKET FUNDS — 4.7%
GuideStone Money Market Fund (Institutional Class)¥		6,738,855	$	6,738,855
Northern Institutional Liquid Assets Portfolio§		494,400		494,400
Total Money Market Funds (Cost $7,233,255)				7,233,255
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡
(Cost $298,506)	$	300,000		298,548
TOTAL INVESTMENTS — 99.0% (Cost $148,774,067)				153,667,431
Other Assets in Excess of Liabilities — 1.0%				1,567,784
NET ASSETS — 100.0%			$	155,235,215

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		20.6
Industrials		13.8
Consumer Discretionary		11.0
Healthcare		10.1
Consumer Staples		9.8
Materials and Processing		7.3
Technology		5.7
Money Market Funds		4.7
Energy		4.6
Telecommunication Services		4.1
Real Estate		3.6
Utilities		3.5
U.S. Treasury Obligation		0.2
Rights		—	**
		99.0

^**  Rounds to less than 0.005%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	10,154,243	$	10,154,243	$	—	$	—

See Notes to Financial Statements.

183

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Austria	$	321,904		$	321,904		$	—	$	—
Belgium		1,241,870			1,241,870			—		—
Canada		2			2			—		—
Denmark		2,211,341			2,211,341			—		—
Finland		1,654,152			1,654,152			—		—
France		14,927,215			14,927,215			—		—
Germany		13,139,390			13,139,390			—		—
Hongkong		4,596,202			4,596,202			—		—
Ireland		801,805			801,805			—		—
Israel		823,020			197,238			625,782		—
Italy		2,830,240			2,830,240			—		—
Japan		34,158,028			34,158,028			—		—
Jersey		520,240			520,240			—		—
Netherlands		6,567,091			6,567,091			—		—
New Zealand		254,498			254,498			—		—
Norway		1,164,117			1,164,117			—		—
Papua New Guinea		79,770			79,770			—		—
Portugal		176,354			176,354			—		—
Singapore		2,328,226			2,328,226			—		—
Spain		4,951,064			4,951,064			—		—
Sweden		4,383,501			4,383,501			—		—
Switzerland		12,969,920			12,969,920			—		—
United Kingdom		25,021,522			25,021,522			—		—
Foreign Preferred Stocks:
Germany		852,488			852,488			—		—
Money Market Funds		7,233,255			7,233,255			—		—
Rights		7,425			7,425			—		—
U.S. Treasury Obligation		298,548			—			298,548		—
Total Assets — Investments in Securities	$	153,667,431		$	152,743,101		$	924,330	$	—
Other Financial Instruments***
Future Contracts	$	(15,855	)	$	(15,855	)	$	—	$	—
Total Assets — Other Financial Instruments	$	(15,855	)	$	(15,855	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the period ended June 30, 2017.

There were no transfers between Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

184

INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 98.6%
Australia — 2.3%
AGL Energy, Ltd.		7,808	$	153,031
Ansell, Ltd.		5,049		92,088
ASX, Ltd.		2,303		94,894
Aurizon Holdings, Ltd.		114,281		470,803
Australia & New Zealand Banking Group, Ltd.		174,940		3,861,659
Bank of Queensland, Ltd.		19,392		170,659
Bendigo and Adelaide Bank, Ltd.		118,908		1,012,631
BHP Billiton, Ltd.		58,894		1,053,791
Caltex Australia, Ltd.		10,710		260,204
CIMIC Group, Ltd.		91,255		2,724,183
Computershare, Ltd.		5,607		60,937
Dexus REIT		12,849		93,622
Fortescue Metals Group, Ltd.		323,629		1,298,429
Goodman Group REIT		30,218		182,785
GPT Group (The)+*		63,198		—
GPT Group (The) REIT		23,870		87,880
Lend Lease Group		203,273		2,601,323
Macquarie Group, Ltd.		5,736		390,169
Mirvac Group REIT		50,120		82,052
National Australia Bank, Ltd.		68,769		1,564,005
Orica, Ltd.		7,882		125,282
Origin Energy, Ltd.*		106,972		564,020
Qantas Airways, Ltd.		24,136		106,111
QBE Insurance Group, Ltd.		1,267,495		11,505,263
Rio Tinto, Ltd.		8,019		389,959
Scentre Group REIT		93,514		291,093
South32, Ltd.		1,342,225		2,764,779
Stockland REIT		41,895		141,038
Suncorp Group, Ltd.		31,433		358,042
Telstra Corporation, Ltd.		80,165		264,944
Vicinity Centres		52,810		104,316
Westfield Corporation REIT		35,358		218,225
				33,088,217
Austria — 0.6%
Erste Group Bank AG*		208,040		7,965,972
Belgium — 0.2%
Ageas		10,934		440,336
bpost SA		29,471		711,410
Galapagos NV*		26,105		1,993,486
Groupe Bruxelles Lambert SA		415		39,953
UCB SA		6,079		418,185
				3,603,370
Brazil — 0.4%
Cielo SA		396,800		2,958,423
Embraer SA ADRD		193,900		3,534,797
				6,493,220
Canada — 0.9%
Canadian National Railway Co.D		117,331		9,509,677
Suncor Energy, Inc.		97,328		2,843,737
				12,353,414

	Shares		Value
China — 4.4%
Alibaba Group Holding, Ltd.
ADRD*		114,589	$	16,145,590
Baidu, Inc. ADR*		67,793		12,125,456
Ctrip.com International, Ltd. ADRD*		128,586		6,925,642
New Oriental Education & Technology Group, Inc. ADR*		89,820		6,331,412
TAL Education Group ADR		29,825		3,647,896
Tencent Holdings, Ltd.		515,900		18,448,953
				63,624,949
Colombia — 0.1%
Ecopetrol SA ADRD		153,100		1,391,679
Czech Republic — 0.0%
Komercni Banka AS		14,900		596,804
Denmark — 1.6%
Chr. Hansen Holding A/S		24,147		1,756,220
Danske Bank A/S		12,494		480,542
Genmab A/S*		31,373		6,693,511
GN Store Nord A/S		16,203		473,122
H Lundbeck A/S		61,727		3,464,490
ISS A/S		114,907		4,513,078
Novozymes A/S, B Shares		52,542		2,299,295
TDC A/S		117,664		684,258
VestasWind Systems A/S		28,209		2,604,101
William Demant Holding A/S*		6,231		161,270
				23,129,887
Finland — 0.3%
Neste OYJ		44,449		1,750,969
Orion OYJ Class B		21,047		1,343,771
UPM-Kymmene OYJ		65,148		1,857,243
				4,951,983
France — 8.8%
Air France-KLM*		69,895		996,685
Air Liquide SA		49,800		6,154,315
Arkema SA		4,859		518,509
Atos SE		31,191		4,378,288
BioMerieux		476		103,024
BNP Paribas SA		38,607		2,780,630
Capgemini SE		16,844		1,740,688
Casino Guichard Perrachon SA		17,027		1,008,542
Christian Dior SED		25,912		7,409,206
Cie de St-GobainD		311,827		16,660,847
Cie Generale des Etablissements Michelin		22,063		2,933,193
CNP Assurances		12,903		289,659
Eiffage SA		2,391		217,269
Engie SA		241,789		3,649,445
Essilor International SA		9,368		1,191,942
Faurecia		20,457		1,039,040
Gecina SA REIT		674		105,733
Imerys SA		2,766		240,572
Ipsen SA		6,980		955,469

See Notes to Financial Statements.

185

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Kering		19,243	$	6,553,957
Klepierre REIT		4,327		177,347
L’Oreal SA		63,787		13,288,628
Lagardere SCA		56,974		1,799,265
Peugeot SA		208,278		4,154,657
Rexel SA		4,619		75,573
Sanofi		278,781		26,669,998
Schneider Electric SE*		137,677		10,578,059
SCOR SE		13,764		545,660
SEB SA		687		123,387
Societe BIC SA		989		117,364
Societe Generale SA		117,849		6,341,064
Sodexo SA		4,328		559,573
Teleperformance		9,230		1,182,290
Thales SA		14,548		1,565,892
TOTAL SA		2,986		147,622
Ubisoft Entertainment SA*		11,671		662,236
Unibail-Rodamco SE REIT		1,666		419,858
Valeo SA		15,356		1,034,617
Vinci SA		1,202		102,594
				128,472,697
Germany — 8.6%
AIXTRON SED *		110,051		773,651
Allianz SE		57,737		11,368,800
Aurubis AG		13,383		1,050,871
BASF SE		28,818		2,669,035
Bayerische Motoren Werke AG		21,021		1,951,463
Beiersdorf AG		92,740		9,749,152
Covestro AG 144A		50,657		3,657,197
Daimler AG		128,930		9,331,701
Deutsche Boerse AG		32,126		3,391,140
Deutsche Lufthansa AG		65,209		1,483,983
Deutsche Post AG		19,257		721,856
Deutsche Telekom AGD		453,147		8,136,072
DeutscheWohnen AG		6,238		238,607
Freenet AG		2,350		74,952
Fresenius SE & Co. KGaA		5,433		465,770
HOCHTIEF AG		6,126		1,122,289
HUGO BOSS AGD		37,200		2,604,513
Infineon Technologies AG		87,560		1,848,623
Linde AG		71,391		13,519,205
MorphoSys AGD *		16,852		1,195,271
MTU Aero Engines AG		1,454		205,095
Muenchener Rueckversicherungs-Gesellschaft AG		33,375		6,729,955
OSRAM Licht AG		10,747		856,159
Rheinmetall AG		20,415		1,938,108
Rocket Internet SE 144AD *		77,824		1,673,292
RWE AG*		35,797		713,248
Salzgitter AG		11,038		450,261
SAP SE		214,472		22,401,518
Siemens AG		14,085		1,936,092
Software AG		21,296		932,796
STADA Arzneimittel AG		30,460		2,160,104
Suedzucker AG		96,003		2,000,561
Talanx AG		10,019		374,193

	Shares		Value
Uniper SE		53,742	$	1,008,804
Vonovia SE		8,154		323,770
Zalando SE 144AD *		139,723		6,384,981
				125,443,088
Hong Kong — 3.3%
AIA Group, Ltd.		2,907,000		21,241,807
ASM Pacific Technology, Ltd.		3,100		41,889
Cheung Kong Property Holdings, Ltd.		160,000		1,253,162
China Mobile, Ltd.		568,000		6,027,422
CK Hutchison Holdings, Ltd.		76,500		960,237
CK Infrastructure Holdings, Ltd.		11,000		92,424
Global Brands Group Holding, Ltd.*		1,114,924		117,098
Guangdong Investment, Ltd.		1,708,200		2,354,191
Hong Kong Exchanges and Clearing, Ltd.		98,207		2,538,367
Jardine Matheson Holdings, Ltd.		54,200		3,479,640
Kerry Properties, Ltd.		494,000		1,676,732
Link REIT		41,000		311,933
New World Development Co., Ltd.		1,150,000		1,459,696
NWS Holdings, Ltd.		19,000		37,380
PCCW, Ltd.		62,000		35,259
Sino Land Co., Ltd.		348,000		570,532
Sun Hung Kai Properties, Ltd.		54,000		793,319
WH Group, Ltd. 144A		3,290,500		3,321,077
Wharf Holdings, Ltd. (The)		97,000		803,835
Wheelock & Co., Ltd.		118,000		890,201
Yue Yuen Industrial Holdings, Ltd.		139,000		576,834
				48,583,035
India — 0.2%
Housing Development Finance Corporation, Ltd.		72,381		1,808,419
MakeMyTrip, Ltd.D *		28,071		941,782
				2,750,201
Ireland — 0.4%
CRH PLC		160,151		5,702,814
DCC PLC		4,864		442,825
				6,145,639
Italy — 2.9%
A2A SpA		1,966,161		3,265,176
Autogrill SpA		81,387		986,265
BPER Banca		72,561		361,835
Enel SpA		2,979,021		15,971,282
Eni SpA		1,041,204		15,650,019
Leonardo SpA		89,726		1,491,092
Luxottica Group SpA		2,977		172,219
Mediobanca SpA		212,723		2,099,188
Moncler SpA		40,584		950,237
Prysmian SpA		38,264		1,125,358
Recordati SpA		8,293		336,440

See Notes to Financial Statements.

186

	Shares		Value
Unipol Gruppo Finanziario SpA		83,349	$	365,557
				42,774,668
Japan — 15.4%
Amada Holdings Co., Ltd.		33,800		390,064
Aozora Bank, Ltd.		99,000		376,724
Asahi Kasei Corporation		63,000		676,350
Astellas Pharma, Inc.		464,700		5,678,863
Bandai Namco Holdings, Inc.		63,100		2,148,682
Brother Industries, Ltd.		62,500		1,440,876
Canon, Inc.D		279,350		9,477,658
Citizen Watch Co., Ltd.		91,300		639,648
Cosmos Pharmaceutical Corporation		900		175,079
Daicel Corporation		38,200		474,465
Daikin Industries, Ltd.		86,500		8,821,116
Daito Trust Construction Co., Ltd.		1,000		155,546
Daiwa House Industry Co., Ltd.		9,100		310,521
DeNA Co., Ltd.		38,100		852,275
Denso Corporation		141,500		5,965,708
Don Quijote Holdings Co., Ltd.		41,600		1,575,603
Ezaki Glico Co., Ltd.		3,600		193,643
Fuji Electric Co., Ltd.		834,000		4,389,669
FUJIFILM Holdings Corporation		1,900		68,246
Fujitsu, Ltd.		292,000		2,149,078
Gunma Bank, Ltd. (The)		54,300		325,390
Haseko Corporation		89,000		1,079,315
Hikari Tsushin, Inc.		1,200		126,108
Hitachi Chemical Co., Ltd.		41,700		1,242,009
Hitachi High-Technologies Corporation		45,500		1,763,770
Hitachi Metals, Ltd.		15,600		216,646
Hitachi, Ltd.		1,171,000		7,177,483
Honda Motor Co., Ltd.		400,200		10,902,092
Hoya Corporation		256,900		13,322,940
Idemitsu Kosan Co., Ltd.		22,800		646,650
IHI Corporation*		1,724,000		5,855,239
Isuzu Motors, Ltd.		73,100		900,792
ITOCHU Corporation		24,400		362,068
Itochu Techno-Solutions Corporation		6,400		223,623
Japan Real Estate Investment Corporation REIT		15		74,550
Japan Retail Fund Investment Corporation REIT		40		73,794
JXTG Holdings, Inc.		38,900		169,711
Kajima Corporation		119,000		1,002,996
Kamigumi Co., Ltd.		18,000		188,522
Kao Corporation		7,900		468,627
Keyence Corporation		400		175,470
Kyushu Financial Group, Inc.D		15,000		94,554
Kyushu Railway Co.		99,500		3,224,517
Lion Corporation		38,000		785,846

	Shares		Value
M3, Inc.		205,500	$	5,654,790
Matsumotokiyoshi Holdings Co., Ltd.		5,700		323,832
Mebuki Financial Group, Inc.		143,300		532,557
Mitsubishi Corporation		59,900		1,254,718
Mitsubishi Electric Corporation		417,000		5,989,451
Mitsubishi Estate Co., Ltd.		22,000		409,487
Mitsubishi Gas Chemical Co., Inc.		69,700		1,471,772
Mitsubishi UFJ Financial Group, Inc.		238,000		1,597,176
Mitsui Chemicals, Inc.		322,000		1,703,401
Mitsui Fudosan Co., Ltd.		16,000		381,311
Mixi, Inc.		27,500		1,528,117
Mizuho Financial Group, Inc.		1,192,700		2,178,089
MS&AD Insurance Group Holdings, Inc.		61,800		2,073,645
Nexon Co., Ltd.*		11,500		226,984
NH Foods, Ltd.		25,000		759,058
Nidec Corporation		24,200		2,476,479
Nippon Building Fund, Inc. REIT		15		76,550
Nippon Express Co., Ltd.		286,000		1,787,579
Nippon Shinyaku Co., Ltd.		2,500		159,813
Nippon Telegraph & Telephone Corporation		23,000		1,085,841
Nitori Holdings Co., Ltd.		4,700		628,477
Nomura Holdings, Inc.		17,300		103,577
NTT DOCOMO, Inc.		27,200		641,337
ORIX Corporation		65,100		1,007,104
Park24 Co., Ltd.		4,300		109,187
Persol Holdings Co., Ltd.		6,000		112,345
Pigeon Corporation		44,200		1,599,413
Pola Orbis Holdings, Inc.		11,600		305,483
Rakuten, Inc.		413,700		4,862,515
Resona Holdings, Inc.		532,000		2,925,468
Rohm Co., Ltd.		5,500		422,005
Santen Pharmaceutical Co., Ltd.		6,000		81,298
SBI Holdings, Inc.		81,100		1,097,437
Secom Co., Ltd.		95,200		7,215,648
Seibu Holdings, Inc.		244,000		4,505,784
Seiko Epson Corporation		45,200		1,004,266
Sekisui Chemical Co., Ltd.		137,200		2,453,071
Sekisui House, Ltd.		7,300		128,476
Seven & i Holdings Co., Ltd.		11,200		460,846
Shimamura Co., Ltd.		5,600		685,094
Shinsei Bank, Ltd.		72,000		125,468
Shionogi & Co., Ltd.		19,100		1,062,875
SMC Corporation		13,700		4,159,636
SoftBank Group Corporation		135,500		10,959,267
Sojitz Corporation		219,000		537,399
Sompo Holdings, Inc.		34,200		1,319,349
Square Enix Holdings Co., Ltd.		14,900		487,504
Start Today Co., Ltd.		3,800		93,416
Sumitomo Corporation		481,200		6,254,851

See Notes to Financial Statements.

187

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Sumitomo Dainippon Pharma Co., Ltd.		59,700	$	813,693
Sumitomo Electric Industries, Ltd.		67,600		1,039,769
Sumitomo Heavy Industries, Ltd.		42,000		276,702
Sumitomo Mitsui Financial Group, Inc.		54,700		2,129,640
Sumitomo Osaka Cement Co., Ltd.		773,000		3,663,116
Sumitomo Realty & Development Co., Ltd.		6,000		184,841
Sysmex Corporation		24,900		1,485,477
Taisei Corporation		22,000		200,685
Takeda Pharmaceutical Co., Ltd.		231,400		11,745,389
Terumo Corporation		98,200		3,863,392
Tokio Marine Holdings, Inc.		178,500		7,381,227
Tokyo Electron, Ltd.		9,200		1,240,027
Tosoh Corporation		102,000		1,043,805
Toyota Boshoku Corporation		17,600		329,858
Trend Micro, Inc.		86,900		4,473,447
Yamazaki Baking Co., Ltd.		6,000		119,440
				223,372,280
Malaysia — 0.4%
CIMB Group Holdings Bhd		3,401,500		5,213,998
Netherlands — 7.3%
ABN AMRO Group NV CVA 144A		76,453		2,026,716
Aegon NV		1,052,084		5,372,522
Airbus SE		104,700		8,609,983
Akzo Nobel NV		3,281		285,139
ASM International NV		10,524		612,899
ASML Holding NV		76,788		10,006,960
CNH Industrial NVD		667,151		7,563,467
EXOR NV		48,219		2,609,925
Ferrari NV		79,384		6,813,733
Fiat Chrysler Automobiles NV*		1,187,121		12,514,682
Gemalto NV		16,758		1,005,815
ING Groep NV		1,106,875		19,089,681
Koninklijke Ahold Delhaize NV		486,999		9,311,222
Koninklijke DSM NV		6,472		470,426
Koninklijke Philips NV		274,291		9,741,487
Mobileye NV*		21,742		1,365,398
NN Group NV		34,117		1,212,645
Philips Lighting NV 144A		6,395		236,067
Randstad Holding NV		58,537		3,417,783
STMicroelectronics NV		233,546		3,355,647
Wolters Kluwer NV		26,256		1,111,516
				106,733,713
New Zealand — 0.0%
Spark New Zealand, Ltd.		18,369		50,826
Nigeria — 0.0%
Afriland Properties PLC*		364,373		—

	Shares		Value
Norway — 0.3%
DNB ASA		31,177	$	530,275
Leroy Seafood Group ASA		61,457		333,831
Marine Harvest ASA*		19,568		334,932
Norsk Hydro ASA		28,867		160,020
Salmar ASA		10,311		255,776
Schibsted ASA Class A		16,375		395,413
Schibsted ASA, B Shares		45,543		1,006,460
Subsea 7 SA		75,374		1,013,864
				4,030,571
Portugal — 0.2%
Galp Energia SGPS SA		47,553		719,914
Jeronimo Martins SGPS SA		74,576		1,455,675
				2,175,589
Singapore — 2.9%
Ascendas Real Estate
Investment Trust REIT		2,543,100		4,821,130
CapitaLand Commercial Trust REIT		68,000		81,990
CapitaLand Mall Trust REIT		56,200		80,621
DBS Group Holdings, Ltd.		455,200		6,857,344
Jardine Cycle & Carriage, Ltd.		104,000		3,350,209
Sembcorp Industries, Ltd.		14,800		33,110
Singapore Exchange, Ltd.		13,600		72,507
Singapore Technologies Engineering, Ltd.		25,900		69,230
Singapore Telecommunications, Ltd.		2,374,000		6,707,725
Suntec Real Estate Investment Trust		61,800		83,941
United Overseas Bank, Ltd.D		1,086,658		18,248,435
UOL Group, Ltd.		14,686		81,497
Wilmar International, Ltd.		49,600		120,690
Yangzijiang Shipbuilding Holdings, Ltd.		1,309,700		1,132,045
				41,740,474
South Korea — 1.2%
Celltrion, Inc.D *		24,000		2,414,369
Hankook Tire Co., Ltd.		66,168		3,678,088
NAVER Corporation		3,732		2,733,397
Samsung Securities Co., Ltd.		80,300		2,898,562
Shinhan Financial Group Co., Ltd.		132,286		5,700,039
				17,424,455
Spain — 4.8%
ACS Actividades de Construccion y Servicios SA		7,650		295,544
Aena SA 144A		1,804		352,026
Amadeus IT Group SAD		186,185		11,132,290
Banco Bilbao Vizcaya Argentaria SA		416,418		3,455,320
Banco de Sabadell SA		2,757,493		5,602,908
Banco Santander SA		929,630		6,149,812

See Notes to Financial Statements.

188

	Shares		Value
Distribuidora Internacional de Alimentacion SAD		185,334	$	1,153,863
Ebro Foods SA		297,208		6,789,122
Endesa SA		50,868		1,171,855
Grifols SA		17,550		488,791
Iberdrola SA		1,397,780		11,068,357
Industria de Diseno Textil SAD		273,419		10,495,916
International Consolidated Airlines Group SA		35,821		284,596
Mapfre SA		226,604		791,459
Repsol SA		229,732		3,516,005
Tecnicas Reunidas SA		2,059		79,640
Telefonica SA		731,203		7,548,027
				70,375,531
Sweden — 3.5%
Alfa Laval AB		102,958		2,106,895
Atlas Copco AB, A Shares		209,002		8,013,062
BillerudKorsnas AB		13,865		219,215
Boliden AB		108,953		2,973,197
Electrolux AB, Series B		46,991		1,540,021
Elekta AB, B Shares		137,762		1,305,720
Essity AB*		3,377		92,395
Hennes & Mauritz AB, B Shares		192,557		4,797,526
Holmen AB		1,946		84,472
Investor AB, B Shares		3,071		147,996
Kinnevik AB Class B		138,283		4,233,170
NCC AB, B Shares		7,492		211,028
Nordea Bank AB		34,281		436,208
Saab AB Class B		21,145		1,044,111
Sandvik AB		33,533		527,392
Skanska AB, B Shares		4,980		118,165
Svenska Cellulosa AB SCA Class B		3,377		25,554
Svenska Handelsbanken AB, A Shares		322,385		4,614,957
Swedish Orphan Biovitrum AB*		8,237		127,104
Tele2 AB, B Shares		23,842		249,607
Telefonaktiebolaget LM Ericsson, B Shares		852,621		6,097,596
Telia Co. AB		2,442,832		11,247,576
Volvo AB, B Shares		16,083		274,137
				50,487,104
Switzerland — 8.4%
ABB, Ltd.		520,839		12,862,100
Adecco Group AG		28,825		2,191,409
Baloise Holding AG		1,046		161,661
Cie Financiere Richemont SA		49,374		4,067,730
Coca-Cola HBC AG*		23,209		682,561
Credit Suisse Group AG*		397,360		5,743,466
Georg Fischer AG		165		159,769
Idorsia, Ltd.*		1,842		34,769
Lonza Group AG*		7,784		1,682,786
Nestle SA		214,760		18,689,876
Novartis AG		281,051		23,389,164

	Shares		Value
Partners Group Holding AG		1,115	$	691,279
Roche Holding AG		66,985		17,058,856
Sika AG		170		1,092,085
Straumann Holding AG		1,012		575,708
Sunrise Communications Group AG 144A*		1,801		141,522
Swiss Life Holding AG*		18,265		6,163,890
Swiss Re AG		23,277		2,127,677
Temenos Group AG*		17,951		1,602,467
UBS Group AG*		606,310		10,268,510
Zurich Insurance Group AG		42,906		12,488,335
				121,875,620
Taiwan — 0.9%
MediaTek, Inc.		159,200		1,363,300
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		284,716		9,953,671
Teco Electric and Machinery Co., Ltd.		1,065,100		1,024,135
				12,341,106
Thailand — 0.0%
Charoen Pokphand Foods PCL		725,800		529,875
Turkey — 0.0%
Yapi ve Kredi Bankasi AS*		1		1
United Kingdom — 15.9%
3i Group PLC		34,312		403,324
Aberdeen Asset Management PLC		17,764		69,873
Aggreko PLC		123,209		1,477,159
Amec Foster Wheeler PLC		543,538		3,307,454
Ashtead Group PLC		80,622		1,668,547
ASOS PLC*		12,839		961,357
AstraZeneca PLC		3,561		238,163
Babcock International Group PLC		296,800		3,403,724
BAE Systems PLC		56,961		469,986
Barclays PLC		644,878		1,702,941
Barratt Developments PLC		340,139		2,496,384
BBA Aviation PLC		100,853		403,788
Bellway PLC		15,596		604,312
BHP Billiton PLC		5,156		78,974
BP PLC		2,381,779		13,736,312
BP PLC ADRD		84,500		2,927,925
British Land Co. PLC (The) REIT		18,907		149,107
BT Group PLC		437,755		1,680,529
Burberry Group PLC		33,646		727,887
Close Brothers Group PLC		26,052		512,025
Coca-Cola European Partners PLC		136,300		5,543,321
Compass Group PLC		634,208		13,381,591
Dairy Crest Group PLCD		667,753		5,209,592
Dialog Semiconductor PLC*		54,151		2,311,899
Dixons Carphone PLC		164,602		607,998
DS Smith PLC		1,687,227		10,407,496
Experian PLC		327,804		6,724,436

See Notes to Financial Statements.

189

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
G4S PLC		2,077,624	$	8,832,389
GKN PLC		82,534		350,438
GlaxoSmithKline PLC		978,241		20,838,069
Hammerson PLC REIT		15,352		114,873
Hays PLC		203,376		439,713
Howden Joinery Group PLC		21,396		113,448
HSBC Holdings PLC		527,434		4,889,069
Inchcape PLC		91,313		897,332
Indivior PLC*		370,624		1,509,463
Intermediate Capital Group PLC		119,557		1,296,344
Investec PLC		69,711		520,710
JD Sports Fashion PLC		21,333		97,248
John Wood Group PLC		218,536		1,823,069
Kingfisher PLC		2,161,090		8,463,838
Land Securities Group PLC REIT		15,437		203,673
Lloyds Banking Group PLC		13,167,577		11,344,798
London Stock Exchange Group PLC		5,849		277,753
Man Group PLC		763,948		1,540,266
Mondi PLC		79,051		2,073,614
National Grid PLC		795,479		9,861,330
Next PLC		98,324		4,938,074
Ocado Group PLCD *		226,024		851,950
Pearson PLC		477,548		4,301,008
Persimmon PLC		143,160		4,180,405
Randgold Resources, Ltd.		1,392		123,375
Reckitt Benckiser Group PLC		16,245		1,646,962
RELX PLC		20,897		451,807
Rio Tinto PLC		8,589		362,674
Rolls-Royce Holdings PLC*		924,012		10,723,256
Royal Dutch Shell PLC, A Shares		7,988		211,721
Royal Dutch Shell PLC, B Shares		511,173		13,731,656
Royal Mail PLC		392,044		2,150,722
Sage Group PLC (The)		7,583		67,950
Segro PLC REIT		14,592		92,974
Sky PLC		19,585		253,554
Spectris PLC		2,293		75,350
Standard Chartered PLC*		274,148		2,775,102
Tate & Lyle PLC		161,178		1,389,712
Taylor Wimpey PLC		1,048,599		2,406,448
TechnipFMC PLC*		174,300		4,727,077
Tesco PLC*		4,559,200		10,023,564
UBM PLC		8,730		78,456
Unilever PLC		21,864		1,183,210
WM Morrison Supermarkets PLC		261,752		822,296
Wolseley PLC		12,635		775,593
WPP PLC		291,224		6,121,978
				231,160,415
United States — 2.4%
Amazon.com, Inc.*		6,199		6,000,632
Illumina, Inc.*		39,344		6,826,971

	Shares			Value
MercadoLibre, Inc.		22,312		$	5,597,635
Tesla, Inc.D *		20,279			7,333,089
Yum China Holdings, Inc.*		237,028			9,346,014
					35,104,341
Total Foreign Common Stocks
(Cost $1,274,288,127)					1,433,984,722
FOREIGN PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische MotorenWerke AG
4.96%, 05/12/17		5,728			472,218
Porsche Automobil Holding SE
1.97%, 05/31/17		6,053			340,072
Total Foreign Preferred Stocks
(Cost $1,040,238)					812,290
MONEY MARKET FUNDS — 5.5%
GuideStone Money Market Fund (Investor Class)¥		65,183,625			65,183,625
Northern Institutional Liquid Assets Portfolio§		14,527,121			14,527,121
Total Money Market Funds
(Cost $79,710,746)					79,710,746
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
1.09%, 12/14/17W ‡‡
(Cost $2,985,053)	$	3,000,000			2,985,479
TOTAL INVESTMENTS — 104.4%
(Cost $1,358,024,164)					1,517,493,237
	Shares
FOREIGN COMMON STOCKS SOLD SHORT — (4.4)%
Australia — (0.5)%
Alumina, Ltd.		(215,254	)		(317,653	)
AMP, Ltd.		(351,316	)		(1,401,411	)
Brambles, Ltd.		(64,252	)		(480,507	)
Domino’s Pizza Enterprises, Ltd.		(8,542	)		(341,925	)
Healthscope, Ltd.		(94,224	)		(160,049	)
Iluka Resources, Ltd.		(189,752	)		(1,265,921	)
Incitec Pivot, Ltd.		(35,832	)		(93,913	)
Magellan Financial Group, Ltd.		(14,053	)		(311,505	)
Platinum Asset Management, Ltd.		(244,157	)		(868,862	)
REA Group, Ltd.		(4,812	)		(245,581	)
Santos, Ltd.*		(167,255	)		(389,513	)
SEEK, Ltd.		(48,446	)		(629,654	)
TPG Telecom, Ltd.		(60,837	)		(266,471	)
					(6,772,965	)
Denmark — (0.2)%
Nets A/S 144A*		(3,624	)		(72,086	)

See Notes to Financial Statements.

190

	Shares			Value
Novozymes A/S, B Shares		(32,506	)	$	(1,422,498	)
Pandora A/S		(17,627	)		(1,644,828	)
					(3,139,412	)
Finland — (0.1)%
Amer Sports OYJ*		(26,597	)		(665,273	)
Nokia OYJ		(116,323	)		(711,456	)
					(1,376,729	)
France — (0.7)%
Aeroports de Paris		(444	)		(71,655	)
Bollore SA		(400,003	)		(1,818,773	)
Edenred		(97,833	)		(2,551,023	)
Electricite de France SA		(206,226	)		(2,233,400	)
Groupe Eurotunnel SE		(195,761	)		(2,087,869	)
Ingenico Group		(4,428	)		(402,016	)
JCDecaux SA		(2,472	)		(81,088	)
SFR Group SA*		(34,506	)		(1,168,537	)
Zodiac Aerospace		(4,591	)		(124,536	)
					(10,538,897	)
Germany — (0.1)%
Bilfinger SE		(1,754	)		(68,714	)
E.ON SE		(20,529	)		(193,393	)
GEA Group AG		(16,909	)		(691,971	)
ProSiebenSat.1 Media SE		(7,525	)		(314,909	)
United Internet AG		(16,733	)		(920,128	)
					(2,189,115	)
Italy — (0.6)%
Azimut Holding SpA		(41,169	)		(825,222	)
Banca Generali SpA		(7,967	)		(237,133	)
Banco BPM SpA*		(339,854	)		(1,137,321	)
Salvatore Ferragamo SpA		(61,007	)		(1,627,008	)
Tenaris SA		(169,870	)		(2,648,332	)
UniCredit SpA*		(91,391	)		(1,706,650	)
Yoox Net-A-Porter Group SpA*		(16,726	)		(462,689	)
					(8,644,355	)
Japan — (0.5)%
Acom Co., Ltd.*		(128,600	)		(586,546	)
AEON Financial Service Co., Ltd.		(3,300	)		(69,770	)
ASICS Corporation		(7,200	)		(133,278	)
Bank of Kyoto, Ltd. (The)		(62,000	)		(584,308	)
Calbee, Inc.		(20,500	)		(804,690	)
Chugoku Electric Power Co., Inc. (The)		(43,300	)		(476,983	)
Hokuriku Electric Power Co.		(45,000	)		(405,290	)
Kakaku.com, Inc.		(14,100	)		(202,208	)
Kyushu Electric Power Co., Inc.		(11,800	)		(143,100	)
Nankai Electric Railway Co., Ltd.		(13,000	)		(67,153	)
NGK Spark Plug Co., Ltd.		(56,100	)		(1,191,579	)
Seven Bank, Ltd.		(289,000	)		(1,032,923	)
Shikoku Electric Power Co., Inc.		(88,100	)		(1,037,070	)

	Shares			Value
Sony Financial Holdings, Inc.		(75,300	)	$	(1,281,389	)
Taiyo Nippon Sanso Corporation		(6,100	)		(68,389	)
					(8,084,676	)
Netherlands — (0.2)%
Altice NV Class A*		(69,235	)		(1,597,351	)
OCI NV*		(6,370	)		(140,199	)
QIAGEN NV*		(2,615	)		(86,988	)
SBM Offshore NV		(34,817	)		(557,920	)
					(2,382,458	)
Norway — (0.2)%
Schibsted ASA Class A		(87,028	)		(2,101,494	)
Schibsted ASA, B Shares		(16,784	)		(370,911	)
					(2,472,405	)
Papua New Guinea — (0.1)%
Oil Search, Ltd.		(178,619	)		(936,294	)
Portugal — (0.0)%
Banco Comercial Portugues SA*		(2,721,764	)		(732,712	)
Spain — (0.1)%
Cellnex Telecom SA 144A		(94,361	)		(1,946,406	)
Zardoya Otis SA		(33,722	)		(348,951	)
					(2,295,357	)
Sweden — (0.2)%
Hennes & Mauritz AB		(51,985	)		(1,295,197	)
Millicom International Cellular SA SDR		(18,188	)		(1,074,264	)
					(2,369,461	)
Switzerland — (0.2)%
Aryzta AG*		(8,156	)		(268,181	)
Credit Suisse Group AG*		(101,716	)		(1,470,210	)
Vifor Pharma AG		(9,351	)		(1,030,765	)
					(2,769,156	)
United Kingdom — (0.7)%
AA PLC		(43,000	)		(127,692	)
Aggreko PLC		(7,103	)		(85,158	)
Antofagasta PLC		(80,024	)		(833,297	)
BTG PLC*		(45,913	)		(417,400	)
Capita PLC		(91,426	)		(823,423	)
Cobham PLC		(370,567	)		(625,508	)
Essentra PLC		(57,047	)		(419,428	)
Hargreaves Lansdown PLC		(55,946	)		(948,727	)
Hikma Pharmaceuticals PLC		(76,895	)		(1,472,233	)
Inmarsat PLC		(16,608	)		(166,451	)
John Wood Group PLC		(76,114	)		(634,958	)
Just Eat PLC*		(32,122	)		(274,034	)
Mediclinic International PLC		(16,925	)		(163,456	)
Pennon Group PLC		(40,748	)		(438,111	)
Petrofac, Ltd.		(327,690	)		(1,886,455	)
Serco Group PLC*		(150,796	)		(225,669	)

See Notes to Financial Statements.

191

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
United Utilities Group PLC		(24,874	)	$	(281,045	)
					(9,823,045	)
Total Foreign Common Stocks Sold Short     (Proceeds $(60,735,854))					(64,527,037	)
FOREIGN PREFERRED STOCKS SOLD SHORT — (0.1)%
Germany — (0.1)%
Sartorius AG
0.52%, 04/07/17
(Cost $(616,559))		(7,054	)		(680,632	)
Other Assets in Excess of Liabilities — 0.1%					1,874,630
NET ASSETS — 100.0%				$	1,454,160,198

PORTFOLIO SUMMARY (based on net assets)

	%
Financials		18.6
Industrials		15.8
Consumer Discretionary		15.3
Information Technology		12.0
Health Care		11.5
Consumer Staples		6.9
Materials		5.1
Energy		4.7
Money Market Funds		5.5
Telecommunication Services		3.8
Utilities		3.4
Real Estate		1.4
U.S. Treasury Obligation		0.2
Foreign Preferred Stocks		0.1
Foreign Preferred Stocks Sold Short		—	**
Foreign Common Stocks Sold Short		(4.4	)
		99.9

^**  Rounds to less than 0.005%

Swap agreements outstanding at June 30, 2017:

											Upfront
											Premiums		Unrealized
	Maturity						Notional				Paid/		Appreciation
Reference Obligation	Date		Counterparty		Currency		Amount		Market Value		(Received)		(Depreciation)
Total Return Swaps
MSCI Hong Kong Index		09/20/17		GSC		HKD		33,861,844	$	610	$	—	$	610
MSCI Spain Index		09/20/17		GSC		EUR		1,452,651		41,789		—		41,789
MSCI Sweden Index		09/20/17		GSC		SEK		78,342,929		224,766		—		224,766
MSCI Switzerland Index		09/20/17		GSC		CHF		15,673,008		169,787		—		169,787
Total Swap agreements outstanding at June 30, 2017									$	436,952	$	—	$	436,952

See Notes to Financial Statements.

192

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	33,088,217	$	33,088,217	$	—	$	—
Austria		7,965,972		7,965,972		—		—
Belgium		3,603,370		3,603,370		—		—
Brazil		6,493,220		6,493,220		—		—
Canada		12,353,414		12,353,414		—		—
China		63,624,949		63,624,949		—		—
Colombia		1,391,679		1,391,679		—		—
Czech Republic		596,804		596,804		—		—
Denmark		23,129,887		23,129,887		—		—
Finland		4,951,983		4,951,983		—		—
France		128,472,697		128,472,697		—		—
Germany		125,443,088		125,443,088		—		—
Hong Kong		48,583,035		48,583,035		—		—
India		2,750,201		2,750,201		—		—
Ireland		6,145,639		6,145,639		—		—
Italy		42,774,668		42,774,668		—		—
Japan		223,372,280		223,372,280		—		—
Malaysia		5,213,998		5,213,998		—		—
Netherlands		106,733,713		106,733,713		—		—
New Zealand		50,826		50,826		—		—
Nigeria		—		—		—		—
Norway		4,030,571		4,030,571		—		—
Portugal		2,175,589		2,175,589		—		—
Singapore		41,740,474		41,740,474		—		—
South Korea		17,424,455		17,424,455		—		—
Spain		70,375,531		70,375,531		—		—
Sweden		50,487,104		50,487,104		—		—
Switzerland		121,875,620		121,875,620		—		—
Taiwan		12,341,106		12,341,106		—		—
Thailand		529,875		—		529,875		—
Turkey		1		1		—		—
United Kingdom		231,160,415		231,160,161		254		—
United States of America		35,104,341		35,104,341		—		—
Foreign Preferred Stocks:
Germany		812,290		812,290		—		—
Money Market Funds		79,710,746		79,710,746		—		—
U.S. Treasury Obligations		2,985,479		—		2,985,479		—
Total Assets — Investments in Securities	$	1,517,493,237	$	1,513,977,629	$	3,515,608	$	—

See Notes to Financial Statements.

193

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Other Financial Instruments***
Swap Agreements	$	436,952		$	—		$	436,952		$	—
Total Assets — Other Financial Instruments	$	436,952		$	—		$	436,952		$	—
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short
Australia	$	(6,772,965	)	$	(6,772,965	)	$	—		$	—
Denmark		(3,139,412	)		(3,139,412	)		—			—
Finland		(1,376,729	)		(1,376,729	)		—			—
France		(10,538,897	)		(10,538,897	)		—			—
Germany		(2,189,115	)		(2,189,115	)		—			—
Italy		(8,644,355	)		(8,644,355	)		—			—
Japan		(8,084,676	)		(8,084,676	)		—			—
Netherlands		(2,382,458	)		(2,382,458	)		—			—
Norway		(2,472,405	)		(2,472,405	)		—			—
Papua New Guinea		(936,294	)		(936,294	)		—			—
Portugal		(732,712	)		(732,712	)		—			—
Spain		(2,295,357	)		(2,295,357	)		—			—
Sweden		(2,369,461	)		(2,369,461	)		—			—
Switzerland		(2,769,156	)		(2,769,156	)		—			—
United Kingdom		(9,823,045	)		(9,823,045	)		—			—
Foreign Preferred Stocks Sold Short
Germany		(680,632	)		(680,632	)		—			—
Total Liabilities — Investments in Securities	$	(65,207,669	)	$	(65,207,669	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(951,242	)	$	—		$	(951,242	)	$	—
Futures Contracts		(1,691,361	)		(1,691,361	)		—			—
Total Liabilities — Other Financial Instruments	$	(2,642,603	)	$	(1,691,361	)	$	(951,242	)	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forwards contracts) and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and “Forward Foreign Currency Contracts ”disclosures in the Notes to Financial Statements and the “Swap agreements outstanding ”disclosure on the preceding page(s), respectively.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

194

EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2017 (Unaudited)

��

	Shares		Value
FOREIGN COMMON STOCKS — 87.6%
Argentina — 0.2%
Banco Macro SA ADRD		10,689	$	985,419
Brazil — 2.8%
Banco do Brasil SA*		95,900		776,371
Banco Santander Brasil SA ADRD		58,848		443,125
BM&FBovespa SA — Bolsa de Valores Mercadorias e Futuros*		29,400		174,027
BR Malls Participacoes SA		19,800		71,361
BTG Pactual Group*		142,162		640,671
Centrais Eletricas Brasileiras SA*		33,500		126,198
Cia de Saneamento Basico do Estado de Sao Paulo ADRD*		30,556		290,893
Cielo SA		3,460		25,797
CVC Brasil Operadora e Agencia de Viagens SA		42,600		414,569
Engie Brasil Energia SA		85,500		883,931
Equatorial Energia SA		3,500		57,472
Hypermarcas SA		60,700		507,711
Linx SA		126,528		664,550
Lojas Americanas SA*		90,600		330,906
M Dias Branco SA*		16,800		251,272
Natura Cosmeticos SA		5,500		42,484
Odontoprev SA		272,200		956,385
Porto Seguro SA*		2,700		24,955
Qualicorp SA		39,300		342,239
Rumo SA*		371,110		966,730
Sul America SA		105,749		566,590
TIM Participacoes SA ADR		15,009		222,133
TOTVS SA		91,500		832,722
Ultrapar Participacoes SA		47,500		1,122,657
Ultrapar Participacoes SA ADRD		27,025		635,898
WEG SA		11,800		63,116
				11,434,763
Canada — 0.2%
First Quantum Minerals, Ltd.		70,829		599,163
Platinum Group Metals, Ltd.*		43,200		36,311
				635,474
Chile — 0.7%
Aguas Andinas SA, Class A		52,453		30,768
Banco de Chile ADRD		8,504		662,717
Banco Santander Chile ADR		31,330		796,095
Cencosud SA		38,822		103,338
Empresas COPEC SA		2,830		30,972
Enel Americas SA ADR		118,644		1,118,813
Enel Chile SAD		13,871		76,291
Enel Generacion Chile SA ADRD		3,627		82,115
Latam Airlines Group SA ADRD		12,028		133,150
SACI Falabella		5,091		41,694
				3,075,953

	Shares		Value
China — 13.2%
58.com, Inc. ADRD*		2,934	$	129,419
Agricultural Bank of China, Ltd. Class H		1,395,000		659,313
Air China, Ltd. Class H		40,679		41,943
Alibaba Group Holding, Ltd. ADRD*		82,647		11,644,962
Anhui Conch Cement Co., Ltd. Class H		706,000		2,455,078
Baidu, Inc. ADR*		10,407		1,861,396
Bank of China, Ltd. Class H		2,725,000		1,336,768
Bank of Communications Co., Ltd., Class H		645,000		455,200
Beijing Capital International Airport Co., Ltd. Class H		492,000		693,184
Belle International Holdings, Ltd.		1,286,000		1,014,641
China Cinda Asset Management Co., Ltd. Class H		1,896,000		706,679
China CITIC Bank Corporation, Ltd. Class H		845,000		517,339
China Communications Services Corporation, Ltd. Class H		1,602,000		923,349
China Construction Bank Corporation, Class H		4,236,000		3,282,480
China Evergrande Group*		359,000		644,664
China Medical System Holdings, Ltd.		37,000		63,977
China Mengniu Dairy Co., Ltd.*		1,216,000		2,382,955
China National Building Material Co., Ltd.		202,000		120,049
China Petroleum & Chemical Corporation, Class H		1,212,000		945,389
China Shenhua Energy Co., Ltd. Class H		217,500		484,172
China Telecom Corporation, Ltd.		230,000		109,293
China Vanke Co., Ltd. Class H		97,700		276,552
Chongqing Rural Commercial Bank Co., Ltd. Class H		807,000		544,722
Country Garden Holdings Co., Ltd.		209,000		242,262
Ctrip.com International, Ltd. ADRD*		12,829		690,970
Dongfeng Motor Group Co., Ltd. Class H		203,545		240,632
ENN Energy Holdings, Ltd.		43,000		259,406
Fuyao Glass Industry Group Co., Class H 144AD		227,600		871,634
Geely Automobile Holdings, Ltd.		845,000		1,822,593
GOME Electrical Appliances Holding, Ltd.D		1,270,619		156,235
Guangzhou Automobile Group Co., Ltd.		22,000		38,604
Haitian International Holdings, Ltd.		87,000		244,036

See Notes to Financial Statements.

195

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Industrial & Commercial Bank of China, Ltd. Class H		3,921,000	$	2,646,661
JD.com, Inc. ADR*		52,757		2,069,130
Jiangxi Copper Co., Ltd. Class H		224,000		367,813
Kingsoft Corporation, Ltd.		45,000		117,292
NetEase, Inc. ADR		2,763		830,641
New Oriental Education & Technology Group, Inc. ADR*		5,106		359,922
People’s Insurance Co. Group of China, Ltd. (The) Class H		536,000		225,180
PICC Property & Casualty Co., Ltd. Class H		290,000		484,358
SINA Corporation*		2,218		188,463
Sinopec Engineering Group Co., Ltd. Class H		315,000		284,036
Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,468,000		785,947
Sinopharm Group Co., Ltd. Class H		125,788		568,728
Sinotrans, Ltd. Class H		593,000		303,812
Sunac China Holdings, Ltd.D		23,000		48,077
Sunny Optical Technology Group Co., Ltd.		13,000		116,555
TAL Education Group ADRD		1,495		182,853
Tencent Holdings, Ltd.		162,200		5,800,388
Tingyi Cayman Islands Holding CorporationD		2,198,000		2,606,931
TravelSky Technology, Ltd. Class H		86,000		253,348
Vipshop Holdings, Ltd. ADR*		15,320		161,626
Weibo Corporation ADR*		222		14,730
Weichai Power Co., Ltd. Class H		284,000		248,808
West China Cement, Ltd.*		1,414,000		213,709
				54,738,904
Colombia — 0.2%
Bancolombia SA		76,606		793,841
Egypt — 0.2%
Arabian Food Industries Co. DOMTY*		17,026		35,755
Commercial International Bank Egypt SAE		30,708		135,508
Commercial International Bank Egypt SAE GDR		5,944		26,748
Edita Food Industries SAE		400,562		488,661
				686,672
Hong Kong — 6.4%
AIA Group, Ltd.		919,358		6,717,862
China Everbright International, Ltd.		64,000		79,842
China Mobile, Ltd.		660,000		7,003,695
China Overseas Land & Investment, Ltd.		1,340,000		3,921,767

	Shares		Value
China Resources Land, Ltd.		204,000	$	594,432
China Resources Power Holdings Co., Ltd.		200,000		392,446
CNOOC, Ltd.		685,000		750,149
CSPC Pharmaceutical Group, Ltd.		440,000		642,463
Haier Electronics Group Co., Ltd.*		335,000		871,027
Nine Dragons Paper Holdings, Ltd.		1,162,000		1,547,855
Sino Biopharmaceutical, Ltd.		147,000		129,914
Sun Art Retail Group, Ltd.		870,000		693,107
WH Group, Ltd. 144A		3,293,500		3,324,105
				26,668,664
Hungary — 0.5%
OTP Bank PLC		66,643		2,230,379
India — 7.2%
Axis Bank, Ltd. GDR		506,239		4,152,569
Dabur India, Ltd.		221,698		1,001,864
Godrej Consumer Products, Ltd.		506		7,579
HDFC Bank, Ltd.		126,645		3,272,050
Hero MotoCorp, Ltd.		16,555		947,992
ICICI Bank, Ltd. ADR		254,212		2,280,282
Infosys, Ltd.		158,760		2,297,860
Infosys, Ltd. ADRD		341,733		5,132,830
Kotak Mahindra Bank, Ltd.		350,772		5,186,623
Tata Consultancy Services, Ltd.		84,477		3,087,437
Tata Motors, Ltd. ADR		77,125		2,545,896
Wipro, Ltd.		14,756		58,978
				29,971,960
Indonesia — 2.1%
PT Adaro Energy Tbk		5,245,100		620,546
PT Astra International Tbk		171,500		114,905
PT Bank Central Asia Tbk		3,074,400		4,192,924
PT Bank Mandiri Persero Tbk		239,400		229,470
PT Bank Negara Indonesia Persero Tbk		1,625,300		799,155
PT Bank Rakyat Indonesia Persero Tbk		445,500		508,331
PT Indofood CBP Sukses Makmur Tbk		99,100		65,488
PT Indofood Sukses Makmur Tbk		635,235		410,157
PT Semen Indonesia Persero Tbk		225,500		169,117
PT Telekomunikasi Indonesia Persero Tbk		837,600		284,442
PT Telekomunikasi Indonesia Persero Tbk ADRD		2,015		67,845
PT United Tractors Tbk		551,669		1,135,449
				8,597,829
Kenya — 0.3%
Equity Group Holdings, Ltd.		3,154,147		1,148,207

See Notes to Financial Statements.

196

	Shares		Value
Malaysia — 1.4%
AirAsia Bhd		2,021,600	$	1,530,570
CIMB Group Holdings Bhd		255,100		391,031
Kuala Lumpur Kepong Bhd		6,700		38,833
Malayan Banking Bhd		430,100		964,873
Malaysia Airports Holdings		15,900		31,706
MISC Bhd		43,067		74,844
Petronas Chemicals Group Bhd		243,400		402,581
Public Bank Bhd		222,800		1,054,662
Sime Darby Bhd		118,200		261,587
Tenaga Nasional Bhd		141,030		464,553
Westports Holdings Bhd		563,900		478,165
YTL Corporation Bhd		103,200		35,100
				5,728,505
Mexico — 3.8%
Alfa SAB de CV Series A		86,000		122,019
America Movil SAB de CV ADR Series L		168,863		2,688,299
America Movil SAB de CV Series LD		2,033,245		1,631,189
Arca Continental SAB de CV		74,788		562,618
Cemex SAB de CV ADR*		20,009		188,485
Fibra Uno Administracion SA de CV REIT		181,600		343,613
Gruma SAB de CV Series B		55,575		725,066
Grupo Aeroportuario del Pacifico SAB de CV		32,000		360,576
Grupo Aeroportuario del Sureste SAB de CV ADR		2,397		504,329
Grupo Bimbo SAB de CV Series A		33,400		84,177
Grupo Financiero Banorte SAB de CV Series O		614,787		3,900,694
Grupo Financiero Inbursa SAB de CV Series O		432,000		737,188
Grupo Mexico SAB de CV Series B		226,900		637,489
Industrias Penoles SAB de CV		11,289		255,336
Megacable Holdings SAB de CV		306,600		1,241,689
Mexichem SAB de CV		18,500		49,551
OHL Mexico SAB de CV		79,051		114,033
Telesites SAB de CVD*		464,916		341,730
Wal-Mart de Mexico SAB de CV		518,082		1,201,234
				15,689,315
Morocco & Antilles — 0.2%
Attijariwafa Bank		22,012		1,003,848
Nigeria — 0.6%
Dangote Cement PLC		45,386		29,559
FCMB Group PLC		12,000,000		47,657
Guaranty Trust Bank PLC		17,983,238		1,989,440
Nestle Nigeria PLC		147,659		422,687
				2,489,343
Peru — 1.0%
Credicorp, Ltd.		22,387		4,016,004

	Shares		Value
Philippines — 1.2%
Ayala Corporation		1,970	$	33,185
Ayala Land, Inc.		131,200		103,353
Bank of the Philippine Islands		378,643		780,398
BDO Unibank, Inc.		66,960		164,547
Globe Telecom, Inc.		5,620		228,097
International Container Terminal Services, Inc.		35,620		69,037
JG Summit Holdings, Inc.		179,160		287,593
Metro Pacific Investments Corporation		987,000		124,989
SM Investments Corporation		12,040		191,600
SM Prime Holdings, Inc.		177,300		115,951
Universal Robina Corporation		838,970		2,708,446
				4,807,196
Poland — 1.0%
Alior Bank SA*		4,016		66,922
Bank Zachodni WBK SA		1,468		135,603
Eurocash SA		32,640		273,053
Grupa Lotos SA		8,200		112,855
Jastrzebska Spolka Weglowa SA*		19,175		382,760
KGHM Polska Miedz SA		6,157		183,847
PGE Polska Grupa Energetyczna SA*		191,496		625,806
Polski Koncern Naftowy ORLEN SA		34,431		1,039,717
Polskie Gornictwo Naftowe i Gazownictwo SA		205,645		350,728
Powszechna Kasa Oszczednosci Bank Polski SA*		71,748		667,207
Powszechny Zaklad Ubezpieczen SA		3,753		45,160
Tauron Polska Energia SA*		462,607		446,921
				4,330,579
Portugal — 0.7%
Jeronimo Martins SGPS SA		142,159		2,774,850
Romania — 0.1%
New Europe Property Investments PLC		15,777		199,538
Russia — 3.6%
Gazprom PJSC ADR		193,596		766,253
Lenta, Ltd.*		169,329		983,802
LUKOIL PJSC ADR		14,861		723,731
MMC Norilsk Nickel PJSC ADR		3,589		49,528
Mobile TeleSystems PJSC ADR		145,164		1,216,474
Novatek PJSC GDR		41,888		4,666,323
Rosneft Oil Co. PJSC GDR		27,856		151,397
Sberbank of Russia PJSC ADR		402,289		4,163,691
Severstal PJSC GDR		104,632		1,372,772
Sistema PJSC FC GDR		35,057		146,538
Surgutneftegas OJSC ADR		42,924		184,573

See Notes to Financial Statements.

197

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Tatneft PJSC ADR		12,952	$	488,291
				14,913,373
South Africa — 6.6%
Aspen Pharmacare Holdings, Ltd.		167,470		3,675,187
Barclays Africa Group, Ltd.		45,851		503,809
Bid Corporation, Ltd.		181,201		4,144,389
Bidvest Group, Ltd. (The)		92,812		1,117,930
Discovery, Ltd.		65,712		642,529
Exxaro Resources, Ltd.		80,246		570,447
Foschini Group, Ltd. (The)		54,650		573,465
Growthpoint Properties, Ltd. REIT		170,095		318,282
Imperial Holdings, Ltd.		57,015		701,656
Investec, Ltd.		40,547		299,085
Liberty Holdings, Ltd.		10,733		92,296
Massmart Holdings, Ltd.		14,809		119,423
MMI Holdings, Ltd.		71,670		110,881
Mondi, Ltd.		20,953		543,120
Naspers, Ltd. N Shares		43,118		8,387,947
Nedbank Group, Ltd.		17,757		283,393
Pick n Pay Stores, Ltd.		238,206		1,074,453
Pioneer Foods Group, Ltd.		3,490		36,134
Rand Merchant Investment Holdings, Ltd.		14,077		41,954
Redefine Properties, Ltd. REIT		190,199		152,944
Remgro, Ltd.		16,085		262,450
Resilient, Ltd. REIT		12,543		116,720
RMB Holdings, Ltd.		53,580		240,613
Sanlam, Ltd.		41,251		204,324
Sappi, Ltd.		16,612		110,586
Shoprite Holdings, Ltd.		20,709		315,609
Standard Bank Group, Ltd.		172,334		1,897,419
Telkom SA SOC, Ltd.D		125,751		591,628
Truworths International, Ltd.		11,464		62,654
				27,191,327
South Korea — 13.6%
AMOREPACIFIC Group		669		76,013
BNK Financial Group, Inc.		20,474		195,945
CJ E&M Corporation		1,361		90,166
DGB Financial Group, Inc.		6,847		70,616
E-MART, Inc.		5,177		1,061,055
GS Retail Co., Ltd.		423		19,077
Hana Financial Group, Inc.		13,641		539,488
Hanwha Chemical Corporation		26,291		693,955
Hanwha Corporation		20,535		850,727
Hyosung Corporation		3,457		506,094
Hyundai Development Co-Engineering & Construction		12,813		525,779
Hyundai Engineering & Construction Co., Ltd.		15,761		634,352
Hyundai Heavy Industries Co., Ltd.*		484		74,663
Hyundai Marine & Fire Insurance Co., Ltd.		23,525		809,080

	Shares		Value
Hyundai Mobis Co., Ltd.		2,049	$	447,712
Industrial Bank of Korea		10,052		125,194
KB Financial Group, Inc.		13,164		663,867
Kia Motors Corporation		8,799		293,774
KIWOOM Securities Co., Ltd.		9,123		744,735
Korean Air Lines Co., Ltd.*		3,460		117,032
KT Corporation ADRD		9,472		157,614
LG Electronic, Ltd.		1,831		128,345
LG Innotek Co., Ltd.		2,718		391,968
LG Uplus Corporation		79,176		1,079,531
Lotte Chemical Corporation		4,843		1,456,096
NAVER Corporation		4,260		3,120,115
NCSoft Corporation		1,550		514,115
POSCO		1,938		486,130
Posco Daewoo Corporation		36,381		709,082
Samsung Card Co., Ltd.		3,519		120,104
Samsung Electronics Co., Ltd.		9,434		19,599,369
Samsung Fire & Marine Insurance Co., Ltd.		25,252		6,212,855
Shinhan Financial Group Co., Ltd.		121,671		5,242,652
SK Hynix, Inc.		84,924		5,002,734
SK Innovation Co., Ltd.		5,679		786,716
SK Networks Co., Ltd.		12,079		65,983
SK Telecom Co., Ltd.		9,447		2,196,305
Woori Bank		20,151		324,945
				56,133,983
Switzerland — 0.5%
Cie Financiere Richemont SA		24,132		1,988,141
Taiwan — 8.7%
Catcher Technology Co., Ltd.		18,000		215,089
Cathay Financial Holding Co., Ltd.		260,185		428,510
China Life Insurance Co., Ltd.		841,820		838,499
Compal Electronics, Inc.		198,430		133,722
CTBC Financial Holding Co., Ltd.		1,048,173		687,411
Eva Airways Corporation		91,880		45,457
Far EasTone Telecommunications Co., Ltd.		20,000		50,953
Feng TAY Enterprise Co., Ltd.		10,061		44,484
First Financial Holding Co., Ltd.		702,225		469,766
Formosa Chemicals & Fibre Corporation		97,000		304,520
Formosa Petrochemical Corporation		20,000		69,034
Foxconn Technology Co., Ltd.		184,152		555,725
Fubon Financial Holding Co., Ltd.		261,000		415,695
Hon Hai Precision Industry Co., Ltd.		1,109,778		4,268,377

See Notes to Financial Statements.

198

	Shares		Value
Innolux Corporation		818,000	$	427,554
Largan Precision Co., Ltd.		5,000		797,173
Lite-On Technology Corporation		93,883		154,311
MediaTek, Inc.		219,000		1,875,395
Mega Financial Holding Co., Ltd.		141,000		117,268
Nanya Technology Corporation		87,000		156,726
Nien Made Enterprise Co., Ltd.		17,000		188,610
Novatek Microelectronics Corporation		73,000		295,168
Pegatron Corporation		397,089		1,244,003
Phison Electronics Corporation		156,000		1,925,641
Pou Chen Corporation		432,000		597,870
Powertech Technology, Inc.		361,000		1,114,329
Realtek Semiconductor Corporation		304,000		1,094,280
Shin Kong Financial Holding Co., Ltd.		197,000		52,456
Siliconware Precision Industries Co., Ltd.		64,920		104,892
Synnex Technology International Corporation		34,000		38,113
Taiwan Fertilizer Co., Ltd.		34,000		45,210
Taiwan Semiconductor Manufacturing Co., Ltd.		1,443,000		9,890,385
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		168,970		5,907,191
Teco Electric and Machinery Co., Ltd.		73,000		70,192
Uni-President Enterprises Corporation		170,000		340,894
Wistron Corporation		1,155,200		1,175,327
				36,140,230
Thailand — 3.6%
Bangkok Bank PCL NVDR		58,600		319,135
Bangkok Dusit Medical Services PCL		4,630,000		2,616,897
Central Pattana PCL		1,905,900		3,885,298
Central Pattana PCL NVDR		31,000		63,195
CP ALL PCL		1,376,800		2,543,250
Home Product Center PCL NVDR		102,900		29,080
Indorama Ventures PCL NVDR		92,200		103,138
Kasikornbank PCL NVDR		28,600		167,121
Krung Thai Bank PCL NVDR		1,313,635		727,004
PTT Exploration & Production PCL NVDR		17,000		43,163
PTT Global Chemical PCL NVDR		837,054		1,687,907
PTT PCL NVDR		31,200		339,829
Robinson PCL		294,800		505,508

	Shares		Value
Siam Cement PCL (The) NVDR		20,770	$	308,157
Siam Commercial Bank PCL (The) NVDR		39,400		180,356
Thai Oil PCL NVDR		519,362		1,207,819
Thai Union Group PCL NVDR		586,000		363,986
				15,090,843
Turkey — 2.8%
Akbank TAS		215,185		599,358
Arcelik AS		44,979		333,145
BIM Birlesik Magazalar AS		2,489		46,159
Coca-Cola Icecek AS		73,935		848,526
Eregli Demir ve Celik Fabrikalari TAS		65,507		131,258
Ford Otomotiv Sanayi AS		11,215		136,934
KOC Holding AS		48,988		225,277
Tofas Turk Otomobil Fabrikasi AS		25,299		207,802
Tupras Turkiye Petrol Rafinerileri AS		44,198		1,271,252
Türkiye Garanti Bankasi AS		1,590,328		4,425,048
Türkiye Halk Bankasi AS		191,188		714,554
Türkiye Is Bankasi Class C Turkiye Vakiflar Bankasi		171,773		363,714
TAO Class D		224,941		413,639
Ulker Biskuvi Sanayi AS		122,517		773,033
Yapi ve Kredi Bankasi AS*		989,820		1,263,139
				11,752,838
United Arab Emirates — 0.1%
ADES International Holding, Ltd. 144A*		28,603		371,839
United Kingdom — 2.6%
Anglo American PLCD*		148,929		1,994,939
Global Ports Investments PLC GDR*		49,037		171,629
Hikma Pharmaceuticals PLC		95,401		1,826,549
Liberty Global PLC LiLAC Class AD*		74,943		1,631,509
Liberty Global PLC LiLAC Class C*		73,733		1,578,624
Mediclinic International PLCD		176,680		1,706,317
Tullow Oil PLC*		968,850		1,901,651
				10,811,218
United States — 1.5%
Cognizant Technology Solutions Corporation Class A		38,800		2,576,320
FirstCash, Inc.		17,900		1,043,570
Kosmos Energy, LtdD*		108,200		693,562
PriceSmart, Inc.		5,400		473,040
Southern Copper CorporationD		4,037		139,801
Ternium SA ADR		30,645		860,818

See Notes to Financial Statements.

199

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Yum China Holdings, Inc.*		14,537	$	573,194
				6,360,305
Total Foreign Common Stocks (Cost $332,440,544)				362,761,340
FOREIGN PREFERRED STOCKS — 4.4%
Brazil — 2.8%
Banco Bradesco SA ADR
0.00%, 07/03/17*		146,511		1,245,344
Braskem SA Class A
3.75%, 10/04/16		53,700		556,305
Cia Brasileira de Distribuicao
0.00%, 04/28/16		54,600		1,073,739
Cia Brasileira de Distribuicao ADR
0.00%, 04/28/16D		21,218		414,812
Itau Unibanco Holding SA ADR
0.50%, 07/03/17		187,526		2,072,162
Itausa — Investimentos Itau SA
0.67%, 06/01/17		1,490,948		4,059,389
Lojas Americanas SA
0.00%, 01/05/17*		96,999		406,981
Petroleo Brasileiro SA
0.00%, 04/03/14*		6,619		24,834
Vale SA
0.00%, 04/24/17*		219,000		1,780,875
				11,634,441
Chile — 0.3%
Embotelladora Andina SA ADR Class B
2.17%, 05/22/17		40,448		1,027,379
Embotelladora Andina SA Class A
2.19%, 08/28/17		5,803		18,882
Sociedad Quimica y Minera de Chile SA ADR
2.38%, 06/07/17		2,261		74,659
				1,120,920
Colombia — 0.1%
Bancolombia SA ADR
2.81%, 06/30/17		10,824		482,209
South Korea — 1.2%
Samsung Electronics Co., Ltd.
1.47%, 03/30/17		2,991		4,867,581
Samsung Fire & Marine Insurance Co., Ltd.
3.13%, 12/28/16		1,796		306,096
				5,173,677
Total Foreign Preferred Stocks (Cost $18,233,615)				18,411,247

	Shares		Value
MONEY MARKET FUNDS — 8.5%
GuideStone Money Market Fund (Investor Class)¥		15,467,168	$	15,467,168
Northern Institutional Government Assets Portfolio		10,849,619		10,849,619
Northern Institutional Liquid Assets Portfolio§		8,741,364		8,741,364
Total Money Market Funds (Cost $35,058,151)				35,058,151
	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $1,293,523)	$	1,300,000		1,293,707
TOTAL INVESTMENTS — 100.8% (Cost $387,025,833)				417,524,445
Liabilities in Excess of Other
Assets — (0.8)%				(3,307,419	)
NET ASSETS — 100.0%			$	414,217,026

PORTFOLIO SUMMARY (based on net assets)

	%
Financials		24.3
Information Technology		23.1
Money Market Funds		8.5
Consumer Staples		8.1
Consumer Discretionary		7.9
Energy		5.2
Materials		4.6
Telecommunication Services		4.6
Foreign Preferred Stocks		4.4
Health Care		3.1
Industrials		2.8
Real Estate		2.7
Utilities		1.2
U.S. Treasury Obligation		0.3
		100.8

See Notes to Financial Statements.

200

Swap agreements outstanding at June 30, 2017:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Brazil Index		09/20/17		GSC		BRL		2,146,704		$	20,995			—	$	20,995
MSCI China Index		09/20/17		GSC		HKD		(12,635,239	)		(243	)		—		(243	)
MSCI Poland Index		09/20/17		GSC		PLN		(604,330	)		(1,257	)		—		(1,257	)
MSCI South Africa Index		09/20/17		GSC		ZAR		20,099,321			4,303			—		4,303
MSCI Turkey Index		09/20/17		GSC		TRY		(962,424	)		(1,412	)		—		(1,412	)
Total Swap agreements outstanding at June 30, 2017										$	22,386		$	—	$	22,386

See Notes to Financial Statements.

201

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted  Prices		Level 2 Other  Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina	$	985,419	$	985,419	$	—	$	—
Brazil		11,434,763		11,434,763		—		—
Canada		635,474		635,474		—		—
Chile		3,075,953		3,075,953		—		—
China		54,738,904		54,738,904		—		—
Colombia		793,841		793,841		—		—
Egypt		686,672		686,672		—		—
Hong Kong		26,668,664		26,668,664		—		—
Hungary		2,230,379		2,230,379		—		—
India		29,971,960		26,699,910		—		3,272,050
Indonesia		8,597,829		67,845		8,529,984		—
Kenya		1,148,207		1,148,207		—		—
Malaysia		5,728,505		5,728,505		—		—
Mexico		15,689,315		15,689,315		—		—
Morocco & Antilles		1,003,848		1,003,848		—		—
Nigeria		2,489,343		2,489,343		—		—
Peru		4,016,004		4,016,004		—		—
Philippines		4,807,196		4,807,196		—		—
Poland		4,330,579		4,330,579		—		—
Portugal		2,774,850		2,774,850		—		—
Romania		199,538		199,538		—		—
Russia		14,913,373		14,913,373		—		—
South Africa		27,191,327		27,191,327		—		—
South Korea		56,133,983		56,133,983		—		—
Switzerland		1,988,141		1,988,141		—		—
Taiwan		36,140,230		36,140,230		—		—
Thailand		15,090,843		5,539,890		9,550,953		—
Turkey		11,752,838		11,752,838		—		—
United Arab Emirates		371,839		371,839		—		—
United Kingdom		10,811,218		10,811,218		—		—
United States		6,360,305		6,360,305		—		—
Foreign Preferred Stocks:
Brazil		11,634,441		11,634,441		—		—
Chile		1,120,920		1,120,920		—		—
Colombia		482,209		482,209		—		—
South Korea		5,173,677		5,173,677		—		—
Money Market Funds		35,058,151		35,058,151		—		—
U.S. Treasury Obligations		1,293,707		—		1,293,707		—
Total Assets — Investments in Securities	$	417,524,445	$	394,877,751	$	19,374,644	$	3,272,050
Other Financial Instruments***
Forward Foreign Currency Contracts	$	512,559	$	—	$	512,559	$	—

See Notes to Financial Statements.

202

	Total Value			Level 1 Quoted  Prices			Level 2 Other  Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Swap Agreements	$	22,386		$	—		$	22,386	$	—
Total Assets — Other Financial Instruments	$	534,945		$	—		$	534,945	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(88,865	)	$	(88,865	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(88,865	)	$	(88,865	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forwards contracts), and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and“ Forward Foreign Currency Contracts” disclosures in the Notes to Financial Statements and the “Swap agreements outstanding” disclosure on the preceding page (s), respectively.

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, 2016 that are now being valued based on quoted prices. The value of the securities that were transfers to Level 1 as of June 30, 2017 is $36,522,908.

There were no transfers between Level 2 and Level 3 during the period ended June 30, 2017.

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, 2017.

See Notes to Financial Statements.

203

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	Defensive Market Strategies Fund			Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	913,478,005		$	822,040,402
Investments in securities of affiliated issuers, at value		30,077,273			27,283,583
Total investments, at value(1)(2)		943,555,278			849,323,985
Cash		834,186			—
Cash collateral for derivatives		—			237,600
Deposits with broker		—			—
Foreign currency(3)		—			—
Receivables:
Dividends and reclaims		699,106			678,660
Interest		1,535,984			—
Securities lending		22,456			5,736
From advisor		18,206			13,833
Investment securities sold		5,789,597			—
Fund shares sold		231,080			3,749,757
Variation margin on financial futures contracts		—			12,750
Foreign capital gains taxes		—			—
Unrealized appreciation on foreign currency exchange contracts		—			—
Unrealized appreciation on swap agreements		—			—
Prepaid expenses and other assets		94,992			284,333
Total Assets		952,780,885			854,306,654
Liabilities
Cash Overdraft		—			193,849
Foreign currency overdraft		12,899			—
Securities sold short, at value(4)		—			—
Options written, at value(5)		541,733			—
Unrealized depreciation on foreign currency exchange contracts		249,666			—
Unrealized depreciation on swap agreements		—			—
Collateral held for securities on loan, at value		45,103,430			3,205,054
Collateral held for derivatives		—			—
Payables:
Investment securities purchased		7,100,437			260,878
Dividends on short sales		—			—
Fund shares redeemed		196,502			8,898
Variation margin on financial futures contracts		—			800
Securities lending		3,369			860
Foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		465,825			63,769
Professional fees		30,260			26,433
Shareholder servicing fees		65,287			90,928
Other expenses		111,400			375,846
Total Liabilities		53,880,808			4,227,315
Net Assets	$	898,900,077		$	850,079,339
Net Assets Consist of:
Paid-in-capital	$	787,556,479		$	590,990,044
Accumulated (distributions in excess of) net investment income (loss)		1,163,018			498,517
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		19,956,295			(3,384,029	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		90,224,285			261,974,807
Net Assets	$	898,900,077		$	850,079,339
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	581,175,521		$	408,062,732
Institutional shares outstanding		46,526,383			15,302,900
Net asset value, offering and redemption price per Institutional share	$	12.49		$	26.67
Net assets applicable to the Investor Class	$	317,724,555		$	442,016,607
Investor shares outstanding		25,425,250			16,565,789
Net asset value, offering and redemption price per Investor share	$	12.50		$	26.68
(1)       Investments in securities of unaffiliated issuers, at cost	$	823,400,415		$	559,948,630
Investments in securities of affiliated issuers, at cost		30,077,273			27,283,583
Total investments, at cost	$	853,477,688		$	587,232,213
(2)       Includes securities loaned of:	$	59,508,182		$	38,565,105
(3)       Foreign currency, at cost	$	(12,899	)	$	—
(4)       Proceeds from securities sold short	$	—		$	—
(5)       Premiums received on options written	$	938,709		$	—

⁽⁶⁾  Net of $40,278 and $(136,819) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively.

See Notes to Financial Statements.

204

Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund		International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	1,334,988,159	$	1,482,770,876		$	564,382,996	$	146,928,576		$	1,452,309,612		$	402,057,277
	46,740,934		62,285,366			26,109,041		6,738,855			65,183,625			15,467,168
	1,381,729,093		1,545,056,242			590,492,037		153,667,431			1,517,493,237			417,524,445
	—		—			—		—			—			467,151
	39,600		—			42,647		84,000			24,247			2,162,970
	—		—			—		—			9,565,436			—
	—		—			—		341,221			7,068,992			521,496
	1,541,122		551,449			399,309		650,375			9,237,604			1,488,699
	—		—			—		—			—			66,383
	26,959		97,315			18,494		7,131			57,754			7,183
	23,964		27,244			11,582		—			29,199			2,938
	13,971,857		4,022,915			6,321,703		—			409,831			897,900
	10,374,736		10,655,681			299,880		1,161,132			2,379,481			1,624,093
	22,427		28,400			5,992		5,925			1,013,675			179,759
	—		—			—		—			40,278			—
	—		—			—		—			3,352,186			1,194,533
	—		—			—		—			436,952			25,298
	45,341		63,832			50,998		68,670			51,561			52,295
	1,407,775,099		1,560,503,078			597,642,642		155,985,885			1,551,160,433			426,215,143
	1,692,358		502,617			981,197		82,555			9,752,296			—
	—		—			—		—			—			—
	—		—			—		—			65,207,669			—
	—		—			—		—			—			—
	—		—			—		—			4,303,428			681,974
	—		—			—		—			—			2,912
	16,019,825		12,043,880			43,102,599		494,400			14,527,121			8,741,364
	—		—			—		—			139,935			559,900
	6,646,429		1,485,288			7,741,495		27,843			691,601			1,100,182
	—		—			—		—			35,605			—
	63,296		44,242			2,393		1,484			61,272			14,977
	—		—			74,755		165			875,111			133,199
	4,044		14,597			2,774		1,070			8,663			1,077
	—		—			—		—			—			136,819
	664,117		865,780			410,788		14,716			875,394			348,030
	45,718		25,966			29,909		57,363			28,746			31,848
	77,120		107,329			52,707		—			64,339			15,039
	161,243		173,415			101,785		71,074			429,055			230,796
	25,374,150		15,263,114			52,500,402		750,670			97,000,235			11,998,117
$	1,382,400,949	$	1,545,239,964		$	545,142,240	$	155,235,215		$	1,454,160,198		$	414,217,026
$	1,120,969,422	$	1,149,308,339		$	456,525,340	$	148,543,705		$	1,261,632,333		$	403,778,471
	780,566		(253,512	)		34,223		2,401,662			16,276,975			2,130,902
	20,159,603		43,966,664			17,646,570		(601,397	)		22,865,903			(22,495,940	)
	240,491,358		352,218,473			70,936,107		4,891,245			153,384,987	(6)		30,803,593	(6)
$	1,382,400,949	$	1,545,239,964		$	545,142,240	$	155,235,215		$	1,454,160,198		$	414,217,026
$	1,005,314,015	$	1,025,811,473		$	288,795,639	$	155,235,215		$	1,143,097,096		$	342,073,831
	46,060,812		41,732,756			16,093,826		15,355,776			74,423,970			35,234,112
$	21.83	$	24.58		$	17.94	$	10.11		$	15.36		$	9.71
$	377,086,934	$	519,428,490		$	256,346,601		N/A		$	311,063,102		$	72,143,195
	17,265,003		21,155,562			14,280,230		N/A			20,237,833			7,436,603
$	21.84	$	24.55		$	17.95		N/A		$	15.37		$	9.70
$	1,094,313,573	$	1,130,272,625		$	493,325,034	$	142,035,212		$	1,292,840,539		$	371,558,665
	46,740,934		62,285,366			26,109,041		6,738,855			65,183,625			15,467,168
$	1,141,054,507	$	1,192,557,991		$	519,434,075	$	148,774,067		$	1,358,024,164		$	387,025,833
$	61,413,785	$	201,603,349		$	109,105,427	$	4,581,635		$	104,444,004		$	28,015,794
$	—	$	—		$	—	$	338,779		$	6,951,754		$	590,547
$	—	$	—		$	—	$	—		$	61,352,413		$	—
$	—	$	—		$	—	$	—		$	—		$	—

See Notes to Financial Statements.

205

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2017 (Unaudited)

	Defensive Market  Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	5,551,631		$	7,693,620
Income distributions received from affiliated funds		56,511			45,452
Interest		—			2,640
Securities lending		90,708			22,103
Less foreign taxes withheld		(15,317	)		(3,194	)
Total Investment Income		5,683,533			7,760,621
Expenses
Investment advisory fees		2,710,454			370,691
Transfer agent fees:
Institutional Shares		2,231			2,056
Investor Shares		12,308			15,078
Custodian fees		36,702			15,899
Shareholder servicing fees:
Investor Shares		374,685			523,533
Accounting and administration fees		103,562			89,867
Professional fees		41,796			40,853
Blue sky fees:
Institutional Shares		9,754			8,053
Investor Shares		12,214			9,583
Shareholder reporting fees:
Institutional Shares		620			379
Investor Shares		5,043			8,407
Trustees expenses		3,839			3,469
Line of credit facility fees and interest expense		2,408			2,157
S&P license fees		—			165,973
Interest expense		881,990			—
Other expenses		22,353			17,316
Total Expenses		4,219,959			1,273,314
Dividends on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(1)		(38,453	)		(29,419	)
Fees paid indirectly		(188	)		—
Net Expenses		4,181,318			1,243,895
Net Investment Income		1,502,215			6,516,726
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		—			—
Investment securities		21,463,461			710,164
Investment securities sold short		—			—
Futures transactions		711,157			2,205,501
Swap agreements		—			—
Option contracts written		3,813,674			—
Foreign currency		(609,702	)		—
Net realized gain		25,378,590			2,915,665
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(65,649) and $(65,805) for International
Equity Fund and Emerging Markets Fund, respectively)		24,072,638			58,929,141
Investment securities sold short		—			—
Futures		38,690			11,750
Swap agreements		—			—
Option contracts written		358,082			—
Foreign currency		(155,490	)		—
Net change in unrealized appreciation (depreciation)		24,313,920			58,940,891
Net Realized and Unrealized Gain		49,692,510			61,856,556
Net Increase in Net Assets Resulting from Operations	$	51,194,725		$	68,373,282

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

See Notes to Financial Statements.

206

Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	14,466,268		$	6,134,791		$	2,733,671		$	3,080,150		$	27,078,045		$	5,164,034
	69,924			36,694			12,485			16,651			94,603			22,755
	9,003			9,713			4,105			529			6,838			15,187
	85,894			285,344			174,420			37,404			269,990			23,442
	(95,949	)		(51,406	)		(3,728	)		(237,474	)		(2,318,912	)		(763,863	)
	14,535,140			6,415,136			2,920,953			2,897,260			25,130,564			4,461,555
	3,657,113			5,093,274			2,447,490			44,905			5,040,380			1,827,045
	2,255			2,228			2,234			1,988			2,237			2,171
	14,565			14,706			14,093			—			14,286			9,661
	24,837			21,384			36,052			32,487			230,953			409,302
	465,741			596,628			324,415			—			357,943			75,952
	142,814			154,531			62,319			37,241			200,856			92,564
	52,638			40,852			43,526			70,125			42,464			42,872
	7,920			11,319			11,125			10,594			7,875			8,299
	7,773			11,916			11,655			—			7,431			12,091
	601			569			588			183			591			534
	7,470			7,701			6,721			—			7,313			1,716
	5,901			6,255			2,427			626			6,004			1,596
	3,664			4,020			1,490			382			3,646			967
	—			—			—			—			—			—
	—			—			—			—			—			—
	26,403			29,582			16,180			11,396			256,740			70,843
	4,419,695			5,994,965			2,980,315			209,927			6,178,719			2,555,613
	—			—			—			—			897,252			—
	(45,457	)		(56,740	)		(22,673	)		97,615			(59,495	)		(26,557	)
	(5,139	)		(9,982	)		(43,618	)		—			(7,635	)		(1,502	)
	4,369,099			5,928,243			2,914,024			307,542			7,008,841			2,527,554
	10,166,041			486,893			6,929			2,589,718			18,121,723			1,934,001
	(137	)		—			(2,933	)		—			—			—
	40,698,408			46,844,901			15,355,755			66,877			32,360,162			6,354,467
	—			—			—			—			(551,341	)		—
	3,754,026			4,427,084			680,097			957,350			13,704,787			6,767,108
	—			—			—			—			(4,914,306	)		(260,226	)
	—			—			—			—			—			—
	—			—			—			2,305			784,719			2,498,847
	44,452,297			51,271,985			16,032,919			1,026,532			41,384,021			15,360,196
	8,208,326			179,278,118			(4,247,544	)		15,200,058			158,324,169			46,074,016
	—			—			—			—			(4,975,561	)		—
	(11,045	)		(71,888	)		422,765			21,436			(2,288,515	)		(268,103	)
	—			—			—			—			188,024			74,117
	—			—			—			—			—			—
	—			—			—			21,233			1,678,408			(355,463	)
	8,197,281			179,206,230			(3,824,779	)		15,242,727			152,926,525			45,524,567
	52,649,578			230,478,215			12,208,140			16,269,259			194,310,546			60,884,763
$	62,815,619		$	230,965,108		$	12,215,069		$	18,858,977		$	212,432,269		$	62,818,764

See Notes to Financial Statements.

207

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Six
	Months Ended			For the Year
	06/30/17			Ended 12/31/16
	(Unaudited)
Operations:
Net investment income (loss)	$	1,502,215		$	9,154,111
Net realized gain on investment securities, foreign currency and derivatives		25,378,590			37,485,385
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		24,313,920			29,305,318
Net increase (decrease) in net assets resulting from operations		51,194,725			75,944,814
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(852,066	)		(6,782,198	)
Investor shares		(93,077	)		(2,584,867	)
Distributions from net realized capital gains
Institutional shares		(5,739,741	)		(20,422,901	)
Investor shares		(3,084,121	)		(10,089,480	)
Total dividends and distributions		(9,769,005	)		(39,879,446	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		30,643,225			86,759,491
Investor shares		48,028,235			120,050,570
Reinvestment of dividends and distributions
Institutional shares		6,576,925			27,129,944
Investor shares		3,174,619			12,666,913
Total proceeds from shares sold and reinvested		88,423,004			246,606,918
Value of shares redeemed
Institutional shares		(30,475,679	)		(36,641,159	)
Investor shares		(23,709,111	)		(33,410,504	)
Total value of shares redeemed		(54,184,790	)		(70,051,663	)
Net increase (decrease) from capital share transactions(1)		34,238,214			176,555,255
Total increase (decrease) in net assets		75,663,934			212,620,623
Net Assets:
Beginning of Period		823,236,143			610,615,520
End of Period*	$	898,900,077		$	823,236,143
*Including undistributed (distributions in excess of) net investment income	$	1,163,018		$	605,946

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

See Notes to Financial Statements.

208

Equity Index Fund						Value Equity Fund						Growth 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
06/30/17			Ended 12/31/16			06/30/17			Ended 12/31/16			06/30/17			Ended 12/31/16
(Unaudited)						(Unaudited)						(Unaudited)
$	6,516,726		$	11,943,530		$	10,166,041		$	24,447,562		$	486,893		$	(1,084,811	)
	2,915,665			8,892,190			44,452,297			58,311,164			51,271,985			43,301,833
	58,940,891			57,282,624			8,197,281			86,310,003			179,206,230			(55,421,512	)
	68,373,282			78,118,344			62,815,619			169,068,729			230,965,108			(13,204,490	)
	(3,150,485	)		(7,539,949	)		(7,237,447	)		(20,652,060	)		(740,405	)		—
	(2,939,579	)		(4,493,334	)		(2,306,893	)		(4,414,829	)		—			—
	(890,061	)		(4,164,984	)		(10,346,208	)		(35,799,929	)		(7,844,181	)		(39,566,114	)
	(971,126	)		(3,860,904	)		(3,943,277	)		(11,488,346	)		(3,996,132	)		(13,379,455	)
	(7,951,251	)		(20,059,171	)		(23,833,825	)		(72,355,164	)		(12,580,718	)		(52,945,569	)
	33,036,489			62,887,840			56,711,072			72,695,633			28,868,454			78,821,400
	40,018,772			61,970,285			11,950,005			46,876,464			35,979,154			28,018,112
	4,036,707			11,688,033			17,581,534			56,444,119			8,583,943			39,563,140
	3,907,712			8,347,177			6,245,017			15,889,798			3,993,880			13,376,181
	80,999,680			144,893,335			92,487,628			191,906,014			77,425,431			159,778,833
	(13,207,755	)		(22,108,055	)		(17,238,445	)		(193,720,488	)		(49,232,405	)		(114,360,239	)
	(20,334,224	)		(47,248,664	)		(22,851,931	)		(45,525,237	)		(16,077,570	)		(80,144,960	)
	(33,541,979	)		(69,356,719	)		(40,090,376	)		(239,245,725	)		(65,309,975	)		(194,505,199	)
	47,457,701			75,536,616			52,397,252			(47,339,711	)		12,115,456			(34,726,366	)
	107,879,732			133,595,789			91,379,046			49,373,854			230,499,846			(100,876,425	)
	742,199,607			608,603,818			1,291,021,903			1,241,648,049			1,314,740,118			1,415,616,543
$	850,079,339		$	742,199,607		$	1,382,400,949		$	1,291,021,903		$	1,545,239,964		$	1,314,740,118
$	498,517		$	71,855		$	780,566		$	158,865		$	(253,512	)	$	—

See Notes to Financial Statements.

209

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Six
	Months Ended			For the Year
	06/30/17			Ended 12/31/16
	(Unaudited)
Operations:
Net investment income	$	6,929		$	1,202,278
Net realized gain (loss) on investment securities, foreign currency and derivatives		16,032,919			12,585,764
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(3,824,779	)		68,188,651
Net increase in net assets resulting from operations		12,215,069			81,976,693
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(985,933	)
Investor shares		—			(386,414	)
Distributions from net realized capital gains
Institutional shares		—			(2,849,693	)
Investor shares		—			(2,825,962	)
Total dividends and distributions		—			(7,048,002	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		23,246,915			24,829,412
Investor shares		9,310,880			29,247,158
Reinvestment of dividends and distributions
Institutional shares		—			3,835,372
Investor shares		—			3,211,578
Total proceeds from shares sold and reinvested		32,557,795			61,123,520
Value of shares redeemed
Institutional shares		(6,655,715	)		(69,413,390	)
Investor shares		(25,596,252	)		(35,829,083	)
Total value of shares redeemed		(32,251,967	)		(105,242,473	)
Net increase (decrease) from capital share transactions(1)		305,828			(44,118,953	)
Total increase in net assets		12,520,897			30,809,738
Net Assets:
Beginning of Period		532,621,343			501,811,605
End of Period*	$	545,142,240		$	532,621,343
*Including undistributed (distributions in excess of) net investment income	$	34,223		$	27,294

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

See Notes to Financial Statements.

210

International Equity Index Fund						International Equity Fund						Emerging Markets 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
06/30/17			Ended 12/31/16			06/30/17			Ended 12/31/16			06/30/17			Ended 12/31/16
(Unaudited)						(Unaudited)						(Unaudited)
$	2,589,718		$	3,121,243		$	18,121,723		$	25,616,001		$	1,934,001		$	3,114,130
	1,026,532			(842,464	)		41,384,021			16,102,029			15,360,196			(14,432,213	)
	15,242,727			477,800			152,926,525			(2,077,658	)		45,524,567			55,295,877
	18,858,977			2,756,579			212,432,269			39,640,372			62,818,764			43,977,794
	—			(3,270,902	)		—			(20,646,972	)		—			(5,024,983	)
	—			—			—			(4,679,834	)		—			(685,333	)
	—			—			—			(7,893,727	)		—			—
	—			—			—			(2,052,816	)		—			—
	—			(3,270,902	)		—			(35,273,349	)		—			(5,710,316	)
	10,374,125			28,861,034			22,337,198			81,012,704			22,017,850			37,111,251
	—			—			22,556,739			37,895,139			29,286,613			32,263,177
	—			3,270,443			—			28,538,676			—			5,024,983
	—			—			—			6,730,219			—			683,941
	10,374,125			32,131,477			44,893,937			154,176,738			51,304,463			75,083,352
	(7,019,044	)		(9,620,613	)		(66,140,063	)		(126,371,248	)		(23,157,638	)		(59,145,682	)
	—			—			(19,250,395	)		(26,653,486	)		(11,936,143	)		(16,799,903	)
	(7,019,044	)		(9,620,613	)		(85,390,458	)		(153,024,734	)		(35,093,781	)		(75,945,585	)
	3,355,081			22,510,864			(40,496,521	)		1,152,004			16,210,682			(862,233	)
	22,214,058			21,996,541			171,935,748			5,519,027			79,029,446			37,405,245
	133,021,157			111,024,616			1,282,224,450			1,276,705,423			335,187,580			297,782,335
$	155,235,215		$	133,021,157		$	1,454,160,198		$	1,282,224,450		$	414,217,026		$	335,187,580
$	2,401,662		$	(188,056	)	$	16,276,975		$	(1,844,748	)	$	2,130,902		$	196,901

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
	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
Defensive Market Strategies Fund
Institutional Class
2017(3)	$	11.90	$	0.03	#	$	0.70		$	(0.02	)	$	(0.12	)	$	12.49		6.01	%	$	581,175		0.67	%		0.68	%		0.44	%		31	%
2016		11.21		0.17	#		1.15	(4)		(0.16	)		(0.47	)		11.90		11.80			547,132		0.69			0.70			1.42			78
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
Investor Class
2017(3)	$	11.91	$	0.01	#	$	0.70		$	—	†	$	(0.12	)	$	12.50		6.14	%	$	317,725		0.93	%		0.94	%		0.17	%		31	%
2016		11.22		0.14	#		1.15	(4)		(0.13	)		(0.47	)		11.91		11.53			276,104		0.97			0.98			1.15			78
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
Equity Index Fund
Institutional Class
2017(3)	$	24.68	$	0.23	#	$	2.03		$	(0.21	)	$	(0.06	)	$	26.67		9.15	%	$	408,063		0.17	%		0.18	%		1.77	%		1	%
2016		22.81		0.46	#		2.27	(4)		(0.56	)		(0.30	)		24.68		12.16			355,404		0.15			0.16			1.97			3
2015		23.99		0.48	#		(0.26	)(4)		(0.61	)		(0.79	)		22.81		0.92			276,599		0.17			0.18			1.94			6
2014		22.48		0.40	#		2.62	(4)		(0.74	)		(0.77	)		23.99		13.54			95,134		0.22			0.22			1.72			5
2013(8)		18.12		0.37	#		5.34	(4)		(0.69	)		(0.66	)		22.48		32.04			66,378		0.23			0.24			1.81			4
2012		16.65		0.34	#		2.27	(4)		(0.66	)		(0.48	)		18.12		15.92			47,071		0.23			0.24			1.95			3
Investor Class
2017(3)	$	24.70	$	0.20	#	$	2.02		$	(0.18	)	$	(0.06	)	$	26.68		8.98	%	$	442,016		0.44	%		0.44	%		1.51	%		1	%
2016		22.58		0.39	#		2.27	(4)		(0.29	)		(0.25	)		24.70		11.84			386,796		0.42			0.42			1.70			3
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(8)		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

† 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, 2017. 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 0.05%, 0.11% and 0.02% for the years 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) 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.

212

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
2017(3)	$	21.18	$	0.17	#	$	0.87	(4)	$	(0.16	)	$	(0.23	)	$	21.83		4.93	%	$	1,005,314		0.59	%(5)		0.60	%		1.62	%		23	%
2016		19.75		0.41	#		2.30	(4)		(0.46	)		(0.82	)		21.18		14.11			920,433		0.59	(5)		0.60			2.05			36
2015		23.56		0.39	#		(1.20	)(4)		(0.44	)		(2.56	)		19.75		(3.44	)		917,208		0.61	(5)		0.62			1.73			32
2014		25.88		0.37	#		2.46	(4)		(0.65	)		(4.50	)		23.56		10.91			273,359		0.65	(5)		0.67			1.40			41
2013(6)		20.89		0.39	#		6.90	(4)		(0.89	)		(1.41	)		25.88		35.52			253,988		0.66	(5)		0.67			1.61			45
2012		18.38		0.39	#		2.77	(4)		(0.65	)		—			20.89		17.47			215,512		0.67	(5)		0.68			1.90			27
Investor Class
2017(3)	$	21.20	$	0.15	#	$	0.86	(4)	$	(0.14	)	$	(0.23	)	$	21.84		4.76	%	$	377,087		0.85	%(5)		0.86	%		1.36	%		23	%
2016		19.46		0.35	#		2.33	(4)		(0.26	)		(0.68	)		21.20		13.84			370,589		0.86	(5)		0.87			1.78			36
2015		21.31		0.27	#		(1.06	)(4)		(0.08	)		(0.98	)		19.46		(3.70	)		324,440		0.89	(5)		0.89			1.26			32
2014		21.00		0.25	#		1.97	(4)		(0.19	)		(1.72	)		21.31		10.61			1,141,998		0.90	(5)		0.91			1.16			41
2013(6)		16.18		0.26	#		5.39	(4)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90	(5)		0.91			1.36			45
2012		14.00		0.25	#		2.14	(4)		(0.21	)		—			16.18		17.20			933,110		0.92	(5)		0.92			1.66			27
Growth Equity Fund
Institutional Class
2017(3)	$	21.08	$	0.02	#	$	3.69	(4)	$	(0.02	)	$	(0.19	)	$	24.58		17.60	%	$	1,025,811		0.73	%(7)		0.74	%		0.14	%		24	%
2016		22.25		—	†#		(0.22	)(4)		—			(0.95	)		21.08		(0.98	)		890,530		0.75	(7)		0.76			0.01			24
2015		25.80		0.02	#		1.38	(4)		—			(4.95	)		22.25		5.67			932,232		0.77	(7)		0.78			0.09			79
2014		28.49		(0.05	)#		2.92	(4)		—			(5.56	)		25.80		10.12			244,281		0.85	(7)		0.87			(0.12	)		54
2013(8)		28.47		—	†#		9.62	(4)		—			(9.60	)		28.49		34.83			227,934		0.84	(7)		0.88			—			83
2012		27.47		0.09	#		4.67	(4)		(0.14	)		(3.62	)		28.47		17.39			198,329		0.87	(7)		0.89			0.33			67
Investor Class
2017(3)	$	21.07	$	(0.01	)#	$	3.68	(4)	$	—		$	(0.19	)	$	24.55		17.43	%	$	519,429		1.00	%(7)		1.00	%		(0.09	)%		24	%
2016		22.02		(0.05	)#		(0.24	)(4)		—			(0.66	)		21.07		(1.30	)		424,210		1.01	(7)		1.02			(0.26	)		24
2015		22.92		(0.05	)#		1.27	(4)		—			(2.12	)		22.02		5.44			483,385		1.04	(7)		1.06			(0.21	)		79
2014		23.02		(0.08	)#		2.36	(4)		—			(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	(4)		—			(4.11	)		23.02		34.52			1,190,710		1.05	(7)		1.12			(0.22	)		83
2012		18.63		0.03	#		3.17	(4)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05	(7)		1.13			0.15			67

† 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, 2017. 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 Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2012, 2013, and 2014, and 0.00% for the years 2015 and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.00% for Institutional Class and Investor Class, respectively.

(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 2012 and 2013, and 0.00% for the years 2014, 2015, and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.00% for Institutional Class and Investor Class, respectively.

(8) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.05%, and the Ratio of Net Investment Income to Average Net Assets by 0.03% and 0.03% for Institutional Class and Investor Class, respectively.

See Notes to Financial Statements.

213

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

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
Small Cap Equity Fund
Institutional Class
2017(3)	$	17.53	$	0.01	#	$	0.40	(4)	$	—		$	—		$	17.94		2.34	%	$	288,796		0.97	%(5)		0.99	%		0.14	%		42	%
2016		15.14		0.06	#		2.59	(4)		(0.07	)		(0.19	)		17.53		17.48			265,627		1.01	(5)		1.03			0.36			77
2015		18.05		0.08	#		(1.13	)(4)		(0.06	)		(1.80	)		15.14		(5.66	)		264,962		1.00	(5)		1.03			0.45			74
2014		20.94		0.06	#		0.75	(4)		(0.12	)		(3.58	)		18.05		4.03			84,324		0.97	(5)		0.99			0.27			103
2013(6)		20.78		0.12	#		7.73	(4)		(0.16	)		(7.53	)		20.94		38.39			84,139		0.92	(5)		0.94			0.45			161
2012		19.63		0.16	#		2.83	(4)		(0.26	)		(1.58	)		20.78		15.25			67,723		0.99	(5)		1.02			0.79			128
Investor Class
2017(3)	$	17.56	$	(0.01	)#	$	0.40	(4)	$	—		$	—		$	17.95		2.22	%	$	256,346		1.23	%(5)		1.26	%		(0.14	)%		42	%
2016		15.17		0.02	#		2.59	(4)		(0.03	)		(0.19	)		17.56		17.17			266,994		1.27	(5)		1.30			0.11			77
2015		17.08		0.02	#		(1.04	)(4)		—			(0.89	)		15.17		(5.91	)		236,850		1.24	(5)		1.27			0.13			74
2014		18.19		0.01	#		0.67	(4)		(0.02	)		(1.77	)		17.08		3.83			468,938		1.20	(5)		1.24			0.03			103
2013(6)		15.94		0.04	#		5.97	(4)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16	(5)		1.19			0.22			161
2012		14.62		0.09	#		2.10	(4)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19	(5)		1.27			0.59			128
International Equity Index Fund
Institutional Class
2017(3)	$	8.86	$	0.17	#	$	1.08	(4)	$	—		$	—		$	10.11		14.11	%	$	155,235		0.43	%		0.29	%		3.62	%		4	%
2016		8.94		0.23	#		(0.09	)(4)		(0.22	)		—			8.86		1.63			133,021		0.57			0.65			2.61			6
2015(7)		10.00		0.07	#		(1.06	)(4)		(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, 2017. 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 Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.02%, 0.01%, 0.01%, 0.02%, and 0.01%, for the years 2012, 2013, 2014, 2015, and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(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.

214

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
International Equity Fund
Institutional Class
2017(3)	$	13.16	$	0.19	#	$	2.01		$	—		$	—		$	15.36		16.72	%	$	2,286,209		0.96	%(4)(5)		0.97	%(5)		2.69	%		23	%
2016		13.14		0.27	#		0.13	(6)		(0.27	)		(0.11	)		13.16		2.96			1,017,929		1.00	(4)(5)		1.01	(5)		2.09			33
2015		14.25		0.22	#		(0.50	)(6)		(0.26	)		(0.57	)		13.14		(1.93	)		1,030,729		1.03	(4)(5)		1.05	(5)		1.49			43
2014		15.61		0.36	#		(1.26	)(6)		(0.46	)		—			14.25		(5.80	)		235,545		1.13	(4)(5)		1.20	(5)		2.36			36
2013(7)		13.47		0.24	#		2.24	(6)		(0.34	)		—			15.61		18.49			269,499		1.11	(4)(5)		1.25	(5)		1.69			51
2012		11.73		0.24	#		1.80	(6)		(0.30	)		—			13.47		17.43			270,130		1.15	(4)(5)		1.32	(5)		1.89			53
Investor Class
2017(3)	$	13.18	$	0.17	#	$	2.02		$	—		$	—		$	15.37		16.62	%	$	622,130		1.23	%(4)(5)		1.24	%(5)		2.41	%		23	%
2016		13.18		0.24	#		0.11	(6)		(0.24	)		(0.11	)		13.18		2.62			264,295		1.27	(4)(5)		1.28	(5)		1.81			33
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
Emerging Markets Equity Fund
Institutional Class
2017(3)	$	8.18	$	0.05	#	$	1.48	(6)	$	—		$	—		$	9.71		18.70	%	$	342,074		1.31	%(8)		1.32	%		1.06	%		25	%
2016		7.34		0.08	#		0.90	(6)		(0.14	)		—			8.18		13.46			290,082		1.30	(8)		1.48			0.98			54
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
2017(3)	$	8.19	$	0.04	#	$	1.47	(6)	$	—		$	—		$	9.70		18.44	%	$	72,143		1.58	%(8)		1.63	%		0.93	%		25	%
2016		7.35		0.06	#		0.91	(6)		(13.00	)		—			8.19		13.20			45,106		1.56	(8)		1.87			0.73			54
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, 2017. 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 2012, 2013, 2014, 2015 and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.01% and 0.01% 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 0.20%, 0.15%, 0.17%, 0.17% and 0.14% for the years 2012, 2013, 2014, 2015 and 2016. For the six months ended June 30, 2017, the effect of dividend expense on securities sold short increased the ratio by 0.06% and 0.07% 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 years 2015 and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.00% for the Institutional Class and Investor Class, respectively.

(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.

215

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS June 30, 2017 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS — 94.6%
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/19	$	7,109,000	$	7,424,406
1.38%, 01/15/20		5,110,000		5,991,645
0.13%, 04/15/20		16,824,000		17,600,231
1.25%, 07/15/20		4,790,000		5,600,196
1.13%, 01/15/21		10,590,000		12,295,158
0.13%, 04/15/21		2,055,000		2,117,824
0.63%, 07/15/21		11,160,000		12,415,524
0.13%, 01/15/22		5,884,200		6,351,247
0.13%, 04/15/22		19,560,000		19,584,009
0.13%, 07/15/22		4,885,000		5,190,757
0.13%, 01/15/23		11,459,000		12,035,618
0.38%, 07/15/23		14,525,000		15,369,564
0.63%, 01/15/24‡‡		18,306,000		19,469,524
0.13%, 07/15/24		8,077,000		8,175,627
0.25%, 01/15/25		10,005,000		10,152,229
2.38%, 01/15/25‡‡		3,870,200		5,722,908
0.38%, 07/15/25		2,800,000		2,867,219
0.63%, 01/15/26		4,805,000		4,979,535
2.00%, 01/15/26		4,030,000		5,567,749
0.13%, 07/15/26		7,580,000		7,463,985
0.38%, 01/15/27		2,400,000		2,387,798
2.38%, 01/15/27		4,030,000		5,699,107
1.75%, 01/15/28		5,650,000		7,357,885
3.63%, 04/15/28		2,910,000		5,753,491
2.50%, 01/15/29		4,785,000		6,559,796
3.88%, 04/15/29‡‡		4,295,000		8,683,285
3.38%, 04/15/32		747,100		1,415,789
2.13%, 02/15/40		2,617,600		3,689,031
2.13%, 02/15/41		3,563,900		4,979,908
0.75%, 02/15/42		5,719,400		5,900,371
0.63%, 02/15/43		4,545,000		4,455,880
1.38%, 02/15/44		4,213,700		4,817,037
0.75%, 02/15/45		5,660,000		5,522,289
1.00%, 02/15/46		3,555,000		3,669,517
0.88%, 02/15/47		3,145,000		3,095,246
Total U.S. Treasury Obligations (Cost $259,635,994)				260,361,385
FOREIGN GOVERNMENT INFLATION-LINKED BONDS — 3.3%
Italy — 1.8%
Italy Buoni Poliennali Del Tesoro
1.65%, 04/23/20(E)		3,262,000		3,880,250
1.25%, 10/27/20(E)		803,000		965,087
				4,845,337

	Par		Value
Japan — 0.7%
Japanese Government Inflation-Linked Bond
0.10%, 03/10/26(J)	$	202,000,000	$	1,876,084
New Zealand — 0.8%
New Zealand Government Bond 3.00%, 09/20/30(Z)		1,323,000		1,134,556
2.50%, 09/20/35(Z)		1,495,000		1,184,389
				2,318,945
Total Foreign Government Inflation-Linked Bonds (Cost $8,683,382)				9,040,366
	Number of Contracts
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 07/21/17 (UBS)		164		25,625
10-Year U.S. Treasury Note, Strike Price $127.00, Expires 07/21/17 (UBS)		241		18,829
	Notional Amount
British Pound vs. U.S. Dollar, Strike Price $1.34, Expires 08/01/17 (CITI)		4,170,000		6,826
U.S. Dollar vs. Mexican Peso, Strike Price $19.00, Expires 09/21/17 (CITI)		5,390,000		62,610
U.S. Dollar vs. Japanese Yen, Strike Price $115.00, Expires 07/07/17 (JPM)		5,625,000		1,190
				115,080
Put Option — 0.0%
British Pound vs. U.S. Dollar, Strike Price $1.25, Expires 08/01/17 (CITI)		4,170,000		2,250
Total Purchased Options     (Cost $358,926)				117,330

See Notes to Financial Statements.

216

	Shares			Value
MONEY MARKET FUNDS — 2.2%
GuideStone Money Market Fund (Investor Class)¥		5,128,280		$	5,128,280
Northern Institutional Government Assets Portfolio		1,026,903			1,026,903
(Cost $6,155,183)					6,155,183
TOTAL INVESTMENTS — 100.1%     (Cost $274,833,485)					275,674,264
	Number of Contracts
WRITTEN OPTIONS — (0.0)%
Call Options — (0.0)%
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 07/21/17 (UBS)		(164	)		(7,688	)
10-Year U.S. Treasury Note, Strike Price $128.00, Expires 08/31/17 (UBS)		(241	)		(7,531	)
	Notional Amount
British Pound vs. U.S. Dollar, Strike Price $1.34, Expires 08/01/17 (CITI)	$	(4,170,000	)		(6,826	)
U.S. Dollar vs. Mexican Peso, Strike Price $20.00, Expires 09/21/17 (CITI)		(5,390,000	)		(21,650	)

	Notional Amount			Value
U.S. Dollar vs. Japanese Yen, Strike Price $115.00, Expires 07/07/17 (JPM)	$	(2,815,000	)	$	(595	)
					(44,290	)
Total Written Options (Premiums received $(150,092))					(44,290	)
Liabilities in Excess of Other Assets — (0.1)%					(275,431	)
NET ASSETS — 100.0%				$	275,354,543

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		94.6
Foreign Government Inflation-Linked Bonds		3.3
Money Market Fund		2.2
Purchased Options		—	**
Written Options		(—)	**
		100.1

^**  Rounds to less than 0.05%

Swap agreements outstanding at June 30, 2017:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
3-Month CDOR		1.39	%		6/29/2019		CME		CAD		12,660,750	$	(18,974	)	$	—	$	(18,974	)
3-Month CDOR		1.39	%		6/29/2019		CME		CAD		15,474,250		(23,189	)		—		(23,189	)
3-Month CDOR		1.41	%		6/30/2019		CME		CAD		14,080,000		420			—		420
3-Month LIBOR		(1.86	)%		11/30/2021		CME		USD		12,935,000		40,964			—		40,964
Total swap agreements outstanding at June 30, 2017												$	(779	)		—	$	(779	)

See Notes to Financial Statements.

217

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	9,040,366		$	—		$	9,040,366		$	—
Money Market Fund		6,155,183			6,155,183			—			—
Purchased Options		117,330			44,454			72,876			—
U.S. Treasury Obligations		260,361,385			—			260,361,385			—
Total Assets — Investments in Securities	$	275,674,264		$	6,199,637		$	269,474,627		$	—
Liabilities:
Investments in Securities:
Written Options	$	(44,290	)	$	(15,219	)	$	(29,071	)	$	—
Total Liabilities — Investments in Securities	$	(44,290	)	$	(15,219	)	$	(29,071	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(109,070	)	$	—		$	(109,070	)	$	—
Futures Contracts		(248,319	)		(248,319	)		—			—
Swap Agreements		(779	)		—			(779	)		—
Total Liabilities — Other Financial Instruments	$	(358,168	)	$	(248,319	)	$	(109,849	)	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts and forward contracts) and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and “Forward Foreign Currency Contracts” disclosures in the Notes to Financial Statements and the “Swap agreements outstanding” disclosure on the preceding page(s), respectively.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

218

GLOBAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 52.3%
Consumer Discretionary — 0.5%
Extended Stay America, Inc.		66,189	$	1,281,419
Real Estate — 51.8%
Acadia Realty Trust REIT		39,480		1,097,544
Agree Realty Corporation REIT		24,657		1,131,017
Alexandria Real Estate Equities, Inc. REITD		29,920		3,604,462
American Homes 4 Rent Class A REIT		60,190		1,358,488
AvalonBay Communities, Inc. REITD		42,009		8,072,869
Brandywine Realty Trust REIT		37,337		654,518
Brixmor Property Group, Inc. REIT		75,936		1,357,736
Camden Property Trust REIT		54,978		4,701,169
CareTrust REIT, Inc.		58,957		1,093,063
Colony NorthStar, Inc. Class A REIT		80,523		1,134,569
CoreSite Realty Corporation REITD		14,250		1,475,302
Corporate Office Properties Trust REITD		33,951		1,189,304
CubeSmart REIT		68,300		1,641,932
CyrusOne, Inc. REIT		16,057		895,178
DCT Industrial Trust, Inc. REIT		24,840		1,327,450
DDR Corporation REIT		135,460		1,228,622
DiamondRock Hospitality Co. REIT		148,906		1,630,521
Duke Realty Corporation REIT		106,371		2,973,069
EastGroup Properties, Inc. REITD		24,840		2,081,592
Empire State Realty Trust, Inc. Class A REIT		91,848		1,907,683
EPR Properties REIT		16,270		1,169,325
Equinix, Inc. REIT		4,987		2,140,221
Equity LifeStyle Properties, Inc. REIT		24,480		2,113,603
Essex Property Trust, Inc. REIT		23,395		6,018,832
Extra Space Storage, Inc. REITD		15,410		1,201,980
Four Corners Property Trust, Inc. REIT		134,145		3,368,381
GGP, Inc. REIT		220,999		5,206,736
HCP, Inc. REIT		73,210		2,339,792
Healthcare Realty Trust, Inc. REITD		41,931		1,431,944
Hudson Pacific Properties, Inc. REIT		94,697		3,237,690
Invitation Homes, Inc. REIT		64,218		1,389,035
Kilroy Realty Corporation REIT		20,700		1,555,605
Macerich Co. (The) REIT		30,162		1,751,206

	Shares		Value
National Retail Properties, Inc. REIT		31,160	$	1,218,356
New York REIT, Inc.		98,363		849,856
Paramount Group, Inc. REIT		49,409		790,544
Park Hotels & Resorts, Inc. REIT		33,469		902,324
Pebblebrook Hotel Trust REITD		33,551		1,081,684
Pennsylvania Real Estate Investment TrustD		75,556		855,294
Physicians Realty Trust REIT		90,750		1,827,705
Piedmont Office Realty Trust, Inc. Class A REITD		52,323		1,102,969
Prologis, Inc. REIT		55,141		3,233,468
Public Storage REIT		19,388		4,042,980
Retail Properties of America, Inc. Class A REIT		206,965		2,527,043
Rexford Industrial Realty, Inc. REIT		79,684		2,186,529
Senior Housing Properties Trust REIT		78,168		1,597,754
Simon Property Group, Inc. REIT		28,373		4,589,616
Sunstone Hotel Investors, Inc. REIT		171,156		2,759,035
Urban Edge Properties REIT		59,928		1,422,091
Ventas, Inc. REIT		48,050		3,338,514
VEREIT, Inc.		154,507		1,257,687
Vornado Realty Trust REIT		49,518		4,649,740
Weingarten Realty Investors REIT		41,732		1,256,133
Welltower, Inc. REITD		88,861		6,651,246
				121,621,006
Total Common Stocks (Cost $122,806,151)				122,902,425
FOREIGN COMMON STOCKS — 45.0%
Australia — 5.6%
Dexus REIT		37,492		273,179
Goodman Group REIT		298,631		1,806,383
GPT Group (The) REIT		665,403		2,449,744
Ingenia Communities Group REIT		140,980		281,729
Investa Office Fund REIT		179,419		605,387
Mirvac Group REIT		995,666		1,630,023
Scentre Group REIT		962,482		2,996,043
Stockland REIT		164,713		554,501
Vicinity Centres		527,297		1,041,571
Viva Energy REIT		117,951		205,791
Westfield Corporation REIT		205,494		1,268,280
				13,112,631
Austria — 0.9%
Buwog AG*		70,491		2,025,262
Belgium — 0.4%
Aedifica SA REIT		5,817		507,394

See Notes to Financial Statements.

219

GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Warehouses De Pauw CVA REIT		3,730	$	392,025
				899,419
Canada — 2.5%
Allied Properties Real Estate Investment Trust		23,427		703,099
Canadian Apartment
Properties REIT		55,447		1,435,345
Chartwell Retirement Residences		89,371		1,067,518
First Capital Realty, Inc.D		84,180		1,282,693
Granite Real Estate Investment Trust		13,022		515,036
Pure Industrial Real Estate Trust		165,442		877,731
				5,881,422
France — 3.6%
Gecina SA REIT		14,606		2,291,306
ICADE REIT		7,232		607,112
Klepierre REIT		55,252		2,264,561
Unibail-Rodamco SE REITD		13,158		3,316,019
				8,478,998
Germany — 3.1%
alstria office REIT-AGD		76,957		1,040,254
DeutscheWohnen AG		54,979		2,102,980
TLG Immobilien AG		29,263		598,100
Vonovia SE		88,130		3,499,364
				7,240,698
Hong Kong — 6.7%
Cheung Kong Property Holdings, Ltd.		432,614		3,388,346
Hang Lung Properties, Ltd.		838,662		2,094,654
Hopewell Holdings, Ltd.		113,000		430,582
Link REIT		375,379		2,855,928
New World Development Co., Ltd.		1,181,000		1,499,044
Sino Land Co., Ltd.		168,589		276,395
Sun Hung Kai Properties, Ltd.		211,466		3,106,667
Swire Properties, Ltd.		332,338		1,096,095
Wharf Holdings, Ltd. (The)		129,858		1,076,128
				15,823,839
Ireland — 0.8%
Green REIT PLC		319,268		521,452
Hibernia REIT PLC		825,708		1,296,739
				1,818,191
Italy — 0.1%
COIMA RES SpA REIT, 144A		17,677		155,360
Japan — 10.2%
Activia Properties, Inc. REIT		161		687,802
Advance Residence Investment Corporation REIT		227		564,094

	Shares		Value
Daibiru Corporation		47,400	$	492,227
Frontier Real Estate Investment Corporation REITD		168		692,314
Global One Real Estate Investment Corporation REITD		228		781,454
Hulic REIT, Inc.		335		522,716
Invesco Office J-REIT, Inc.		224		209,113
Japan Hotel REIT Investment Corporation		700		494,777
Japan Logistics Fund, Inc. REIT		484		1,004,792
Japan Real Estate Investment Corporation REIT		267		1,326,988
Japan Rental Housing Investments, Inc. REIT		146		107,739
Japan Retail Fund Investment Corporation REIT		694		1,280,329
Kenedix Office Investment Corporation REIT		96		512,114
Mirai Corp REITD		109		165,038
Mitsubishi Estate Co., Ltd.		260,287		4,844,728
Mitsui Fudosan Co., Ltd.		200,690		4,782,837
Mori Hills REIT Investment Corporation		852		1,046,867
Mori Trust Sogo REIT, Inc.		632		1,019,853
Nippon Building Fund, Inc. REITD		134		683,850
Nippon Prologis REIT, Inc.		312		664,084
NTT Urban Development Corporation		108,200		1,042,799
Sekisui House Residential Investment Corporation REIT		361		380,017
Sumitomo Realty & Development Co., Ltd.		24,271		747,713
				24,054,245
Netherlands — 0.8%
InterXion Holding NV*		35,006		1,602,575
NSI NV REIT		8,529		308,169
				1,910,744
Singapore — 2.7%
CDL Hospitality Trusts REITD		247,000		296,920
City Developments, Ltd.		255,338		1,990,032
Fortune Real Estate Investment Trust		452,000		560,987
Frasers Centrepoint Trust REIT		352,777		548,351
Frasers Logistics & Industrial Trust REIT		515,100		404,073
Global Logistic Properties, Ltd.		273,100		567,326
Mapletree Commercial Trust REIT		346,500		401,429
Mapletree Industrial Trust REIT		477,458		645,050

See Notes to Financial Statements.

220

	Shares		Value
Suntec Real Estate Investment Trust		649,200	$	881,790
UOL Group, Ltd.		6,138		34,062
				6,330,020
Spain — 0.6%
Merlin Properties Socimi SA REIT		117,990		1,490,471
Sweden — 1.5%
Castellum AB		61,617		904,723
D Carnegie & Co. AB*		27,318		378,575
Fabege AB		65,153		1,252,838
Hemfosa Fastigheter AB		31,591		341,232
Hufvudstaden AB, A Shares		35,155		582,947
				3,460,315
Switzerland — 0.6%
PSP Swiss Property AG		11,151		1,041,954
Swiss Prime Site AG*		5,261		477,874
				1,519,828
United Kingdom — 4.9%
Assura PLC REIT		477,064		396,422
British Land Co. PLC (The) REIT		218,496		1,722,999
Derwent London PLC REIT		15,085		521,443
Grainger PLC		133,065		455,807
Great Portland Estates PLC REIT		94,414		734,128
Hammerson PLC REIT		151,116		1,130,737
Intu Properties PLC REIT		134,644		471,913
Land Securities Group PLC REIT		127,979		1,688,532
LondonMetric Property PLC REIT		179,400		391,146
Primary Health Properties PLC REIT		295,214		437,370
PRS REIT PLC (The)*		297,400		406,232
Safestore Holdings PLC REIT		35,449		194,563
Segro PLC REIT		207,887		1,324,570
Shaftesbury PLC REIT		37,474		474,658
St Modwen Properties PLC		30,946		144,657
Tritax Big Box REIT PLC		202,401		385,408
UNITE Group PLC (The) REIT		81,622		689,943
				11,570,528
Total Foreign Common Stocks (Cost $104,759,101)				105,771,971
MONEY MARKET FUNDS — 1.9%
GuideStone Money Market Fund (Investor Class)¥		4,117,226		4,117,226
Northern Institutional Liquid Assets Portfolio§		453,602		453,602
Total Money Market Funds (Cost $4,570,828)				4,570,828

	Par		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
1.09%, 12/14/17W‡‡ (Cost $398,007)	$	400,000	$	398,064
TOTAL INVESTMENTS — 99.4% (Cost $232,534,087)				233,643,288
Other Assets in Excess of Liabilities — 0.6%				1,338,791
NET ASSETS — 100.0%			$	234,982,079

PORTFOLIO SUMMARY (based on net assets)

	%
Real Estate		51.8
Foreign Common Stocks		45.0
Money Market Funds		1.9
Consumer Discretionary		0.5
U.S. Treasury Obligation		0.2
		99.4

See Notes to Financial Statements.

221

GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	122,902,425		$	122,902,425		$	—	$	—
Foreign Common Stocks:
Australia		13,112,631			13,112,631			—		—
Austria		2,025,262			2,025,262			—		—
Belgium		899,419			899,419			—		—
Canada		5,881,422			5,881,422			—		—
France		8,478,998			8,478,998			—		—
Germany		7,240,698			7,240,698			—		—
Hong Kong		15,823,839			15,823,839			—		—
Ireland		1,818,191			1,818,191			—		—
Italy		155,360			155,360			—		—
Japan		24,054,245			24,054,245			—		—
Netherlands		1,910,744			1,910,744			—		—
Singapore		6,330,020			6,330,020			—		—
Spain		1,490,471			1,490,471			—		—
Sweden		3,460,315			3,460,315			—		—
Switzerland		1,519,828			1,519,828			—		—
United Kingdom		11,570,528			11,570,528			—		—
Money Market Funds		4,570,828			4,570,828			—		—
U.S. Treasury Obligation		398,064			—			398,064		—
Total Assets — Investments in Securities	$	233,643,288		$	233,245,224		$	398,064	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(36,044	)	$	(36,044	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(36,044	)	$	(36,044	)	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” disclosure in the Notes to Financial Statements.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

222

GLOBAL NATURAL RESOURCES EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS — 43.4%
Consumer Staples — 0.7%
Archer-Daniels-Midland Co.		13,029	$	539,140
Bunge, Ltd.		3,182		237,377
Ingredion, Inc.		1,638		195,266
				971,783
Energy — 37.8%
Anadarko Petroleum Corporation		12,753		578,221
Antero Resources CorporationD *		203,101		4,389,013
Apache CorporationD		8,662		415,170
Cabot Oil & Gas Corporation		173,789		4,358,628
Centennial Resource Development, Inc. Class AD *		268,610		4,249,410
Chevron Corporation		43,190		4,506,013
Cimarex Energy Co.		2,170		204,002
Concho Resources, Inc.*		3,380		410,771
ConocoPhillips		28,194		1,239,408
Continental Resources, Inc.D *		2,136		69,057
Denbury Resources, Inc.D *		948,119		1,450,622
Devon Energy Corporation		11,370		363,499
Diamondback Energy, Inc.*		2,057		182,682
EOG Resources, Inc.		13,160		1,191,243
EQT CorporationD		3,954		231,665
Exxon Mobil Corporation		94,618		7,638,511
Hess CorporationD		6,499		285,111
Kosmos Energy, LtdD *		650,205		4,167,814
Laredo Petroleum, Inc.*		404,063		4,250,743
Marathon Oil Corporation		19,328		229,037
Murphy Oil Corporation		3,736		95,754
Newfield Exploration Co.*		4,539		129,180
Noble Energy, Inc.		150,905		4,270,611
Occidental Petroleum Corporation		17,437		1,043,953
Parsley Energy, Inc. Class A*		5,061		140,443
Pioneer Natural Resources Co.		3,874		618,213
Range Resources Corporation		178,820		4,143,259
SRC Energy, Inc.D *		498,339		3,353,821
				54,205,854
Materials — 2.2%
CF Industries Holdings, Inc.D		5,319		148,719
FMC Corporation		3,054		223,095
Freeport-McMoRan, Inc.*		31,327		376,237
Monsanto Co.		10,005		1,184,192
Mosaic Co. (The)		7,591		173,303
Newmont Mining Corporation		12,117		392,470
Nucor Corporation		7,266		420,483
Steel Dynamics, Inc.		5,531		198,065
				3,116,564

	Shares		Value
Utilities — 2.7%
Calpine Corporation*		286,043	$	3,870,162
Total Common Stocks (Cost $66,835,383)				62,164,363
FOREIGN COMMON STOCKS — 45.9%
Australia — 5.2%
Alumina, Ltd.D		55,847		82,414
BHP Billiton, Ltd.		73,273		1,311,074
BlueScope Steel, Ltd.		13,064		132,641
Fortescue Metals Group, Ltd.		35,520		142,509
Iluka Resources, Ltd.		601,355		4,011,909
Newcrest Mining, Ltd.		17,493		271,054
Origin Energy, Ltd.*		40,040		211,115
Rio Tinto, Ltd.		9,678		470,635
Santos, Ltd.*		42,774		99,615
South32, Ltd.		121,459		250,187
Woodside Petroleum, Ltd.		17,298		397,129
				7,380,282
Austria — 0.2%
OMV AG		3,359		174,311
voestalpine AG		2,595		120,926
				295,237
Canada — 25.9%
Agnico Eagle Mines, Ltd.		5,130		231,340
Agrium, Inc.		3,147		285,215
ARC Resources, Ltd.D		7,963		104,143
Barrick Gold Corporation		26,452		420,809
Cameco Corporation		8,920		81,235
Canadian Natural Resources, Ltd.		25,322		730,683
Cenovus Energy, Inc.		23,169		170,802
Crescent Point Energy CorporationD		12,219		93,470
Encana Corporation		22,040		193,921
First Quantum Minerals, Ltd.		1,031,202		8,723,231
Franco-Nevada Corporation		4,115		296,916
Goldcorp, Inc.		19,476		251,109
Hudbay Minerals, Inc.		301,533		1,743,906
Husky Energy, Inc.*		7,971		90,479
Imperial Oil, Ltd.D		6,739		196,433
Kinross Gold Corporation*		28,253		114,816
Peyto Exploration & Development Corporation		223,860		4,060,138
Potash Corporation of SaskatchewanD		19,050		310,694
PrairieSky Royalty, Ltd.D		4,921		112,058
Seven Generations Energy, Ltd. Class A*		5,648		96,732
Suncor Energy, Inc.		38,000		1,110,287
Teck Resources, Ltd. Class BD		12,830		222,408
Tourmaline Oil Corporation*		201,121		4,323,915
Turquoise Hill Resources, Ltd.D*		3,206,042		8,496,251

See Notes to Financial Statements.

223

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Vermilion Energy, Inc.		2,614	$	82,927
West Fraser Timber Co., Ltd.		1,571		74,358
Wheaton Precious Metals Corporation		10,072		200,073
Whitecap Resources, Inc.D		583,256		4,164,829
Yamana Gold, Inc.		21,297		51,403
				37,034,581
Finland — 0.4%
Stora Enso OYJ, R Shares		12,570		162,376
UPM-Kymmene OYJ		12,176		347,114
				509,490
France — 1.8%
TOTAL SA		53,177		2,628,962
Germany — 0.2%
K+S AGD		4,367		111,826
thyssenKrupp AGD		8,392		238,425
				350,251
Israel — 0.0%
Israel Chemicals, Ltd.		11,648		54,946
Italy — 0.6%
Eni SpA		58,038		872,351
Japan — 0.9%
Hitachi Metals, Ltd.		4,800		66,660
Inpex Corporation		21,600		207,598
JFE Holdings, Inc.		11,800		204,631
Kobe Steel, Ltd.*		7,100		72,847
Maruichi Steel Tube, Ltd.		1,300		37,737
Mitsubishi Materials Corporation		2,600		78,595
Nippon Steel & Sumitomo Metal Corporation		17,300		390,375
Oji Holdings Corporation		20,000		103,134
Sumitomo Metal Mining Co., Ltd.		11,000		146,748
				1,308,325
Netherlands — 0.2%
ArcelorMittal*		15,155		343,762
Norway — 0.5%
Norsk Hydro ASA		30,681		170,075
Statoil ASA		26,213		434,542
Yara International ASA		4,052		152,203
				756,820
Papua New Guinea — 0.1%
Oil Search, Ltd.		31,266		163,892
Portugal — 0.1%
Galp Energia SGPS SA		11,436		173,132
Singapore — 0.1%
Golden Agri-Resources, Ltd.		161,500		43,990
Wilmar International, Ltd.		36,500		88,814
				132,804

	Shares		Value
Spain — 0.3%
Repsol SA		27,275	$	417,439
Sweden — 0.2%
Boliden AB		6,239		170,255
Lundin Petroleum AB		4,272		82,198
				252,453
United Kingdom — 9.2%
Anglo American PLC*		30,392		405,341
Antofagasta PLC		8,997		93,686
BHP Billiton PLC		48,186		738,056
BP PLC		446,254		2,573,658
Fresnillo PLC		5,044		97,624
Glencore PLC*		279,145		1,044,180
Mondi PLC		8,379		219,792
Ophir Energy PLC*		1,425,311		1,582,578
Randgold Resources, Ltd.		2,145		190,115
Rio Tinto PLC		28,231		1,192,066
Royal Dutch Shell PLC, A Shares		86,225		2,285,381
Royal Dutch Shell PLC, B Shares		100,011		2,686,599
				13,109,076
Total Foreign Common Stocks (Cost $61,772,892)				65,783,803
FOREIGN PREFERRED STOCK — 2.8%
Chile — 2.8%
Sociedad Quimica y Minera de Chile SA ADR
2.38%, 06/07/17 (Cost $1,934,962)		119,256		3,937,833
RIGHTS — 0.0%
Repsol SA* (Cost $15,248)		31,947		14,595
MONEY MARKET FUNDS — 23.7%
GuideStone Money Market Fund (Investor Class)¥		30,319,362		30,319,362
Northern Institutional Liquid Assets Portfolio§		3,652,231		3,652,231
Total Money Market Funds (Cost $33,971,593)				33,971,593
	Par
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bills
0.92%, 10/12/17W‡‡	$	200,000		199,424

See Notes to Financial Statements.

224

	Par		Value
0.94%, 10/19/17W‡‡	$	800,000	$	797,542
Total U.S. Treasury Obligations (Cost $997,203)				996,966
TOTAL INVESTMENTS — 116.5% (Cost $165,527,281)				166,869,153
Liabilities in Excess of Other Assets — (16.5)%				(23,675,610	)
NET ASSETS — 100.0%			$	143,193,543

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks		45.9
Energy		37.8
Money Market Funds		23.7
Foreign Preferred Stock		2.8
Utilities		2.7
Materials		2.2
U.S. Treasury Obligations		0.7
Consumer Staples		0.7
Rights		—	**
		116.5

^**  Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2017, 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	$	62,164,363	$	62,164,363	$	—	$	—
Foreign Common Stocks:
Australia		7,380,282		7,380,282		—		—
Austria		295,237		295,237		—		—
Canada		37,034,581		37,034,581		—		—
Finland		509,490		509,490		—		—
France		2,628,962		2,628,962		—		—
Germany		350,251		350,251		—		—
Israel		54,946		—		54,946		—
Italy		872,351		872,351		—		—
Japan		1,308,325		1,308,325		—		—
Netherlands		343,762		343,762		—		—
Norway		756,820		756,820		—		—
Papua New Guinea		163,892		163,892		—		—
Portugal		173,132		173,132		—		—
Singapore		132,804		132,804		—		—

See Notes to Financial Statements.

225

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Spain		417,439		417,439		—		—
Sweden		252,453		252,453		—		—
United Kingdom		13,109,076		13,109,076		—		—
Foreign Preferred Stock:
Chile		3,937,833		3,937,833		—		—
Money Market Funds		33,971,593		33,971,593		—		—
Rights		14,595		14,595		—		—
U.S. Treasury Obligations		996,966		—		996,966		—
Total Assets — Investments in Securities	$	166,869,153	$	165,817,241	$	1,051,912	$	—
Other Financial Instruments***
Futures Contracts	$	11,403	$	11,403	$	—	$	—
Total Assets — Other Financial Instruments	$	11,403	$	11,403	$	—	$	—

*** Other financial instruments are derivative instruments not reflected in the Schedule of Investments (such as futures contracts), which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Financial Futures Contracts” and disclosure in the Notes to Financial Statements.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the period ended June 30, 2017.

There were no transfers between Level 2 and Level 3 during the period ended June 30, 2017.

See Notes to Financial Statements.

226

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	Inflation Protected Bond Fund			Global Real Estate Securities Fund			Global Natural Resources Equity Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	270,545,984		$	229,526,062		$	136,549,791
Investments in securities of affiliated issuers, at value		5,128,280			4,117,226			30,319,362
Total investments, at value(1)(2)		275,674,264			233,643,288			166,869,153
Cash collateral for derivatives		114,081			—			27,106
Foreign currency(3)		56,918			490,843			122,800
Receivables:
Dividends and reclaims		1,737			1,129,976			87,378
Interest		844,440			1,078			—
Securities lending		—			3,233			2,257
From advisor		3,062			2,087			2,155
Investment securities sold		769,198			3,534,451			17,147,094
Fund shares sold		14,383			322,395			1,908
Variation margin on financial futures contracts		98,710			3,711			128,669
Unrealized appreciation on foreign currency exchange contracts		35,385			—			—
Prepaid expenses and other assets		45,442			70,430			38,295
Total Assets		277,657,620			239,201,492			184,426,815
Liabilities
Cash Overdraft		—			15,251			7,614,389
Options written, at value(4)		44,290			—			—
Unrealized depreciation on foreign currency exchange contracts		144,455			—			—
Collateral held for securities on loan, at value		—			453,602			3,652,231
Payables:
Investment securities purchased		1,804,969			3,386,037			532
Fund shares redeemed		58,959			68,727			29,656,691
Variation margin on centrally cleared swaps		21,725			—			—
Variation margin on financial futures contracts		44,518			1,280			79,883
Securities lending		—			485			339
Accrued expenses:
Investment advisory fees		68,328			136,398			115,396
Professional fees		32,214			28,289			28,856
Shareholder servicing fees		17,388			20,473			35,128
Other expenses		66,231			108,871			49,827
Total Liabilities		2,303,077			4,219,413			41,233,272
Net Assets	$	275,354,543		$	234,982,079		$	143,193,543
Net Assets Consist of:
Paid-in-capital	$	282,195,013		$	240,757,443		$	254,534,879
Accumulated (distributions in excess of) net investment income (loss)		668,811			(575,904	)		315,958
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(8,094,570	)		(6,266,917	)		(113,021,070	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		585,289			1,067,457			1,363,776
Net Assets	$	275,354,543		$	234,982,079		$	143,193,543
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	190,997,843		$	136,558,907			N/A
Institutional shares outstanding		18,702,520			14,388,597			N/A
Net asset value, offering and redemption price per Institutional share	$	10.21		$	9.49			N/A
Net assets applicable to the Investor Class	$	84,356,700		$	98,423,172		$	143,193,543
Investor shares outstanding		8,254,494			10,337,722			21,236,409
Net asset value, offering and redemption price per Investor share	$	10.22		$	9.52		$	6.74
(1)       Investments in securities of unaffiliated issuers, at cost	$	269,705,205		$	228,416,861		$	135,207,919
Investments in securities of affiliated issuers, at cost		5,128,280			4,117,226			30,319,362
Total investments, at cost	$	274,833,485		$	232,534,087		$	165,527,281
(2)       Includes securities loaned of:	$	—		$	3,233		$	22,945,631
(3)       Foreign currency, at cost	$	59,439		$	489,841		$	112,126
(4)       Premiums received on options written	$	150,092		$	—		$	—

See Notes to Financial Statements.

227

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2017 (Unaudited)

	Inflation Protected  Bond Fund			Global Real Estate Securities Fund			Global Natural Resources Equity Fund
Investment Income
Dividends	$	—		$	4,301,488		$	1,563,241
Income distributions received from affiliated funds		11,576			5,139			19,340
Interest		2,508,681			287			2,698
Securities lending		—			26,827			28,136
Less foreign taxes withheld		—			(124,562	)		7,825
Total Investment Income		2,520,257			4,209,179			1,621,240
Expenses
Investment advisory fees		418,686			800,937			860,902
Transfer agent fees:
Institutional Shares		2,084			2,096			—
Investor Shares		10,563			12,506			9,687
Custodian fees		29,213			66,598			22,572
Shareholder servicing fees:
Investor Shares		103,292			124,310			256,757
Accounting and administration fees		32,567			35,570			26,169
Professional fees		34,028			40,459			40,843
Blue sky fees:
Institutional Shares		5,160			4,231			—
Investor Shares		7,423			7,264			9,024
Shareholder reporting fees:
Institutional Shares		407			430			—
Investor Shares		2,745			5,266			2,434
Trustees expenses		1,289			1,029			8,538
Line of credit facility fees and interest expense		1,056			606			3,688
Other expenses		12,468			19,775			13,848
Total Expenses		660,981			1,121,077			1,254,462
Expenses waived/reimbursed net of amount recaptured(1)		(8,124	)		(5,200	)		(8,497	)
Fees paid indirectly		—			(14,313	)		—
Net Expenses		652,857			1,101,564			1,245,965
Net Investment Income		1,867,400			3,107,615			375,275
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		230,076			179,923			(13,612,842	)
Futures transactions		9,764			275,702			(943,831	)
Option contracts written		446,964			—			—
Option contracts purchased		(869,108	)		—			—
Foreign currency		(163,664	)		39,253			(5,532	)
Net realized gain (loss)		(345,968	)		494,878			(14,562,205	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		768,747			7,236,246			(6,792,444	)
Futures		(274,338	)		56,510			163,177
Swap agreements		(779	)		—			—
Option contracts written		49,606			—			—
Option contracts purchased		(81,674	)		—			—
Foreign currency		(385,630	)		13,886			14,681
Net change in unrealized appreciation (depreciation)		75,932			7,306,642			(6,614,586	)
Net Realized and Unrealized Gain (Loss)		(270,036	)		7,801,520			(21,176,791	)
Net Increase in Net Assets Resulting from Operations	$	1,597,364		$	10,909,135		$	(20,801,516	)

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

See Notes to Financial Statements.

228

(This page intentionally left blank)

229

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Six Months Ended 06/30/17			For the  Year Ended 12/31/16
	(Unaudited)
Operations:
Net investment income	$	1,867,400		$	4,792,808
Net realized gain (loss) on investment securities, foreign currency and derivatives		(345,968	)		(275,662	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		75,932			7,863,184
Net increase (decrease) in net assets resulting from operations		1,597,364			12,380,330
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,950,654	)		(2,777,588	)
Investor shares		(727,741	)		(500,592	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		(2,678,395	)		(3,278,180	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		13,221,052			16,595,943
Investor shares		6,759,940			21,330,260
Reinvestment of dividends and distributions
Institutional shares		1,950,654			2,777,587
Investor shares		727,520			500,089
Total proceeds from shares sold and reinvested		22,659,166			41,203,879
Value of shares redeemed
Institutional shares		(20,359,862	)		(64,223,909	)
Investor shares		(4,109,567	)		(9,663,957	)
Total value of shares redeemed		(24,469,429	)		(73,887,866	)
Net increase (decrease) from capital share transactions(1)		(1,810,263	)		(32,683,987	)
Total increase (decrease) in net assets		(2,891,294	)		(23,581,837	)
Net Assets:
Beginning of Period		278,245,837			301,827,674
End of Period*	$	275,354,543		$	278,245,837
*Including undistributed (distributions in excess of) net investment income	$	668,811		$	1,479,806

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

See Notes to Financial Statements.

230

Global Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Six Months Ended 06/30/17			For the Year Ended 12/31/16			For the Six Months Ended 06/30/17			For the Year Ended 12/31/16
(Unaudited)						(Unaudited)
$	3,107,615		$	4,776,811		$	375,275		$	936,401
	494,878			9,342,050			(14,562,205	)		(16,374,728	)
	7,306,642			(4,718,266	)		(6,614,586	)		94,277,351
	10,909,135			9,400,595			(20,801,516	)		78,839,024
	(781,822	)		(6,784,103	)		—			—
	(431,079	)		(5,147,664	)		—			(446,118	)
	—			(3,087,591	)		—			—
	—			(2,500,943	)		—			—
	(1,212,901	)		(17,520,301	)		—			(446,118	)
	9,712,964			13,242,076			—			—
	5,955,496			21,840,266			23,488,038			57,349,533
	777,132			9,833,784			—			—
	430,844			7,641,677			—			445,882
	16,876,436			52,557,803			23,488,038			57,795,415
	(2,985,115	)		(54,985,357	)		—			—
	(12,989,352	)		(23,622,194	)		(83,646,042	)		(94,765,721	)
	(15,974,467	)		(78,607,551	)		(83,646,042	)		(94,765,721	)
	901,969			(26,049,748	)		(60,158,004	)		(36,970,306	)
	10,598,203			(34,169,454	)		(80,959,520	)		41,422,600
	224,383,876			258,553,330			224,153,063			182,730,463
$	234,982,079		$	224,383,876		$	143,193,543		$	224,153,063
$	(575,904	)	$	(2,470,618	)	$	315,958		$	(59,317	)

See Notes to Financial Statements.

231

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Institutional Class
2017(3)	$	10.25	$	0.07	#	$	(0.01	)	$	(0.10	)	$	—		$	10.21		0.59	%	$	190,998		0.38	%		0.39	%		1.42	%		23	%
2016		9.98		0.17	#		0.23	(4)		(0.13	)		—			10.25		3.99			196,914		0.40			0.41			1.63			61
2015(5)		10.41		0.12	#		(0.55	)		—			—			9.98		(4.13	)		234,584		0.40			0.41			1.75			45
Investor Class
2017(3)	$	10.26	$	0.06	#	$	(0.01	)	$	(0.09	)	$	—		$	10.22		0.48	%	$	84,357		0.67	%		0.68	%		1.13	%		23	%
2016		9.96		0.15	#		0.22	(4)		(0.07	)		—			10.26		3.66			81,332		0.70			0.71			1.43			61
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(6)		11.25		0.10	#		(1.06	)		(0.09	)		(0.05	)		10.15		(8.64	)		274,111		0.64			0.65			0.98			75
2012		11.16		0.21	#		0.46			(0.20	)		(0.38	)		11.25		6.06			197,762		0.65			0.66			1.80			94

# 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, 2017. 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) 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.

(6) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio Net Investment Income to Average Net Assets increased by 0.01%.

See Notes to Financial Statements.

232

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			Expenses, Gross			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Global Real Estate Securities Fund
Institutional Class
2017(2)	$	9.10	$	0.13	#	$	0.31		$	(0.05	)	$	—		$	9.49		4.88	%	$	273,118		0.84	%(3)		0.86	%		2.85	%		69	%
2016		9.46		0.20	#		0.18	(4)		(0.50	)		(0.24	)		9.10		4.07			123,574		0.88	(3)		0.90			2.07			130
2015(5)		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
2017(2)	$	9.13	$	0.12	#	$	0.31		$	(0.04	)	$	—		$	9.52		4.72	%	$	196,846		1.13	%(3)		1.15	%		2.56	%		69	%
2016		9.49		0.16	#		0.19	(4)		(0.47	)		(0.24	)		9.13		3.78			100,810		1.14	(3)		1.19			1.68			130
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(6)		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
Global Natural Resources Equity Fund
Investor Class
2017(2)	$	7.42	$	0.01	#	$	(0.69	)	$	—		$	—		$	6.74		(9.16	)%	$	143,194		1.21	%		1.22	%		0.37	%		14	%
2016		5.11		0.03	#		2.29	(4)		(0.01	)		—			7.42		45.50			224,153		1.25			1.26			0.44			32
2015		7.81		—	#		(2.69	)		(0.01	)		—			5.11		(34.49	)		182,730		1.36	(7)		1.37			(0.06	)		63
2014		9.71		(0.02	)#		(1.68	)		(0.02	)		(0.18	)		7.81		(17.49	)		265,362		1.35	(7)		1.37			(0.17	)		37
2013(8)(9)		10.00		(0.01	)#		(0.16	)		(0.03	)		(0.09	)		9.71		1.69			260,722		1.42			1.42			(0.24	)		18

# 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, 2017. 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 Global Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2015 and 2016. For the six months ended June 30, 2017, the effect of fees paid indirectly decreased the ratio by 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(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) 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.

(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 0.03%.

(7) 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.

(8) Inception date was July 1, 2013. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

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

See Notes to Financial Statements.

233

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2017 (Unaudited)

	Strategic Alternatives Fund(1)
Assets
Receivables:
Fund shares sold	$	33,973,465
Total Assets		33,973,465
Net Assets	$	33,973,465
Net Assets Consist of:
Paid-in-capital	$	33,973,465
Net Assets	$	33,973,465
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	23,395,043
Institutional shares outstanding		2,339,504
Net asset value, offering and redemption price per Institutional share	$	10.00
Net assets applicable to the Investor Class	$	10,578,422
Investor shares outstanding		1,057,842
Net asset value, offering and redemption price per Investor share	$	10.00

⁽¹⁾  Commencement of Operations was June 30, 2017.

See Notes to Financial Statements.

234

STATEMENTS OF CHANGES IN NET ASSETS

	Strategic Alternatives Fund(1)
	Since Inception 06/30/17
	(Unaudited)
Operations:
Capital Share Transactions:
Proceeds from shares sold
Institutional shares	$	23,395,043
Investor shares		10,578,422
Total proceeds from shares sold and reinvested		33,973,465
Value of shares redeemed
Net increase from capital share transactions		33,973,465
Total increase in net assets		33,973,465
Net Assets:
End of Period*	$	33,973,465
*Including undistributed net investment income	$	—

⁽¹⁾ Commencement of Operations was June 30, 2017.

See Notes to Financial Statements.

235

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)			Realized and Unrealized Gain 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)			Expenses, Gross(3)			Investment Income, Net(1)(2)			Portfolio Turnover Rate
Strategic Alternatives Fund
Institutional Class
2017(4)(5)	$	10.00	$	—	#	$	—	$	—	$	—	$	10.00		—	%	$	23,395		—	%		—	%		—	%		—	%
Investor Class
2017(4)(5)	$	10.00	$	—	#	$	—	$	—	$	—	$	10.00		—	%	$	10,578		—	%		—	%		—	%		—	%

# 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) 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.

(3) 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.

(4) For the six months ended June 30, 2017. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(5) Commencement of Operations was June 30, 2017.

See Notes to Financial Statements.

236

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-five 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 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, Global Real Estate Securities Fund (formerly known as “Real Estate Securities Fund”) and the Global Natural Resources Equity Fund are together referred to as the “Real Return Select Funds.”

The Strategic Alternatives Fund was launched on June 30, 2017 and is referred to as the “Alternatives Fund.”

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 Global Natural Resources Equity Fund issued the Investor Class only. The Institutional Class was issued for each of the Target Date Funds on May 1, 2017. 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.”

Effective February 10, 2017 the assets of the MyDestination 2005 Fund (“2005 Fund”) were transferred to the Conservative Allocation Fund, in accordance with the Board approved reorganization (the “Reorganization”). Over time, the 2005 Fund changed its asset allocation following its predetermined glide path and its allocations were substantially similar to those of the Conservative Allocation Fund. Consistent with the Prospectus, the tax-free Reorganization occurred approximately 12 years after 2005. Legal expenses incurred as a result of the Reorganization were deemed to be extraordinary expenses due to the unusual nature and infrequency of occurrence.

The table below summarizes the asset transfers and conversion ratios related to the reorganization.

Acquired Fund	Shares Redeemed		Net Assets on 02/10/17		Unrealized Appreciation (Depreciation)			Accumulated Net Realized Gains		Share Conversion Ratio		Acquiring Fund	Shares Issued		Net Assets on 02/10/17
MyDestination 2005		10,442,917	$	105,467,528	$	(133,812	)	$	7,984		0.914801	Conservative Allocation Fund		9,553,188	$	414,132,552

237

The table below summarizes the operations of the MyDestination 2005 Fund for the period from January 1, 2017 to February 10, 2017, the operations of the Conservative Allocation Fund for the period ended June 30, 2017 as presented in the Statements of Operations, and the combined MyDestination 2005 and Conservative Allocation Funds’ pro-forma results of operations for the period ended June 30, 2017, assuming the acquisition had been completed on January 1, 2017.

MyDestination 2005 Fund For the Period 01/01/17 - 02/10/17								Conservative Allocation Fund For the Period 01/01/17 - 02/10/17
Acquired Fund	Net Investment Income			Net Realized and Unrealized Gain on Investments		Net Increase from Operations		Acquiring Fund		Net Investment Income		Net Realized and Unrealized Gain on Investments		Net Increase from Operations
MyDestination 2005	$	(28,858	)	$	1,495,619	$	1,466,761		Conservative Allocation Fund	$	2,111,598	$	13,791,554	$	15,903,152

Because the combined MyDestination 2005 and Conservative Allocation Funds have been managed as a single Fund since the transfer was completed, it is not practicable to separate the amounts of revenue and earnings of the MyDestination 2005 Fund that has been included in the Conservative Allocation Fund’s statements of operations.

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”) who previously have been identified to 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.

238

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 2j, “Derivative Financial Instruments” for additional information regarding the valuation of swap agreements).

To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Board of Trustees. Securities for which market quotations are not readily available are valued at fair value according to methods established in good faith by the Board of Trustees. Due to the potential excessive volatility at the time valuations are developed, pricing techniques may materially vary from the actual amounts realized upon sale of the securities.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation 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 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 and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing NAV each business day.

239

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.

Securities for which there is a short or temporary lapse in the provision of a price by the regular pricing source which is an Approved Pricing Service.

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.

The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. The Select Funds (with the exception of the Money Market Fund) may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures which may result in transfers into or out of an assigned level within the disclosure hierarchy. Such transfers between levels due to the periodic use of fair value procedures are not included in the disclosure of transfers between levels included with the Valuation Hierarchy of each respective Fund.

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, 2017.

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.

240

b. Fixed Income Securities

The Fixed Income Funds, Defensive Market Strategies Fund and the Small Cap Equity Fund may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO, adjustments are made to the book value of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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

241

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 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, 2017, there were no mortgage-backed TBA 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.

242

d. Loan Participations

The Fixed Income Funds and the Small Cap Equity 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 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, Small Cap Equity Fund, and the Strategic Alternatives 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.

e. PIPEs

The Global Natural Resources Fund invests in Private Investment in Public Equity (“PIPE”) securities. PIPEs involve the purchase of securities directly from a publicly traded company by a Fund. PIPEs are restricted securities and cannot be immediately resold into the public markets. These investments are valued at fair value as determined in accordance with the procedures approved by the Board of Trustees. Risks include the potential decline in the value of the publicly traded company, the potential dilution of shareholder equity and the inability of the Fund to liquidate the position quickly.

f. REITs

The Global 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.

g. 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.

243

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

At June 30, 2017, 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	$	60,000,000	$	(60,000,000	)	$	—	$	—
Bank of Nova Scotia		60,000,000		(60,000,000	)		—		—
BNP Paribas SA		60,000,000		(60,000,000	)		—		—
Citigroup Global Markets, Inc.		60,000,000		(60,000,000	)		—		—
Goldman Sachs & Co.		75,500,000		(75,500,000	)		—		—
HSBC Securities USA, Inc.		53,500,000		(53,500,000	)		—		—
Mitsubishi UFJ Securities USA, Inc.		60,000,000		(60,000,000	)		—		—
Mizuho Securities USA, Inc.		60,000,000		(60,000,000	)		—		—
Morgan Stanley & Co. LLC		20,000,000		(20,000,000	)		—		—
Natixis S.A.		51,000,000		(51,000,000	)		—		—
RBC Capital Markets LLC		45,000,000		(45,000,000	)		—		—
TD Securities USA LLC		60,000,000		(60,000,000	)		—		—
Total Repurchase Agreements	$	665,000,000	$	(665,000,000	)	$	—	$	—
Medium-Duration Bond
Barclays PLC	$	39,000,000	$	(39,000,000	)	$	—	$	—
Citigroup, Inc.		35,200,000		(35,200,000	)		—		—
Total Repurchase Agreements	$	74,200,000	$	(74,200,000	)	$	—	$	—

⁽¹⁾ The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2017.

⁽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.

h. 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 collateralized by cash equivalents maintained in a segregated account with the broker. Cash deposited with the broker is recorded as an asset on the Statement of Assets and Liabilities. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The 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 Low-Duration Bond Fund was involved in dollar roll transactions with U.S. Treasury Securities throughout the year. At June 30, 2017, the Low-Duration Bond Fund was involved in a dollar roll transaction with a U.S. Treasury Note for the net amount of $(16,405,257). The Low-Duration Bond Fund and

244

Medium-Duration Bond Fund had no other dollar roll transactions at June 30, 2017. 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, 2017, the value of securities sold short in the Low-Duration Bond Fund and International Equity Fund amounted to $16,405,257 and $65,207,669, respectively.

i. 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. 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.

j. Derivative Financial Instruments

The Funds may engage in various portfolio strategies to seek to increase their return by hedging their portfolios against adverse movements in the equity, debt and currency markets. Losses may arise due to changes in the value of the contract if the counterparty does not perform under the contract. The Funds, in their normal course of business, may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ exposure may include future claims that may be made against the Funds that have not yet occurred.

Financial Futures Contracts — The Funds (except the Money Market Fund) may purchase or sell financial futures contracts and the options on such futures contracts for the purpose of hedging risk on existing securities, demonstrating purchase of securities or gaining market exposure on cash balances. Financial futures contracts are contracts for the delivery of securities at a specified future date at an agreed upon price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected.

Pursuant to the contract, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such payments or receipts are known as variation margin and are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Foreign Currency Options and Futures — The Fixed Income Funds, Defensive Market Strategies Fund, Small Cap Equity Fund and International Equity Fund may also enter into futures contracts on foreign currencies and related options on transactions as a short or long hedge against possible variations in foreign exchange rates.

Forward Foreign Exchange Contracts — Certain Funds may enter into forward foreign currency exchange contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between

245

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 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

246

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, 2017, 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.

247

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. At June 30, 2017, there were no investments in CDS agreements on asset-backed securities.

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

248

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 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 agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include 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.

Centrally Cleared Swap Agreements — Centrally cleared 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. Centrally cleared swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor risk factors for the involved parties. Centrally cleared 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 centrally cleared 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.

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

249

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. At June 30, 2017, there were no cross-currency swap agreements.

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. At June 30, 2017, there were no variance swap agreements.

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

250

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, 2017, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $30,934,000 and $16,190,000, respectively, and the sellers (“providing protection”) on a total notional amount of $0 and $19,150,000, 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	$	17,486	$	—	$	682,220	$	—	$	699,706
Maximum potential amount of future payments		1,400,000		—		17,750,000		—		19,150,000
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, 2017, 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	$	900,000	$	—	$	4,300,000	$	—	$	5,100,000	$	10,300,000
101 - 250		—		—		—		—		—		—
251 - 500		—		—		8,850,000		—		—		8,850,000
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	900,000	$	—	$	13,150,000	$	—	$	5,100,000	$	19,150,000

251

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, 2017, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	15,854	$	27,703
Total derivative assets and liabilities in the Statements of Assets and Liabilities		15,854		27,703
Derivatives not subject to an MA or similar agreement		15,854		27,703
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	26,571	$	27,250
Total derivative assets and liabilities in the Statements of Assets and Liabilities		26,571		27,250
Derivatives not subject to an MA or similar agreement		26,571		27,250
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	10,515	$	4,500
Total derivative assets and liabilities in the Statements of Assets and Liabilities		10,515		4,500
Derivatives not subject to an MA or similar agreement		10,515		4,500
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	9,115	$	1,125
Total derivative assets and liabilities in the Statements of Assets and Liabilities		9,115		1,125
Derivatives not subject to an MA or similar agreement		9,115		1,125
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	708	$	428
Total derivative assets and liabilities in the Statements of Assets and Liabilities		708		428
Derivatives not subject to an MA or similar agreement		708		428
Total assets and liabilities subject to an MA	$	—	$	—

252

Fund	Assets		Liabilities
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	5,325	$	12,844
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,325		12,844
Derivatives not subject to an MA or similar agreement		5,325		12,844
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	38,275	$	78,125
Total derivative assets and liabilities in the Statements of Assets and Liabilities		38,275		78,125
Derivatives not subject to an MA or similar agreement		38,275		78,125
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	19,575	$	12,236
Total derivative assets and liabilities in the Statements of Assets and Liabilities		19,575		12,236
Derivatives not subject to an MA or similar agreement		19,575		12,236
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	19,400	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		19,400		—
Derivatives not subject to an MA or similar agreement		19,400		—
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	207,851	$	167,996
Forward foreign exchange contracts		337,282		1,913,700
Options		18,061		—
Swaps		324,140		549,757
Total derivative assets and liabilities in the Statements of Assets and Liabilities		887,334		2,631,453
Derivatives not subject to an MA or similar agreement		335,496		1,824,478
Total assets and liabilities subject to an MA	$	551,838	$	806,975
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	596,658	$	790,819
Forward foreign exchange contracts		1,790,180		1,142,470
Options		1,959,171		1,879,112
Swaps		1,020,881		272,920
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,366,890		4,085,321
Derivatives not subject to an MA or similar agreement		1,173,568		221,810
Total assets and liabilities subject to an MA	$	4,193,322	$	3,863,511

253

Fund	Assets		Liabilities
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	84,114	$	56,031
Forward foreign exchange contracts		1,169,129		949,465
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,253,243		1,005,496
Derivatives not subject to an MA or similar agreement		84,114		56,031
Total assets and liabilities subject to an MA	$	1,169,129	$	949,465
Defensive Market Strategies
Derivative Financial Instruments:
Forward foreign exchange contracts	$	—	$	249,666
Options		—		541,733
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		791,399
Derivatives not subject to an MA or similar agreement		—		791,399
Total assets and liabilities subject to an MA	$	—	$	—
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	12,750	$	800
Total derivative assets and liabilities in the Statements of Assets and Liabilities		12,750		800
Derivatives not subject to an MA or similar agreement		12,750		800
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	22,427	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		22,427		—
Derivatives not subject to an MA or similar agreement		22,427		—
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	28,400	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		28,400		—
Derivatives not subject to an MA or similar agreement		28,400		—
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	5,992	$	74,755
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,992		74,755
Derivatives not subject to an MA or similar agreement		5,992		74,755
Total assets and liabilities subject to an MA	$	—	$	—

254

Fund	Assets		Liabilities
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	5,925	$	165
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,925		165
Derivatives not subject to an MA or similar agreement		5,925		165
Total assets and liabilities subject to an MA	$	—	$	—
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	1,013,675	$	875,111
Forward foreign exchange contracts		3,352,186		4,303,428
Swaps		436,952		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,802,813		5,178,539
Derivatives not subject to an MA or similar agreement		1,450,627		875,108
Total assets and liabilities subject to an MA	$	3,352,186	$	4,303,431
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	179,759	$	133,199
Forward foreign exchange contracts		1,194,533		681,974
Swaps		25,298		2,912
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,399,590		818,085
Derivatives not subject to an MA or similar agreement		202,394		113,500
Total assets and liabilities subject to an MA	$	1,197,196	$	704,585
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	98,710	$	44,518
Forward foreign exchange contracts		35,385		144,455
Options		—		44,290
Total derivative assets and liabilities in the Statements of Assets and Liabilities		134,095		233,263
Derivatives not subject to an MA or similar agreement		134,095		233,263
Total assets and liabilities subject to an MA	$	—	$	—
Global Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	3,711	$	1,280
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,711		1,280
Derivatives not subject to an MA or similar agreement		3,711		1,280
Total assets and liabilities subject to an MA	$	—	$	—

255

Fund	Assets		Liabilities
Global Natural Resources
Derivative Financial Instruments:
Financial futures contracts	$	128,669	$	79,883
Total derivative assets and liabilities in the Statements of Assets and Liabilities		128,669		79,883
Derivatives not subject to an MA or similar agreement		128,669		79,883
Total assets and liabilities subject to an MA	$	—	$	—

At June 30, 2017, 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*	$	125,923	$	(52,486	)	$	73,437		$	—			$	73,437
		125,923		(52,486	)		73,437			—				73,437
Sub-adviser B
Other Counterparties*		360,294		(560,338	)		(200,044	)		216,487				16,443
		360,294		(560,338	)		(200,044	)		216,487				16,443
												��
Sub-adviser C
Other Counterparties*		65,621		(194,151	)		(128,530	)		—				(128,530	)
		65,621		(194,151	)		(128,530	)		—				(128,530	)
Total Derivatives	$	551,838	$	(806,975	)	$	(255,137	)	$	216,487			$	(38,650	)
Medium-Duration Bond
Sub-adviser A
Other Counterparties*	$	322,158	$	(425,260	)	$	(103,102	)	$	—			$	(103,102	)
		322,158		(425,260	)		(103,102	)		—				(103,102	)
Sub-adviser B
UBS		589,616		(217,798	)		371,818			—				371,818
GSC		1,306,403		(1,533,678	)		(227,275	)		12,089				(215,186	)
MSCS		274,513		(361,958	)		(87,445	)		—				(87,445	)
DEUT		504,796		(371,204	)		133,592			—				133,592
Other Counterparties*		550,491		(469,664	)		80,827			(611,880	)			(531,053	)
		3,225,819		(2,954,302	)		271,517			(599,791	)			(328,274	)
Sub-adviser C
Other Counterparties*		645,345		(483,949	)		161,396			(34,160	)			127,236
		645,345		(483,949	)		161,396			(34,160	)			127,236
Total Derivatives	$	4,193,322	$	(3,863,511	)	$	329,811		$	(633,951	)		$	(304,140	)

256

Fund/Sub-adviser/Counterparty	Derivative Assets  Subject to an MA		Derivative Liabilities Subject to an MA			Value of Derivatives Subject to an MA			Collateral (Received)/ Pledged			Net Exposure
Global Bond
Sub-adviser A
BOA	$	709,182	$	—		$	709,182		$	—		$	709,182
BAR		438,483		(949,465	)		(510,982	)		111,000			(399,982	)
Other Counterparties*		21,464		—			21,464			—			21,464
Total Derivatives	$	1,169,129	$	(949,465	)	$	219,664		$	111,000		$	330,664
International Equity
Sub-adviser A
CITI	$	3,352,186	$	(4,303,431	)	$	(951,245	)	$	951,245		$	—
Total Derivatives	$	3,352,186	$	(4,303,431	)	$	(951,245	)	$	951,245		$	—
Emerging Markets Equity
Sub-adviser A
CITI	$	1,194,535	$	(681,973	)	$	512,562		$	(512,562	)	$	—
Other Counterparties*		2,661		(22,612	)		(19,951	)		—			(19,951	)
Total Derivatives	$	1,197,196	$	(704,585	)	$	492,611		$	(512,562	)	$	(19,951	)

* Other Counterparties represent amounts that are held with counterparties where the absolute value of the total net exposure is less than 0.05% of the net assets of the respective Fund. Those holdings are deemed individually 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.

257

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, 2017.

	Asset Derivative Value
Fund	Total Value at 06/30/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Balanced Allocation
Futures	$	57,957	$	57,957	$	—	$	—	$	—
Growth Allocation
Futures	$	3,520	$	3,520	$	—	$	—	$	—
Low-Duration Bond
Forwards	$	337,282	$	—	$	337,282	$	—	$	—
Futures		529,683		529,683		—		—		—
Purchased Options		18,061		18,061		—		—		—
Swaps		324,140		324,140		—		—		—
Totals	$	1,209,166	$	871,884	$	337,282	$	—	$	—
Medium-Duration Bond
Forwards	$	1,790,180	$	—	$	1,790,180	$	—	$	—
Futures		2,359,205		2,359,205		—		—		—
Purchased Options		1,959,171		1,947,201		11,970		—		—
Swaps		5,113,771		4,391,819		—		721,952		—
Totals	$	11,222,327	$	8,698,225	$	1,802,150	$	751,952	$	—
Global Bond Fund
Forwards	$	1,169,129	$	—	$	1,169,129	$	—	$	—
Futures		151,511		151,511		—		—		—
Purchased Options		173,250		173,250		—		—		—
Totals	$	1,493,890	$	324,761	$	1,169,129	$	—	$	—

258

	Asset Derivative Value
Fund	Total Value at 06/30/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
International Equity
Forwards	$	3,352,186	$	—	$	3,352,186	$	—	$	—
Futures		779,438		—		—		—		779,438
Swaps		436,952		—		—		—		436,952
Totals	$	4,568,576	$	—	$	3,352,186	$	—	$	1,216,390
Emerging Markets Equity
Forwards	$	1,194,533	$	—	$	1,194,533	$	—	$	—
Futures		160,026		—		—		—		160,026
Swaps		25,298		—		—		—		25,298
Totals	$	1,379,857	$	—	$	1,194,533	$	—	$	185,324
Inflation Protected Bond
Forwards	$	35,385	$	—	$	35,385	$	—	$	—
Futures		39,500		—		—		—		39,500
Purchased Options		117,330		44,454		72,876		—		—
Totals	$	192,215	$	44,454	$	108,261	$	—	$	39,500
Global Natural
Resources Equity
Futures	$	41,309	$	—	$	—	$	—	$	41,309
	Liability Derivative Value
Fund	Total Value at 06/30/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	87,624	$	34,321	$	—	$	—	$	53,303
MyDestination 2025
Futures	$	124,197	$	31,797	$	—	$	—	$	92,400
MyDestination 2035
Futures	$	54,118	$	6,331	$	—	$	—	$	47,787
MyDestination 2045
Futures	$	44,431	$	2,266	$	—	$	—	$	42,165
MyDestination 2055
Futures	$	13,209	$	—	$	—	$	—	$	13,209
Conservative Allocation
Futures	$	65,321	$	37,638	$	—	$	—	$	27,683
Balanced Allocation
Futures	$	192,507	$	58,392	$	—	$	—	$	134,115
Growth Allocation
Futures	$	85,720	$	11,035	$	—	$	—	$	74,685
Aggressive Allocation
Futures	$	95,515	$	—	$	—	$	—	$	95,515

259

	Liability Derivative Value
Fund	Total Value at 06/30/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	1,913,700	$	—	$	1,913,700	$	—	$	—
Futures		461,675		461,675		—		—		—
Swaps		549,757		436,311		—		113,446		—
Totals	$	2,925,132	$	897,986	$	1,913,700	$	113,446	$	—
Medium-Duration Bond
Forwards	$	1,142,470	$	—	$	1,142,470	$	—	$	—
Futures		1,612,605		1,597,328		15,277		—		—
Swaps		1,765,415		1,370,015		—		395,400		—
Written Options		1,879,112		1,874,925		4,187		—		—
Totals	$	6,399,602	$	4,842,268	$	1,161,934	$	395,400	$	—
Global Bond Fund
Forwards	$	949,465	$	—	$	949,465	$	—	$	—
Futures		160,249		160,249		—		—		—
Totals	$	1,109,714	$	160,249	$	949,465	$	—	$	—
Defensive Market Strategies
Forwards	$	250	$	—	$	250	$	—	$	—
Written Options		541,733		—		—		—		541,733
Totals	$	541,983	$	—	$	250	$	—	$	541,733
Equity Index
Futures	$	116,965	$	—	$	—	$	—	$	116,965
Value Equity
Futures	$	183,228	$	—	$	—	$	—	$	183,228
Growth Equity
Futures	$	279,778	$	—	$	—	$	—	$	279,778
Small Cap Equity
Futures	$	121,853	$	—	$	—	$	—	$	121,853
International Equity Index
Futures	$	15,855	$	—	$	—	$	—	$	15,855
International Equity
Forwards	$	4,303,428	$	—	$	4,303,428	$	—	$	—
Futures		2,470,799		—		—		—		2,470,799
Totals	$	6,774,227	$	—	$	4,303,428	$	—	$	2,470,799
Emerging Markets Equity
Forwards	$	681,974	$	—	$	681,974	$	—	$	—
Futures		248,891		—		—		—		248,891
Swaps		2,912		—		—		—		2,912
Totals	$	933,777	$	—	$	681,974	$	—	$	251,803

260

	Liability Derivative Value
Fund	Total  Value at 06/30/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Inflation Protected Bond
Forwards	$	144,455	$	—	$	144,455	$	—	$	—
Futures		287,819		—		—		—		287,819
Written Options		44,290		15,219		29,071		—		—
Totals	$	476,564	$	15,219	$	173,526	$	—	$	287,819
Global Real Estate Securities
Futures	$	36,044	$	—	$	—	$	—	$	36,044
Global Natural
Resources Equity
Futures	$	29,906	$	—	$	—	$	—	$	29,906

261

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 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	1,057,119	$	84,797	$	—	$	—	$	972,322
MyDestination 2025
Futures	$	1,803,206	$	85,575	$	—	$	—	$	1,717,631
MyDestination 2035
Futures	$	994,818	$	29,147	$	—	$	—	$	965,671
MyDestination 2045
Futures	$	814,676	$	10,449	$	—	$	—	$	804,227
MyDestination 2055
Futures	$	121,669	$	—	$	—	$	—	$	121,669
Conservative Allocation
Futures	$	499,193	$	17,505	$	—	$	—	$	481,688
Balanced Allocation
Futures	$	3,040,242	$	321,167	$	—	$	—	$	2,719,075
Growth Allocation
Futures	$	2,012,877	$	62,878	$	—	$	—	$	1,949,999
Aggressive Allocation
Futures	$	1,949,641	$	—	$	—	$	—	$	1,949,641

262

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond
Forwards	$	(1,420,875	)	$	—		$	(1,420,875	)	$	—		$	—
Futures		390,509			394,238			—			—			(3,729	)
Purchased Options		(31,975	)		(31,975	)		—			—			—
Swaps		(1,065,767	)		(690,893	)		—			(374,874	)		—
Written Options		261,620			261,620			—			—			—
Totals	$	(1,866,488	)	$	(67,010	)	$	(1,420,875	)	$	(374,874	)	$	(3,729	)
Medium-Duration Bond
Forwards	$	(1,664,471	)	$	—		$	(1,664,471	)	$	—		$	—
Futures		1,777,310			1,831,385			(54,075	)		—			—
Purchased Options		211,646			227,007			(23,428	)		8,067			—
Swaps		1,693,715			1,457,578			—			236,137			—
Written Options		125,523			64,228			53,969			7,326			—
Totals	$	2,143,723		$	3,580,198		$	(1,688,005	)	$	251,530		$	—
Global Bond
Forwards	$	478,431		$	—		$	478,431		$	—		$	—
Futures		(23,571	)		(23,571	)		—			—			—
Purchased Options		(165,807	)		—			(165,807	)		—			—
Written Options		16,694			16,694			—			—			—
Totals	$	305,747		$	(6,877	)	$	312,624			—		$	—
Defensive Market Strategies
Forwards	$	(584,238	)	$	—		$	(584,238	)	$	—		$	—
Futures		711,157			—			—			—			711,157
Written Options		3,813,674			—			—			—			3,813,674
Totals	$	3,940,593		$	—		$	(584,238	)	$	—		$	4,524,831
Equity Index
Futures	$	2,205,501		$	—		$	—		$	—		$	2,205,501
Value Equity
Futures	$	3,754,026		$	—		$	—		$	—		$	3,754,026
Growth Equity
Futures	$	4,427,084		$	—		$	—		$	—		$	4,427,084
Small Cap Equity
Futures	$	680,097		$	—		$	—		$	—		$	680,097
International Equity Index
Futures	$	957,350		$	—		$	—		$	—		$	957,350
International Equity
Forwards	$	398,774		$	—		$	398,774		$	—		$	—
Futures		13,704,787			—			—			—			13,704,787
Swaps		(4,914,306	)		—			—			—			(4,914,306	)
Totals	$	9,189,255		$	—		$	398,774		$	—		$	8,790,481

263

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Emerging Markets Equity
Forwards	$	764,069		$	—		$	764,069		$	—	$	—
Futures		6,767,108			—			—			—		6,767,108
Swaps		(260,226	)		—			—			—		(260,226	)
Totals	$	7,270,951		$	—		$	764,069		$	—	$	6,506,882
Inflation Protected Bond
Forwards	$	(430,690	)	$	—		$	(430,690	)	$	—	$	—
Futures		9,764			9,764			—			—		—
Purchased Options		(869,108	)		(530,063	)		(339,045	)		—		—
Written Options		446,964			278,992			167,972			—		—
Totals	$	(843,070	)	$	(241,307	)	$	(601,763	)	$	—	$	—
Global Real Estate Securities
Forwards	$	(233	)	$	—		$	(233	)	$	—	$	—
Futures		275,702			—			—			—		275,702
Totals	$	275,469		$	—		$	(233	)	$	—	$	275,702
Global Natural Resources Equity
Forwards	$	(32	)	$	—		$	(32	)	$	—	$	—
Futures		(943,831	)		—			(138,626	)		—		(805,205	)
Totals	$	(943,863	)	$	—		$	(138,658	)	$	—	$	(805,205	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	(48,090	)	$	(18,688	)	$	—		$	—	$	(29,402	)
MyDestination 2025
Futures	$	(47,320	)	$	(8,720	)	$	—		$	—	$	(38,600	)
MyDestination 2035
Futures	$	25,086		$	4,091		$	—		$	—	$	20,995
MyDestination 2045
Futures	$	5,337		$	(33	)	$	—		$	—	$	5,570
MyDestination 2055
Futures	$	(9,436	)	$	—		$	—		$	—	$	(9,436	)
Conservative Allocation
Futures	$	(57,372	)	$	(36,945	)	$	—		$	—	$	(20,427	)
Balanced Allocation
Futures	$	(12,477	)	$	31,035		$	—		$	—	$	(43,512	)
Growth Allocation
Futures	$	58,727		$	15,822		$	—		$	—	$	42,905

264

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Aggressive Allocation
Futures	$	3,549		$	—		$	—		$	—		$	3,549
Low-Duration Bond
Forwards	$	1,055,691		$	—		$	1,055,691		$	—		$	—
Futures		51,820			51,820			—			—			—
Purchased Options		(19,332	)		(19,332	)		—			—			—
Swaps		268,411			270,418			—			(2,007	)		—
Written Options		(51,006	)		(51,006	)		—			—			—
Totals	$	1,305,584		$	251,900		$	1,055,691		$	(2,007	)	$	—
Medium-Duration Bond
Forwards	$	(1,984,033	)	$	—		$	(1,984,033	)	$	—		$	—
Futures		1,324,487			1,318,608			5,879			—			—
Purchased Options		(538,908	)		(474,875	)		(64,033	)		—			—
Swaps		(2,550,634	)		(2,314,489	)		—			(236,145	)		—
Written Options		866,971			787,486			79,485			—			—
Totals	$	(2,882,117	)	$	(683,270	)	$	(1,962,702	)	$	(236,145	)	$	—
	��
Global Bond
Forwards	$	1,772,381		$	—		$	1,772,381		$	—		$	—
Futures		(68,578	)		(68,578	)		—			—			—
Purchased Options		(595,652	)		—			(595,652	)		—			—
Written Options		(15,147	)		(15,147	)		—			—			—
Totals	$	1,093,004		$	(83,725	)	$	1,176,729		$	—		$	—
Defensive Market Strategies
Forwards	$	81,089		$	—		$	81,089		$	—		$	—
Futures		38,690			—			—			—			38,690
Written Options		358,082			—			—			—			358,082
Totals	$	477,861		$	—		$	81,089		$	—		$	396,772
Equity Index
Futures	$	11,750		$	—		$	—		$	—		$	11,750
Value Equity
Futures	$	(11,045	)	$	—		$	—		$	—		$	(11,045	)
Growth Equity
Futures	$	(71,888	)	$	—		$	—		$	—		$	(71,888	)
Small Cap Equity
Futures	$	422,765		$	—		$	—		$	—		$	422,765
International Equity Index
Futures	$	21,436		$	—		$	—		$	—		$	21,436

265

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
International Equity
Forwards	$	1,158,647		$	—		$	1,158,647		$	—	$	—
Futures		(2,288,515	)		—			—			—		(2,288,515	)
Swaps		188,024			—			—			—		188,024
Totals	$	(941,844	)	$	—		$	1,158,647		$	—	$	(2,100,491	)
Emerging Markets Equity
Forwards	$	(420,612	)	$	—		$	(420,612	)	$	—	$	—
Futures		(268,103	)		—			—			—		(268,103	)
Swaps		74,117			—			—			—		74,117
Totals	$	(614,598	)	$	—		$	(420,612	)	$	—	$	(193,986	)
Inflation Protected Bond
Forwards	$	(378,201	)	$	—		$	(378,201	)	$	—	$	—
Futures		(274,338	)		(274,338	)		—			—		—
Swaps		(799	)		(799	)		—			—		—
Purchased Options		(81,674	)		(115,991	)		34,317			—		—
Written Options		49,606			(23,405	)		73,011			—		—
Totals	$	(685,406	)	$	(414,533	)	$	(270,873	)	$	—	$	—
Global Real Estate Securities
Futures	$	56,510		$	—		$	—		$	—	$	56,510
Global Natural Resources Equity
Futures	$	163,177		$	—		$	109,034		$	—	$	54,143

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the period ended June 30, 2017. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Purchased Option Contracts		Swap Contracts
MyDestination 2015		—		14,184,285		—		—
MyDestination 2025		—		21,356,395		—		—
MyDestination 2035		—		11,192,927		—		—
MyDestination 2045		—		8,476,626		—		—
MyDestination 2055		—		1,530,490		—		—
Conservative Allocation		—		18,055,576		—		—
Balanced Allocation		—		46,595,886		—		—
Growth Allocation		—		24,139,191		—		—
Aggressive Allocation		—		18,521,977		—		—
Low-Duration Bond		75,666,705		363,609,933		45,780		51,490,894
Medium-Duration Bond		122,994,726		545,467,418		1,787,854		232,376,755
Global Bond		15,655,998		45,755,230		167,914		—
Defensive Market Strategies		4,517,835		4,584,210		—		—
Equity Index		—		28,999,410		—		—

266

	Long Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Purchased Option Contracts		Swap Contracts
Value Equity		—		43,490,460		—		—
Growth Equity		—		61,790,780		—		—
Small Cap Equity		—		24,309,685		—		—
International Equity Index		—		7,517,713		—		—
International Equity		133,766,790		169,204,416		—		718,486
Emerging Markets Equity		55,922,483		44,233,342		—		761,605
Inflation Protected Bond		20,881,346		35,474,418		337,120		—
Global Real Estate Securities		—		5,576,387		—		—
Global Natural Resources Equity		—		16,478,679		—		—
	Short Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Written Option Contracts		Swap Contracts
Low-Duration Bond		17,366,984		128,282,599		81,632		74,514,733
Medium-Duration Bond		54,690,248		445,948,445		1,847,924		158,261,832
Global Bond		39,384,181		31,319,185		52,224		—
Defensive Market Strategies		63,267		—		802,420		—
International Equity		196,510,034		69,125,341		—		23,570,342
Emerging Markets Equity		65,486,899		8,436,771		—		2,224,007
Inflation Protected Bond		6,466,354		104,784,383		153,746		—

k. 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, Global 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.

l. 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.

m. 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.

267

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

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, 2017, based upon average daily net assets, were as follows:

Fund	Advisory Fees			Sub-Adviser Fees
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	%		0.05	%
Low-Duration Bond		0.11	%		0.19	%
Medium-Duration Bond		0.13	%		0.20	%
Extended-Duration Bond		0.25	%		0.22	%
Global Bond		0.25	%		0.25	%
Defensive Market Strategies		0.33	%		0.30	%
Equity Index		0.08	%		0.02	%
Value Equity		0.33	%		0.22	%
Growth Equity		0.33	%		0.38	%
Small Cap Equity		0.33	%		0.60	%
International Equity Index		0.10	%		0.05	%
International Equity		0.33	%		0.41	%
Emerging Markets Equity		0.33	%		0.71	%
Inflation Protected Bond		0.20	%		0.10	%
Global Real Estate Securities		0.30	%		0.40	%
Global Natural Resources Equity		0.36	%		0.51	%
Strategic Alternatives		0.40	%		0.47	%

For the period ended June 30, 2017, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements(1)			Net Advisory Fee (Reimbursement)
MyDestination 2015	$	279,442	$	(64,656	)	$	214,786
MyDestination 2025		461,291		(73,633	)		387,658
MyDestination 2035		260,292		(58,672	)		201,620
MyDestination 2045		193,675		(61,709	)		131,966
MyDestination 2055		38,072		(58,816	)		(20,744	)

268

	Gross Advisory Fee		Waiver/ Reimbursements(1)			Net Advisory Fee (Reimbursement)
Conservative Allocation		232,784		(25,724	)		207,060
Balanced Allocation		759,857		(87,947	)		671,910
Growth Allocation		566,332		(44,192	)		522,140
Aggressive Allocation		461,067		(1,812	)		459,255
Money Market(2)		443,390		—			443,390
Low-Duration Bond		491,243		(33,236	)		458,007
Medium-Duration Bond		701,322		(64,667	)		636,655
Extended-Duration Bond		293,245		(6,835	)		286,410
Global Bond		566,457		(41,752	)		524,705
Defensive Market Strategies		1,433,201		(38,453	)		1,394,748
Equity Index		319,005		(29,419	)		289,586
Value Equity		2,167,784		(45,457	)		2,122,327
Growth Equity		2,383,425		(56,740	)		2,326,685
Small Cap Equity		875,018		(22,673	)		852,345
International Equity Index		71,494		97,615			169,109
International Equity		2,272,934		(59,495	)		2,213,439
Emerging Markets Equity		615,404		(26,557	)		588,847
Inflation Protected Bond		279,554		(8,124	)		271,430
Global Real Estate Securities		342,430		(5,200	)		337,230
Global Natural Resources Equity		369,729		(8,497	)		361,232

⁽¹⁾ Also includes Shareholder Servicing Fee waivers as disclosed in Note 3b.

⁽²⁾ 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.

GSCM and/or its affiliates have agreed to waive shareholder service fees attributable to the Funds’ investment of cash balances in the Money Market Fund through April 30, 2018.

269

c. Expense Limitation (Affiliate)

On February 24, 2017, GSCM agreed, through April 30, 2018, 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 acquired 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, 2017		May 1, 2017
	to		to
	April 30, 2017		June 30, 2017
Fund	Institutional Class	Investor Class	Institutional Class	Investor Class
MyDestination 2015	N/A	0.35%	0.20%	0.40%
MyDestination 2025	N/A	0.35%	0.20%	0.40%
MyDestination 2035	N/A	0.35%	0.20%	0.40%
MyDestination 2045	N/A	0.35%	0.20%	0.40%
MyDestination 2055	N/A	0.35%	0.20%	0.40%
International Equity Index	0.57%	N/A	0.57%	N/A
Emerging Markets Equity	1.32%	1.57%	1.32%	1.57%

Each Fund in turn agrees to reimburse GSCM for any operating expenses in excess of the expense limitation paid, waived or assumed by GSCM for that Fund during the limitation period, provided GSCM would not be entitled to reimbursement for any amount that would cause operating expenses to exceed the expense limitation during the year in which the reimbursement would be made, and provided further that no amount will be reimbursed by the Fund more than three years after the year in which it was incurred or waived by GSCM.

At June 30, 2017, for those funds that had operating expenses in excess of the expense limitation paid, waived or assumed by GSCM during the limitation period, the amounts subject to possible future reimbursement under the expense limitation agreement are as follow:

	Institutional Class									Investor Class
	2014		2015		2016		2017			2014		2015		2016		2017
MyDestination 2015		N/A		N/A		N/A		N/A			N/A	$	93,914	$	149,936	$	42,995
MyDestination 2025		N/A		N/A		N/A		N/A			N/A		126,742		185,515		39,522
MyDestination 2035		N/A		N/A		N/A		N/A			N/A		118,651		182,759		40,619
MyDestination 2045		N/A		N/A		N/A		N/A			N/A		98,363		173,281		48,157
MyDestination 2055		N/A		N/A		N/A	$	1,446		$	91,150		110,496		142,645		54,747
International Equity Index		N/A		N/A	$	98,252		(58,726	)		N/A		N/A		N/A		N/A
Emerging Markets Equity	$	176,022	$	415,435		501,656		94,132			849,038		327,548		113,682		31,776

270

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. These payments can be found on the Statement of Operations under the heading “Fees Paid Indirectly.”

Fund	Expenses Paid Through Brokerage Service Arrangements
Defensive Market Strategies	$	188
Value Equity		5,139
Growth Equity		9,982
Small Cap Equity		43,618
International Equity		7,635
Emerging Markets Equity		1,502
Global Real Estate Securities		14,313

e. Administrator, Transfer Agent and Distributor

Effective April 1, 2017, The Northern Trust Company (“Northern Trust”) provides administrative and accounting services to the Funds, and prior to this date, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) provided administrative and accounting services to the Funds. For its services as Administrator, both Northern Trust and BNY Mellow are entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. Prior to April 1, 2017, the fees excluding out of pocket expenses, ranged between 0.004% and 0.02% of average daily net assets. Effective April 1, 2017, the fees excluding out of pocket expenses, range between 0.004% and 0.0225% 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, 2017, BNY Mellon and Northern Trust received $2,141,317 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.

271

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, 2017, 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
Fund	2015			2025			2035			2045			2055
Low-Duration Bond		10.06	%		2.90	%		—			—			—
Money Market		8.25			10.40			3.49	%		2.72	%		0.62	%
Medium-Duration Bond		11.99			20.68			9.72			4.06			0.54
Global Bond		11.66			13.85			5.91			2.47			0.32
Defensive Market Strategies		16.79			29.65			3.41			—			—
Equity Index		7.91			20.09			18.86			16.73			3.69
Value Equity		3.29			8.30			7.81			6.92			1.53
Growth Equity		3.20			8.05			7.57			6.70			1.48
Small Cap Equity		3.88			9.67			9.03			8.01			1.77
International Equity Index		14.25			32.57			23.84			20.36			4.51
International Equity		4.08			9.05			6.62			5.62			1.24
Emerging Markets Equity		5.59			12.74			9.27			7.96			1.76
Inflation Protected Bond		19.53			13.00			—			—			—
Global Real Estate Securities		3.30			8.03			6.67			4.98			1.05
Global Natural Resources Equity		2.22			5.46			4.47			3.44			0.75
Strategic Alternatives		8.19			7.82			—			—			—

	Conservative Allocation			Balanced Allocation			Growth Allocation			Aggressive Allocation
Fund	Fund			Fund			Fund			Fund
Low-Duration Bond		33.45	%		28.84	%		13.28	%		—
Money Market		8.25			22.50			6.85			5.17	%
Medium-Duration Bond		6.41			27.64			12.67			—
Extended-Duration Bond		—			52.87			23.88			—
Global Bond		3.89			33.49			15.39			—
Defensive Market Strategies		7.35			20.95			—			—
Value Equity		2.50			15.33			21.66			25.54
Growth Equity		2.42			14.86			21.00			24.87
Small Cap Equity		1.88			11.60			16.70			20.02
International Equity		2.56			15.56			21.91			26.00
Emerging Markets Equity		2.36			14.27			19.95			23.63
Inflation Protected Bond		15.36			45.72			—			—
Global Real Estate Securities		3.63			32.45			28.36			—
Global Natural Resources Equity		4.74			22.69			17.62			—
Strategic Alternatives		9.91			18.71			—			—

272

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, 2017 is as follows:

	Total Value at 12/31/16		Total Value at 6/30/17		Purchases		Sales Proceeds		Merger Activity		Dividend Income		Distributions of Realized Gains
MyDestination 2015
Money Market	$	8,126,942	$	30,518,843	$	60,398,026	$	37,510,327	$	—	$	57,207	$	—
Low-Duration Bond		57,960,641		65,512,882		7,232,443		—		—		412,443		—
Medium-Duration Bond		97,374,922		108,537,702		9,442,059		255,000		—		946,060		—
Global Bond		38,580,890		43,675,943		3,530,844		—		—		604,661		—
Defensive Market Strategies		91,129,231		97,557,225		3,288,247		1,351,000		—		140,668		947,579
Equity Index		29,150,637		32,295,353		1,801,832		991,000		—		250,938		70,894
Value Equity		32,319,605		33,041,608		894,980		1,160,000		—		240,778		344,202
Growth Equity		28,733,033		32,812,637		576,247		1,199,000		—		23,826		252,421
Small Cap Equity		10,962,847		11,198,775		375,000		400,000		—		—		—
International Equity Index		20,058,201		22,115,102		—		1,015,000		—		—		—
International Equity		40,835,063		46,603,351		325,500		995,000		—		—		—
Emerging Markets Equity		16,421,555		19,122,565		1,585,000		1,835,000		—		—		—
Inflation Protected Bond		33,004,691		37,284,758		4,438,262		—		—		338,262		—
Flexible Income		18,255,658		—		129,136		18,382,525		—		129,136		—
Global Real Estate Securities		4,141,753		4,506,288		246,787		65,000		—		25,448		—
Global Natural Resources Equity		7,967,361		3,174,331		980,000		4,941,840		—		—		—
Strategic Alternatives		—		1,917,102		1,917,102		—		—		—		—
	$	535,023,030	$	589,874,465	$	97,161,465	$	70,100,692	$	—	$	3,169,427	$	1,615,096
MyDestination 2025
Money Market	$	16,076,040	$	38,472,776	$	70,992,502	$	47,902,068	$	—	$	77,050	$	—
Low-Duration Bond		11,916,802		18,895,354		6,898,998		—		—		108,998		—
Medium-Duration Bond		162,036,420		187,286,101		22,631,633		765,000		—		1,624,577		—
Global Bond		43,023,128		51,881,118		7,047,015		—		—		709,016		—
Defensive Market Strategies		150,205,509		172,290,272		14,428,512		—		—		247,343		1,666,169
Equity Index		69,699,890		82,001,416		7,742,819		1,155,000		—		629,871		177,948
Value Equity		75,449,730		83,481,718		5,707,348		—		—		606,020		866,328
Growth Equity		68,673,278		82,574,042		2,830,802		470,000		—		60,012		635,790
Small Cap Equity		26,094,170		27,929,260		2,200,000		1,000,000		—		—		—
International Equity Index		43,057,488		50,561,394		2,705,514		1,380,000		—		—		—
International Equity		88,182,506		103,423,327		800,000		375,000		—		—		—
Emerging Markets Equity		34,759,743		43,588,491		4,435,000		2,130,000		—		—		—
Inflation Protected Bond		18,559,904		24,822,233		6,392,246		—		—		227,247		—
Flexible Income		16,479,467		—		896,226		17,372,820		—		121,226		—
Global Real Estate Securities		9,839,557		10,966,340		1,052,855		380,000		—		62,854		—
Global Natural Resources Equity		20,390,572		7,817,870		1,975,000		12,518,514		—		—		—
Strategic Alternatives		—		1,829,409		1,829,409		—		—		—		—
	$	854,444,204	$	987,821,121	$	160,565,879	$	85,448,402	$	—	$	4,474,214	$	3,346,235

273

	Total Value at 12/31/16		Total Value at 6/30/17		Purchases		Sales Proceeds		Merger Activity		Dividend Income		Distributions of Realized Gains
MyDestination 2035
Money Market	$	11,320,501	$	12,932,989	$	31,007,847	$	29,298,510	$	—	$	34,697	$	—
Low-Duration Bond		218,997		4,829		132		215,000		—		130		—
Medium-Duration Bond		73,390,758		88,007,186		13,678,768		620,000		—		751,688		—
Global Bond		18,279,121		22,140,214		3,134,359		40,000		—		300,358		—
Defensive Market Strategies		13,244,061		19,837,640		5,867,883		—		—		28,164		189,719
Equity Index		63,959,378		76,975,283		8,630,350		914,000		—		589,472		166,535
Value Equity		67,460,714		78,492,595		8,923,572		—		—		565,775		808,798
Growth Equity		63,517,607		77,621,557		4,076,205		666,000		—		56,165		595,040
Small Cap Equity		22,536,771		26,065,125		2,940,000		—		—		—		—
International Equity Index		31,141,049		37,007,677		1,485,000		665,000		—		—		—
International Equity		63,858,153		75,663,362		1,875,000		300,000		—		—		—
Emerging Markets Equity		26,399,295		31,721,851		3,339,999		2,860,000		—		—		—
Global Real Estate Securities		7,675,943		9,102,843		1,137,174		70,000		—		52,173		—
Global Natural Resources Equity		15,774,003		6,395,929		2,970,000		10,629,342		—		—		—
	$	478,776,351	$	561,969,080	$	89,066,289	$	46,277,852	$	—	$	2,378,622	$	1,760,092
MyDestination 2045
Money Market	$	7,921,165	$	10,059,332	$	24,543,112	$	22,307,571	$	—	$	25,881	$	—
Medium-Duration Bond		30,041,505		36,747,836		6,297,720		234,076		—		312,719		—
Global Bond		7,493,694		9,243,100		1,436,528		3,351		—		124,528		—
Equity Index		55,825,267		68,271,351		8,295,145		505,000		—		520,968		147,570
Value Equity		57,926,268		69,539,423		9,768,537		—		—		501,439		716,826
Growth Equity		55,407,757		68,755,927		4,295,161		340,000		—		49,769		527,271
Small Cap Equity		19,748,385		23,130,054		3,057,000		186,144		—		—		—
International Equity Index		26,483,670		31,613,151		2,358,000		1,039,431		—		—		—
International Equity		53,795,935		64,288,411		1,985,000		630,642		—		—		—
Emerging Markets Equity		21,461,359		27,239,802		3,431,000		1,709,532		—		—		—
Global Real Estate Securities		5,809,609		6,796,058		846,866		130,000		—		38,952		—
Global Natural Resources Equity		11,917,783		4,921,085		2,815,000		8,545,005		—		—		—
	$	353,832,397	$	420,605,530	$	69,129,069	$	35,630,752	$	—	$	1,574,256	$	1,391,667
MyDestination 2055
Money Market	$	1,376,052	$	2,289,313	$	12,194,209	$	11,281,229	$	—	$	5,256	$	—
Medium-Duration Bond		3,451,964		4,846,234		1,344,736		30,000		—		39,537		—
Global Bond		861,786		1,215,262		315,768		984		—		15,611		—
Equity Index		10,381,140		15,072,507		3,767,025		—		—		114,039		32,458
Value Equity		10,539,322		15,352,155		4,458,294		—		—		110,965		158,629
Growth Equity		10,509,181		15,173,903		2,794,796		27,502		—		10,792		114,334
Small Cap Equity		3,503,719		5,107,499		1,497,558		—		—		—		—
International Equity Index		4,977,272		7,004,223		1,280,942		35,000		—		—		—
International Equity		10,106,465		14,189,163		2,337,741		102,618		—		—		—
Emerging Markets Equity		4,022,560		6,030,037		1,384,234		194,132		—		—		—
Global Real Estate Securities		1,045,571		1,428,924		331,824		—		—		8,101		—
Global Natural Resources Equity		2,050,406		1,068,214		995,273		1,718,593		—		—		—
	$	62,825,438	$	88,777,434	$	32,702,400	$	13,390,058	$	—	$	304,301	$	305,421

274

	Total Value at 12/31/16		Total Value at 6/30/17		Purchases		Sales Proceeds		Merger Activity		Dividend Income		Distributions of Realized Gains
Conservative Allocation
Money Market	$	6,912,700	$	30,539,153	$	46,278,129	$	22,651,676	$	—	$	48,701	$	—
Low-Duration Bond		154,777,355		217,914,082		20,640,185		1,610,000		43,351,905		1,363,527		—
Medium-Duration Bond		40,217,067		58,071,463		5,977,311		655,000		11,925,051		497,311		—
Global Bond		10,213,898		14,586,000		1,096,285		90,000		2,909,302		196,285		—
Defensive Market Strategies		34,205,915		42,724,189		537,862		3,305,000		9,118,630		61,566		414,729
Value Equity		19,822,828		25,113,240		1,473,034		1,725,000		5,071,540		177,293		253,447
Growth Equity		17,886,432		24,827,810		1,581,397		3,060,000		5,317,988		17,182		182,034
Small Cap Equity		3,981,588		5,438,761		240,000		20,000		1,040,747		—		—
International Equity		21,226,229		29,285,191		—		2,005,000		6,094,185		—		—
Emerging Markets Equity		5,589,185		8,058,430		718,620		1,005,000		1,542,786		—		—
Inflation Protected Bond		36,735,265		29,329,252		1,014,456		18,700,000		10,507,691		414,456		—
Flexible Income		18,713,314		—		163,756		24,094,131		5,375,436		163,756		—
Global Real Estate Securities		3,787,925		4,960,231		298,430		380,000		1,149,457		28,430		—
Global Natural Resources Equity		7,485,134		6,786,070		1,130,000		2,953,620		1,535,866		—		—
Strategic Alternatives		—		2,318,863		2,318,863		—		—		—		—
	$	381,554,835	$	499,952,735	$	83,468,328	$	82,254,427	$	104,940,584	$	2,968,507	$	850,210
Balanced Allocation
Money Market	$	32,201,158	$	83,249,662	$	86,129,489	$	34,091,491	$	—	$	163,618	$	—
Low-Duration Bond		178,127,096		187,898,622		8,817,285		—		—		1,222,366		—
Medium-Duration Bond		236,896,752		250,245,686		9,700,142		1,050,000		—		2,245,140		—
Extended-Duration Bond		60,756,483		64,389,717		1,278,296		400,000		—		823,022		—
Global Bond		118,170,670		125,415,656		2,656,820		100,000		—		1,806,820		—
Defensive Market Strategies		118,374,719		121,717,393		1,532,321		3,835,000		—		175,398		1,181,525
Value Equity		146,531,918		154,183,220		9,328,305		5,030,000		—		1,087,116		1,554,074
Growth Equity		137,470,276		152,420,194		6,620,417		13,810,000		—		107,783		1,141,906
Small Cap Equity		31,217,810		33,505,063		1,520,000		—		—		—		—
International Equity		164,898,764		177,877,977		—		13,730,000		—		—		—
Emerging Markets Equity		43,770,671		48,832,735		2,550,000		5,270,000		—		—		—
Inflation Protected Bond		85,507,638		87,309,916		2,148,308		—		—		848,308		—
Flexible Income		44,522,099		—		314,938		44,831,504		—		314,938		—
Global Real Estate Securities		38,547,450		44,308,385		4,293,102		200,000		—		253,102		—
Global Natural Resources Equity		45,514,173		32,481,314		3,415,000		12,162,944		—		—		—
Strategic Alternatives		—		4,377,111		4,377,111		—		—		—		—
	$	1,482,507,677	$	1,568,212,651	$	144,681,534	$	134,510,939	$	—	$	9,047,611	$	3,877,505

275

	Total Value at 12/31/16		Total Value at 6/30/17		Purchases		Sales Proceeds		Merger Activity		Dividend Income		Distributions of Realized Gains
Growth Allocation
Money Market	$	25,622,952	$	25,333,774	$	19,670,976	$	18,088,669	$	—	$	71,539	$	—
Low-Duration Bond		79,455,818		86,551,842		6,874,017		210,000		—		554,017		—
Medium-Duration Bond		106,484,768		114,765,737		8,383,291		2,230,000		—		1,013,353		—
Extended-Duration Bond		27,233,756		29,086,973		729,794		120,000		—		371,688		93,105
Global Bond		53,023,147		57,647,192		2,905,056		400,000		—		815,056		—
Value Equity		199,333,986		217,748,704		13,811,525		1,400,000		—		1,554,421		2,222,104
Growth Equity		190,265,659		215,421,958		5,197,591		11,280,000		—		155,013		1,642,278
Small Cap Equity		44,738,385		48,210,888		3,640,000		1,270,000		—		—		—
International Equity		230,133,347		250,439,207		1,656,457		19,275,000		—		—		—
Emerging Markets Equity		59,283,475		68,260,578		1,000,000		2,895,000		—		—		—
Global Real Estate Securities		36,480,658		38,726,067		772,529		100,000		—		222,529		—
Global Natural Resources Equity		34,787,260		25,218,814		2,110,000		8,356,457		—		—		—
	$	1,086,843,211	$	1,177,411,734	$	66,751,236	$	65,625,126	$	—	$	4,757,616	$	3,957,487
Aggressive Allocation
Money Market	$	18,821,903	$	19,131,856	$	33,536,530	$	33,232,355	$	—	$	51,010	$	—
Value Equity		235,213,850		256,809,239		14,524,422		100,000		—		1,868,431		2,670,993
Growth Equity		226,000,562		255,085,542		2,158,613		10,165,000		—		186,176		1,972,436
Small Cap Equity		51,437,989		57,801,630		5,345,000		300,000		—		—		—
International Equity		271,334,741		297,241,007		500,000		19,275,001		—		—		—
Emerging Markets Equity		70,721,128		80,842,922		1,140,000		3,964,999		—		—		—
	$	873,530,173	$	966,912,196	$	57,204,565	$	67,037,355	$	—	$	2,105,617	$	4,643,429
Low-Duration Bond
Money Market	$	15,457,326	$	38,996,714	$	280,659,702	$	257,120,314	$	—	$	52,243	$	—
Medium-Duration Bond
Money Market	$	52,755,666	$	77,181,404	$	287,392,495	$	262,966,757	$	—	$	97,203	$	—
Extended-Duration Bond
Money Market	$	6,093,198	$	9,134,512	$	34,309,813	$	31,268,499	$	—	$	10,333	$	—
Global Bond
Money Market	$	31,918,034	$	44,890,934	$	168,689,676	$	155,716,776	$	—	$	60,672	$	—
Defensive Market Strategies
Money Market	$	29,868,692	$	30,077,273	$	113,824,687	$	113,616,106	$	—	$	56,511	$	—
Equity Index
Money Market	$	23,274,030	$	27,283,583	$	98,121,304	$	94,111,751	$	—	$	45,452	$	—
Value Equity
Money Market	$	30,846,106	$	46,740,934	$	140,862,337	$	124,967,509	$	—	$	69,924	$	—
Growth Equity
Money Market	$	54,388,015	$	62,285,366	$	128,394,321	$	120,496,970	$	—	$	36,694	$	—
Small Cap Equity
Money Market	$	23,247,942	$	26,109,041	$	75,918,815	$	73,057,716	$	—	$	12,485	$	—
International Equity Index
Money Market	$	6,944,453	$	6,738,855	$	16,545,537	$	16,751,135	$	—	$	16,651	$	—
International Equity
Money Market	$	59,346,657	$	65,183,625	$	282,666,885	$	276,829,917	$	—	$	94,603	$	—

276

	Total Value at 12/31/16		Total Value at 6/30/17		Purchases		Sales Proceeds		Merger Activity		Dividend Income		Distributions of Realized Gains
Emerging Markets Equity
Money Market	$	13,793,115	$	15,467,168	$	58,385,815	$	56,711,762	$	—	$	22,755	$	—
Inflation Protected Bond
Money Market	$	3,843,344	$	5,128,280	$	51,983,122	$	50,698,186	$	—	$	11,576	$	—
Global Real Estate Securities
Money Market	$	5,227,865	$	4,117,226	$	29,489,742	$	30,600,381	$	—	$	5,139	$	—
Global Natural Resources Equity
Money Market	$	7,533,955	$	30,319,362	$	70,352,610	$	47,567,203	$	—	$	19,340	$	—

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, an affiliate of the Funds, which invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. This investment is presented on the Funds’ Schedules of Investments. The Funds do not have control of non-cash securities lending collateral: as such, this amount is not presented on the Funds’ Schedules of Investments. At June 30, 2017, 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	$	53,757,146	$	47,924,731	$	6,997,952	$	108,679,829
Medium-Duration Bond		46,361,637		39,844,856		7,525,783		47,370,639
Extended-Duration Bond		40,922,541		40,955,452		937,751		41,893,203
Global Bond		62,007,564		41,917,427		21,429,055		63,346,482
Defensive Market Strategies		59,508,182		15,871,175		45,103,430		60,974,605
Equity Index		38,565,105		36,071,282		3,205,054		39,276,336
Value Equity		61,413,785		47,003,119		16,019,825		63,022,944
Growth Equity		201,603,349		194,130,823		12,043,880		206,174,703
Small Cap Equity		109,105,427		69,054,079		43,102,599		112,156,678
International Equity Index		4,581,635		24,047,840		494,400		24,542,240
International Equity		104,444,004		94,933,960		14,527,121		109,461,081
Emerging Markets Equity		28,015,794		19,969,960		8,741,364		28,711,324
Global Real Estate Securities		27,824,366		28,181,166		453,602		28,634,768
Global Natural Resources Equity		22,945,631		19,626,538		3,652,231		23,278,769

277

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, 2017, 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	$	53,757,146	$	(47,924,731	)	$	(5,832,414	)	$	—
Medium-Duration Bond		46,361,637		(39,844,856	)		(6,516,781	)		—
Extended-Duration Bond		40,922,541		(40,922,541	)		—			—
Global Bond		62,007,564		(41,917,427	)		(20,090,137	)		—
Defensive Market Strategies		59,508,182		(15,871,175	)		(43,637,007	)		—
Equity Index		38,565,105		(36,071,282	)		(2,493,823	)		—
Value Equity		61,413,785		(47,003,119	)		(14,410,666	)		—
Growth Equity		201,603,349		(194,130,823	)		(7,472,526	)		—
Small Cap Equity		109,105,427		(69,054,079	)		(40,051,348	)		—
International Equity Index		4,581,635		(4,581,635	)		—			—
International Equity		104,444,004		(94,933,960	)		(9,510,044	)		—
Emerging Markets Equity		28,015,794		(19,969,960	)		(8,045,834	)		—
Global Real Estate Securities		27,824,366		(27,824,366	)		—			—
Global Natural Resources Equity		22,945,631		(19,626,538	)		(3,319,093	)		—

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

Additional information about master netting arrangements can be found in the Repurchase Agreements and Derivative Financial Instruments sections of the Notes to Financial Statements.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2017.

Fund	Overnight and Continuous		30 — 90 Days		Greater than  90 Days		Total
Low-Duration Bond
Agency Obligations, Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations	$	6,997,952	$	—	$	—	$	6,997,952
Medium-Duration Bond
Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations		7,525,783		—		—		7,525,783
Extended-Duration Bond
Corporate Bonds, Foreign Bonds, Preferred Stocks, U.S. Treasury Obligations		937,751		—		—		937,751
Global Bond
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks, Preferred Stocks, U.S. Treasury Obligations		21,429,055		—		—		21,429,055

278

Fund	Overnight and Continuous		30 — 90 Days		Greater than  90 Days		Total
Defensive Market Strategies
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks	$	45,103,430	$	—	$	—	$	45,103,430
Equity Index
Common Stocks, Foreign Common Stocks		3,205,054		—		—		3,205,054
Value Equity
Common Stocks, Foreign Common Stocks		16,019,825		—		—		16,019,825
Growth Equity
Common Stocks, Foreign Common Stocks		12,043,880		—		—		12,043,880
Small Cap Equity
Common Stocks, Foreign Common Stocks		43,102,599		—		—		43,102,599
International Equity Index
Foreign Common Stocks		494,400		—		—		494,400
International Equity
Foreign Common Stocks		14,527,121		—		—		14,527,121
Emerging Markets Equity
Foreign Common Stocks, Foreign Preferred Stocks		8,741,364		—		—		8,741,364
Global Real Estate Securities
Common Stocks, Foreign Common Stocks		453,602		—		—		453,602
Global Natural Resources Equity
Common Stocks, Foreign Common Stocks		3,652,231		—		—		3,652,231

279

5. INVESTMENT TRANSACTIONS

For the period ended June 30, 2017 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 2015	$	36,440,383	$	32,840,366	$	—	$	—
MyDestination 2025		89,308,116		37,796,334		—		—
MyDestination 2035		57,651,665		16,979,342		—		—
MyDestination 2045		44,418,385		13,323,180		—		—
MyDestination 2055		20,487,670		2,108,829		—		—
Conservative Allocation		142,392,070		59,823,997		—		—
Balanced Allocation		55,599,134		101,058,658		—		—
Growth Allocation		45,972,658		47,586,457		—		—
Aggressive Allocation		23,668,035		33,805,000		—		—
Low-Duration Bond		649,296,374		605,769,949		1,036,737,059		1,016,036,359
Medium-Duration Bond		2,180,887,065		2,050,348,151		410,203,768		387,463,984
Extended-Duration Bond		20,236,331		35,635,763		40,085,263		32,545,866
Global Bond		51,924,346		69,044,694		19,759,855		30,000
Defensive Market Strategies		220,698,427		205,382,353		—		—
Equity Index		49,047,239		8,048,457		—		—
Value Equity		309,642,256		297,090,131		—		—
Growth Equity		333,942,093		351,967,143		—		—
Small Cap Equity		215,533,867		213,797,258		—		—
International Equity Index		10,900,507		4,983,155		—		—
International Equity		315,881,182		351,609,303		—		—
Emerging Markets Equity		107,346,066		88,490,089		—		—
Inflation Protected Bond		5,510,166		4,057,664		57,964,462		64,516,923
Global Real Estate Securities		157,003,709		153,233,544		—		—
Global Natural Resources Equity		25,829,098		86,816,735		—		—
Strategic Alternatives		—		—		—		—

280

Financial Futures Contracts

Investments as of June 30, 2017, 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 2015 Fund
10-Year U.S. Treasury Note		09/2017		99	$	12,427,594		GSC	$	(34,321	)
MSCI EAFE Index E-Mini		09/2017		51		4,818,480		GSC		(6,048	)
MSCI Emerging Markets E-Mini		09/2017		27		1,361,205		GSC		(4,929	)
S&P 500® E-Mini		09/2017		74		8,957,700		GSC		(42,326	)
					$	27,564,979			$	(87,624	)
MyDestination 2025 Fund
MSCI EAFE Index E-Mini		09/2017		47	$	2,369,505		GSC	$	(8,627	)
MSCI Emerging Markets E-Mini		09/2017		82		7,747,360		GSC		(14,308	)
S&P 500® E-Mini		09/2017		121		14,647,050		GSC		(69,465	)
10-Year U.S. Treasury Note		09/2017		98		12,302,063		GSC		(31,797	)
					$	37,065,978			$	(124,197	)
MyDestination 2035 Fund
10-Year U.S. Treasury Note		09/2017		16	$	2,008,500		GSC	$	(6,331	)
MSCI EAFE Index E-Mini		09/2017		33		3,117,840		GSC		(7,495	)
MSCI Emerging Markets E-Mini		09/2017		18		907,470		GSC		(2,791	)
S&P 500® E-Mini		09/2017		48		5,810,400		GSC		(37,501	)
					$	11,844,210			$	(54,118	)
MyDestination 2045 Fund
10-Year U.S. Treasury Note		09/2017		4	$	502,125		GSC	$	(2,266	)
MSCI EAFE Index E-Mini		09/2017		30		2,834,400		GSC		(7,266	)
MSCI Emerging Markets E-Mini		09/2017		15		756,225		GSC		(2,411	)
S&P 500® E-Mini		09/2017		43		5,205,150		GSC		(32,488	)
					$	9,297,900			$	(44,431	)
MyDestination 2055 Fund
S&P 500® E-Mini		09/2017		17	$	2,057,850		GSC	$	(13,209	)
Conservative Allocation Fund
S&P 500® E-Mini		09/2017		45	$	5,447,250		GSC	$	(24,422	)
MSCI EAFE Index E-Mini		09/2017		41		3,873,680		GSC		(3,261	)
2-Year U.S. Treasury Note		09/2017		137		29,606,984		GSC		(37,638	)
					$	38,927,914			$	(65,321	)
Balanced Allocation Fund
MSCI EAFE Index E-Mini		09/2017		57	$	2,873,655		GSC	$	(11,705	)
MSCI Emerging Markets E-Mini		09/2017		143		13,510,640		GSC		(11,308	)
S&P 500® E-Mini		09/2017		209		25,299,450		GSC		(111,102	)
10-Year U.S. Treasury Note		09/2017		106		13,306,313		GSC		(27,600	)
Long U.S. Treasury Bond		09/2017		48		7,377,000		GSC		57,957

281

Fund/Future Type	Expiration Date		Open  Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
5-Year U.S. Treasury Note		09/2017		124		$	14,611,656			GSC	$	(30,792	)
						$	76,978,714				$	(134,550	)
Growth Allocation Fund
10-Year U.S. Treasury Note		09/2017		15		$	1,882,969			GSC	$	(6,144	)
5-Year U.S. Treasury Note		09/2017		19			2,238,883			GSC		(4,891	)
Long U.S. Treasury Bond		09/2017		7			1,075,812			GSC		3,520
MSCI EAFE Index E-Mini		09/2017		65			6,141,200			GSC		(9,835	)
MSCI Emerging Markets E-Mini		09/2017		33			1,663,695			GSC		(4,209	)
S&P 500® E-Mini		09/2017		96			11,620,800			GSC		(60,641	)
						$	24,623,359				$	(82,200	)
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		09/2017		68		$	6,424,640			GSC	$	(17,900	)
MSCI Emerging Markets E-Mini		09/2017		32			1,613,280			GSC		(5,269	)
S&P 500® E-Mini		09/2017		94			11,378,700			GSC		(72,346	)
						$	19,416,620				$	(95,515	)
Low-Duration Bond Fund
10-Year U.S. Treasury Note		09/2017		(91	)	$	(11,423,344	)		UBS	$	14,213
10-Year U.S. Treasury Note		09/2017		40			5,021,250			CITI		(1,250	)
10-Year U.S. Ultra Note		09/2017		(46	)		(6,201,375	)		UBS		19,895
2-Year U.S. Treasury Note		09/2017		108			23,339,813			GSC		(28,641	)
2-Year U.S. Treasury Note		09/2017		528			114,105,750			UBS		(128,621	)
2-Year U.S. Treasury Note		09/2017		810			175,048,594			CITI		(121,619	)
30-Year Euro-Buxl		09/2017		(22	)		(4,108,816	)		CITI		81,850
5-Year U.S. Treasury Note		09/2017		(467	)		(55,029,383	)		UBS		143,769
5-Year U.S. Treasury Note		09/2017		(195	)		(22,978,008	)		CITI		46,409
Euro-BOBL		09/2017		118			17,749,696			CITI		(180,228	)
Long GILT		09/2017		(77	)		(12,593,246	)		CITI		220,491
Long U.S. Treasury Bond		09/2017		(1	)		(153,687	)		UBS		(1,316	)
Ultra Long U.S. Treasury Bond		09/2017		1			165,875			UBS		3,056
						$	222,943,119				$	68,008
Medium-Duration Bond Fund
Euro		09/2017		(35	)	$	(1,135	)		GSC	$	(1,340	)
Euro-BTP		09/2017		79			12,193,662			GSC		113,005
Euro-Bund		09/2017		(178	)		(32,908,608	)		GSC		532,164
Euro-Bund		09/2017		(46	)		(8,504,472	)		MSCS		126,645
Euro-OATS		09/2017		(45	)		(7,631,389	)		MSCS		45,457
10-Year Japanese Bond		09/2017		(9	)		(12,011,469	)		GSC		43,643
90-day Eurodollar		09/2017		(123	)		(30,333,337	)		GSC		1,050
10-Year U.S. Treasury Note		09/2017		(629	)		(78,959,156	)		GSC		319,359
10-Year U.S. Treasury Note		09/2017		96			12,051,000			GSC		(70,635	)
10-Year U.S. Treasury Note		09/2017		181			22,721,156			MSCS		(145,391	)
10-Year U.S. Ultra Note		09/2017		(59	)		(7,953,939	)		GSC		2,056

282

Fund/Future Type	Expiration Date		Open  Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
10-Year U.S. Ultra Note		09/2017		(2	)	$	(269,625	)		GSC	$	448
Long U.S. Treasury Bond		09/2017		(172	)		(26,434,250	)		GSC		160,049
Long U.S. Treasury Bond		09/2017		43			6,608,563			GSC		(25,775	)
Long U.S. Treasury Bond		09/2017		60			9,221,250			MSCS		79,653
2-Year U.S. Treasury Note		09/2017		94			20,314,281			GSC		(23,983	)
2-Year U.S. Treasury Note		09/2017		97			20,962,609			GSC		(23,250	)
3-Year Australian Bond		09/2017		89			7,637,662			GSC		(46,561	)
5-Year U.S. Treasury Note		09/2017		(169	)		(19,914,273	)		GSC		72,894
5-Year U.S. Treasury Note		09/2017		1,303			153,540,227			GSC		(427,156	)
5-Year U.S. Treasury Note		09/2017		1,381			162,731,430			MSCS		(357,758	)
Euro		09/2017		(8	)		(1,146,700	)		GSC		(13,937	)
Ultra Long U.S. Treasury Bond		09/2017		(2	)		(331,750	)		GSC		4,062
Ultra Long U.S. Treasury Bond		09/2017		41			6,800,875			GSC		100,717
Ultra Long U.S. Treasury Bond		09/2017		179			29,691,625			MSCS		593,878
90-day Eurodollar		12/2017		(209	)		(51,479,312	)		GSC		28,950
10-Year U.S. Treasury Note		12/2017		2			250,375			GSC		(1,750	)
90-day Eurodollar		06/2018		(72	)		(17,705,700	)		MSCS		(15,300	)
90-day Eurodollar		06/2018		(32	)		(7,869,200	)		GSC		6,400
90-day Eurodollar		09/2018		(32	)		(7,863,200	)		GSC		7,200
90-day Eurodollar		12/2018		(98	)		(24,059,000	)		GSC		(23,369	)
90-day Eurodollar		12/2018		157			38,543,500			GSC		121,575
90-day Eurodollar		06/2019		(538	)		(131,924,325	)		MSCS		(201,750	)
90-day Eurodollar		12/2019		(205	)		(50,201,938	)		MSCS		(87,125	)
90-day Eurodollar		12/2019		(157	)		(38,447,338	)		GSC		(147,525	)
						$	(52,581,901	)			$	746,600
Global Bond Fund
10-Year U.S. Treasury Note		09/2017		(117	)	$	(14,687,156	)		GSC	$	38,391
5-Year U.S. Treasury Note		09/2017		326			38,414,516			GSC		(76,476	)
Euro-Bund		09/2017		(36	)		(6,655,674	)		GSC		104,001
Euro-Buxl®		09/2017		(3	)		(560,293	)		GSC		9,119
Long U.S. Treasury Bond		09/2017		(25	)		(3,842,188	)		GSC		(12,933	)
Ultra Long U.S. Treasury Bond		09/2017		(32	)		(5,308,000	)		GSC		(70,840	)
						$	7,361,205				$	(8,738	)
Equity Index Fund
S&P 500® E-Mini		09/2017		259		$	31,351,950			GSC	$	(116,965	)
Value Equity Fund
S&P 500® E-Mini		09/2017		491		$	59,435,550			GSC	$	(183,228	)
Growth Equity Fund
S&P 500® E-Mini		09/2017		612		$	74,082,600			GSC	$	(279,778	)
Small Cap Equity Fund
Russell 2000 Mini Index		09/2017		371		$	26,235,265			GSC	$	(121,853	)

283

Fund/Future Type	Expiration Date		Open  Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
International Equity Index Fund
MSCI EAFE Index E-Mini		09/2017		92		$	8,692,160			GSC	$	(15,855	)
International Equity Fund
AEX Index		07/2017		(7	)	$	(809,899	)		BAR	$	31,491
CAC40 Index		07/2017		70			4,090,667			BAR		(151,942	)
Hang Seng Index		07/2017		94			15,401,892			BAR		(46,360	)
Hang Seng Index		07/2017		2			327,700			GSC		(294	)
Hang Seng Index		07/2017		61			9,994,845			JPM		(21,518	)
MSCI Singapore Index		07/2017		66			1,718,373			BAR		5,680
ASX SPI 200 Index		09/2017		(410	)		(44,503,670	)		BAR		369,066
DAX Index		09/2017		132			46,435,250			BAR		(1,816,854	)
FTSE 100 Index®		09/2017		71			6,697,426			BAR		(198,314	)
FTSE/MIB Index		09/2017		56			6,555,621			BAR		(162,689	)
MSCI EAFE Index E-Mini		09/2017		603			56,971,440			GSC		70,961
S&P/TSE 60 Index		09/2017		(69	)		(9,462,492	)		BAR		100,984
Swiss Market Index Future		09/2017		(328	)		(30,395,328	)		JPM		(72,829	)
Topix Index®		09/2017		247			35,389,242			BAR		201,257
						$	98,411,067				$	(1,691,361	)
Emerging Markets Equity Fund
FTSE Bursa Malaysia KLCI		07/2017		(22	)	$	(452,925	)		BAR	$	2,338.00
HSCEI Index		07/2017		109			7,116,632			BAR		(59,615	)
HSCEI Index		07/2017		105			6,855,472			GSC		(54,536	)
MSCI Singapore Index		07/2017		(3	)		(78,108	)		BAR		(273	)
MSCI Taiwan Index		07/2017		(13	)		(500,890	)		BAR		4,196
SGX CNX Nifty Index		07/2017		(219	)		(4,169,103	)		GSC		8,245
TA-35 Index		07/2017		19			786,950			GSC		(70	)
TWSE Index		07/2017		(5	)		(337,015	)		GSC		(6,167	)
BIST 30 Index		08/2017		(26	)		(92,906	)		JPM		238
BIST 30 Index		08/2017		(104	)		(371,624	)		GSC		(2,566	)
Bovespa Index		08/2017		5			96,011			GSC		2,686
FTSE/JSE Top 40 Index		09/2017		(132	)		(4,609,229	)		BAR		15,538
KOSPI 200 Index		09/2017		13			888,804			GSC		14,146
KOSPI 200 Index		09/2017		99			6,768,584			BAR		98,633
KOSPI 200 Index		09/2017		12			820,434			JPM		11,956
Mexican Bolsa IPC Index		09/2017		(14	)		(388,209	)		JPM		(6,746	)
MSCI Emerging Markets E-Mini		09/2017		704			35,492,160			GSC		(118,627	)
SET50 Index		09/2017		(65	)		(379,706	)		BAR		2,050
WIG20 Index		09/2017		8			98,747			GSC		(291	)
						$	47,544,079				$	(88,865	)
Inflation Protected Bond Fund
10-Year Australian Treasury Bond		09/2017		(6	)	$	(596,094	)		UBS	$	8,689
10-Year Japanese Bond		09/2017		(2	)		(2,669,215	)		UBS		6,967
10-Year U.S. Treasury Note		09/2017		17			2,134,031			UBS		(3,187	)
10-Year U.S. Ultra Note		09/2017		(19	)		(2,561,438	)		UBS		(3,790	)

284

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
2-Year U.S. Treasury Note		09/2017		(114	)	$	(24,636,469	)		UBS	$	6,867
5-Year U.S. Treasury Note		09/2017		168			19,796,438			UBS		(63,584	)
Euro-BTP		09/2017		1			154,350			UBS		1,626
Euro-Bund		09/2017		(24	)		(4,437,116	)		UBS		13,374
Euro-Buxl®		09/2017		11			2,054,408			UBS		(13,569	)
Euro-OATS		09/2017		(1	)		(169,586	)		UBS		1,977
Euro-Schatz		09/2017		5			638,747			UBS		(683	)
Long U.S. Treasury Bond		09/2017		(6	)		(922,125	)		UBS		(8,940	)
Short-Term Euro-BTP Futures		09/2017		(46	)		(5,920,083	)		UBS		(13,682	)
Ultra Long U.S. Treasury Bond		09/2017		(51	)		(8,459,625	)		UBS		(98,286	)
90-Day Euro		03/2019		(274	)		(67,229,325	)		UBS		(82,098	)
						$	(92,823,102	)			$	(248,319	)
Global Real Estate Securities Fund
S&P MidCap 400®		09/2017		35		$	6,111,350			GSC	$	(36,044	)
Global Natural Resources Equity Fund
Equity Fund
British Pound		09/2017		35		$	2,853,594			GSC	$	3,181
Canadian Dollar		09/2017		16			1,235,840			GSC		3,520
E-mini Energy Select Sector		09/2017		112			7,285,120			GSC		34,608
FTSE 100 Index®		09/2017		33			3,112,888			GSC		(19,093	)
S&P 500® E-Mini		09/2017		1			121,045			GSC		(721	)
S&P/TSE 60 Index		09/2017		12			1,645,651			GSC		(10,092	)
						$	16,254,138				$	11,403

Forward Foreign Currency Contracts

As of June 30, 2017, 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
07/03/17		U.S. Dollars		410,412	Danish Kroner		2,817,192		GSC	$	(22,389	)
07/05/17		U.S. Dollars		9,480,629	Japanese Yen		1,049,700,000		GSC		145,744
07/05/17		U.S. Dollars		5,266,667	Australian Dollars		7,122,000		JPM		(206,899	)
07/05/17		U.S. Dollars		4,036,997	Euro		3,589,000		UBS		(63,334	)
07/05/17		U.S. Dollars		506,233	British Pounds		394,000		JPM		(7,021	)
07/05/17		U.S. Dollars		59,299	Euro		53,000		JPM		(1,252	)
07/06/17		U.S. Dollars		693,012	Australian Dollars		930,000		MSCS		(21,722	)
07/06/17		U.S. Dollars		216,107	British Pounds		168,000		CITI		(2,751	)

285

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/10/17	U.S. Dollars		1,257,214	British Pounds		972,000		HKSB	$	(9,208	)
07/18/17	British Pounds		1,156,000	U.S. Dollars		1,489,044		BOA		17,532
07/18/17	U.S. Dollars		1,449,549	Euro		1,362,000		BOA		(107,636	)
07/18/17	U.S. Dollars		1,448,904	Japanese Yen		158,400,000		SS		39,426
07/18/17	U.S. Dollars		1,447,127	British Pounds		1,156,000		BOA		(59,448	)
07/20/17	U.S. Dollars		2,326,952	Euro		2,035,000		GSC		58
08/02/17	British Pounds		322,000	U.S. Dollars		418,546		JPM		1,315
08/02/17	U.S. Dollars		9,387,534	Japanese Yen		1,049,700,000		BNP		40,791
08/02/17	U.S. Dollars		4,148,857	Euro		3,642,000		BNP		(18,505	)
08/02/17	U.S. Dollars		505,402	British Pounds		394,000		UBS		(8,341	)
08/03/17	U.S. Dollars		683,313	Australian Dollars		889,000		CITI		360
08/03/17	U.S. Dollars		205,114	British Pounds		158,000		BAR		(911	)
08/08/17	Mexican Pesos		42,511,000	U.S. Dollars		2,289,790		CS		37,195
08/08/17	Mexican Pesos		3,754,000	U.S. Dollars		209,253		HKSB		(3,765	)
08/08/17	Mexican Pesos		2,501,000	U.S. Dollars		137,969		BAR		(1,068	)
08/08/17	Mexican Pesos		2,102,000	U.S. Dollars		114,407		BNP		653
08/08/17	U.S. Dollars		2,290,406	Mexican Pesos		44,172,544		BNP		(127,529	)
08/08/17	U.S. Dollars		397,000	Mexican Pesos		7,245,731		BNP		380
08/08/17	U.S. Dollars		228,000	Mexican Pesos		4,090,665		BNP		4,084
08/15/17	Norwegian Kroner		3,585,000	U.S. Dollars		417,461		GSC		12,358
08/30/17	U.S. Dollars		7,468,389	Euro		6,650,000		HKSB		(151,540	)
09/12/17	British Pounds		290,000	U.S. Dollars		375,689		BOA		2,899
09/12/17	Canadian Dollars		1,020,308	Euro		680,000		CITI		7,991
09/12/17	Euro		680,000	Swiss Francs		738,929		CITI		5,423
09/12/17	Norwegian Kroner		6,300,000	Swedish Kronor		6,470,434		CITI		(15,598	)
09/12/17	Swedish Kronor		6,324,298	Norwegian Kroner		6,300,000		BNP		(1,822	)
09/12/17	Swiss Francs		737,195	Euro		680,000		BOA		(7,240	)
09/12/17	Swiss Francs		510,226	U.S. Dollars		534,008		BOA		658
09/12/17	Swiss Francs		215,905	U.S. Dollars		225,992		CITI		255
09/12/17	U.S. Dollars		750,000	Swiss Francs		722,132		CITI		(6,723	)
09/12/17	U.S. Dollars		380,000	Swiss Francs		364,998		CITI		(2,482	)
09/12/17	U.S. Dollars		371,001	New Zealand Dollars		510,000		BNP		(2,209	)
09/12/17	U.S. Dollars		370,051	British Pounds		290,000		BNP		(8,537	)
01/02/18	Danish Kroner		2,307,000	U.S. Dollars		338,086		GSC		20,160
01/02/18	U.S. Dollars		15,420,445	Danish Kroner		105,060,000		JPM		(893,982	)
01/02/18	U.S. Dollars		2,584,684	Danish Kroner		17,647,000		JPM		(155,481	)
01/02/18	U.S. Dollars		340,604	Danish Kroner		2,234,000		GSC		(6,307	)
									$	(1,576,418	)
Medium-Duration Bond Fund
07/05/17	British Pounds		530,000	U.S. Dollars		674,345		GSC	$	16,074
07/05/17	U.S. Dollars		732,617	Brazilian Reals		2,338,000		JPM		27,700
07/05/17	U.S. Dollars		7,450,337	British Pounds		5,788,000		BNP		(89,556	)
07/05/17	U.S. Dollars		261,755	British Pounds		204,000		UBS		(3,991	)
07/05/17	U.S. Dollars		411,493	Canadian Dollars		555,000		GSC		(16,528	)
07/05/17	U.S. Dollars		6,257,535	Euro		5,563,119		UBS		(98,170	)

286

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/20/17	Brazilian Reals		10,750,000	U.S. Dollars		3,228,907		BAR	$	1,101
07/20/17	Brazilian Reals		430,600	U.S. Dollars		129,337		BAR		44
07/20/17	Chinese Offshore Yuan		9,711,515	U.S. Dollars		1,429,215		BAR		770
07/20/17	Indian Rupees		194,220,000	U.S. Dollars		2,981,807		JPM		16,232
07/20/17	Indian Rupees		9,281,163	U.S. Dollars		141,137		UBS		2,130
07/20/17	Indonesian Rupiahs		22,179,120,000	U.S. Dollars		1,656,580		BAR		3,638
07/20/17	Mexican Pesos		35,260,000	U.S. Dollars		1,864,721		BAR		71,347
07/20/17	U.S. Dollars		762,345	British Pounds		608,669		BAR		(30,968	)
07/20/17	U.S. Dollars		1,402,324	Chinese Offshore Yuan		9,711,515		BAR		(27,661	)
07/20/17	U.S. Dollars		7,008,060	Chinese Yuan Renminbi		48,702,511		JPM		(167,269	)
07/20/17	U.S. Dollars		445,718	Euro		390,000		BAR		(223	)
07/20/17	U.S. Dollars		99,118	Euro		93,001		BAR		(7,223	)
07/20/17	U.S. Dollars		143,649	Indian Rupees		9,281,163		CS		382
07/20/17	U.S. Dollars		6,228,325	Japanese Yen		680,008,523		BAR		176,905
07/20/17	U.S. Dollars		4,327,578	Taiwan Dollars		130,840,000		JPM		24,668
07/24/17	U.S. Dollars		18,921,650	Japanese Yen		2,060,000,000		UBS		586,267
08/02/17	Australian Dollars		1,641,000	U.S. Dollars		1,260,332		GSC		341
08/02/17	British Pounds		328,000	U.S. Dollars		426,345		JPM		1,340
08/02/17	U.S. Dollars		7,006,364	British Pounds		5,462,000		UBS		(115,636	)
08/02/17	U.S. Dollars		423,627	Canadian Dollars		555,000		JPM		(4,631	)
08/02/17	U.S. Dollars		6,337,338	Euro		5,563,119		BNP		(28,266	)
08/08/17	Mexican Pesos		35,481,000	U.S. Dollars		1,839,738		BNP		102,436
08/08/17	U.S. Dollars		1,850,614	Mexican Pesos		36,042,000		HSBC		(122,268	)
08/15/17	Japanese Yen		427,500,000	U.S. Dollars		3,918,535		GSC		(109,983	)
08/15/17	Japanese Yen		426,300,000	U.S. Dollars		3,887,073		JPM		(89,212	)
08/15/17	U.S. Dollars		770,968	New Zealand Dollars		1,056,000		DEUT		(2,200	)
08/15/17	U.S. Dollars		1,257,992	New Zealand Dollars		1,717,000		JPM		861
08/15/17	U.S. Dollars		1,976,100	Swiss Francs		1,888,000		UBS		1,219
08/24/17	U.S. Dollars		234,099	Euro		206,917		WEST		(2,926	)
08/25/17	U.S. Dollars		290,042	Mexican Pesos		5,230,899		JPM		4,441
08/28/17	U.S. Dollars		19,540,125	Japanese Yen		2,150,000,000		JPM		375,924
09/18/17	U.S. Dollars		3,871,000	South Korean Won		4,392,810,800		HSBC		30,682
09/18/17	U.S. Dollars		3,911,000	South Korean Won		4,442,896,000		HSBC		26,896
09/20/17	Australian Dollars		169,000	New Zealand Dollars		177,248		MSCS		69
09/20/17	Australian Dollars		171,000	U.S. Dollars		129,753		BOM		1,539
09/20/17	Australian Dollars		167,766	U.S. Dollars		127,603		BOM		1,207
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,083		BOM		1,180
09/20/17	Australian Dollars		86,520	U.S. Dollars		66,318		BAR		112
09/20/17	Australian Dollars		144,949	U.S. Dollars		109,983		CITI		1,307
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,761		CITI		501
09/20/17	Australian Dollars		86,000	U.S. Dollars		65,106		DEUT		924
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,360		DEUT		902
09/20/17	Australian Dollars		171,000	U.S. Dollars		129,370		MSCS		1,922
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,203		MSCS		1,060
09/20/17	Australian Dollars		171,000	U.S. Dollars		129,573		SS		1,719

287

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Australian Dollars		34,000	U.S. Dollars		25,667		UBS	$	438
09/20/17	Australian Dollars		86,000	U.S. Dollars		64,714		WEST		1,316
09/20/17	Australian Dollars		86,000	U.S. Dollars		65,040		WEST		990
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,549		WEST		713
09/20/17	Australian Dollars		85,000	U.S. Dollars		64,642		WEST		620
09/20/17	Australian Dollars		34,000	U.S. Dollars		25,607		WEST		498
09/20/17	British Pounds		40,543	Canadian Dollars		68,398		BOM		128
09/20/17	British Pounds		41,607	Euro		46,874		MSCS		557
09/20/17	British Pounds		20,318	U.S. Dollars		25,885		BOM		647
09/20/17	British Pounds		51,000	U.S. Dollars		64,542		BAR		2,055
09/20/17	British Pounds		72,000	U.S. Dollars		91,215		DEUT		2,804
09/20/17	British Pounds		50,000	U.S. Dollars		65,045		JPM		246
09/20/17	British Pounds		51,000	U.S. Dollars		64,497		MSCS		2,099
09/20/17	British Pounds		51,000	U.S. Dollars		64,543		MSCS		2,053
09/20/17	British Pounds		51,000	U.S. Dollars		64,632		MSCS		1,964
09/20/17	British Pounds		21,000	U.S. Dollars		26,521		WEST		901
09/20/17	Canadian Dollars		85,017	U.S. Dollars		65,000		BOM		646
09/20/17	Canadian Dollars		120,956	U.S. Dollars		91,000		JPM		2,395
09/20/17	Canadian Dollars		2,238,504	U.S. Dollars		1,669,296		MSCS		59,153
09/20/17	Canadian Dollars		86,308	U.S. Dollars		65,000		MSCS		1,642
09/20/17	Canadian Dollars		86,236	U.S. Dollars		65,000		MSCS		1,587
09/20/17	Canadian Dollars		120,929	U.S. Dollars		91,000		SS		2,375
09/20/17	Canadian Dollars		67,815	U.S. Dollars		52,000		SS		363
09/20/17	Canadian Dollars		84,523	U.S. Dollars		65,000		SS		264
09/20/17	Canadian Dollars		103,889	U.S. Dollars		78,000		UBS		2,217
09/20/17	Euro		23,123	Australian Dollars		34,336		CITI		164
09/20/17	Euro		27,538	Canadian Dollars		40,922		SS		(6	)
09/20/17	Euro		58,000	Norwegian Kroner		554,501		RBS		12
09/20/17	Euro		35,000	Norwegian Kroner		333,515		UBS		139
09/20/17	Euro		57,000	Swedish Kronor		549,999		BAR		(205	)
09/20/17	Euro		57,000	Swedish Kronor		550,049		BAR		(211	)
09/20/17	Euro		57,000	Swedish Kronor		550,495		BAR		(264	)
09/20/17	Euro		68,000	Swedish Kronor		656,418		BAR		(278	)
09/20/17	Euro		27,000	Swedish Kronor		262,218		BAR		(299	)
09/20/17	Euro		57,000	Swedish Kronor		551,204		BAR		(349	)
09/20/17	Euro		124,000	Swedish Kronor		1,198,774		BAR		(718	)
09/20/17	Euro		109,827	Swedish Kronor		1,065,889		BAR		(1,128	)
09/20/17	Euro		84,332	Swedish Kronor		812,725		MSCS		(183	)
09/20/17	Euro		113,000	Swedish Kronor		1,088,936		MSCS		(237	)
09/20/17	Euro		113,000	Swiss Francs		123,577		BOM		67
09/20/17	Euro		58,000	Swiss Francs		62,943		SS		543
09/20/17	Euro		113,000	Swiss Francs		123,461		UBS		188
09/20/17	Euro		34,492	U.S. Dollars		38,749		BOM		820
09/20/17	Euro		57,000	U.S. Dollars		64,905		BOM		485
09/20/17	Euro		57,000	U.S. Dollars		65,239		BOM		151

288

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Euro		57,000	U.S. Dollars		65,384		CITI	$	6
09/20/17	Euro		173,000	U.S. Dollars		194,667		DEUT		3,799
09/20/17	Euro		23,000	U.S. Dollars		25,934		DEUT		451
09/20/17	Euro		171,000	U.S. Dollars		194,183		JPM		1,988
09/20/17	Euro		57,000	U.S. Dollars		64,853		JPM		537
09/20/17	Euro		27,973	U.S. Dollars		31,992		JPM		99
09/20/17	Euro		20,981	U.S. Dollars		24,010		JPM		59
09/20/17	Euro		80,000	U.S. Dollars		90,644		MSCS		1,132
09/20/17	Euro		46,000	U.S. Dollars		51,822		MSCS		949
09/20/17	Euro		23,490	U.S. Dollars		26,358		UBS		589
09/20/17	Euro		113,071	U.S. Dollars		126,857		WEST		2,857
09/20/17	Japanese Yen		7,202,092	Euro		57,000		SS		(1,122	)
09/20/17	Japanese Yen		7,277,549	U.S. Dollars		65,000		BOM		(59	)
09/20/17	Japanese Yen		3,464,404	U.S. Dollars		31,080		BOM		(165	)
09/20/17	Japanese Yen		14,433,552	U.S. Dollars		129,000		BOM		(202	)
09/20/17	Japanese Yen		7,251,166	U.S. Dollars		65,000		BOM		(294	)
09/20/17	Japanese Yen		5,176,464	U.S. Dollars		46,710		BOM		(518	)
09/20/17	Japanese Yen		21,675,794	U.S. Dollars		194,000		BOM		(576	)
09/20/17	Japanese Yen		7,207,265	U.S. Dollars		65,000		BOM		(686	)
09/20/17	Japanese Yen		14,454,127	U.S. Dollars		129,000		BAR		(18	)
09/20/17	Japanese Yen		7,167,257	U.S. Dollars		65,000		BAR		(1,043	)
09/20/17	Japanese Yen		7,015,328	U.S. Dollars		64,000		BAR		(1,399	)
09/20/17	Japanese Yen		6,974,884	U.S. Dollars		62,249		CITI		(9	)
09/20/17	Japanese Yen		3,458,058	U.S. Dollars		31,111		CITI		(253	)
09/20/17	Japanese Yen		7,170,540	U.S. Dollars		65,000		CITI		(1,014	)
09/20/17	Japanese Yen		7,190,995	U.S. Dollars		65,000		DEUT		(831	)
09/20/17	Japanese Yen		7,275,775	U.S. Dollars		65,000		JPM		(75	)
09/20/17	Japanese Yen		7,022,387	U.S. Dollars		64,000		JPM		(1,336	)
09/20/17	Japanese Yen		7,299,110	U.S. Dollars		65,000		MSCS		134
09/20/17	Japanese Yen		7,286,500	U.S. Dollars		65,000		MSCS		21
09/20/17	Japanese Yen		7,166,640	U.S. Dollars		65,000		MSCS		(1,048	)
09/20/17	Japanese Yen		12,690,436	U.S. Dollars		112,772		SS		471
09/20/17	Japanese Yen		14,439,486	U.S. Dollars		129,000		SS		(149	)
09/20/17	Japanese Yen		2,881,552	U.S. Dollars		25,995		SS		(281	)
09/20/17	Japanese Yen		7,219,712	U.S. Dollars		65,000		SS		(575	)
09/20/17	Japanese Yen		3,002,334	U.S. Dollars		27,477		SS		(685	)
09/20/17	Japanese Yen		14,441,830	U.S. Dollars		130,000		SS		(1,128	)
09/20/17	Japanese Yen		7,143,500	U.S. Dollars		65,000		SS		(1,255	)
09/20/17	Japanese Yen		7,134,400	U.S. Dollars		65,000		SS		(1,336	)
09/20/17	Japanese Yen		7,093,840	U.S. Dollars		65,000		SS		(1,698	)
09/20/17	Japanese Yen		7,277,042	U.S. Dollars		65,000		UBS		(63	)
09/20/17	Japanese Yen		3,474,639	U.S. Dollars		31,111		UBS		(105	)
09/20/17	Japanese Yen		7,268,430	U.S. Dollars		65,000		UBS		(140	)
09/20/17	Japanese Yen		3,185,189	U.S. Dollars		28,616		UBS		(193	)
09/20/17	Japanese Yen		7,257,887	U.S. Dollars		65,000		UBS		(234	)

289

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Japanese Yen		7,211,243	U.S. Dollars		65,000		UBS	$	(650	)
09/20/17	New Zealand Dollars		89,000	Canadian Dollars		84,921		MSCS		(453	)
09/20/17	New Zealand Dollars		89,000	Canadian Dollars		84,990		MSCS		(506	)
09/20/17	New Zealand Dollars		736,361	U.S. Dollars		529,274		CITI		9,501
09/20/17	New Zealand Dollars		39,202	U.S. Dollars		28,451		CITI		232
09/20/17	New Zealand Dollars		35,378	U.S. Dollars		25,731		JPM		154
09/20/17	New Zealand Dollars		46,059	U.S. Dollars		33,599		JPM		101
09/20/17	New Zealand Dollars		89,000	U.S. Dollars		64,231		RBC		888
09/20/17	New Zealand Dollars		90,000	U.S. Dollars		64,738		RBS		1,112
09/20/17	New Zealand Dollars		89,000	U.S. Dollars		64,926		SS		192
09/20/17	New Zealand Dollars		35,000	U.S. Dollars		25,500		WEST		109
09/20/17	Norwegian Kroner		546,859	Euro		57,000		BAR		219
09/20/17	Norwegian Kroner		1,635,324	Euro		170,000		CITI		1,173
09/20/17	Norwegian Kroner		1,306,661	Euro		136,000		CITI		747
09/20/17	Norwegian Kroner		267,060	Euro		27,878		CITI		58
09/20/17	Norwegian Kroner		7,481,184	Euro		787,447		CITI		(5,810	)
09/20/17	Norwegian Kroner		7,508,170	Euro		791,863		JPM		(7,638	)
09/20/17	Norwegian Kroner		1,087,835	Swiss Francs		124,000		JPM		502
09/20/17	Norwegian Kroner		549,711	U.S. Dollars		65,000		JPM		951
09/20/17	Norwegian Kroner		548,535	U.S. Dollars		65,000		SS		810
09/20/17	Swedish Kronor		566,851	Euro		58,000		CITI		1,067
09/20/17	Swedish Kronor		565,589	Euro		58,000		CITI		917
09/20/17	Swedish Kronor		316,462	Euro		32,436		CITI		532
09/20/17	Swedish Kronor		243,938	Euro		25,000		CITI		413
09/20/17	Swedish Kronor		8,576,891	Euro		881,578		JPM		11,570
09/20/17	Swedish Kronor		567,078	Euro		58,000		JPM		1,094
09/20/17	Swedish Kronor		566,647	Euro		58,000		JPM		1,043
09/20/17	Swedish Kronor		8,585,723	Euro		881,783		MSCS		12,388
09/20/17	Swedish Kronor		566,006	Euro		58,000		RBS		967
09/20/17	Swedish Kronor		224,004	Euro		23,000		RBS		330
09/20/17	Swedish Kronor		557,369	Euro		57,000		SS		1,084
09/20/17	Swedish Kronor		752,638	Norwegian Kroner		731,658		UBS		1,983
09/20/17	Swedish Kronor		249,334	U.S. Dollars		28,650		CITI		1,087
09/20/17	Swedish Kronor		360,859	U.S. Dollars		41,606		RBC		1,431
09/20/17	Swiss Francs		575,550	Euro		530,666		UBS		(5,331	)
09/20/17	U.S. Dollars		64,452	Australian Dollars		84,000		DEUT		(42	)
09/20/17	U.S. Dollars		64,476	Australian Dollars		85,000		DEUT		(786	)
09/20/17	U.S. Dollars		64,378	Australian Dollars		84,000		MSCS		(116	)
09/20/17	U.S. Dollars		64,868	Australian Dollars		86,000		MSCS		(1,162	)
09/20/17	U.S. Dollars		64,532	Australian Dollars		85,000		RBS		(730	)
09/20/17	U.S. Dollars		64,508	Australian Dollars		85,000		RBS		(754	)
09/20/17	U.S. Dollars		25,885	Australian Dollars		34,091		SS		(290	)
09/20/17	U.S. Dollars		799,171	Australian Dollars		1,061,259		SS		(15,654	)
09/20/17	U.S. Dollars		38,749	Australian Dollars		50,997		UBS		(406	)
09/20/17	U.S. Dollars		64,427	Australian Dollars		85,000		UBS		(835	)

290

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		33,599	British Pounds		25,853		BOM	$	(160	)
09/20/17	U.S. Dollars		193,981	British Pounds		149,000		BOM		(585	)
09/20/17	U.S. Dollars		1,258,856	British Pounds		986,332		BOM		(29,111	)
09/20/17	U.S. Dollars		64,931	British Pounds		50,000		BAR		(360	)
09/20/17	U.S. Dollars		25,578	British Pounds		20,000		BAR		(538	)
09/20/17	U.S. Dollars		65,323	British Pounds		51,000		BAR		(1,274	)
09/20/17	U.S. Dollars		64,085	British Pounds		50,000		CITI		(1,206	)
09/20/17	U.S. Dollars		65,106	British Pounds		51,000		CITI		(1,491	)
09/20/17	U.S. Dollars		64,870	British Pounds		51,000		CITI		(1,726	)
09/20/17	U.S. Dollars		65,328	British Pounds		51,000		DEUT		(1,268	)
09/20/17	U.S. Dollars		38,548	British Pounds		30,000		JPM		(627	)
09/20/17	U.S. Dollars		25,529	British Pounds		20,000		MSCS		(587	)
09/20/17	U.S. Dollars		65,077	British Pounds		51,000		MSCS		(1,520	)
09/20/17	U.S. Dollars		64,781	British Pounds		51,000		MSCS		(1,816	)
09/20/17	U.S. Dollars		129,901	British Pounds		102,000		MSCS		(3,292	)
09/20/17	U.S. Dollars		155,000	British Pounds		119,054		SS		(462	)
09/20/17	U.S. Dollars		33,674	Canadian Dollars		44,215		BOM		(466	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		85,818		BOM		(1,264	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		86,064		BOM		(1,454	)
09/20/17	U.S. Dollars		155,000	Canadian Dollars		204,847		BOM		(3,172	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		86,208		BAR		(1,565	)
09/20/17	U.S. Dollars		26,000	Canadian Dollars		34,468		CITI		(614	)
09/20/17	U.S. Dollars		130,000	Canadian Dollars		171,607		CITI		(2,505	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		85,881		DEUT		(1,313	)
09/20/17	U.S. Dollars		62,075	Canadian Dollars		81,893		JPM		(1,158	)
09/20/17	U.S. Dollars		53,573	Canadian Dollars		71,137		MSCS		(1,355	)
09/20/17	U.S. Dollars		129,000	Canadian Dollars		170,876		MSCS		(2,941	)
09/20/17	U.S. Dollars		465,257	Canadian Dollars		616,144		MSCS		(10,496	)
09/20/17	U.S. Dollars		30,996	Canadian Dollars		40,198		RBC		(43	)
09/20/17	U.S. Dollars		25,882	Canadian Dollars		34,227		RBC		(546	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		85,862		RBC		(1,298	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		86,148		RBC		(1,518	)
09/20/17	U.S. Dollars		129,000	Canadian Dollars		170,472		RBC		(2,629	)
09/20/17	U.S. Dollars		122,176	Canadian Dollars		161,752		RBC		(2,720	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		85,987		SS		(1,394	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		86,103		SS		(1,484	)
09/20/17	U.S. Dollars		129,000	Canadian Dollars		170,502		SS		(2,652	)
09/20/17	U.S. Dollars		65,000	Canadian Dollars		85,730		UBS		(1,196	)
09/20/17	U.S. Dollars		126,820	Canadian Dollars		167,216		UBS		(2,295	)
09/20/17	U.S. Dollars		33,599	Euro		29,316		BOM		(32	)
09/20/17	U.S. Dollars		65,130	Euro		57,000		BOM		(261	)
09/20/17	U.S. Dollars		130,271	Euro		114,000		BOM		(510	)
09/20/17	U.S. Dollars		64,587	Euro		57,000		BAR		(803	)
09/20/17	U.S. Dollars		51,598	Euro		46,000		BAR		(1,173	)
09/20/17	U.S. Dollars		195,135	Euro		171,000		CITI		(1,036	)

291

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold			Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		64,952	Euro		58,000			CITI	$	(1,585	)
09/20/17	U.S. Dollars		67,746	Euro		59,046	��		DEUT		9
09/20/17	U.S. Dollars		65,174	Euro		57,500			DEUT		(790	)
09/20/17	U.S. Dollars		130,721	Euro		115,794			DEUT		(2,117	)
09/20/17	U.S. Dollars		24,068	Euro		20,981			JPM		(1	)
09/20/17	U.S. Dollars		32,056	Euro		27,973			JPM		(35	)
09/20/17	U.S. Dollars		65,051	Euro		57,000			JPM		(339	)
09/20/17	U.S. Dollars		65,216	Euro		58,000			MSCS		(1,322	)
09/20/17	U.S. Dollars		25,851	Euro		23,000			UBS		(535	)
09/20/17	U.S. Dollars		63,356	Euro		56,376			UBS		(1,319	)
09/20/17	U.S. Dollars		129,000	Japanese Yen		14,302,875			BOM		1,368
09/20/17	U.S. Dollars		92,340	Japanese Yen		10,285,844			BAR		554
09/20/17	U.S. Dollars		65,000	Japanese Yen		7,054,580			CITI		2,048
09/20/17	U.S. Dollars		194,000	Japanese Yen		21,692,110			CITI		430
09/20/17	U.S. Dollars		129,000	Japanese Yen		14,408,719			CITI		424
09/20/17	U.S. Dollars		65,000	Japanese Yen		7,233,135			MSCS		455
09/20/17	U.S. Dollars		39,000	Japanese Yen		4,374,965			RBS		(40	)
09/20/17	U.S. Dollars		2,359,373	Japanese Yen		258,673,383			SS		51,099
09/20/17	U.S. Dollars		65,000	Japanese Yen		7,077,421			UBS		1,845
09/20/17	U.S. Dollars		65,000	Japanese Yen		7,259,297			UBS		222
09/20/17	U.S. Dollars		65,000	Japanese Yen		7,269,873			UBS		127
09/20/17	U.S. Dollars		64,283	New Zealand Dollars		89,000			BOM		(836	)
09/20/17	U.S. Dollars		128,896	New Zealand Dollars		179,000			BOM		(2,073	)
09/20/17	U.S. Dollars		28,527	New Zealand Dollars		39,122			BAR		(97	)
09/20/17	U.S. Dollars		64,130	New Zealand Dollars		89,000			CITI		(989	)
09/20/17	U.S. Dollars		36,166	New Zealand Dollars		50,047			DEUT		(452	)
09/20/17	U.S. Dollars		64,519	New Zealand Dollars		89,000			DEUT		(599	)
09/20/17	U.S. Dollars		64,505	New Zealand Dollars		89,000			DEUT		(613	)
09/20/17	U.S. Dollars		64,470	New Zealand Dollars		89,000			DEUT		(649	)
09/20/17	U.S. Dollars		128,933	New Zealand Dollars		178,000			DEUT		(1,305	)
09/20/17	U.S. Dollars		193,823	New Zealand Dollars		269,000			DEUT		(2,997	)
09/20/17	U.S. Dollars		34,738	New Zealand Dollars		47,760			JPM		(207	)
09/20/17	U.S. Dollars		30,990	New Zealand Dollars		42,770			MSCS		(304	)
09/20/17	U.S. Dollars		64,725	New Zealand Dollars		89,000			MSCS		(394	)
09/20/17	U.S. Dollars		49,198	New Zealand Dollars		67,678			UBS		(320	)
09/20/17	U.S. Dollars		64,318	New Zealand Dollars		89,000			UBS		(801	)
09/20/17	U.S. Dollars		26,004	New Zealand Dollars		36,000			WEST		(336	)
09/20/17	U.S. Dollars		64,359	New Zealand Dollars		89,000			WEST		(759	)
09/20/17	U.S. Dollars		64,324	New Zealand Dollars		89,000			WEST		(795	)
09/20/17	U.S. Dollars		25,880	Norwegian Kroner		219,006			SS		(395	)
09/20/17	U.S. Dollars		25,984	Swedish Kronor		222,572			BAR		(561	)
09/20/17	U.S. Dollars		28,559	Swedish Kronor		241,906			RBC		(292	)
09/20/17	U.S. Dollars		259,000	Swiss Francs		247,397			CITI		(388	)
10/03/17	U.S. Dollars		697,536	Brazilian Reals		2,338,000			DEUT		5,170
10/19/17	U.S. Dollars		1,259,177	Chinese Offshore Yuan		8,611,515			BAR		(592	)

292

Fund/Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
12/04/17		Indian Rupees		9,281,163		U.S. Dollars		141,589		CS	$	(484	)
04/03/18		U.S. Dollars		6,441		Danish Kroner		42,000		BNP		(117	)
04/03/18		U.S. Dollars		417,101		Danish Kroner		2,800,000		BNP		(20,092	)
12/17/18		U.S. Dollars		8,859,257		Japanese Yen		970,000,000		BNP		(20,782	)
12/17/18		Japanese Yen		970,000,000		U.S. Dollars		8,794,437		GSC		85,602
											$	647,710
Global Bond Fund
07/20/17		Indonesian Rupiahs		26,810,100,000		U.S. Dollars		2,002,472		BAR	$	4,398
07/20/17		Japanese Yen		1,469,325,000		U.S. Dollars		13,457,822		BAR		(382,246	)
07/20/17		Indian Rupees		256,817,535		U.S. Dollars		3,942,850		JPM		21,464
07/20/17		Mexican Pesos		18,065,079		U.S. Dollars		951,294		BOA		40,629
07/20/17		Euro		9,261,959		U.S. Dollars		9,921,911		BOA		668,553
07/20/17		U.S. Dollars		7,665,497		Euro		7,000,000		BAR		(338,560	)
07/20/17		Euro		5,620,000		U.S. Dollars		6,273,471		BAR		152,643
07/20/17		U.S. Dollars		5,252,581		British Pounds		4,193,751		BAR		(213,372	)
07/20/17		U.S. Dollars		3,190,152		Brazilian Reals		10,249,000		BAR		110,677
07/20/17		Euro		3,190,000		U.S. Dollars		3,503,114		BAR		144,448
07/20/17		U.S. Dollars		1,018,104		Mexican Peso		18,300,000		BAR		13,282
07/20/17		British Pounds		400,000		U.S. Dollars		519,265		BAR		2,078
07/20/17		Euro		400,000		U.S. Dollars		456,699		BAR		676
07/20/17		U.S. Dollars		374,195		Australian Dollars		500,000		BAR		(9,992	)
07/20/17		Euro		350,000		U.S. Dollars		389,921		BAR		10,281
07/20/17		U.S. Dollars		338,586		Euro		300,000		BAR		(4,445	)
07/20/17		U.S. Dollars		227,837		Euro		200,000		BAR		(850	)
											$	219,664
Defensive Market Strategies Fund
09/29/17		Swiss Francs		5,342,182		U.S. Dollar		5,535,739		CS	$	(68,837	)
09/29/17		Euro		7,400,113		U.S. Dollar		8,312,842		UBS		(180,829	)
											$	(249,666	)
International Equity Fund
09/20/17		Australian Dollars		24,627,000		U.S. Dollars		18,446,826		CITI	$	461,538
09/20/17		Australian Dollars		8,327,000		U.S. Dollars		6,180,323		CITI		213,065
09/20/17		Australian Dollars		1,402,376		U.S. Dollars		1,042,832		CITI		33,899
09/20/17		Australian Dollars		2,086,706		U.S. Dollars		1,568,499		CITI		33,653
09/20/17		Australian Dollars		1,455,243		U.S. Dollars		1,087,409		CITI		29,912
09/20/17		Australian Dollars		1,862,386		U.S. Dollars		1,400,631		CITI		29,290
09/20/17		Australian Dollars		1,455,730		U.S. Dollars		1,089,982		CITI		27,713
09/20/17		Australian Dollars		1,134,828		U.S. Dollars		843,827		CITI		27,482
09/20/17		Australian Dollars		1,161,543		U.S. Dollars		865,655		CITI		26,166
09/20/17		Australian Dollars		2,374,000		U.S. Dollars		1,803,304		CITI		19,430
09/20/17		Australian Dollars		1,012,000		U.S. Dollars		758,687		CITI		18,316
09/20/17		Australian Dollars		1,101,000		U.S. Dollars		827,735		CITI		17,602
09/20/17		Australian Dollars		525,000		U.S. Dollars		391,857		CITI		11,233

293

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Australian Dollars		701,188	U.S. Dollars		527,909		CITI	$	10,456
09/20/17	British Pounds		3,383,000	U.S. Dollars		4,321,991		CITI		95,578
09/20/17	British Pounds		14,402,144	U.S. Dollars		18,723,217		CITI		83,304
09/20/17	British Pounds		1,813,856	U.S. Dollars		2,337,532		CITI		31,026
09/20/17	British Pounds		425,000	U.S. Dollars		542,907		CITI		12,064
09/20/17	British Pounds		55,000	U.S. Dollars		70,229		CITI		1,591
09/20/17	British Pounds		35,000	U.S. Dollars		44,291		CITI		1,413
09/20/17	British Pounds		6,000	U.S. Dollars		7,626		CITI		208
09/20/17	Canadian Dollars		24,673,000	U.S. Dollars		18,694,640		CITI		356,487
09/20/17	Canadian Dollars		5,452,000	U.S. Dollars		4,054,723		CITI		155,011
09/20/17	Canadian Dollars		1,825,000	U.S. Dollars		1,377,447		CITI		31,718
09/20/17	Danish Kroner		5,030,000	U.S. Dollars		758,907		CITI		17,346
09/20/17	Danish Kroner		1,886,000	U.S. Dollars		287,428		CITI		3,628
09/20/17	Danish Kroner		267,000	U.S. Dollars		40,365		CITI		840
09/20/17	Danish Kroner		62,000	U.S. Dollars		9,321		CITI		248
09/20/17	Danish Kroner		78,000	U.S. Dollars		11,815		CITI		222
09/20/17	Danish Kroner		1,000	U.S. Dollars		150		CITI		4
09/20/17	Danish Kroner		1,000	U.S. Dollars		151		CITI		3
09/20/17	Danish Kroner		1,000	U.S. Dollars		151		CITI		3
09/20/17	Euro		6,674,176	U.S. Dollars		7,484,563		CITI		172,039
09/20/17	Euro		5,334,000	U.S. Dollars		5,983,727		CITI		135,428
09/20/17	Euro		6,674,176	U.S. Dollars		7,528,054		CITI		128,548
09/20/17	Euro		4,449,451	U.S. Dollars		5,004,606		CITI		99,796
09/20/17	Euro		3,509,000	U.S. Dollars		3,926,898		CITI		98,620
09/20/17	Euro		5,408,472	U.S. Dollars		6,111,323		CITI		93,265
09/20/17	Euro		4,449,451	U.S. Dollars		5,017,685		CITI		86,717
09/20/17	Euro		4,449,450	U.S. Dollars		5,018,097		CITI		86,303
09/20/17	Euro		4,320,132	U.S. Dollars		4,881,213		CITI		74,834
09/20/17	Euro		2,091,242	U.S. Dollars		2,354,446		CITI		44,622
09/20/17	Euro		2,224,725	U.S. Dollars		2,516,035		CITI		36,165
09/20/17	Euro		2,224,725	U.S. Dollars		2,520,467		CITI		31,733
09/20/17	Euro		96,000	U.S. Dollars		107,629		CITI		2,502
09/20/17	Euro		27,000	U.S. Dollars		30,182		CITI		793
09/20/17	Euro		5,000	U.S. Dollars		5,725		CITI		11
09/20/17	Hong Kong Dollar		151,000	U.S. Dollars		19,434		CITI		(50	)
09/20/17	Hong Kong Dollar		928,000	U.S. Dollars		119,289		CITI		(156	)
09/20/17	Hong Kong Dollar		7,451,000	U.S. Dollars		957,430		CITI		(901	)
09/20/17	Israeli Shekel		2,536,241	U.S. Dollars		711,590		CITI		17,890
09/20/17	Israeli Shekel		2,047,208	U.S. Dollars		577,709		CITI		11,114
09/20/17	Israeli Shekel		2,100,551	U.S. Dollars		594,924		CITI		9,241
09/20/17	Israeli Shekel		174,000	U.S. Dollars		49,305		CITI		741
09/20/17	Israeli Shekel		146,000	U.S. Dollars		41,497		CITI		496
09/20/17	Israeli Shekel		51,000	U.S. Dollars		14,545		CITI		123
09/20/17	Japanese Yen		229,360,000	U.S. Dollars		2,082,968		CITI		(36,273	)
09/20/17	Japanese Yen		440,971,000	U.S. Dollars		3,989,082		CITI		(54,074	)

294

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Japanese Yen		784,431,000	U.S. Dollars		7,075,355		CITI	$	(75,480	)
09/20/17	Japanese Yen		1,432,078,610	U.S. Dollars		12,875,304		CITI		(96,140	)
09/20/17	Japanese Yen		1,439,556,007	U.S. Dollars		12,957,325		CITI		(111,437	)
09/20/17	Japanese Yen		1,081,364,877	U.S. Dollars		9,876,102		CITI		(226,535	)
09/20/17	Japanese Yen		1,316,381,600	U.S. Dollars		12,066,424		CITI		(319,684	)
09/20/17	Japanese Yen		2,311,918,906	U.S. Dollars		20,960,749		CITI		(330,324	)
09/20/17	New Zealand Dollar		4,528,000	U.S. Dollars		3,283,799		CITI		29,211
09/20/17	New Zealand Dollar		2,463,000	U.S. Dollars		1,775,628		CITI		26,480
09/20/17	New Zealand Dollar		1,492,000	U.S. Dollars		1,074,960		CITI		16,694
09/20/17	New Zealand Dollar		903,000	U.S. Dollars		647,909		CITI		12,790
09/20/17	Norwegian Krone		3,039,000	U.S. Dollars		358,066		CITI		6,535
09/20/17	Norwegian Krone		4,136,902	U.S. Dollars		491,279		CITI		5,042
09/20/17	Norwegian Krone		3,606,530	U.S. Dollars		427,716		CITI		4,974
09/20/17	Norwegian Krone		3,606,530	U.S. Dollars		427,758		CITI		4,932
09/20/17	Norwegian Krone		2,257,000	U.S. Dollars		266,690		CITI		4,092
09/20/17	Norwegian Krone		1,803,265	U.S. Dollars		213,222		CITI		3,123
09/20/17	Norwegian Krone		3,284,582	U.S. Dollars		392,356		CITI		1,709
09/20/17	Norwegian Krone		1,697,191	U.S. Dollars		203,055		CITI		564
09/20/17	Norwegian Krone		2,000	U.S. Dollars		234		CITI		6
09/20/17	Singapore Dollar		220,276	U.S. Dollars		158,652		CITI		1,555
09/20/17	Singapore Dollar		280,000	U.S. Dollars		202,353		CITI		1,291
09/20/17	Singapore Dollar		256,751	U.S. Dollars		185,481		CITI		1,254
09/20/17	Singapore Dollar		250,892	U.S. Dollars		181,504		CITI		970
09/20/17	Singapore Dollar		252,593	U.S. Dollars		182,757		CITI		954
09/20/17	Singapore Dollar		254,085	U.S. Dollars		183,876		CITI		920
09/20/17	Singapore Dollar		250,845	U.S. Dollars		181,726		CITI		714
09/20/17	Singapore Dollar		167,592	U.S. Dollars		121,188		CITI		701
09/20/17	Singapore Dollar		167,005	U.S. Dollars		120,892		CITI		571
09/20/17	Singapore Dollar		134,000	U.S. Dollars		96,906		CITI		553
09/20/17	Singapore Dollar		80,000	U.S. Dollars		57,735		CITI		449
09/20/17	Singapore Dollar		167,065	U.S. Dollars		121,077		CITI		429
09/20/17	Singapore Dollar		102,000	U.S. Dollars		73,843		CITI		342
09/20/17	Singapore Dollar		166,896	U.S. Dollars		121,091		CITI		293
09/20/17	Singapore Dollar		20,000	U.S. Dollars		14,443		CITI		103
09/20/17	Singapore Dollar		29,000	U.S. Dollars		21,037		CITI		55
09/20/17	Swedish Krona		15,190,000	U.S. Dollars		1,749,188		CITI		62,432
09/20/17	Swedish Krona		245,000	U.S. Dollars		28,008		CITI		1,212
09/20/17	Swiss Franc		2,507,000	U.S. Dollars		2,588,502		CITI		40,017
09/20/17	Swiss Franc		571,000	U.S. Dollars		592,249		CITI		6,429
09/20/17	Swiss Franc		3,000	U.S. Dollars		3,092		CITI		53
09/20/17	U.S. Dollars		20,421,519	Japanese Yen		2,267,211,000		CITI		190,045
09/20/17	U.S. Dollars		1,289,359	Japanese Yen		142,082,000		CITI		21,489
09/20/17	U.S. Dollars		1,733,008	Japanese Yen		192,763,000		CITI		12,886
09/20/17	U.S. Dollars		234,836	Japanese Yen		25,573,000		CITI		6,635
09/20/17	U.S. Dollars		855,089	Hong Kong Dollar		6,654,000		CITI		876

295

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		82,627	Japanese Yen		9,200,000		CITI	$	530
09/20/17	U.S. Dollars		28,995	Danish Krone		191,000		CITI		(481	)
09/20/17	U.S. Dollars		11,260	Euro		10,000		CITI		(212	)
09/20/17	U.S. Dollars		102,230	Hong Kong Dollar		794,000		CITI		300
09/20/17	U.S. Dollars		99,423	Hong Kong Dollar		773,000		CITI		188
09/20/17	U.S. Dollars		69,406	Hong Kong Dollar		540,000		CITI		83
09/20/17	U.S. Dollars		62,066	Hong Kong Dollar		483,000		CITI		60
09/20/17	U.S. Dollars		26,185	Hong Kong Dollar		203,536		CITI		55
09/20/17	U.S. Dollars		12,773	Hong Kong Dollar		99,239		CITI		33
09/20/17	U.S. Dollars		15,306	Hong Kong Dollar		118,991		CITI		30
09/20/17	U.S. Dollars		9,577	Hong Kong Dollar		74,386		CITI		27
09/20/17	U.S. Dollars		12,752	Hong Kong Dollar		99,131		CITI		26
09/20/17	U.S. Dollars		22,104	Hong Kong Dollar		172,000		CITI		23
09/20/17	U.S. Dollars		9,990	Hong Kong Dollar		77,717		CITI		13
09/20/17	U.S. Dollars		3,217	Hong Kong Dollar		25,000		CITI		8
09/20/17	U.S. Dollars		3,637	Israeli Shekel		13,000		CITI		(102	)
09/20/17	U.S. Dollars		11,876	Israeli Shekel		42,000		CITI		(204	)
09/20/17	U.S. Dollars		9,693	Norwegian Krone		82,000		CITI		(144	)
09/20/17	U.S. Dollars		17,376	Singapore Dollar		24,000		CITI		(79	)
09/20/17	U.S. Dollars		32,419	Singapore Dollar		45,000		CITI		(309	)
09/20/17	U.S. Dollars		86,843	Singapore Dollar		120,000		CITI		(433	)
09/20/17	U.S. Dollars		12,793	Swedish Krona		111,000		CITI		(446	)
09/20/17	U.S. Dollars		52,250	Swiss Franc		50,000		CITI		(173	)
09/20/17	U.S. Dollars		24,917	Swiss Franc		24,000		CITI		(246	)
09/20/17	U.S. Dollars		79,805	Danish Krone		525,000		CITI		(1,215	)
09/20/17	U.S. Dollars		56,789	Israeli Shekel		202,000		CITI		(1,311	)
09/20/17	U.S. Dollars		28,972	Swedish Krona		252,000		CITI		(1,082	)
09/20/17	U.S. Dollars		104,569	Swiss Franc		101,000		CITI		(1,327	)
09/20/17	U.S. Dollars		146,123	Danish Krone		958,000		CITI		(1,720	)
09/20/17	U.S. Dollars		152,887	Israeli Shekel		541,000		CITI		(2,717	)
09/20/17	U.S. Dollars		144,001	Danish Krone		957,000		CITI		(3,687	)
09/20/17	U.S. Dollars		217,409	Danish Krone		1,435,000		CITI		(4,047	)
09/20/17	U.S. Dollars		380,082	Singapore Dollar		528,000		CITI		(3,932	)
09/20/17	U.S. Dollars		1,341,782	Swiss Franc		1,284,000		CITI		(4,456	)
09/20/17	U.S. Dollars		415,249	Danish Krone		2,754,000		CITI		(9,761	)
09/20/17	U.S. Dollars		771,906	Australian Dollar		1,025,000		CITI		(15,079	)
09/20/17	U.S. Dollars		1,273,013	Swiss Franc		1,229,506		CITI		(16,089	)
09/20/17	U.S. Dollars		1,043,260	Euro		924,000		CITI		(16,751	)
09/20/17	U.S. Dollars		2,131,977	Swiss Franc		2,049,177		CITI		(16,527	)
09/20/17	U.S. Dollars		1,271,488	Swiss Franc		1,229,506		CITI		(17,614	)
09/20/17	U.S. Dollars		803,096	Danish Krone		5,332,000		CITI		(19,763	)
09/20/17	U.S. Dollars		1,290,670	Swiss Franc		1,250,412		CITI		(20,352	)
09/20/17	U.S. Dollars		5,343,232	Swiss Franc		5,122,943		CITI		(28,029	)
09/20/17	U.S. Dollars		4,532,011	Swiss Franc		4,354,917		CITI		(33,996	)
09/20/17	U.S. Dollars		5,336,807	Swiss Franc		5,122,943		CITI		(34,454	)

296

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		3,401,570	Swiss Franc			3,278,684		CITI	$	(36,037	)
09/20/17	U.S. Dollars		1,232,853	Swedish Krona			10,644,805		CITI		(36,689	)
09/20/17	U.S. Dollars		4,688,036	Swiss Franc			4,508,190		CITI		(38,673	)
09/20/17	U.S. Dollars		3,395,917	Swiss Franc			3,278,684		CITI		(41,690	)
09/20/17	U.S. Dollars		3,680,665	British Pound			2,852,000		CITI		(43,516	)
09/20/17	U.S. Dollars		1,541,291	Swedish Krona			13,295,509		CITI		(44,385	)
09/20/17	U.S. Dollars		1,312,170	Canadian Dollar			1,760,545		CITI		(47,226	)
09/20/17	U.S. Dollars		1,538,711	Swedish Krona			13,295,509		CITI		(46,965	)
09/20/17	U.S. Dollars		1,312,601	Canadian Dollar			1,763,814		CITI		(49,319	)
09/20/17	U.S. Dollars		1,308,533	Canadian Dollar			1,758,584		CITI		(49,348	)
09/20/17	U.S. Dollars		1,420,216	Canadian Dollar			1,904,566		CITI		(50,385	)
09/20/17	U.S. Dollars		1,312,301	Canadian Dollar			1,766,298		CITI		(51,537	)
09/20/17	U.S. Dollars		1,887,341	British Pound			1,486,000		CITI		(53,099	)
09/20/17	U.S. Dollars		1,310,791	Canadian Dollar			1,766,036		CITI		(52,844	)
09/20/17	U.S. Dollars		2,574,050	Euro			2,290,000		CITI		(53,033	)
09/20/17	U.S. Dollars		2,955,257	Swiss Franc			2,868,848		CITI		(52,649	)
09/20/17	U.S. Dollars		4,672,288	Swiss Franc			4,508,190		CITI		(54,422	)
09/20/17	U.S. Dollars		1,525,583	Swedish Krona			13,295,509		CITI		(60,092	)
09/20/17	U.S. Dollars		1,746,280	Canadian Dollar			2,347,568		CITI		(66,382	)
09/20/17	U.S. Dollars		2,231,401	Swedish Krona			19,278,488		CITI		(67,829	)
09/20/17	U.S. Dollars		3,325,832	Swedish Krona			28,647,567		CITI		(90,792	)
09/20/17	U.S. Dollars		2,736,017	Swedish Krona			23,710,500		CITI		(91,793	)
09/20/17	U.S. Dollars		2,865,421	Swedish Krona			24,818,283		CITI		(94,507	)
09/20/17	U.S. Dollars		2,560,746	Canadian Dollar			3,452,589		CITI		(105,153	)
09/20/17	U.S. Dollars		6,752,400	Norwegian Kroner			57,207,000		CITI		(110,960	)
09/20/17	U.S. Dollars		4,855,543	Euro			4,332,000		CITI		(114,119	)
09/20/17	U.S. Dollars		3,578,667	Swedish Krona			31,022,854		CITI		(121,243	)
09/20/17	U.S. Dollars		4,458,178	Swedish Krona			38,556,976		CITI		(140,282	)
09/20/17	U.S. Dollars		21,630,221	British Pound			16,737,000		CITI		(225,188	)
09/20/17	U.S. Dollars		15,189,364	New Zealand Dollar			21,724,000		CITI		(705,479	)
										$	(951,242	)
Emerging Markets Equity Fund
09/20/17	Chilean Peso		10,000,000	U.S. Dollars	��		15,088		CITI	$	(60	)
09/20/17	Chilean Peso		11,252,000	U.S. Dollars			16,984		CITI		(75	)
09/20/17	Chilean Peso		110,000,000	U.S. Dollars			165,688		CITI		(387	)
09/20/17	Chinese Offshore Yuan		4,374,000	U.S. Dollars			629,044		CITI		12,104
09/20/17	Chinese Offshore Yuan		5,650,000	U.S. Dollars			819,965		CITI		8,220
09/20/17	Chinese Offshore Yuan		999,000	U.S. Dollars			145,414		CITI		1,021
09/20/17	Chinese Offshore Yuan		146,000	U.S. Dollars			21,251		CITI		150
09/20/17	Chinese Offshore Yuan		237,000	U.S. Dollars			34,702		CITI		37
09/20/17	Colombian Peso		349,275,746	U.S. Dollars			117,614		CITI		(4,248	)
09/20/17	Colombian Peso		312,917,436	U.S. Dollars			105,904		CITI		(4,339	)
09/20/17	Colombian Peso		349,711,479	U.S. Dollars			118,999		CITI		(5,492	)
09/20/17	Colombian Peso		518,095,339	U.S. Dollars			174,856		CITI		(6,696	)
09/20/17	Czech Koruna		24,443,917	U.S. Dollars			1,047,453		CITI		27,257

297

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Czech Koruna		15,277,448	U.S. Dollars		652,690		CITI	$	19,004
09/20/17	Czech Koruna		12,221,958	U.S. Dollars		518,761		CITI		18,594
09/20/17	Czech Koruna		12,731,207	U.S. Dollars		544,158		CITI		15,587
09/20/17	Czech Koruna		12,221,959	U.S. Dollars		522,475		CITI		14,880
09/20/17	Czech Koruna		10,627,794	U.S. Dollars		452,923		CITI		14,343
09/20/17	Czech Koruna		8,800,000	U.S. Dollars		375,636		CITI		11,268
09/20/17	Czech Koruna		10,600,000	U.S. Dollars		455,109		CITI		10,934
09/20/17	Czech Koruna		8,500,000	U.S. Dollars		362,814		CITI		10,900
09/20/17	Czech Koruna		9,675,717	U.S. Dollars		415,233		CITI		10,173
09/20/17	Czech Koruna		6,600,000	U.S. Dollars		280,816		CITI		9,362
09/20/17	Czech Koruna		6,700,000	U.S. Dollars		286,412		CITI		8,163
09/20/17	Czech Koruna		6,300,000	U.S. Dollars		269,467		CITI		7,521
09/20/17	Czech Koruna		5,900,000	U.S. Dollars		253,817		CITI		5,585
09/20/17	Czech Koruna		5,900,000	U.S. Dollars		254,326		CITI		5,075
09/20/17	Czech Koruna		5,200,000	U.S. Dollars		223,897		CITI		4,728
09/20/17	Czech Koruna		4,300,000	U.S. Dollars		184,383		CITI		4,672
09/20/17	Czech Koruna		4,800,000	U.S. Dollars		206,837		CITI		4,201
09/20/17	Czech Koruna		4,200,000	U.S. Dollars		181,165		CITI		3,494
09/20/17	Czech Koruna		4,300,000	U.S. Dollars		185,609		CITI		3,447
09/20/17	Czech Koruna		2,800,000	U.S. Dollars		119,952		CITI		3,154
09/20/17	Hong Kong Dollars		100,000	U.S. Dollars		12,836		CITI		(27	)
09/20/17	Hong Kong Dollars		100,000	U.S. Dollars		12,847		CITI		(9	)
09/20/17	Hong Kong Dollars		300,000	U.S. Dollars		38,524		CITI		(11	)
09/20/17	Hong Kong Dollars		100,000	U.S. Dollars		12,853		CITI		(15	)
09/20/17	Hong Kong Dollars		300,000	U.S. Dollars		38,531		CITI		(18	)
09/20/17	Hong Kong Dollars		200,000	U.S. Dollars		25,701		CITI		(26	)
09/20/17	Hong Kong Dollars		200,000	U.S. Dollars		25,702		CITI		(27	)
09/20/17	Hong Kong Dollars		200,000	U.S. Dollars		25,702		CITI		(27	)
09/20/17	Hong Kong Dollars		400,000	U.S. Dollars		51,400		CITI		(50	)
09/20/17	Hong Kong Dollars		400,000	U.S. Dollars		51,417		CITI		(67	)
09/20/17	Hong Kong Dollars		500,000	U.S. Dollars		64,265		CITI		(78	)
09/20/17	Hong Kong Dollars		684,000	U.S. Dollars		87,900		CITI		(91	)
09/20/17	Hong Kong Dollars		1,078,000	U.S. Dollars		138,500		CITI		(110	)
09/20/17	Hong Kong Dollars		400,000	U.S. Dollars		51,464		CITI		(114	)
09/20/17	Hong Kong Dollars		1,600,000	U.S. Dollars		205,540		CITI		(139	)
09/20/17	Hong Kong Dollars		500,000	U.S. Dollars		64,330		CITI		(142	)
09/20/17	Hong Kong Dollars		500,000	U.S. Dollars		64,336		CITI		(148	)
09/20/17	Hong Kong Dollars		1,200,000	U.S. Dollars		154,243		CITI		(192	)
09/20/17	Hong Kong Dollars		900,000	U.S. Dollars		115,821		CITI		(283	)
09/20/17	Hong Kong Dollars		2,200,000	U.S. Dollars		282,740		CITI		(313	)
09/20/17	Hong Kong Dollars		900,000	U.S. Dollars		115,922		CITI		(383	)
09/20/17	Hong Kong Dollars		1,463,000	U.S. Dollars		188,238		CITI		(424	)
09/20/17	Hong Kong Dollars		1,655,000	U.S. Dollars		212,983		CITI		(521	)
09/20/17	Hong Kong Dollars		10,185,261	U.S. Dollars		1,309,299		CITI		(1,757	)
09/20/17	Hong Kong Dollars		43,263,000	U.S. Dollars		5,555,796		CITI		(1,871	)

298

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Hong Kong Dollars		5,100,000	U.S. Dollars		656,648		CITI	$	(1,931	)
09/20/17	Hong Kong Dollars		13,098,000	U.S. Dollars		1,683,413		CITI		(1,946	)
09/20/17	Hong Kong Dollars		12,991,760	U.S. Dollars		1,671,305		CITI		(3,477	)
09/20/17	Hong Kong Dollars		9,748,813	U.S. Dollars		1,255,098		CITI		(3,586	)
09/20/17	Hong Kong Dollars		15,594,561	U.S. Dollars		2,005,971		CITI		(4,006	)
09/20/17	Hong Kong Dollars		13,005,912	U.S. Dollars		1,674,041		CITI		(4,396	)
09/20/17	Hong Kong Dollars		26,674,693	U.S. Dollars		3,431,680		CITI		(7,293	)
09/20/17	Hungarian Forint		184,505,403	U.S. Dollars		676,379		CITI		8,339
09/20/17	Hungarian Forint		137,000,000	U.S. Dollars		500,166		CITI		8,255
09/20/17	Hungarian Forint		97,000,000	U.S. Dollars		354,923		CITI		5,054
09/20/17	Hungarian Forint		98,150,597	U.S. Dollars		359,725		CITI		4,522
09/20/17	Hungarian Forint		80,000,000	U.S. Dollars		292,442		CITI		4,446
09/20/17	Hungarian Forint		43,000,000	U.S. Dollars		157,141		CITI		2,436
09/20/17	Hungarian Forint		34,000,000	U.S. Dollars		124,609		CITI		1,568
09/20/17	Hungarian Forint		22,000,000	U.S. Dollars		80,224		CITI		1,420
09/20/17	Hungarian Forint		27,000,000	U.S. Dollars		98,795		CITI		1,404
09/20/17	Hungarian Forint		20,000,000	U.S. Dollars		73,321		CITI		901
09/20/17	Hungarian Forint		15,000,000	U.S. Dollars		54,930		CITI		736
09/20/17	Hungarian Forint		12,000,000	U.S. Dollars		44,067		CITI		466
09/20/17	Hungarian Forint		4,000,000	U.S. Dollars		14,516		CITI		328
09/20/17	Hungarian Forint		21,000,000	U.S. Dollars		77,762		CITI		171
09/20/17	Hungarian Forint		2,000,000	U.S. Dollars		7,339		CITI		83
09/20/17	Hungarian Forint		1,000,000	U.S. Dollars		3,663		CITI		48
09/20/17	Indian Rupee		25,048,469	U.S. Dollars		380,909		CITI		3,100
09/20/17	Indian Rupee		59,813,770	U.S. Dollars		914,468		CITI		2,515
09/20/17	Indian Rupee		33,543,749	U.S. Dollars		512,943		CITI		1,304
09/20/17	Indian Rupee		30,035,137	U.S. Dollars		459,550		CITI		908
09/20/17	Indian Rupee		39,667,454	U.S. Dollars		607,346		CITI		781
09/20/17	Indian Rupee		20,782,895	U.S. Dollars		318,860		CITI		(245	)
09/20/17	Indian Rupee		11,039,000	U.S. Dollars		169,597		CITI		(362	)
09/20/17	Indian Rupee		65,799,000	U.S. Dollars		1,009,501		CITI		(760	)
09/20/17	Indian Rupee		19,853,964	U.S. Dollars		305,259		CITI		(885	)
09/20/17	Indian Rupee		39,766,597	U.S. Dollars		610,666		CITI		(1,019	)
09/20/17	Indian Rupee		29,862,282	U.S. Dollars		459,227		CITI		(1,419	)
09/20/17	Indian Rupee		64,828,213	U.S. Dollars		995,977		CITI		(2,120	)
09/20/17	Indian Rupee		54,690,740	U.S. Dollars		841,443		CITI		(2,999	)
09/20/17	Indian Rupee		39,633,121	U.S. Dollars		611,082		CITI		(3,481	)
09/20/17	Indian Rupee		89,800,609	U.S. Dollars		1,380,858		CITI		(4,157	)
09/20/17	Indonesian Rupiah		2,505,556,230	U.S. Dollars		185,900		CITI		388
09/20/17	Indonesian Rupiah		2,410,217,291	U.S. Dollars		179,332		CITI		(133	)
09/20/17	Indonesian Rupiah		4,867,932,203	U.S. Dollars		362,064		CITI		(134	)
09/20/17	Indonesian Rupiah		1,880,676,064	U.S. Dollars		140,308		CITI		(479	)
09/20/17	Indonesian Rupiah		1,963,632,000	U.S. Dollars		146,650		CITI		(654	)
09/20/17	Korean Won		740,000,000	U.S. Dollars		662,138		CITI		(15,191	)
09/20/17	Korean Won		950,000,000	U.S. Dollars		851,760		CITI		(21,219	)

299

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold			Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Korean Won		1,990,000,000	U.S. Dollars		1,769,307			CITI	$	(29,543	)
09/20/17	Mexican Peso		29,100,000	U.S. Dollars		1,538,101	��		CITI		44,394
09/20/17	Mexican Peso		18,049,958	U.S. Dollars		947,645			CITI		33,935
09/20/17	Mexican Peso		14,459,846	U.S. Dollars		762,996			CITI		23,349
09/20/17	Mexican Peso		18,859,661	U.S. Dollars		1,006,613			CITI		18,999
09/20/17	Mexican Peso		8,230,170	U.S. Dollars		433,705			CITI		13,862
09/20/17	Mexican Peso		8,980,888	U.S. Dollars		475,470			CITI		12,922
09/20/17	Mexican Peso		17,766,557	U.S. Dollars		956,597			CITI		9,571
09/20/17	Mexican Peso		7,121,126	U.S. Dollars		378,322			CITI		8,934
09/20/17	Mexican Peso		8,998,002	U.S. Dollars		480,998			CITI		8,324
09/20/17	Mexican Peso		5,600,000	U.S. Dollars		297,510			CITI		7,025
09/20/17	Mexican Peso		19,194,279	U.S. Dollars		1,038,331			CITI		5,479
09/20/17	Mexican Peso		2,400,000	U.S. Dollars		125,837			CITI		4,678
09/20/17	Mexican Peso		8,797,513	U.S. Dollars		475,376			CITI		3,044
09/20/17	Mexican Peso		22,800,000	U.S. Dollars		1,237,299			CITI		2,594
09/20/17	Mexican Peso		2,300,000	U.S. Dollars		122,834			CITI		2,243
09/20/17	Mexican Peso		6,800,000	U.S. Dollars		367,979			CITI		1,814
09/20/17	Mexican Peso		6,400,000	U.S. Dollars		346,969			CITI		1,071
09/20/17	Mexican Peso		10,700,000	U.S. Dollars		580,971			CITI		908
09/20/17	Mexican Peso		1,200,000	U.S. Dollars		64,820			CITI		438
09/20/17	Mexican Peso		4,000,000	U.S. Dollars		217,457			CITI		68
09/20/17	Mexican Peso		2,000	U.S. Dollars		106			CITI		2
09/20/17	Mexican Peso		1,100,000	U.S. Dollars		60,422			CITI		(602	)
09/20/17	Mexican Peso		6,300,000	U.S. Dollars		343,475			CITI		(873	)
09/20/17	Mexican Peso		10,500,000	U.S. Dollars		574,726			CITI		(3,722	)
09/20/17	Mexican Peso		6,600,000	U.S. Dollars		363,610			CITI		(4,693	)
09/20/17	Mexican Peso		9,300,000	U.S. Dollars		512,907			CITI		(7,161	)
09/20/17	Peruvian Nuevo Sol		219,874	U.S. Dollars		66,598			CITI		563
09/20/17	Peruvian Nuevo Sol		70,000	U.S. Dollars		21,135			CITI		246
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,025			CITI	��	30
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,030			CITI		24
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,030			CITI		24
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,033			CITI		21
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,035			CITI		20
09/20/17	Peruvian Nuevo Sol		10,000	U.S. Dollars		3,035			CITI		20
09/20/17	Philippine Peso		7,000,000	U.S. Dollars		139,387			CITI		(1,668	)
09/20/17	Philippine Peso		12,000,000	U.S. Dollars		238,807			CITI		(2,716	)
09/20/17	Philippine Peso		15,000,000	U.S. Dollars		299,462			CITI		(4,349	)
09/20/17	Philippine Peso		52,627,000	U.S. Dollars		1,045,747			CITI		(10,352	)
09/20/17	Polish Zloty		1,432,338	U.S. Dollars		381,899			CITI		4,490
09/20/17	Polish Zloty		1,372,357	U.S. Dollars		365,874			CITI		4,334
09/20/17	Polish Zloty		1,532,852	U.S. Dollars		409,671			CITI		3,833
09/20/17	Polish Zloty		942,328	U.S. Dollars		251,775			CITI		2,428
09/20/17	Polish Zloty		1,419,773	U.S. Dollars		380,771			CITI		2,228
09/20/17	Polish Zloty		1,432,338	U.S. Dollars		384,390			CITI		1,999

300

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Polish Zloty		210,000	U.S. Dollars		55,091		CITI	$	1,559
09/20/17	Polish Zloty		716,169	U.S. Dollars		191,760		CITI		1,434
09/20/17	Polish Zloty		1,394,645	U.S. Dollars		374,963		CITI		1,258
09/20/17	Polish Zloty		753,862	U.S. Dollars		202,255		CITI		1,108
09/20/17	Polish Zloty		716,169	U.S. Dollars		192,109		CITI		1,085
09/20/17	Polish Zloty		716,169	U.S. Dollars		192,404		CITI		790
09/20/17	Polish Zloty		160,000	U.S. Dollars		42,372		CITI		789
09/20/17	Polish Zloty		116,000	U.S. Dollars		30,705		CITI		587
09/20/17	Polish Zloty		10,000	U.S. Dollars		2,629		CITI		69
09/20/17	Polish Zloty		1,000	U.S. Dollars		262		CITI		7
09/20/17	Russian Ruble		257,000	U.S. Dollars		4,226		CITI		57
09/20/17	Russian Ruble		89,000	U.S. Dollars		1,527		CITI		(44	)
09/20/17	Russian Ruble		738,000	U.S. Dollars		12,408		CITI		(109	)
09/20/17	Russian Ruble		1,000,000	U.S. Dollars		17,286		CITI		(621	)
09/20/17	Russian Ruble		7,000,000	U.S. Dollars		121,846		CITI		(5,190	)
09/20/17	Russian Ruble		10,000,000	U.S. Dollars		171,940		CITI		(5,290	)
09/20/17	Russian Ruble		13,000,000	U.S. Dollars		224,487		CITI		(7,842	)
09/20/17	Russian Ruble		14,000,000	U.S. Dollars		241,307		CITI		(7,997	)
09/20/17	Russian Ruble		16,000,000	U.S. Dollars		276,196		CITI		(9,556	)
09/20/17	Russian Ruble		18,000,000	U.S. Dollars		309,943		CITI		(9,972	)
09/20/17	Russian Ruble		131,659,000	U.S. Dollars		2,291,623		CITI		(97,522	)
09/20/17	Singapore Dollars		1,810,000	U.S. Dollars		1,303,246		CITI		13,167
09/20/17	Singapore Dollars		1,570,000	U.S. Dollars		1,137,504		CITI		4,357
09/20/17	Singapore Dollars		260,000	U.S. Dollars		188,078		CITI		1,020
09/20/17	Singapore Dollars		160,000	U.S. Dollars		115,687		CITI		681
09/20/17	Singapore Dollars		120,000	U.S. Dollars		86,603		CITI		673
09/20/17	Singapore Dollars		170,000	U.S. Dollars		123,318		CITI		323
09/20/17	South African Rand		7,400,000	U.S. Dollars		552,860		CITI		4,910
09/20/17	South African Rand		5,691,636	U.S. Dollars		426,453		CITI		2,550
09/20/17	South African Rand		3,130,400	U.S. Dollars		234,500		CITI		1,452
09/20/17	South African Rand		5,800,000	U.S. Dollars		436,831		CITI		340
09/20/17	South African Rand		2,086,933	U.S. Dollars		157,175		CITI		126
09/20/17	South African Rand		500,000	U.S. Dollars		38,040		CITI		(353	)
09/20/17	South African Rand		1,696,120	U.S. Dollars		128,537		CITI		(693	)
09/20/17	South African Rand		1,624,852	U.S. Dollars		123,257		CITI		(785	)
09/20/17	South African Rand		800,000	U.S. Dollars		61,607		CITI		(1,308	)
09/20/17	South African Rand		1,897,212	U.S. Dollars		144,511		CITI		(1,511	)
09/20/17	South African Rand		1,300,000	U.S. Dollars		99,847		CITI		(1,860	)
09/20/17	South African Rand		3,794,424	U.S. Dollars		288,241		CITI		(2,239	)
09/20/17	South African Rand		4,000,000	U.S. Dollars		305,207		CITI		(3,710	)
09/20/17	South African Rand		5,100,000	U.S. Dollars		388,819		CITI		(4,410	)
09/20/17	South African Rand		3,794,423	U.S. Dollars		293,039		CITI		(7,037	)
09/20/17	South African Rand		6,300,000	U.S. Dollars		483,150		CITI		(8,292	)
09/20/17	Taiwan Dollars		426,000	U.S. Dollars		14,059		CITI		(43	)
09/20/17	Taiwan Dollars		3,200,000	U.S. Dollars		106,720		CITI		(1,435	)

301

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Taiwan Dollars		4,900,000	U.S. Dollars		163,716		CITI	$	(2,498	)
09/20/17	Taiwan Dollars		6,000,000	U.S. Dollars		200,469		CITI		(3,059	)
09/20/17	Taiwan Dollars		9,181,678	U.S. Dollars		305,497		CITI		(3,405	)
09/20/17	Taiwan Dollars		10,533,693	U.S. Dollars		351,183		CITI		(4,608	)
09/20/17	Taiwan Dollars		12,900,000	U.S. Dollars		429,172		CITI		(4,741	)
09/20/17	Taiwan Dollars		9,911,139	U.S. Dollars		331,660		CITI		(5,568	)
09/20/17	Taiwan Dollars		13,229,324	U.S. Dollars		440,979		CITI		(5,713	)
09/20/17	Taiwan Dollars		14,345,169	U.S. Dollars		477,856		CITI		(5,877	)
09/20/17	Taiwan Dollars		13,875,344	U.S. Dollars		462,714		CITI		(6,193	)
09/20/17	Taiwan Dollars		13,874,423	U.S. Dollars		463,332		CITI		(6,841	)
09/20/17	Taiwan Dollars		70,475,230	U.S. Dollars		2,346,792		CITI		(28,044	)
09/20/17	Thai Baht		4,100,000	U.S. Dollars		119,210		CITI		1,490
09/20/17	Thai Baht		1,085,000	U.S. Dollars		31,431		CITI		510
09/20/17	Thai Baht		800,000	U.S. Dollars		23,291		CITI		261
09/20/17	Thai Baht		1,400,000	U.S. Dollars		41,131		CITI		84
09/20/17	Thai Baht		700,000	U.S. Dollars		20,555		CITI		52
09/20/17	Thai Baht		800,000	U.S. Dollars		23,503		CITI		48
09/20/17	Thai Baht		300,000	U.S. Dollars		8,787		CITI		45
09/20/17	Thai Baht		600,000	U.S. Dollars		17,636		CITI		28
09/20/17	Thai Baht		700,000	U.S. Dollars		20,580		CITI		28
09/20/17	Thai Baht		700,000	U.S. Dollars		20,598		CITI		9
09/20/17	Thai Baht		200,000	U.S. Dollars		5,880		CITI		8
09/20/17	Thai Baht		200,000	U.S. Dollars		5,882		CITI		6
09/20/17	Thai Baht		600,000	U.S. Dollars		17,667		CITI		(3	)
09/20/17	Thai Baht		200,000	U.S. Dollars		5,893		CITI		(5	)
09/20/17	Thai Baht		100,000	U.S. Dollars		2,956		CITI		(12	)
09/20/17	Thai Baht		700,000	U.S. Dollars		20,631		CITI		(23	)
09/20/17	Thai Baht		1,000,000	U.S. Dollars		29,479		CITI		(40	)
09/20/17	Turkish Lira		2,467,369	U.S. Dollars		669,405		CITI		15,502
09/20/17	Turkish Lira		2,446,099	U.S. Dollars		663,919		CITI		15,084
09/20/17	Turkish Lira		2,288,365	U.S. Dollars		620,972		CITI		14,246
09/20/17	Turkish Lira		2,297,206	U.S. Dollars		630,237		CITI		7,435
09/20/17	Turkish Lira		2,297,206	U.S. Dollars		630,436		CITI		7,236
09/20/17	Turkish Lira		3,470,000	U.S. Dollars		956,427		CITI		6,796
09/20/17	Turkish Lira		1,169,873	U.S. Dollars		318,109		CITI		6,631
09/20/17	Turkish Lira		2,509,910	U.S. Dollars		691,044		CITI		5,672
09/20/17	Turkish Lira		980,000	U.S. Dollars		266,458		CITI		5,576
09/20/17	Turkish Lira		760,000	U.S. Dollars		206,316		CITI		4,649
09/20/17	Turkish Lira		1,254,955	U.S. Dollars		344,661		CITI		3,697
09/20/17	Turkish Lira		2,361,017	U.S. Dollars		652,888		CITI		2,497
09/20/17	Turkish Lira		910,000	U.S. Dollars		250,633		CITI		1,970
09/20/17	Turkish Lira		740,000	U.S. Dollars		204,112		CITI		1,302
09/20/17	Turkish Lira		110,000	U.S. Dollars		29,780		CITI		754
09/20/17	Turkish Lira		190,000	U.S. Dollars		52,042		CITI		699
09/20/17	Turkish Lira		650,000	U.S. Dollars		179,847		CITI		584

302

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	Turkish Lira		200,000	U.S. Dollars		55,182		CITI	$	336
09/20/17	Turkish Lira		13,000	U.S. Dollars		3,523		CITI		85
09/20/17	Turkish Lira		50,000	U.S. Dollars		13,799		CITI		81
09/20/17	Turkish Lira		10,000	U.S. Dollars		2,740		CITI		36
09/20/17	Turkish Lira		2,000	U.S. Dollars		550		CITI		6
09/20/17	Turkish Lira		10,000	U.S. Dollars		2,777		CITI		(1	)
09/20/17	Turkish Lira		730,000	U.S. Dollars		202,863		CITI		(225	)
09/20/17	U.S. Dollars		5,904,552	Brazilian Real		19,726,000		CITI		49,790
09/20/17	U.S. Dollars		1,052,209	Brazilian Real		3,530,000		CITI		4,490
09/20/17	U.S. Dollars		624,693	Brazilian Real		2,090,000		CITI		4,372
09/20/17	U.S. Dollars		391,729	Brazilian Real		1,310,000		CITI		2,915
09/20/17	U.S. Dollars		545,788	Brazilian Real		1,830,000		CITI		2,637
09/20/17	U.S. Dollars		399,621	Brazilian Real		1,340,000		CITI		1,904
09/20/17	U.S. Dollars		137,457	Brazilian Real		460,000		CITI		927
09/20/17	U.S. Dollars		186,670	Brazilian Real		626,000		CITI		870
09/20/17	U.S. Dollars		273,564	Brazilian Real		920,000		CITI		504
09/20/17	U.S. Dollars		127,881	Brazilian Real		430,000		CITI		255
09/20/17	U.S. Dollars		32,729	Brazilian Real		110,000		CITI		80
09/20/17	U.S. Dollars		10,082	Brazilian Real		34,000		CITI		(10	)
09/20/17	U.S. Dollars		41,256	Brazilian Real		140,000		CITI		(296	)
09/20/17	U.S. Dollars		778,865	Brazilian Real		2,630,000		CITI		(1,730	)
09/20/17	U.S. Dollars		878,548	Brazilian Real		2,970,000		CITI		(2,961	)
09/20/17	U.S. Dollars		560	Chilean Peso		372,000		CITI		1
09/20/17	U.S. Dollars		843	Chilean Peso		567,000		CITI		(9	)
09/20/17	U.S. Dollars		134,369	Chilean Peso		90,000,000		CITI		(878	)
09/20/17	U.S. Dollars		497,605	Chilean Peso		331,839,382		CITI		(1,063	)
09/20/17	U.S. Dollars		554,852	Chilean Peso		370,897,525		CITI		(2,511	)
09/20/17	U.S. Dollars		281,251	Chilean Peso		189,072,000		CITI		(2,875	)
09/20/17	U.S. Dollars		418,523	Chilean Peso		281,030,859		CITI		(3,794	)
09/20/17	U.S. Dollars		526,419	Chilean Peso		353,054,441		CITI		(4,131	)
09/20/17	U.S. Dollars		554,864	Chilean Peso		373,546,952		CITI		(6,480	)
09/20/17	U.S. Dollars		552,886	Chilean Peso		372,563,831		CITI		(6,981	)
09/20/17	U.S. Dollars		496,582	Chilean Peso		336,907,102		CITI		(9,702	)
09/20/17	U.S. Dollars		1,111,582	Chilean Peso		750,670,908		CITI		(16,482	)
09/20/17	U.S. Dollars		109,870	Chinese Offshore Yuan		752,000		CITI		(359	)
09/20/17	U.S. Dollars		121,575	Chinese Offshore Yuan		832,000		CITI		(381	)
09/20/17	U.S. Dollars		152,312	Chinese Offshore Yuan		1,042,000		CITI		(426	)
09/20/17	U.S. Dollars		213,831	Chinese Offshore Yuan		1,472,000		CITI		(1,936	)
09/20/17	U.S. Dollars		1,559,664	Chinese Offshore Yuan		10,654,264		CITI		(2,053	)
09/20/17	U.S. Dollars		1,753,959	Chinese Offshore Yuan		11,980,465		CITI		(2,155	)
09/20/17	U.S. Dollars		1,663,073	Chinese Offshore Yuan		11,362,000		CITI		(2,386	)
09/20/17	U.S. Dollars		5,508,497	Chinese Offshore Yuan		37,624,000		CITI		(6,485	)
09/20/17	U.S. Dollars		997,351	Chinese Offshore Yuan		6,889,225		CITI		(12,482	)
09/20/17	U.S. Dollars		887,347	Chinese Offshore Yuan		6,146,675		CITI		(13,642	)
09/20/17	U.S. Dollars		876,176	Chinese Offshore Yuan		6,091,371		CITI		(16,707	)

303

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		125,211	Colombian Peso		370,000,000		CITI	$	5,119
09/20/17	U.S. Dollars		117,924	Colombian Peso		350,000,000		CITI		4,324
09/20/17	U.S. Dollars		88,707	Colombian Peso		260,000,000		CITI		4,318
09/20/17	U.S. Dollars		87,867	Colombian Peso		260,000,000		CITI		3,478
09/20/17	U.S. Dollars		105,297	Colombian Peso		320,000,000		CITI		1,434
09/20/17	U.S. Dollars		3,371,450	Hong Kong Dollars		26,196,000		CITI		8,516
09/20/17	U.S. Dollars		641,315	Hong Kong Dollars		4,981,000		CITI		1,875
09/20/17	U.S. Dollars		710,296	Hong Kong Dollars		5,519,000		CITI		1,790
09/20/17	U.S. Dollars		779,448	Hong Kong Dollars		6,059,000		CITI		1,619
09/20/17	U.S. Dollars		150,734	Hong Kong Dollars		1,173,000		CITI		150
09/20/17	U.S. Dollars		143,148	Hong Kong Dollars		1,114,000		CITI		137
09/20/17	U.S. Dollars		59,110	Hong Kong Dollars		460,000		CITI		57
09/20/17	U.S. Dollars		20,325	Hong Kong Dollars		158,000		CITI		41
09/20/17	U.S. Dollars		3,474	Hong Kong Dollars		27,000		CITI		8
09/20/17	U.S. Dollars		386	Hong Kong Dollars		3,000		CITI		1
09/20/17	U.S. Dollars		522,263	Indian Rupee		34,000,000		CITI		1,022
09/20/17	U.S. Dollars		138,664	Indian Rupee		9,000,000		CITI		688
09/20/17	U.S. Dollars		322,480	Indian Rupee		21,000,000		CITI		537
09/20/17	U.S. Dollars		107,733	Indian Rupee		7,000,000		CITI		419
09/20/17	U.S. Dollars		245,483	Indian Rupee		16,000,000		CITI		192
09/20/17	U.S. Dollars		7,011	Indian Rupee		457,000		CITI		5
09/20/17	U.S. Dollars		780,979	Indian Rupee		51,000,000		CITI		(884	)
09/20/17	U.S. Dollars		1,094,206	Indian Rupee		71,441,000		CITI		(1,030	)
09/20/17	U.S. Dollars		749,278	Indian Rupee		49,000,000		CITI		(1,923	)
09/20/17	U.S. Dollars		597,557	Indonesian Rupiah		8,025,214,000		CITI		882
09/20/17	U.S. Dollars		52,044	Indonesian Rupiah		700,000,000		CITI		(1	)
09/20/17	U.S. Dollars		74,266	Indonesian Rupiah		1,000,000,000		CITI		(84	)
09/20/17	U.S. Dollars		96,417	Indonesian Rupiah		1,300,000,000		CITI		(238	)
09/20/17	U.S. Dollars		329,324	Israeli Shekel		1,162,783		CITI		(5,118	)
09/20/17	U.S. Dollars		319,795	Israeli Shekel		1,133,254		CITI		(6,155	)
09/20/17	U.S. Dollars		393,905	Israeli Shekel		1,403,963		CITI		(9,906	)
09/20/17	U.S. Dollars		2,347,439	Korean Won		2,620,926,000		CITI		56,087
09/20/17	U.S. Dollars		2,431,180	Korean Won		2,720,779,895		CITI		52,530
09/20/17	U.S. Dollars		1,359,525	Korean Won		1,520,362,846		CITI		30,344
09/20/17	U.S. Dollars		1,340,592	Korean Won		1,499,324,166		CITI		29,804
09/20/17	U.S. Dollars		1,343,278	Korean Won		1,502,904,813		CITI		29,358
09/20/17	U.S. Dollars		1,025,153	Korean Won		1,145,028,287		CITI		24,108
09/20/17	U.S. Dollars		1,017,362	Korean Won		1,136,835,365		CITI		23,481
09/20/17	U.S. Dollars		1,334,403	Korean Won		1,501,943,190		CITI		21,325
09/20/17	U.S. Dollars		866,349	Korean Won		967,368,792		CITI		20,624
09/20/17	U.S. Dollars		1,070,643	Korean Won		1,204,062,369		CITI		17,988
09/20/17	U.S. Dollars		1,030,105	Korean Won		1,158,409,277		CITI		17,363
09/20/17	U.S. Dollars		367,841	Korean Won		417,464,000		CITI		2,872
09/20/17	U.S. Dollars		78,788	Korean Won		90,000,000		CITI		105
09/20/17	U.S. Dollars		15,941	Mexican Peso		290,000		CITI		170

304

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		1,251	Mexican Peso		23,000		CITI	$	—
09/20/17	U.S. Dollars		381	Mexican Peso		7,000		CITI		—
09/20/17	U.S. Dollars		88,464	Mexican Peso		1,657,000		CITI		(1,646	)
09/20/17	U.S. Dollars		537,851	Mexican Peso		10,066,000		CITI		(9,551	)
09/20/17	U.S. Dollars		754,754	Mexican Peso		14,300,000		CITI		(22,898	)
09/20/17	U.S. Dollars		3,034	Peruvian Nuevo Sol		10,000		CITI		(21	)
09/20/17	U.S. Dollars		3,027	Peruvian Nuevo Sol		10,000		CITI		(27	)
09/20/17	U.S. Dollars		3,027	Peruvian Nuevo Sol		10,000		CITI		(28	)
09/20/17	U.S. Dollars		3,026	Peruvian Nuevo Sol		10,000		CITI		(29	)
09/20/17	U.S. Dollars		3,020	Peruvian Nuevo Sol		10,000		CITI		(35	)
09/20/17	U.S. Dollars		3,007	Peruvian Nuevo Sol		10,000		CITI		(48	)
09/20/17	U.S. Dollars		461,660	Philippine Peso		23,000,000		CITI		9,153
09/20/17	U.S. Dollars		421,601	Philippine Peso		21,000,000		CITI		8,442
09/20/17	U.S. Dollars		399,479	Philippine Peso		20,000,000		CITI		5,995
09/20/17	U.S. Dollars		261,568	Philippine Peso		13,000,000		CITI		5,804
09/20/17	U.S. Dollars		250,248	Philippine Peso		12,555,000		CITI		3,238
09/20/17	U.S. Dollars		178,785	Philippine Peso		8,992,000		CITI		1,874
09/20/17	U.S. Dollars		79,745	Philippine Peso		4,000,000		CITI		1,048
09/20/17	U.S. Dollars		177,935	Philippine Peso		9,000,000		CITI		867
09/20/17	U.S. Dollars		98,979	Philippine Peso		5,000,000		CITI		608
09/20/17	U.S. Dollars		118,647	Philippine Peso		6,000,000		CITI		602
09/20/17	U.S. Dollars		197,328	Philippine Peso		10,000,000		CITI		586
09/20/17	U.S. Dollars		157,708	Philippine Peso		8,000,000		CITI		315
09/20/17	U.S. Dollars		117,895	Philippine Peso		6,000,000		CITI		(150	)
09/20/17	U.S. Dollars		3,737	Polish Zloty		14,000		CITI		(39	)
09/20/17	U.S. Dollars		292,192	Polish Zloty		1,087,000		CITI		(1,038	)
09/20/17	U.S. Dollars		496,876	Russian Ruble		28,650,000		CITI		19,423
09/20/17	U.S. Dollars		206,383	Russian Ruble		12,000,000		CITI		6,403
09/20/17	U.S. Dollars		349,563	Russian Ruble		21,000,000		CITI		(402	)
09/20/17	U.S. Dollars		32,881	Russian Ruble		2,000,000		CITI		(449	)
09/20/17	U.S. Dollars		782,531	Singapore Dollars		1,078,547		CITI		(1,896	)
09/20/17	U.S. Dollars		782,445	Singapore Dollars		1,079,641		CITI		(2,778	)
09/20/17	U.S. Dollars		781,242	Singapore Dollars		1,079,251		CITI		(3,697	)
09/20/17	U.S. Dollars		783,164	Singapore Dollars		1,083,049		CITI		(4,538	)
09/20/17	U.S. Dollars		1,174,375	Singapore Dollars		1,621,060		CITI		(4,622	)
09/20/17	U.S. Dollars		1,188,273	Singapore Dollars		1,641,998		CITI		(5,952	)
09/20/17	U.S. Dollars		1,181,041	Singapore Dollars		1,632,358		CITI		(6,173	)
09/20/17	U.S. Dollars		1,172,942	Singapore Dollars		1,621,364		CITI		(6,276	)
09/20/17	U.S. Dollars		1,198,640	Singapore Dollars		1,659,224		CITI		(8,113	)
09/20/17	U.S. Dollars		1,025,261	Singapore Dollars		1,423,508		CITI		(10,057	)
09/20/17	U.S. Dollars		1,200,445	South African Rand		15,717,000		CITI		15,788
09/20/17	U.S. Dollars		296,763	South African Rand		3,900,000		CITI		2,803
09/20/17	U.S. Dollars		253,131	South African Rand		3,325,000		CITI		2,511
09/20/17	U.S. Dollars		114,796	South African Rand		1,500,000		CITI		1,734
09/20/17	U.S. Dollars		105,970	South African Rand		1,400,000		CITI		446

305

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/17	U.S. Dollars		3,737		South African Rand		49,000		CITI	$	44
09/20/17	U.S. Dollars		2,821		South African Rand		37,000		CITI		32
09/20/17	U.S. Dollars		203,535		South African Rand		2,700,000		CITI		24
09/20/17	U.S. Dollars		10,617		South African Rand		141,000		CITI		(11	)
09/20/17	U.S. Dollars		1,495,038		Taiwan Dollars		44,642,000		CITI		26,245
09/20/17	U.S. Dollars		90,529		Thai Baht		3,074,000		CITI		33
09/20/17	U.S. Dollars		2,944		Thai Baht		100,000		CITI		—
09/20/17	U.S. Dollars		2,933		Thai Baht		100,000		CITI		(11	)
09/20/17	U.S. Dollars		14,708		Thai Baht		500,000		CITI		(12	)
09/20/17	U.S. Dollars		5,868		Thai Baht		200,000		CITI		(20	)
09/20/17	U.S. Dollars		23,514		Thai Baht		800,000		CITI		(37	)
09/20/17	U.S. Dollars		14,659		Thai Baht		500,000		CITI		(61	)
09/20/17	U.S. Dollars		23,489		Thai Baht		800,000		CITI		(62	)
09/20/17	U.S. Dollars		11,695		Thai Baht		400,000		CITI		(81	)
09/20/17	U.S. Dollars		11,788		Thai Baht		400,000		CITI		13
09/20/17	U.S. Dollars		20,326		Thai Baht		700,000		CITI		(282	)
09/20/17	U.S. Dollars		390,254		Thai Baht		13,332,000		CITI		(2,228	)
09/20/17	U.S. Dollars		41,808		Turkish Lira		150,000		CITI		170
09/20/17	U.S. Dollars		258,214		Turkish Lira		930,000		CITI		59
09/20/17	U.S. Dollars		22,218		Turkish Lira		80,000		CITI		11
09/20/17	U.S. Dollars		25,226		Turkish Lira		91,000		CITI		(35	)
09/20/17	U.S. Dollars		11,045		Turkish Lira		40,000		CITI		(59	)
09/20/17	U.S. Dollars		47,110		Turkish Lira		170,000		CITI		(80	)
09/20/17	U.S. Dollars		85,916		Turkish Lira		310,000		CITI		(136	)
09/20/17	U.S. Dollars		71,908		Turkish Lira		260,000		CITI		(265	)
09/20/17	U.S. Dollars		35,652		Turkish Lira		130,000		CITI		(434	)
09/20/17	U.S. Dollars		88,390		Turkish Lira		320,000		CITI		(437	)
09/20/17	U.S. Dollars		21,729		Turkish Lira		80,000		CITI		(478	)
09/20/17	U.S. Dollars		109,585		Turkish Lira		400,000		CITI		(1,449	)
09/20/17	U.S. Dollars		65,151		Turkish Lira		240,000		CITI		(1,469	)
09/20/17	U.S. Dollars		377,586		Turkish Lira		1,370,000		CITI		(2,707	)
09/20/17	U.S. Dollars		294,386		Turkish Lira		1,084,000		CITI		(6,517	)
										$	512,559
Inflation Protected Bond Fund
07/06/17	U.S. Dollars		4,552,397		Euro		4,046,000		DEUT	$	(70,303	)
07/06/17	U.S. Dollars		1,729,547		Japanese Yen		191,396,000		GSC		27,402
07/06/17	U.S. Dollars		2,182,029		New Zealand Dollars		3,072,000		JPM		(68,874	)
08/03/17	U.S. Dollars		4,601,106		Euro		4,025,000		DEUT		(4,734	)
08/03/17	U.S. Dollars		296,976		Euro		260,000		SS		(544	)
08/03/17	U.S. Dollars		1,705,544		Japanese Yen		190,957,000		BAR		5,155
08/03/17	U.S. Dollars		2,237,889		New Zealand Dollars		3,052,000		CITI		2,828
										$	(109,070	)

306

Options Written

Transactions in options written during the period ended June 30, 2017 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/16		—		$	—		$	44,200,000		$	104,147		$	104,147
Options written		—			—			88,200,000			269,748			269,748
Options expired		—			—			—			—			—
Options closed		—			—			(132,400,000	)		(373,895	)		(373,895	)
Options written, 06/30/17		—		$	—		$	—		$	—		$	—
Medium-Duration Bond
Options written, 12/31/16		416		$	154,250		$	281,300,000		$	1,564,796		$	1,719,046
Options written		3,888			1,142,263			119,000,000			336,283			1,478,546
Options expired		(1,846	)		(488,470	)		(49,400,000	)		(213,018	)		(701,488	)
Options closed		(1,400	)		(597,007	)		(7,000,000	)		(8,829	)		(605,836	)
Options written, 06/30/17		1,058		$	211,036		$	343,900,000		$	1,679,232		$	1,890,268
Global Bond
Options written, 12/31/16		99		$	16,694		$	—		$	—		$	16,694
Options written		—			—			—			—			—
Options expired		(99	)		(16,694	)		—			—			(16,694	)
Options closed		—			—			—			—			—
Options written, 06/30/17		—		$	—		$	—		$	—		$	—
Defensive Market Strategies
Options written, 12/31/16		793		$	744,676		$	—		$	—		$	744,676
Options written		5,436			4,795,453			—			—			4,795,453
Options expired		(4,224	)		(3,993,506	)		—			—			(3,993,506	)
Options closed		(788	)		(607,914	)		—			—			(607,914	)
Options written, 06/30/17		1,217		$	938,709		$	—		$	—		$	938,709
Inflation Protected Bond
Options written, 12/31/16		224		$	123,153		$	8,010,000		$	48,015		$	171,168
Options written		1,638			378,777			40,270,000			280,704			659,481
Options expired		(154	)		(59,936	)		(24,780,000	)		(163,979	)		(223,915	)
Options closed		(1,303	)		(355,027	)		(11,125,000	)		(101,615	)		(456,642	)
Options written, 06/30/17		405		$	86,967		$	12,375,000		$	63,125		$	150,092

307

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended 06/30/17						Year Ended 12/31/16
	Institutional Class			Investor Class			Institutional Class			Investor Class
MyDestination 2015(1)
Shares sold		10,474,200			4,471,699						8,974,684
Shares reinvested		—			28						1,663,394
Shares redeemed		(258,917	)		(12,713,862	)					(6,682,695	)
Net increase (decrease)		10,215,283			(8,242,135	)					3,955,383
MyDestination 2025(1)
Shares sold		20,305,153			7,879,260						14,133,695
Shares reinvested		—			(29	)					2,981,057
Shares redeemed		(178,166	)		(21,273,123	)					(4,654,799	)
Net increase (decrease)		20,126,987			(13,393,892	)					12,459,953
MyDestination 2035(1)
Shares sold		13,984,830			4,615,799						8,104,455
Shares reinvested		—			—						2,053,661
Shares redeemed		(60,963	)		(14,324,833	)					(1,981,672	)
Net increase (decrease)		13,923,867			(9,709,034	)					8,176,444
MyDestination 2045(1)
Shares sold		13,821,054			3,563,267						6,808,741
Shares reinvested		—			—						1,635,150
Shares redeemed		(79,304	)		(13,859,007	)					(1,150,891	)
Net increase (decrease)		13,741,750			(10,295,740	)					7,293,000
MyDestination 2055(1)
Shares sold		2,294,173			1,464,466						2,008,972
Shares reinvested		—			—						206,380
Shares redeemed		(18,467	)		(2,209,813	)					(248,290	)
Net increase (decrease)		2,275,706			(745,347	)					1,967,062
Conservative Allocation
Shares sold		2,202,187			8,628,151			994,037			3,605,797
Shares issued for merger		—			9,553,188			—			—
Shares reinvested		—			—			171,047			633,748
Shares redeemed		(1,505,718	)		(9,804,168	)		(921,640	)		(3,883,152	)
Net increase		696,469			8,377,171			243,444			356,393
Balanced Allocation
Shares sold		2,605,288			3,197,699			1,228,719			4,030,356
Shares issued for merger		—			—			—			—
Shares reinvested		—			—			991,355			3,275,512
Shares redeemed		(3,262,524	)		(3,393,340	)		(3,851,034	)		(14,315,038	)
Net (decrease)		(657,236	)		(195,641	)		(1,630,960	)		(7,009,170	)

308

	Six Months Ended 06/30/17						Year Ended 12/31/16
	Institutional Class			Investor Class			Institutional Class			Investor Class
Growth Allocation
Shares sold		542,732			2,144,351			893,112			2,434,417
Shares issued for merger		—			—			—			—
Shares reinvested		—			—			1,254,237			4,150,859
Shares redeemed		(1,024,753	)		(2,512,299	)		(2,697,544	)		(9,813,358	)
Net (decrease)		(482,021	)		(367,948	)		(550,195	)		(3,228,082	)
Aggressive Allocation
Shares sold		209,326			1,315,554			546,022			1,469,425
Shares issued for merger		—			—			—			—
Shares reinvested		—			—			1,380,716			5,888,125
Shares redeemed		(796,157	)		(2,276,147	)		(1,781,536	)		(13,620,552	)
Net increase (decrease)		(586,831	)		(960,593	)		145,202			(6,263,002	)
Money Market
Shares sold		431,690,652			1,941,337,876			649,810,099			4,364,775,848
Shares reinvested		343,316			766,066			305,772			209,397
Shares redeemed		(313,601,168	)		(1,827,856,436	)		(644,356,936	)		(4,455,737,775	)
Net increase (decrease)		118,432,800			114,247,506			5,758,935			(90,752,530	)
Low-Duration Bond
Shares sold		4,942,923			1,869,988			8,429,766			5,581,554
Shares reinvested		306,559			116,666			919,845			193,716
Shares redeemed		(575,579	)		(1,102,316	)		(10,527,899	)		(2,998,911	)
Shares reduced by reverse share split		—			—			(28,750,566	)		—
Net increase (decrease)		4,673,903			884,338			(29,928,854	)		2,776,359
Medium-Duration Bond
Shares sold		5,158,047			1,608,745			21,557,645			3,275,354
Shares reinvested		542,459			121,380			2,389,962			264,351
Shares redeemed		(668,294	)		(766,899	)		(24,399,164	)		(1,742,097	)
Shares reduced by reverse share split		—			—			(49,371,447	)		—
Net increase (decrease)		5,032,212			963,226			(49,823,004	)		1,797,608
Extended-Duration Bond
Shares sold		142,331			423,838			3,154,014			2,748,742
Shares reinvested		113,195			104,908			2,105,800			431,964
Shares redeemed		(198,717	)		(748,020	)		(9,293,585	)		(2,493,027	)
Shares reduced by reverse share split		—			—			(28,283,084	)		—
Net increase (decrease)		56,809			(219,274	)		(32,316,855	)		687,679

309

	Six Months Ended 06/30/17						Year Ended 12/31/16
	Institutional Class			Investor Class			Institutional Class			Investor Class
Global Bond
Shares sold		2,039,761			2,157,887			6,428,532			2,320,383
Shares reinvested		528,183			137,477			1,419,909			350,881
Shares redeemed		(291,427	)		(422,777	)		(7,178,496	)		(2,096,563	)
Net increase		2,276,517			1,872,587			669,945			574,701
Defensive Market Strategies
Shares sold		2,487,471			4,070,104			7,249,464			10,068,347
Shares reinvested		523,225			252,354			2,270,927			1,059,742
Shares redeemed		(2,457,066	)		(2,083,665	)		(3,118,383	)		(2,837,905	)
Net increase		553,630			2,238,793			6,402,008			8,290,184
Equity Index
Shares sold		1,264,648			1,539,033			5,516,466			2,652,286
Shares reinvested		150,849			145,919			864,727			340,273
Shares redeemed		(510,636	)		(776,888	)		(1,872,587	)		(2,039,395	)
Shares reduced by reverse share split		—			—			(22,192,494	)		—
Net increase (decrease)		904,861			908,064			(17,683,888	)		953,164
Value Equity
Shares sold		3,405,860			836,510			7,765,196			2,348,625
Shares reinvested		—			—			4,583,518			752,540
Shares redeemed		(796,077	)		(1,052,304	)		(20,652,537	)		(2,289,677	)
Shares reduced by reverse share split		—			—			(69,721,567	)		—
Net increase (decrease)		2,609,783			(215,796	)		(78,025,390	)		811,488
Growth Equity
Shares sold		1,571,926			1,708,884			6,739,524			1,321,265
Shares reinvested		—			—			3,186,328			631,139
Shares redeemed		(2,085,391	)		(688,737	)		(11,376,419	)		(3,773,776	)
Shares reduced by reverse share split		—			—			(54,078,879	)		—
Net increase (decrease)		(513,465	)		1,020,147			(55,529,446	)		(1,821,372	)
Small Cap Equity
Shares sold		1,320,117			523,279			3,294,839			1,765,169
Shares reinvested		—			—			217,024			181,795
Shares redeemed		(375,818	)		(1,445,193	)		(6,295,704	)		(2,360,708	)
Shares reduced by reverse share split		—			—			(17,499,626	)		—
Net increase (decrease)		944,299			(921,914	)		(20,283,467	)		(413,744	)

310

	Six Months Ended 06/30/17						Year Ended 12/31/16
	Institutional Class			Investor Class			Institutional Class			Investor Class
International Equity Index
Shares sold		1,084,197						3,289,530
Shares reinvested		—						370,799
Shares redeemed		(740,816	)					(1,071,898	)
Net increase		343,381						2,588,431
International Equity
Shares sold		1,573,199			1,537,605			7,623,237			2,904,960
Shares reinvested		2			—			2,172,069			511,485
Shares redeemed		(4,514,807	)		(1,345,383	)		(11,904,472	)		(2,040,198	)
Shares reduced by reverse share split		—			—			(26,488,092	)		—
Net increase (decrease)		(2,941,606	)		192,222			(28,597,258	)		1,376,247
Emerging Markets Equity
Shares sold		2,369,158			3,209,977			4,886,512			3,992,224
Shares reinvested		1			—			627,339			85,386
Shares redeemed		(2,579,030	)		(1,282,188	)		(7,138,353	)		(2,061,182	)
Net increase (decrease)		(209,871	)		1,927,789			(1,624,502	)		2,016,428
Inflation Protected Bond
Shares sold		1,284,770			655,316			1,604,095			2,063,847
Shares reinvested		189,570			70,627			267,202			48,305
Shares redeemed		(1,984,736	)		(398,523	)		(6,173,420	)		(939,174	)
Net increase (decrease)		(510,396	)		327,420			(4,302,123	)		1,172,978
Global Real Estate Securities
Shares sold		1,040,711			634,835			1,359,799			2,198,067
Shares reinvested		80,365			44,417			1,061,875			823,889
Shares redeemed		(317,172	)		(1,387,834	)		(5,659,612	)		(2,445,088	)
Net increase (decrease)		803,904			(708,582	)		(3,237,938	)		576,868
Global Natural Resources Equity
Shares sold					3,273,681						8,950,514
Shares reinvested					—						60,173
Shares redeemed					(12,247,183	)					(14,530,700	)
Net (decrease)					(8,973,502	)					(5,520,013	)
Strategic Alternatives(2)
Shares sold		2,339,504			1,057,842
Shares reinvested		—			—
Shares redeemed		—			—
Net increase		2,339,504			1,057,842

⁽¹⁾  Inception date for Institutional Class for MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund was May 1, 2017.

⁽²⁾  Commencement of operations was June 30, 2017.

311

7. BANK BORROWINGS

On November 23, 2016, the Funds entered into a Line of Credit Agreement with The Northern Trust Company (Northern Trust). The terms of the credit agreement permit the Funds to borrow cash from Northern Trust 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 greater of the Federal Funds Rate plus 1.00% or 1.50%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility, based on average net assets, at a rate of 0.20% per annum.

No Funds borrowed for the period ended June 30, 2017, and there were no outstanding loans at June 30, 2017.

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. 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, 2017, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $(40,278) and $136,819, 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 (years ended December 31, 2014 through June 30, 2017) 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, 2016 and December 31, 2015, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2015		2016	$	7,649,735	$	8,318,224	$	—	$	15,967,959
		2015		9,221,001		55,611,928		—		64,832,929
MyDestination 2025		2016		10,993,508		16,869,102		—		27,862,610
		2015		14,743,086		86,476,338		—		101,219,424

312

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2035		2016	$	4,122,302	$	13,912,093	$	—	$	18,034,395
		2015		7,786,505		57,558,647		—		65,345,152
MyDestination 2045		2016		1,987,737		11,653,279		—		13,641,016
		2015		5,286,977		41,769,639		—		47,056,616
MyDestination 2055		2016		739,515		1,670,318		—		2,409,833
		2015		722,260		2,378,631		—		3,100,891
Conservative Allocation		2016		4,576,586		4,231,114		—		8,807,700
		2015		5,146,319		19,883,553		—		25,029,872
Balanced Allocation		2016		11,827,868		35,666,753		—		47,494,621
		2015		30,811,159		185,492,585		—		216,303,744
Growth Allocation		2016		9,341,558		50,366,158		—		59,707,716
		2015		21,827,804		159,439,753		—		181,267,557
Aggressive Allocation		2016		—		76,298,646		—		76,298,646
		2015		15,096,267		192,947,411		—		208,043,678
Money Market		2016		1,053,194		—		—		1,053,194
		2015		354,779		1,901		—		356,680
Low-Duration Bond		2016		11,925,492		—		—		11,925,492
		2015		10,210,504		—		—		10,210,504
Medium-Duration Bond		2016		25,404,080		—		—		25,404,080
		2015		29,877,794		5,599,044		—		35,476,838
Extended-Duration Bond		2016		11,423,388		9,012,613		—		20,436,001
		2015		15,068,462		7,251,117		—		22,319,579
Global Bond		2016		17,229,950		—		—		17,229,950
		2015		15,752,245		—		—		15,752,245
Defensive Market Strategies		2016		18,729,301		21,150,145		—		39,879,446
		2015		14,319,869		20,145,965		—		34,465,834
Equity Index		2016		12,542,180		7,516,991		—		20,059,171
		2015		10,123,913		13,062,522		—		23,186,435
Value Equity		2016		25,066,889		47,288,275		—		72,355,164
		2015		23,442,851		118,071,515		—		141,514,366
Growth Equity		2016		—		52,945,569		—		52,945,569
		2015		18,902,593		198,987,433		—		217,890,026
Small Cap Equity		2016		1,372,347		5,675,655		—		7,048,002
		2015		4,060,828		38,044,741		—		42,105,569
International Equity Index		2016		3,270,902		—		—		3,270,902
		2015		896,896		—		—		896,896
International Equity		2016		27,198,921		8,074,428		—		35,273,349
		2015		26,090,595		45,470,957		—		71,561,552
Emerging Markets Equity		2016		5,710,316		—		—		5,710,316
		2015		1,112,618		—		—		1,112,618
Inflation Protected Bond		2016		3,278,180		—		—		3,278,180
		2015		939,144		—		—		939,144
Global Real Estate Securities		2016		16,886,427		633,874		—		17,520,301
		2015		11,697,003		9,758,872		—		21,455,875
Global Natural Resources Equity		2016		446,118		—		—		446,118
		2015		220,488		—		—		220,488

313

At December 31, 2016, 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 2015	$	2,262,782		$	1,484,348		$	—		$	(21,209,822	)
MyDestination 2025		4,838,586			3,287,312			—			(40,198,349	)
MyDestination 2035		3,592,329			1,081,131			—			(32,485,447	)
MyDestination 2045		3,015,645			658,704			—			(24,474,758	)
MyDestination 2055		108,949			635,623			—			(2,658,416	)
Conservative Allocation		1,270,413			216,005			—			(17,154,598	)
Balanced Allocation		18,045,922			(6,936,433	)		—			(125,509,860	)
Growth Allocation		8,746,893			968,769			—			(130,663,792	)
Aggressive Allocation		9,878,805			233,312			—			(128,343,301	)
Money Market		(2	)		—			—			—
Low-Duration Bond		1,013,915			(6,060,155	)		—			(5,757,870	)
Medium-Duration Bond		1,039,824			—			(11,323,140	)		(10,984,696	)
Extended-Duration Bond		—			778,776			(440,509	)		(1,322,884	)
Global Bond		—			(14,731,318	)		(1,220,843	)		546,313
Defensive Market Strategies		5,162,575			4,192,240			—			60,563,063
Equity Index		787,710			1,144,033			—			196,735,521
Value Equity		427,579			14,291,187			—			207,730,967
Growth Equity		—			11,843,188			—			165,704,047
Small Cap Equity		27,294			6,619,477			—			69,755,060
International Equity Index		—			(953,378	)		(63,516	)		(11,150,573	)
International Equity		—			—			(4,018,846	)		(15,885,558	)
Emerging Markets Equity		1,113,836			(36,180,367	)		—			(17,313,678	)
Inflation Protected Bond		1,771,475			(7,820,922	)		—			290,008
Global Real Estate Securities		—			—			(1,496,991	)		(13,974,607	)
Global Natural Resources Equity		—			(81,677,283	)		(8,152	)		(8,854,385	)

At June 30, 2017, 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 2015	$	581,617,411	$	9,053,182		$	13,634,992	$	(4,581,810	)
MyDestination 2025		967,791,238		21,224,074			27,355,146		(6,131,072	)
MyDestination 2035		552,565,337		10,000,839			14,303,300		(4,302,461	)
MyDestination 2045		410,924,230		10,178,880			13,064,324		(2,885,444	)
MyDestination 2055		84,967,973		3,909,310			4,372,807		(463,497	)
Conservative Allocation		503,433,177		(2,727,885	)		4,314,545		(7,042,430	)
Balanced Allocation		1,606,287,432		(36,084,462	)		12,765,441		(48,849,903	)

314

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
Growth Allocation	$	1,211,702,433	$	(33,295,540	)	$	4,854,963	$	(38,150,503	)
Aggressive Allocation		990,858,141		(22,851,270	)		3,884,034		(26,735,304	)
Money Market		1,454,288,928		—			—		—
Low-Duration Bond		996,846,679		2,392,970			6,596,912		(4,203,941	)
Medium-Duration Bond		1,400,949,570		5,483,095			18,461,213		(12,978,118	)
Extended-Duration Bond		233,775,671		9,174,357			16,734,901		(7,560,544	)
Global Bond		491,947,346		12,158,741			27,120,264		(14,961,523	)
Defensive Market Strategies		857,976,525		85,578,753			93,258,735		(7,679,982	)
Equity Index		593,254,478		256,069,507			267,664,768		(11,595,261	)
Value Equity		1,165,366,396		216,362,697			250,790,834		(34,428,137	)
Growth Equity		1,204,762,722		340,293,520			375,027,830		(34,734,310	)
Small Cap Equity		522,115,825		68,376,212			91,586,923		(23,210,711	)
International Equity Index		149,580,684		4,086,747			13,130,322		(9,043,575	)
International Equity		1,374,588,453		142,904,784			221,861,988		(78,957,204	)
Emerging Markets Equity		388,845,204		28,679,241			59,036,476		(30,357,235	)
Inflation Protected Bond		274,856,023		818,241			2,643,040		(1,824,799	)
Global Real Estate Securities		240,464,774		(6,821,486	)		7,832,838		(14,654,324	)
Global Natural Resources		183,190,398		(16,321,245	)		8,457,492		(24,778,737	)
Strategic Alternatives		—		—			—		—

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.

At December 31, 2016, 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
Balanced Allocation	$	—		$	(4,903	)	$	4,903
Aggressive Allocation		—			391,511			(391,511	)
Money Market		—			(2	)		2
Low-Duration Bond		—			(228,309	)		228,309
Medium-Duration Bond		—			(1,725,340	)		1,725,340
Extended-Duration Bond		—			5,754			(5,754	)
Global Bond		—			(1,712,169	)		1,712,169
Defensive Market Strategies		(927	)		373,501			(372,574	)

315

Fund	Paid in Capital			Undistributed Net Investment Income			Accumulated Net  Realized Gain (Loss)  on Investments, Currency  Translations and Derivative Transactions
Equity Index	$	—		$	1,652		$	(1,652	)
Value Equity		—			1,804			(1,804	)
Growth Equity		(1,082,677	)		1,084,811			(2,134	)
Small Cap Equity		—			8,142			(8,142	)
International Equity Index		(30,667	)		25,892			4,775
International Equity		—			(1,935,048	)		1,935,048
Emerging Markets Equity		—			3,277,766			(3,277,766	)
Inflation Protected Bond		—			(422,359	)		422,359
Global Real Estate Securities		(14,273	)		5,679,231			(5,664,958	)
Global Natural Resources Equity		(16,861	)		(119,258	)		136,119

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

9. MARKET AND CREDIT RISK

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

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

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income’s market price to interest rate (i.e. yield) movements.

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.

316

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.

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 AMENDMENTS

On July 23, 2014, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to money market fund regulations, which structurally change the way that certain money market funds are required to operate.

The Board, on behalf of the Money Market Fund, has 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 1940 Act, 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.

317

On October 13, 2016, the SEC adopted amendments to Regulation S-X which will modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end funds, including mutual funds. The amended rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. The amended rules also will promote effective liquidity risk management across the open-end fund industry and will enhance disclosure regarding fund liquidity and redemption practices. These amendments are generally not effective until sometime in 2018. Management is currently evaluating the implications of the amendments. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

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 28, 2017, the Flexible Income Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees on February 24, 2017.

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.

318

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 Trustee During Past 5 Years
INDEPENDENT TRUSTEES
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).	26	None
Barry D. Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Certified Public Accountant, 1987 – present.	26	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.	26	Neighbors Federal Credit Union – Vice Chairman of the Board; Stonetrust Commercial Insurance Company – Board of Directors Member and Chairman of Audit Committee.
Christopher W. Kersey, MD, MBA (1969) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2017	Founding Managing Partner, Havencrest Healthcare Capital Partners, 2016 – present; Managing Member and Partner, Camden Partners Holdings, LLC – Registered Investment Adviser, 2008 – 2016.	26	Essence Group Holdings Corporation – Board of Directors Member; IPG – Board of Directors Member; Metabolon – Board of Directors Member; Paragon Bioservices – Board of Directors Member; PatientSafe Solutions – Board of Directors Member; Johns Hopkins Medicine International – Chairman of the Board, 2011 – present; John Hopkins Medicine – Board of Trustees Member, 2010 – present; The John Hopkins Hospital – Board of Trustees member, 2010 – present; The John Hopkins Hospital Endowment Fund – Board of Directors Member, 2010 – present; The John Hopkins Carey Business School – Member of the Health Care Advisory Board of Directors, 2012 – present.
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Independent Consultant, 2010 – present; Director of Public Policy, North Greenville University, 2011 – 2016; Contractor, Interim Director of Public Policy, South Carolina Baptist Convention, 2017 – present; Contractor, South Carolina Citizens for Life, 2014 – present.	26	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.	26	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.	26	Fellowship of Christian Athletes (NC) Triangle Board, 2012 – 2015; NC Values Coalition Board, 2015 – present; College Golf Fellowship, 2012 – present.

319

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	Other Trusteeships/ Directorships Held by Trustee
INTERESTED TRUSTEE2
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.	26	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; Leadership Oklahoma – Board of Trustees Member, 2015 – present.
OFFICERS WHO ARE NOT TRUSTEES3
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.	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
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
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
Matthew A. Wolfe (1982) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Legal Officer and Secretary	Since 2017	Associate Counsel – Investment and Corporate Services, GuideStone Financial Resources, 2015 – present; Vice President and Assistant General Counsel, Goldman Sachs & Co., 2012 – 2015; Associate, Dechert LLP, 2007 – 2012.	N/A	N/A
Erin Wynne (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Financial Officer	Since 2016	Director, Financial Reporting & Analysis, GuideStone Financial Resources, 2015 – present; Manager, Financial Reporting & Analysis, 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 at the end of the calendar year in which they attain the age of 80 or after achieving 10 years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

²  Mr. Evans is an “interested person” of the Trust as the term is defined in the 1940 Act due to his position on the Board of Trustees of GuideStone Financial Resources.

³  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.

320

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 GuideStoneFunds.com or by visiting the SEC’s website at 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, 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 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, GuideStoneFunds.com. You may also obtain the Form N-Q filings by accessing the SEC’s website at 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.

321

BOARD APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS FOR STRATEGIC ALTERNATIVES 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 (the “Independent Trustees”), as that term is defined in Section 2(a)(19) of the 1940 Act, considered the approval of a new advisory agreement between GuideStone Capital Management, LLC (the “Adviser”) and the Trust on behalf of the Strategic Alternatives Fund (“New Advisory Agreement”), a new series of the Trust (“New Fund”). The Board also considered the approval of the following new sub-advisory agreements on behalf of the New Fund among: (i) Perella Weinberg Partners Capital Management LP (“PWP”), the Adviser and the Trust on behalf of the New Fund (the “PWP Agreement”); (ii) Parametric Portfolio Associates LLC (“Parametric”), the Adviser and the Trust on behalf of the New Fund (the “Parametric Agreement”); (iii) Allianz Global Investors U.S. LLC (“Allianz”), the Adviser and the Trust on behalf of the New Fund (the “Allianz Agreement”); and (iv) Neuberger Berman Investment Advisers LLC (“Neuberger Berman”), the Adviser and the Trust on behalf of the New Fund (the “Neuberger Berman Agreement” and the Neuberger Berman Agreement with the PWP Agreement, Parametric Agreement and Allianz Agreement, each a “New Sub-Advisory Agreement” and together, the “New Sub-Advisory Agreements”). Each sub-adviser was selected to manage a portion of the New Fund’s assets. The Board noted that Allianz, PWP and Neuberger Berman are new sub-advisers to the Trust, while Parametric is an existing sub-adviser to other series of the Trust.

The Board approved the New Advisory Agreement, the Allianz Agreement, the PWP Agreement and the Parametric Agreement for a two-year term at an in-person meeting of the Board held on February 23-24, 2017 (the “February Meeting”). The Board approved the Neuberger Berman Agreement for a two-year term at an in-person meeting of the Board held on May 22-23, 2017 (the “May Meeting”). The New Fund commenced operations on June 30, 2017. The Board’s decision to approve the New Advisory Agreement and each of the New Sub-Advisory Agreements on behalf of the New Fund reflects the exercise of its business judgment to enter into such agreements. In approving the New Advisory Agreement and each New Sub-Advisory Agreement, the Board, with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust, considered information provided by the Adviser and each sub-adviser.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Advisory Agreement and each New Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser and each sub-adviser; (ii) the experience and expertise of the Adviser and each sub-adviser; (iii) the financial capability of the Adviser and each sub-adviser; (iv) the compliance procedures and history of the Adviser and each sub-adviser; (v) the performance of each proposed investment strategy in comparison to any relevant benchmarks, similarly-managed funds and the sub-adviser’s other clients; (vi) the amount of the contractual advisory and sub-advisory fees in comparison to fees for similarly-managed funds and available information for each sub-adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expected expenses of the New Fund in comparison to similarly-managed funds and the use of any anticipated expense caps; (viii) the anticipated profitability of the Adviser and, to the extent available, the anticipated profitability of each sub-adviser with respect to the New Fund and its overall business; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale through breakpoints or pricing to scale; (x) the existence of any collateral benefits to be realized by the Adviser or a sub-adviser, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits to be realized by the New Fund resulting from relationships with the Adviser or a sub-adviser. The Board also evaluated, with respect to the New Advisory Agreement and each New Sub-Advisory Agreement, whether the approval was in the best interest of the New Fund and its future shareholders. No one factor was determinative in the Board’s consideration of the New Advisory Agreement and New Sub-Advisory Agreements, and each Trustee may have attributed different weights to the factors considered.

322

The Board undertook a review of the terms of the New Advisory Agreement and each New Sub-Advisory Agreement, and the nature, extent and quality of the services to be provided by the Adviser and each sub-adviser. The Adviser provided the Board with information in the form of reports about the proposed operation of the New Fund, the Adviser and each sub-adviser prior to the meetings, which addressed the factors listed above. The Adviser also provided additional information about the Adviser and each sub-adviser in a presentation made during the respective meetings, discussed the comprehensive screening process used to recommend each sub-adviser and responded to questions from the Board. In addition, the Independent Trustees met separately in executive sessions with counsel to the Independent Trustees to discuss and consider the information presented in connection with the approval of the New Advisory Agreement and New Sub-Advisory Agreements, as well as the Board’s responsibilities and duties in approving the agreements.

BOARD APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENT AND NEW SUB-ADVISORY AGREEMENTS FOR THE STRATEGIC ALTERNATIVES FUND

In considering the approval of the Advisory Agreement with the Adviser on behalf of the New Fund, the Trustees took into account all the materials provided prior to and during the February Meeting, the presentations made and the extensive discussions during the February Meeting, including the discussion the Independent Trustees had during their executive session with independent legal counsel. More specifically, the Trustees examined the nature, extent and quality of the services to be provided by the Adviser to the New Fund. The Trustees evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of existing fund assets for the GuideStone Funds Select Funds. The Board noted the experience of key personnel in providing investment management and administrative services, and the systems used by such persons. The Board also considered the Adviser’s ability to attract and retain capable personnel.

The Board noted the reputation, compliance history, compliance program and financial condition of the Adviser. The Board noted the terms of the New Advisory Agreement and the responsibilities that the Adviser would have as an investment adviser to the New Fund, including oversight of general fund compliance and compliance with social restrictions and the implementation of Board directives as they may relate to the New Fund. The Board also noted that, except for the identity of the New Fund and its management fee, the New Advisory Agreement is identical in all material respects to other advisory agreements entered into by the Adviser and the Trust for the existing portfolios. With respect to the management fee, the Board considered detailed information provided by the Adviser regarding the appropriateness of the fee based on the nature and extent of advisory services required for a fund, such as the New Fund, utilizing varied types of alternative investment strategies. The Board further noted that the aggregate management fee for the New Fund, based upon information provided in the meeting materials, was among the lowest of other comparable funds with similar investment objectives and policies. The Board concluded that the New Fund is likely to benefit from the nature, extent and quality of the services to be provided by the Adviser as a result of the Adviser’s experience, personnel, operations and resources.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the New Advisory Agreement.

In considering the approval of each New Sub-Advisory Agreement for the New Fund, the Board took into account the materials provided prior to and during the February Meeting and May Meeting (together, the (“Meetings”), the presentations made during the Meetings and the extensive discussions during the Meetings, including the discussions the Independent Trustees had during their executive sessions with their independent legal counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to each new sub-advisory arrangement and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management teams at each sub-adviser, the reasonableness of the sub-advisory fees and whether the appointment of each sub-adviser would be reasonable and fair to the New Fund and its shareholders. The Board

323

reviewed the factors that it should consider in evaluating whether to approve each New Sub-Advisory Agreement and the materials provided to support each factor.

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

The Board examined the nature, extent and quality of the services to be provided by PWP, including its management of the North American Equity Long Short Strategy (the “NAELS Strategy”) to be implemented on behalf of the New Fund. The Board reviewed the assets under management within the NAELS Strategy and the tenure of the Strategy’s portfolio management team. The Board noted that the Adviser intended to allocate to PWP approximately 27% of the New Fund’s assets. While noting that past performance does not indicate future results, the Board considered the NAELS Strategy’s performance since its inception date at PWP and that it had outperformed its benchmark index (BofA Merrill Lynch US 3-Month Treasury Bill Index), over the one- and three-year and since inception periods ended December 31, 2016. The Board also noted that the NAELS Strategy had generated risk-consistent adjusted returns and had not experienced negative calendar year performance since inception. The Board noted that the Adviser was able to negotiate fees that were favorable compared to PWP’s stated fee schedule. In addition, the Board noted that the sub-adviser’s fee schedule included breakpoints that would reduce the sub-advisory fees charged if specified asset levels are reached in the future.

The Board examined the nature, extent and quality of the services to be provided by Parametric, including its management of the Dynamic Put Selling Strategy (the “DPS Strategy”) to be implemented on behalf of the New Fund. The Board noted that Parametric was currently managing a similar strategy in another series of the Trust and managing the cash overlay program implemented by each of the Select Funds (except the Money Market Fund). The Board reviewed the assets under management within the DPS Strategy and related strategies.

The Board noted that the Adviser intended to allocate to Parametric approximately 23% of the New Fund’s assets. While noting that past performance does not indicate future results, the Board considered that the DPS Strategy had outperformed its benchmark index (BofA Merrill Lynch US 3-Month Treasury Bill Index), over the one- and three-year and since inception periods ended December 31, 2016. The Board also considered the DPS Strategy’s strong performance record as compared to cash investment over the same periods. The Board acknowledged that the estimated tracking error of the DPS Strategy would be approximately 100 to 500 basis points, with underperformance to potentially occur in periods of sharp market decline when the option premium collected may be insufficient to cover the market decline. The Board noted that the Adviser was able to leverage the Trust’s existing relationship with Parametric to negotiate fees that were favorable compared to Parametric’s stated fee schedule. In addition, the Board noted that the sub-adviser’s fee schedule included breakpoints that would reduce the sub-advisory fees charged if specified asset levels are reached in the future.

The Board examined the nature, extent and quality of the services to be provided by Allianz, including its management of the U.S. Short Duration High Income Strategy (the “SDHI” Strategy”) to be implemented on behalf of the New Fund. In addition, the Board recognized the Trust’s existing relationship with Allianz’s affiliate, Pacific Investment Management Company LLC.

The Board noted that the Adviser intended to allocate to Allianz approximately 33% of the New Fund’s assets. The Board considered the Adviser’s view that the SDHI Strategy’s disciplined approach to investing was expected to provide the New Fund with a consistent level of income while minimizing downside volatility. In addition, the

324

Board acknowledged the Adviser’s expectation that SDHI Strategy may underperform relative to its benchmark during periods of financial stress, but may recover quickly given the short duration of the SDHI Strategy’s portfolio. While noting that past performance does not indicate future results, the Board observed that the SDHI Strategy had outperformed its benchmark index (BofA Merrill Lynch 1-3 Year U.S. Treasury Index + 2%) over the one- three-, five- and seven-year and since inception periods ended December 31, 2016. The Board noted that the Adviser was able to negotiate fees that were favorable compared to Allianz’s stated fee schedule. In addition, the Board noted that the sub-adviser’s fee schedule included breakpoints that would reduce the sub-advisory fees charged if specified asset levels are reached in the future.

The Board examined the nature, extent and quality of the services to be provided by Neuberger Berman, including its management of the Neuberger Berman Diversified Currency Strategy (the “DC Strategy”) to be implemented on behalf of the New Fund.

The Board noted that the Adviser intended to allocate to Neuberger Berman approximately 17% of the New Fund’s assets. The Board considered the Adviser’s assessment that the DC strategy could benefit the Fund by achieving positive return with a reasonable level of volatility and low or negative correlation to other strategies within the Fund and to traditional assets. While noting that past performance does not indicate future results, the Board considered that the DC Strategy had outperformed its benchmark index (BoA Merrill Lynch U.S. 3-Month Treasury Bill Index) over the three-, five- and seven-year and since inception periods ended March 31, 2017. The Board noted that the Adviser was able to negotiate fees that were favorable compared to Neuberger Berman’s stated fee schedule. In addition, the Board noted that the sub-adviser’s fee schedule included a breakpoint that would reduce the sub-advisory fees charged if a specified asset level is reached in the future.

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

Based on all the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the New Fund was likely to benefit from the nature, extent and quality of each sub-adviser’s services, as applicable, and the Board determined to approve the New Sub-Advisory Agreements. The Board also determined that the approval of the New Sub-Advisory Agreements was in the best interests of the New Fund and its future shareholders.

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENT FOR THE GROWTH EQUITY FUND

As required by the 1940 Act, the Board, including a majority of the Independent Trustees, considered the approval of a new sub-advisory agreement among ClearBridge Investments, LLC (“ClearBridge”), the Adviser and the Trust on behalf of the Growth Equity Fund (the “GE Fund”) (the “ClearBridge Agreement”). The Board approved the ClearBridge Agreement at the May Meeting.

The Board’s decision to approve the ClearBridge Agreement on behalf of the GE Fund reflects its business judgement to enter into such agreements. In approving the ClearBridge Agreement, the Board considered information provided by the Adviser and ClearBridge with the assistance and advice of independent legal 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 ClearBridge Agreement. The factors considered by the Board included, but were not limited to: (i) the personnel resources of ClearBridge; (ii) the experience and expertise of ClearBridge; (iii) the financial capabilities and financial resources of ClearBridge; (iv) the compliance procedures and history of ClearBridge; (v) the performance of the proposed investment strategy in comparison to any relevant benchmarks,

325

similarly-managed funds and ClearBridge’s other clients; (vi) the amount of the contractual sub-advisory fee in comparison to fees for similarly-managed funds and available information for ClearBridge’s other clients; (vii) the total expected expenses of the GE Fund in comparison to those for similarly-managed funds; (viii) the expected profitability of ClearBridge with respect to the GE Fund and its overall business; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (x) the existence of any collateral benefits realized by ClearBridge, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits realized by the GE Fund. The Board also evaluated whether the approval of the ClearBridge Agreement was in the best interest of the GE Fund and its respective shareholders. No one factor was determinative in the Board’s consideration of the agreement, and each Trustee may have attributed different weights to the factors considered.

The Board undertook a review of the terms of the ClearBridge Agreement, and the nature, extent and quality of the services to be provided by ClearBridge under the ClearBridge Agreement. The Adviser provided the Board with information in the form of reports about ClearBridge prior to and during the meeting, which addressed the factors listed above. The Adviser also provided additional information about ClearBridge in a presentation made during the meeting, discussed the comprehensive screening process used to recommend ClearBridge and responded to questions from the Board.

The Independent Trustees met separately in executive session with independent legal counsel to discuss and consider the information presented in connection with the approval of the ClearBridge Agreement, as well as the Board’s responsibilities and duties in approving the agreement.

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENT FOR THE GROWTH EQUITY FUND

In considering the approval of the ClearBridge Agreement for the GE Fund, the Board took into account the materials provided prior to and during the May 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 Committee’s review of information related to the ClearBridge Agreement and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the ClearBridge Agreement, the investment management team at ClearBridge, the reasonableness of the sub-advisory fee and whether the appointment of ClearBridge would be reasonable and fair to the GE Fund and its respective shareholders. The Board reviewed the factors that it should consider in evaluating whether to approve the ClearBridge Agreement and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of ClearBridge. The Board noted the experience of key personnel who would be providing investment management services to the GE Fund, the systems and resources used by such persons to implement and manage each applicable strategy and the ability of the sub-adviser to attract and retain capable personnel. The Board also noted the terms of the ClearBridge Agreement and the responsibilities that ClearBridge would have to the GE Fund, including the responsibility of day-to-day management and compliance with the GE Fund’s investment objective and policies and compliance with the Trust’s social restrictions. The Board concluded that the GE Fund was likely to benefit from the nature, extent and quality of the services with respect to ClearBridge’s experience, personnel, operations and resources.

In making its determination to hire ClearBridge, 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 ClearBridge, the past performance record of a similar account managed by personnel of ClearBridge who would be managing the portfolio of the GE Fund, fees charged to comparable clients and information regarding ClearBridge’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 ClearBridge. The Board considered that the Adviser had been able to negotiate fees that were favorable compared to ClearBridge’s stated fee schedule. In addition, the Board noted that the sub-adviser’s fee schedule included breakpoints that would reduce the sub-advisory fees charged if specified asset levels are reached in the future.

326

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

The Board considered the fees to be paid to ClearBridge under the ClearBridge Agreement, as well as the overall fee structure under the ClearBridge Agreement, in light of the nature, extent and quality of the services to be provided. The Board noted that the GE Fund’s aggregate management fee rate would decrease as a result of the appointment of ClearBridge. The Board also noted that the GE Fund, and not the Adviser, pays fees to ClearBridge directly. Therefore, the appointment of ClearBridge is not expected to affect the Adviser’s profitability with respect to the GE Fund.

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

The Board considered that the ClearBridge Large Cap Growth Strategy’s (the “LCG Strategy”), performance history versus its benchmark, the Russell 1000^® Growth Index, has been favorable over historical time periods (evaluated since 2012, the first year of the existing co-portfolio manager structure). The Board further considered the qualifications, experience and capabilities of the individuals with primary portfolio management responsibilities for the GE Fund. The Board also noted that ClearBridge is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”) and would benefit from certain resources of the Legg Mason organization. In addition, the Board noted that, as of March 31, 2017, ClearBridge’s assets under management for equity products that utilize the same fundamental principles as the proposed strategy were $112.4 billion.

The Board considered the LCG Strategy proposed to be implemented by ClearBridge with respect to approximately 18% of the GE Fund’s assets that the Adviser would intend to allocate to ClearBridge. The Board noted the Adviser’s determination that the strategy was expected to complement the other strategies currently utilized in the GE Fund and, as such, was expected to enhance the GE Fund’s potential to provide long-term capital appreciation. The Board also noted the Adviser’s representation and that ClearBridge is comfortable managing the strategy in accordance with the GE Fund’s socially responsible investment policy.

The Board noted that the estimated costs of the transition of the allocated assets of the GE Fund to the LCG Strategy, as estimated by the Adviser, were reasonable. Among other things, the Board considered the fact that the transition will occur within the large-cap, domestic equity market which is very liquid; thus, the cost of the transition is estimated to be very modest at the overall Fund level.

Based on all the information provided to the Board and its consideration of relevant factors, the Board determined that ClearBridge would provide investment management services that are appropriate in scope and that the fees paid to ClearBridge under the ClearBridge Agreement were fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Board member may have attributed different weights to the various factors deliberated upon, among others.

327

INVESTMENT SUB-ADVISERS (Assets under management as of June 30, 2017) (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	$	5.7Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	5.7Tr
	Pacific Investment Management Company LLC		1971	$	1.6Tr
	Payden & Rygel		1983	$	114.3B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	1.2Tr
	Pacific Investment Management Company LLC		1971	$	1.6Tr
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	426.2B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	257.6B
	Schroder Investment Management North America Inc.		1804	$	103.6B
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	257.6B
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	426.2B
Defensive Market Strategies	American Century Investment Management, Inc.		1958	$	165.4B
	AQR Capital Management, LLC		1998	$	194.9B
	Parametric Portfolio Associates LLC		1992	$	218.5B
	Shenkman Capital Management, Inc.		1985	$	29.2B
Equity Index	Legal & General Investment Management America, Inc.		2006	$	156.6B
Value Equity	AJO, LP		1984	$	27.8B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	91.7B
	Legal & General Investment Management America, Inc.		2006	$	156.6B
	TCW Investment Management Company LLC		1971	$	196.9B
Growth Equity	Brown Advisory, LLC		1993	$	31.3B
	ClearBridge Investments, LLC		2005	$	127.3B
	Loomis, Sayles & Company, L.P.		1926	$	257.6B
	Sands Capital Management, LLC		1992	$	39.9B
Small Cap Equity	AJO, LP		1984	$	27.8B
	RBC Global Asset Management (U.S.) Inc.		1983	$	33.2B
	Snow Capital Management L.P.		1980	$	2.5B
	TimesSquare Capital Management, LLC		2000	$	17.2B
International Equity Index	Legal & General Investment Management America, Inc.		2006	$	156.6B
International Equity	AQR Capital Management, LLC		1998	$	194.9B
	Baillie Gifford Overseas Limited		1983	$	216.4B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	91.7B
	MFS Institutional Advisors, Inc.		1970	$	461.2B
	Mondrian Investment Partners Ltd.		1990	$	61.3B
Emerging Markets Equity	AQR Capital Management, LLC		1998	$	194.9B
	Genesis Asset Managers, LLP and
	Genesis Investment Management, LLP		1989	$	28.8B
Inflation Protected Bond	BlackRock Financial Management, Inc.		1988	$	5.7Tr
Global Real Estate Securities	Heitman Real Estate Securities, LLC,
	Heitman International Real Estate Securities GmbH and
	Heitman International Real Estate Securities HK Limited		1989	$	38.5B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited		1975	$	56.1B
Global Natural Resources Equity	Legal & General Investment Management America, Inc.		2006	$	156.6B
	SailingStone Capital Partners LLC		2014	$	5.4B
Strategic Alternatives	Allianz Global Investors U.S. LLC		1895	$	103.1B
	Neuberger Berman Investment Advisers LLC		2002	$	270.7B
	Parametric Portfolio Associates LLC		1992	$	218.5B
	Perella Weinberg Partners Capital Management LP		2006	$	13.1B
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889		$ 7.4Tr
Cash Overlay for Target Date, Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC		1992	$	218.5B

328

[THIS PAGE INTENTIONALLY LEFT BLANK]

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
	121454     07/17     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 first 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.

(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 8/31/17

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 8/31/17

By (Signature and Title)*	/s/ Patrick Pattison
	Patrick Pattison, Vice President and Treasurer (Principal Financial Officer)

Date 8/31/17

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